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1、 1 ifind ifind ifind ifind ifind ifind ifind WTST IC Insights SEMI SEMI,SEAJ SEMI SEMI SEMI Gartner,ifind RST RST Research and Markets SEMI RST RST 33%Wind ifind ifindiFind78 ifindiFind78 ifind 资产负债表资产负债表利润表利润表会计年度会计年度20020202120212022E2022E2023E2023E2024E2024E会计年度会计年度200202021
2、20212022E2022E2023E2023E2024E2024E货币资金80.19331.26616.984355.774232.314300.16营业收入210.93385.89804.881659.482547.253318.80应收票据及账款45.26148.5897.31398.56611.78797.08营业成本144.97238.61444.86903.611368.601755.72预付账款8.188.5837.8059.7391.68119.45税金及附加0.090.541.822.273.484.54其他应收款6.512.453.799.1813.0417.68销售费用2
3、6.9036.7066.91116.16165.57215.72存货225.21510.871475.502377.393801.894948.96管理费用158.5836.1767.25116.16178.31215.72其他流动资产23.1590.38229.02280.96323.98361.37研发费用44.9750.55114.07240.62356.62464.63流动资产总计流动资产总计388.501092.122460.427481.599074.6810544.70财务费用11.496.85-1.79 3.68-3.27-4.93 长期股权投资0.000.000.000.00
4、0.000.00资产减值损失-1.04-4.25-3.97-8.19-12.58-16.38 固定资产51.1552.97432.18658.59815.77852.20信用减值损失-3.26-1.20 0.57-9.89-15.18-19.78 在建工程0.75227.400.000.000.000.00其他经营损益-0.00 0.00-0.00 0.000.000.00无形资产82.8377.5084.0196.00115.78153.75投资收益0.004.607.936.277.106.68长期待摊费用2.280.900.060.130.250.50公允价值变动损益0.000.290.
5、250.000.000.00其他非流动资产5.0032.2251.4451.4451.4451.44资产处置收益0.000.000.000.000.000.00非流动资产合计非流动资产合计142.02390.99567.69806.15983.231057.90其他收益26.1781.8887.7884.8386.3085.56资产总计资产总计530.531483.113028.118287.7410057.9111602.60营业利润-154.20 97.78204.31349.98543.59723.48短期借款35.6544.440.000.000.000.00营业外收入0.050.03
6、0.110.110.110.11应付票据及账款88.12286.37664.561062.521816.942339.39营业外支出0.050.028.612.902.902.90其他流动负债176.02288.80968.911846.172339.802695.15其他非经营损益0.000.000.000.000.000.00流动负债合计流动负债合计299.79619.611633.472908.694156.745034.53利润总额-154.20 97.79195.82347.20540.80720.70长期借款0.0088.30258.89251.83233.15179.34所得税0
7、.000.00-2.46 0.000.000.00其他非流动负债125.18166.81327.53327.53327.53327.53净利润-154.20 97.79198.28347.20540.80720.70非流动负债合计非流动负债合计125.18255.11586.43579.37560.69506.88少数股东损益0.000.000.000.000.000.00负债合计负债合计424.97874.722219.893488.064717.435541.41归属母公司股东净利润-154.20 97.79198.28347.20540.80720.70股本115.1080.0080.0
8、0106.67106.67106.67EBITDA-128.52 123.11223.16440.96660.14865.88资本公积216.83421.74423.314040.924040.924040.92NOPLAT-142.71 104.34204.71353.68540.31718.53留存收益-226.37 106.64304.90652.101192.901913.60EPS(元)-1.45 0.921.863.255.076.76归属母公司权益105.56608.39808.214799.685340.496061.19少数股东权益0.000.000.000.000.000.
9、00主要财务比率主要财务比率股东权益合计股东权益合计105.56608.39808.214799.685340.496061.19会计年度会计年度20020202120212022E2022E2023E2023E2024E2024E负债和股东权益合计负债和股东权益合计530.531483.113028.118287.7410057.9111602.60成长能力成长能力营收增长率491.44%82.95%108.58%106.18%53.50%30.29%现金流量表现金流量表营业利润增长率-331.18%163.41%108.95%71.30%55.32%33.09%会计年
10、度会计年度20020202120212022E2022E2023E2023E2024E2024EEBIT增长率-358.81%173.32%85.43%80.85%53.20%33.16%税后经营利润-154.20 97.79198.28259.97452.07633.88EBITDA增长率-438.95%195.79%81.27%97.59%49.71%31.17%折旧与摊销14.1918.4729.1490.07122.60150.11归母净利润增长率-331.80%163.42%102.76%75.11%55.76%33.26%财务费用11.496.85-1.79
11、3.68-3.27-4.93 经营现金流增长率75.35%670.95%145.21%9.96%-56.51%81.03%投资损失0.00-4.60-7.93-6.27-7.10-6.68 盈利能力盈利能力营运资金变动-36.07 30.31166.85-7.16-468.51-524.37 毛利率31.27%38.17%44.73%45.55%46.27%47.10%其他经营现金流136.7510.155.2788.3190.6289.47净利率-73.11%25.34%24.63%20.92%21.23%21.72%经营性现金净流量经营性现金净流量-27.84 158.97389.8142
12、8.61186.42337.47营业利润率-73.10%25.34%25.38%21.09%21.34%21.80%资本支出12.83116.0313.60328.54299.68224.77ROE-146.08%16.07%24.53%7.23%10.13%11.89%长期投资-5.00-100.00-110.00 0.000.000.00ROA-29.07%6.59%6.55%4.19%5.38%6.21%其他投资现金流-24.93-36.76-152.31 5.185.214.04ROIC-162.03%95.95%51.04%81.15%60.36%40.76%投资性现金净流量投资性现
13、金净流量-42.76-252.79-275.91-323.36-294.47-220.74 估值倍数估值倍数短期借款-14.35 8.79-44.44 0.000.000.00P/E-188.85 297.80146.8783.8753.8540.41长期借款-100.00 88.30170.59-7.06-18.68-53.81 P/S138.0675.4636.1817.5511.438.77普通股增加55.10-35.10 0.0026.670.000.00P/B275.8847.8736.036.075.454.80资本公积增加214.89204.911.573617.600.000.
14、00股息率0.00%0.00%0.00%0.00%0.00%0.00%其他筹资现金流-65.40 75.0128.63-3.68 3.274.93EV/EBIT-204.08 276.33148.1771.8747.5235.79筹资性现金净流量筹资性现金净流量90.24341.90156.353633.53-15.41-48.88 EV/EBITDA-226.61 234.86128.8257.1938.6929.58现金流量净额现金流量净额19.58248.03270.213738.78-123.46 67.85EV/NOPLAT-204.09 277.11140.4471.3047.2835.65