2025年中报点评：营收规模创历史新高，签订多项重要合同

2 www.avicsec.com 010-59219558 010-59562637 1 ◆ ◆ 1 2025.8.5 3.07 2025.7.21 6.85 2025.7.14 8.79 -30%-10%10%30%50%70%90%110%130%24-0924-1125-0125-0425-0625-09300 ◆ ◆ ◆ ◆ ⚫ 1 2 3 4 5 6 57.04%-33.34%-14.17%8.79%68.24%-40%-20%0%20%40%60%80%05001,0001,5002,0002,5002021H1 2022H1 2023H1 2024H1 2025H1-34.01%-45.71%-44.99%-91.34%906.85%-200%0%200%400%600%800%1000%02004006008002021H12022H12023H12024H12025H1--10001002003004002021H12022H12023H12024H12025H157.47%53.38%53.92%51.40%51.02%37.60%30.67%19.47%1.56%9.35%0%20%40%60%80%2021H12022H12023H12024H12025H10.05.010.015.020.025.02021H12022H12023H12024H12025H1-50%0%50%100%2021H12022H12023H12024H12025H1 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入2,528.592,415.062,677.594,821.785,705.586,584.92 减: 营业成本1,347.601,362.171,587.312,750.853,363.733,820.95 税金及附加18.8829.7628.4157.8657.0679.02 主营业务利润1,162.121,023.131,061.862,013.072,284.802,684.94 减: 销售费用96.7796.51140.18144.65176.87197.55 管理费用204.53256.96303.39289.31313.81368.76 研发费用412.97542.24745.63723.27701.79829.70 财务费用-59.29 -48.97 6.4398.43164.08189.35 经营性利润507.14176.39-133.76 757.41928.261,099.59 加: 资产减值损失-40.66 -147.05 -169.20 -225.28 -266.57 -307.65 信用减值损失28.1536.24-159.38 -53.66 -63.49 -73.28 其他经营损益-0.00 -0.00 -0.00 -0.00 -0.00 -0.00 投资收益4.44-0.34 13.835.985.985.98 公允价值变动损益0.000.000.000.000.000.00 资产处置收益0.000.00-1.36 -0.45 -0.45 -0.45 其他收益74.2157.7553.1061.6961.6961.69 营业利润573.28122.99-396.77 545.68665.40785.87 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入1.141.604.382.372.372.37 减: 营业外支出2.103.064.943.373.373.37 利润总额572.31121.53-397.33 544.69664.41784.87 减: 所得税69.0752.7549.8577.9395.06112.30 净利润503.2468.78-447.19 466.75569.35672.57 减: 少数股东损益1.281.080.002.853.484.11 归属母公司股东净利润501.9567.70-447.19 463.90565.87668.47资产负债表 货币资金2,238.891,484.35573.57482.18570.56658.49 交易性金融资产0.000.000.000.000.000.00 应收票据117.3016.7031.73104.72123.91143.01 应收账款1,845.311,609.451,428.253,101.383,669.854,235.43 预付账款162.94180.57176.92329.94390.42450.59 其他应收款41.8028.1533.6365.4977.5089.44 存货1,688.421,889.252,160.783,668.844,486.245,096.06 其他流动资产120.13155.27188.51292.85346.52399.93 长期股权投资3.800.000.00-0.15 -0.29 -0.44 金融资产投资34.3634.36885.20885.20885.20885.20 投资性房地产19.4418.3117.1714.8912.6110.33 固定资产和在建工程1,542.612,087.652,569.082,445.992,320.212,191.76 无形资产和开发支出735.84733.46799.78711.68619.36522.82 其他非流动资产342.96385.00371.67354.06336.46336.46 资产总计8,893.828,622.529,236.2812,457.0713,838.5415,019.07 短期借款530.19500.23950.633,341.624,057.564,602.96 交易性金融负债0.000.00