【华安证券】三环集团（300408）-三环集团：AI驱动业绩强势增长，研发持续投入产品应用拓宽-250430（4页）.pdf

1、!#$%&()*+,-.*/01234 !#$%!#$%AI&()*+,-.&()*+,-./0/012123434565678789:9:!#$%!#$%l!#!#$%&$%&()()2024*+*+,2025*-./+*-./+0101 23 2024*456789:73.8;?A:28.8%B 45CDEFG:21.9;?A:38.6%B45HICDEFG:19.3;?A:58.2%J 23 25Q1 456789:18.33;?A:17.24%B45CDEFG:5.33;?A:23.02%B45HICDEFG 4.5;?A:18.7%J 237K237K2024*457K*457KLL

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4、89:33.85;12?/89:43.88/26.37 ABC8DEB:1916 FGBC8DEB:1870 FGBHI8%:97.58 AJK8L9:664.4 FGJK8L9:648.3 23n?A23n?A300BC?DBC?D Table_Author EF#EF#GH=GH=&()*%S0010523060001+,% EF#EF#IJIJ&()*%S0010524070001+,% K KK Khi01hi01K K-./0/123 456789:;?AB6CDE/0/1-0/E/.FGHIJKLMNO 45PQRSE/0/10T30E -30%-20%-10%0%10%20%30

5、%40%50%60%4/247/2410/241/254/25三环集团沪深300Table_CompanyRptType1$%&$%&LL300408QQ !#$%&()*+,-.*2/4/01234 l MNNOPQMNNOPQ RR:STST UVWXYZUVWXYZ 2024A 2025E 2026E 2027E IJ 7375 9038 10703 12690 IJ%_ 28.8%22.5%18.4%18.6%abcde5f 2190 2732 3264 3879 e5f%_ 38.5%24.7%19.5%18.8%g5h%_ 43.0%44.0%44.3%44.5%ROE%_ 11.

6、0%12.1%12.6%13.0%ijIkl_ 1.14 1.43 1.70 2.02 P/E 33.78 24.32 20.36 17.13 P/B 3.72 2.94 2.57 2.23 EV/EBITDA 24.20 16.52 13.54 11.14 MNOPQwindRST/012U Table_CompanyRptType1$%&$%&LL300408QQ !#$%&()*+,-.*3/4 /01234 !#$%&()!#$%&()Table_Finace MVWXYMVWXY Z Z :DE9 YY Z :DE9Z !#$!#$2024A 2025E 2026E 2027E !#