报告公司投资评级 - 6个月评级为增持（维持评级） [6] 报告的核心观点 - 公司2024年前三季度营收14.8亿元同比+17.46%，归母净利润1.02亿元同比-42.08%；2024Q3营收6.19亿元同比+51.6%，归母净利润0.34亿元同比-30.61% [1] - 代工订单充足使收入增速显著提升，主营产品空气炸锅产量和出货稳定，咖啡机少量生产出货，新产品环境电器按进度生产 [2] - 2024年前三季度毛利率和净利率同比降低，主要因劳务用工成本增加及汇兑收益减少，财务费用率同比上升或因汇率波动 [3] - 2024年前三季度经营活动现金流净额为负，主要因销售回款少及采购资金支付增加 [4] - 上调公司收入增速和财务费用率，略下调毛利率，预计24 - 26年归母净利润为1.4/1.7/2.2亿元，对应动态PE为21.4x/16.8x/13.6x，维持“增持”评级 [4] 根据相关目录分别进行总结 财务数据和估值 |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |营业收入 (百万元)|1,499.21|1,559.52|1,915.51|2,241.62|2,599.93| |增长率 (%)|(8.23)|4.02|22.83|17.02|15.98| |EBITDA(百万元)|257.80|299.85|200.09|237.28|280.08| |归属母公司净利润 (百万元)|178.03|201.78|137.32|174.33|215.25| |增长率 (%)|48.52|13.34|(31.95)|26.96|23.47| |EPS(元/股)|0.94|1.07|0.73|0.92|1.14| |市盈率 (P/E)|16.47|14.53|21.35|16.82|13.62| |市净率 (P/B)|2.94|2.63|2.42|2.21|2.00| |市销率 (P/S)|1.96|1.88|1.53|1.31|1.13| |EV/EBITDA|8.61|9.01|11.34|9.00|7.18| [5] 资产负债表 |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |货币资金|204.18|315.57|458.58|586.96|709.45| |应收票据及应收账款|447.49|306.19|497.67|540.28|702.74| |预付账款|13.09|19.22|9.65|27.92|18.07| |存货|176.26|169.62|310.22|295.64|396.67| |其他|322.46|257.10|214.95|227.25|230.29| |流动资产合计|1,163.47|1,067.69|1,491.07|1,678.04|2,057.22| |长期股权投资|0.00|9.38|9.38|9.38|9.38| |固定资产|245.13|264.72|222.27|179.83|137.38| |在建工程|0.00|67.57|67.57|67.57|67.57| |无形资产|100.54|179.59|172.02|164.44|156.86| |其他|9.89|71.21|27.72|31.54|34.98| |非流动资产合计|355.56|592.47|498.96|452.76|406.17| |资产总计|1,519.03|1,660.16|1,990.03|2,130.80|2,463.39| |短期借款|0.00|0.00|0.00|0.00|0.00| |应付票据及应付账款|435.86|459.90|701.70|727.47|913.11| |其他|62.33|61.75|64.24|68.19|78.01| |流动负债合计|498.19|521.65|765.94|795.65|991.12| |长期借款|0.00|0.00|0.00|0.00|0.00| |应付债券|0.00|0.00|0.00|0.00|0.00| |其他|12.70|12.98|11.44|10.50|9.50| |非流动负债合计|12.70|12.98|11.44|10.50|9.50| |负债合计|522.05|544.14|777.38|806.15|1,000.62| |少数股东权益|0.00|0.42|0.30|0.14|(0.05)| |股本|186.66|188.66|188.55|188.55|188.55| |资本公积|478.67|498.01|495.30|495.30|495.30| |留存收益|331.64|443.83|533.47|647.27|787.79| |其他|0.00|(14.89)|(4.96)|(6.62)|(8.82)| |股东权益合计|996.97|1,116.03|1,212.65|1,324.65|1,462.77| |负债和股东权益总计|1,519.03|1,660.16|1,990.03|2,130.80|2,463.39| [8] 利润表 |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |营业收入|1,499.21|1,559.52|1,915.51|2,241.62|2,599.93| |营业成本|1,206.12|1,228.73|1,606.47|1,870.56|2,156.69| |营业税金及附加|10.58|14.94|13.41|15.69|18.20| |销售费用|17.16|17.27|19.16|20.17|23.40| |管理费用|39.57|49.28|63.21|73.97|85.80| |研发费用|64.46|64.90|63.21|73.97|85.80| |财务费用|(32.58)|(28.88)|0.96|0.22|0.26| |资产/信用减值损失|(7.38)|3.33|(0.05)|(0.04)|(0.03)| |公允价值变动收益|3.05|0.50|0.00|0.00|0.00| |投资净收益|(3.52)|1.43|0.00|(0.00)|0.00| |其他|11.54|(18.73)|(1.39)|(2.83)|(4.09)| |营业利润|190.20|226.75|150.44|189.81|233.84| |营业外收入|6.05|2.05|2.90|3.63|5.00| |营业外支出|0.10|2.06|0.98|0.00|0.00| |利润总额|196.15|226.73|152.36|193.43|238.84| |所得税|18.12|25.23|15.24|19.34|23.88| |净利润|178.03|201.50|137.13|174.09|214.96| |少数股东损益|0.00|(0.28)|(0.19)|(0.24)|(0.30)| |归属于母公司净利润|178.03|201.78|137.32|174.33|215.25| |每股收益（元）|0.94|1.07|0.73|0.92|1.14| [8] 现金流量表 |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |净利润|178.03|201.50|137.32|174.33|215.25| |折旧摊销|30.38|47.01|50.02|50.02|50.02| |财务费用|(6.98)|9.60|0.96|0.22|0.26| |投资损失|3.52|(1.43)|(0.00)|0.00|0.00| |营运资金变动|3.45|50.15|(2.75)|(34.28)|(65.42)| |其它|(12.14)|136.19|(0.19)|(0.24)|(0.30)| |经营活动现金流|196.26|443.02|185.35|190.06|199.82| |资本支出|69.00|222.10|1.54|0.94|1.00| |长期投资|0.00|9.38|0.00|0.00|0.00| |其他|(457.83)|(456.94)|(1.54)|(0.94)|(1.00)| |投资活动现金流|(388.83)|(225.46)|0.00|(0.00)|0.00| |债权融资|(162.92)|29.62|(1.84)|0.42|(0.49)| |股权融资|428.97|(63.61)|(40.50)|(62.10)|(76.84)| |其他|3.09|(44.43)|0.00|0.00|0.00| |筹资活动现金流|269.15|(78.42)|(42.34)|(61.68)|(77.32)| |汇率变动影响|0.00|0.00|0.00|0.00|0.00| |现金净增加额|76.58|139.14|143.02|128.37|122.50| [9] 主要财务比率 |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |营业收入增长率|-8.23%|4.02%|22.83%|17.02%|15.98%| |营业利润增长率|47.82%|19.21%|-33.65%|26.17%|23.20%| |归属母公司净利润增长率|48.52%|13.34%|-31.95%|26.96%|23.47%| |毛利率|19.55%|21.21%|16.13%|16.55%|17.05%| |净利率|11.87%|12.94%|7.17%|7.78%|8.28%| |ROE|17.86%|18.09%|11.33%|13.16%|14.71%| |ROIC|38.50%|36.49%|24.68%|31.19%|39.84%| |资产负债率|34.37%|32.78%|39.06%|37.83%|40.62%| |净负债率|-20.21%|-27.97%|-37.61%|-44.07%|-48.30%| |流动比率|2.28|2.01|1.95|2.11|2.08| |速动比率|1.94|1.69|1.54|1.74|1.68| |应收账款周转率|3.66|4.14|4.77|4.32|4.18| |存货周转率|6.54|9.02|7.98|7.40|7.51| |总资产周转率|1.11|0.98|1.05|1.09|1.13| |每股收益|0.94|1.07|0.73|0.92|1.14| |每股经营现金流|1.04|2.35|0.98|1.01|1.06| |每股净资产|5.29|5.92|6.43|7.02|7.76| |市盈率|16.47|14.53|21.35|16.82|13.62| |市净率|2.94|2.63|2.42|2.21|2.00| |EV/EBITDA|8.61|9.01|11.34|9.00|7