2024年报-2025年一季报点评：收入高速增长创历史新高，积极进军新赛道

2 www.avicsec.com 010-59219558 010-59562637 1 ◆ ◆ -30%-20%-10%0%10%20%30%40%50%60%70%24-0524-0724-1024-1225-0225-05300 ◆ ◆ ◆ ◆ ◆ 2024A 2025E 2026E 2027E ⚫ 1 2 3 4 5 6 21.25%21.57%19.79%-29.82%50.22%-40%-20%0%20%40%60%010020030040020202021202220232024-16.08%41.57%5.45%-80.72%15.28%-100%-50%0%50%02040608010020202021202220232024--200204060802020202120222023202456.89%60.95%54.23%52.37%44.62%25.03%29.23%25.87%7.10%5.06%0%20%40%60%80%202020212022202320240.01.02.03.04.0202020212022202320240%20%40%60%80%100%20202021202220232024 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入313.75220.18330.76430.10537.89640.05 减: 营业成本143.60105.27183.19237.16303.80373.57 税金及附加2.211.191.412.582.692.56 主营业务利润167.95113.72146.16190.36231.40263.92 减: 销售费用16.4817.5119.7417.2018.8319.20 管理费用43.2363.8767.9064.5275.3081.93 研发费用25.2233.5633.8838.7145.7251.20 财务费用-0.39 -2.93 -0.81 0.940.15-0.02 经营性利润83.411.7225.4569.0091.40111.61 加: 资产减值损失-0.26 -0.63 -0.63 -0.80 -1.00 -1.19 信用减值损失-6.44 -10.29 -20.17 -18.38 -22.99 -27.35 其他经营损益0.000.000.000.000.000.00 投资收益0.235.356.904.164.164.16 公允价值变动损益0.008.635.170.000.000.00 资产处置收益0.730.000.000.240.240.24 其他收益10.0814.429.4011.3011.3011.30 营业利润87.7419.2026.1165.5183.1098.76 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.380.540.820.580.580.58 减: 营业外支出0.015.6510.775.485.485.48 利润总额88.1114.0916.1660.6178.2093.86 减: 所得税6.99-1.55 -0.60 -0.00 -0.00 -0.00 净利润81.1215.6316.7560.6178.2093.86 减: 少数股东损益0.400.07-1.19 -1.25 -1.61 -1.93 归属母公司股东净利润80.7215.5617.9461.8579.8195.79资产负债表 货币资金827.67214.81237.04123.36101.15102.23 交易性金融资产0.00511.92283.26283.26283.26283.26 应收票据70.0834.2535.2669.6087.05103.58 应收账款234.14252.98369.01431.66539.84642.37 预付账款13.844.905.3411.8314.8017.61 其他应收款16.7410.411.8515.2319.0522.66 存货46.8964.0273.59105.64135.33166.41 其他流动资产0.9710.2517.0114.4918.1321.57 长期股权投资0.000.007.087.047.006.96 金融资产投资0.000.000.000.000.000.00 投资性房地产0.730.710.910.790.670.55 固定资产和在建工程165.13228.03404.56390.99374.09353.86 无形资产和开发支出14.6314.7223.5819.6515.7211.79 其他非流动资产15.6625.6428.8127.8726.9426.94 资产总计1,406.491,372.621,487.321,501.431,623.011,759.78 短期借款12.015.0037.330.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据17.6413.1138.3636.1146.2656.89 应付账款31.4743.80123.02103.31132.33162.73 预收账款0.000.000.000.000.000.00 合同负债4.988.551.438.4610.5812.59 其他应付款46.3034.7042.356