2026年半年报点评：氟化工景气兑现，“3+1”业务迈入成果释放期

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7,852.3813,966.3116,689.0020,041.6323,954.9328,024.62 减: 营业成本5,759.6210,931.5912,474.9815,010.4317,891.3520,849.06 税金及附加81.13126.12157.88192.55230.15269.25 主营业务利润2,011.632,908.604,056.144,838.655,833.436,906.31 减: 销售费用165.56379.54399.06416.87443.17498.84 管理费用623.151,003.171,114.171,328.761,564.261,773.96 研发费用637.37927.37966.09921.911,089.951,247.10 财务费用2.0451.2429.9225.1715.663.10 经营性利润583.50547.281,546.902,145.942,720.403,383.32 加: 资产减值损失-42.63 -149.29 -245.72 -176.07 -162.08 -187.58 信用减值损失-6.33 -35.27 -47.17 -31.92 -33.16 -32.49 其他经营损益0.00-0.00 0.000.000.000.00 投资收益21.28323.13350.90141.55253.11233.26 公允价值变动损益-0.01 1.93-4.52 -2.56 0.00-3.17 资产处置收益45.8061.7715.5135.2732.3326.05 其他收益320.78404.81294.28336.83342.35323.75 营业利润922.401,154.371,910.172,449.033,152.953,743.15 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入244.65230.87222.09232.35228.39227.57 减: 营业外支出197.52197.43194.16196.36195.98195.50 利润总额969.531,187.811,938.102,485.023,185.363,775.22 减: 所得税69.4982.84296.03379.57486.55576.64 净利润900.031,104.971,642.062,105.452,698.823,198.57 减: 少数股东损益0.2251.17197.60243.39215.91287.87 归属母公司股东净利润899.811,053.801,444.471,862.062,482.912,910.70资产负债表 货币资金2,695.155,457.165,610.365,751.956,875.078,043.06 交易性金融资产0.3748.5750.1452.0851.4650.07 应收票据888.56980.33983.331,180.871,411.441,651.23 应收账款2,164.853,425.904,024.924,833.485,777.266,758.76 预付账款229.27326.55347.62490.41586.16685.75 其他应收款379.18532.82591.26710.04848.68992.86 存货989.751,646.791,837.342,210.772,635.083,070.69 其他流动资产185.68461.04536.42593.23709.06829.52 长期股权投资191.672,092.322,249.852,396.362,654.232,891.52 金融资产投资7.9253.1050.1250.1250.1250.12 投资性房地产58.25108.42102.66101.16117.36121.90 固定资产和在建工程6,659.7012,971.4213,262.7013,511.1213,614.9313,611.62 无形资产和开发支出1,040.881,598.761,590.651,553.771,539.151,550.12 其他非流动资产270.44448.22497.61441.00384.39384.39 资产总计15,761.6630,151.4231,734.9833,876.3437,254.3740,691.61 短期借款491.17737.84652.03371.80226.61150.97 交易性金融负债0.002.210.000.000.000.00 应付票据462.031,682.521,779.451,885.182,247.002,618.46 应付账款1,692.252,796.962,663.443,002.093,578.274,169.81 预收账款0.007.015.935.736.858.01 合同负债390.07373.88546.24729.36871.771,019.88 其他应付款764.682,562.542,861.432,984.853,431.223,884.21 长期借款2,045.122,331.492,564.662,388.292,325.201,859.68 其他负债1,358.542,085.371,816.832,210.772,439.932,673.91 负债合计7,203.8712,579.8112,890.0113,578.0615,126.8616,384.93 股本911.471,290.031,290.001,290.001,290.001,290.00 资本公积2,572.548,732.088,734.538,734.538,734.538,734.53 留存收益5,050.517,096.758,185.869,395.7811,009.1012,900.40 归属母公司股东权益8,534.5317,118.8618,210.3919,420.3021,033