丰光精密(430510)首次覆盖报告：政策助力发展，谐波减速器打造第二曲线.docx

55.70% 100% 8.91%

50%

50%

@?i?JB(??DU) 2023A 2024E 202.5E 2026E

153.48 12116 137.55 165.65

15.89 15.77 23.81 39.32

f9Lr 85.58 62.56 56.06 64.12

11.13 5.47 4.62 1.54

?L+ 1.79 2.04 2.34 2.70

U 38.40 32.16 49.66 56.68

0.69 3.15 1.07 1.29

397.87 38618 408.57 420.07

0.00 0.00 0.00 0.00 068 000 000 000

AKI???@t?;@ 2023A 2024E 2025E 2026E

U —15.27% 18.75% 15.43% 14.50%

a -47i8% i4.74% i5.5o% i5.oo%

? ii -5139% 17.20% 15.50% 15.00%

NJ) 47.86% 47.57% 47.90% 48.20%

J) 16.85% 16.63% 16.64% 16.72%

ROE 8.30% 9.29% 10.13% 10.94%

7.14% 8.90% 9.53% 10.28%

22.25% 11.56% 12.96% 13.60%

bb 12.27% 1.88% 1.77% -0.61%

bb 2.26 2.76 2.70 2.91

bb 1.67 1.93 1.67 1.86

l 0.40 0.47 0.55 0.59

9 V 2.83 3.38 4.88 5.51

K 4.74 5.74 8.55 8.57

0.19 0.23 0.26 0.30

0.25 0.45 0.39 0.42

2.33 2.44 2.58 2.75

P/E 62.03 52.93 45.83 39.85

P/B 4.86 4.65 4.39 4.12

63.85 28.76 26.57 23.81

P/S 7.06 8.32 7.21 6.29