业绩持续高增，丝杠一体化优势突出

1 ◆ ◆ ◆ ◆ ◆ ◆ iFind 资产负债表利润表会计年度202320242025E2026E2027E会计年度202320242025E2026E2027E货币资金47862268417472807营业收入41394910583367337751应收票据及账款20562257256229573404营业成本33574002459452676015预付账款3317192225税金及附加3840505766其他应收款421151820销售费用9233354047存货10241017125914431648管理费用277296344377426其他流动资产4027556169研发费用175169198222248流动资产总计36343961459462497975财务费用372016-3 -9 长期股权投资00000资产减值损失-94 -75 -70 -81 -93 固定资产170316851117605133信用减值损失-7 -1 -1 -1 -2 在建工程9692243311296其他经营损益0-0 000无形资产392391295199103投资收益-2 160705030长期待摊费用32231200公允价值变动损益00000其他非流动资产9711811010396资产处置收益105666非流动资产合计2321230917781218628其他收益5580585858资产总计59556271637274678603营业利润125520658804958短期借款833693000营业外收入24222应付票据及账款20582274252330383469营业外支出2015151515其他流动负债413318458525600其他非经营损益00000流动负债合计33043285298235634069利润总额106509645791945长期借款20010547-5 -51 所得税241194115138其他非流动负债246239239239239净利润82498551676807非流动负债合计446343286234187少数股东损益11456负债合计37513628326837974256归属母公司净利润81497547670801股本402401401401401EBITDA526884144315981776资本公积14631482148214821482NOPLAT109350572680806留存收益330760121717782448EPS(元)0.201.241.361.671.99归属母公司权益21962643310036614331少数股东权益8041016主要财务比率股东权益合计22042643310436704347会计年度202320242025E2026E2027E负债和股东权益合计59556271637274678603成长能力营收增长率-1.1%18.6%18.8%15.4%15.1%现金流量表营业利润增长率23.2%317.7%26.4%22.1%19.2%会计年度202320242025E2026E2027EEBIT增长率7.1%267.7%25.2%19.0%18.8%税后经营利润82498448589738EBITDA增长率7.3%68.0%63.2%10.7%11.1%折旧与摊销382356781810840归母净利润增长率7.6%514.5%10.1%22.6%19.5%财务费用372016-3 -9 经营现金流增长率-14.7%77.7%65.5%28.7%1.7%投资损失2-160 -70 -50 -30 盈利能力营运资金变动-226 -150 -180 -11 -160 毛利率18.9%18.5%21.2%21.8%22.4%其他经营现金流1001081159575净利率2.0%10.1%9.5%10.0%10.4%经营性现金净流量378671111114301454营业利润率3.0%10.6%11.3%11.9%12.4%资本支出271304250250250ROE3.7%18.8%17.6%18.3%18.5%长期投资26-10 000ROA1.4%7.9%8.6%9.0%9.3%其他投资现金流39206584124ROIC3.4%11.0%17.3%22.4%31.2%投资性现金净流量-206 -108 -192 -209 -226 估值倍数短期借款-123 -140 -693 00P/E380.061.856.245.838.4长期借款24-96 -57 -52 -46 P/S7.46.35.34.64.0普通股增加0-1 000P/B14.011.69.98.47.1资本公积增加419000股息率0.00.00.00.00.0其他筹资现金流-69 -184 -106 -107 -122 EV/EBIT36.022.246.337.630.6筹资性现金净流量-164 -402 -857 -159 -168 EV/EBITDA9.813.321.318.616.1现金流量净额131656210631060EV/NOPLAT47.633.553.643.635.5