➢ ➢ 指标2020A2021A2022E2023E2024E营业收入（百万元）7337891,0181,2441,531增速（%）-3.68%7.65%28.99%22.22%23.03%归属于母公司净利润65100167228306增速（%）-21.61%54.98%65.92%36.61%34.31%每股收益（元）0.210.330.550.751.01市盈率（倍）74.5048.0728.9721.2115.79 Wind 0%5%10%15%20%25%30%35%40%锆系列产品毛利率051015202530Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22氧化锆海绵锆0500010000150002000025000Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22锆英砂 iFinD 资产负债表利润表会计年度2019202020212022E2023E2024E会计年度2019202020212022E2023E2024E货币资金42.8565.33113.78101.80244.85486.05营业收入761.08733.11789.211017.981244.121530.60应收票据及账款192.18217.27180.65209.17238.60272.57营业成本522.37541.08544.27674.08800.55956.37预付账款3.087.6812.3413.9417.0420.97税金及附加2.424.678.0810.1812.4415.31其他应收款0.280.981.081.391.702.10销售费用30.3015.7215.7515.2721.1526.02存货201.53173.68169.56184.68197.40209.62管理费用40.3149.2853.0868.2083.36102.55其他流动资产13.1820.89109.7398.17119.43132.36研发费用25.5523.6632.7443.7753.5065.82流动资产总计453.12485.83587.14609.16819.021123.66财务费用10.2918.2512.795.182.860.90长期股权投资0.005.2455.4155.4155.4155.41资产减值损失-0.39 -1.07 0.12-0.31 -0.25 -0.15 固定资产362.44431.39539.26557.18595.15600.54信用减值损失-1.81 0.03-0.09 -0.10 -0.12 -0.15 在建工程69.74200.93154.32178.60132.88102.16其他经营损益0.000.00-0.00 0.000.000.00无形资产72.68116.01118.02119.18128.68123.18投资收益0.000.57-1.07 0.500.500.50长期待摊费用1.251.181.120.560.000.00公允价值变动损益0.000.000.360.000.000.00其他非流动资产76.6292.4982.15118.13106.13108.13资产处置收益0.000.000.030.010.010.01非流动资产合计582.73847.25950.291029.061018.25989.42其他收益3.067.709.216.667.867.91资产总计1035.851333.081537.421638.221837.272113.08营业利润130.7287.69131.06208.05278.26371.74短期借款111.6491.8867.116.100.000.00营业外收入0.990.160.020.390.190.20应付票据及账款90.92110.2198.97110.81131.60157.21营业外支出0.532.3910.589.006.006.00其他流动负债143.26100.7171.6986.92103.76124.55其他非经营损益0.000.000.000.000.000.00流动负债合计345.81302.80237.78203.82235.35281.76利润总额131.1785.47120.51199.44272.45365.94长期借款106.26263.2083.8879.8157.6832.35所得税23.6210.8113.7223.9332.6943.91其他非流动负债14.1317.1128.0328.0328.0328.03净利润107.5574.66106.79175.51239.76322.03非流动负债合计120.39280.31111.92107.8485.7160.38少数股东损益24.849.826.308.7811.9916.10负债合计466.20583.11349.69311.66321.06342.14归属母公司股东净利润82.7164.84100.49166.73227.77305.93股本189.99192.46214.95214.95214.95214.95EBITDA171.57140.59178.65286.83374.12477.69资本公积49.4382.76447.90447.90447.90447.90NOPLAT115.6192.82128.28188.67248.07328.61留存收益288.35380.25420.33550.38728.04966.67EPS(元)0.270.210.330.550.751.01归属母公司权益527.77655.471083.181213.231390.891629.52少数股东权益41.8794.51104.55113.33125.32141.42主要财务比率股东权益合计569.64749.971187.731326.561516.211770.94会计年度2019202020212022E2023E2024E负债和股东权益合计1035.851333.081537.421638.221837.272113.08成长能力营收增长率27.16% -3.68% 7.65% 28.99% 22.22% 23.03% 现金流量表营业利润增长率49.27% -32.92% 49.45% 58.75% 33.75% 33.59% 会计年度2019202020212022E2023E2024EEBIT增长率68.74% -26.68% 28.51% 53.51% 34.54% 33.25% 税后经营利润107.5574.66106.79176.78237.51319.72EBITDA增长率76.57% -18.06% 27.07% 60.56% 30.43% 27.68% 折旧与摊销30.1136.8645.3582.2098.81110.84归母净利润增长率11.50% -21.61% 54.98% 65.92% 36.61% 34.31% 财务费用10.2918.2512.795.182.860.90经营现金流增长率70.60% 148.09% 26.30% 30.80% 33.54% 28.89% 投资损失0.00-0.57 1.07-0.50 -0.50 -0.50 盈利能力营运资金变动-85.95 18.5723.56-17.31 -14.18 -12.03 毛利率31.37% 26.19% 31.04% 33.78% 35.65% 37.52% 其他经营现金流-2.24 0.47-2.31 -1.45 2.552.61净利率14.13% 10.18% 13.53% 17.24% 19.27% 21.04% 经营性现金净流量59.75148.25187.24244.91327.05421.54营业利润率17.18% 11.96% 16.61% 20.44% 22.37% 24.29% 资本支出106.32246.7092.16150.0090.0080.00ROE15.67% 9.89% 9.28% 13.74% 16.38% 18.77% 长期投资-21.50 -35.94 -138.55 0.000.000.00ROA7.98% 4.86% 6.54% 10.18% 12.40% 14.48% 其他投资现金流-46.17 -74.28 -287.44 0.07-12.80 -6.81 #ROIC18.67% 11.80% 11.95% 15.82% 18.92% 24.57% 投资性现金净流量-130.99 -285.04 -241.05 -149.93 -102.80 -86.81 估值倍数短期借款90.31-19.76 -24.77 -61.01 -6.10 0.00P/E58.4074.5048.0728.9721.2115.79长期借款89.20156.94-179.31 -4.08 -22.13 -25.33 P/S6.356.596.124.743.883.16普通股增加54.282.4722.490.000.000.00P/B9.157.854.463.983.472.96资本公积增加-128.26 33.33365.140.000.000.00股息率0.39% 0.40% 0.45% 0.76% 1.04% 1.39% 其他筹资现金流-38.79 -13.85 -83.65 -41.87 -52.97 -68.21 EV/EBIT19.8031.8645.5724.0917.3512.40筹资性现金净流量66.74159.1299.91-106.95 -81.20 -93.53 EV/EBITDA16.3223.5134.0017.1812.779.53现金流量净额-5.11 22.0146.25-11.98 143.05241.20EV/NOPLAT24.2335.6147.3526.1219.2613.85