2022年年报暨2023年一季报点评：存储下行周期业绩承压，夯实工业、汽车等领域多元化布局

1 ◆ ◆ ◆ ◆ ◆ ◆ 资产负债表利润表会计年度2020202120222023E2024E2025E会计年度2020202120222023E2024E2025E货币资金7362.156598.046874.859370.7811828.6615006.03营业收入4496.898510.228129.997978.329546.6010717.48应收票据及账款235.16377.99173.93314.09375.83421.93营业成本2815.994549.384255.364396.585119.035570.08预付账款2.4734.2535.0823.6428.2931.76税金及附加18.5036.7271.6647.8757.2842.87其他应收款18.4264.8012.5612.3214.7416.55销售费用194.08220.87265.88239.35286.40300.09存货739.231448.922153.881590.001626.871526.05管理费用214.51390.73425.17398.92477.33514.44其他流动资产371.562503.482164.352021.882054.182078.30研发费用497.90842.04935.58877.611050.131061.03流动资产总计8728.9911027.4711414.6413332.7115928.5819080.62财务费用60.58-120.74 -342.70 -24.60 -34.29 -45.11 长期股权投资18.8715.6311.809.477.154.82资产减值损失-150.94 -200.61 -418.91 -398.92 -381.86 -321.52 固定资产694.40945.361115.79984.01970.74925.98信用减值损失-0.30 0.74-0.74 -0.19 -0.23 -0.25 在建工程16.742.506.1555.134.103.08其他经营损益0.00-0.00 -0.00 -0.00 -0.00 -0.00 无形资产293.36255.36300.34265.75228.06187.28投资收益71.2743.6650.6055.1855.1855.18长期待摊费用54.7799.6582.8841.440.000.00公允价值变动损益226.11-201.59 -6.97 0.000.000.00其他非流动资产1903.593072.403713.463694.913676.353657.80资产处置收益0.000.110.190.100.100.10非流动资产合计2981.744390.905230.425050.704886.404778.95其他收益97.7971.3378.3682.4982.4982.49资产总计11710.7315418.3716645.0718383.4120814.9823859.57营业利润939.272304.882221.561781.242346.403090.06短期借款0.000.000.000.000.000.00营业外收入7.46229.5944.8893.9893.9893.98应付票据及账款423.23617.22479.27495.17576.54627.34营业外支出7.5211.114.027.557.557.55其他流动负债353.06984.56717.40736.54860.40939.16其他非经营损益0.000.000.000.000.000.00流动负债合计776.291601.771196.671231.711436.941566.50利润总额939.212523.362262.431867.672432.833176.49长期借款0.00107.8889.9068.2347.6128.86所得税58.72186.57209.86142.70185.88242.70其他非流动负债240.46225.67172.97172.97172.97172.97净利润880.492336.792052.571724.972246.952933.79非流动负债合计240.46333.55262.87241.19220.58201.82少数股东损益-0.21 0.000.00-0.14 -0.18 -0.23 负债合计1016.751935.321459.531472.911657.521768.33归属母公司股东净利润880.702336.792052.571725.112247.132934.02股本471.59667.47667.03667.03667.03667.03EBITDA1188.852690.562295.262120.472710.523436.51资本公积7520.948122.578295.758295.758295.758295.75NOPLAT725.362209.231710.741622.342135.362812.21留存收益2701.454693.016222.767947.8710195.0013129.02EPS(元)1.323.503.082.593.374.40归属母公司权益10693.9813483.0515185.5316910.6419157.7722091.79少数股东权益0.000.000.00-0.14 -0.32 -0.55 主要财务比率股东权益合计10693.9813483.0515185.5316910.5019157.4522091.24会计年度2020202120222023E2024E2025E负债和股东权益合计11710.7315418.3716645.0718383.4120814.9823859.57成长能力营收增长率40.40% 89.25% -4.47% -1.87% 19.66% 12.26% 现金流量表营业利润增长率42.00% 145.39% -3.61% -19.82% 31.73% 31.69% 会计年度2020202120222023E2024E2025EEBIT增长率61.89% 140.31% -20.10% -3.99% 30.14% 30.55% 税后经营利润880.492336.792052.571517.902039.882726.72EBITDA增长率63.35% 126.32% -14.69% -7.62% 27.83% 26.78% 折旧与摊销189.06287.95375.53277.39311.98305.12归母净利润增长率45.11% 165.33% -12.16% -15.95% 30.26% 30.57% 财务费用60.58-120.74 -342.70 -24.60 -34.29 -45.11 经营现金流增长率9.55% 113.46% -58.02% 168.78% 0.05% 29.64% 投资损失-71.27 -43.66 -50.60 -55.18 -55.18 -55.18 盈利能力营运资金变动93.60-687.63 -1910.40 612.9167.24154.89毛利率37.38% 46.54% 47.66% 44.89% 46.38% 48.03% 其他经营现金流-92.74 489.37825.29224.10224.10224.10净利率19.58% 27.46% 25.25% 21.62% 23.54% 27.37% 经营性现金净流量1059.712262.07949.692552.532553.733310.55营业利润率20.89% 27.08% 27.33% 22.33% 24.58% 28.83% 资本支出307.85636.63603.54100.00150.00200.00ROE8.24% 17.33% 13.52% 10.20% 11.73% 13.28% 长期投资606.97-2932.60 450.700.000.000.00ROA7.52% 15.16% 12.33% 9.38% 10.80% 12.30% 其他投资现金流19.17290.56109.1240.4740.4740.47ROIC27.39% 75.24% 43.65% 28.25% 43.27% 57.86% 投资性现金净流量318.29-3278.68 -43.73 -59.53 -109.53 -159.53 估值倍数短期借款0.000.000.000.000.000.00P/E79.5229.9734.1240.6031.1723.87长期借款-82.40 107.88-17.98 -21.67 -20.61 -18.76 P/S15.578.238.618.787.346.53普通股增加150.52195.87-0.44 0.000.000.00P/B6.555.194.614.143.663.17资本公积增加4307.69601.63173.170.000.000.00股息率0.38% 1.01% 0.00% 0.00% 0.00% 0.00% 其他筹资现金流-251.29 -672.40 -935.06 24.6034.2945.11EV/EBIT85.4044.8730.6931.5023.2416.82筹资性现金净流量4124.53232.98-780.31 2.9213.6826.35EV/EBITDA71.8240.0725.6627.3820.5615.32现金流量净额5389.84-806.85 240.212495.932457.883177.37EV/NOPLAT117.7148.8034.4335.7926.1018.73