2023年中报点评：产能释放助力业绩增长，军民两用未来市场前景广阔

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ⚫ 利润表（百万元）2021A2022E2023E2024E 营业收入1903.182554.293254.394120.55 减:营业成本863.261191.011606.622007.28 营业税金及附加12.8216.3513.6721.43 销售费用420.65434.23539.25784.96 管理费用448.73523.89634.61758.18 财务费用9.97-14.82-19.25-33.23 资产减值损失-8.4210.0010.0010.00 加:投资收益16.5620.0015.0015.00 公允价值变动损益10.145.316.126.52 其他经营损益0.000.000.000.00 营业利润295.85418.95490.61593.45 加:其他非经营损益-4.22-47.50-38.00-23.00 利润总额291.63371.45452.61570.45 减:所得税1.951.672.172.86 净利润289.68369.78450.44567.59 减:少数股东损益-4.65-1.76-4.69-4.30 归属母公司股东净利润294.34371.54455.13571.89资产负债表（百万元）2021A2022E2023E2024E 货币资金1018.24957.121160.001480.38 应收和预付款项622.68700.56836.09973.42 存货377.11471.95657.18834.47 其他流动资产676.04662.58733.89807.56 长期股权投资21.4421.4421.4421.44 投资性房地产0.000.000.000.00 固定资产和在建工程334.25541.06658.42660.00 无形资产和开发支出186.61163.82141.03118.24 其他非流动资产160.00171.55182.39192.53 资产总计3396.373690.084390.445088.04 短期借款169.840.000.000.00 应付和预收款项466.33659.93877.701100.71 长期借款30.5130.5130.5130.51 其他负债493.43431.83562.41669.21 负债合计1160.111122.281470.631800.42 股本378.71533.72533.72533.72 资本公积1086.751086.751086.751086.75 留存收益767.971010.301302.331674.43 归属母公司股东权益2189.372522.672879.373251.48 少数股东权益46.8945.1340.4436.14 股东权益合计2236.252567.802919.823287.61 负债和股东权益合计3396.373690.084390.445088.04现金流量表（百万元）2021A2022E2023E2024E 经营活动现金流净额271.45361.82430.93535.42 投资活动现金流净额-597.94-224.69-168.88-68.48 筹资活动现金流净额843.49-198.26-59.17-146.56 现金流量净额508.21-61.13202.88320.38报表预测单位:百万元会计年度2020202120222023E2024E2025E利润表 营业收入282.94330.90616.35794.531,004.651,240.24 减: 营业成本187.00226.26370.59487.70618.84771.62 税金及附加3.934.017.7010.2012.9015.92 主营业务利润92.01100.64238.05296.63372.90452.70 减: 销售费用9.297.8612.5615.8919.0922.32 管理费用18.5123.6429.1835.7542.2049.61 研发费用19.3722.2930.4435.7542.2049.61 财务费用0.44-2.98 -5.77 -9.84 -9.04 -9.69 经营性利润44.3949.83171.65219.07278.47340.84 加: 资产减值损失0.000.16-1.02 0.000.000.00 信用减值损失0.08-0.06 0.15-0.32 -0.30 -0.25 其他经营损益0.00-0.00 0.000.000.000.00 投资收益2.341.122.111.861.861.86 公允价值变动损益4.854.069.450.000.000.00 资产处置收益0.000.190.000.060.060.06 其他收益13.822.8818.1711.6211.6211.62 营业利润65.4958.18200.51232.30291.71354.13 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.190.600.040.040.040.04 减: 营业外支出0.120.042.150.770.991.30 利润总额65.5658.74198.40231.56290.76352.87 减: 所得税8.646.2126.9131.4139.4447.86 净利润56.9252.53171.49200.15251.32305.01 减: 少数股东损益0.000.000.120.140.170.21 归属母公司股东净利润56.9252.53171.37200.02251.15304.80资产负债表 货币资金147.88315.52728.47593.30614.52679.92 交易性金融资产201.30300.120.000.000.000.00 应收票据1.333.887.179.2411.6814.42 应收账款7.4213.237.6617.4127.5250.97 预付账款1.744.9461.2165.3082.57101.94 其他应收款0.770.914.005.156.518.04 存货98.95114.82133.44200.43271.27359.38 其他流动资产9.062.235.4712.6115.9519.68 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2.802.682.561.901.230.56 固定资产和在建工程281.67285.45425.36590.18736.07863.49 无形资产和开发支出44.1443.1582.8979.1975.4971.80 其他非流动资产3.766.2132.6832.5832.4832.48 资产总计800.831,093.151,490.891,607.291,875.302,202.69 短期借款0.000.003.010.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据0.000.000.000.000.000.00 应付账款30.3622.9238.7550.9964.7080.68 预收账款0.110.150.000.210.270.34 合同负债9.3120.68104.9955.6290.42136.43 其他应付款16.4021.8235.5146.7359.3073.93 长期借款0.001.850.070.300.440.50 其他负债23.6924.9065.0249.0653.8759.45 负债合计79.8792.31247.34202.92269.00351.31 股本168.50224.67224.67224.67224.67224.67 资本公积468.71639.90642.39642.39642.39642.39 留存收益83.75136.28307.65468.34670.10914.96 归属母公司股东权益720.961,000.841,174.711,335.391,537.151,782.01 少数股东权益0.000.0068.8468.9869.1569.37 股东权益合计720.961,000.841,243.551,404.371,606.311,851.38 负债和股东权益合计800.831,093.151,490.891,607.291,875.302,202.69 投入资本(IC)385.92403.59548.97851.101,042.461,233.96现金流量表 经营性现金净流量83.8065.48234.0596.92251.22295.34 投资性现金净流量-226.89 -126.58 228.43-199.82 -189.79 -179.75 筹资性现金净流量-84.29 229.30-51.76 -32.27 -40.21 -50.19 现金流量净额-228.54 167.64412.95-135.17 21.2265.40