2024年报及2025一季报点评：营收再创新高，乘上商业航天和国产民机发展东风

1 ◆ ◆ ◆ ◆ 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入401.42456.20508.04655.95817.70998.67 减: 营业成本160.93222.40286.16373.16477.89593.91 税金及附加6.508.107.709.9412.3915.14 主营业务利润233.99225.70214.18272.84327.41389.62 减: 销售费用10.5611.0911.4813.7716.3519.97 管理费用35.4936.8336.6441.9849.0649.93 研发费用45.1548.1160.4573.6791.83112.16 财务费用0.75-1.18 0.789.404.631.56 经营性利润142.03130.84104.84134.01165.53206.00 加: 资产减值损失-2.39 -3.10 -4.15 -4.57 -5.70 -6.96 信用减值损失-13.04 -15.80 -15.00 -18.37 -22.08 -25.97 其他经营损益0.00-0.00 -0.00 -0.00 -0.00 -0.00 投资收益0.129.926.705.585.585.58 公允价值变动损益0.000.745.240.000.000.00 资产处置收益0.000.000.350.120.120.12 其他收益9.0626.5715.5217.0517.0517.05 营业利润135.79149.17113.52133.83160.50195.83 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.066.567.264.634.634.63 减: 营业外支出0.190.040.940.390.390.39 利润总额135.65155.69119.84138.07164.74200.07 减: 所得税7.3917.458.279.5311.3713.81 净利润128.26138.24111.57128.54153.37186.26 减: 少数股东损益5.623.8610.0011.5313.7516.70 归属母公司股东净利润122.64134.38101.57117.01139.62169.56资产负债表 货币资金164.79290.68226.77376.53582.13790.85 交易性金融资产0.00606.74380.42250.00150.00100.00 应收票据71.1167.8869.1789.31111.33135.97 应收账款225.48342.58462.12575.08694.48820.82 预付账款6.3526.592.6717.3521.6326.42 其他应收款1.662.624.954.295.356.53 存货85.49126.85160.11206.62264.61328.84 其他流动资产9.027.8713.7014.5818.1822.20 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469.67550.44800.35751.99701.26620.52 无形资产和开发支出192.40207.98201.56162.68123.8084.91 其他非流动资产52.8798.30114.05114.05114.05114.05 资产总计1,278.842,328.542,435.862,562.482,786.823,051.13 短期借款35.0437.5482.180.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据21.5937.5193.56127.80167.59211.53 应付账款82.5496.16112.01146.07187.06232.47 预收账款0.000.000.000.000.000.00 合同负债8.811.819.329.6812.0714.74 其他应付款63.9775.4957.28116.57149.28185.52 长期借款212.96202.78203.53154.10106.1857.05 其他负债112.37174.87205.00230.24261.25294.19 负债合计537.28626.17762.88784.45883.42995.50 股本366.00406.88406.88406.88406.88406.88 资本公积19.40801.76801.89801.89801.89801.89 留存收益328.67462.37422.84516.37627.98763.52 归属母公司股东权益714.071,671.011,631.611,725.141,836.751,972.29 少数股东权益27.4931.3641.3752.8966.6483.35 股东权益合计741.551,702.371,672.981,778.041,903.392,055.63 负债和股东权益合计1,278.842,328.542,435.862,562.482,786.823,051.13 投入资本(IC)864.901,090.891,402.301,371.201,359.211,321.70现金流量表 资本支出145.44159.65296.1730.0030.000.00 自由现金流-111.52 -126.51 -213.62 164.34165.62221.17 短期借款增加-16.02 2.5044.64-82.18 0.000.00 长期带息债务增加131.08-10.18 0.75-49.43 -47.92 -49.13 股权筹资额0.000.000.00 支付普通股股利0.0080.880.0023.4828.0134.02 长期投资0.