1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ 资料来源：，中航证券研究所 ⚫ 80.63%83.24%8.9%0.73%4.35%8.56%6.03%7.47%0.00.51.01.52.02.52019 年2020 年2021 年2022 年2023H1MEMS陀螺仪技术服务惯性测量单元MEMS加速度计90.24%87.95%85.39%85.92%85.12%0%20%40%60%80%100%120%2019 年2020 年2021 年2022 年2023H1毛利率MEMS陀螺仪MEMS加速度计技术服务惯性测量单元 利润表（百万元）2021A2022E2023E2024E 营业收入1903.182554.293254.394120.55 减:营业成本863.261191.011606.622007.28 营业税金及附加12.8216.3513.6721.43 销售费用420.65434.23539.25784.96 管理费用448.73523.89634.61758.18 财务费用9.97-14.82-19.25-33.23 资产减值损失-8.4210.0010.0010.00 加:投资收益16.5620.0015.0015.00 公允价值变动损益10.145.316.126.52 其他经营损益0.000.000.000.00 营业利润295.85418.95490.61593.45 加:其他非经营损益-4.22-47.50-38.00-23.00 利润总额291.63371.45452.61570.45 减:所得税1.951.672.172.86 净利润289.68369.78450.44567.59 减:少数股东损益-4.65-1.76-4.69-4.30 归属母公司股东净利润294.34371.54455.13571.89资产负债表（百万元）2021A2022E2023E2024E 货币资金1018.24957.121160.001480.38 应收和预付款项622.68700.56836.09973.42 存货377.11471.95657.18834.47 其他流动资产676.04662.58733.89807.56 长期股权投资21.4421.4421.4421.44 投资性房地产0.000.000.000.00 固定资产和在建工程334.25541.06658.42660.00 无形资产和开发支出186.61163.82141.03118.24 其他非流动资产160.00171.55182.39192.53 资产总计3396.373690.084390.445088.04 短期借款169.840.000.000.00 应付和预收款项466.33659.93877.701100.71 长期借款30.5130.5130.5130.51 其他负债493.43431.83562.41669.21 负债合计1160.111122.281470.631800.42 股本378.71533.72533.72533.72 资本公积1086.751086.751086.751086.75 留存收益767.971010.301302.331674.43 归属母公司股东权益2189.372522.672879.373251.48 少数股东权益46.8945.1340.4436.14 股东权益合计2236.252567.802919.823287.61 负债和股东权益合计3396.373690.084390.445088.04现金流量表（百万元）2021A2022E2023E2024E 经营活动现金流净额271.45361.82430.93535.42 投资活动现金流净额-597.94-224.69-168.88-68.48 筹资活动现金流净额843.49-198.26-59.17-146.56 现金流量净额508.21-61.13202.88320.38报表预测利润表（百万元）202120222023E2024E2025E资产负债表（百万元）202120222023E2024E2025E营业收入166.09226.86300.72409.01565.91货币资金8.64123.281546.101622.971702.09营业成本24.2631.9547.8464.9589.02应收票据及账款165.54214.79290.01394.45545.76税金及附加1.662.183.014.476.18预付账款17.4623.8827.8937.9352.48销售费用3.243.984.517.3611.01其他应收款1.291.272.803.815.27管理费用16.2223.7730.1040.9861.21存货28.6449.9462.9385.43117.08研发费用40.5155.7573.68104.30144.87其他流动资产226.80138.06141.48142.84144.81财务费用0.210.49-2.63-5.35-5.70长期股权投资0.000.000.000.000.00资产减值损失0.000.000.000.000.00固定资产13.5919.8917.3514.7011.95信用减值损失-4.02-1.77-3.01-8.49-11.75在建工程0.004.113.422.742.05其他经营损益0.000.000.000.000.00无形资产66.8560.5750.4740.3830.28投资收益5.124.324.704.704.70长期待摊费用9.218.524.260.000.00公允价值变动损益1.400.320.000.000.00其他非流动资产4.4617.7117.7117.7117.71资产处置收益0.000.000.000.000.00资产总计542.48662.032164.422362.962629.49其他收益3.665.244.764.764.76短期借款0.000.000.000.000.00营业利润86.15116.84150.67193.27257.04应付票据及账款2.203.088.2611.2115.36营业外收入0.000.000.000.000.00其他流动负债21.9036.1138.1052.2072.22营业外支出0.010.240.460.460.46流动负债合计24.1039.1946.3663.4187.58其他非经营损益0.000.000.000.000.00长期借款3.056.945.003.161.57利润总额86.14116.61150.21192.81256.58其他非流动负债0.501.001.001.001.00所得税3.540.007.399.4912.63非流动负债合计3.557.946.004.162.57净利润82.61116.61142.82183.32243.95负债合计27.6547.1352.3567.5790.14少数股东损益0.000.000.000.000.00股本344.80344.80344.80344.80344.80归属母公司股东净利润82.61116.61142.82183.32243.95资本公积51.7451.741406.101406.101406.10现金流量表（百万元）202120222023E2024E2025E留存收益118.29218.35361.17544.49788.44经营性现金净流量19.5361.7363.5169.1170.75归属母公司权益514.83614.892112.072295.392539.35投资性现金净流量-27.7269.544.264.264.26少数股东权益0.000.000.000.000.00筹资性现金净流量-4.42-21.421355.053.514.11股东权益合计514.83614.892112.072295.392539.35现金流量净额-12.45109.721422.8176.8879.12负债和股东权益合计542.48662.032164.422362.962629.49