太平洋证券公司点评报告PACIFIC SECURITIES与三花智控设立合责公司，人形机器人打开谱波减速器天花板2021A2022E2023E2024E2021A2022E2023E2024E443.35445.77755.05997.48190.08159.99264.10352.18210.51217.24360.65478.0527.5635.4232.1432.811.701.742.272.99财务费用-18.214.46-3.78.4.99销售费用8.6711.1417.3718.95资产减值损失-13.360.000.000.00管理费用17.4422.2933.9839.90287.74-18.13112.44-86.38财务费用-18.21.4.46其他.428.23.13.46-2.80-5.53资产减值损失-13.360.000.000.0045.59159.36177.23288.10投资收益19.000.000.000.00-203.53-10.00-10.00-10.00公允价值变动损益7.308.008.008.00其他256.748.008.008.000.000.000.000.0053.212.00-2.00-2.00243.70181.23300.84400.80短期借款4.78-14.680.000.00-26.930.910.981.02长期借款0.000.000.000.00216.77182.14301.81401.831.700.000.000.00所得税26.6922.1637.7249.6430.10-69.41-58.33-96.53净利涧190.08159.99264.10352.18其他-2.694.273.784.990.901.001.001.00-26.31-79.82-54.55-91.54归属母公司胶东净利189.18158.99263.10351.1871.5177.54120.67194.562021A2022E2023E2024E2021A2022E2023E2024E货币资金641.75719.29839.961034.52成长能力应收和预付款项118.54128.31214.36280.97销售收入增长率104.77%0.54%69.38%32.11%存货179.22190.91323.82433.72108.33%-25.63%65.99%33.23%其他流动资产574.13568.61580.24589.35净利涧增长率133.89%65.08%33.35%287.16287.16287.16287.16EBITDA塘长率91.70%-16.14%55.14%30.20%投资性房地产0.220.220.220.22430.63411.53391.76371.33毛利率52.52%51.27%52.23%52.07%无形资产和开发支出19.1916.8214.4412.07期间费率11.07%16.50%15.80%14.40%其他非流动资产-166.38-170.33-170.33-170.33净利率42.87%35.89%34.98%35.31%2084.462152.522481.642839.01ROE10.36%8.31%12.40%14.76%短期借款14.680.000.000.00ROA9.12%7.43%10.64%12.41%148.89145.76243.91325.01ROIC30.12%24.71%36.96%41.72%长期借款0.000.000.000.00EBITDA/销售枚入57.08%47.60%43.60%42.97%其他负债86.5981.88107.07127.70250.15227.64350.99452.710.230.210.330.37120.42168.58168.58168.581.731.392.503.531370.561322.401322.401322.40应收账款周转率8.116.187.336.74留存收益345.98435.56640.33894.98存货周转率1.251.081.331.22归属母公司股东权益销售商品提供劳务收到1836.961926.542131.312385.9677.99%-2.66-1.66-0.660.34股东权道合计1834.311924.882130.652386.3112.00%10.58%14.14%15.95%负债和胶东权益合计2084.462152.522481.642839.01带息债务总负债5.87%0.00%0.00%0.00%2021A2022E2023E2024E流动比率7.338.746.375.72EBITDA253.05212.20329.20428.63速动比率6.467.705.324.66PE114.64136.4282.4361.76PB11.8211.2710.189.091.120.941.562.08PS48.9248.6528.7221.7410.8811.4212.6414.16EV/EBITDA56.2195.7961.3846.690.270.000.000.00请务必阅读正文之后的免责条款部分守正出奇宁静致远