2026年半年报点评：公司海外收入+79%，硝化棉量价齐升与扩产驱动业绩提升

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 资料来源：，中航证券研究所 ⚫ 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2,159.221,947.052,750.453,174.733,682.924,208.43 减: 营业成本1,697.341,571.161,942.772,096.242,393.772,708.16 税金及附加19.6722.6425.9734.9237.0442.08 主营业务利润442.22353.25781.711,043.571,252.101,458.18 减: 销售费用71.9888.7692.08111.12128.90143.09 管理费用275.83234.24265.31333.35379.34429.26 研发费用83.10115.55141.92165.09185.99210.42 财务费用-26.71 -28.55 -13.39 -2.16 -4.34 -7.03 经营性利润38.03-56.75 295.78436.18562.21682.45 加: 资产减值损失-3.54 -29.03 -19.84 -22.90 -26.56 -30.35 信用减值损失-28.90 -6.78 -6.93 -8.00 -9.28 -10.61 其他经营损益-0.00 0.00-0.00 -0.00 -0.00 -0.00 投资收益9.405.023.285.905.905.90 公允价值变动损益0.000.872.590.000.000.00 资产处置收益-1.44 11.91-0.93 3.183.183.18 其他收益15.8930.5022.5122.9622.9622.96 营业利润29.43-44.25 296.46437.32558.41673.53 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入21.1112.6111.7215.1515.1515.15 减: 营业外支出1.761.930.971.551.551.55 利润总额48.78-33.57 307.21450.92572.01687.13 减: 所得税-3.65 1.8955.327.389.3611.25 净利润52.43-35.45 251.89443.54562.65675.88 减: 少数股东损益-3.08 -7.15 -11.13 14.5818.4922.21 归属母公司股东净利润55.51-28.31 263.02428.96544.16653.67资产负债表 货币资金1,608.841,383.321,882.642,039.142,457.902,985.93 交易性金融资产0.00245.870.000.000.000.00 应收票据277.65318.48369.86451.48523.75598.48 应收账款725.88787.341,030.391,180.131,369.041,564.39 预付账款32.0023.4715.3234.3439.8345.52 其他应收款31.9535.3730.5046.6254.0861.79 存货433.37353.95339.40373.30426.29482.28 其他流动资产2.842.026.184.875.656.46 长期股权投资20.7620.5421.9924.0626.1228.19 金融资产投资0.730.730.730.730.730.73 投资性房地产0.000.001.371.191.010.82 固定资产和在建工程1,078.671,029.401,129.731,177.641,219.191,252.70 无形资产和开发支出303.98295.09285.03237.52190.02142.51 其他非流动资产52.6871.8462.0462.0161.9861.98 资产总计4,569.364,567.425,175.175,633.026,375.587,231.78 短期借款0.0012.017.120.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据233.92328.38547.70439.33501.68567.58 应付账款611.05658.81775.36823.42940.291,063.79 预收账款0.000.000.000.000.000.00 合同负债183.34138.74105.69205.93238.89272.98 其他应付款226.48190.23245.36266.09303.85343.76 长期借款60.2456.41104.1683.3462.2040.71 其他负债197.05184.06176.37211.70230.95251.25 负债合计1,512.071,568.641,961.772,029.802,277.872,540.06 股本549.03549.03549.03549.03549.03549.03 资本公积1,115.261,119.061,119.061,119.061,119.061,119.06 留存收益1,216.501,161.161,386.901,762.142,238.142,809.95 归属母公司股东权益2,880.792,829.253,054.993,430.233,906.244,478.04 少数股东权益176.49169.53158.41172.99191.48213.69 股东权益合计3,057.282,998.783,213.403,603.224,097.714,691.72 负债和股东权益合计4,569.364,567.425,175.175,633.026,375.587,231.78 投入资本(IC)2,717.122,527.632,981.573,424.553,763.724,102.50现金流量表 经营性现金净流量-114.89 79.37365.20329.73597.45718.0