【行业研究报告】福莱特-三季度业绩企稳回升，反内卷政策落地有望加速盈利修复

资产负债表利润表资产负债表利润表会计年度202320242025E2026E2027E会计年度202320242025E2026E2027E货币资金66165295352945716699营业收入2152418683157871799721956应收票据及账款72855268534260907429营业成本1683115788132611484417800预付账款33553294335408税金及附加198196150171208其他应收款11113098112137销售费用12052717277存货20011733189021162537管理费用302328284306373其他流动资产48413989229781078研发费用597605410468571流动资产总计1683313877120741420018288财务费用483407491296117长期股权投资101112127142157资产减值损失-52-356-205-144-176固定资产1588817360163871467712276信用减值损失-7872-32-36-44在建工程17562941245119611471其他经营损益0-0000无形资产32806326495935912224投资收益2852313131长期待摊费用8124412200公允价值变动损益11000其他非流动资产50442060198719141842资产处置收益-7-66-27-27-27非流动资产合计2614929043260332228517970其他收益167121122122122资产总计4298242920381073648636258营业利润30511130100817862716短期借款19141017000营业外收入45333应付票据及账款54344898465752136251营业外支出46555其他流动负债18372780211423662840其他非经营损益00000流动负债合计91858696677175799091利润总额30521129100717842715长期借款1094911773821445941044所得税28911270124188其他非流动负债557667667667667净利润2763101693716612526非流动负债合计1150612440888052611711少数股东损益310369负债合计2069121136156511284010802归属母公司净利润2760100793316552518股本588586586586586EBITDA53663563712381439162资本公积1079810701107011070110701NOPLAT31411392142319652664留存收益1082910412110801226514067EPS(元)10011归属母公司权益2221521699223672355125353少数股东权益76858995103主要财务比率股东权益合计2229121784224562364625457会计年度202320242025E2026E2027E负债和股东权益合计4298242920381073648636258成长能力营收增长率39.2%-13.2%-15.5%14.0%22.0%现金流量表营业利润增长率41.6%-63.0%-10.8%77.2%52.1%会计年度202320242025E2026E2027EEBIT增长率47.7%-56.5%-2.5%38.9%36.1%税后经营利润2763101682115452411EBITDA增长率44.9%-33.6%99.9%14.3%12.5%折旧与摊销18322027562560626330归母净利润增长率30.0%-63.5%-7.3%77.3%52.1%财务费用483407491296117经营现金流增长率1013.5%201.3%5.1%25.2%10.1%投资损失-28-52-31-31-31盈利能力营运资金变动-35302068-871-276-448毛利率21.8%15.5%16.0%17.5%18.9%其他经营现金流434421151151151净利率12.8%5.4%5.9%9.2%11.5%经营性现金净流量19545888618777488531营业利润率14.2%6.0%6.4%9.9%12.4%资本支出53824776260023002000ROE12.4%4.6%4.2%7.0%9.9%长期投资-228-719000ROA6.4%2.3%2.4%4.5%6.9%其他投资现金流-216-56-20-20-20ROIC13.5%4.6%4.7%7.1%10.8%投资性现金净流量-5826-5551-2620-2320-2020估值倍数短期借款-1182-897-101700P/E1644472718长期借款3460824-3560-3620-3550P/S22322普通股增加51-2000P/B22222资本公积增加5933-97000股息率00000其他筹资现金流-1261-1173-757-767-833EV/EBIT713332214筹资性现金净流量7002-1345-5333-4386-4383EV/EBITDA46764现金流量净额3147-993-176610422128EV/NOPLAT814352315