【中航证券】合锻智能（603011）-首次覆盖：深度绑定核聚变链主企业，拓展尖端制造业务-250905（6页）.pdf

1、 1 指标指标2023A2024A2025E2026E2027E营业收入（百万元）1,7662,0742,3222,8633,648增速（%）1.85%17.43%11.95%23.29%27.41%归母净利润（百万元）16.6-89.027.0126.0198.3增速（%）27.05%-634.93%130.34%366.60%57.39%每股收益（元）0.03-0.180.050.250.40市盈率（倍）477.0-89.2293.963.040.0Wind Wind Wind Wind 8.3812.0617.3417.6620.749.8220.6%44.0%43.8%1.8%17.4

2、%8.2%0%10%20%30%40%50%60%0510152025202020212022202320242025H1营业收入（亿元）YOY0.260.640.130.17-0.890.10-5.2%148.4%-79.6%27.0%-634.9%-11.4%-700%-600%-500%-400%-300%-200%-100%0%100%200%-1.0-0.8-0.6-0.4-0.20.00.20.40.60.8202020212022202320242025H1归母净利润（亿元）YOY33.6%31.5%30.3%30.9%24.7%26.1%3.0%5.3%0.7%0.9%-4.3

3、%0.9%-10%-5%0%5%10%15%20%25%30%35%40%202020212022202320242025H1销售毛利率销售净利率2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)562.1420.2606.9559.7590.5317.1535.5454.0营业成本(百万元)414.3311.2475.7403.1467.3215.2381.4301.7销售费用率7.6%6.8%5.3%12.8%5.8%11.3%11.2%12.5%管理费用率6.8%8.7%11.1%6.7%6.5%8.9%12.6%6.5%财

4、务费用率0.8%1.1%0.0%1.2%0.8%1.6%1.8%2.3%研发费用率6.4%6.1%5.8%6.5%4.6%7.2%5.2%6.7%资产减值损失(百万元)-4.4 0.5-76.9-0.1-9.2 2.0-17.2 0.7利润总额(百万元)6.313.7-88.1 3.57.910.8-12.8 25.4所得税费用(百万元)4.36.48.96.72.75.445.8-2.4 净利润（百万元）2.07.3-97.1-3.2 5.25.4-58.6 27.8EPS（元）0.000.01-0.20-0.01 0.010.01-0.12 0.06毛利率26.3%25.9%21.6%28

5、.0%20.9%32.1%28.8%33.5%期间费用率21.7%22.7%22.2%27.2%17.8%29.1%30.9%28.0%所得税率68.5%47.0%-10.1%192.8%33.9%49.7%-357.1%-9.6%净利润率0.3%1.7%-16.0%-0.6%0.9%1.7%-10.9%6.1%Wind iFinD 项目项目产品产品20232023202420242025E2025E2026E2026E2027E2027E销售收入销售收入9151152135915761829销售收入YOY销售收入YOY37.4%25.9%18.0%16.0%16.0%销售成本销售成本4836

6、45741851987毛利率毛利率47.2%44.0%45.5%46.0%46.0%销售收入销售收入623.89590.83661.73727.90800.69销售收入YOY销售收入YOY-19.6%-5.3%12.0%10.0%10.0%销售成本销售成本561.81620.23628.64691.50760.66毛利率毛利率10.0%-5.0%5.0%5.0%5.0%销售收入销售收入172.90269.54226.41294.34367.92销售收入YOY销售收入YOY20.6%55.9%-16.0%30.0%25.0%销售成本销售成本143.08262.47215.54279.62348.