2024年报及2025年一季报点评：两机业务在手订单充足，持续布局核电及低空新业务增长点

1 ◆ ◆ ◆ ① ② ③ ④ “”“””“”◆ ◆ 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入2,197.702,411.932,513.462,732.793,022.923,430.77 减: 营业成本1,390.681,539.611,652.801,783.541,954.732,189.36 税金及附加42.9042.7342.4840.9942.3244.60 主营业务利润764.13829.60818.17908.261,025.861,196.81 减: 销售费用35.6133.5336.1840.9945.3448.03 管理费用184.46192.31197.93237.75241.83274.46 研发费用254.95293.26304.88355.26408.09480.31 财务费用111.56106.84125.90119.03124.40104.45 经营性利润177.55203.65153.27155.23206.19289.56 加: 资产减值损失0.000.00-1.11 -0.40 -0.44 -0.50 信用减值损失0.10-14.31 -15.41 -10.95 -12.11 -13.75 其他经营损益0.000.000.000.000.000.00 投资收益-1.89 1.552.400.690.690.69 公允价值变动损益0.000.000.000.000.000.00 资产处置收益113.06-0.44 -0.01 37.5437.5437.54 其他收益104.2094.84112.38103.81103.81103.81 营业利润393.03285.29251.53285.91335.67417.34 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入1.140.130.140.470.470.47 减: 营业外支出0.160.563.551.421.421.42 利润总额394.01284.86248.12284.95334.72416.39 减: 所得税5.456.43-5.43 1.381.622.02 净利润388.55278.42253.55283.57333.09414.37 减: 少数股东损益-13.14 -24.84 -32.83 -23.87 -28.04 -34.88 归属母公司股东净利润401.69303.26286.38307.44361.13449.25资产负债表 货币资金463.41254.63299.13819.84906.871,029.23 交易性金融资产0.000.000.000.000.000.00 应收票据59.8367.6719.6957.4963.6072.18 应收账款945.861,007.271,102.801,172.151,296.591,471.53 预付账款59.1830.8228.7746.6051.5458.50 其他应收款13.3512.9246.3527.2130.1034.16 存货1,430.551,857.232,088.152,079.822,279.462,553.06 其他流动资产909.1989.21157.36467.58517.22587.00 长期股权投资6.286.226.225.795.364.93 金融资产投资36.4835.3737.6637.6637.6637.66 投资性房地产0.000.000.000.000.000.00 固定资产和在建工程4,583.544,864.465,491.444,981.084,403.123,757.56 无形资产和开发支出1,033.411,075.331,081.61953.28814.57665.47 其他非流动资产358.361,173.681,193.021,178.521,163.801,163.80 资产总计9,899.4510,474.8211,552.2011,827.0311,569.8911,435.09 短期借款1,754.041,306.161,149.852,234.652,149.562,021.55 交易性金融负债0.000.000.000.000.000.00 应付票据132.71120.85220.89182.85200.40224.46 应付账款629.55668.42799.78814.92893.141,000.35 预收账款3.120.243.272.572.843.23 合同负债56.9283.56182.01121.11133.97152.05 其他应付款165.83122.31124.10162.76178.39199.80 长期借款1,360.932,024.472,246.991,620.14997.41399.70 其他负债1,027.471,213.211,757.791,395.311,456.951,547.69 负债合计5,130.575,539.226,484.686,534.326,012.665,548.81 股本683.15683.15679.04679.04679.04679.04 资本公积1,936.241,936.241,888.351,888.351,888.351,888.35 留存收益1,652.741,843.552,059.572,308.622,601.182,965.11 归属母公司股东权益4,272.124,462.944,626.954,876.015,168.565,532.50 少数股东权益496.76472.65440.57416.70388.66353.78 股东权益合计4,768.884,935.595,067.525,292.715,557.225,886.28 负债和股东权益合计9,899.4510,474.8211,552.2011,827.0311,569.8911,435.09 投入资本(IC)7,847.378,230.868,426.699,109.848,666.538,269.86现金流量表