2024年报及2025一季报点评：积极布局AI+军用机器人，在手及备产通知订单大幅增长

1 ◆ ◆ ◆ ◆ 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入279.81225.49163.74355.95475.74585.61 减: 营业成本161.75141.00135.13253.69341.51424.67 税金及附加1.131.912.201.421.902.34 主营业务利润116.9382.5826.41100.83132.33158.60 减: 销售费用6.838.978.7812.4615.7017.57 管理费用20.7928.0732.4328.4833.3035.14 研发费用43.2852.1154.4453.3961.8564.42 财务费用-0.37 -13.51 -8.76 -7.21 -8.09 -8.87 经营性利润46.396.93-60.48 13.7229.5850.35 加: 资产减值损失-6.28 -4.90 -15.76 -5.34 -6.66 -7.61 信用减值损失2.19-8.43 -13.63 -7.12 -9.04 -10.54 其他经营损益-0.00 0.000.00-0.00 -0.00 -0.00 投资收益5.8413.1710.9810.0010.0010.00 公允价值变动损益0.08-0.38 0.010.000.000.00 资产处置收益0.270.090.060.140.140.14 其他收益2.0122.162.142.142.142.14 营业利润50.5028.64-76.69 13.5326.1544.47 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.120.060.000.060.060.06 减: 营业外支出0.400.160.250.270.270.27 利润总额50.2228.55-76.93 13.3325.9544.26 减: 所得税7.221.65-15.68 0.130.260.44 净利润43.0126.90-61.26 13.1925.6943.82 减: 少数股东损益-2.32 -3.71 -4.06 0.881.702.91 归属母公司股东净利润45.3330.61-57.19 12.3223.9840.91资产负债表 货币资金1,377.101,240.69680.61760.93857.90915.72 交易性金融资产21.8421.20385.26250.00100.0050.00 应收票据19.179.7026.9839.0152.1464.18 应收账款208.27229.61148.60316.81423.43521.22 预付账款4.565.955.208.8311.8114.53 其他应收款6.465.035.159.1212.1915.00 存货145.92148.33153.32208.51280.69349.04 其他流动资产9.0413.5722.7935.4847.4158.36 长期股权投资0.000.0022.6222.6222.6222.62 金融资产投资3.0010.506.046.046.046.04 投资性房地产0.000.000.000.000.000.00 固定资产和在建工程180.32232.34256.04294.78310.98287.19 无形资产和开发支出10.9710.9014.6013.7712.9412.11 其他非流动资产6.137.6837.4833.6929.9129.91 资产总计1,992.791,935.491,764.681,999.592,168.062,345.94 短期借款0.000.000.000.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据13.0025.5114.9837.0149.8261.96 应付账款206.89151.76161.99300.55404.59503.11 预收账款0.000.000.000.000.000.00 合同负债41.9540.256.5443.7158.4271.91 其他应付款28.2717.9110.5832.1443.2753.81 长期借款1.420.369.147.665.863.60 其他负债13.446.0110.5314.4016.3017.93 负债合计304.98241.79213.76435.47578.26712.32 股本75.6675.6675.6675.6675.6675.66 资本公积1,521.691,521.691,522.051,522.051,522.051,522.05 留存收益96.59106.19-35.18 -22.86 1.1242.03 归属母公司股东权益1,693.941,703.541,562.541,574.851,598.841,639.75 少数股东权益-6.13 -9.84 -11.62 -10.74 -9.04 -6.13 股东权益合计1,687.811,693.701,550.921,564.111,589.801,633.62 负债和股东权益合计1,992.791,935.491,764.681,999.592,168.062,345.94 投入资本(IC)315.27444.22504.52590.40679.30724.02现金流量表 资本支出80.1968.8853.2460.0040.00-0.00 自由现金流-93.34 -148.51 -100.19 -79.76 -71.15 -9.62 短期借款增加0.000.000.000.000.000.00 长期带息债务增加-58.96 -1.06 8.78-1.48 -1.80 -2.26 股权筹资额0.000.000.00 支付普通股股利22.7014.970.000.000.000.00 长期投资284.975.48-375.59 145.14159.8859.88 经营性现金净流量-1