您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[中邮证券]:24Q1业绩增长亮眼,看好海外基地投产驱动增长 - 发现报告
当前位置:首页/公司研究/报告详情/

24Q1业绩增长亮眼,看好海外基地投产驱动增长

森泰股份,3014292024-04-18张泽亮、马语晨中邮证券D***
24Q1业绩增长亮眼,看好海外基地投产驱动增长

!!"#$%&'()*+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,-./0123456789:;<,"#$%&'()*+, | -./0&'!2024142183 456708!!"#$%&'( 94:;!!!!(=>?@A?&BCDEFGH,!!-.<=>?!!"#$%&'( 12.93 )*+/,-*+&.*( 1.18 / 0.44 )/0/,-/0&.'( 15 / 6 5212!3/!4% 32.27 / 11.24 56789(%) 10.9% /:9 29.39 ;<=*> ?@A !!$%@!!!"#$%&'()*+,-./$)0123451033331(6789:$;<8=>;?:98=>@A=BC?ADAE7(!"#$FGH()*+,-./$)0123452313330(6789:$78IJA<?=@A=BC?ADAE7(!!!!!!"#$%&'()*+,!!!24Q1-./0123456789:;<=/0>!!!l AB(-.42173CD2023&24Q1E&F20231G;HI6.16JKFLM-25.00%NOPQRS0.48JKFLM-43.65%T24Q1G;HI1.9JKFLM+7.42%FUM+6.55%TOPQRS0.22JKFLM+31.25%FUM+107.29%T-.VWXY4Z[104\C;]^R2.54K_`abFcde0.3JKF4fghij63.06%Fk-.Vlmnopq7]r3000sKt4000sKuv4wxmy4z{|T l 20231}~ÄÅÇHIF23Q4rÉÑÖÜáàHIâäãåT-.çéHIèMp90%F20231êëíì<îïñóòôãåöõ&úùûü†°ñ󢣧•¶ß®©¶™ï ́ ̈≠ÆØaF}~∞±ÅÇHILMÄTo≤ßF1b≥¥μ∂∑∏c+,(20231HI2.96JKFLM-5.16%T}~LM-7.11%Fπ∫LM+2.11%T2b쪺∂∑∏c+,≤ß(20231HI2.90JKFLM-38.01%T}~LM-42.89%Fπ∫LM+8.54%T-.23Q4HI1.78JKFLM+18.29%T23Q4rÉÑΩ-.ÖÜáàï}~uæFø¿HIâäãåT l ç顬√RiâäƒæFC≈∆«ß»...ƒæ åÀÃR ÕTÑΩ-.}ŒÖÜáàïç顬√RiâäƒæTœ–œ—1-.√Riœ“”‘’÷FLM◊ÿ”Ÿÿ⁄¤‹›TœÿfiŸ√Rijœfl”’“÷FLM◊Ÿ”œ—⁄¤‹›FUM‡–”—œ⁄¤‹›Tœ–œ—1≥¥μ∂∑∏c+,·ìªº∂∑∏c+,√Riœ‚”fl÷·œÿ”“‘÷„LM◊ÿ”‚“⁄¤‹›·◊—”’—⁄¤‹›Nœ–œ—1-.çé·ç‰¡¬√RiLM◊ÿ”‘’⁄¤‹›·‡Ÿ”–“⁄¤‹›T-.œ–œ—1¢CÊÁ¬©ïçéIvËÈ©rÍçéÎÏlÌÓÔ©miLM◊œ”—“⁄¤‹›TLÒy≠ÚÛÙı颣F}Œ©miLM◊—”‚Ÿ⁄¤‹›Tˆj ̃ ̄ ̆ ̇≤ ̊F-. ̧ ̋ ̨ ́ ̈¢£CÙ∆«ß»F...ø¿ åÀÃR ÕƒæT!l ˇ!"# ̈≤ºá$%¿HIãåF≠ÚÛÙ ́ ̈¢£T&-.-'F-.VG'1≤œs()*+,∂∑∏c+,á)-./1≤‚––!s012≥¥μ∂∑∏c+,î345 ̇≤678-.Tœ–œ—19 ̨):;<1=ãåflÿ”’÷F>d«?ƒæ∂∑ïμ∂∑≤ºT@éF-.≠ÚáÙ ́ ̈¢£ïIvAÔ ̊≠à ́ ̈¢£BC)ÎTœ–œ—1ÎDˇ!E#ï# ̈E#ïFGH4ïFGIJïE#KLFM}N#ÎdT>dÑΩñó¢£uO◊ ́ ̈¢£âäÛÙ%¿-.ıéHIâäãåT!l >d-.œÿ·œ“·œ‚1OPQRSjŸ”––·Ÿ”ÿ’·œ”ÿ’JKFPQRSFTUVWXY08T!l Z[ƒ\(!ıé≤º)Î]Í>ÀN ́ ̈¢£ÛÙ]Í>À^_ü≠`Z[T!!!"#$!"%$!&'$!'"$!()$!%#$!%%$!'$"$%'$(*('!*&(*('!*+(*('!*#(*('!%%(*(&!*((*(&!*&!"#$%&'( -./0123456789:;<,I,n ÃR>a/E¬bc! BCDEFGHIJKLMJKDNJOPFGQRSTUVWRXYXZ[RXYX\]RXYX^]RXYX_]R`a#b&cd'(R_e_ReeX^Re^e_RXXf_Rgh9ijkRlX^mYYRnXmnZRZ\moYR^em\_R]pqrs[&cd'(RnYmZ_Re^ZmnnRXeemX\RZX\mZYRtuvwxyz{&cd'(R\om_XReYYm\fRe\fmXYRX\nmoZRgh9ijkRl\Zm_^ReeemYXR\nm\oR__moYR]|Ni'}*kRYm\YRYmn^RemX_RXmeYR/:9&|}](RZnm^ZRenmX_ReXmZYRomZnR/y9&|}p(RemZoRemXoReme^RemYYR]~}]pqrs[RXomf^ReYm_ZRom^oR\moXR5ÄÅÇwxwÉÑÖÜáàâäãR!! -./0123456789:;<,J,!!!d‹efghijkl¤mkle ̄h‹ekgn!!"#$%&'!"()!!"#$%&'()!2023A!2024E!2025E!2026E!!*+!",-!2023A 2024E 2025E 2026E ./$000000123400000!"#$ 616 1125 1516 2296 !!"#$!-25.0% 82.8% 34.7% 51.5% !"%& 456 817 1086 1620 !!"'(!-44.0% 132.6% 48.5% 66.7% )*+,- 7 13 17 26 !./01234'(!-43.6% 111.0% 48.5% 66.7% 5678 57 104 141 213 !9':;! <=78 28 51 69 105 !>'?!25.9% 27.4% 28.4% 29.5% @A78 24 44 60 90 !4'?!7.7% 8.9% 9.8% 10.8% BC78 -6 -1 -1 -1 !DEF!3.5% 7.0% 9.4% 13.5% GHIJKL -4 0 0 0 !DEMN!2.9% 6.8% 9.2% 13.3% !"'( 47 110 164 273 !OP:;Q !"R#$ 6 0 0 0 !GHSP?!10.9% 16.9% 19.2% 23.0% !"RTU 6 0 0 0 !VWX?!7.44 4.66 4.09 3.49 '(YZ 47 110 164 273 !![:;Q \]) 5 10 14 24 !^#_`ab?!5.38 6.54 5.80 6.09 4'( 43 100 149 249 !cdab?!4.88 6.37 6.02 6.42 .14'( 48 100 149 249 !YGHab?!0.55 0.69 0.82 1.05 ef#ghij 0.40 0.85 1.26 2.10 !efklhijQ 5678$!!!!!!ef#g!0.40 0.85 1.26 2.10 dmG* 193 220 257 324 !ef4GH!11.35 12.21 13.47 15.57 nop*qGH 574 574 574 574 !rJX?Q ^#st+^#_` 122 223 300 455 !uF!38.53 18.26 12.30 7.38 vw`x 10 14 19 29 !uy!1.37 1.27 1.15 1.00 cd 137 216 287 428 !QQQQQVWGHz{ 1058 1267 1463 1846 !9:;<$!!!!!|}GH 297 316 331 343 !4'(!43 100 149 249 ~ÄÅ 17 22 27 31 !ÇÉÑÖ5!36 44 48 52 ÜáGH 24 24 23 22 !![G&àW!-56 -51 -72 -146 âVWGHz{ 453 473 513 549 !äã!1 -2 -4 -6 GHY{ 1510 1740 1976 2395 !å!çWé*V4Z!25 92 122 149 èêë` 0 0 0 0 !G&íT!-98 -89 -89 -89 ^wst+^w_` 107 215 286 427 !äã!-627 27 5 7 äãVWSP 35 56 72 102 !ìGçWé*V4Z!-725 -62 -84 -82 VWSPz{ 142 272 358 529 !fîqG!781 0 0 0 äã 23 22 22 22 !PCqG!0 -2 0 0 âVWSPz{ 23 22 22 22 !äã!-67 -3 0 0 SPz{ 165 294 380 551 !ïGçWé*V4Z!714 -5 0 0 f& 118 118 118 118 !é*+é*ñóò4ô-Z!13 27 37 67 G&2ö* 826 826 826 826 ! õúù'( 369 457 584 795 ! ûüf†îg 3 3 3 3 ! äã 29 41 64 101 ! \°¢îgz{ 1346 1446 1595 1844 ! SPÑ\°¢îgY{ 1510 1740 1976 2395 ! KLMNOPQPRSTUVWXYZ(!!! -./0123456789:;<,K,)*+,-./012![K\]^_(`a(\](bc(dRT[Kefg\]^_OdRhijkglmnogpqrstuSvdRhijkglmnogPQwxyz{|}~ÄÅÇxÉÑgÖÜápqàâpäVWrsã_}~gÖÜáå(rsã_}~gçéO*wrsèêë133}~íã_ìîïñrsèïñó}íã_ìÄÅÇrsèTò^ôÄÅÇ}~íã_ìöõrsèúù}~íã_ìûürsè^ô433z†°¢£§•}~íã_å(w¶\](ß®(©âmwpqàâã_}~Öá™53 ́è ̈(≠Æ(©âmwpqàâã_}~Öá™03 ́Ø53 ́∞±(T≤(©âmwpqàâã_}~Öá™≥03 ́Ø03 ́∞±(¥μ(©âmwpqàâã_}~Öá™≥03 ́è∂({|\](∑∏πr(©â{|pqàâã_}~Öá™03 ́è ̈(T≤(©â{|pqàâã_}~Öá™≥03 ́Ø03 ́∞±(∫∏πr(©â{|pqàâã_}~Öá™≥03 ́è∂(ÄÅÇ(\](ªº(©âÄÅÇpqàâã_}~Öá™03 ́è ̈(Ω檺(©âÄÅÇpqàâã_}~Öá™4 ́Ø03 ́∞±(T≤(©âÄÅÇpqàâã_}~Öá™≥4 ́Ø4 ́∞±(¥μ(©âÄÅÇpqàâã_}~Öá™≥4 ́è∂(34562!ø¿¡dRg!"#y¬√zƒ√Ñ≈∆«»...«√è ÀÃÕŒäœ√ØZ\xzªºgVW–ÕŒäœå(«dRZ—“g~”‘M’÷◊ÿíÄŸg⁄¤‹P›gòfiSfl‡·‚„‰ÂflÊÁËÈSÍ΂„ÏÌPÓSdRËÈÔ«PQÒÚÛÙı√ˆè VWh{√ ̈rPQã ̃PQVWKà ̄ ̆PQ ̇ ̊Ï ̧ ̋Õ ̨päˇg!"ı#$S ̇¡%cå(7862!TUVW&'()PQyè∂*+,TUVW-Ñ./0TüV123_g›4VW[K56|7gKÉå(«dRòfi‘MN∏P›KLz8÷◊ÿíÄŸgKLS÷◊ÍÎ9Ô:V;<òfig_=≤ı>?≤ådRo@ABCDSdRTgòfizZt¢ÌEÔ...óZ"VWßFgÁxz6xSTUVWÔqGH“«dRgo@IJKgLM≈N)O()åÏ ̧ÔPè«dRéQÒ‚„‰ÂzAR”«dRSÁTUå(TUVWÄhÁÒVØ«dRZWòfiÔ¬Kz&ÔàËÈgdRådRZWKLXY ªZA[\XY√ˆ∏hÁ«dR]jg‰ÂSÄ^_