【中航证券】航天环宇（688523）-2024年报及2025一季报点评：营收再创新高，乘上商业航天和国产民机发展东风-250521（7页）.pdf

1、 1 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401.42456.20508.04655.95817.70998.67 减:营业成本160.93222.40286.16373.16477.89593.91 税金及附加6.508.107.709.9412.3915.14 主营业务利润 主营业务利润233.99225.70214.18272.84327.41389.62 减:销售费用10.5611.0911.4813.7716.3519.97 管理费用3

2、5.4936.8336.6441.9849.0649.93 研发费用45.1548.1160.4573.6791.83112.16 财务费用0.75-1.18 0.789.404.631.56 经营性利润 经营性利润142.03130.84104.84134.01165.53206.00 加:资产减值损失-2.39-3.10-4.15-4.57-5.70-6.96 信用减值损失-13.04-15.80-15.00-18.37-22.08-25.97 其他经营损益0.00-0.00-0.00-0.00-0.00-0.00 投资收益0.129.926.705.585.585.58 公允价值变动损益

3、0.000.745.240.000.000.00 资产处置收益0.000.000.350.120.120.12 其他收益9.0626.5715.5217.0517.0517.05 营业利润 营业利润135.79149.17113.52133.83160.50195.83 加:其他非经营损益0.000.000.000.000.000.00 营业外收入0.066.567.264.634.634.63 减:营业外支出0.190.040.940.390.390.39 利润总额 利润总额135.65155.69119.84138.07164.74200.07 减:所得税7.3917.458.279.53

4、11.3713.81 净利润 净利润128.26138.24111.57128.54153.37186.26 减:少数股东损益5.623.8610.0011.5313.7516.70 归属母公司股东净利润 归属母公司股东净利润122.64134.38101.57117.01139.62169.56资产负债表资产负债表 货币资金164.79290.68226.77376.53582.13790.85 交易性金融资产0.00606.74380.42250.00150.00100.00 应收票据71.1167.8869.1789.31111.33135.97 应收账款225.48342.58462.

5、12575.08694.48820.82 预付账款6.3526.592.6717.3521.6326.42 其他应收款1.662.624.954.295.356.53 存货85.49126.85160.11206.62264.61328.84 其他流动资产9.027.8713.7014.5818.1822.20 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0.000.000.000.000.000.00 固定资产和在建工程469.67550.44800.35751.99701.26620.52 无形资产

6、和开发支出192.40207.98201.56162.68123.8084.91 其他非流动资产52.8798.30114.05114.05114.05114.05 资产总计 资产总计1,278.842,328.542,435.862,562.482,786.823,051.13 短期借款35.0437.5482.180.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据21.5937.5193.56127.80167.59211.53 应付账款82.5496.16112