2025年中报点评：军民空管装备领军企业，积极布局低空经济新赛道

1      ① ② ③    报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入3,884.603,831.744,178.504,391.575,472.876,118.49 减: 营业成本3,017.682,919.963,298.583,386.754,169.504,650.13 税金及附加14.9924.0519.9620.9826.1429.22 主营业务利润851.92887.73859.96983.841,277.221,439.14 减: 销售费用79.1689.0271.6665.8776.6297.90 管理费用191.35212.57255.26298.63366.68409.94 研发费用325.41356.10363.41364.50432.36471.12 财务费用20.4616.353.5216.9315.2510.96 经营性利润235.53213.69166.11237.91386.31449.23 加: 资产减值损失-24.11 -34.78 -13.97 -15.37 -16.42 -24.47 信用减值损失-58.97 -47.27 -27.74 -26.35 -43.78 -18.36 其他经营损益0.00-0.00 -0.00 -0.00 -0.00 -0.00 投资收益24.2129.2431.9529.1414.9310.43 公允价值变动损益-0.25 1.010.500.110.561.77 资产处置收益-0.14 0.080.15-0.12 -0.11 0.13 其他收益56.4481.3688.0251.9340.8845.62 营业利润232.72243.34245.02277.25382.37464.35 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入1.161.130.310.740.640.53 减: 营业外支出0.570.582.000.871.001.21 利润总额233.31243.89243.33277.12382.00463.67 减: 所得税-8.12 -2.41 2.425.547.649.27 净利润241.43246.30240.91271.58374.36454.39 减: 少数股东损益43.4945.9346.4850.6370.6086.02 归属母公司股东净利润197.94200.37194.42220.94303.76368.37资产负债表 货币资金550.72869.60695.58790.48985.121,254.51 交易性金融资产241.67268.92289.74300.00300.00100.00 应收票据242.18253.05122.63180.48269.89268.21 应收账款2,250.822,686.953,191.803,368.873,598.603,687.86 预付账款61.725.9420.2021.2326.4629.58 其他应收款29.7528.1421.8329.2034.7136.95 存货806.71650.83662.17835.09913.86891.80 其他流动资产622.24397.96137.2243.92164.1961.18 长期股权投资33.9731.6527.8524.9024.7925.11 金融资产投资2.402.400.000.000.000.00 投资性房地产143.55136.31446.43441.52436.61431.70 固定资产和在建工程308.14851.72644.67587.88539.62499.27 无形资产和开发支出27.4226.3223.0921.2319.3617.50 其他非流动资产550.25505.70715.87572.41505.33542.01 资产总计5,871.536,715.506,999.087,217.197,818.537,845.68 短期借款178.40578.13420.08232.28341.730.00 交易性金融负债0.710.000.000.000.000.00 应付票据464.76612.80630.16742.30799.63764.40 应付账款1,250.521,479.521,691.701,762.971,827.731,783.61 预收账款0.000.000.000.000.000.00 合同负债185.9159.2741.5887.8354.7361.18 其他应付款383.10466.25430.49441.99544.15606.87 长期借款73.0573.18195.00195.00195.00195.00 其他负债208.39196.53209.84213.48240.11256.85 负债合计2,744.853,465.693,618.853,675.854,003.073,667.92 股本1,022.811,022.811,022.811,022.811,022.811,022.81 资本公积301.84303.89305.49305.49305.49305.49 留存收益1,535.691,632.751,725.501,835.972,039.492,315.77 归属母公司股东权益2,860.342,959.453,053.793,164.273,367.783,644.06 少数股东权益266.34290.35326.44377.07447.68533.70 股东权益合计3,126.683,249.813,380.233,541.343,815.464,177.76 负债和股东权益合计5,871.536,715.506,999.087,217.197,818.537,845.68 投入资本(IC)3,134.783,449.923,705.573,668.624,052.194,119.58现金流量表 经营性现金净流量227.20217.51-102.47 278.48161.29569.99