【中航证券】南山智尚（300918）-主营稳健，进军机器人行业-250325（5页）.pdf

1、 1 指标指标2023A2023A2024A2024A2025E2025E2026E2026E2027E2027E营业收入（百万元）1,6001,6162,2052,8273,529增速（%）-2.05%0.98%36.44%28.22%24.84%归母净利润（百万元）203191268335407增速（%）8.53%-5.82%40.29%25.13%21.51%每股收益（元）0.470.440.620.770.94市盈率（倍）39.0841.5029.5823.6419.45 iFinD iFinD iFinD iFinD iFinD-40%-20%0%20%40%60%80%024681

2、01214161820201920202021202220232024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%5%10%15%20%25%30%35%40%201920202021202220232024毛利率净利率01002003004005006007008009001000202020212022202320242025超高纤维服装精纺呢绒0%5%10%15%20%25%30%35%40%20202021202220232024超高纤维服装精纺呢绒产品分类202320242025E2026E2027E销量（吨）销量（吨）150433043469357

3、33573单价（万元/吨）单价（万元/吨）6.05.37.27.17.1单位成本（万元/吨）单位成本（万元/吨）4.84.86.46.36.2单位毛利（万元/吨）单位毛利（万元/吨）1.20.50.80.80.8销量（万件）销量（万件）149146144144144单价（元/件）单价（元/件）394.1419.1419.1429.5438.1单位成本（元/件）单位成本（元/件）253.0265.9264.6269.9272.6单位毛利（元/件）单位毛利（元/件）141.1153.2154.5159.7165.6销量（万米）销量（万米）13621257121912191231单价（元/米）单价（

4、元/米）65.764.463.863.863.8单位成本（元/米）单位成本（元/米）43.441.541.141.141.1单位毛利（元/米）单位毛利（元/米）22.322.922.722.722.7销量（吨）销量（吨）002.55.07.5单价（万元/吨）单价（万元/吨）0.00.02.12.22.3单吨成本（万元/吨）单吨成本（万元/吨）0.00.01.61.71.8单吨毛利（万元/吨）单吨毛利（万元/吨）0.00.00.50.50.5超高纤维服装精纺呢绒锦纶 iFinD iFinD 2024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q1营业收入(

5、百万元)453387417359477397401326营业成本(百万元)299260273241309258260219销售费用率7.5%7.8%6.8%7.7%5.8%9.5%8.8%8.4%管理费用率8.5%4.3%2.8%4.8%7.6%5.0%3.8%3.6%财务费用率0.9%2.4%2.0%2.3%1.8%0.6%-1.1%1.4%研发费用率2.9%3.8%3.2%4.4%2.4%3.9%3.9%4.9%资产减值损失(百万元)8.437.3330.458.8012.9914.0426.906.21利润总额(百万元)6647494184465138所得税费用(百万元)-0 54413

6、66归母净利润（百万元）6642453783434532扣非归母净利（百万元）6442443281434430EPS（元）0.180.120.130.100.230.120.130.09毛利率33.9%32.8%34.6%32.8%35.1%35.1%35.2%32.8%期间费用率19.8%18.3%14.9%19.3%17.6%18.9%15.4%18.3%所得税率-0.5%9.7%7.2%10.6%1.5%6.6%11.2%14.7%净利润率14.6%10.9%10.9%10.3%17.3%10.8%11.3%9.8%资产负债表资产负债表利润表利润表会计年度会计年度202220222023