皇马科技（603181）：公司点评：深耕特种表面活性剂，盈利稳健增长

风险提示：投产不及预期，盈利预测及估值模型不及预期 | [财务摘要（百万元） Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,894 | 2,333 | 2,788 | 3,178 | 3,568 | | (+/-)% | -13.21% | 23.17% | 19.49% | 14.00% | 12.28% | | 归属母公司净利润 | 325 | 398 | 475 | 569 | 673 | | (+/-)% | -31.94% | 22.50% | 19.41% | 19.80% | 18.21% | | 每股收益（元） | 0.57 | 0.70 | 0.81 | 0.97 | 1.14 | | 市盈率 | 19.18 | 16.47 | 15.43 | 12.88 | 10.90 | | 市净率 | 2.33 | 2.18 | 2.13 | 1.90 | 1.68 | | 净资产收益率(%) | 12.35% | 13.66% | 13 ...