2025年中报点评：特种装备高速增长，积极备货备产

2 www.avicsec.com 010-59219558 010-59562637 1 ◆ ◆ ◆ -30%-10%10%30%50%70%90%110%130%150%170%24-0924-1125-0125-0425-0625-09300 ◆ ◆ ◆ ⚫ 1 2 3 4 5 6 24.28%11.19%-40.25%-2.37%17.36%-60%-40%-20%0%20%40%01,0002,0003,0004,0002021H1 2022H1 2023H1 2024H1 2025H1-78.98%114.61%-84.99% -57.66%-191.32%-300%-200%-100%0%100%200%(200)02004006008002021H1 2022H1 2023H1 2024H1 2025H1--10001002003002021H12022H12023H12024H12025H125.15%36.23%29.62%24.57%18.14%11.35%21.90%5.50%2.49%-2.32%-10%0%10%20%30%40%2021H12022H12023H12024H12025H10.010.020.030.040.02021H12022H12023H12024H12025H10%10%20%30%40%50%60%2021H12022H12023H12024H12025H1 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入6,713.596,115.924,569.188,714.2210,888.2113,267.48 减: 营业成本4,774.874,144.813,872.787,061.808,782.6210,535.10 税金及附加40.0438.8633.2343.5765.3392.87 主营业务利润1,898.681,932.24663.171,608.852,040.262,639.51 减: 销售费用62.8644.3940.6243.5765.3392.87 管理费用579.69523.92516.82610.00707.73849.12 研发费用388.46478.11417.58610.00707.73835.85 财务费用-92.70 -83.71 -79.47 -10.16 -20.21 -25.69 经营性利润960.37969.53-232.38 355.44579.67887.36 加: 资产减值损失-30.45 -78.44 -155.43 -149.24 -186.47 -227.22 信用减值损失-9.33 -60.51 -28.89 -51.14 -63.90 -77.86 其他经营损益-0.00 -0.00 0.00-0.00 -0.00 -0.00 投资收益11.184.350.725.425.425.42 公允价值变动损益0.000.000.000.000.000.00 资产处置收益2.484.970.002.482.482.48 其他收益14.7239.4540.5931.5931.5931.59 营业利润948.95879.36-375.38 194.55368.79621.76 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入18.3826.4521.1522.0022.0022.00 减: 营业外支出-1.88 4.047.973.373.373.37 利润总额969.22901.77-362.19 213.17387.41640.38 减: 所得税149.7273.445.6515.6628.4547.03 净利润819.49828.33-367.84 197.52358.96593.36 减: 少数股东损益0.000.00-40.52 7.2513.1821.79 归属母公司股东净利润819.49828.33-327.33 190.26345.78571.57资产负债表 货币资金6,623.866,498.186,339.057,167.117,973.588,969.04 交易性金融资产89.000.000.000.000.000.00 应收票据666.84188.55108.12446.80558.27680.26 应收账款1,178.011,888.611,782.592,539.913,173.563,867.04 预付账款94.42110.79157.77193.77242.11295.01 其他应收款19.6124.5220.8633.3941.7250.84 存货1,573.691,800.552,361.913,233.984,022.044,824.59 其他流动资产47.1881.41100.17122.76153.38186.90 长期股权投资0.000.000.000.000.000.00 金融资产投资0.000.000.000.000.000.00 投资性房地产36.2832.9429.7525.8021.8417.89 固定资产和在建工程3,987.714,453.214,555.494,353.064,137.963,910.18 无形资产和开发支出470.67451.45460.72383.93307.15230.36 其他非流动资产201.4787.47157.66155.62153.58153.58 资产总计14,988.7315,617.6816,074.0818,656.1320,785.1923,185.70 短期借款90.00133.00220.210.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据1,158.051,177.941,