【中航证券】斯瑞新材（688102）-2025H1点评：关注商业航天&核聚变等尖端应用进展-250827（5页）.pdf

1、 1 指标指标2023A2024A2025E2026E2027E营业收入（百万元）1,1801,3301,6442,0812,627增速（%）18.7%12.7%23.6%26.6%26.2%归母净利润（百万元）98114153202274增速（%）26.1%16.2%33.8%32.4%35.3%每股收益（元）0.110.130.160.210.28市盈率（倍）128.5110.682.762.546.2Wind Wind Wind Wind Wind 6.819.689.9411.8013.307.7220.3%42.3%2.6%18.7%12.7%23.7%0%5%10%15%20%25

2、%30%35%40%45%02468101214202020212022202320242025H1营业收入（亿元）YOY0.520.630.780.981.140.7570.8%21.6%23.1%26.0%16.2%33.6%0%10%20%30%40%50%60%70%80%0.00.20.40.60.81.01.2202020212022202320242025H1归母净利润（亿元）YOY22.4%19.1%18.9%21.0%23.1%23.7%7.6%6.4%7.8%8.6%9.0%10.0%0%5%10%15%20%25%30%202020212022202320242025H1

3、销售毛利率销售净利率0%5%10%15%20%25%30%35%40%202020212022202320242025H1高强高导铜合金材料及制品中高压电接触材料及制品医疗影像零组件高性能金属铬粉主营其他其他业务2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)428.1344.1365.4340.3336.8287.2310.6309.1营业成本(百万元)323.2266.3280.1267.0254.8220.7238.9247.2销售费用率1.7%1.7%1.7%1.6%1.8%1.6%1.6%2.0%管理费用率4.8%4.

4、6%4.2%4.7%5.4%5.2%4.4%4.9%财务费用率0.0%0.8%1.5%1.6%1.0%1.8%1.1%1.8%研发费用率5.6%5.3%5.0%5.4%5.3%5.1%6.2%4.9%资产减值损失(百万元)-0.5-1.3-2.3 0.00.00.0-1.6 0.0利润总额(百万元)47.736.344.326.835.227.434.618.1所得税费用(百万元)3.73.54.33.83.72.71.91.5净利润（百万元）44.032.839.923.031.524.732.716.6EPS（元）0.060.040.050.030.060.040.050.03毛利率24.

5、5%22.6%23.3%21.5%24.3%23.2%23.1%20.0%期间费用率12.1%12.4%12.4%13.2%13.5%13.6%13.4%13.6%所得税率7.7%9.6%9.8%14.2%10.6%9.7%5.5%8.1%净利润率10.3%9.5%10.9%6.8%9.3%8.6%10.5%5.4%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2022202220232023202420242025E2025E2026E2026E2027E

6、2027E货币资金131.16126.51164.04164.36208.07262.68营业收入993.611179.511329.681643.562080.742626.75应收票据及账款278.16281.79329.79402.98510.17644.05营业成本805.98931.971022.601238.441550.351939.68预付账款6.337.084.906.067.679.69税金及附加8.388.809.2611.5014.5718.39其他应收款8.293.058.7710.8413.7317.33销售费用15.4021.6122.1427.9435.3744