25年半年报点评：公司业绩快速增长，布局芳纶纤维第二增长曲线，增强协同效应

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 649.37 973.09 1136.65 1311.58 1.41%49.85%16.81%15.39%130.20 152.44 181.96 211.87 -15.25%17.09%19.36%16.44%0.58 0.68 0.81 0.94 37.70% 32.48% 32.58% 32.50% 20.80% 16.25% 16.60% 16.76% ⚫ 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354.83404.50462.34529.39增长率8.32%14.00%14.30%14.50%毛利率30.24%26.00%25.70%25.50%营业收入283.42368.45442.14512.88增长率0.01%30.00%20.00%16.00%毛利率46.73%48.00%47.80%47.60%营业收入11.12200.14232.16269.31增长率-62.15%1700.00%16.00%16.00%毛利率45.70%17.00%17.30%17.50%UHMWPE纤维复合材料其他业务 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508.21-61.13202.88320.38利润表（百万元）20242025E2026E2027E 资产负债表（百万元）20242025E2026E2027E营业收入649.37973.091136.651311.58 货币资金503.61499.68622.36686.55营业成本404.54657.04766.32885.32 应收票据及账款50.53114.64118.34122.17税金及附加7.0110.5012.2714.15 预付账款6.8913.3314.0114.37销售费用14.9817.5219.3220.99 其他应收款3.582.672.181.80管理费用42.0358.3964.7970.83 存货198.34288.02289.73291.07研发费用39.5351.5761.3872.14 其他流动资产11.626.815.683.93财务费用-8.35-1.30-1.96-2.29 长期股权投资0.000.000.000.00资产减值损失-4.30-5.84-6.25-6.95 固定资产690.37965.03988.251053.77信用减值损失-0.24-0.39-0.40-0.39 在建工程10.848.6756.5049.34其他经营损益0.000.000.000.00 无形资产59.79121.31175.33199.35投资收益0.000.000.000.00 长期待摊费用5.575.014.463.90公允价值变动损益0.000.000.000.00 其他非流动资产24.3799.2624.1674.05资产处置收益0.000.000.000.00 资产总计1565.502124.432300.992500.29其他收益7.536.506.506.50 短期借款21.020.000.000.00营业利润152.63179.65214.39249.60 应付票据及账款43.6297.21104.98111.58营业外收入0.702.002.503.00 其他流动负债54.91151.77152.99150.55营业外支出0.072.202.703.20 流动负债合计119.55248.98257.97262.12其他非经营损益0.000.000.000.00 长期借款0.000.010.010.01利润总额153.26179.45214.19249.40 其他非流动负债27.77316.70316.50316.30所得税18.2121.3325.4629.64 非流动负债合计27.77316.71316.51316.31净利润135.05158.12188.73219.76 负债合计147.32565.69574.48578.43少数股东损益4.855.686.787.89 股本224.67224.67224.67224.67归属母公司股东净利润130.20152.44181.96211.87 资本公积646.31646.31 646.31 646.31现金流量表（百万元）20242025E2026E2027E 留存收益470.15605.03766.03953.49经营性现金净流量179.06194.70242.42277.06 归属母公司权益1341.131476.01 1,637.00 1,824.46投资性现金净流量-106.56-223.36-100.75-190.75 少数股东权益77.0582.73 89.50 97.39筹资性现金净流量-23.8624.73-19.00-22.12 股东权益合计1418.181558.741726.511921.86现金流量净额50.61-3.93122.6764.19 负债和股东权益合计1565.502124.432300.992500.29