2024年报及2025一季报点评：内生+外延打造多维成长极，一季度同比环比皆明显改善

1           报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入1,719.372,090.541,741.812,127.272,423.742,845.76 减: 营业成本838.761,056.181,007.261,134.961,302.441,530.62 税金及附加16.8821.5917.7121.6324.6428.93 主营业务利润863.721,012.78716.85970.681,096.661,286.21 减: 销售费用17.8924.2424.9329.7831.5134.15 管理费用157.98181.80146.86170.18181.78213.43 研发费用154.71223.21249.94297.82315.09369.95 财务费用-24.38 -14.50 -0.10 -8.38 -12.33 -15.58 经营性利润557.53598.03295.22481.28580.61684.27 加: 资产减值损失-6.27 -9.96 -20.07 -14.89 -7.27 -7.11 信用减值损失-6.38 -10.66 -8.39 -12.76 -12.12 -2.85 其他经营损益0.00-0.00 0.000.000.000.00 投资收益7.942.8511.988.268.609.05 公允价值变动损益0.4716.1216.520.000.000.00 资产处置收益0.230.32-2.07 -0.89 -1.08 -1.18 其他收益14.7151.5658.0948.6952.3052.06 营业利润568.23648.26351.28509.68621.03734.23 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入2.472.132.982.612.652.69 减: 营业外支出4.686.239.917.818.248.38 利润总额566.01644.16344.35504.48615.44728.55 减: 所得税53.2469.7418.0826.4932.3138.25 净利润512.77574.41326.27477.99583.13690.30 减: 少数股东损益24.0336.7712.0622.7727.2931.36 归属母公司股东净利润488.74537.65314.21455.23555.84658.93资产负债表 货币资金824.41586.41685.19749.41900.211,085.94 交易性金融资产204.13363.89392.20400.00450.00500.00 应收票据398.47405.72280.44291.41332.02389.83 应收账款376.39588.68615.43605.45689.82809.94 预付账款64.25196.8890.34104.91119.53140.34 其他应收款1.862.8119.1413.0316.8420.91 存货463.97665.83743.14839.56927.771,048.37 其他流动资产48.5178.9680.0385.65101.17119.38 长期股权投资6.526.165.625.134.644.15 金融资产投资0.00566.22452.90450.00450.00450.00 投资性房地产0.000.000.000.000.000.00 固定资产和在建工程1,529.211,916.022,141.592,283.312,413.972,533.56 无形资产和开发支出273.63304.78335.07326.70318.34309.98 其他非流动资产132.81232.64249.83260.06250.00250.00 资产总计4,324.155,915.016,090.926,414.626,974.317,662.39 短期借款3.00142.94117.400.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据133.37317.37165.18186.12213.58251.00 应付账款310.75303.21215.81243.18279.06327.95 预收账款0.000.000.000.000.000.00 合同负债23.1817.0222.7155.3158.1762.61 其他应付款124.07141.1091.18140.75161.52189.82 长期借款37.28122.3674.1162.9850.1136.51 其他负债214.31369.76457.35396.71415.88446.61 负债合计845.961,413.761,143.741,085.031,178.331,314.49 股本506.92519.82522.27522.27522.27522.27 资本公积851.831,313.281,364.251,364.251,364.251,364.25 留存收益1,647.622,087.242,242.322,601.953,041.063,561.61 归属母公司股东权益3,006.373,920.354,128.834,488.464,927.575,448.13 少数股东权益471.82580.90818.36841.12868.41899.78 股东权益合计3,478.194,501.254,947.195,329.585,795.996,347.91 负债和股东权益合计4,324.155,915.016,090.926,414.626,974.317,662.39 投入资本(IC)2,661.873,459.083,782.594,005.874,288.264,633.04现金流量表 经营性现金净流量407.44266.58264.78549.97562.91616.62 投资性现金净流量-485.90 -1,212.25 -282.60 -