2026年中报点评：军贸放量推动毛利率新高，大额关联交易展现增长信心

1       ① ② ③ “”“”   报表预测单位:百万元会计年度2023202420252026E2027E2028E利润表 营业收入3,282.073,400.433,358.043,634.024,139.644,923.02 减: 营业成本2,142.932,173.972,088.612,184.152,478.352,937.20 税金及附加18.7927.0132.9535.6640.6248.31 主营业务利润1,120.351,199.461,236.471,414.221,620.661,937.51 减: 销售费用84.9671.4976.1872.6882.7998.46 管理费用129.27128.22126.71130.82151.10182.15 研发费用198.77213.59216.11228.94262.87315.07 财务费用-17.75 -23.89 39.7823.1319.1716.88 经营性利润725.11810.05777.70958.631,104.741,324.95 加: 资产减值损失-4.68 -6.94 -21.17 -10.90 -8.28 -7.38 信用减值损失-55.84 -121.66 -58.44 -145.36 -95.21 -98.46 其他经营损益0.00-0.00 -0.00 -0.00 -0.00 -0.00 投资收益1.076.467.133.685.555.27 公允价值变动损益0.000.000.000.000.000.00 资产处置收益0.09-0.19 0.000.000.000.00 其他收益19.0432.8434.8627.9331.7431.38 营业利润684.79720.55740.07833.981,038.531,255.76 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入2.450.430.200.600.370.36 减: 营业外支出1.771.140.380.910.730.63 利润总额685.47719.84739.90833.671,038.171,255.48 减: 所得税81.0286.57100.05112.73140.38169.76 净利润604.45633.27639.85720.94897.801,085.72 减: 少数股东损益5.243.5111.346.838.7612.80 归属母公司股东净利润599.21629.76628.51714.11889.031,072.92资产负债表 货币资金1,563.541,130.291,760.131,817.011,862.841,969.21 交易性金融资产0.000.000.000.000.000.00 应收票据422.33120.58439.63475.76541.96644.52 应收账款3,635.465,000.145,252.395,625.276,181.106,878.74 预付账款31.3018.5944.3147.9554.6264.96 其他应收款57.0329.9729.8632.3136.8143.77 存货2,079.461,779.871,816.951,900.062,156.002,555.16 其他流动资产56.9953.6852.7257.0665.0077.30 长期股权投资521.16527.62534.81538.49544.03549.31 金融资产投资26.5218.366.706.706.706.70 投资性房地产222.94211.84200.74194.05187.37180.69 固定资产和在建工程228.68232.14211.42271.79374.32419.01 无形资产和开发支出47.5168.3287.5682.7677.9573.15 其他非流动资产78.79106.43107.6296.3985.1685.16 资产总计8,971.719,297.8210,544.8311,145.5912,173.8513,547.67 短期借款129.13175.32159.62127.67121.79107.42 交易性金融负债0.000.000.000.000.000.00 应付票据692.00511.92778.09813.68923.291,094.23 应付账款1,818.811,761.351,915.392,003.002,272.802,693.59 预收账款5.595.534.254.605.246.23 合同负债513.69451.08405.90439.26500.37595.06 其他应付款133.33221.41173.86181.81206.30244.50 长期借款8.3425.0113.7213.7213.7213.72 其他负债98.51113.41133.16135.51143.24155.28 负债合计3,399.403,265.043,583.983,719.244,186.754,910.02 股本1,241.861,241.861,241.861,241.861,241.861,241.86 资本公积1,804.701,804.702,118.622,118.622,118.622,118.62 留存收益2,504.132,962.193,285.113,743.774,295.764,933.52 归属母公司股东权益5,550.696,008.756,645.597,104.257,656.248,294.00 少数股东权益21.6224.03315.26322.09330.85343.66 股东权益合计5,572.326,032.786,960.857,426.347,987.108,637.65 负债和股东权益合计8,971.719,297.8210,544.8311,145.5912,173.8513,547.67 投入资本(IC)5,683.276,214.767,046.397,561.