2025年中报点评：军品交付加速，业绩发展迎来拐点

2 www.avicsec.com 010-59219558 010-59562637 1 ◆ ◆ ◆ -30%-10%10%30%50%70%90%110%130%150%170%24-0924-1125-0125-0425-0625-08300 ◆ ◆ ◆ ◆ ⚫ 1 2 3 4 118.12%7.36%4.57%-82.98%481.19%-200%0%200%400%600%05001,0001,5002,0002021H1 2022H1 2023H1 2024H1 2025H1-598.03%42.44%25.26%-150.49%256.59%-200%0%200%400%600%800%(100)(50)0501001502002021H1 2022H1 2023H1 2024H1 2025H1--500501001502021H12022H12023H12024H12025H123.80%20.84%26.82%40.09%22.32%7.03%8.31%9.59%-27.65%6.44%-40%-20%0%20%40%60%2021H12022H12023H12024H12025H1 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入3,839.453,564.552,747.744,811.455,826.036,709.07 减: 营业成本3,010.322,680.392,125.723,701.684,460.655,097.30 税金及附加21.1239.6829.7852.9358.2667.09 主营业务利润808.01844.48592.251,056.841,307.121,544.68 减: 销售费用80.2274.3858.9486.61122.35147.60 管理费用263.42231.66243.83288.69355.39402.54 研发费用206.53245.15199.15298.31355.39436.09 财务费用-19.00 -22.74 -14.23 -5.38 -6.72 -7.48 经营性利润276.84316.03104.56388.62480.72565.92 加: 资产减值损失-38.98 -30.34 -15.96 -39.25 -47.53 -54.73 信用减值损失-16.77 -18.83 -22.69 -28.72 -34.78 -40.05 其他经营损益-0.00 -0.00 0.00-0.00 -0.00 -0.00 投资收益30.180.000.0010.0610.0610.06 公允价值变动损益0.000.000.000.000.000.00 资产处置收益-0.49 -0.15 0.06-0.19 -0.19 -0.19 其他收益2.066.3515.608.008.008.00 营业利润252.84273.0581.57338.51416.28489.01 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入14.108.453.428.668.668.66 减: 营业外支出2.790.382.081.751.751.75 利润总额264.16281.1282.90345.42423.19495.92 减: 所得税7.2130.72-6.21 7.118.7110.20 净利润256.94250.3989.11338.31414.48485.71 减: 少数股东损益71.9258.1630.0795.82117.39137.57 归属母公司股东净利润185.02192.2359.04242.49297.09348.15资产负债表 货币资金1,999.712,066.151,370.861,919.052,083.342,296.77 交易性金融资产0.000.000.000.000.000.00 应收票据499.36285.80197.83452.65548.10631.18 应收账款2,047.943,355.074,469.624,973.886,022.726,935.57 预付账款26.6615.7014.6526.7532.3937.30 其他应收款9.9126.9814.4524.7129.9234.46 存货609.14423.76538.47757.32912.591,042.84 其他流动资产14.851.945.1010.0512.1714.02 长期股权投资0.000.000.000.000.000.00 金融资产投资4.782.582.362.362.362.36 投资性房地产5.200.000.000.000.000.00 固定资产和在建工程787.76834.53868.81827.00784.38740.93 无形资产和开发支出200.95178.70170.79150.76130.73110.69 其他非流动资产120.5397.09115.17114.88114.58114.58 资产总计6,326.797,288.277,768.129,259.4110,673.2811,960.70 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768.78512.43282.74715.13861.75984.75 应付账款1,850.982,796.643,346.263,988.484,806.255,492.22 预收账款0.000.000.000.000.000.00 合同负债65.5453.92190.16162.63196.93226.77 其他应付款241.94397.20320.53468.07564.