華海清科 -國產(chǎn)CMP設備先行者產(chǎn)品放量業(yè)績提升

1◆◆◆◆◆◆WTSTWTSTSEMISEMI,SEAJSEMISEMISEMSEMIRSTRSTRSTRSTSEMIRSTRSTRSTRSTWind888資產(chǎn)負債表利潤表會計年度2019202020212022E2023E2024E會計年度2019202020212022E2023E2024E貨幣資金80.19331.26616.984355.774232.314300.16營業(yè)收入210.93385.89804.881659.482547.253318.80應收票據(jù)及賬款45.268.5897.31398.56611.78797.08營業(yè)成本4.97238.61444.86903.611368.601755.72預付賬款8.188.5837.8059.7391.689.45稅金及附加0.090.542.273.484.54其他應收款6.512.453.799.180468銷售費用26.9036.7066.916.165.57215.72存貨225.21510.871475.502377.393801.894948.96管理費用8.5836.1767.256.168.31215.72其他流動資產(chǎn)23.1590.38229.02280.96323.98361.37研發(fā)費用44.9750.554.07240.62356.62464.63流動資產(chǎn)總計388.501092.122460.427481.599074.6810544.70財務費用496.85-1793.68-327-493長期股權投資0.000.000.000.000.000.00資產(chǎn)減值損失-1.04-4.25-3.97-8.19-12.58-16.38固定資產(chǎn)51.1552.97432.18658.59815.77852.20信用減值損失-3.26-1.200.57-9.89-15.18-19.78在建工程0.75227.400.000.000.000.00其他經(jīng)營損益-0.000.00-0.000.000.000.00無形資產(chǎn)82.8377.5084.0196.005.783.75投資收益0.004.607.936.277.106.68長期待攤費用2.280.900.060.130.250.50公允價值變動損益0.000.290.250.000.000.00其他非流動資產(chǎn)5.0032.2251.4451.4451.4451.44資產(chǎn)處置收益0.000.000.000.000.000.00非流動資產(chǎn)合計2.02390.99567.69806.15983.231057.90其他收益26.1781.8887.7884.8386.3085.56資產(chǎn)總計530.531483.113028.118287.7410057.9111602.60營業(yè)利潤-154.2097.78204.31349.98543.59723.48短期借款35.6544.440.000.000.000.00營業(yè)外收入0.050.030.110.110.110.11應付票據(jù)及賬款88.12286.37664.561062.521816.942339.39營業(yè)外支出0.050.028.612.902.902.90其他流動負債6.02288.80968.911846.172339.802695.15其他非經(jīng)營損益0.000.000.000.000.000.00流動負債合計299.79619.611633.472908.694156.745034.53利潤總額-154.2097.795.82347.20540.80720.70長期借款0.0088.30258.89251.83233.159.34所得稅0.000.00-2.460.000.000.00其他非流動負債5.186.81327.53327.53327.53327.53凈利潤-154.2097.798.28347.20540.80720.70非流動負債合計5.18255.11586.43579.37560.69506.88少數(shù)股東損益0.000.000.000.000.000.00負債合計424.97874.722219.893488.064717.435541.41歸屬母公司股東凈-154.2097.798.28347.20540.80720.70股本5.1080.0080.006.676.676.67EBITDA-128.523.11223.16440.96660.14865.88資本公積216.83421.74423.314040.924040.924040.92NOPLAT-142.714.34204.71353.68540.31718.53留存收益-226.376.64304.90652.101192.901913.60EPS(元)-1450.923.255.076.76歸屬母公司權益5.56608.39808.214799.685340.496061.19少數(shù)股東權益股東權益合計負債和股東權益合計0.000.000.000.000.000.00主要財務比率5.56608.39808.214799.685340.496061.19會計年度2019202020212022E2023E2024E530.531483.113028.118287.7410057.9111602.60成長能力營收增長率491.44%82.95%108.58%106.18%53.50%30.29%現(xiàn)金流量表營業(yè)利潤增長率EBIT增長率EBITDA增長率-331.18%-358.81%-438.95%163.41%173.32%195.79%108.95%85.43%81.27%71.30%80.85%97.59%55.32%53.20%49.71%33.09%33.16%31.17%會計年度2019202020212022E2023E2024E稅后經(jīng)營利潤-154.2097.798.28259.97452.07633.88折舊與攤銷194729.1490.072.600.11歸母凈利潤增長率-331.80%163.42%102.76%75.11%55.76%33.26%財務費用496.85-1.793.68-3.27-4.93經(jīng)營現(xiàn)金流增長率75.35%670.95%145.21%9.96%-56.51%81.03%投資損失0.00-4.60-7.93-6.27-7.10-6.68盈利能力營運資金變動-36.0730.316.85-7.16-468.51-524.37毛利率31.27%38.17%44.73%45.55%46.27%47.10%其他經(jīng)營現(xiàn)金流6.75155.2788.3190.6289.47凈利率-73.11%25.34%24.63%20.92%21.23%21.72%經(jīng)營性現(xiàn)金凈流量-27.848.97389.81428.616.42337.47營業(yè)利潤率-73.10%25.34%25.38%21.09%21.34%21.80%資本支出836.0360328.54299.68224.77ROE-146.08%.07%24.53%7.23%10.13%.89%長期投資-5.00-100.00-110.000.000.000.00ROA-29.07%6.59%6.55%4.19%5.38%6.21%其他投資現(xiàn)金流-24.93-36.76-152.315.185.214.04ROIC-162.03%95.95%51.04%81.15%60.36%40.76%投資性現(xiàn)金凈流量-42.76-252.79-275.91-323.36-294.47-220.74估值倍數(shù)短期借款-14.358.79-44.440.000.000.00P/E-18885297.806.8783.8753.8540.41長期借款-100.0088.300.59-7.06-18.68-53.81P/S8.0675.4636.1855438.77普通股增加55.10-35.100.0026.670.000.00P/B275.8847.8736.036.075.454.80資本公積增加214.89204.913617.600.000.00股息率0.00%0.00%0.00%0.00%0.00%0.00%其他籌資現(xiàn)金流-65.4075.0128.63-3.683.274.93EV/EBIT-204.08276