【中航证券】西部超导（688122）-2024年报&2025Q1点评：超导业务放量显著，期待航空需求提振-250425（5页）.pdf

1、 1 指标指标2023A2024A2025E2026E2027E营业收入（百万元）4,1594,6125,7286,9318,323增速（%）-1.62%10.91%24.19%21.00%20.08%归母净利润（百万元）7528019981,2221,471增速（%）-30.34%6.44%24.68%22.36%20.42%每股收益（元）1.161.231.541.882.26市盈率（倍）41.3638.8631.1725.4721.15 Wind Wind Wind Wind Wind 21.129.342.341.646.110.746.1%38.5%44.4%-1.6%10.9%35

2、.3%-10%0%10%20%30%40%50%05101520253035404550202020212022202320242025Q1营业总收入（亿元）增速（右轴）3.717.4110.87.58.01.7134.3%100.0%45.7%-30.3%6.4%53.9%-40%-20%0%20%40%60%80%100%120%140%160%024681012202020212022202320242025Q1归母净利润（亿元）增速（右轴）37.9%40.8%39.5%31.9%33.6%35.3%17.5%25.5%25.9%18.4%19.0%17.4%0%5%10%15%20%2

3、5%30%35%40%45%202020212022202320242025Q1销售毛利率销售净利率43.0%45.3%43.3%34.4%38.7%4.5%16.3%30.4%34.4%30.2%-11.4%4.0%3.3%15.9%22.3%-20%-10%0%10%20%30%40%50%20202021202220232024高端钛合金材料超导产品高性能高温合金材料2025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2营业收入(百万元)1073.81377.41214.71226.9793.61070.7976.21189.6营业成本(百万元)

4、694.9928.9762.7805.5567.7770.4632.9844.2销售费用率0.5%0.5%0.6%0.6%0.7%1.2%0.6%0.5%管理费用率6.1%4.3%5.5%3.6%3.1%7.7%4.7%3.1%财务费用率1.0%0.2%1.3%0.5%1.5%1.5%1.4%0.4%研发费用率4.2%8.6%4.3%8.0%10.3%11.3%8.0%7.1%资产减值损失(百万元)-37.9-19.6-7.9-9.0-2.4-2.2-6.2-5.2 利润总额(百万元)213.8267.7337.1280.1121.0177.0198.2252.3所得税费用(百万元)27.14

5、4.537.035.613.022.220.331.2净利润（百万元）186.7223.2300.2244.6108.0154.8177.9221.0EPS（元）0.260.300.390.370.170.260.250.33毛利率35.3%32.6%37.2%34.3%28.5%28.0%35.2%29.0%期间费用率11.9%13.6%11.7%12.7%15.6%21.6%14.8%11.1%所得税率12.7%16.6%11.0%12.7%10.7%12.6%10.3%12.4%净利润率17.4%16.2%24.7%19.9%13.6%14.5%18.2%18.6%iFinD 资产负债表

6、资产负债表利润表利润表会计年度会计年度2022202220232023202420242025E2025E2026E2026E2027E2027E会计年度会计年度2022202220232023202420242025E2025E2026E2026E2027E2027E货币资金2111.951482.411512.86572.81693.10832.31营业收入4227.184158.784612.475728.106931.008323.08应收票据及账款3441.473344.254221.915178.835886.606384.83营业成本2559.472833.243064.8237