2025半年报点评：布局算力业务，带动业绩快速增长

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 476.77 689.82 817.41 985.29 62.35%44.69%18.50%20.54%45.54 113.62 138.32 170.99 198.73%149.48%21.74%23.62%0.31 0.78 0.95 1.18 39.90% 50.16% 50.94% 51.27% 12.18% 20.99% 21.57% 22.12% ⚫ 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324.28334.01384.11460.93增长率46.98%3.00%15.00%20.00%毛利率39.05%38.00%37.70%37.50%营业收入83.5791.93103.88119.46增长率21.57%10.00%13.00%15.00%毛利率9.26%9.10%9.00%9.00%营业收入65.73262.92328.65404.24增长率/300.00%25.00%23.00%毛利率82.18%80.00%79.70%79.50%营业收入3.180.950.760.65增长率-25.85%-70.00%-20.00%-15.00%毛利率57.93%40.00%35.00%30.00%算力服务及销售业务其他业务航空航天零部件及工装民用多行业精密零部件 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476.77689.82817.41985.29货币资金77.1468.9881.7498.53营业成本286.53343.81401.05480.12应收票据及账款537.79803.21833.09863.82税金及附加3.775.466.477.80预付账款1.2918.9020.1621.60销售费用10.6420.0023.7027.59其他应收款157.17151.19152.28161.97管理费用50.1075.8885.8398.53存货74.3861.2365.9372.35研发费用30.1244.1550.6859.12其他流动资产71.0375.8881.7488.68财务费用18.5522.9925.6127.40长期股权投资0.000.000.000.00资产减值损失-6.46-5.52-6.54-6.90固定资产505.45888.301041.281303.44信用减值损失-31.73-34.49-42.51-53.21在建工程429.10321.82314.55232.27其他经营损益0.000.000.000.00无形资产35.3236.2939.0039.17投资收益-0.040.000.000.00长期待摊费用9.628.667.706.74公允价值变动损益-0.11-0.11-0.11-0.11其他非流动资产275.66301.93319.43329.93资产处置收益-0.540.010.010.01资产总计 2,173.95 2,736.40 2,956.90 3,218.49其他收益31.1635.0035.0035.00短期借款 588.21 704.65 874.43 977.65营业利润69.32172.42209.93259.54应付票据及账款 485.34 815.72 780.12 822.12营业外收入0.010.300.300.30其他流动负债 90.03 117.08 124.36 137.01营业外支出0.170.180.180.18流动负债合计 1,163.58 1,637.44 1,778.91 1,936.78其他非经营损益0.000.000.000.00长期借款 199.62 200.35 172.42 143.90利润总额69.16172.54210.05259.66其他非流动负债 11.78 11.78 11.78 11.78所得税11.1127.7133.7441.71非流动负债合计 211.40 212.12 184.20 155.68净利润58.05144.82176.31217.95负债合计 1,374.98 1,849.57 1,963.11 2,092.47少数股东损益12.5131.2037.9946.96股本 145.43 145.43 145.43 145.43归属母公司股东净利润45.54113.62138.32170.99资本公积 382.57 382.57 382.57 382.57现金流量表（百万元）20242025E2026E2027E留存收益 213.13 269.79 338.77 424.03经营性现金净流量-218.68302.15186.58326.93归属母公司权益 741.13 797.79 866.77 952.03投资性现金净流量-611.42-347.53-220.72-271.72少数股东权益 57.84 89.04 127.03 173.99筹资性现金净流量808.9637.2146.91-38.42股东权益合计 798.97 886.83 993.79 1,126.02现金流量净额-21.15-8.1612.7616.79负债和股东权益合计 2,173.95 2,736.40 2,956.90 3,218.49