24年年报及25Q1点评：24年业绩承压，25年一季度需求呈回暖态势

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 1491.81 2012.19 2519.06 3089.59 -10.98%34.88%25.19%22.65%153.74 281.39 406.52 532.64 -43.55%83.02%44.47%31.03%0.67 1.22 1.76 2.31 34.29% 36.45% 36.77% 36.90% 10.31% 13.98% 16.14% 17.24% ⚫ 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1491.812012.192519.063089.59 货币资金1011.31804.871007.621235.84营业成本980.281278.731592.681949.54 应收票据及账款1594.101819.242035.952327.77税金及附加12.4916.7020.5925.59 预付账款15.8313.7812.4211.85销售费用103.82116.71133.51157.57 其他应收款21.3019.8520.7022.85管理费用115.74130.79146.11166.84 存货796.60840.81872.70908.00研发费用112.99124.76143.59163.75 其他流动资产653.01653.65654.17653.93财务费用-5.051.10-2.74-4.20 长期股权投资29.5428.9528.3727.78资产减值损失-48.25-40.24-40.30-40.16 固定资产546.46540.38565.69595.97信用减值损失-13.75-10.06-7.56-6.18 在建工程123.89133.24122.59106.94其他经营损益0.000.000.000.00 无形资产132.43125.94122.29113.45投资收益14.5812.4211.429.42 长期待摊费用13.7112.3410.979.60公允价值变动损益40.803.002.502.00 其他非流动资产164.86170.21166.71165.71资产处置收益-2.190.000.000.00 资产总计5103.055163.255620.196179.70其他收益12.6512.3012.0011.50 短期借款230.7028.8961.4773.20营业利润175.38320.81463.38607.08 应付票据及账款413.90420.40458.17491.39营业外收入0.000.000.000.00 其他流动负债99.1789.1284.7182.24营业外支出0.210.210.210.21 流动负债合计743.77538.40604.34646.83其他非经营损益0.000.000.000.00 长期借款77.9762.1646.6431.02利润总额175.17320.60463.17606.88 其他非流动负债46.4746.4746.4746.47所得税21.4339.2256.6574.23 非流动负债合计124.43108.6293.1177.49净利润153.74281.39406.52532.64 负债合计868.21647.03697.45724.32少数股东损益0.000.000.000.00 股本231.08231.08231.08231.08归属母公司股东净利润153.74281.39406.52532.64 资本公积1212.821212.82 1,212.82 1,212.82现金流量表（百万元）20242025E2026E2027E 留存收益2790.943072.333478.844011.49经营性现金净流量452.8472.50259.59314.68 归属母公司权益4234.844516.23 4,922.74 5,455.39投资性现金净流量-485.21-60.21-76.64-86.78 少数股东权益0.000.000.000.00筹资性现金净流量-437.39-218.7319.800.31 股东权益合计4234.844516.234922.745455.39现金流量净额-469.73-206.44202.75228.21 负债和股东权益合计5103.055163.255620.196179.70