2026年中报点评：两机业务驱动营收高增，新品转产打开成长空间

1 指标2024A2025A2026E2027E2028E营业收入（百万元）25132919381749766390增速（%）4.216.130.830.428.4归母净利润（百万元）2863495048591328增速（%）-5.621.744.570.554.6每股收益（元）0.40.50.71.21.8市盈率（倍）107.888.661.336.023.3iFinD 02004006008001000120014001600180020222023202420252026H1机械装备构件泵及阀门零件其他业务iFinD iFinD -30%-20%-10%0%10%20%30%0100020003000400020222023202420252026H1营业收入（百万元）归母净利润（百万元）营收同比（右轴）利润同比（右轴）01020304020222023202420252026H1销售毛利率（%）销售净利率（%） iFinD 资产负债表利润表会计年度2023202420252026E2027E2028E会计年度2023202420252026E2027E2028E货币资金254.63299.13671.39114.50149.28191.71营业收入2411.932513.462918.833816.504976.006390.38应收票据及账款1074.951122.491050.381592.922076.872667.21营业成本1539.611652.801873.992476.583180.214011.32预付账款30.8228.7740.1548.3263.0080.90税金及附加42.7342.4863.8871.8893.72120.35其他应收款12.9246.3520.2839.1151.0065.49销售费用33.5336.1840.5753.6869.9989.89存货1857.232088.152455.673120.574007.165054.38管理费用192.31197.93238.68249.67292.97338.62其他流动资产89.21157.36226.05225.22293.65377.11研发费用293.26304.88325.36382.89424.33463.20流动资产总计3319.763742.254463.925140.646640.968436.81财务费用106.84125.90142.43181.44131.2778.03长期股权投资6.226.225.875.735.595.46资产减值损失0.00-1.11 -0.92 -0.96 -1.26 -1.61 固定资产3306.164102.834367.723881.963355.222779.67信用减值损失-14.31 -15.41 -5.21 -6.81 -8.88 -11.41 在建工程1558.301388.611684.251403.541122.83842.12其他经营损益0.000.000.000.000.000.00无形资产707.08707.61998.70798.49595.10388.54投资收益1.552.400.921.621.621.62长期待摊费用30.2429.4528.8614.430.000.00公允价值变动损益0.000.000.000.000.000.00其他非流动资产1547.061575.231567.451550.201531.151512.11资产处置收益-0.44 -0.01 -0.80 -0.42 -0.42 -0.42 非流动资产合计7155.067809.958652.867654.356609.905527.90其他收益94.84112.38106.62104.61104.61104.61资产总计10474.8211552.2013116.7712794.9913250.8613964.71营业利润285.29251.53334.52498.41879.191381.77短期借款1306.161149.85666.45634.27685.38435.26营业外收入0.130.141.620.630.630.63应付票据及账款789.271020.671108.421421.271825.082302.04营业外支出0.563.550.781.631.631.63其他流动负债677.321312.971474.421621.782052.422558.39其他非经营损益0.000.000.000.000.000.00流动负债合计2772.753483.493249.303677.324562.885295.69利润总额284.86248.12335.36497.41878.191380.77长期借款2024.472246.993730.182641.841606.85630.49所得税6.43-5.43 22.6133.5359.2093.08其他非流动负债742.01754.20678.55678.55678.55678.55净利润278.42253.55312.76463.88818.991287.68非流动负债合计2766.483001.194408.733320.392285.401309.04少数股东损益-24.84 -32.83 -35.89 -40.00 -40.00 -40.00 负债合计5539.226484.687658.036997.716848.286604.73归属母公司股东净利润 303.26286.38348.64503.88858.991327.68股本683.15679.04679.04728.04728.04728.04EBITDA663.43670.12809.571929.012353.782890.66资本公积1936.241888.351888.351839.351839.351839.35NOPLAT360.05372.49419.41634.50942.831361.87留存收益1843.552059.572486.132864.663509.964507.36EPS(元)0.420.390.480.691.181.82归属母公司权益4462.944626.955053.515432.046077.347074.75少数股东权益472.65440.57405.23365.23325.23285.23主要财务比率股东权益合计4935.595067.525458.755797.286402.587359.98会计年度2023202420252026E2027E2028E负债和股东权益合计10474.8211552.2013116.7712794.9913250.8613964.71成长能力营收增长率9.75% 4.21% 16.13% 30.75% 30.38% 28.42% 现金流量表营业利润增长率-27.41% -11.83% 33.00% 48.99% 76.40% 57.16% 会计年度2023202420252026E2027E2028EE