2026年半年报点评：特品放量驱动营收+40%，Q2单季利润弹性释放

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4,255.954,354.574,509.985,396.896,354.697,484.77 减: 营业成本3,650.733,649.983,741.734,551.335,356.986,314.91 税金及附加36.4625.9434.6839.9647.0655.42 主营业务利润568.77678.65733.56805.59950.661,114.44 减: 销售费用17.0817.6017.5720.5124.1529.94 管理费用248.09271.93284.80307.62368.57434.12 研发费用220.45235.45284.71307.62374.93449.09 财务费用-30.03 -12.39 -9.65 -1.08 -2.51 -4.30 经营性利润113.18166.07156.14170.91185.51205.59 加: 资产减值损失-25.26 -41.67 -9.34 -11.18 -13.16 -15.50 信用减值损失12.291.20-12.24 0.000.000.00 其他经营损益-0.00 0.000.000.000.000.00 投资收益70.8558.0960.4163.1263.1263.12 公允价值变动损益3.970.000.000.000.000.00 资产处置收益125.0511.75-0.35 0.000.000.00 其他收益41.8670.8359.9557.5557.5557.55 营业利润341.93266.26254.57280.40293.02310.75 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入2.5447.945.645.645.645.64 减: 营业外支出4.203.763.903.953.953.95 利润总额340.27310.44256.31282.08294.70312.44 减: 所得税47.7045.7222.2735.2036.7738.99 净利润292.57264.72234.04246.88257.92273.45 减: 少数股东损益1.484.771.331.411.471.56 归属母公司股东净利润291.09259.95232.70245.47256.45271.89资产负债表 货币资金2,176.842,319.372,057.472,590.513,050.253,592.69 交易性金融资产0.000.000.000.000.000.00 应收票据117.6518.10114.34102.82121.06142.59 应收账款1,105.261,482.851,578.291,709.342,012.702,370.63 预付账款107.0685.8334.8394.60111.39131.20 其他应收款34.0924.7118.3131.9237.5944.27 存货827.88786.18883.571,029.061,211.221,427.80 其他流动资产480.87430.561,138.501,079.381,181.971,197.56 长期股权投资185.06219.52225.97262.99300.02337.04 金融资产投资510.49733.93434.38434.38434.38434.38 投资性房地产51.4848.7745.1839.1833.1827.17 固定资产和在建工程1,905.841,809.601,728.751,841.301,896.861,824.92 无形资产和开发支出143.47109.12105.7388.1170.4852.86 其他非流动资产99.9895.4468.5368.1967.8567.85 资产总计7,745.978,163.978,433.849,371.7810,528.9611,650.99 短期借款0.00201.12202.60115.67217.87115.63 交易性金融负债0.000.000.000.000.000.00 应付票据596.39728.57531.58766.20901.831,063.09 应付账款1,340.771,534.801,668.831,871.752,203.082,597.03 预收账款0.000.000.000.000.000.00 合同负债148.3595.24196.86180.57212.62250.43 其他应付款1,510.611,410.551,384.091,775.242,089.482,463.11 长期借款5.294.173.012.561.981.14 其他负债731.13509.61524.61518.24531.47547.05 负债合计4,332.544,484.064,511.575,230.236,158.347,037.49 股本1,033.041,033.041,033.041,033.041,033.041,033.04 资本公积2,265.822,274.542,280.722,280.722,280.722,280.72 留存收益61.99315.17549.42767.29994.901,236.21 归属母公司股东权益3,360.853,622.743,863.184,081.054,308.664,549.97 少数股东权益52.5957.1759.0960.4961.9663.52 股东权益合计3,413.433,679.913,922.274,141.544,370.624,613.49 负债和股东权益合计7,745.978,163.978,433.849,371.7810,528.9611,650.99 投入资本(IC)2,774.252,922.113,693.493,825.394,156.104,295.89现金流量表 经营性现金净流量612.64191.12202.29836.115