【中航证券】道恩股份（002838）-2025年中报点评：轮胎、机器人进展值得关注-250826（5页）.pdf

1、 1 指标指标2023A2023A2024A2024A2025E2025E2026E2026E2027E2027E营业收入（百万元）4,5445,3016,3917,3748,286增速（%）0.41%16.65%20.57%15.37%12.37%归母净利润（百万元）140141198255361增速（%）-8.09%0.67%40.26%28.93%41.47%每股收益（元）0.290.290.410.530.75市盈率（倍）96.3695.7268.2552.9337.41 iFinD iFinD 050010001500200025003000350040002020202120222

2、02320242025H1改性塑料热塑性弹性体色母粒2025Q22025Q22025Q12025Q12024Q42024Q42024Q32024Q32024Q22024Q22024Q12024Q12023Q42023Q42023Q32023Q3营业收入(百万元)15951286153214471116120711801125营业成本(百万元)142811131326128598810731002995销售费用率0.9%1.2%1.2%0.9%0.9%1.1%1.2%1.2%管理费用率2.4%2.6%2.6%2.3%2.7%2.0%3.0%2.4%财务费用率0.5%0.1%1.0%1.1%0.6

3、%0.8%0.5%1.2%研发费用率3.7%4.3%6.2%4.7%4.3%4.1%5.1%3.6%资产减值损失(百万元)4.463.809.400.000.00-0.92 8.630.00利润总额(百万元)4760433735445936所得税费用(百万元)310111581归母净利润（百万元）4044433132354233扣非归母净利（百万元）4237342727293528EPS（元）0.080.100.100.070.070.080.090.07毛利率10.5%13.4%13.4%11.1%11.5%11.0%15.1%11.5%期间费用率7.5%8.1%11.0%9.0%8.4%8

4、.0%9.8%8.4%所得税率7.0%17.2%1.6%3.0%1.8%12.1%13.6%3.0%净利润率2.5%3.4%2.8%2.2%2.8%2.9%3.6%2.9%iFinD iFinD-200%-100%0%100%200%300%400%500%0102030405060202020212022202320242025H1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%2019202020212022202320242025H1毛利率净利率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2022202220

5、232023202420242025E2025E2026E2026E2027E2027E会计年度会计年度2022202220232023202420242025E2025E2026E2026E2027E2027E货币资金371.97481.49502.37639.12737.38828.56营业收入4525.704544.075300.766391.227373.758285.61应收票据及账款1713.221764.812499.642801.633050.513132.64营业成本4083.774004.354672.965597.226410.647148.58预付账款202.4698.

6、88145.41192.61151.52158.90税金及附加16.8419.1416.0619.1722.1224.86其他应收款3.637.966.8511.5611.1113.62销售费用32.2548.1754.9467.1175.2182.86存货534.98565.89786.27996.76855.341022.34管理费用81.76102.34127.18143.80162.22174.00其他流动资产545.85118.4599.2695.87117.98140.86研发费用164.75185.28258.93260.76298.64333.08流动资产总计流动资产总计337