水晶光电2022年三季报点评:“光学 ”布局盈利能力稳步提升,业绩超预期

1 ◆ ◆ ◆ ◆ ◆ iFinD 资产负债表利润表会计年度2019202020212022E2023E2024E会计年度2019202020212022E2023E2024E货币资金1172.541514.053203.113220.583309.563488.28营业收入2999.843223.433809.384897.916053.247052.81应收票据及账款970.031032.00939.601208.091493.061739.61营业成本2165.532343.452902.553687.284509.285240.00预付账款19.1214.5958.7542.9853.1161.88税金及附加19.1926.1634.4638.4747.5455.39其他应收款4.8071.2348.4159.4473.4685.59销售费用44.1940.0747.8158.7766.5977.58存货385.05489.66550.01698.71854.47992.93管理费用225.42240.08234.75318.36393.46458.43其他流动资产199.1541.2261.5572.2989.34104.10研发费用158.40208.79244.22313.47387.41451.38流动资产总计2750.693162.744861.445302.095873.006472.39财务费用39.8016.39-25.72 -8.14 -10.10 -10.71 长期股权投资538.37630.90660.05740.05830.05930.05资产减值损失-22.14 -12.89 -26.12 -29.77 -36.79 -42.87 固定资产2154.372656.203090.603157.683301.053420.73信用减值损失-15.22 -14.91 4.39-13.95 -17.24 -20.09 在建工程471.76571.92547.31469.12390.94312.75其他经营损益0.000.000.000.000.000.00无形资产277.85270.21269.21266.00275.30251.27投资收益222.4294.5461.3482.7092.53102.59长期待摊费用5.778.3126.6413.320.000.00公允价值变动损益2.985.6614.362.003.004.00其他非流动资产192.57212.38379.88522.83546.02594.21资产处置收益-0.17 35.53-1.11 11.4211.4211.42非流动资产合计3640.694349.924973.695169.015343.365509.01其他收益30.8772.3974.5174.5174.5174.51资产总计6391.377512.669835.1310471.0911216.3711981.40营业利润566.06528.82498.68616.60786.49910.29短期借款9.11219.6981.840.000.000.00营业外收入1.273.911.702.292.292.29应付票据及账款678.281101.981054.351409.411723.602002.91营业外支出8.9920.853.823.823.823.82其他流动负债112.61114.56122.09175.46214.68249.50其他非经营损益0.000.000.000.000.000.00流动负债合计799.991436.221258.291584.871938.292252.41利润总额558.33511.88496.56615.07784.96908.76长期借款683.030.0026.2628.3126.6022.39所得税59.0851.0035.3449.6160.8471.39其他非流动负债94.52132.45153.30153.30153.30153.30净利润499.25460.88461.22565.46724.12837.37非流动负债合计777.55132.45179.56181.61179.90175.69少数股东损益8.1317.5019.0418.0023.0626.66负债合计1577.541568.681437.841766.482118.192428.10归属母公司股东净利润491.13443.38442.18547.46701.07810.71股本1156.001217.691390.631390.631390.631390.63EBITDA808.48798.04787.31886.381090.501232.41资本公积1446.042225.864286.874286.874286.874286.87NOPLAT539.75453.80427.00547.05702.92814.71留存收益1996.332183.542383.852673.183043.693472.14EPS(元)0.350.320.320.390.500.58归属母公司权益4598.375627.098061.358350.688721.199149.64少数股东权益215.46316.89335.94353.94377.00403.66主要财务比率股东权益合计4813.835943.988397.298704.629098.189553.30会计年度2019202020212022E2023E2024E负债和股东权益合计6391.377512.669835.1310471.0911216.3711981.40成长能力营收增长率28.98% 7.45% 18.18% 28.58% 23.59% 16.51% 现金流量表营业利润增长率4.06% -6.58% -5.70% 23.65% 27.55% 15.74% 会计年度2019202020212022E2023E2024EEBIT增长率8.50% -11.68% -10.87% 28.90% 27.67% 15.90% 税后经营利润499.25460.88461.22410.00558.14661.39EBITDA增长率11.70% -1.29% -1.34% 12.58% 23.03% 13.01% 折旧与摊销210.35269.77316.47279.44315.64334.35归母净利润增长率4.85% -9.72% -0.27% 23.81% 28.06% 15.64% 财务费用39.8016.39-25.72 -8.14 -10.10 -10.71 经营现金流增长率28.61% -5.86% 29.74% 4.93% 9.28% 17.74% 投资损失-222.42 -94.54 -61.34 -82.70 -92.53 -102.59 盈利能力营运资金变动-47.04 -162.85 -33.28 -14.75 -128.52 -106.54 毛利率27.81% 27.30% 23.81% 24.72% 25.51% 25.70% 其他经营现金流97.1353.6047.47155.68165.51175.57净利率16.64% 14.30% 12.11% 11.54% 11.96% 11.87% 经营性现金净流量577.08543.24704.82739.53808.14951.48营业利润率18.87% 16.41% 13.09% 12.59% 12.99% 12.91% 资本支出830.79529.38882.85300.00350.00350.00ROE10.68% 7.88% 5.49% 6.56% 8.04% 8.86% 长期投资142.80-60.00 -26.19 0.000.000.00ROA7.68% 5.90% 4.50% 5.23% 6.25% 6.77% 其他投资现金流53.26127.49-1194.53 -92.28 -47.00 -47.00 ROIC13.06% 9.69% 8.23% 9.23% 11.07% 11.83% 投资性现金净流量-634.72 -461.89 -2103.57 -392.28 -397.00 -397.00 估值倍数短期借款-15.79 210.58-137.85 -81.84 0.000.00P/E34.3738.0838.1830.8424.0820.82长期借款-326.17 -683.03 26.262.05-1.71 -4.21 P/S5.635.244.433.452.792.39普通股增加293.1861.69172.940.000.000.00P/B3.783.002.092.021.941.85资本公积增加126.18779.822061.010.000.000.00股息率0.72% 1.43% 1.63% 1.53% 1.96% 2.26% 其他筹资现金流-215.57 -194.77 -256.25 -249.99 -320.46 -371.55 EV/EBIT31.3725.8846.8224.5219.4216.80筹资性现金净流量-138.16 174.281866.11-329.78 -322.16 -375.76 EV/EBITDA23.2117.1328.0016.7913.8012.25现金流量净额-202.71 235.32470.4017.4788.98178.72EV/NOPLAT34.7730.1351.6327.2121.4118.52