【中航证券】北方稀土（600111）-2025H1点评：轻稀土步入上行新周期，盈利大幅提振-250827（5页）.pdf

1、 1 指标指标2023A2024A2025E2026E2027E营业收入（百万元）33,49732,96641,81648,57355,702增速（%）-10.1%-1.6%26.8%16.2%14.7%归母净利润（百万元）2,3711,0042,5393,2994,104增速（%）-60.4%-57.6%152.8%29.9%24.4%每股收益（元）0.660.280.700.911.14市盈率（倍）81.5192.476.158.647.1Wind Wind Wind Wind Wind 212.5304.1372.6335.0329.7188.717.4%38.8%22.5%-10.1%

2、-1.6%45.2%-20%-10%0%10%20%30%40%50%050100150200250300350400202020212022202320242025H1营业总收入（亿元）增速8.3351.3059.8423.7110.049.3135.1%462.3%16.6%-60.4%-57.6%1951.5%-500%0%500%1000%1500%2000%2500%010203040506070202020212022202320242025H1归母净利润（亿元）增速11.7%27.8%27.8%14.6%10.2%12.3%4.3%18.4%17.1%7.8%4.8%6.7%0%

3、5%10%15%20%25%30%202020212022202320242025H1销售毛利率销售净利率3035404550556065707580May-24Aug-24Nov-24Feb-25May-25Aug-25镨钕金属（万元/吨）镨钕氧化物（万元/吨）2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)9579.19287.011406.68569.97228.15761.78573.98440.1营业成本(百万元)8304.28246.09978.27654.56635.55320.66778.47586.4销售费用率

4、0.1%0.1%0.1%0.1%0.2%0.2%0.2%0.1%管理费用率2.5%2.6%2.8%3.2%3.1%3.9%3.4%2.4%财务费用率0.5%0.5%0.4%0.7%0.6%0.8%0.5%0.7%研发费用率1.1%0.5%1.4%0.6%0.4%1.1%0.6%0.7%资产减值损失(百万元)-17.5 0.0-286.5-1.3-69.8 0.2-242.3 8.9利润总额(百万元)845.1687.8833.3670.2169.7164.11270.7544.0所得税费用(百万元)156.7110.266.678.763.140.5207.173.9净利润（百万元）688.4

5、577.6766.7591.6106.6123.61063.7470.1EPS（元）0.140.120.170.100.000.010.270.09毛利率13.3%11.2%12.5%10.7%8.2%7.7%20.9%10.1%期间费用率4.3%3.7%4.7%4.7%4.2%6.0%4.7%3.9%所得税率18.5%16.0%8.0%11.7%37.2%24.7%16.3%13.6%净利润率7.2%6.2%6.7%6.9%1.5%2.1%12.4%5.6%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2022202220232023202420242025E2025E2026

6、E2026E2027E2027E会计年度会计年度2022202220232023202420242025E2025E2026E2026E2027E2027E货币资金4447.795301.975644.394181.564857.307456.62营业收入37260.0433496.9932966.3141815.6048572.9555701.64应收票据及账款6363.907370.777985.199737.8811311.5112971.62营业成本26905.4128599.9529588.7035286.2240464.9545847.87预付账款478.45497.49488.2