【中航证券】泛亚微透（688386）-2025年中报点评：业绩稳健增长，定增打开空间-250826（5页）.pdf

1、 1 指标指标2023A2023A2024A2024A2025E2025E2026E2026E2027E2027E营业收入（百万元）4115156539211,348增速（%）12.64%25.39%26.87%41.09%46.25%归母净利润（百万元）8799140192258增速（%）176.08%14.58%41.43%37.25%34.07%每股收益（元）0.951.091.542.122.84市盈率（倍）71.0962.0443.8731.9623.84 iFinD iFinD 序号序号项目名称项目名称项目投资总额项目投资总额（万元）（万元）拟使用募集资金拟使用募集资金金额（万元）

2、金额（万元）1CMD产品智能制造技改扩产项目21288119352用于6G通讯的低介电损耗FCCL挠性覆铜板产业化项目26018215753研发中心建设项目20429154414补充流动资金2090020900合计88635698512025Q22025Q22025Q12025Q12024Q42024Q42024Q32024Q32024Q22024Q22024Q12024Q12023Q42023Q42023Q32023Q3营业收入(百万元)153131162126122104122113营业成本(百万元)8368906962526462销售费用率4.0%3.7%4.7%3.4%3.0%3.9%

3、4.7%3.9%管理费用率12.0%11.4%9.3%10.9%11.4%12.1%10.7%11.1%财务费用率0.2%0.4%0.8%0.8%0.6%1.3%0.8%1.4%研发费用率4.1%4.0%6.8%5.1%5.2%4.7%7.9%4.5%资产减值损失(百万元)-0.26 3.982.32-0.23 1.154.370.950.14利润总额(百万元)3631412933223123所得税费用(百万元)56634433归母净利润（百万元）3024332426172819扣非归母净利（百万元）3024242426172719EPS（元）0.330.340.460.340.370.240

4、.400.27毛利率45.9%48.5%44.5%45.1%49.7%50.2%47.5%45.0%期间费用率20.2%19.4%21.6%20.2%20.2%22.0%24.1%20.8%所得税率13.6%18.4%14.5%11.4%11.2%18.6%10.6%13.9%净利润率19.9%18.3%20.0%19.0%21.1%16.2%22.7%16.7%iFinD iFinD-100%-50%0%50%100%150%200%0123456202020212022202320242025H1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

5、%40%50%60%2019202020212022202320242025H1毛利率净利率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106.2358.6027.5965.3192.15134.76营业收入364.46410.55514.78653.10921.471347.61应收票据及账款189.44237.24285.52380.23

6、548.59779.88营业成本198.80221.82272.66334.41473.22717.28预付账款5.604.733.677.529.8513.29税金及附加4.334.814.996.278.8512.94其他应收款0.450.460.450.720.861.29销售费用14.9217.9619.6825.0835.4851.61存货77.4285.02104.32137.43195.77284.95管理费用38.8449.3555.4676.41108.73160.37其他流动资产0.311.1060.151.311.842.70研发费用17.1824.9428.6332.6