事件点评：集团资产证券化持续推进，完善微波射频业务版图

1              报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入3,884.603,831.744,178.504,456.795,846.706,926.38 减: 营业成本3,017.682,919.963,298.583,526.414,563.035,378.12 税金及附加14.9924.0519.9622.2829.2334.63 主营业务利润851.92887.73859.96908.091,254.441,513.63 减: 销售费用79.1689.0271.6660.1778.3592.81 管理费用191.35212.57255.26296.38380.04450.21 研发费用325.41356.10363.41369.91461.89533.33 财务费用20.4616.353.5214.9016.7815.65 经营性利润235.53213.69166.11166.73317.39421.62 加: 资产减值损失-24.11 -34.78 -13.97 -14.26 -18.12 -20.78 信用减值损失-58.97 -47.27 -27.74 4.46-17.54 -27.71 其他经营损益0.00-0.00 -0.00 -0.00 -0.00 -0.00 投资收益24.2129.2431.9526.3025.0028.75 公允价值变动损益-0.25 1.010.501.211.341.77 资产处置收益-0.14 0.080.150.050.050.05 其他收益56.4481.3688.0273.9480.9080.75 营业利润232.72243.34245.02258.43389.02484.46 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233.31243.89243.33258.29388.65483.78 减: 所得税-8.12 -2.41 2.425.177.779.68 净利润241.43246.30240.91253.13380.88474.10 减: 少数股东损益43.4945.9346.4847.1971.8389.75 归属母公司股东净利润197.94200.37194.42205.93309.05384.35资产负债表 货币资金550.72869.60695.58984.75534.26550.95 交易性金融资产241.67268.92289.74136.350.000.00 应收票据242.18253.05122.63146.52192.22227.72 应收账款2,250.822,686.953,191.803,479.963,844.404,174.80 预付账款61.725.9420.2021.5428.2633.48 其他应收款29.7528.1421.8329.6337.0841.83 存货806.71650.83662.17869.53937.61957.75 其他流动资产622.24397.96137.2226.7429.2331.17 长期股权投资33.9731.6527.8537.0543.6044.76 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308.14851.72644.67700.48722.40726.07 无形资产和开发支出27.4226.3223.0922.2125.2526.17 其他非流动资产550.25505.70715.87726.271,482.001,564.00 资产总计5,871.536,715.506,999.087,622.558,312.938,810.40 短期借款178.40578.13420.08337.58354.15211.64 交易性金融负债0.710.000.000.000.000.00 应付票据464.76612.80630.16772.91875.10884.07 应付账款1,250.521,479.521,691.701,787.362,000.232,210.19 预收账款0.000.000.000.000.000.00 合同负债185.9159.2741.5889.1458.4769.26 其他应付款383.10466.25430.49434.76562.56663.06 长期借款73.0573.18195.00453.00453.00453.00 其他负债208.39196.53209.84217.41252.67280.50 负债合计2,744.853,465.693,618.854,092.164,556.184,771.73 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1,535.691,632.751,725.501,828.471,982.992,175.16 归属母公司股东权益2,860.342,959.453,053.793,156.763,311.283,503.46 少数股东权益266.34290.35326.44373.63445.46535.22 股东权益合计3,126.683,249.813,380.233,530.393,756.754,038.68 负债和股东权益合计5,871.536,715.506,999.087,622.558,312.938,810.40 投入资本(IC)3,134.783,449.923,705.574,002.104,563.904,703.32现金流量表 经营性现金净流量227.20217.51-102.47 220.26432.98514.82 投资性现金