2025年中报点评：收入净利润大幅增长，军贸+低空助力高速发展

2 www.avicsec.com 010-59219558 010-59562637 1 ◆ ◆ ◆ -30%0%30%60%90%120%150%180%210%240%270%24-0924-1125-0125-0425-0625-09300 ◆ ◆ ◆ ◆ ◆ ⚫ 1 2 3 4 5 6 0.00%0.00%100.64%-81.78%688.61%-200%0%200%400%600%800%01002003004005006002021H1 2022H1 2023H1 2024H1 2025H1-0.00%0.00%277.55%-233.34%234.75%-400%-200%0%200%400%(50)0501002021H12022H12023H12024H12025H1--500501002021H12022H12023H12024H12025H10.00%25.50%27.97%12.85%24.84%0.00%-9.23%8.17%-59.79%10.22%-100%-50%0%50%2021H12022H12023H12024H12025H10.01.02.03.04.05.06.02023H12024H12025H1-10%0%10%20%30%2024H12025H1 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入953.01725.69217.821,008.021,242.451,562.41 减: 营业成本554.61486.69177.36662.24841.391,071.71 税金及附加6.766.046.0810.087.459.37 主营业务利润391.64232.9534.38335.70393.60481.33 减: 销售费用8.495.053.1913.109.9410.94 管理费用64.0363.9259.9959.4760.8862.50 研发费用142.72140.3596.79110.88119.28140.62 财务费用-7.35 -31.77 -31.46 -5.50 -5.11 -5.11 经营性利润183.7555.40-94.14 157.74208.62272.38 加: 资产减值损失-3.35 -6.88 -3.93 -10.43 -12.85 -16.16 信用减值损失-18.46 22.15-13.11 -16.48 -20.31 -25.54 其他经营损益-0.00 0.00-0.00 -0.00 -0.00 -0.00 投资收益0.000.000.000.000.000.00 公允价值变动损益0.000.000.000.000.000.00 资产处置收益-0.02 0.000.01-0.00 -0.00 -0.00 其他收益1.4930.397.0512.9812.9812.98 营业利润163.41101.06-104.12 143.81188.43243.65 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.010.040.280.110.110.11 减: 营业外支出0.030.490.840.450.450.45 利润总额163.39100.61-104.68 143.46188.08243.31 减: 所得税6.58-1.84 -26.44 13.1317.2122.27 净利润156.81102.46-78.23 130.33170.87221.04 减: 少数股东损益0.000.000.000.000.000.00 归属母公司股东净利润156.81102.46-78.23 130.33170.87221.04资产负债表 货币资金304.872,085.071,690.031,453.821,466.881,450.22 交易性金融资产0.000.000.000.000.000.00 应收票据6.6228.086.4725.3131.2039.23 应收账款866.47274.11283.33869.481,071.701,347.69 预付账款10.054.195.1613.4516.5720.84 其他应收款0.4215.250.968.6810.7013.46 存货441.73387.26531.531,013.001,287.041,639.35 其他流动资产9.6943.96117.06204.36251.88316.75 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0.000.000.000.000.000.00 固定资产和在建工程77.20305.69461.93440.98418.96395.87 无形资产和开发支出95.3495.87101.5084.5867.6750.75 其他非流动资产38.7230.5354.8246.6638.5138.51 资产总计1,851.113,270.003,252.784,160.324,661.115,312.67 短期借款0.000.000.000.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据269.58108.5876.89252.24320.48408.21 应付账款363.45365.97364.53764.34971.121,236.95 预收账款0.080.000.000.030.030.04 合同负债211.90117.90143.60350.81432.40543.76 其他应付款39.414.893.0521.7027.5735.12 长期借款0.400.0