【中航证券】华曙高科（688433）-2024年报点评：轻舟已过万重山-250320（5页）.pdf

1、 1 指标指标2023A2024A2025E2026E2027E营业收入（百万元）6064926921,0911,616增速（%）32.74%-18.82%40.75%57.61%48.06%归母净利润（百万元）1316789114170增速（%）32.24%-48.76%31.88%28.95%48.92%每股收益（元）0.320.160.210.280.41市盈率（倍）133.16259.88197.05152.82102.62iFinD iFinD iFinD iFinD iFinD -100%-50%0%50%100%150%200%250%0123456720192020202120

2、2220232024营业收入（亿元）归母净利润（亿元）营收同比增速（右轴）净利同比增速（右轴）0%10%20%30%40%50%60%70%201920202021202220232024毛利率净利率0100200300400500600202020212022202320243D打印设备售后服务粉末航空航天50%工业37%高校及科研医疗7%其他4%政府事业2%2024Q42024Q42024Q32024Q32024Q22024Q22024Q12024Q12023Q42023Q42023Q32023Q32023Q22023Q22023Q12023Q1营业收入(百万元)1471181031242

3、35130140101营业成本(百万元)79655757120636843销售费用率8.6%14.3%17.9%12.1%6.0%11.9%13.2%13.8%管理费用率8.9%6.7%10.6%7.7%5.5%8.1%7.6%9.5%财务费用率-4.0%-1.9%-6.1%-2.0%-1.6%-3.7%-4.4%-2.9%研发费用率20.3%13.6%24.1%13.1%9.2%14.7%18.1%13.3%资产减值损失(百万元)2.02-0.26 0.59-0.04 0.790.270.520.32利润总额(百万元)231123066322323所得税费用(百万元)-1 1-4 47113

4、归母净利润（百万元）231172658302220扣非归母净利（百万元）131252455242118EPS（元）0.060.030.020.060.140.070.050.05毛利率46.3%44.7%44.4%53.9%49.1%51.8%51.8%57.0%期间费用率33.7%32.7%46.6%30.9%19.0%31.0%34.5%33.7%所得税率-3.3%5.1%-176.1%11.9%11.0%3.9%3.9%12.8%净利润率15.9%9.2%6.5%21.1%24.8%23.3%15.7%20.3%iFinD 资产负债表资产负债表利润表利润表会计年度会计年度20222022

5、20232023202420242025E2025E2026E2026E2027E2027E会计年度会计年度2022202220232023202420242025E2025E2026E2026E2027E2027E货币资金374.411221.42865.14950.28505.64161.59营业收入456.57606.04491.97692.441091.371615.86应收票据及账款167.11299.78314.62436.33705.651071.34营业成本213.14293.32258.53364.73602.78897.80预付账款12.273.782.422.855.98

6、9.30税金及附加4.175.644.756.7210.5915.67其他应收款4.056.776.038.5413.7520.81销售费用49.3767.3862.9479.63125.51177.75存货215.44277.21360.45509.62845.541261.85管理费用39.0743.5541.4758.1687.31122.81其他流动资产15.4524.33141.4915.9324.0135.39研发费用54.8979.6786.80110.79163.71234.30流动资产总计流动资产总计788.731833.281690.141923.552100.582560