1 ➢ ➢ ➢ 指标2020A2021A2022E2023E2024E营业收入（百万元）2,1132,9274,0805,1576,579增速（%）46.10%38.54%39.36%26.42%27.56%归母净利润（百万元）3717411,0561,4001,866增速（%）134.31%99.98%42.40%32.56%33.30%每股收益（元）0.801.602.283.024.02市盈率（倍）135.2367.6247.4935.8226.87 iFinD iFinD iFinD iFinD 56677889Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22海绵钛（万元/吨）0510152025303540May-20Sep-20Jan-21May-21Sep-21Jan-22May-22电解镍（万元/吨）0%5%10%15%20%25%30%35%20%25%30%35%40%45%50%Jun-17Jun-18Jun-19Jun-20Jun-21Jun-22毛利率净利率（右轴）2022Q22022Q12021Q42021Q32021Q22021Q1营业收入(百万元)1197887837835723533营业成本(百万元)686526547463409313销售费用率0.6%0.4%4.1%0.7%0.9%0.7%管理费用率3.0%5.3%0.3%5.8%4.7%7.7%财务费用率0.5%0.6%0.4%1.1%1.5%0.2%研发费用率6.5%4.2%7.2%4.4%8.7%4.9%资产减值损失(百万元)-13 -6 -23 -2 -10 -4 利润总额(百万元)391251235258209150所得税费用(百万元)453929312323净利润（百万元）345213206227186127EPS0.730.460.460.510.420.29毛利率42.6%40.8%34.7%44.5%43.4%41.3%期间费用率4.1%6.4%4.8%7.6%7.1%8.5%所得税率11.6%15.4%12.4%12.2%10.8%15.5%净利润率28.9%24.0%24.6%27.1%25.7%23.7% iFinD 资产负债表利润表会计年度2019202020212022E2023E2024E会计年度2019202020212022E2023E2024E货币资金779.75470.832596.751734.102205.102773.11营业收入1446.112112.832927.224079.505157.346578.58应收票据及账款1448.102116.122714.523737.604654.455846.99营业成本958.951311.801732.172360.562946.173680.12预付账款19.789.9028.5233.5342.3954.07营业税金及附加13.8522.8828.7640.8051.5765.79其他应收款1.746.429.6211.1814.1318.02销售费用17.6434.5250.6861.1974.7892.10存货1025.301139.311598.652198.882784.733528.88管理费用136.48145.57125.92163.18180.51197.36其他流动资产233.68346.80147.58172.04191.07216.16研发费用140.95130.69185.92257.01330.07427.61流动资产总计3508.354089.387095.647887.339891.8712437.24财务费用32.6959.6124.2235.9214.8313.01长期股权投资38.4198.59148.94148.94148.94148.94资产减值损失-16.80 -59.38 -39.13 -53.03 -67.05 -85.52 固定资产920.911008.321037.751036.96914.60863.52信用减值损失-20.40 -20.36 -1.83 -20.40 -25.79 -32.89 在建工程51.5115.84158.5170.1786.833.50其他经营损益-0.00 -0.00 0.00-0.00 -0.00 -0.00 无形资产171.32155.71171.37114.3840.0040.00投资收益4.237.2713.710.000.000.00长期待摊费用0.830.530.230.210.100.10公允价值变动损益0.619.095.065.005.005.00其他非流动资产111.73171.63145.51170.22174.87178.60资产处置收益0.00-0.99 3.012.002.002.00非流动资产合计1294.711450.611662.321540.881365.351234.67其他收益52.1073.0891.84100.00110.00120.00资产总计4803.055539.998757.959428.2111257.2213671.90营业利润165.27416.47852.201194.411583.582111.18短期借款661.051033.431001.190.000.000.00营业外收入4.506.760.032.002.002.00应付票据及账款614.02650.901060.541358.131549.761794.69营业外支出2.400.080.681.051.051.05其他流动负债346.96315.48518.91830.041065.971364.62其他非经营损益0.000.000.000.000.000.00流动负债合计1622.031999.812580.652188.172615.733159.30利润总额167.37423.15851.551195.361584.522112.13长期借款318.12383.16445.66445.66445.66445.66所得税13.8953.32106.35149.42198.07264.02其他非流动负债247.54270.12288.21305.00320.00343.00净利润153.48369.83745.201045.941386.461848.11非流动负债合计565.66653.28733.87750.66765.66788.66少数股东损益-4.76 -0.94 3.72-9.96 -13.20 -17.60 负债合计2187.692653.093314.522938.833381.393947.96归属母公司股东净利润158.24370.77741.481055.901399.661865.71股本441.27441.27464.05464.05464.05464.05EBITDA294.82583.00984.981539.921962.082443.03资本公积1753.101754.913717.913717.913717.913717.91NOPLAT180.97409.00759.901070.411392.481852.54留存收益374.13612.461178.872234.773634.435500.14EPS(元)0.340.801.602.283.024.02归属母公司权益2568.502808.655360.836416.737816.399682.09少数股东权益46.8678.2582.6072.6459.4441.84主要财务比率股东权益合计2615.362886.905443.436489.377875.839723.94会计年度2019202020212022E2023E2024E负债和股东权益合计4803.055539.998757.959428.2111257.2213671.90成长能力营收增长率32.87% 46.10% 38.54% 39.36% 26.42% 27.56% 现金流量表营业利润增长率12.17% 40.16% 会计年度2019202020212022E2023E2024EEBIT增长率10.36% 141.30% 81.41% 40.59% 29.89% 32.87% 税后经营利润153.48369.83745.20951.481283.251736.16EBITDA增长率14.81% 97.75% 68.95% 56.34% 27.41% 24.51% 折旧与摊销94.75100.24109.20308.64362.73317.89归母净利润增长率17.26% 134.31% 99.98% 42.40% 32.56% 33.30% 财务费用32.6959.6124.2235.9214.8313.01经营现金流增长率-322.45% -54.88% 207.70% 10.02% 54.86% 12.39% 投资损失3.867.2713.710.000.000.00盈利能力营运资金变动-424.52 -804.92 -666.67 -1045.62 -1105.99 -1433.79 毛利率33.69% 37.91% 40.83% 42.14% 42.87% 44.06% 其他经营现金流30.2325.29-0.32 0.000.000.00净利率10.61% 17.50% 25.46% 25.64% 26.88% 28.09% 经营性现金净流量-109.50 -242.68 225.34250.43554.82633.27营业利润率11.43% 19.71% 29.11% 29.28% 30.71% 32.09% 资本支出128.13166.10269.75170.41172.20164.20ROE6.16% 13.20% 13.83% 16.46% 17.91% 19.27% 长期投资-214.00 -170.52 180.690.000.000.00ROA3.29% 6.69% 8.47% 11.20% 12.43% 13.65% 其他投资现金流-291.56 -338.74 -548.57 -246.37 -241.20 -216.45 ROIC7.60% 14.83% 20.38% 23.86% 25.28% 28.36% 投资性现金净流量-377.43 -343.16 -98.13 -75.96 -69.00 -52.25 估值倍数短期借款-143.04 372.37-32.24 -1001.19 0.000.00P/E316.86135.2367.6247.4935.8226.87长期借款-24.95 65.0462.500.000.000.00P/S34.6723.7317.1312.299.727.62普通股增加44.200.0022.770.000.000.00P/B19.5217.859.357.816.415.18资本公积增加558.921.811963.000.000.000.00股息率0.26% 0.35% 0.93% 0.00% 0.00% 0.00% 其他筹资现金流-0.52 -207.32 -57.84 -35.92 -14.83 -13.01 EV/EBIT239.26100.6756.2539.9830.5522.78筹资性现金净流量434.61231.901958.20-1037.11 -14.83 -13.01 EV/EBITDA162.3683.3650.0231.9724.9019.82现金流量净额-48.27 -357.55 2083.36-862.64 470.99568.01EV/NOPLAT264.50118.8264.8345.9935.0926.13