公司2025年外销产品收入同比增长484%，军贸放量与扩产落地共振提升业绩表现

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ⚫ 资料来源：iFind，中航证券研究所 报表预测单位:百万元会计年度2023202420252026E2027E2028E利润表 营业收入1,040.251,204.441,410.291,699.062,057.882,552.66 减: 营业成本703.72789.91933.851,094.541,329.801,637.89 税金及附加3.974.728.167.669.2711.50 主营业务利润332.57409.81468.27596.87718.81903.27 减: 销售费用16.8719.1421.0426.6330.8738.29 管理费用77.7787.84103.90122.33144.05183.79 研发费用72.3891.17118.45127.43154.34191.45 财务费用-0.44 -18.16 -12.36 -5.39 -5.73 -6.06 经营性利润165.98229.83237.25325.86395.28495.79 加: 资产减值损失-1.07 0.50-5.74 -2.66 -3.22 -3.99 信用减值损失-0.46 -24.24 11.94-6.85 -8.30 -10.30 其他经营损益0.000.00-0.00 0.000.000.00 投资收益0.032.081.641.251.251.25 公允价值变动损益0.000.180.010.000.000.00 资产处置收益0.0119.410.006.486.486.48 其他收益2.548.7514.148.488.488.48 营业利润167.03236.51259.24332.55399.96497.70 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.402.0413.745.396.016.27 减: 营业外支出0.674.010.501.731.731.73 利润总额166.76234.54272.48336.22404.24502.25 减: 所得税19.8128.0124.0936.6044.0154.68 净利润146.95206.53248.39299.61360.23447.57 减: 少数股东损益6.267.801.808.7510.5213.07 归属母公司股东净利润140.69198.73246.59290.86349.71434.50资产负债表 货币资金1,827.581,322.821,518.061,630.771,700.031,800.35 交易性金融资产0.0030.180.000.000.000.00 应收票据54.4748.86108.8496.34116.68144.74 应收账款213.96563.85459.69566.22685.80850.69 预付账款6.256.192.205.696.898.54 其他应收款2.404.942.834.765.777.16 存货232.06202.77200.66209.91273.25332.06 其他流动资产32.4241.9929.8233.9841.1651.05 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757.36767.70786.22796.69815.03830.22 无形资产和开发支出93.47146.84144.33173.66162.15185.15 其他非流动资产27.0523.0163.1143.6943.5058.30 资产总计3,247.023,159.143,315.753,561.713,850.254,268.27 短期借款10.010.000.000.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据138.17210.66240.04248.89284.18314.12 应付账款401.11430.37443.50509.78546.49673.10 预收账款0.000.000.000.000.000.00 合同负债185.5519.5416.8925.4937.0445.95 其他应付款103.31111.55141.22160.26194.70239.81 长期借款61.3221.032.862.291.721.14 其他负债67.0468.0141.5742.1741.1635.31 负债合计966.51861.16886.08988.881,105.291,309.43 股本146.67175.70208.84208.84208.84208.84 资本公积1,670.731,644.701,577.541,577.541,577.541,577.54 留存收益449.57458.82628.04762.46924.071,124.87 归属母公司股东权益2,266.972,279.222,414.432,548.852,710.462,911.26 少数股东权益13.5418.7615.2423.9934.5147.58 股东权益合计2,280.512,297.982,429.662,572.832,744.972,958.84 负债和股东权益合计3,247.023,159.143,315.753,561.713,850.254,268.27 投入资本(IC)628.281,086.461,055.491,114.261,252.451,414.90现金流量表 经营性现金净流量441.49-105.39 462.10348.04331.70464.67 投资性现金净流量-90.77 -152.65 -51.55 -83.70 -79.51 -136.14 筹资性现金净流量1,141.36-245.73 -218.89 -151.63 -182.94 -228.22 现金流量净额1,492.09-503.77