【中航证券】宝武镁业（002182）-2024年报&2025Q1点评：镁价低迷拖累业绩，关注深加工产品渗透进程-250428（5页）.pdf

1、 1 指标指标2023A2024A2025E2026E2027E营业收入（百万元）7,6528,9839,74111,78913,844增速（%）-15.96%17.39%8.44%21.02%17.43%归属于母公司净利润306160196369626增速（%）-49.87%-47.91%23.08%87.59%69.85%每股收益（元）0.310.160.200.370.63市盈率（倍）39.6176.0561.7932.9419.39 iFinD iFinD iFinD iFinD Wind 27.0%9.9%34.0%11.3%12.2%1.1%4.4%镁合金产品铝合金产品铝合金深加工

2、产品镁合金深加工产品中间合金金属锶其他33.0%13.7%24.0%13.8%8.8%1.3%5.4%镁合金产品铝合金产品铝合金深加工产品镁合金深加工产品中间合金金属锶其他0%2%4%6%8%10%12%14%16%18%20%镁合金产品铝合金产品铝合金深加工产品 镁合金深加工产品202320240.611.41.82.22.60.01.02.03.04.05.06.0Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-25镁锭价格(万元/吨)铝锭价格(万元/吨)镁铝比(右轴)2025Q12025Q12024Q42024Q42024Q32024Q32024Q2202

3、4Q22024Q12024Q12023Q42023Q42023Q32023Q32023Q22023Q2营业收入(百万元)20332636227122121864208920301839营业成本(百万元)18352314202519501642178417211596销售费用率0.4%0.2%0.3%0.3%0.5%0.2%0.3%0.2%管理费用率2.4%2.7%2.1%2.2%2.3%2.1%2.8%2.0%财务费用率1.2%1.1%1.3%1.0%1.5%1.1%1.7%0.9%研发费用率4.5%5.4%5.0%5.1%4.6%5.5%4.4%4.9%资产减值损失(百万元)1.7-60.3

4、-1.5 0.01.4-27.8-1.2 0.6利润总额(百万元)32.316.740.957.771.9111.3119.684.0所得税费用(百万元)6.311.42.55.010.3-2.8 16.21.3净利润（百万元）26.05.338.452.761.6114.1103.482.7EPS0.030.010.030.060.090.140.120.11毛利率9.7%12.2%10.8%11.8%11.9%14.6%15.3%13.2%期间费用率8.4%9.4%8.6%8.5%9.0%8.9%9.1%8.0%所得税率19.5%68.3%6.1%8.7%14.4%-2.5%13.6%1.

5、5%净利润率1.3%0.2%1.7%2.4%3.3%5.5%5.1%4.5%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会计年度会计年度2022202220232023202420242025E2025E2026E2026E2027E2027E货币资金272.35372.54245.22974.071178.861384.35营业收入9104.617651.818982.569740.7011788.6313843.51应收票据及账款1813.372046.462520.

6、252241.702228.542237.72营业成本7640.026623.257931.618552.6210217.1911812.69预付账款174.59138.17115.96186.81226.08265.49税金及附加48.2345.6544.2548.7058.9469.22其他应收款149.87128.81124.75160.12193.79227.56销售费用23.9322.4627.6829.2235.3741.53存货1348.581258.211488.041405.911399.611618.18管理费用140.19169.44210.64224.04277.033