2025年年报及2026年一季报点评：业绩创新高，积极推进数字化转型以及战新产业业务拓展

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 1177.75 1450.83 1806.51 2259.81 7.29%23.19%24.52%25.09%155.72 183.61 224.89 277.40 7.37%17.92%22.48%23.35%0.41 0.48 0.59 0.72 48.13%48.18%48.25%48.38%11.54%11.05%10.87%10.72% ◆ 利润表（百万元）20252026E2027E2028E 资产负债表（百万元）20252026E2027E2028E营业收入1177.751450.831806.512259.81 货币资金290.22400.71518.65644.12营业成本610.94751.80934.801166.61 应收票据及账款516.65588.28663.21749.14税金及附加8.4710.4413.0016.26 预付账款65.8479.5094.04111.44销售费用150.21174.10198.72237.28 其他应收款11.6111.2914.2819.24管理费用148.23163.94207.75248.58 存货319.75350.15409.78479.43研发费用170.29210.37270.98357.05 其他流动资产59.9460.9363.2367.79财务费用4.473.251.900.64 长期股权投资0.000.000.000.00资产减值损失-8.60-10.16-12.65-15.82 固定资产808.31815.40860.09917.53信用减值损失2.87-5.77-7.19-8.99 在建工程28.6734.3440.0050.00其他经营损益0.000.000.000.00 无形资产8.637.776.906.04投资收益-0.02-0.02-0.02-0.02 长期待摊费用51.8034.5317.270.00公允价值变动损益0.000.000.000.00 其他非流动资产63.7065.0070.0073.00资产处置收益0.000.000.000.00 资产总计2225.122447.902757.443117.73其他收益68.0051.0651.0651.06 短期借款1.340.000.000.00营业利润147.37172.04210.58259.61 应付票据及账款149.29169.93186.96202.96营业外收入0.390.690.690.69 其他流动负债482.98561.99680.80805.08营业外支出2.361.271.271.27 流动负债合计633.61731.92867.761008.04其他非经营损益0.000.000.000.00 长期借款103.7582.5864.9747.84利润总额145.40171.45210.00259.03 其他非流动负债177.04162.40157.40152.40所得税9.4811.1813.6916.88 非流动负债合计280.79244.98222.37200.24净利润135.93160.28196.31242.14 负债合计914.40976.901090.131208.28少数股东损益-19.79-23.34-28.58-35.25 股本382.73382.73382.73382.73归属母公司股东净利润155.72183.61224.89277.40 资本公积246.34246.34 246.34 246.34现金流量表（百万元）20252026E2027E2028E 留存收益695.47879.091103.981381.38经营性现金净流量179.22195.50230.76254.55 归属母公司权益1324.551508.16 1,733.05 2,010.45投资性现金净流量-104.58-59.26-93.31-111.31 少数股东权益 -13.82 -37.16 -65.74 -101.00筹资性现金净流量-66.13-25.75-19.50-17.78 股东权益合计1310.721471.001667.311909.45现金流量净额8.68110.49117.94125.46 负债和股东权益合计2225.122447.902757.443117.73