报告公司投资评级 - 维持“买入”评级，预计公司24 - 26年EPS分别为0.56元、0.68元以及0.83元，PE分别为17X、14X、12X [3] - 6个月评级为买入（维持评级） [6] 报告的核心观点 - 公司发布三季报，24Q1 - 3收入5.9亿元同增31%，归母净利0.9亿元同增15%，扣非后归母净利0.9亿元同增17%；毛利率42.41%同增3.73pct；净利率14.74%同减0.78pct [1] - 公司加强营销体系建设，一方面完善产品并推广，提升市场竞争力；另一方面扩大遮阳成品部门规划，采用不同营销战略，海外电商业务和国内线下直营办事处服务均有进展，未来将继续加强建设推动业绩提升 [2] - 公司是功能性遮阳材料细分领域龙头企业，产品远销全球，预计24 - 26年盈利情况良好 [3] 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)|499.10|637.33|813.84|1,034.87|1,268.23| |增长率 (%)|7.22|27.69|27.69|27.16|22.55| |EBITDA(百万元)|130.25|157.21|157.07|185.88|219.93| |归属母公司净利润 (百万元)|82.04|91.14|107.96|130.16|158.32| |增长率 (%)|(8.33)|11.08|18.46|20.56|21.64| |EPS(元/股)|0.43|0.48|0.56|0.68|0.83| |市盈率 (P/E)|22.27|20.05|16.93|14.04|11.54| |市净率 (P/B)|1.61|1.52|1.36|1.28|1.19| |市销率 (P/S)|3.66|2.87|2.25|1.77|1.44| |EV/EBITDA|9.08|9.51|7.49|6.59|5.38| [5] 基本数据 - A股总股本191.56百万股，流通A股股本189.10百万股，A股总市值1,827.50百万元，流通A股市值1,803.99百万元 [6] - 每股净资产6.48元，资产负债率7.41%，一年内最高/最低为19.00/7.73 [6] 财务预测摘要 资产负债表 (百万元) |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |货币资金|473.72|556.21|592.40|524.87|569.94| |应收票据及应收账款|49.40|67.01|73.16|116.57|130.03| |预付账款|6.60|6.78|15.93|11.17|20.76| |存货|137.82|156.59|239.93|265.42|345.83| |其他|3.97|4.44|10.73|9.57|17.03| |流动资产合计|671.51|791.04|932.15|927.61|1,083.59| |长期股权投资|0.00|0.00|0.00|0.00|0.00| |固定资产|394.06|404.93|453.42|479.98|483.80| |在建工程|26.79|3.52|18.52|45.22|70.65| |无形资产|33.95|33.05|31.97|30.88|29.79| |其他|92.79|68.50|57.79|73.03|66.44| |非流动资产合计|547.58|510.00|561.70|629.11|650.68| |资产总计|1,219.09|1,301.04|1,493.85|1,556.72|1,734.27| |短期借款|0.00|0.00|0.00|0.00|0.00| |应付票据及应付账款|36.42|28.32|78.22|52.24|100.21| |其他|20.31|45.56|69.48|72.50|98.02| |流动负债合计|56.73|73.87|147.70|124.74|198.24| |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|7.46|7.92|6.62|7.33|7.29| |非流动负债合计|7.46|7.92|6.62|7.33|7.29| |负债合计|86.03|100.37|154.32|132.07|205.53| |少数股东权益|0.67|0.00|(1.57)|(4.06)|(7.11)| |股本|134.40|136.92|191.56|191.56|191.56| |资本公积|597.87|616.23|616.23|616.23|616.23| |留存收益|400.12|464.38|538.93|628.41|738.05| |其他|0.00|(16.85)|(5.62)|(7.49)|(9.99)| |股东权益合计|1,133.06|1,200.67|1,339.53|1,424.65|1,528.74| |负债和股东权益总计|1,219.09|1,301.04|1,493.85|1,556.72|1,734.27| [9] 利润表 (百万元) |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |营业收入|499.10|637.33|813.84|1,034.87|1,268.23| |营业成本|327.87|390.50|498.64|634.11|781.61| |营业税金及附加|3.62|5.44|6.01|7.99|9.79| |销售费用|49.01|94.82|122.16|156.78|185.54| |管理费用|32.27|37.94|52.90|67.27|82.43| |研发费用|19.12|25.56|32.55|41.39|50.73| |财务费用|(19.42)|(18.10)|(19.72)|(19.30)|(18.99)| |资产 / 信用减值损失|(3.08)|(5.10)|(4.09)|(4.59)|(4.34)| |公允价值变动收益|0.00|0.00|0.00|0.00|0.00| |投资净收益|5.33|2.10|4.37|3.23|3.80| |其他|(7.08)|2.99|0.00|0.00|0.00| |营业利润|91.46|101.19|121.58|145.26|176.56| |营业外收入|0.08|0.04|0.06|0.05|0.06| |营业外支出|0.71|0.22|0.49|0.56|0.50| |利润总额|90.83|101.01|121.15|144.75|176.12| |所得税|11.07|13.02|15.46|18.22|22.20| |净利润|79.76|87.99|105.69|126.53|153.91| |少数股东损益|(2.29)|(3.15)|(2.27)|(3.62)|(4.41)| |归属于母公司净利润|82.04|91.14|107.96|130.16|158.32| |每股收益（元）|0.43|0.48|0.56|0.68|0.83| [9] 现金流量表 (百万元) |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |净利润|79.76|87.99|107.96|130.16|158.32| |折旧摊销|36.04|42.58|47.89|51.76|54.62| |财务费用|(10.23)|(4.37)|(19.72)|(19.30)|(18.99)| |投资损失|(5.33)|(2.10)|(4.37)|(3.23)|(3.80)| |营运资金变动|(77.56)|6.08|(40.27)|(100.47)|(30.87)| |其它|78.71|(24.27)|(2.27)|(3.62)|(4.41)| |经营活动现金流|101.40|105.91|89.22|55.29|154.88| |资本支出|66.48|28.83|111.60|103.21|82.82| |长期投资|0.00|0.00|0.00|0.00|0.00| |其他|153.14|(46.79)|(217.54)|(203.91)|(161.81)| |投资活动现金流|219.62|(17.96)|(105.93)|(100.70)|(78.98)| |债权融资|19.42|18.10|19.72|19.30|18.99| |股权融资|(26.88)|(23.36)|33.17|(41.42)|(49.82)| |其他|(16.46)|(4.77)|0.00|0.00|(0.00)| |筹资活动现金流|(23.92)|(10.03)|52.90|(22.12)|(30.83)| |汇率变动影响|0.00|0.00|0.00|0.00|0.00| |现金净增加额|297.10|77.92|36.19|(67.53)|45.07| [9] 主要财务比率 |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |成长能力| | | | | | |营业收入|7.22%|27.69%|27.69%|27.16%|22.55%| |营业利润|-6.83%|10.63%|20.16%|19.47%|21.55%| |归属于母公司净利润| -8.33%|11.08%|18.46%|20.56%|21.64%| |获利能力| | | | | | |毛利率|34.31%|38.73%|38.73%|38.73%|38.37%| |净利率|16.44%|14.30%|13.27%|12.58%|12.48%| |ROE|7.25%|7.59%|8.05%|9.11%|10.31%| |ROIC|12.08%|12.78%|15.43%|15.97%|16.66%| |偿债能力| | | | | | |资产负债率|7.06%|7.71%|10.33%|8.48%|11.85%| |净负债率|-41.81%|-46.33%|-44.22%|-36.84%|-37.28%| |流动比率|8.55|8.56|6.31|7.44|5.47| |速动比率|6.79|6.86|4.69|5.31|3.72| |营运能力| | | | | | |应收账款周转率|12.08|10.95|11.61|10.91|10.29| |存货周转率|3.62|4.33|4.10|4.10|4.15| |总资产周转率|0.42|0.51|0.58|0.68|0.77| |每股指标（元）| | | | | | |每股收益|0.43|0.48|0.56|0.68|0.83| |每股经营现金流|0.53|0.55|0.47|0.29|0.81| |每股净资产|5.91|6.27|7.00|7.46|8.02