2026年中报点评：高可靠模拟芯片稀缺标的，受益景气复苏及品类扩张

1      ① ②   业务 报表预测单位:百万元会计年度2023202420252026E2027E2028E利润表 营业收入465.75412.59639.18683.95818.47957.87 减: 营业成本82.00102.65122.65128.11155.29185.15 税金及附加5.374.118.387.899.4411.05 主营业务利润378.38305.82508.15547.94653.73761.67 减: 销售费用42.9944.3350.0353.5463.0272.80 管理费用41.7142.2348.1051.3059.7568.01 研发费用66.4191.22109.55123.11139.14153.26 财务费用5.030.140.38-1.44 -2.77 -2.49 经营性利润222.23127.90300.08321.44394.60470.09 加: 资产减值损失-16.78 -19.21 -19.13 -10.26 -11.87 -13.41 信用减值损失-13.98 -16.13 -37.28 3.42-6.14 -14.37 其他经营损益0.00-0.00 -0.00 -0.00 -0.00 -0.00 投资收益0.151.341.711.511.611.56 公允价值变动损益1.051.471.480.000.000.00 资产处置收益0.050.080.220.090.120.13 其他收益12.226.468.588.787.878.40 营业利润204.94101.90255.66324.99386.18452.41 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.050.010.030.020.020.02 减: 营业外支出0.050.030.100.050.050.06 利润总额204.94101.88255.59324.96386.14452.37 减: 所得税25.916.5327.4834.9441.5148.63 净利润179.0395.35228.12290.03344.63403.73 减: 少数股东损益0.000.000.000.000.000.00 归属母公司股东净利润179.0395.35228.12290.03344.63403.73资产负债表 货币资金36.0065.89113.34987.40873.48828.54 交易性金融资产110.91131.24179.17216.20216.20216.20 应收票据140.44122.31229.34245.40293.66343.68 应收账款400.22465.57638.72683.45817.88957.18 预付账款3.616.0311.5112.3214.7417.25 其他应收款11.1411.2314.8315.8718.9922.23 存货128.74128.59115.09120.22145.72173.74 其他流动资产4.275.707.027.518.9910.52 长期股权投资0.000.000.000.000.000.00 金融资产投资0.000.000.000.000.000.00 投资性房地产0.000.000.000.000.000.00 固定资产和在建工程76.9567.64124.57406.18668.31910.96 无形资产和开发支出1.8920.3738.0736.8935.7234.54 其他非流动资产16.2225.1122.4620.9919.5219.52 资产总计930.411,049.691,494.122,752.433,113.203,534.34 短期借款0.0010.000.000.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据6.1815.208.208.5710.3812.38 应付账款18.5215.8015.5616.2519.7023.48 预收账款0.000.000.000.000.000.00 合同负债2.355.046.106.537.819.14 其他应付款18.6518.4530.8032.1739.0046.50 长期借款9.356.409.989.989.989.98 其他负债9.608.0214.9116.0718.8321.63 负债合计64.6478.9185.5489.56105.69123.11 股本360.00360.00370.07411.19411.19411.19 资本公积480.46490.12689.731,612.871,612.871,612.87 留存收益25.31120.67348.78638.81983.441,387.17 归属母公司股东权益865.77970.781,408.582,662.873,007.503,411.24 少数股东权益0.000.000.000.000.000.00 股东权益合计865.77970.781,408.582,662.873,007.503,411.24 负债和股东权益合计930.411,049.691,494.122,752.433,113.203,534.34 投入资本(IC)764.21831.301,189.971,537.642,009.652,472.26现金流量表 经营性现金净流量-58.10 96.202.32244.90182.61251.95 投资性现金净流量-163.96 -68.67 -135.20 -336.54 -299.30 -299.39 筹资性现金净流量228.162.37180.34965.712.772.49 现金流量净额6.0929.8947.45874.06-113.92 -44.94