2024年三季报点评：24Q3创最好季度业绩，航空蜂窝销量增长

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ⚫ 负债和股东权益合计3396.373690.084390.445088.04现金流量表（百万元）2021A2022E2023E2024E 经营活动现金流净额271.45361.82430.93535.42 投资活动现金流净额-597.94-224.69-168.88-68.48 筹资活动现金流净额843.49-198.26-59.17-146.56 现金流量净额508.21-61.13202.88320.38单位:百万元单位:百万元会计年度2021202220232024E2025E2026E利润表 营业收入217.86282.08340.47400.13490.13585.58 减: 营业成本155.19193.40224.69256.04313.04373.58 税金及附加1.061.121.591.802.212.64 主营业务利润61.6087.56114.19142.28174.88209.37 减: 销售费用8.139.4612.2311.2013.6316.10 管理费用7.697.4715.6114.0017.0620.20 研发费用13.5217.0620.0428.0131.8635.14 财务费用-0.58 -3.63 -5.36 -5.67 -6.10 -7.01 经营性利润32.8457.1971.6794.73118.44144.94 加: 资产减值损失-1.79 -1.41 -1.17 -1.28 -1.47 -1.64 信用减值损失0.12-0.35 -0.60 -0.68 -0.74 -0.76 其他经营损益-0.00 0.000.000.000.000.00 投资收益0.990.150.020.050.030.04 公允价值变动损益0.010.410.010.000.000.00 资产处置收益0.000.001.210.000.000.00 其他收益8.5614.9717.9118.0019.0020.00 营业利润40.7370.9689.04110.82135.27162.58 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入1.200.004.541.911.911.91 减: 营业外支出0.000.000.000.000.000.00 利润总额41.9370.9693.58112.73137.18164.49 减: 所得税4.657.5512.9713.3716.2719.51 净利润37.2863.4180.6199.36120.91144.99 减: 少数股东损益0.000.00-1.02 -1.26 -1.53 -1.83 归属母公司股东净利润37.2863.4181.63100.62122.44146.82资产负债表 货币资金103.3688.46318.97328.97368.03433.60 交易性金融资产40.010.0015.0115.0115.0115.01 应收票据18.8626.5840.7254.8160.4364.17 应收账款13.7924.6740.1265.7773.8680.22 预付账款0.851.793.592.773.394.06 其他应收款0.000.030.010.020.020.02 存货38.4896.4399.30105.22128.65153.52 其他流动资产6.621.772.365.827.128.51 长期股权投资0.000.000.000.000.000.00 金融资产投资0.000.000.000.000.000.00 投资性房地产0.000.000.000.000.000.00 固定资产和在建工程208.23206.65234.95262.88282.39293.79 无形资产和开发支出11.277.3413.8317.5921.0124.10 其他非流动资产0.7737.8943.1742.4641.9641.96 资产总计442.24491.62812.02901.331,001.871,118.97 短期借款0.000.000.000.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据49.1964.4526.5530.2636.9944.14 应付账款35.5626.0127.6931.5538.5746.03 预收账款0.0011.000.000.000.000.00 合同负债2.653.003.067.208.339.37 其他应付款7.478.7312.3112.6415.4518.44 长期借款0.000.000.000.000.000.00 其他负债67.2267.7275.9989.9695.77101.84 负债合计162.08180.91145.61171.61195.11219.83 股本100.00106.00146.25146.25146.25146.25 资本公积58.1072.23282.49282.49282.49282.49 留存收益122.06132.47214.10278.67357.24451.45 归属母公司股东权益280.16310.70642.85707.41785.98880.19 少数股东权益0.000.0023.5722.3120.7818.95 股东权益合计280.16310.70666.41729.72806.76899.14 负债和股东权益合计442.24491.62812.02901.331,001.871,118.97 投入资本(IC)158.57250.44366.48425.75472.73509.09现金流量表 经营性现金净流量23.7418.4135.1797.70129.29158.72 投资性现金净流量-70.83 6.27-70.49 -57.32 -52.45 -47.56 筹资性现金净流量-11.44 -52.42 272.05-30.38 -37.77 -45.59 现金流量净额-59.03 -26.