【行业研究报告】先导智能-首条TOPCON量产线效率突破25%，股权激励目标提升强化发展向好信心

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27382865346742235517营业收入585810037162032241628251应收票据及账款4240617891741269215996营业成本38486619105301447418161预付账款105237265366462税金及附加443994130164其他应收款274887120152销售费用181275395480602存货28747776100971467219902管理费用31552481010761300其他流动资产3293546377540004211研发费用538898145819282401流动资产总计1031420650268653607346240财务费用43-24-2-8长期股权投资00000资产减值损失-45-77-49-67-85固定资产7331309145317391872信用减值损失-226-220-162-224-283在建工程59215295188175其他经营损益-00000无形资产157303279250215投资收益3159373737长期待摊费用731195900公允价值变动损益08000其他非流动资产13281404137313411309资产处置收益00000非流动资产合计23493350345935173571其他收益161236195195195资产总计1266224000303243959049811营业利润8111690293342715497短期借款34833000营业外收入2919192220应付票据及账款39769271109631586220897营业外支出15343其他流动负债266348517788963011554其他非经营损益00000流动负债合计698714154187512549232452利润总额8391705294942905514长期借款0319270210148所得税71120235342439其他非流动负债6058585858净利润7681585271439485074非流动负债合计60377328268205少数股东损益00000负债合计704714531190782576032657归属母公司净利润7681585271439485074股本9071564156415641564EBITDA9721824321946055802资本公积20073884388438843884NOPLAT7811561270339295051留存收益270140215799838311706EPS(元)01233归属母公司权益56159469112461383117153少数股东权益00000主要财务比率股东权益合计56159469112461383117153会计年度202020212022E2023E2024E负债和股东权益合计1266224000303243959049811成长能力营收增长率25.07%71.32%61.44%38.34%26.03%现金流量表营业利润增长率率-8.29%108.43%73.52%45.63%28.70%会计年度202020212022E2023E2024EEBIT增长率0.78%93.20%73.41%45.20%28.39%税后经营利润7681585248537174845EBITDA增长率3.02%87.62%76.49%43.04%26.00%折旧与摊销91121266317297归母净利润增长率0.25%106.47%71.27%45.46%28.53%财务费用43-24-2-8经营现金流增长率149.93%-9.06%61.19%27.79%35.47%投资损失-31-59-37-37-37盈利能力营运资金变动267-713-984-1711-1912毛利率34.32%34.05%35.01%35.43%35.72%其他经营现金流216299249251249净利率13.10%15.79%16.75%17.61%17.96%经营性现金净流量13531230198325353434营业利润率13.84%16.84%18.10%19.05%19.46%资本支出634509375375350ROE13.67%16.74%24.13%28.54%29.58%长期投资-208-3127000ROA6.06%6.60%8.95%9.97%10.19%其他投资现金流33921171717ROIC21.33%44.76%56.64%60.62%56.93%投资性现金净流量-503-3615-358-358-333估值倍数短期借款49-315-3300P/E98.9747.9427.9919.2414.97长期借款-796319-49-60-62P/S12.977.574.693.392.69普通股增加26656000P/B13.538.026.755.494.43资本公积增加9901877000股息率0.36%1.03%1.23%1.79%2.31%其他筹资现金流-640-918-941-1361-1744EV/EBIT84.0465.5324.1116.5612.76筹资性现金净流量-3711620-1023-1421-1806EV/EBITDA76.2061.1822.1215.4212.10现金流量净额476-7726027551295EV/NOPLAT94.8371.4826.3518.0713.90