2024年报-2025Q1点评：芯片电感晋升主力军，业务布局成效显现

1 指标2023A2024A2025E2026E2027E营业收入（百万元）1,1591,6632,0802,5353,054增速（%）8.71%43.54%25.09%21.86%20.46%归母净利润（百万元）256376451558684增速（%）32.48%46.90%20.14%23.72%22.56%每股收益（元）0.891.301.571.942.37市盈率（倍）45.7831.1625.9420.9717.11Wind Wind Wind Wind 4.977.2610.711.5916.633.8323.4%46.1%46.8%8.7%43.5%14.4%0%10%20%30%40%50%60%024681012141618202020212022202320242025Q1营业总收入（亿元）增速0.851.071.201.932.563.760.7422.6%25.9%12.9%60.5%32.5%46.9%3.1%0%10%20%30%40%50%60%70%0.00.51.01.52.02.53.03.54.02019202020212022202320242025Q1归母净利润（亿元）增速38.9%33.9%37.6%39.6%40.7%37.7%21.4%16.6%18.1%22.1%22.5%19.2%0%10%20%30%40%50%202020212022202320242025Q1销售毛利率销售净利率2025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2营业收入(百万元)383.3436.1430.7461.0335.1304.4272.5291.0营业成本(百万元)238.9257.9254.4265.8208.0183.6169.9174.4销售费用率1.5%2.1%1.4%1.4%1.5%1.5%1.8%2.3%管理费用率4.0%7.8%3.6%4.1%4.6%7.5%5.3%5.1%财务费用率0.9%0.1%1.1%0.4%0.8%2.0%0.9%0.3%研发费用率8.2%10.9%6.3%5.5%5.2%8.7%6.4%5.9%资产减值损失(百万元)0.00.00.00.00.00.00.00.0利润总额(百万元)87.682.6118.8134.084.966.164.880.8所得税费用(百万元)14.2-6.1 18.520.813.5-0.6 9.912.4净利润（百万元）73.488.8100.3113.371.566.754.968.4EPS（元）0.260.320.360.410.360.340.280.34毛利率37.7%40.9%40.9%42.3%37.9%39.7%37.7%40.1%期间费用率14.5%20.8%12.3%11.5%12.1%19.7%14.4%13.5%所得税率16.2%-7.4%15.6%15.5%15.9%-0.8%15.3%15.3%净利润率19.2%20.4%23.3%24.6%21.3%21.9%20.1%23.5%iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金166.31231.05144.21208.02253.48305.35营业收入1065.681158.521662.942080.192534.843053.55应收票据及账款650.15626.05970.601139.831347.291572.78营业成本664.52699.64986.191247.311510.501815.12预付账款19.6517.9512.8734.1941.6750.20税金及附加7.099.7315.3420.1824.5929.62其他应收款3.374.505.247.989.7211.71销售费用24.2520.7626.6129.1235.4942.75存货144.23217.84190.87375.90434.53497.29管理费用64.1568.0483.93104.01126.74152.68其他流动资产232.0596.0788.75133.21151.39172.14研发费用64.4874.71117.14149.77182.51219.86流动资产总计1215.761193.451412.541899.132238.082609.48财务费用27.0513.589.6524.5827.5522.28长期股权投资0.000.000.000.000.000.00资产减值损失0.000.000.000.000.000.00固定资产704.97932.041347.111360.501585.191763.36信用减值损失-10.80 -0.77 -14.53 -8.32 -10.14 -12.21 在建工程130.58121.6096.76335.21369.08352.95其他经营损益0.000.00-0.00 0.000.000.00无形资产32.6746.6861.1573.87104.93126.82投资收益5.272.380.270.500.500.50长期待摊费用20.4320.5622.4921.049.809.80公允价值变动损益1.160.021.421.001.001.00其他非流动资产144.17197.40139.86227.08233.54238.78资产处置收益0.023.030.000.000.000.00非流动资产合计1032.821318.271667.372017.702302.542491.71其他收益8.7818.6011.8912.0012.0012.00资产总计2248.592511.723079.913916.834540.625101.20营业利润218.58295.31423.14510.40630.83772.54短期借款50.0255.0221.11203.52240.07111.67营业外收入0.310.260.790.800.800.80应付票据及账款162.64131.16110.96304.14377.42464.47营业外支出5.534.833.513.503.503.50其他流动负债142.8387.38138.96275.14345.74425.47其他非经营损益0.000.000.000.000.000.00流动负债合计355.49273.56271.03782.81963.231001.61利润总额213.35290.74420.42507.70628.13769.84长期借款257.60293.90427.55409.86361.77281.64所得税20.2935.1546.6456.3069.6685.37其他非流动负债6.4136.8860.806.416.416.41净利润193.06255.60373.78451.39558.47684.46非流动负债合计264.01330.78488.35416.27368.18288.05少