2024年年报及2025年一季报点评：聚焦军品主业，发动机动力模块收入快速增长

2 www.avicsec.com 010-59219558 010-59562637 1 ◆ ◆ -30%-20%-10%0%10%20%30%40%24-0524-0724-1024-1225-0225-05300 ◆ ◆ ◆ ◆ ◆ ⚫ 1 2 3 4 5 6 86.53%17.08%24.50%24.25%15.78%0%20%40%60%80%100%05001,0001,50020202021202220232024-381.28%19.02%46.55%27.34%41.25%0%100%200%300%400%500%05010015020025020202021202220232024--500501002020202120222023202433.57%34.88%37.14%32.35%34.42%10.90%11.34%13.51%14.13%17.15%0%10%20%30%40%202020212022202320240.05.010.015.020202021202220232024-40%-20%0%20%40%60%20202021202220232024 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入837.221,040.251,204.441,458.671,722.631,985.46 减: 营业成本526.30703.72789.91963.221,154.571,350.42 税金及附加0.533.974.724.386.895.96 主营业务利润310.39332.57409.81491.07561.17629.09 减: 销售费用15.2216.8719.1418.9622.3917.87 管理费用75.0077.7787.8487.5286.9997.29 研发费用64.6772.3891.17103.57124.03144.94 财务费用13.50-0.44 -18.16 -4.82 -6.85 -8.51 经营性利润141.99165.98229.83285.85334.60377.50 加: 资产减值损失-5.42 -1.07 0.50-3.45 -4.07 -4.69 信用减值损失-12.24 -0.46 -24.24 -17.11 -20.21 -23.29 其他经营损益-0.00 0.000.000.000.000.00 投资收益0.000.032.080.700.700.70 公允价值变动损益0.000.000.180.000.000.00 资产处置收益0.000.0119.416.486.486.48 其他收益5.512.548.755.605.605.60 营业利润129.84167.03236.51278.07323.10362.29 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.190.402.040.880.880.88 减: 营业外支出0.510.674.011.731.731.73 利润总额129.52166.76234.54277.21322.25361.44 减: 所得税16.5119.8128.0133.7939.2844.06 净利润113.01146.95206.53243.42282.97317.38 减: 少数股东损益2.536.267.808.349.6910.87 归属母公司股东净利润110.48140.69198.73235.08273.27306.51资产负债表 货币资金340.931,827.581,322.821,829.112,138.792,479.45 交易性金融资产0.000.0030.1830.1830.1830.18 应收票据128.6954.4748.86119.92141.62163.23 应收账款123.80213.96563.85399.53471.82543.81 预付账款5.356.256.198.5310.0711.61 其他应收款1.522.404.944.004.725.44 存货263.83232.06202.77349.25418.63489.64 其他流动资产46.1732.4241.9958.9269.5880.20 长期股权投资0.000.000.000.000.000.00 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748.58757.36767.70730.35692.49654.10 无形资产和开发支出95.6193.47146.84122.5998.3374.08 其他非流动资产19.1927.0523.0122.7822.5422.54 资产总计1,773.683,247.023,159.143,675.144,098.784,554.28 短期借款44.6010.010.000.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据72.16138.17210.66192.69230.97270.15 应付账款368.32401.11430.37582.64698.39816.85 预收账款0.000.000.000.000.000.00 合同负债105.91185.5519.54156.12184.37212.50 其他应付款65.13103.31111.55132.21158.47185.35 长期借款301.7961.3221.037.72-3.85 -13.62 其他负债132.4967