底层核心技术延伸布局，精密制造业务多点开花

1 ◆ ◆ ◆ ◆ 单位：百万元 2020 2021 2022E 2023E 2024E 营业收入 9595.21 5004.60 4772.82 6316.47 8148.44 yoy -29.70% -47.84% -4.63% 32.34% 29.00% 毛利率 14.62% 12.10% 15.56% 20.61% 23.50% 1、移动终端 营业收入 8311.21 4199.39 3989.42 4188.89 4607.78 yoy -27.92% -49.47% -5.00% 5.00% 10.00% 毛利率 10.63% 8.84% 10.00% 10.00% 10.00% 2、智能制造 营业收入 965.85 620.71 589.68 619.16 681.08 yoy -24.30% -35.73% -5.00% 5.00% 10.00% 毛利率 50.36% 55.82% 55.00% 55.00% 55.00% 3、新能源 营业收入 78.08 0.00 0.00 1305.00 2646.00 yoy -86.01% -100.00% 102.76% 毛利率 33.03% - 40.00% 40.00% 4、其他业务 营业收入 240.08 184.50 193.72 203.41 213.58 yoy -15.71% -23.15% 5.00% 5.00% 5.00% 毛利率 3.11% -60.82% 10.00% 10.00% 10.00% ◆ ◆ ◆ 9595.21 5004.60 4772.82 6316.47 8148.44 8191.98 4399.10 4030.19 5014.70 6233.31 37.71 37.53 35.80 47.37 61.11 268.47 241.14 143.18 157.91 162.97 399.44 324.96 226.64 299.94 386.93 268.80 294.11 195.68 258.96 334.07 337.75 143.44 95.46 0.00 0.00 -78.77 -42.19 0.00 0.00 0.00 396.45 495.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -347.56 -336.30 0.00 0.00 0.00 159.43 399.77 45.88 537.58 970.04 -2.60 92.33 146.00 0.00 0.00 166.49 407.60 191.88 537.58 970.04 -2.67 89.04 28.78 80.64 145.51 135.64 339.62 163.10 456.94 824.54 49.70 0.09 -0.06 -0.18 -0.32 387.16 38.76 163.16 457.12 824.86 1340.18 392.68 47.73 63.16 1362.09 0.00 0.00 0.00 0.00 0.00 2086.60 1680.59 2041.17 2871.78 3456.83 219.13 79.26 239.81 219.13 79.26 1406.88 928.38 1086.71 1420.64 1696.02 152.88 120.87 120.87 120.87 120.87 284.07 287.79 287.79 287.79 287.79 0.00 0.00 5.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3321.26 3126.46 2647.60 2168.76 1689.92 358.57 138.90 125.10 111.29 97.49 2020.03 2132.70 2285.64 1392.96 764.81 11188.35 9183.84 8433.94 8813.75 10147.05 2532.76 2144.29 857.45 341.39 0.00 0.00 0.00 0.00 0.00 0.00 2918.07 2035.91 2640.87 3079.79 3929.95 33.50 132.50 132.50 132.50 132.50 3652.36 2462.00 944.05 427.98 86.60 6603.92 4630.42 3717.42 3640.28 4149.04 3441.52 3441.52 3441.52 3441.52 3441.52 3774.96 3698.42 3698.42 3698.42 3698.42 -2658.47 -2577.19 -2414.02 -1956.90 -1132.04 4558.01 4562.75 4725.91 5183.03 6007.89 26.41 -9.32 -9.39 -9.57 -9.89 4584.42 4553.42 4716.52 5173.47 5998.00 11188.35 9183.84 8433.94 8813.75 10147.05 478.72 -207.37 900.18 569.71 1640.97 1125.04 137.21 124.08 0.00 0.00 -1058.48 -785.14 -1369.21 -554.28 -342.05 483.34 -865.95 -344.95 15.44 1298.92