【中航证券】航天南湖（688552）-2025年中报点评：收入净利润大幅增长，军贸+低空助力高速发展-250902（7页）.pdf

1、 2 010-59219558 010-59562637 1 -30%0%30%60%90%120%150%180%210%240%270%24-0924-1125-0125-0425-0625-09300 1 2 3 4 5 6 0.00%0.00%100.64%-81.78%688.61%-200%0%200%400%600%800%01002003004005006002021H1 2022H1 2023H1 2024H1 2025H1-0.00%0.00%277.55%-233.34%234.75%-400%-200%0%200%400%(50)0501002021H12022H120

2、23H12024H12025H1-50-500 050501001002021H12021H12022H12022H12023H12023H12024H12024H12025H12025H10.00%0.00%25.50%25.50%27.97%27.97%12.85%12.85%24.84%24.84%0.00%0.00%-9.23%9.23%8.17%8.17%-59.79%59.79%10.22%10.22%-100%-100%-50%-50%0%0%50%50%2021H12021H12022H12022H12023H12023H12024H12024H12025H12025H10.0

3、1.02.03.04.05.06.02023H12024H12025H1-10%0%10%20%30%2024H12025H1 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953.01725.69217.821,008.021,242.451,562.41 减:营业成本554.61486.69177.36662.24841.391,071.71 税金及附加6.766.046.0810.087.459.37 主营业务利润 主营业务利润391.64232.9

4、534.38335.70393.60481.33 减:销售费用8.495.053.1913.109.9410.94 管理费用64.0363.9259.9959.4760.8862.50 研发费用142.72140.3596.79110.88119.28140.62 财务费用-7.35-31.77-31.46-5.50-5.11-5.11 经营性利润 经营性利润183.7555.40-94.14 157.74208.62272.38 加:资产减值损失-3.35-6.88-3.93-10.43-12.85-16.16 信用减值损失-18.46 22.15-13.11-16.48-20.31-25.

5、54 其他经营损益-0.00 0.00-0.00-0.00-0.00-0.00 投资收益0.000.000.000.000.000.00 公允价值变动损益0.000.000.000.000.000.00 资产处置收益-0.02 0.000.01-0.00-0.00-0.00 其他收益1.4930.397.0512.9812.9812.98 营业利润 营业利润163.41101.06-104.12 143.81188.43243.65 加:其他非经营损益0.000.000.000.000.000.00 营业外收入0.010.040.280.110.110.11 减:营业外支出0.030.490.

6、840.450.450.45 利润总额 利润总额163.39100.61-104.68 143.46188.08243.31 减:所得税6.58-1.84-26.44 13.1317.2122.27 净利润 净利润156.81102.46-78.23 130.33170.87221.04 减:少数股东损益0.000.000.000.000.000.00 归属母公司股东净利润 归属母公司股东净利润156.81102.46-78.23 130.33170.87221.04资产负债表资产负债表 货币资金304.872,085.071,690.031,453.821,466.881,450.22 交易