【中航证券】福莱新材（605488）-2025年中报点评：进军机器人电子皮肤产业-250824（5页）.pdf

1、 1 指标指标2023A2023A2024A2024A2025E2025E2026E2026E2027E2027E营业收入（百万元）2,1312,5412,9213,3043,740增速（%）12.06%19.23%14.96%13.12%13.19%归母净利润（百万元）70139121161195增速（%）-7.03%98.42%-13.34%33.76%20.91%每股收益（元）0.250.500.430.580.70市盈率（倍）138.3769.7480.4760.1649.76 iFinD 2025Q22025Q22025Q12025Q12024Q42024Q42024Q32024Q3

2、2024Q22024Q22024Q12024Q12023Q42023Q42023Q32023Q3营业收入(百万元)731603765619597559576592营业成本(百万元)632507691543498468503513销售费用率2.2%2.4%2.2%2.7%2.3%2.4%2.8%2.6%管理费用率3.9%4.6%4.3%4.2%4.1%4.6%5.2%3.9%财务费用率0.6%0.8%0.3%1.1%0.7%0.5%1.1%0.2%研发费用率4.3%3.7%2.6%4.0%4.1%4.3%4.9%4.3%资产减值损失(百万元)4.690.365.420.600.802.081.5

3、40.72利润总额(百万元)173687033301112所得税费用(百万元)-0 130-2-0-0-1-3 归母净利润（百万元）163569734301316扣非归母净利（百万元）1431-16 53126113EPS（元）0.060.170.350.040.180.160.070.09毛利率13.6%16.0%9.6%12.3%16.7%16.2%12.8%13.4%期间费用率11.0%11.5%9.5%12.0%11.2%11.8%14.1%11.0%所得税率-0.7%2.3%35.1%-1082.3%-1.1%-1.7%-5.2%-24.8%净利润率2.2%5.8%9.0%1.1%5

4、.7%5.3%2.2%2.6%iFinD iFinD iFinD iFinD-60%-40%-20%0%20%40%60%80%100%120%0510152025302019202020212022202320242025H1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%2019202020212022202320242025H1毛利率净利率广告喷墨打印材料标签标识印刷材料功能基膜材料电子级功能材料-10%-5%0%5%10%15%20%25%30%202020212022202320242025H1标签标识印刷材料电子级功能材料功

5、能基膜材料广告喷墨打印材料iFinD iFinD 产品分类产品分类20182018201920192020202020212021202220222023202320242024202520252026E2026E2027E2027E标签标识印刷材料1792323852338024295957520684938309799716113677129591电子级功能材料1635134815201854138411141967275433053965功能基膜材料-1212119673226242488627375广告喷墨打印材料504415488754632589945745776321849439

6、3437102781113059标签标识印刷材料1.030.990.951.060.950.810.850.920.920.92电子级功能材料3.144.744.024.144.995.184.754.424.424.42功能基膜材料-0.831.081.111.121.13广告喷墨打印材料1.911.731.601.911.841.621.571.491.511.52标签标识印刷材料0.720.680.680.830.780.680.690.730.730.73电子级功能材料2.893.853.243.664.904.904.003.683.713.71功能基膜材料-0.841.121.10