国产电子特气先行者，多维发力共驱成长

1 ◆ ◆ ◆ ◆ ◆ ◆ ifind ifind ifind ifind ifind TECHCET Omdia2020 TECHCET SEMI ifind 资产负债表利润表会计年度202020212022E2023E2024E会计年度202020212022E2023E2024E货币资金533.84309.53176.40223.94262.15营业收入999.591347.261764.052239.442621.46应收票据及账款269.81331.69481.88611.75716.10营业成本739.941021.301307.321632.711874.81预付账款21.0048.4442.5353.9963.20税金及附加4.635.006.558.319.73其他应收款11.5818.5423.6830.0635.18销售费用62.4869.3888.20107.49117.97存货147.32234.57280.06349.76401.62管理费用57.5967.9991.73116.45131.07其他流动资产92.4084.1187.6995.36101.53研发费用30.3747.2074.0989.5891.75流动资产总计1075.951026.881092.241364.861579.79财务费用1.635.689.6422.3626.28长期股权投资13.5056.2558.8561.5264.28资产减值损失-0.53 -2.05 -2.69 -3.41 -4.00 固定资产248.22436.08953.601331.471222.04信用减值损失-3.25 -3.30 -4.32 -5.49 -6.42 在建工程9.6933.2722.1811.0938.30其他经营损益0.000.000.000.000.00无形资产20.2550.2141.8433.4725.10投资收益10.538.507.308.788.19长期待摊费用5.164.844.923.754.00公允价值变动损益0.23-0.09 0.000.000.00其他非流动资产110.26157.66157.40157.40157.40资产处置收益1.273.121.702.032.29非流动资产合计407.09738.311238.791598.701511.12其他收益5.977.436.306.576.77资产总计1483.041765.192331.032963.563090.91营业利润117.17144.32194.81271.02376.67短期借款5.0040.05351.68733.25583.25营业外收入9.295.025.596.635.75应付票据及账款77.6990.27147.25183.90211.17营业外支出2.070.841.271.391.17其他流动负债116.48148.64228.18287.28344.50其他非经营损益0.000.000.000.000.00流动负债合计199.18278.96727.111204.431138.92利润总额124.39148.51199.13276.26381.26长期借款4.6188.56-7.38 -14.92 -46.92 所得税17.9319.2625.8335.8449.45其他非流动负债5.7511.608.228.669.49净利润106.46129.24173.30240.42331.80非流动负债合计10.35100.160.84-6.26 -37.42 少数股东损益-0.01 -0.08 -0.04 -0.06 -0.08 负债合计209.53379.11727.951198.161101.50归属母公司股东净利润106.47129.32173.34240.48331.88股本120.00120.00126.46126.46126.46EBITDA161.85211.36324.49469.68582.48资本公积758.17766.34859.88859.88859.88NOPLAT100.39127.90176.44253.55348.70留存收益394.95495.74612.78775.16999.26EPS(元)0.891.081.442.002.77归属母公司权益1273.121382.081599.121761.501985.60少数股东权益0.394.003.963.903.82主要财务比率股东权益合计1273.511386.081603.081765.401989.41会计年度202020212022E2023E2024E负债和股东权益合计1483.041765.192331.032963.563090.91成长能力营收增长率18.44% 34.78% 30.94% 26.95% 17.06% 现金流量表营业利润增长率39.42% 23.18% 34.98% 39.12% 38.98% 会计年度202020212022E2023E2024EEBIT增长率46.33% 22.35% 35.40% 43.04% 36.48% 税后经营利润106.46129.24156.22220.74312.81EBITDA增长率33.56% 30.59% 53.53% 44.74% 24.01% 折旧与摊销35.8357.18115.72171.07174.94归母净利润增长率46.67% 21.46% 34.04% 38.73% 38.01% 财务费用1.635.689.6422.3626.28经营现金流增长率45.20% -85.92% 1420.29% 28.69% 46.02% 投资损失-10.53 -8.50 -7.30 -8.78 -8.19 盈利能力营运资金变动-30.04 -177.40 -61.97 -129.34 -92.23 毛利率25.98% 24.19% 25.89% 27.09% 28.48% 其他经营现金流4.308.9618.1820.5919.54净利率10.65% 9.59% 9.82% 10.74% 12.66% 经营性现金净流量107.6515.16230.50296.64433.15营业利润率11.72% 10.71% 11.04% 12.10% 14.37% 资本支出92.53207.34617.24527.8783.77ROE8.36% 9.36% 10.84% 13.65% 16.71% 长期投资-139.80 -57.50 0.000.000.00ROA7.18% 7.33% 7.44% 8.11% 10.74% 其他投资现金流17.228.003.855.214.88ROIC17.11% 17.02% 14.03% 13.59% 14.52% 投资性现金净流量-215.11 -256.84 -613.38 -522.66 -78.88 估值倍数短期借款-0.00 35.04311.64381.57-150.00 P/E92.6976.3156.9341.0429.74长期借款-0.20 83.964.06-7.54 -31.99 P/S9.877.335.594.413.76普通股增加0.000.006.460.000.00P/B7.757.146.175.604.97资本公积增加0.008.1793.540.000.00股息率0.36% 0.43% 0.57% 0.79% 1.09% 其他筹资现金流-47.77 -109.97 -165.94 -100.46 -134.07 EV/EBIT54.3469.4048.5535.1925.34筹资性现金净流量-47.97 17.20249.76273.57-316.06 EV/EBITDA42.3150.6231.2322.3717.73现金流量净额-159.89 -226.22 -133.13 47.5438.20EV/NOPLAT68.2183.6657.4441.4529.62