2024年报及2025一季报点评：电力电子变换控制领先企业，2024全年营收创下历史新高

1            ① ② ③    报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入578.98826.06972.271,302.871,600.221,775.41 减: 营业成本323.76452.39631.16830.781,036.591,142.36 税金及附加5.065.745.777.739.4910.53 主营业务利润250.16367.93335.35464.36554.13622.52 减: 销售费用55.5688.0969.0592.50104.01115.40 管理费用39.8449.7864.0185.73105.29106.52 研发费用65.6589.25141.91190.22233.63248.56 财务费用6.294.38-12.07 -11.78 -10.54 -12.17 经营性利润82.82136.4272.45107.70121.73164.21 加: 资产减值损失-8.44 -12.31 -9.92 -6.51 -6.40 -0.89 信用减值损失-9.31 -10.85 -14.87 -19.54 -4.80 -3.55 其他经营损益0.00-0.00 -0.00 -0.00 -0.00 -0.00 投资收益-0.29 -0.02 0.790.520.610.58 公允价值变动损益0.080.141.250.000.000.00 资产处置收益-0.65 -0.12 0.20-0.19 -0.19 -0.19 其他收益8.0423.0418.6520.1219.6319.79 营业利润72.25136.3068.55102.08130.57179.95 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入4.4813.750.365.515.174.48 减: 营业外支出4.252.362.242.612.452.47 利润总额72.48147.6866.67104.98133.29181.96 减: 所得税2.4413.56-5.61 1.441.832.50 净利润70.05134.1372.29103.53131.46179.46 减: 少数股东损益1.36-4.52 -0.84 -1.20 -1.52 -2.08 归属母公司股东净利润68.69138.6473.12104.73132.98181.54资产负债表 货币资金84.101,165.98291.69219.16204.12284.26 交易性金融资产0.0080.14596.25596.25596.25596.25 应收票据61.0751.7662.8084.16103.36114.68 应收账款334.91487.61572.06678.21876.83972.83 预付账款7.906.438.0610.8013.2614.72 其他应收款3.805.247.109.5211.6912.97 存货242.33313.65348.18457.50525.40629.08 其他流动资产6.466.265.497.369.0410.03 长期股权投资0.000.0042.4141.5340.5139.53 金融资产投资0.000.0010.0010.0010.0010.00 投资性房地产0.000.000.000.000.000.00 固定资产和在建工程113.87131.20343.37478.12519.30499.16 无形资产和开发支出12.1014.0534.7433.1331.5229.91 其他非流动资产23.2730.2552.2051.2450.8849.23 资产总计889.822,292.562,374.362,676.972,992.153,262.63 短期借款137.938.2063.530.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据44.9359.3666.00103.73129.43142.63 应付账款176.47233.15272.44413.19515.56568.16 预收账款0.000.000.000.000.000.00 合同负债38.3922.5858.3366.7281.9590.92 其他应付款38.8265.0353.4196.44120.34132.62 长期借款3.862.891.012.382.251.19 其他负债56.1866.9776.44112.37134.36144.82 负债合计496.57458.18591.17794.84983.891,080.34 股本61.8682.48115.39115.39115.39115.39 资本公积180.041,476.341,438.071,438.071,438.071,438.07 留存收益126.94265.62229.74329.88457.54633.63 归属母公司股东权益368.831,824.441,783.191,883.332,010.992,187.08 少数股东权益24.419.940.00-1.20 -2.72 -4.80 股东权益合计393.251,834.381,783.191,882.132,008.272,182.28 负债和股东权益合计889.822,292.562,374.362,676.972,992.153,262.63 投入资本(IC)508.83681.951,047.021,189.391,360.181,470.51现金流量表 经营性现金净流量-8.03 45.0669.96130.8238.6171.76 投资性现金净流量-21.30 -103.68 -840.71 -148.38 -58.74 2.71 筹资性现金净流量-15.79 1,139.48-119.56 -54.97 5.095.67 现金流量净额-45.11 1,080.86-890.30 -72.53 -15.04 80.1