24年年报及25Q1点评：军机、民机、低空经济、航天多领域共同发力，逆势增长更显难能可贵

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 626.83756.04 976.25 1216.07 35.41%20.61%29.13%24.57%100.41112.22 153.33 201.63 -2.05%11.76%36.64%31.50%1.451.35 1.85 2.43 28.30%25.16%25.66%26.15%16.02%14.84%15.71%16.58% ⚫ 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利润表（百万元）20242025E2026E2027E 资产负债表（百万元）20242025E2026E2027E营业收入626.83756.04976.251216.07 货币资金586.63554.17580.13660.84营业成本449.46565.85725.73898.04 应收票据及账款366.11539.79643.39734.81税金及附加6.097.349.4811.81 预付账款5.8620.7127.2833.98销售费用10.5311.3413.6715.81 其他应收款0.140.140.180.22管理费用28.6330.2434.1738.91 存货152.99195.34248.54307.55研发费用34.1637.8043.9348.64 其他流动资产1.300.680.881.09财务费用-2.43-1.68-1.64-1.83 长期股权投资0.000.000.000.00资产减值损失-2.39-2.27-2.73-3.16 固定资产385.28402.87450.41483.53信用减值损失-14.84-6.05-4.88-3.65 在建工程29.0164.1854.3444.51其他经营损益0.000.000.000.00 无形资产32.2434.4337.3738.16投资收益0.000.000.000.00 长期待摊费用0.000.000.000.00公允价值变动损益0.000.000.000.00 其他非流动资产15.7619.7616.7617.76资产处置收益0.000.000.000.00 资产总计1575.321832.072059.272322.45其他收益30.0530.0530.0530.05 短期借款2.000.000.000.00营业利润113.22126.88173.34227.92 应付票据及账款236.63387.57477.19565.89营业外收入0.490.260.260.26 其他流动负债52.1970.9190.08110.43营业外支出0.240.330.330.33 流动负债合计290.83458.48567.28676.32其他非经营损益0.000.000.000.00 长期借款4.527.367.927.07利润总额113.46126.81173.27227.85 其他非流动负债29.5429.5429.5429.54所得税13.0614.5919.9426.22 非流动负债合计34.0636.9137.4636.62净利润100.41112.22153.33201.63 负债合计324.89495.39604.74712.94少数股东损益0.000.000.000.00 股本82.9882.9882.9882.98归属母公司股东净利润100.41112.22153.33201.63 资本公积648.72648.72648.72648.72现金流量表（百万元）20242025E2026E2027E 留存收益518.73604.98722.84877.81经营性现金净流量-58.9482.44134.69193.83 归属母公司权益1250.431336.681454.531609.51投资性现金净流量-32.99-91.45-75.45-67.45 少数股东权益0.000.000.000.00筹资性现金净流量265.33-23.44-33.29-45.67 股东权益合计1250.431336.681454.531609.51现金流量净额173.40-32.4525.9580.71 负债和股东权益合计1575.321832.072059.272322.45