2026年半年报点评：铝液量利齐升驱动盈利高增，镁合金开启成长新空间

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3,536.374,099.545,846.396,609.767,449.368,423.76 减: 营业成本3,287.753,869.685,496.076,171.756,921.857,776.71 税金及附加20.6426.2425.6629.0132.6936.97 主营业务利润227.98203.62324.67409.01494.81610.09 减: 销售费用11.274.385.556.618.1910.11 管理费用82.3479.9697.34120.30128.13131.41 研发费用91.84100.67139.11165.24183.25201.33 财务费用18.1629.0338.3769.4481.4386.51 经营性利润24.37-10.42 44.2947.4293.80180.73 加: 资产减值损失-11.34 -12.93 -21.23 -15.32 -16.03 -18.10 信用减值损失-5.35 -22.20 -20.57 -14.47 -19.32 -16.57 其他经营损益-0.00 0.000.000.000.000.00 投资收益-18.89 -10.55 -13.94 -11.46 -9.82 -13.66 公允价值变动损益-0.12 0.130.000.000.000.00 资产处置收益-1.30 -0.26 -3.07 -1.01 -0.93 -1.43 其他收益40.4290.74104.41173.02214.35240.89 营业利润27.7834.5189.89178.17262.05371.86 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.170.020.050.060.040.05 减: 营业外支出4.163.444.794.094.074.31 利润总额23.7931.1085.14174.14258.02367.60 减: 所得税-7.12 -6.41 16.0227.8643.8662.49 净利润30.9137.5169.12146.28214.16305.11 减: 少数股东损益0.000.001.620.000.000.00 归属母公司股东净利润30.9137.5167.50146.28214.16305.11资产负债表 货币资金107.6450.65240.12660.98744.94842.38 交易性金融资产0.000.0016.0016.0016.0016.00 应收票据10.0727.0627.8616.4818.5721.00 应收账款1,147.631,394.572,000.602,218.442,479.922,710.84 预付账款76.73116.06133.72178.55208.38204.64 其他应收款1.592.722.412.353.474.15 存货495.54659.20668.28792.35888.65998.40 其他流动资产38.6065.9649.0049.9754.4651.09 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92.57103.4299.4381.8064.1746.54 固定资产和在建工程1,190.351,367.281,460.891,441.131,318.531,388.39 无形资产和开发支出69.2261.0887.5293.3071.9973.60 其他非流动资产146.20149.23166.47142.74150.48160.38 资产总计3,376.153,997.244,952.315,694.096,019.566,517.41 短期借款483.28801.761,250.041,701.431,825.972,031.68 交易性金融负债0.130.000.000.000.000.00 应付票据26.050.009.7610.9612.2913.81 应付账款190.42332.95320.15304.36322.39340.90 预收账款0.000.000.000.000.000.00 合同负债16.980.742.113.974.475.05 其他应付款54.1053.2769.4678.0084.0189.70 长期借款402.83432.36637.43865.10865.10885.43 其他负债101.93275.72425.36386.45412.22441.32 负债合计1,275.721,896.792,714.303,350.263,526.453,807.89 股本329.94329.94329.94329.94329.94329.94 资本公积826.42826.42828.06828.06828.06828.06 留存收益944.06944.081,039.391,145.211,294.501,510.91 归属母公司股东权益2,100.422,100.452,197.392,303.212,452.492,668.90 少数股东权益0.000.0040.6240.6240.6240.62 股东权益合计2,100.422,100.452,238.012,343.822,493.112,709.52 负债和股东权益合计3,376.153,997.244,952.315,694.096,019.566,517.41 投入资本(IC)2,986.663,334.564,109.484,894.355,168.185,610.62现金流量表 经营性现金净流量93.20-211.36 -269.70 64.21315.40509.37 投资性现金净流量-179.67 -274.73 -234.50 -212.52 -209.68 -462.75 筹资性现