2023年中报点评：H1营收创下新高，微波射频业务增长明显

1     fUzVkYHXnMnMmNqR9PbP7NsQrRsQnOjMmNoOjMmNoNbRqRmRwMtPqPNZnMqO  ① ② ③    报表预测单位:百万元会计年度2020202120222023E2024E2025E利润表 营业收入3,299.943,544.033,884.604,311.604,887.395,624.13 减: 营业成本2,597.752,836.263,017.683,307.963,677.444,185.22 税金及附加13.9911.9214.9916.6418.8621.71 主营业务利润688.20695.85851.92987.011,191.091,417.21 减: 销售费用105.1871.6179.16107.79122.18140.60 管理费用156.30154.30191.35202.65229.71264.33 研发费用333.13298.41325.41383.73434.98506.17 财务费用24.491.3220.4610.244.98-4.79 经营性利润69.10170.22235.53282.60399.24510.88 加: 资产减值损失-15.00 -11.77 -24.11 -34.49 -24.44 -22.50 信用减值损失-25.62 -45.28 -58.97 4.31-26.88 -16.87 其他经营损益-0.00 -0.00 0.000.000.000.00 投资收益10.2614.4424.2113.1414.9310.43 公允价值变动损益1.331.94-0.25 0.110.561.77 资产处置收益-0.17 -0.19 -0.14 -0.17 -0.17 -0.16 其他收益60.5940.9656.4451.9340.8845.62 营业利润100.49170.31232.72317.43404.12529.18 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入3.203.171.162.282.031.75 减: 营业外支出1.020.460.570.640.550.59 利润总额102.68173.03233.31319.06405.60530.34 减: 所得税1.63-7.75 -8.12 6.388.1110.61 净利润101.04180.77241.43312.68397.49519.73 减: 少数股东损益24.2535.8243.4963.9877.12100.13 归属母公司股东净利润76.79144.95197.94248.70320.37419.60资产负债表 货币资金1,139.161,265.13550.72774.26980.411,218.85 交易性金融资产497.20547.93241.67100.0050.0050.00 应收票据267.42224.26242.1859.0666.9577.04 应收账款1,747.211,806.922,250.822,716.902,811.923,081.72 预付账款39.4866.0961.7268.5077.6589.36 其他应收款35.8635.1229.7540.4343.6448.50 存货762.19937.13806.71815.66806.01802.64 其他流动资产20.8420.21622.24711.41708.67708.64 长期股权投资7.019.6033.9731.0130.9031.22 金融资产投资2.902.902.402.402.402.40 投资性房地产158.02150.78143.55138.63133.72128.81 固定资产和在建工程274.20316.90308.14661.76883.881,078.76 无形资产和开发支出25.5330.2327.4225.7324.0522.37 其他非流动资产48.1166.16550.25292.93151.330.00 资产总计5,025.135,479.385,871.536,438.706,771.557,340.33 短期借款300.23193.29178.40131.90-18.10 -168.10 交易性金融负债0.000.170.710.710.710.71 应付票据457.60466.22464.76509.47566.37644.58 应付账款834.021,166.991,250.521,540.691,612.031,719.95 预收账款0.000.000.000.000.000.00 合同负债85.23145.23185.9186.2348.8756.24 其他应付款385.81271.31383.10419.95466.86531.32 长期借款0.00137.4073.05119.0089.2559.50 其他负债158.07151.73208.39216.26225.61238.41 负债合计2,220.952,532.342,744.853,024.212,991.603,082.61 股本1,022.811,022.811,022.811,022.811,022.811,022.81 资本公积299.93301.20301.84301.84301.84301.84 留存收益1,265.301,383.731,535.691,759.532,047.862,425.50 归属母公司股东权益2,588.042,707.742,860.343,084.173,372.503,750.14 少数股东权益216.14239.30266.34330.32407.44507.58 股东权益合计2,804.172,947.043,126.683,414.493,779.954,257.72 负债和股东权益合计5,025.135,479.385,871.536,438.706,771.557,340.33 投入资本(IC)2,057.732,098.363,134.783,563.703,696.653,888.53现金流量表 经营性现金净流量362.04324.81227.20251.33518.62593.49 投资性现金净流量120.21-149.00 -801.35 7.88-95.70 -138.12 筹资性现金净流量-327.18 -57.31 39.67-35.67 -216.77 -216.92 现金流量净额158.93116.57-534.25 223.54206.15238.44