2023年报&2024Q1点评：芯片电感高速起量，磁粉芯需求有望回暖

1 指标2022A2023A2024E2025E2026E营业收入（百万元）7261,0661,5271,9422,474增速（%）46.11%46.81%31.83%27.17%27.37%归母净利润（百万元）120193343463602增速（%）12.90%60.52%34.28%34.80%30.04%每股收益（元）1.091.761.732.333.03市盈率（倍）82.8951.6433.4124.7919.06 Wind Wind Wind 4.034.977.2610.711.593.3524.2%23.4%46.1%46.8%8.7%15.3%0%10%20%30%40%50%60%02468101214201920202021202220232024Q1营业总收入（亿元）增速0.690.851.071.201.932.560.72-0.3%22.6%25.9%12.9%60.5%32.5%9.0%-10%0%10%20%30%40%50%60%70%0.00.51.01.52.02.53.02018201920202021202220232024Q1归母净利润（亿元）增速40.8%42.2%38.9%33.9%37.6%39.6%37.9%21.3%21.0%21.4%16.6%18.1%22.1%21.3%0%5%10%15%20%25%30%35%40%45%50%2018201920202021202220232024Q1销售毛利率销售净利率 Wind iFinD 2024Q12023Q42023Q32023Q22023Q12022Q42022Q32022Q2营业收入(百万元)335304273291291322272270营业成本(百万元)208184170174172191170172销售费用率1.5%1.5%1.8%2.3%1.6%3.9%1.8%1.4%管理费用率4.6%7.5%5.3%5.1%5.5%8.9%4.5%4.5%财务费用率0.8%2.0%0.9%0.3%1.5%2.9%2.5%2.6%研发费用率5.2%8.7%6.4%5.9%4.7%7.9%5.2%5.2%资产减值损失(百万元)00000000利润总额(百万元)8566658179576355所得税费用(百万元)13-1 101213-5 109净利润（百万元）7167556866625346EPS（元）0.360.340.280.340.600.560.510.45毛利率37.9%39.7%37.7%40.1%40.9%40.7%37.4%36.2%期间费用率12.1%19.7%14.4%13.5%13.3%23.6%14.0%13.7%所得税率15.9%-0.8%15.3%15.3%17.0%-8.8%16.1%15.9%净利润率21.3%21.9%20.1%23.5%22.6%19.1%19.4%17.3%资产负债表利润表会计年度2021202220232024E2025E2026E会计年度2021202220232024E2025E2026E货币资金117.88166.31231.05306.04534.20873.30营业收入725.891065.681158.521527.331942.282473.82应收票据及账款400.85650.15626.05836.891032.331274.19营业成本480.19664.52699.64892.441110.121402.96预付账款9.3319.6517.9525.1131.9340.67税金及附加5.347.099.7314.8218.8424.00其他应收款3.453.374.505.867.459.49销售费用12.5024.2520.7633.6042.7354.42存货117.49144.23217.84268.95319.35384.37管理费用41.8864.1568.0488.59112.65143.48其他流动资产57.65232.0596.07111.09127.69148.95研发费用42.4264.4874.7199.28126.25160.80流动资产总计706.651215.761193.451553.952052.952730.97财务费用7.4927.0513.5813.048.254.01长期股权投资0.000.000.000.000.000.00资产减值损失0.000.000.000.000.000.00固定资产298.44704.97932.04831.22750.12683.50信用减值损失-5.85 -10.80 -0.77 -7.64 -9.71 -12.37 在建工程21.87130.58121.60172.57185.63165.37其他经营损益-0.00 0.000.000.000.000.00无形资产34.3432.6746.6860.8492.56115.50投资收益4.365.272.382.002.002.00长期待摊费用7.4120.4320.5620.089.809.80公允价值变动损益0.011.160.020.000.000.00其他非流动资产146.08144.17197.40226.35232.74237.91资产处置收益0.000.023.030.040.040.04非流动资产合计508.141032.821318.271311.051270.841212.08其他收益5.028.7818.6015.0015.0015.00资产总计1214.792248.592511.722865.003323.793943.05营业利润139.61218.58295.31394.97530.77688.82短期借款30.8650.0255.020.000.000.00营业外收入0.020.310.260.300.300.30应付票据及账款78.15162.64131.16217.61277.38359.01营业外支出3.055.534.835.005.005.00其他流动负债104.08142.8387.38197.95255.73331.04其他非经营损益0.000.000.000.000.000.00流动负债合计213.09355.49273.56415.56533.11690.05利润总额136.58213.35290.74390.27526.07684.12长期借款10.29257.60293.90233.43167.2999.82所得税16.3120.2935.1546.8363.1382.09其他非流动负债0.676.4136.886.416.416.41净利润120.27193.06255.60343.44462.94602.02非流动负债合计10.96264.01330.78239.84173.70106.23少数股东损益0.000.00-0.18 0.000.000.00负债合计224.04619.49604.35655.40706.81796.28归属母公司股东净利润120.27193.06255.77343.44462.94602.02股本103.68109.86198.81198.86198.86198.86EBITDA184.67294.93390.00591.51755.92928.29资本公积399.11859.06808.67808.62808.62808.62NOPLAT129.88221.58269.06359.58474.86610.22留存收益487.96660.17893.861196.081603.472133.25EPS(元)0.600.971.291.732.333.03归属母公司权益990.751629.091901.342203.562610.953140.73少数股东权益0.000.006.046.046.046.04主要财务比率股东权益合计990.751629.091907.372209.602616.993146.77会计年度2021202220232024E2025E2026E负债和股东权益合计1214.792248.592511.722865.003323.793943.05成长能力营收增长率46.11% 46.81% 8.71% 31.83% 27.17% 27.37% 现金流量表营业利润增长率10.29% 56.56% 35.11% 33.75% 34.38% 29.78% 会计年度2021202220232024E2025E2026EEBIT增长率12.71% 66.86% 26.59% 32.53% 32.48% 28.79% 税后经营利润120.27193.06255.60332.58452.08591.16EBITDA增长率21.99% 59.70% 32.24% 51.67% 27.79% 22.80% 折旧与摊销40.6054.5385.67188.20221.61240.16归母净利润增长率12.90% 60.52% 32.48% 34.28% 34.80% 30.04% 财务费用7.4927.0513.5813.048.254.01经营现金流增长率-198.57% 85.01% 3222.29% 180.53% 19.07% 23.14% 投资损失-4.36 -5.27 -2.38 -2.00 -2.00 -2.00 盈利能力营运资金变动-213.41 -301.31 -209.93 -91.50 -153.30 -181.98 毛利率33.85% 37.64% 39.61% 41.57% 42.84% 43.29% 其他经营现金流14.9326.7818.8112.3012.3012.30净利率16.57% 18.12% 22.06% 22.49% 23.83% 24.34% 经营性现金净流量-34.47 -5.17 161.35452.62538.93663.66营业利润率19.23% 20.51% 25.49% 25.86% 27.33% 27.84% 资本支出113.39279.21147.18211.87181.40181.40ROE12.14% 11.85% 13.45% 15.59% 17.73% 19.17% 长期投资0.000.000.000.000.000.00ROA9.90% 8.59% 10.18% 11.99% 13.93% 15.27% 其他投资现金流111.47-147.56 107.434.000.560.56ROIC19.42% 23.41% 15.94% 17.22% 21.20% 25.49% 投资性现金净流量-1.92 -426.77 -39.74 -207.87 -180.84 -180.84 估值倍数短期借款-34.07 19.165.01-55.02 0.000.00P/E95.4059.4344.8633.4124.7919.06长期借款-39.71 247.3136.30-60.47 -66.14 -67.46 P/S15.8110.779.907.515.914.64普通股增加46.086.1888.950.050.000.00P/B11.587.046.035.214.393.65资本公积增加-22.38 459.95-50.39 -0.05 0.000.00股息率0.18% 0.19% 0.00% 0.36% 0.48% 0.63% 其他筹资现金流-7.13 -286.75 -158.75 -54.26 -63.80 -76.26 EV/EBIT70.4239.7635.1528.5421.0715.85筹资性现金净流量-57.22 445.85-78.89 -169.75 -129.94 -143.72 EV/EBITDA54.9432.4127.4319.4614.8911.75现金流量净额-94.03 18.4344.74