2024年报及2025一季报点评：军用工程软件核心企业，营收快速增长，加速布局工业仿真云和物理AI

1 ◆ ◆ ③◆ ◆ ◆ ◆ 短期借款增加16.77-1.85 18.34-56.56 0.000.00 长期带息债务增加5.4215.82-10.36 -2.86 -5.64 -8.00 股权筹资额0.000.000.00 支付普通股股利0.0025.840.0019.6534.7955.95 长期投资-50.79 42.4525.21-0.56 -0.89 -0.91 经营性现金净流量52.6065.5752.04111.65144.19194.58 投资性现金净流量-151.30 -94.30 -205.30 -160.53 -160.86 -160.88 筹资性现金净流量500.9355.40-27.11 -81.42 -41.68 -65.03 现金流量净额401.7826.32-179.37 -130.30 -58.35 -31.33 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入268.05320.38378.81479.44585.44700.34 减: 营业成本98.0897.92106.61122.81138.20156.61 税金及附加1.841.622.813.093.784.52 主营业务利润168.13220.84269.39353.54443.46539.22 减: 销售费用12.0820.3124.4030.6337.4044.74 管理费用28.2437.9568.0081.5199.53119.06 研发费用87.60105.25107.93150.26183.48219.49 财务费用2.20-30.44 -31.18 -27.44 -26.45 -25.54 经营性利润38.0187.77100.24118.58149.49181.46 加: 资产减值损失0.510.11-0.12 0.310.380.45 信用减值损失-13.97 -42.91 -62.70 -56.18 -68.60 -82.07 其他经营损益0.000.00-0.00 0.000.000.00 投资收益0.20-0.67 0.890.140.140.14 公允价值变动损益0.000.000.000.000.000.00 资产处置收益0.000.040.050.000.000.00 其他收益31.2811.717.369.549.549.54 营业利润56.0356.0645.7372.3990.95109.52 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入1.850.000.040.000.000.00 减: 营业外支出0.000.150.770.310.310.31 利润总额57.8955.9145.0072.0890.64109.21 减: 所得税4.12-2.14 -2.37 -3.79 -4.77 -5.75 净利润53.7758.0547.3775.8795.41114.96 减: 少数股东损益0.000.575.929.4811.9214.36 归属母公司股东净利润53.7757.4841.4566.3983.49100.60资产负债表 货币资金169.462,227.031,900.691,803.611,728.331,670.74 交易性金融资产0.000.000.000.000.000.00 应收票据0.300.5511.1414.1017.2120.59 应收账款342.42518.37623.72789.41963.941,153.13 预付账款7.810.469.2011.6414.2117.00 其他应收款2.676.715.567.298.9010.64 存货3.9910.5317.2216.5318.6021.07 其他流动资产16.2515.1424.2527.4733.5440.13 长期股权投资0.0049.7750.5750.7550.9451.13 金融资产投资0.000.0030.0030.0030.0030.00 投资性房地产0.000.000.000.000.000.00 固定资产和在建工程109.49127.18203.58234.68240.00230.71 无形资产和开发支出45.48102.34120.28102.4184.5466.67 其他非流动资产27.1129.3274.2773.9573.6373.63 资产总计724.983,087.423,070.473,161.843,263.843,385.45 短期借款37.290.0012.780.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据0.000.000.000.000.000.00 应付账款79.6696.9174.28102.29115.11130.43 预收账款0.000.000.000.000.000.00 合同负债0.0910.9311.4010.3212.6015.07 其他应付款34.1240.8959.7268.7977.4187.72 长期借款35.615.960.961.530.20-2.00 其他负债11.6212.578.8715.0417.4320.08 负债合计198.39167.25168.01197.96222.75251.30 股本31.0061.1789.1189.1189.1189.11 资本公积323.612,610.232,580.592,580.592,580.592,580.59 留存收益171.98222.54184.35236.28301.59380.27 归属母公司股东权益526.592,893.942,854.042,905.982,971.283,049.97 少数股东权益0.0026.2248.4257.9069.8184.17 股东权益合计526.592,920.162,902.462,963.873,041.103,134.14 负债和股东权益合计724.983