2023上半年点评：营收结构优化，研发投入前瞻性布局

1 ◆ ◆ ◆ ◆ ◆ ◆ 9465.80 10767.05 12432.16 14565.32 8.37%13.75%15.46%17.16%-342.88 258.14 297.43 471.45 -129.23%175.28%15.22%58.51%-0.28 0.21 0.25 0.39 -35.57 47.24 41.00 25.87 资料来源：iFind，中航证券研究所 利润表（百万元）2022A2023E2024E2025E资产负债表（百万元）2022A2023E2024E2025E营业收入9465.8010767.0512432.1614565.32货币资金2372.283150.693886.564818.14营业成本7498.688167.869433.3510930.46应收票据及账款1917.882181.532518.902951.10税金及附加88.25100.38115.90135.79预付账款72.4182.3795.11111.43销售费用483.71538.35621.61728.27其他应收款186.69212.36245.20287.27管理费用596.90646.02745.93873.92存货5452.485939.066859.237947.82研发费用920.541022.871181.061383.71其他流动资产952.78978.571011.581053.87财务费用-8.8722.768.59-4.81流动资产总计10954.5312544.5814616.5817169.63资产减值损失-110.98-126.23-145.75-170.76长期股权投资3791.313711.313631.313571.31信用减值损失-71.86-81.74-94.38-110.58固定资产1533.301298.541062.76825.97其他经营损益0.000.000.000.00在建工程38.8232.3525.8819.41投资收益-275.32-55.00-50.00-35.00无形资产1039.32869.41698.83527.60公允价值变动损益-5.130.000.000.00长期待摊费用45.3422.670.000.00资产处置收益-0.50-0.96-0.96-0.96其他非流动资产1469.531315.721161.901008.09其他收益252.12260.00270.00280.00非流动资产合计7917.607249.986580.695952.38营业利润-325.08264.87304.63480.69资产总计18872.1319794.5621197.2723122.01营业外收入3.083.083.083.08短期借款5.000.000.000.00营业外支出9.736.786.786.78应付票据及账款2015.532195.392535.542937.94其他非经营损益0.000.000.000.00其他流动负债5660.086390.287378.828629.65利润总额-331.72261.18300.93477.00流动负债合计7680.608585.679914.3611567.59所得税15.200.000.000.00长期借款788.29544.48317.56112.08净利润-346.92261.18300.93477.00其他非流动负债1091.191091.191091.191091.19少数股东损益-4.033.033.505.54非流动负债合计1879.481635.671408.761203.27归属母公司股东净利润-342.88258.14297.43471.45负债合计9560.0910221.3411323.1212770.87现金流量表（百万元）2022A2023E2024E2025E股本1223.371223.371223.371223.37经营活动现金流净额645.001028.74946.261119.06资本公积944.81944.81944.81944.81投资活动现金流净额29.9921.2525.1213.20留存收益7069.657327.807625.238096.68筹资活动现金流净额-333.97-271.58-235.50-200.67归属母公司权益9237.849495.989793.4210264.87现金流量净额368.03778.41735.87931.58少数股东权益74.2077.2480.7386.28股东权益合计9312.049573.229874.1510351.15负债和股东权益合计18872.1319794.5621197.2723122.01