2024年报及2025年一季报点评：全年国内外业务双线并进，一季报稳健增长

1 ◆ ◆ ◆ “”◆ ◆ ◆ ③ ④ ⑤ i i iFind 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入362.51543.51703.24944.411,228.931,540.80 减: 营业成本254.86347.92432.26565.76728.56906.59 税金及附加1.491.764.904.375.697.14 主营业务利润106.16193.82266.07374.27494.69627.07 减: 销售费用8.1311.6418.1327.4834.5738.86 管理费用33.1441.3160.9977.87101.33112.09 研发费用38.6448.2761.2087.03119.21164.40 财务费用-5.92 -2.56 -5.11 1.06-2.34 -3.43 经营性利润32.1795.17130.86180.84241.93315.14 加: 资产减值损失-9.94 -12.78 -18.92 -23.61 -28.27 -32.36 信用减值损失-10.75 7.40-2.40 -2.83 -3.32 -4.01 其他经营损益-0.00 0.00-0.00 -0.00 -0.00 -0.00 投资收益-0.86 0.24-0.35 -0.32 -0.32 -0.32 公允价值变动损益0.000.000.000.000.000.00 资产处置收益0.100.000.000.030.030.03 其他收益4.366.0227.1312.5012.5012.50 营业利润15.0796.04136.33166.61222.56290.99 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入2.030.030.280.780.780.78 减: 营业外支出0.850.120.100.360.360.36 利润总额16.2595.94136.51167.03222.97291.41 减: 所得税-2.35 8.4610.859.7212.9814.13 净利润18.6087.48125.66157.31210.00277.28 减: 少数股东损益-1.46 -2.72 -0.87 -6.11 -8.16 -10.78 归属母公司股东净利润20.0690.20126.53163.42218.16288.06资产负债表 货币资金319.07218.15321.14525.22813.351,147.48 交易性金融资产0.000.000.000.000.000.00 应收票据43.4482.7324.6896.68125.81157.74 应收账款157.27181.99313.57382.35497.54623.80 预付账款6.603.186.0610.2913.3916.78 其他应收款2.510.270.172.413.143.93 存货172.92155.82181.41155.00199.60248.38 其他流动资产21.6421.2015.1937.8649.2761.78 长期股权投资5.5010.6111.729.857.986.11 金融资产投资0.000.000.000.000.000.00 投资性房地产0.000.000.000.000.000.00 固定资产和在建工程588.57805.46955.07805.45655.82506.19 无形资产和开发支出69.2367.3065.5954.6643.7332.79 其他非流动资产55.6639.1722.4327.4622.1612.02 资产总计1,442.401,585.861,917.032,107.232,431.782,817.01 短期借款56.5648.95116.700.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据73.1578.71112.67145.94187.94233.86 应付账款201.54251.24295.33414.16533.33663.66 预收账款0.000.000.000.000.000.00 合同负债1.820.233.073.094.025.04 其他应付款12.3918.9621.1028.6636.9045.92 长期借款42.9620.4396.5696.5696.5696.56 其他负债52.8277.5189.40134.38152.10170.81 负债合计441.24496.03734.84822.791,010.841,215.85 股本258.38258.38258.38258.38258.38258.38 资本公积591.32592.50610.70610.70610.70610.70 留存收益107.85198.05272.90381.26525.92716.92 归属母公司股东权益957.561,048.941,141.991,250.351,395.001,586.00 少数股东权益43.6140.8940.2134.1025.9415.16 股东权益合计1,001.171,089.831,182.201,284.441,420.941,601.16 负债和股东权益合计1,442.401,585.861,917.032,107.232,431.782,817.01 投入资本(IC)817.87995.411,144.64950.22827.04704.32现金流量表 资本支出224.90220.05143.3914.005.501.00 自由现金流-196.83 -52.94 -15.79 350.43328.67394.44 短期借款增加18.34-7.61 67.76-116.70 0.000.00 长期带息债务增加-10.36 -22.53 76.130.000.000.00 股权筹资额0.000.000.00 支付普通股股利0.0051.6851.6855.0673.5097.05