【中航证券】航天电器（002025）-2024年报&一季报点评：存货历史高位，或示回暖在即-250505（8页）.pdf

《【中航证券】航天电器（002025）-2024年报&一季报点评：存货历史高位，或示回暖在即-250505（8页）.pdf》由会员分享，可在线阅读，更多相关《【中航证券】航天电器（002025）-2024年报&一季报点评：存货历史高位，或示回暖在即-250505（8页）.pdf（8页珍藏版）》请在三个皮匠报告上搜索。

1、 2 010-59219558 010-59562637 1 -30%-20%-10%0%10%20%30%40%50%60%24-0524-0724-0924-1225-0225-04300 1 2 3 4 5 5 6 6 19.38%19.43%16.96%3.16%-19.08%-30%-20%-10%0%10%20%30%02,0004,0006,0008,00020202021202220232024-7.80%12.37%13.59%35.11%-53.75%-60%-40%-20%0%20%40%020040060080020202021202220232024-500-5000

2、 050050010001000202020202021202120222022202320232024202434.41%34.41%32.62%32.62%33.00%33.00%37.99%37.99%38.34%38.34%12.07%12.07%11.21%11.21%10.82%10.82%13.98%13.98%8.04%8.04%0%0%10%10%20%20%30%30%40%40%50%50%20202020202120212022202220232023202420240.010.020.030.040.050.060.070.0202020212022202320240

3、%10%20%30%40%50%20202021202220232024 报表预测报表预测单位:百万元单位:百万元会计年度会计年度2022202220232023202420242025E2025E2026E2026E2027E2027E利润表利润表 营业收入6,019.706,209.825,024.886,324.137,296.538,050.21 减:营业成本4,033.273,884.803,098.353,937.864,601.265,268.21 税金及附加45.0541.6925.9037.9443.7840.25 主营业务利润 主营业务利润1,941.382,283.331

4、,900.642,348.322,651.492,741.75 减:销售费用152.10145.20158.04126.48131.34104.65 管理费用498.71519.95573.68508.46583.72563.51 研发费用624.97698.76751.19695.65773.43805.02 财务费用-32.07-22.73-18.37-3.10-8.22-12.05 经营性利润 经营性利润697.67942.15436.101,020.831,171.221,280.60 加:资产减值损失-36.22-6.72-30.84-27.90-32.19-35.52 信用减值损失

5、-20.56-85.31-85.25-71.92-82.98-91.55 其他经营损益-0.00 0.00-0.00-0.00-0.00-0.00 投资收益0.000.000.030.010.010.01 公允价值变动损益0.000.000.000.000.000.00 资产处置收益-0.25 1.63-0.06 0.440.440.44 其他收益67.9983.1286.9079.3479.3479.34 营业利润 营业利润708.63934.88406.881,000.791,135.831,233.32 加:其他非经营损益0.000.000.000.000.000.00 营业外收入4.5

6、04.273.444.074.074.07 减:营业外支出6.512.592.253.783.783.78 利润总额 利润总额706.62936.56408.071,001.081,136.111,233.61 减:所得税55.2368.353.8453.5860.8066.02 净利润 净利润651.38868.20404.24947.501,075.311,167.59 减:少数股东损益95.94117.7257.14133.99152.06165.11 归属母公司股东净利润 归属母公司股东净利润555.44750.48347.09813.51923.251,002.47资产负债表资产负债