一起讨论下1.4 盈利预测

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一起讨论下1.4 盈利预测

2026-6-3

1.4 盈利预测图表20：财务报表和主要财务比率图表21：财务报表和主要财务比率项目\年度营业收入(百万元)增长率(%)EBITDA(百万元)归属母公司净利润(百万元)增长率(%)EPS(元/股)市盈率（P/E）市净率（P/B）EV/EBITDA2025A3,90420.891407017.760.67236.6113.0957.712026E5,99153.47246180156.801.7392.1412.0567.802027E8,23037.3837229061.532.8057.0410.6045.252028E9,82619.3946837228.313.5944.469.1836.11资料来源：有研粉材公告，中邮证券研究所财务报表(百万元)2025A2026E2027E2028E主要财务比率2025A2026E2027E2028E利润表营业收入营业成本税金及附加销售费用管理费用研发费用财务费用资产减值损失营业利润营业外收入营业外支出利润总额所得税净利润归母净利润每股收益（元）资产负债表货币资金交易性金融资产应收票据及应收账款预付款项存货流动资产合计固定资产在建工程无形资产非流动资产合计资产总计短期借款应付票据及应付账款其他流动负债流动负债合计其他非流动负债合计负债合计股本资本公积金未分配利润少数股东权益其他所有者权益合计负债和所有者权益总计3,903.533,592.039.0520.0176.37134.8912.140.0076.970.290.0977.175.2971.8869.930.675,990.655,447.8813.7830.55119.81206.683.150.00198.750.000.00198.7513.61185.14179.581.738,230.147,435.2518.9341.97164.60283.945.550.00321.050.000.00321.0521.99299.06290.082.80成长能力9,825.96 营业收入8,845.73 营业利润22.60 归属于母公司净利润50.11 获利能力196.52 毛利率339.00 净利率9.21 ROE0.00 ROIC411.93 偿债能力0.00 资产负债率0.00 流动比率411.93 营运能力28.22 应收账款周转率383.71 存货周转率372.20 总资产周转率3.59 每股指标（元）210.58104.24571.5468.14352.93150.78104.24332.8127.24378.3327.72104.24457.2337.18516.34每股收益4.15 每股净资产104.24 估值比率545.89 PE44.23 PB614.291,616.361,557.931,975.662,394.51 现金流量表414.335.0571.96528.392,144.75225.37227.87369.58822.8236.8136.81859.63103.66651.45473.9020.6935.431,285.122,144.75377.414.0488.42519.522,077.45265.37325.3650.27641.0037.6137.61678.61103.66651.45562.5526.2454.951,398.842,077.45340.203.23103.88495.942,471.60305.37464.7067.93838.0037.6137.61875.61103.66651.45707.2135.2198.461,595.992,471.60302.77 净利润2.58 折旧和摊销118.34 营运资本变动470.90 其他2,865.41 经营活动现金流净额345.37 资本开支552.86 其他80.64 投资活动现金流净额978.86 股权融资37.61 债务融资37.61 其他1,016.47 筹资活动现金流净额103.66 现金及现金等价物净增加651.45892.8246.72154.291,848.942,865.41额20.89%53.47%18.00% 158.22%17.76% 156.80%7.98%1.79%5.53%5.93%40.08%1.9612.8210.892.020.6712.20236.6113.0971.8842.77-229.6820.57-94.46-36.82-255.68-292.505.0031.89267.66304.55-80.529.06%3.00%13.08%11.18%32.67%2.4323.0214.902.841.7313.2492.1412.05185.1444.10-222.8519.0025.38-22.00-24.85-46.850.0039.66-77.08-37.42-59.7937.38%61.53%61.53%9.66%3.52%18.59%15.85%35.43%2.3641.6716.623.622.8015.0657.0410.60299.0645.58-383.7925.02-14.13-22.00-16.46-38.460.0040.00-110.47-70.47-123.0719.39%28.31%28.31%9.98%3.79%20.65%17.73%35.47%2.4539.1815.653.683.5917.3944.469.18383.7147.04-341.5529.41118.61-22.00-19.65-41.650.0040.00-140.52-100.52-23.56资料来源：有研粉材公告，中邮证券研究所请参阅附注免责声明17

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