【中航证券】金力永磁（300748）-2024年报&2025Q1点评：盈利性逐季抬升，激励+回购彰显信心-250427（5页）.pdf

1、 1 指标指标2023A2024A2025E2026E2027E营业收入（百万元）6,6886,7639,09211,01113,219增速（%）-6.66%1.13%34.42%21.11%20.06%归母净利润（百万元）564291638793988增速（%）-19.78%-48.37%119.19%24.29%24.67%每股收益（元）0.410.210.460.580.72市盈率（倍）49.7896.4143.9935.3928.39 Wind Wind Wind Wind 24.240.871.766.967.617.542.5%68.8%75.6%-6.7%1.1%14.2%-20

2、%0%20%40%60%80%100%01020304050607080202020212022202320242025Q1营业总收入（亿元）增速2.444.537.035.642.911.6155.8%85.3%55.1%-19.8%-48.4%57.9%-60%-40%-20%0%20%40%60%80%100%012345678202020212022202320242025Q1归母净利润（亿元）增速23.8%22.4%16.2%16.1%11.1%15.7%10.1%11.1%9.8%8.5%4.4%9.3%0%5%10%15%20%25%30%20202021202220232024

3、2025Q1销售毛利率销售净利率0102030405060708090100镨钕金属（万元/吨）镨钕氧化物（万元/吨）Wind iFinD 2025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2营业收入(百万元)17541749165318251536163716201779营业成本(百万元)14791500144116881382140013221492销售费用率1.01%1.45%0.46%0.82%0.69%0.85%0.66%0.02%管理费用率2.79%2.96%2.91%1.56%2.64%3.86%2.08%2.03%财务费用率-0.71

4、%-0.76%-0.64%0.05%-0.95%-0.91%-0.21%-2.59%研发费用率4.72%5.19%4.67%4.29%4.86%5.95%5.04%5.78%资产减值损失(百万元)-8.75-16.65-8.22-9.92-10.38-8.13-6.71-7.61 利润总额(百万元)184.2496.2991.9612.02114.6681.59173.73171.59所得税费用(百万元)21.72.712.1-6.5 12.511.710.716.4净利润（百万元）162.5193.5879.8318.55102.1969.89162.99155.16EPS（元）0.120.

5、070.060.010.080.050.120.18毛利率15.7%14.3%12.8%7.5%10.0%14.5%18.4%16.2%期间费用率7.8%8.8%7.4%6.7%7.2%9.8%7.6%5.2%所得税率11.8%2.8%13.2%-54.3%10.9%14.3%6.2%9.6%净利润率9.3%5.3%4.8%1.0%6.7%4.3%10.1%8.7%资产负债表资产负债表利润表利润表会计年度会计年度2022202220232023202420242025E2025E2026E2026E2027E2027E会计年度会计年度2022202220232023202420242025E2

6、025E2026E2026E2027E2027E货币资金4130.253885.762712.921998.991929.362195.13营业收入7165.196687.866763.299091.5311011.0913219.50应收票据及账款2838.012344.822359.343188.263861.424635.88营业成本6006.165612.946010.687650.539219.8311013.67预付账款36.7266.4070.0594.65117.65141.25税金及附加24.7728.3524.9632.6139.5047.42其他应收款10.1845.63