【中航证券】久立特材（002318）-2024年报点评：转型战略积极推进，业务拓展成效显著-250324（5页）.pdf

1、 1 指标指标2023A2024A2025E2026E2027E营业收入（亿元）85.7109.2126.3140.1157.3增速（%）31.07%27.42%15.67%10.95%12.23%归母净利润（亿元）14.914.917.420.322.7增速（%）15.58%0.12%16.67%16.53%12.26%每股收益（元）1.521.531.782.072.33市盈率（倍）16.6216.6014.2312.2110.88 Wind Wind Wind Wind Wind 44.449.659.765.485.7109.29.2%11.7%20.6%9.4%31.1%27.4%0

2、%5%10%15%20%25%30%35%020406080100120201920202021202220232024营业总收入（亿元）增速5.007.727.9412.8814.8914.9064.7%54.3%2.9%62.2%15.6%0.1%0%10%20%30%40%50%60%70%0246810121416201920202021202220232024归母净利润（亿元）增速27.4%29.2%24.9%25.3%26.2%27.6%11.4%15.7%13.4%19.9%17.4%13.9%0%5%10%15%20%25%30%35%201920202021202220232

3、024销售毛利率销售净利率0%10%20%30%40%20202021202220232024无缝管焊接管管件复合管合金材料其他业务2024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q1营业收入(百万元)3775.12312.72441.82388.82414.42389.82085.61678.6营业成本(百万元)2681.81592.31883.71743.71695.81728.01620.31281.2销售费用率5.52%4.90%2.87%4.35%4.98%3.76%3.79%0.00%管理费用率4.75%4.33%3.26%3.22%6.

4、85%3.39%3.14%0.00%财务费用率-0.06%-0.55%-1.32%-1.28%-0.64%-0.39%-0.58%0.00%研发费用率1.98%4.38%3.99%3.70%3.51%4.17%3.83%0.00%资产减值损失(百万元)6.9-11.4-21.7-28.3-9.8-2.6-1.6-25.3 利润总额(百万元)580.9478.4354.0397.9459.1464.4567.1252.6所得税费用(百万元)134.269.934.752.175.269.888.218.2净利润（百万元）446.7408.5319.3345.8383.9394.6478.9234

5、.4EPS（元）0.460.410.320.340.390.400.490.24毛利率29.0%31.2%22.9%27.0%29.8%27.7%22.3%23.7%期间费用率12.2%13.1%8.8%10.0%14.7%10.9%10.2%0.0%所得税率23.1%14.6%9.8%13.1%16.4%15.0%15.5%7.2%净利润率11.8%17.7%13.1%14.5%15.9%16.5%23.0%14.0%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2022202220232023202420242025E2025E2026E2026E2027E2027E会计年度

6、会计年度2022202220232023202420242025E2025E2026E2026E2027E2027E货币资金1980.794313.422721.224997.236392.555707.91营业收入6537.328568.4110918.2912629.0314012.1215725.22应收票据及账款1286.031579.561744.402387.412610.482929.63营业成本4884.526325.167901.539196.1010159.3911369.63预付账款100.19221.61188.88311.40345.50387.75税金及附加32.1