【中航证券】泛亚微透（688386）-2024&2025Q1业绩点评：国产替代、多元经营，成长曲线清晰-250503（5页）.pdf

1、 1 指标指标2023A2023A2024A2024A2025E2025E2026E2026E2027E2027E营业收入（百万元）4115156678941,229增速（%）12.64%25.39%29.62%34.01%37.42%归母净利润（百万元）8799142180222增速（%）176.08%14.58%43.21%26.51%23.65%每股收益（元）1.241.422.032.573.17市盈率（倍）44.3338.6927.0121.3517.27iFinD iFinD iFinD iFinD iFinD-100%-50%0%50%100%150%200%0123456202

2、12022202320242025Q1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%10%20%30%40%50%60%2019202020212022202320242025Q1毛利率净利率传统业务27%ePTFE业务32%CMD及气体管理产品28%气凝胶13%0%10%20%30%40%50%60%70%80%90%201920202021202220232024传统业务ePTFE业务CMD及气体管理产品气凝胶2025Q12025Q12024Q42024Q42024Q32024Q32024Q22024Q22024Q12024Q12023Q42023Q4202

3、3Q32023Q32023Q22023Q2营业收入(百万元)13116212612210412211399营业成本(百万元)6890696252646254销售费用率3.7%4.7%3.4%3.0%3.9%4.7%3.9%4.4%管理费用率11.4%9.3%10.9%11.4%12.1%10.7%11.1%13.5%财务费用率0.4%0.8%0.8%0.6%1.3%0.8%1.4%0.9%研发费用率4.0%6.8%5.1%5.2%4.7%7.9%4.5%4.9%资产减值损失(百万元)3.982.32-0.23 1.154.370.950.14-0.45 利润总额(百万元)31412933223

4、12335所得税费用(百万元)66344334归母净利润（百万元）2433242617281928扣非归母净利（百万元）2424242617271916EPS（元）0.340.460.340.370.240.400.270.41毛利率48.5%44.5%45.1%49.7%50.2%47.5%45.0%45.6%期间费用率19.4%21.6%20.2%20.2%22.0%24.1%20.8%23.7%所得税率18.4%14.5%11.4%11.2%18.6%10.6%13.9%12.4%净利润率18.3%20.0%19.0%21.1%16.2%22.7%16.7%28.9%iFinD 资产负债

5、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106.2358.6027.5966.7389.42122.88营业收入364.46410.55514.78667.28894.201228.83应收票据及账款189.44237.24285.52388.48532.36711.14营业成本198.80221.82272.66344.64469.28668.72预付账款

6、5.604.733.677.689.5512.12税金及附加4.334.814.996.678.9412.29其他应收款0.450.460.450.730.831.18销售费用14.9217.9619.6826.6936.6651.61存货77.4285.02104.32141.63194.14265.66管理费用38.8449.3555.4673.40102.83146.23其他流动资产0.311.1060.151.331.792.46研发费用17.1824.9428.6340.7054.6475.08流动资产总计流动资产总计379.45387.16481.70606.59828.09111