首次覆盖报告：双链驱动，开启外贸新篇章

2027E130,4523.71,4898.81.1414.98.41.3 买入（首次）07月04日收盘价（元）总市值（百万元）总股本（百万股）其中自由流通股（%）30日日均成交量（百万股）杜玥莹执业证书编号：S0680520080008邮箱：duyueying@gszq.com范佳博执业证书编号：S0680124040012邮箱：fanjiabo@gszq.com2024-112025-03苏美达沪深300 作者分析师研究助理相关研究 P.2财务报表和主要财务比率资产负债表（百万元）会计年度2023A2024A流动资产4253045299现金1170113654应收票据及应收账款89979282其他应收款547639预付账款80247574存货1049410523其他流动资产27663627非流动资产102219605长期投资839821固定资产51044315无形资产699591其他非流动资产35793878资产总计5275154904流动负债3667238147短期借款29791598应付票据及应付账款1274414799其他流动负债2094821751非流动负债27472238长期借款626469其他非流动负债21221769负债合计3941940385少数股东权益63677034股本13071307资本公积12621103留存收益42264943归属母公司股东权益69657484负债和股东权益5275154904现金流量表（百万元）会计年度2023A2024A经营活动现金流28195167净利润30993257折旧摊销9611283财务费用287350投资损失-169-83营运资金变动-1398-89其他经营现金流38449投资活动现金流259-214资本支出-300-102长期投资465-163其他投资现金流9351筹资活动现金流-3670-3599短期借款640-1382长期借款333-157普通股增加00资本公积增加77-159其他筹资现金流-4720-1902现金净增加额-4781241资料来源：Wind，国盛证券研究所注：股价为2025年07月04日收盘价 P.3内容目录1.苏美达：“供应链+产业链”双链驱动，员工激励机制成熟，业绩韧性彰显................................................52.产业链板块：拓展海内外需求，多元业务稳健增长.................................................................................92.1.大环保板块：政策驱动行业扩容，瞄准新兴市场需求....................................................................92.1.1.清洁能源：光伏市场保持强劲增长，瞄准东南亚等新兴市场需求...........................................92.1.2.生态环保：国内环保建设持续推进，业务类型与区域覆盖实现双重扩张................................112.2.先进制造板块：造船业务高景气量价齐升，OPE业务打造强品牌势能............................................132.2.1. OPE：高效能创新发展，自有品牌形成较强势能..................................................................132.2.2.船舶制造及航运：船舶制造业务强劲，航运业务稳定..........................................................132.2.3.柴油发电机组：紧跟产业趋势，算力基建投资推高柴发需求................................................152.3.大消费板块：代工业务打造供应链能力，自主品牌加强建设.........................................................172.3.1.服装：聚焦主流客户需求，打造供应链与运营能力.............................................................172.3.2.家纺：多元产品覆盖，加强自主品牌建设..........................................................................182.3.3.品牌校服：坚持教育内涵，打造差异化品牌定位................................................................193.供应链板块：大宗商品业务收入承压，加速开拓新兴市场......................................................................203.1.大宗商品：龙头市占率提升，行业整体承压................................................................................203.2.机电设备：数字化赋能，开拓新兴市场机电出口规模增长.............................................................214.盈利预测..........................................................................................................................................225.投资建议..........................................................................................................................................246.风险提示..........................................................................................................................................24图表目录图表1：公司历史沿革...........................................................................................................................5图表2：公司股权结构...........................................................................................................................6图表3：公司管理层管理经验丰富，稳定性强...........................................................................................6图表4：公司主要业务板块.....................................................................................................................7图表5：公司营收构成（单位：亿元）....................................................................................................8图表6：公司利润总额构成.....................................................................................................................8图表7：公司营收近年有所波动..............................................................................................................8图表8：公司利润总额实现稳健增长........................................................................................................8图表9：光伏行业综合价格指数不断下探.................................................................................................9图表10：中国各年度累计新增并网量（万千瓦）......................................................................................9图表11：公司光伏实现销售网络延伸.....................................................................................................10图表12：清洁能源收入（亿元）...........................................................................................................10图表13：清洁能源毛利（亿元）...........................................................................................................10图表14：公司在光伏领域出货数据........................................................................................................11图表15：公司具备成熟光伏及运维相关资质...........................................................................................11图表16：与solomon等客户达成合作....................................................................................................11图表17：公司光伏全球产业布局图........................................................................................................11图表18：政策持续驱动生态环保工程.................................................................................................