24年年报及25Q1点评：业绩短期承压，新兴战略行业挖掘新增量

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 5219.28 5689.44 6597.41 7716.37 -32.99%9.01%15.96%16.96%970.18 1001.35 1177.91 1402.02 -63.83%3.21%17.63%19.03%1.75 1.81 2.13 2.53 49.70% 46.92% 46.13% 45.44% 18.60% 17.61% 17.87% 18.18% ⚫ 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5219.285689.446597.417716.37 货币资金3226.563257.513298.713858.18营业成本2625.463020.093554.094210.26 应收票据及账款6743.437014.388043.429196.22税金及附加58.9964.3074.5787.21 预付账款35.8623.3821.6925.37销售费用298.43278.78310.08324.09 其他应收款19.0115.5914.4612.68管理费用724.02739.63791.69848.80 存货2243.422523.643018.543575.84研发费用359.38375.50422.23486.13 其他流动资产1813.621714.131716.391719.17财务费用10.1018.6010.0226.57 长期股权投资304.28308.28311.78314.78资产减值损失-105.70-110.94-125.35-145.07 固定资产2023.482014.192061.982092.15信用减值损失-94.01-96.72-108.86-119.60 在建工程329.82349.85289.88234.91其他经营损益0.000.000.000.00 无形资产153.93148.33146.14141.94投资收益58.6452.0048.5043.00 长期待摊费用58.6952.8246.9541.09公允价值变动损益2.216.004.003.00 其他非流动资产1110.341172.791231.661291.04资产处置收益0.170.170.170.17 资产总计 18,062.43 18,594.91 20,201.60 22,503.37其他收益105.48103.0095.0090.00 短期借款 480.00 - 288.63 1,024.77营业利润1109.681146.041348.191604.80 应付票据及账款 1,331.78 1,447.99 1,665.07 1,903.27营业外收入5.573.003.003.00 其他流动负债 370.66 383.36 420.68 463.46营业外支出4.402.502.502.50 流动负债合计 2,182.43 1,831.35 2,374.38 3,391.50其他非经营损益0.000.000.000.00 长期借款 532.84 438.47 336.41 230.07利润总额1110.851146.541348.691605.30 其他非流动负债 599.09 575.00 562.00 550.00所得税140.00144.50169.98202.32 非流动负债合计 1,131.94 1,013.47 898.41 780.07净利润970.851002.041178.711402.98 负债合计 3,314.37 2,844.82 3,272.79 4,171.58少数股东损益0.660.680.800.96 股本 554.17 554.17 554.17 554.17归属母公司股东净利润970.181001.351177.911402.02 资本公积 5,577.26 5,577.26 5,577.26 5,577.26现金流量表（百万元）20242025E2026E2027E 留存收益 8,617.90 9,619.25 10,797.16 12,199.18经营性现金净流量1565.52761.7485.14179.30 归属母公司权益 14,749.33 15,750.68 16,928.59 18,330.61投资性现金净流量-49.18-118.42-217.51-221.06 少数股东权益 -1.27 -0.59 0.22 1.18筹资性现金净流量-908.43-612.36173.55601.23 股东权益合计 14,748.06 15,750.10 16,928.81 18,331.79现金流量净额608.1530.9641.19559.48 负债和股东权益合计 18,062.43 18,594.91 20,201.60 22,503.37