高端电源产品放量，平台化战略进入收获期

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202420252026E2027E2028E会计年度202420252026E2027E2028E货币资金1194.20441.73392.00566.15780.97营业收入1678.752655.023920.045661.517809.74应收票据及账款552.78657.80859.191240.881711.72营业成本1219.691955.012559.673634.994940.67预付账款64.75120.78171.84232.66320.95税金及附加1.592.834.897.069.73其他应收款19.3225.7432.2246.5364.19销售费用113.80193.56209.72254.77312.39存货854.991008.97946.731195.071502.51管理费用138.08219.80243.04283.08339.72其他流动资产151.34295.13346.04485.36657.22研发费用619.34957.281176.011245.531390.13流动资产总计2837.382550.152748.023766.655037.56财务费用19.86-0.02 35.0237.8933.90长期股权投资186.83684.78679.78676.78673.78资产减值损失-205.30 -149.57 -98.00 -113.23 -156.19 固定资产276.59752.03744.38804.23923.72信用减值损失-8.85 -15.09 -19.60 -28.31 -39.05 在建工程335.2211.28176.07257.52255.64其他经营损益-0.00 -0.00 -0.00 -0.00 -0.00 无形资产63.36413.98380.57380.50363.77投资收益-2.18 0.81-2.00 2.002.00长期待摊费用3.8819.3411.172.001.50公允价值变动损益-2.60 7.403.005.008.00其他非流动资产501.08912.10968.43718.43718.43资产处置收益0.000.000.000.000.00非流动资产合计1366.952793.522960.402839.462936.84其他收益39.7167.7244.5144.5144.51资产总计4204.335343.665708.426606.117974.40营业利润-612.83 -762.15 -380.41 108.17642.45短期借款455.76758.80857.471035.111012.70营业外收入0.868.683.273.273.27应付票据及账款285.30502.66624.68916.981246.36营业外支出0.900.551.791.791.79其他流动负债642.47750.171464.181947.622552.69其他非经营损益0.000.000.000.000.00流动负债合计1383.542011.632946.333899.714811.75利润总额-612.87 -754.03 -378.92 109.66643.94长期借款643.411187.051079.67900.50676.87所得税-1.62 -1.62 0.080.181.07其他非流动负债54.02284.56201.00215.00252.00净利润-611.25 -752.40 -379.00 109.48642.87非流动负债合计697.431471.611280.671115.50928.87少数股东损益-7.88 -35.28 -8.02 2.3213.61负债合计2080.973483.244227.005015.215740.62归属母公司股东净利润-603.37 -717.12 -370.98 107.16629.26股本446.88450.32450.32450.32450.32EBITDA-530.22 -642.79 -156.46 369.49930.46资本公积2449.152567.192567.192567.192567.19NOPLAT-631.71 -829.66 -348.52 140.83667.25留存收益-828.41 -1492.40 -1863.37 -1756.21 -1126.95 EPS(元)-1.34 -1.59 -0.82 0.241.40归属母公司权益2067.621525.121154.141261.301890.56少数股东权益55.74335.31327.28329.60343.21主要财务比率股东权益合计2123.361860.421481.421590.902233.77会计年度202420252026E2027E2028E负债和股东权益合计4204.335343.665708.426606.117974.40成长能力营收增长率29.46% 58.15% 47.65% 44.42% 37.94% 现金流量表营业利润增长率-15.66% -24.37% 50.09% 128.44% 493.93% 会计年度202420252026E2027E2028EEBIT增长率-10.97% -27.16% 54.39% 142.90% 359.40% 税后经营利润-611.25 -752.40 -425.92 56.57586.97EBITDA增长率-7.11% -21.23% 75.66% 336.15% 151.82% 折旧与摊销62.79111.26187.44221.95252.62归母净利润增长率-13.54% -18.85% 48.27% 128.89% 487.22% 财务费用19.86-0.02 35.0237.8933.90经营现金流增长率-23.68% 10.25% 233.22% -31.86% 171.69% 投资损失2.18-0.81 2.00-2.00 -2.00 盈利能力营运资金变动-52.04 -10.43 588.43-68.74 -121.63 毛利率27.35% 26.37% 34.70% 35.79% 36.74% 其他经营现金流218.03328.9143.9947.9947.99净利率-36.41% -28.34% -9.67% 1.93% 8.23% 经营性现金净流量-360.44 -323.50 430.96293.66797.85营业利润率-36.50% -28.71% -9.70% 1.91% 8.23% 资本支出177.11-14.54 436.56340.00316.00ROE-29.18% -47.02% -32.14% 8.50% 33.28% 长期投资-284.03 -901.09 0.000.000.00ROA-14.35%