2024年报及2025一季报点评：军工网络安全优质民企，2024年营收创历史新高

1           报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入269.52227.39336.80439.78504.39601.68 减: 营业成本120.02117.07191.46245.93280.81327.62 税金及附加0.451.011.662.172.492.97 主营业务利润149.04109.31143.67191.68221.09271.09 减: 销售费用7.3520.3317.9019.7922.7027.08 管理费用26.0937.6243.3143.9845.3954.15 研发费用52.1663.4063.1168.1775.6690.25 财务费用-0.30 -6.57 -1.57 -2.48 -3.59 -4.22 经营性利润63.74-5.48 20.9162.2380.93103.83 加: 资产减值损失-0.10 -0.38 -2.22 -1.32 -1.51 -0.30 信用减值损失-10.64 -14.36 -20.98 -26.39 -25.22 -9.03 其他经营损益0.00-0.00 0.000.000.000.00 投资收益15.738.056.818.717.978.03 公允价值变动损益0.001.220.070.000.000.00 资产处置收益-0.00 -0.00 0.00-0.00 -0.00 -0.00 其他收益3.671.702.452.402.302.36 营业利润72.40-9.26 7.0545.6364.46104.89 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.060.701.000.590.760.78 减: 营业外支出5.560.540.422.171.051.21 利润总额66.90-9.10 7.6344.0464.18104.46 减: 所得税5.39-3.31 -3.54 -0.00 -0.00 -0.00 净利润61.51-5.79 11.1744.0464.18104.46 减: 少数股东损益-0.17 -0.43 -0.27 0.540.680.56 归属母公司股东净利润61.68-5.35 11.4543.5063.50103.90资产负债表 货币资金724.09554.32436.86420.31492.72576.17 交易性金融资产0.001.220.070.000.000.00 应收票据20.8012.421.806.0213.8224.73 应收账款316.16265.38402.68361.46345.47346.17 预付账款8.175.183.925.115.867.00 其他应收款4.955.646.498.489.7211.60 存货255.85392.31388.42404.26346.20394.94 其他流动资产8.0722.6318.1828.6533.8738.68 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9.85128.26242.60329.88393.92377.73 无形资产和开发支出0.3917.9115.1114.7114.3213.92 其他非流动资产42.2218.3214.4713.8913.3113.31 资产总计1,390.561,423.601,530.601,592.791,669.221,804.24 短期借款0.001.0061.140.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据0.000.003.724.043.853.59 应付账款59.0166.28108.11175.18184.64215.42 预收账款0.000.000.000.000.000.00 合同负债2.995.774.726.167.078.43 其他应付款7.1026.0025.8333.1737.8844.19 长期借款2.132.720.461.722.281.28 其他负债2.3013.556.0211.1112.6713.82 负债合计73.53115.33209.99231.39248.39286.73 股本92.2692.2692.2692.2692.2692.26 资本公积995.701,002.481,002.861,002.861,002.861,002.86 留存收益227.62208.14219.58259.83318.58414.71 归属母公司股东权益1,315.591,302.881,314.711,354.951,413.711,509.84 少数股东权益1.455.385.906.447.127.68 股东权益合计1,317.031,308.271,320.611,361.401,420.831,517.51 负债和股东权益合计1,390.561,423.601,530.601,592.791,669.221,804.24 投入资本(IC)622.03779.18978.95986.78980.831,002.79现金流量表 经营性现金净流量-191.46 -52.46 -50.83 135.54145.3980.60 投资性现金净流量-19.11 -98.01 -121.16 -91.45 -72.39 7.40 筹资性现金净流量872.72-20.21 53.40-60.65 -0.60 -4.55 现金流量净额662.15-170.56 -118.57 -16.55 72.4183.45