硅基OLED领军者，拥抱AI+XR时代浪潮

1 刘一楠 分析师 SAC 执业证书：S0640524100002 联系电话： 邮箱：liuyn@avicsec.com ◆ ◆ ◆ ◆ ◆ 资料来源：ifind，中航证券研究所 资产负债表利润表会计年度2023202420252026E2027E2028E会计年度2023202420252026E2027E2028E货币资金75.15284.35596.35198.25324.56431.96营业收入215.45280.06513.041982.513245.624319.58应收票据及账款60.8074.97231.27661.281082.601440.83营业成本178.75219.78401.201448.012336.313090.66预付账款13.295.419.3065.52107.26142.76税金及附加3.132.643.919.3214.6117.28其他应收款22.8633.33559.25869.151422.901893.74销售费用9.109.599.9011.9012.9815.55存货244.46182.43383.051521.592455.033247.71管理费用80.9772.1081.7893.18113.60120.95其他流动资产1280.19869.95780.631004.401178.291326.14研发费用287.30268.66264.08350.90389.47438.44流动资产总计1696.751450.442559.854320.196570.658483.13财务费用6.971.73-8.36 0.987.12-7.13 长期股权投资10.9311.2912.0011.4910.9710.45资产减值损失-20.68 -13.94 -12.58 -19.83 -21.10 -21.60 固定资产916.041041.381468.541562.041720.761918.60信用减值损失-0.41 0.370.13-0.23 -0.38 -0.51 在建工程284.58512.031084.831504.031356.551042.42其他经营损益0.00-0.00 -0.00 0.000.000.00无形资产24.7742.2162.8850.3637.8425.33投资收益4.187.071.944.404.404.40长期待摊费用1.360.500.280.140.000.00公允价值变动损益33.8825.3221.680.000.000.00其他非流动资产131.7890.2550.9750.9750.9750.97资产处置收益0.193.380.001.191.191.19非流动资产合计1369.461697.652679.503179.023177.093047.76其他收益29.4225.1515.6823.4223.4223.42资产总计3066.213148.095239.367499.219747.7411530.89营业利润-304.17 -247.10 -212.61 77.16379.05650.73短期借款19.980.00132.63329.32189.3847.36营业外收入0.160.330.300.260.260.26应付票据及账款111.89165.17575.052062.923200.433810.41营业外支出0.080.030.020.040.040.04其他流动负债76.31105.071264.951836.752944.803886.57其他非经营损益0.000.000.000.000.000.00流动负债合计208.17270.241972.634229.006334.617744.34利润总额-304.10 -246.80 -212.33 77.38379.27650.95长期借款333.04541.571017.47943.57707.22429.69所得税0.000.000.000.000.000.00其他非流动负债135.96172.28269.16269.16269.16269.16净利润-304.10 -246.80 -212.33 77.38379.27650.95非流动负债合计469.01713.851286.641212.74976.39698.85少数股东损益0.000.000.000.000.000.00负债合计677.18984.093259.275441.737311.008443.19归属母公司股东净利润-304.10 -246.80 -212.33 77.38379.27650.95股本900.00900.00900.00900.00900.00900.00EBITDA-195.38 -134.09 -80.78 478.33887.801272.63资本公积2281.212302.972331.402331.402331.402331.40NOPLAT-356.93 -306.57 -261.01 76.95384.98642.41留存收益-792.18 -1038.97 -1251.31 -1173.93 -794.66 -143.71 EPS(元)-0.30 -0.25 -0.21 0.080.380.65归属母公司权益2389.032164.001980.092057.472436.743087.69少数股东权益0.000.000.000.000.000.00主要财务比率股东权益合计2389.032164.001980.092057.472436.743087.69会计年度2023202420252026E2027E2028E负债和股东权益合计3066.213148.095239.367499.219747.7411530.89成长能力营收增长率13.13% 29.99% 83.19% 286.42% 63.71% 33.09% 现金流量表营业利润增长率-22.94% 18.76% 13.96% 136.29% 391.23% 71.67% 会计年度2023202420252026E2027E2028EEBIT增长率-21.38% 17.52% 9.95% 135.51% 393.08% 66.62% 税后经营利润-304.10 -246.80 -212.33 48.16350.05621.73EBITDA增长率-32.77% 31.37% 39.75% 692.11% 85.60% 43.35% 折旧与摊销101.75110.98139.90399.97501.41628.81归母净利润增长率-22.87% 18.84% 13.96% 136.44% 390.13% 71.63% 财务费用6.971.73-8.36 0.987.12-7.13 经营现金流增长率-28.36% 73.63% 702.89% -17.97% 168.36% 1.01% 投资损失-4.18 -7.07 -1.94 -4.40 -4.40 -4.40 盈利能力营运资金变动-102.39 56.99507.92-98.76 121.4