2022年年报暨2023年一季报点评：产品结构优化驱动业绩亮眼增长，800G光模块需求持续放量

1 ◆ ◆ ◆ ◆ ◆ ◆ 6,363.968,746.3210,670.5113,551.5416,803.91 资产负债表利润表会计年度2020202120222023E2024E2025E会计年度2020202120222023E2024E2025E货币资金1679.483514.612831.022594.773188.914088.09营业收入7049.597695.409641.7911666.9914647.6717954.85应收票据及账款1965.382174.571624.441965.642467.823025.01营业成本5256.965727.406815.598204.5010205.9512483.02预付账款40.3872.2964.3577.8797.76119.83税金及附加21.9721.0163.0076.2395.71117.32其他应收款24.71359.1752.9364.0580.4198.57销售费用106.7173.0490.73110.84146.48179.55存货3774.293799.223887.954680.265821.987120.94管理费用370.14434.17506.80612.52820.271005.47其他流动资产497.65101.861126.401148.951182.151218.98研发费用506.43541.10767.02933.361171.811436.39流动资产总计7981.8910021.739587.1010531.5412839.0315671.42财务费用63.9483.81-22.20 29.7213.993.79长期股权投资433.47530.21635.74708.26780.78853.30资产减值损失-65.37 -82.72 -339.98 -233.34 -292.95 -359.10 固定资产2726.163172.403228.443093.203226.463228.21信用减值损失-6.29 -9.86 -16.67 -15.18 -19.06 -23.36 在建工程49.36132.50236.33596.94557.55518.16其他经营损益0.000.00-0.00 -0.00 -0.00 -0.00 无形资产360.20382.09322.14272.30221.68170.30投资收益228.0985.42103.2696.5696.5696.56长期待摊费用41.0737.64163.8881.940.000.00公允价值变动损益7.4857.7152.550.000.000.00其他非流动资产2023.582288.122383.362379.042374.422369.81资产处置收益-4.26 2.530.190.190.190.19非流动资产合计5633.846542.956969.897131.677160.897139.78其他收益106.7194.96107.18102.95102.95102.95资产总计13615.7316564.6816556.9917663.2219999.9222811.20营业利润989.80962.921327.391651.012081.162546.55短期借款1040.64793.85385.190.000.000.00营业外收入0.331.1428.009.829.829.82应付票据及账款1670.391440.981378.221659.082063.812524.27营业外支出3.164.153.853.723.723.72其他流动负债1061.02930.851500.831473.021839.672250.72其他非经营损益0.000.000.000.000.000.00流动负债合计3772.063165.693264.243132.103903.484774.99利润总额986.96959.921351.551657.112087.262552.66长期借款1429.751271.07698.29573.15421.03260.41所得税110.5373.42117.86144.51182.02222.60其他非流动负债420.44524.89525.46525.46525.46525.46净利润876.42886.501233.691512.601905.242330.05非流动负债合计1850.191795.961223.741098.60946.49785.86少数股东损益10.949.529.7015.6719.7424.14负债合计5622.254961.644487.994230.714849.975560.85归属母公司股东净利润865.48876.981223.991496.931885.502305.91股本713.17800.10800.96800.96800.96800.96EBITDA1391.161480.041822.092397.852944.553450.08资本公积5147.157799.167931.847931.847931.847931.84NOPLAT932.86911.041143.231533.981912.262327.76留存收益2028.912889.703212.414560.246257.958334.20EPS(元)1.081.091.531.872.352.88归属母公司权益7889.2211488.9511945.2113293.0514990.7617067.00少数股东权益104.27114.09123.79139.46159.20183.34主要财务比率股东权益合计7993.4911603.0412069.0013432.5115149.9617250.35会计年度2020202120222023E2024E2025E负债和股东权益合计13615.7316564.6816556.9917663.2219999.9222811.20成长能力营收增长率48.17% 9.16% 25.29% 21.00% 25.55% 22.58% 现金流量表营业利润增长率71.73% -2.72% 37.85% 24.38% 26.05% 22.36% 会计年度2020202120222023E2024E2025EEBIT增长率76.99% -0.68% 27.37% 26.89% 24.57% 21.66% 税后经营利润876.42886.501233.691324.741717.382142.19EBITDA增长率65.64% 6.39% 23.11% 31.60% 22.80% 17.17% 折旧与摊销340.26436.31492.74711.03843.30893.63归母净利润增长率68.55% 1.33% 39.57% 22.30% 25.96% 22.30% 财务费用63.9483.81-22.20 29.7213.993.79经营现金流增长率-96.19% 3647.48% 201.31% -49.10% 39.72% 19.82% 投资损失-228.09 -85.42 -103.26 -96.56 -96.56 -96.56 盈利能力营运资金变动-1166.03 -569.06 285.51-927.64 -941.98 -1061.70 毛利率25.43% 25.57% 29.31% 29.68% 30.32% 30.48% 其他经营现金流135.1860.61562.47205.32205.62205.62净利率12.43% 11.52% 12.80% 12.96% 13.01% 12.98% 经营性现金净流量21.69812.762448.941246.611741.752086.98营业利润率14.04% 12.51% 13.77% 14.15% 14.21% 14.18% 资本支出809.00735.13791.27800.00800.00800.00ROE10.97% 7.63% 10.25% 11.26% 12.58% 13.51% 长期投资30.89-428.42 -1103.11 0.000.000.00ROA6.36% 5.29% 7.39% 8.47% 9.43% 10.11% 其他投资现金流-94.71 -55.04 341.506.296.296.29ROIC14.02% 9.88% 10.64% 15.41% 17.00% 18.60% 投资性现金净流量-872.82 -1218.59 -1552.88 -793.71 -793.71 -793.71 估值倍数短期借款388.36-246.80 -408.65 -385.19 0.000.00P/E79.0478.0155.8945.7036.2829.67长期借款964.25-158.68 -572.78 -125.14 -152.12 -160.62 P/S9.708.897.105.864.673.81普通股增加0.0086.930.870.000.000.00P/B8.675.955.735.154.564.01资本公积增加83.032652.01132.690.000.000.00股息率0.13% 0.26% 0.00% 0.22% 0.27% 0.34% 其他筹资现金流-135.89 -68.98 -793.43 -178.81 -201.78 -233.46 EV/EBIT35.7831.8614.7939.3431.3825.52筹资性现金净流量1299.742264.48-1641.31 -689.14 -353.90 -394.08 EV/EBITDA27.0322.4710.7927.6822.3918.91现金流量净额411.891841.31-680.86 -236.25 594.13899.18EV/NOPLAT40.3136.5117.2043.2634.4828.02