2022年报点评：业绩短期承压，扩产扩能打开成长空间

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 20222023E2024E2025E营业收入40.3048.5958.9772.09增长率6.22%20.58%21.36%22.24%毛利率30.29%28.39%27.68%27.03%营业收入11.4916.2823.8936.28增长率13.66%41.68%46.77%51.83%毛利率17.25%18.05%21.36%25.85%PCB行业半导体行业利润表20222023E2024E2025E资产负债表20222023E2024E2025E营业收入5353.856622.188452.5511054.25货币资金1203.181655.552113.142763.56营业成本3819.354897.776056.267808.72应收票据及账款2062.512475.433097.803969.84税金及附加25.5732.1941.0953.73预付账款22.0128.6739.1454.21销售费用181.55226.48299.46405.69其他应收款14.5817.6020.6124.83管理费用487.88558.68724.38952.88存货731.70867.121038.031285.34研发费用382.79478.78630.56841.23其他流动资产697.43869.171086.611372.43财务费用104.2657.6086.09108.54长期股权投资304.32326.67351.25377.29资产减值损失-3.78-4.64-5.92-7.74固定资产2704.723049.053606.983931.24信用减值损失-21.56-25.16-27.05-32.06在建工程1908.152182.851694.581517.39其他经营损益0.000.000.000.00无形资产167.79139.83111.8683.90投资收益133.11133.19135.42136.88长期待摊费用92.5347.6117.310.00公允价值变动损益0.000.000.000.00其他非流动资产1979.382031.092112.722176.31资产处置收益0.133.993.993.99资产总计11888.3013690.6115290.0317556.33其他收益36.5036.9837.2737.69短期借款1011.361866.972394.452988.19营业利润496.86515.05758.441022.23应付票据及账款1739.122254.582812.763653.20营业外收入9.5810.4810.4810.48其他流动负债731.20935.061134.071462.89营业外支出5.215.044.894.53流动负债合计3481.685056.616341.288104.28其他非经营损益0.000.000.000.00长期借款1242.431087.22827.90580.11利润总额501.22520.49764.031028.18其他非流动负债134.72113.65106.9490.27所得税14.1518.5328.9640.41非流动负债合计1377.151200.87934.84670.38净利润487.08501.96735.07987.77负债合计4858.836257.487276.138774.66少数股东损益-38.5612.0019.7028.35股本1689.551689.551689.551689.55归属母公司股东净利润525.63489.96715.37959.42资本公积1929.711929.711929.711929.71现金流量表20222023E2024E2025E留存收益2919.303310.973872.044611.47经营性现金净流量709.781103.061335.911766.37归属母公司权益6538.566930.237491.308230.73投资性现金净流量-2330.90-1195.21-906.09-1133.36少数股东权益490.91502.90522.60550.95筹资性现金净流量1525.56544.5127.7717.41股东权益合计7029.467433.148013.908781.68现金流量净额-59.65452.36457.59650.42负债和股东权益合计11888.3013690.6115290.0317556.33