【行业研究报告】北方华创-H1增长强劲，设备龙头行稳致远

资产负债表利润表资产负债表利润表会计年度202020212022E2023E2024E会计年度202020212022E2023E2024E货币资金264290687905825410202营业收入60569683144632007425286应收票据及账款26213786565578499887营业成本3834586783471145014208预付账款38965895613271672税金及附加6484126175220其他应收款2038527392销售费用35451282410641264存货49338035115821588819714管理费用8511193137420072529其他流动资产408738103814411815研发费用6701297216929113666流动资产总计1101422323271883483243382财务费用-43-46-26-21-25长期股权投资00000资产减值损失-11-57-44-61-77固定资产20692491375358057179信用减值损失-34-33-50-69-87在建工程23714413101048717其他经营损益0-0000无形资产17712063217822022134投资收益11111长期待摊费用36432200公允价值变动损益00000其他非流动资产23913991343228732314资产处置收益-51-1-1-1非流动资产合计65048732106951192812343其他收益392549658724797资产总计1751831054378834676055725营业利润6691236221230814056短期借款5220000营业外收入1718191919应付票据及账款26724033575278919792营业外支出22222其他流动负债47077235103251437217977其他非经营损益00000流动负债合计790011268160782226327769利润总额6841253222930984072长期借款1022133172145所得税5359139193254其他非流动负债24962566256625662566净利润6311193209029053818非流动负债合计25062588269827382711少数股东损益94116286397522负债合计1040613856187762500130480归属母公司净利润5371077180425073296股本496526526526526EBITDA10051652285939405066资本公积446813532135321353213532NOPLAT5821133205128713781留存收益18172840446267179681EPS(元)1.02.03.44.86.2归属母公司权益678116898185202077523739少数股东权益3313015879841506主要财务比率股东权益合计711217198191062175925245会计年度202020212022E2023E2024E负债和股东权益合计1751831054378834676055725成长能力营收增长率49.2%59.9%49.4%38.8%26.0%现金流量表营业利润增长率率59.1%84.8%78.9%39.3%31.6%会计年度202020212022E2023E2024EEBIT增长率19.0%88.2%82.6%39.7%31.5%税后经营利润6311193145822113056EBITDA增长率18.9%64.4%73.1%37.8%28.6%折旧与摊销3644456578631018归母净利润增长率73.7%100.7%67.4%39.0%31.5%财务费用-43-46-26-21-25经营现金流增长率247.1%-157.2%295.0%73.9%40.3%投资损失-1-1-1-1-1盈利能力营运资金变动-11-2839-1219-1109-1097毛利率36.7%39.4%42.3%43.0%43.8%其他经营现金流446455676741814净利率10.4%12.3%14.4%14.5%15.1%经营性现金净流量1385-792154426853767营业利润率11.0%12.8%15.3%15.4%16.0%资本支出-96377261920961433ROE7.9%6.4%9.7%12.1%13.9%长期投资-140000ROA3.1%3.5%4.8%5.4%5.9%其他投资现金流-755-70-43-47-51ROIC10.4%20.3%22.6%22.5%24.2%投资性现金净流量-673-447-2662-2143-1485估值倍数短期借款-356-522000P/E280.5139.883.560.145.7长期借款-11031211139-27P/S24.915.610.47.56.0普通股增加629000P/B22.28.98.17.26.3资本公积增加5709064000股息率0.00.00.00.00.0其他筹资现金流-70-904-156-232-307EV/EBIT138.1144.765.747.335.7筹资性现金净流量-9537680-45-192-334EV/EBITDA88.1105.750.636.928.5现金流量净额-2446438-11633491949EV/NOPLAT152.2154.170.650.738.2