【中航证券】南山智尚（300918）-2025年中报点评：传统主业承压，机器人新材料值得期待-250827（5页）.pdf

1、 1 指标指标2023A2023A2024A2024A2025E2025E2026E2026E2027E2027E营业收入（百万元）1,6001,6161,6372,0902,832增速（%）-2.05%0.98%1.30%27.66%35.53%归母净利润（百万元）203191203238323增速（%）8.53%-5.82%6.42%17.01%35.70%每股收益（元）0.400.380.400.470.64市盈率（倍）57.0560.5756.9248.6435.84 iFinD iFinD iFinD iFinD iFinD-40%-20%0%20%40%60%80%02468101

2、2141618202019202020212022202320242025H1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%30%35%40%2019202020212022202320242025H1毛利率净利率01002003004005006007008009001000202020212022202320242025H1超高纤维服装精纺呢绒锦纶0%5%10%15%20%25%30%35%40%45%202020212022202320242025H1超高纤维服装精纺呢绒锦纶2025Q22025Q22025Q12025Q1202

3、4Q42024Q42024Q32024Q32024Q22024Q22024Q12024Q12023Q42023Q42023Q32023Q3营业收入(百万元)369362453387417359477397营业成本(百万元)238244299260273241309258销售费用率7.3%7.6%7.5%7.8%6.8%7.7%5.8%9.5%管理费用率3.5%5.1%8.5%4.3%2.8%4.8%7.6%5.0%财务费用率0.4%2.0%0.9%2.4%2.0%2.3%1.8%0.6%研发费用率3.8%3.9%2.9%3.8%3.2%4.4%2.4%3.9%资产减值损失(百万元)28.888

4、.568.437.3330.458.8012.9914.04利润总额(百万元)4340664749418446所得税费用(百万元)53-0 54413归母净利润（百万元）3837664245378343扣非归母净利（百万元）3836644244328143EPS（元）0.070.090.180.120.130.100.230.12毛利率35.6%32.5%33.9%32.8%34.6%32.8%35.1%35.1%期间费用率15.0%18.6%19.8%18.3%14.9%19.3%17.6%18.9%所得税率11.4%7.9%-0.5%9.7%7.2%10.6%1.5%6.6%净利润率10.

5、2%10.3%14.6%10.9%10.9%10.3%17.3%10.8%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1021.56633.64599.69820.85795.08670.41营业收入1633.751600.231615.841636.832089.612831.97应收票据及账款250.79245.51290.44269.0

6、7360.67465.53营业成本1085.951045.701073.221105.401489.272018.05预付账款3.225.767.328.9711.4517.07税金及附加13.0811.4113.9314.0817.9724.35其他应收款37.1552.7427.4726.9128.6242.67销售费用157.78128.09120.32122.76154.63209.57存货588.14665.81678.35666.27816.041271.65管理费用67.2383.0084.0085.12104.48141.60其他流动资产81.8577.3572.2869.10