1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ⚫ 2017-2022年中报公司主要财务数据 -1.80%3.44%14.81%52.42%50.83%-10%0%10%20%30%40%50%60%051015202530营业收入(亿元）增速-50.70%-255.24%-181.60%286.47%172.99%-300%-200%-100%0%100%200%300%400%-20246201720182019202020212022H1归母净利润(亿元）增速0.870.990.991.171.720.980.861.041.361.031.120.603.954.135.624.916.923.74-2.000.002.004.006.008.00201720182019202020212022H1销售费用管理费用研发费用财务费用50.93%46.62%39.46%45.96%58.91%65%15.81%8.96%-10.17%9.48%21.70%31.81%-20%0%20%40%60%80%毛利率净利率4.61, 27%4.87, 29%2.76, 16%3.78, 22%1, 6%安全与识别芯片非挥发性存储器智能电表芯片FPGA 及其他芯片集成电路测试服务 利润表（百万元）2021A2022E2023E2024E 营业收入1903.182554.293254.394120.55 减:营业成本863.261191.011606.622007.28 营业税金及附加12.8216.3513.6721.43 销售费用420.65434.23539.25784.96 管理费用448.73523.89634.61758.18 财务费用9.97-14.82-19.25-33.23 资产减值损失-8.4210.0010.0010.00 加:投资收益16.5620.0015.0015.00 公允价值变动损益10.145.316.126.52 其他经营损益0.000.000.000.00 营业利润295.85418.95490.61593.45 加:其他非经营损益-4.22-47.50-38.00-23.00 利润总额291.63371.45452.61570.45 减:所得税1.951.672.172.86 净利润289.68369.78450.44567.59 减:少数股东损益-4.65-1.76-4.69-4.30 归属母公司股东净利润294.34371.54455.13571.89资产负债表（百万元）2021A2022E2023E2024E 货币资金1018.24957.121160.001480.38 应收和预付款项622.68700.56836.09973.42 存货377.11471.95657.18834.47 其他流动资产676.04662.58733.89807.56 长期股权投资21.4421.4421.4421.44 投资性房地产0.000.000.000.00 固定资产和在建工程334.25541.06658.42660.00 无形资产和开发支出186.61163.82141.03118.24 其他非流动资产160.00171.55182.39192.53 资产总计3396.373690.084390.445088.04 短期借款169.840.000.000.00 应付和预收款项466.33659.93877.701100.71 长期借款30.5130.5130.5130.51 其他负债493.43431.83562.41669.21 负债合计1160.111122.281470.631800.42 股本378.71533.72533.72533.72 资本公积1086.751086.751086.751086.75 留存收益767.971010.301302.331674.43 归属母公司股东权益2189.372522.672879.373251.48 少数股东权益46.8945.1340.4436.14 股东权益合计2236.252567.802919.823287.61 负债和股东权益合计3396.373690.084390.445088.04现金流量表（百万元）2021A2022E2023E2024E 经营活动现金流净额271.45361.82430.93535.42 投资活动现金流净额-597.94-224.69-168.88-68.48 筹资活动现金流净额843.49-198.26-59.17-146.56 现金流量净额508.21-61.13202.88320.38报表预测利润表（百万元）2021A2022E2023E2024E营业收入2577.263891.674864.585837.50营业成本1058.921439.921945.832393.37营业税金及附加12.2623.3529.1935.02销售费用171.64233.50291.87350.25管理费用953.421050.751143.181284.25财务费用-1.17-13.33-26.41-36.43资产减值损失-64.880.000.000.00投资收益-2.710.210.240.67公允价值变动损益0.950.950.950.95其他经营损益0.000.000.000.00营业利润573.361158.641482.111812.65其他非经营损益0.090.060.090.07利润总额573.451158.701482.201812.72所得税14.1232.9647.4353.63净利润559.321125.741434.771759.09少数股东损益44.86141.41147.65201.00归属母公司股东净利润514.47984.331287.121558.09资产负债表（百万元）2021A2022E2023E2024E货币资金801.652159.443012.993861.07应收和预付款项926.901254.511790.412604.57存货916.081064.751424.481806.26其他流动资产397.03399.49401.89403.97长期股权投资75.5175.5175.5175.51投资性房地产0.000.000.000.00固定资产和在建工程622.57630.68607.03554.18无形资产和开发支出247.56237.05226.54216.03其他非流动资产177.72161.64145.03127.16资产总计4165.015983.087683.879648.75短期借款0.100.000.000.00应付和预收款项378.01492.55669.71824.79长期借款18.2018.2018.2018.20其他负债401.81257.14346.01396.72负债合计798.11767.891033.921239.71股本81.45814.50814.50814.50资本公积1259.211259.211259.211259.21留存收益1789.072773.404060.525618.60归属母公司股东权益3140.254847.126134.237692.32少数股东权益226.66368.07515.72716.72股东权益合计3366.905215.196649.958409.04负债和股东权益合计4165.015983.087683.879648.75现金流量表（百万元）2021A2022E2023E2024E经营活动现金流净额602.20788.21928.63892.15投资活动现金流净额-1182.80-121.35-101.49-80.51筹资活动现金流净额718.81690.9426.4136.43现金流量净额136.391357.80853.55848.08