1 ◆ ◆ ◆ wind ◆ ◆ ➢ 风险提示：上游原材料上涨，下游需求不及预期，疫情影响船厂交付545.94 282.05 85.71 53.60 2.54 2.52 2.48 2.41 wind wind wind wind wind -40.00%-20.00%0.00%20.00%40.00%0200400600800201720182019202020212022H1营业收入增速-100.00%-50.00%0.00%50.00%100.00%150.00%-30-20-10010201720182019202020212022H1归母净利润增速-20.00%-10.00%0.00%10.00%20.00%201720182019202020212022H1毛利率净利率-5.00%0.00%5.00%10.00%20182019202020212022H1销售费用率管理费用率研发费用率财务费用率船舶造修及海洋工程83%动力装备9%机电设备5%其他主营业务1%其他业务2%船舶造修及海洋工程动力装备机电设备其他主营业务其他业务 报表预测单位:百万元会计年度2019202020212022E2023E2024E利润表 营业收入23,136.1955,243.5459,740.4366,523.1574,784.2386,113.77 减: 营业成本20,689.9449,325.3253,408.7059,213.0064,712.8773,635.33 税金及附加60.59172.56194.80199.64224.43258.43 主营业务利润2,385.665,745.666,136.937,110.519,846.9412,220.01 减: 销售费用198.75401.64615.82580.28652.34751.17 管理费用932.902,548.032,768.812,944.603,310.273,811.77 研发费用1,057.213,262.783,121.263,481.473,913.814,506.74 财务费用-200.18 -39.25 -759.06 185.82-3.32 -88.70 经营性利润396.98-427.54 390.10-81.65 1,973.843,239.03 加: 资产减值损失-186.84 -1,688.72 -1,485.44 -1,408.28 -1,583.16 -1,823.00 信用减值损失-19.84 104.2539.1137.3541.9948.35 其他经营损益-0.00 -0.00 0.000.000.000.00 投资收益-104.30 735.3623.12590.27343.19343.19 公允价值变动损益-28.12 229.09381.280.000.000.00 资产处置收益157.045.344.2055.5355.5355.53 其他收益397.141,218.60897.151,200.00837.63837.63 营业利润612.06176.39249.51393.221,669.022,700.73 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入45.45146.5995.4395.8295.8295.82 减: 营业外支出98.0012.2616.6942.3242.3242.32 利润总额559.50310.72328.26446.731,722.522,754.24 减: 所得税43.0454.8796.3918.75314.15502.31 净利润516.47255.86231.87427.981,408.372,251.93 减: 少数股东损益111.71-49.95 18.0614.1246.4674.29 归属母公司股东净利润404.76305.80213.81413.861,361.922,177.64资产负债表 货币资金13,488.6851,261.1752,864.3338,159.8743,248.0649,656.17 交易性金融资产11.86878.762,864.832,864.832,864.832,864.83 应收票据721.821,147.481,189.021,593.741,791.662,063.09 应收账款1,490.315,670.228,399.666,822.127,669.318,831.19 预付账款2,978.4314,043.8514,613.9313,916.1015,644.2518,014.30 其他应收款100.511,598.61857.511,056.291,187.461,367.36 存货6,780.5431,365.9332,686.9836,239.3139,605.3245,066.01 其他流动资产2,588.693,987.265,004.715,939.186,676.737,688.23 长期股权投资1,248.974,159.373,749.383,639.313,529.243,419.18 金融资产投资45.951,198.831,587.031,587.031,587.031,587.03 投资性房地产0.001,007.721,154.581,001.19847.79694.40 固定资产和在建工程8,957.4626,601.4526,535.9422,748.6218,887.3114,952.00 无形资产和开发支出1,096.734,464.504,368.083,669.732,970.252,269.64 其他非流动资产4,841.435,124.374,526.254,475.174,408.964,408.96 资产总计44,351.38152,509.53160,402.25143,712.50150,918.22162,882.39 短期借款2,810.717,299.746,267.900.000.000.00 交易性金融负债104.156.410.000.000.000.00 应付票据1,515.673,287.836,963.245,334.875,830.396,634.27 应付账款4,688.7223,149.5022,748.2022,143.0524,199.7627,536.37 预收账款1,703.41659.95103.781,936.022,176.442,506.16 合同负债0.0046,908.2248,296.8036,755.3941,319.8147,579.61 其他应付款629.351,063.001,217.301,475.611,612.671,835.02 长期借款2,303.274,080.048,060.925,697.343,471.651,397.24 其他负债9,528.6413,228.9913,639.9216,995.2418,041.4119,702.77 负债合计23,283.9199,683.67107,298.0790,337.5396,652.13107,191.44 股本1,378.124,472.434,472.434,472.434,472.434,472.43 资本公积6,611.1333,613.1933,779.3533,779.3533,779.3533,779.35 留存收益7,426.407,691.217,788.958,045.638,890.2910,240.86 归属母公司股东权益15,415.6545,776.8346,040.7346,297.4147,142.0648,492.63 少数股东权益5,651.837,049.027,063.447,077.567,124.027,198.31 股东权益合计21,067.4852,825.8553,104.1753,374.9754,266.0855,690.94 负债和股东权益合计44,351.38152,509.53160,402.25143,712.50150,918.22162,882.39 投入资本(IC)15,052.7416,397.6216,090.8423,112.8917,516.2311,591.53现金流量表 经营性现金净流量324.87973.591,970.67-6,139.46 7,554.278,947.34 投资性现金净流量-1,214.83 -2,556.93 -4,557.63 409.48273.55273.55 筹资性现金净流量-272.75 2,591.32675.84-8,974.47 -2,739.63 -2,812.78 现金流量净额-1,136.52 468.18-1,761.67 -14,704.46 5,088.196,408.11