25年半年报点评：产能释放、产品升级助力业绩增长，精细化管理、库存管控见成效

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 53750.76 64406.27 74717.36 85260.06 16.06%19.82%16.01%14.11%229.86 640.08 750.06 885.99 -56.57%178.47%17.18%18.12%0.14 0.39 0.46 0.55 3.00% 3.49% 3.50% 3.52% 0.53% 1.24% 1.26% 1.30% ⚫ 负债和股东权益合计3396.373690.084390.445088.04现金流量表（百万元）2021A2022E2023E2024E 经营活动现金流净额271.45361.82430.93535.42 投资活动现金流净额-597.94-224.69-168.88-68.48 筹资活动现金流净额843.49-198.26-59.17-146.56 现金流量净额508.21-61.13202.88320.3820242025E2026E2027E营业收入51771.4662125.7672065.8882155.10增长率17.12%20.00%16.00%14.00%毛利率2.13%2.60%2.55%2.50%营业收入1272.791552.801898.302325.42增长率-8.96%22.00%22.25%22.50%毛利率37.57%37.80%38.00%38.20%营业收入706.51727.71753.18779.54增长率-0.30%3.00%3.50%3.50%毛利率4.30%6.50%7.00%7.25%铜基材料高端装备、碳纤维复合材料钢带、管材 负债和股东权益合计3396.373690.084390.445088.04现金流量表（百万元）2021A2022E2023E2024E 经营活动现金流净额271.45361.82430.93535.42 投资活动现金流净额-597.94-224.69-168.88-68.48 筹资活动现金流净额843.49-198.26-59.17-146.56 现金流量净额508.21-61.13202.88320.3820242025E2026E2027E20242025E2026E2027E营业收入53750.7664406.2774717.3685260.06 货币资金2973.883220.313735.874263.00营业成本52140.7862156.7472105.6082261.35 应收票据及账款3688.814587.845117.635652.86税金及附加182.48218.65253.66289.45 预付账款759.36794.05818.82817.56销售费用120.06128.81134.49144.94 其他应收款488.54582.30655.06724.13管理费用345.91386.44403.47443.35 存货4325.474427.604741.194732.85研发费用1149.231352.531524.231662.57 其他流动资产533.56996.09926.61882.60财务费用194.57221.73246.83256.19 长期股权投资0.000.000.000.00资产减值损失-20.12-25.76-29.89-34.10 固定资产3703.063933.504289.744589.07信用减值损失-70.91-12.88-14.94-17.05 在建工程484.80475.74400.00341.67其他经营损益0.000.000.000.00 无形资产468.16475.34483.28488.96投资收益-64.35-25.00-20.00-18.00 长期待摊费用13.0811.7710.469.15公允价值变动损益-4.86-4.86-4.86-4.86 其他非流动资产1618.531655.081587.231629.37资产处置收益-0.68-1.29-1.29-1.29 资产总计19057.2521159.6322765.8724131.22其他收益841.07950.00980.001000.00 短期借款6674.658493.169436.0610059.45营业利润297.88821.57958.091126.89 应付票据及账款1525.311311.251402.601464.93营业外收入6.238.858.858.85 其他流动负债1082.071238.531394.091541.93营业外支出11.1712.8212.8212.82 流动负债合计9282.0311042.9412232.7613066.31其他非经营损益0.000.000.000.00 长期借款1249.311042.62817.91595.13利润总额292.94817.60954.121122.92 其他非流动负债356.37356.37356.37356.37所得税5.4917.1517.8821.05 非流动负债合计1605.681398.991174.28951.50净利润287.45800.45936.241101.87 负债合计10887.7112441.9313407.0414017.81少数股东损益57.60160.39187.59220.78 股本1508.551508.551508.551508.55归属母公司股东净利润229.86640.06748.64881.09 资本公积4028.134028.13 4,028.13 4,028.1320242025E2026E2027E 留存收益2030.872418.642872.193405.98经营性现金净流量-664.46-535.05808.251287.39 归属母公司权益7567.557955.32 8,408.87 8,942.66投资性现金净流量-548.79-356.31-468.96-557.37 少数股东权益601.99762.37 949.97 1,170.75筹资性现金净流量987.281137.79176.26-202.88 股东权益合计8169.548717.699358.8410113.41现金流量净额-267.95246.43515.55527.14 负债和股东权益合计19057.2521159.6322765.8724131.22