【中航证券】三祥新材（603663）-2024年报&2025Q1点评：传统锆基产品承压，关注新业务进展-250429（5页）.pdf

1、 1 指标指标2023A2024A2025E2026E2027E营业收入（百万元）1,0801,0541,3321,6582,072增速（%）11.07%-2.41%26.41%24.45%24.94%归属于母公司净利润7976138193265增速（%）-47.48%-4.38%81.61%40.01%37.62%每股收益（元）0.190.180.320.450.63市盈率（倍）118.52123.9468.2448.7435.42 Wind Wind 0%5%10%15%20%25%30%35%40%201620172018201920202021202220232024锆系列产品毛利率2

2、025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2营业收入(百万元)231204243351256238247297营业成本(百万元)181167185247192186189201销售费用率1.5%1.5%1.4%0.9%1.1%1.3%1.2%0.9%管理费用率7.9%7.1%7.1%5.4%6.6%6.2%6.8%5.7%财务费用率1.0%0.8%1.3%1.4%1.1%0.6%1.9%0.2%研发费用率3.4%3.8%4.5%3.6%4.3%5.3%4.5%5.3%资产减值损失(百万元)-8.2-25.7-12.8-12.3-4.6-23.3

3、-19.7-4.7 利润总额(百万元)11.3-15.6 9.253.926.2-9.7-3.9 50.4所得税费用(百万元)0.6-3.4-1.0 6.83.73.9-3.6 1.2净利润（百万元）10.7-12.2 10.247.122.5-13.6-0.4 49.1EPS0.030.000.030.100.05-0.01 0.010.14毛利率21.8%17.9%23.8%29.6%24.8%21.7%23.6%32.3%期间费用率13.8%13.2%14.3%11.2%13.1%13.5%14.5%12.1%所得税率4.9%22.0%-10.7%12.6%14.0%-39.8%90.8

4、%2.4%净利润率4.6%-6.0%4.2%13.4%8.8%-5.7%-0.1%16.5%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72.6864.3773.11133.22165.80207.15营业收入972.311079.901053.901332.231657.962071.52应收票据及账款290.68413.29400.274

5、19.74476.95539.16营业成本640.33782.89792.19983.441208.421491.13预付账款11.1511.175.8018.2522.7128.38税金及附加10.1111.3310.8314.6518.2422.79其他应收款1.380.812.131.822.272.84销售费用15.1312.0512.3014.6518.2422.79存货297.13304.84273.55404.15463.50531.09管理费用55.5065.1367.6379.9399.48124.29其他流动资产37.217.4011.0138.2241.4545.56研发

6、费用47.1554.3742.2353.2966.3282.86流动资产总计流动资产总计710.22801.87765.871015.411172.691354.18财务费用4.887.2312.6114.4614.3910.21长期股权投资99.28122.35134.09129.09126.39126.39资产减值损失-7.80-56.15-55.37-13.32-16.58-20.72 固定资产553.32742.40816.01790.24786.36765.32信用减值损失-0.31-1.93-0.39-0.13-0.17-0.21 在建工程239.46117.3297.29121.