2024年报及2025一季报点评：民航空管领军企业，低空经济为其带来历史性机遇

1          报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入1,575.881,675.901,609.831,831.352,099.332,430.21 减: 营业成本1,140.431,203.211,135.201,321.201,508.131,736.38 税金及附加9.9912.1610.2511.6613.3615.47 主营业务利润425.46460.53464.39498.49577.83678.36 减: 销售费用86.51103.2576.8773.2586.07102.07 管理费用111.26115.66110.93111.71125.96143.38 研发费用118.72128.57145.56173.98178.44182.27 财务费用-0.47 -10.65 -9.17 -8.10 -7.52 -7.40 经营性利润109.44123.70140.20147.65194.88258.04 加: 资产减值损失-3.86 -5.26 0.08-5.49 -5.25 -4.86 信用减值损失-29.89 -25.69 -71.09 -36.63 -36.74 -36.45 其他经营损益-0.00 0.00-0.00 0.000.000.00 投资收益2.286.8610.908.128.848.94 公允价值变动损益0.000.030.200.000.000.00 资产处置收益0.030.000.000.010.010.01 其他收益19.1136.1453.1041.7844.6145.08 营业利润97.11135.78133.40155.44206.35270.76 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.944.920.622.112.081.85 减: 营业外支出1.120.500.490.600.540.55 利润总额96.93140.19133.53156.95207.89272.05 减: 所得税2.063.791.072.753.644.76 净利润94.87136.41132.46154.20204.25267.29 减: 少数股东损益5.384.313.425.076.198.13 归属母公司股东净利润89.50132.09129.04149.13198.06259.16资产负债表 货币资金648.131,258.461,410.351,291.231,215.411,250.18 交易性金融资产0.00200.0350.2050.000.000.00 应收票据13.2929.6715.7425.0923.0119.97 应收账款1,048.551,389.311,535.981,605.561,667.961,797.69 预付账款67.1623.6564.2120.0746.0119.97 其他应收款25.6324.8719.4720.0725.8833.29 存货463.09478.66333.56325.78330.55333.00 其他流动资产39.0240.9774.8855.7268.4187.15 长期股权投资11.1012.8312.0212.6613.2313.72 金融资产投资0.000.000.000.000.000.00 投资性房地产19.2513.2212.178.324.470.62 固定资产和在建工程144.24149.70137.74366.12536.96555.90 无形资产和开发支出11.7215.5547.1745.0642.9540.84 其他非流动资产98.80100.1987.55102.2298.7595.43 资产总计2,589.993,737.113,801.043,927.894,073.594,247.76 短期借款216.980.560.000.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据62.2254.6849.7461.5461.9861.84 应付账款1,015.521,329.741,339.651,303.101,322.191,332.02 预收账款0.000.000.000.000.000.00 合同负债344.13320.07286.40347.96356.89364.53 其他应付款103.52103.87117.80112.21103.3095.14 长期借款0.490.040.030.020.020.01 其他负债70.8446.1055.4256.5157.6359.00 负债合计1,813.701,855.061,849.031,881.331,902.001,912.55 股本122.60163.47163.47163.47163.47163.47 资本公积333.821,262.741,262.741,262.741,262.741,262.74 留存收益306.46438.55500.57590.05708.88864.38 归属母公司股东权益762.871,864.761,926.782,016.262,135.092,290.59 少数股东权益13.4217.2925.2330.3036.4944.62 股东权益合计776.291,882.051,952.012,046.562,171.582,335.21 负债和股东权益合计2,589.993,737.113,801.043,927.894,073.594,247.76 投入资本(IC)503.21591.75652.47888.481,166.131,328.06现金流量表 经营性现金净流量58.2079.2484.65175.64138.58173.55 投资性现金净流量-6.51 -211.92 106.70-243.21 -142.69 -42.50 筹资性现金净流量204.87746.65-63.52 -51.55 -71.71 -96.27 现金流量净额2