2025年中报点评：红外光电业务快速增长，多维感知构筑新增长逻辑

2 www.avicsec.com 010-59219558 010-59562637 1 ◆ ◆ ◆ -30%0%30%60%90%120%150%180%210%24-0924-1125-0125-0425-0625-08300 ◆ ◆ ◆ ◆ ⚫ 1 2 3 4 5 6 25.54%24.89%64.16%13.32%25.82%0%20%40%60%80%01,0002,0003,0002021H1 2022H1 2023H1 2024H1 2025H1--12.58%-58.28%129.03%-12.91%56.47%-100%-50%0%50%100%150%01002003004002021H12022H12023H12024H12025H1--20002004006002021H12022H12023H12024H12025H163.39%47.19%49.79%49.46%50.72%30.91%10.24%13.47%8.54%11.37%0%20%40%60%80%2021H12022H12023H12024H12025H10.05.010.015.020.025.030.02023H12024H12025H10%10%20%30%40%50%60%2023H12024H12025H1 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入2,645.893,558.604,315.705,120.205,994.496,913.37 减: 营业成本1,413.441,818.102,146.842,535.923,028.783,566.05 税金及附加11.2832.0665.1681.9295.91103.70 主营业务利润1,221.171,708.442,103.692,502.352,869.803,243.62 减: 销售费用151.65175.26217.82256.01296.73311.10 管理费用232.33390.71383.88435.22503.54566.90 研发费用536.41683.33860.731,024.041,138.951,278.97 财务费用-8.31 36.1946.5157.3239.5224.70 经营性利润309.09422.96594.75729.77891.061,061.95 加: 资产减值损失-77.97 -79.42 -136.72 -142.46 -166.78 -192.35 信用减值损失-12.28 -41.32 -170.19 -95.04 -111.27 -128.33 其他经营损益0.00-0.00 -0.00 -0.00 -0.00 -0.00 投资收益9.5531.7332.8424.7124.7124.71 公允价值变动损益23.55-0.04 0.047.857.857.85 资产处置收益0.02-0.08 -0.10 -0.05 -0.05 -0.05 其他收益52.4977.51121.4983.8383.8383.83 营业利润304.45411.34442.10608.61729.34857.61 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入1.722.202.061.991.991.99 减: 营业外支出1.7614.3716.1410.7510.7510.75 利润总额304.41399.17428.02599.84720.58848.84 减: 所得税17.89-23.02 -14.18 0.000.000.00 净利润286.52422.19442.20599.84720.58848.84 减: 少数股东损益-26.85 -73.58 -126.76 -110.90 -133.22 -156.93 归属母公司股东净利润313.36495.77568.96710.74853.791,005.77资产负债表 货币资金952.601,390.801,051.26849.18839.16914.69 交易性金融资产0.000.000.000.000.000.00 应收票据155.53135.67179.10236.22276.56318.95 应收账款829.871,233.811,329.141,652.701,934.902,231.49 预付账款117.09119.25182.03204.71239.67276.41 其他应收款15.1811.6111.1719.7823.1526.70 存货1,496.141,555.801,744.802,305.132,753.133,241.50 其他流动资产69.9463.10285.03188.10220.22253.97 长期股权投资128.94150.42183.69191.38199.06206.74 金融资产投资238.22918.95869.00869.00869.00869.00 投资性房地产40.7737.9335.3030.6125.9221.23 固定资产和在建工程1,439.321,884.132,034.171,935.511,835.331,733.62 无形资产和开发支出348.17369.32362.37324.96287.56250.15 其他非流动资产495.89426.28539.12530.22521.32521.32 资产总计6,327.668,297.078,806.209,337.5010,024.9810,865.79 短期借款420.37203.18135.110.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据226.67248.77287.42