2026年半年报点评：红外主业量利齐升驱动业绩高增，多维感知与全球化布局打开成长空间

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 单击此处输入文字。 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3,558.604,315.706,304.148,708.1610,824.6612,945.20 减: 营业成本1,818.102,146.842,993.623,778.724,707.565,658.57 税金及附加32.0665.1651.9271.7389.16106.62 主营业务利润1,708.442,103.693,258.604,857.726,027.947,180.00 减: 销售费用175.26217.82263.33348.33313.92323.63 管理费用390.71383.88413.49487.66552.06595.48 研发费用683.33860.731,153.401,219.141,515.451,747.60 财务费用36.1946.5158.8958.9144.1224.70 经营性利润422.96594.751,369.492,743.683,602.404,488.59 加: 资产减值损失-79.42 -136.72 -169.19 -217.70 -270.62 -323.63 信用减值损失-41.32 -170.19 -209.45 -244.62 -304.07 -363.64 其他经营损益-0.00 -0.00 -0.00 -0.00 -0.00 -0.00 投资收益31.7332.8447.1637.2437.2437.24 公允价值变动损益-0.04 0.04-17.13 0.000.000.00 资产处置收益-0.08 -0.10 1.540.450.450.45 其他收益77.51121.4976.1691.7291.7291.72 营业利润411.34442.101,098.572,410.773,157.123,930.73 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入2.202.064.733.003.003.00 减: 营业外支出14.3716.145.5612.0212.0212.02 利润总额399.17428.021,097.742,401.743,148.093,921.70 减: 所得税-23.02 -14.18 106.81233.70306.32381.59 净利润422.19442.20990.932,168.052,841.773,540.11 减: 少数股东损益-73.58 -126.76 -133.70 -108.40 28.4253.10 归属母公司股东净利润495.77568.961,124.632,276.452,813.353,487.00资产负债表 货币资金1,390.801,051.261,028.351,834.683,172.595,238.71 交易性金融资产0.000.00386.071,061.731,061.731,061.73 应收票据135.67179.1076.76106.03131.80157.61 应收账款1,233.811,329.141,444.911,995.912,481.012,967.04 预付账款119.25182.03226.45312.81388.84465.01 其他应收款11.6111.1712.5317.3221.5225.74 存货1,555.801,744.801,918.682,421.883,017.193,626.72 其他流动资产63.10285.031,426.18899.851,118.561,337.68 长期股权投资150.42183.69189.31197.68206.06214.43 金融资产投资918.95869.00551.96551.96551.96551.96 投资性房地产37.9335.3038.6933.5528.4123.27 固定资产和在建工程1,884.132,034.172,217.192,407.802,585.172,596.81 无形资产和开发支出369.32362.37358.03367.18395.50364.65 其他非流动资产426.28539.12635.01627.40619.78619.78 资产总计8,297.078,806.2010,510.1212,835.7615,780.1119,251.14 短期借款203.18135.1120.020.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据248.77287.42407.19512.30638.23767.16 应付账款678.55783.30981.621,342.681,672.732,010.65 预收账款0.000.000.000.000.000.00 合同负债139.17144.93327.04361.58449.46537.51 其他应付款159.44271.54344.02414.52516.41620.74 长期借款1,362.851,349.081,414.301,203.62977.12648.60 其他负债382.75304.34380.25476.69505.27533.43 负债合计3,174.703,275.723,874.434,311.404,759.235,118.09 股本447.30454.92460.24460.24460.24460.24 资本公积2,140.782,472.862,700.372,700.372,700.372,700.37 留存收益2,224.232,476.563,491.565,488.647,956.7311,015.81 归属母公司股东权益4,812.325,404.346,652.178,649.2511,117.3414,176.42 少数股东权益310.05126.14-16.48 -124.89 -96.47 -43.37 股东权益合计5,122.375,530.486,635.698,524.3611,020.8814,133.