2023年报及2024年一季报点评：年度营收、归母净利润逆势创出历史新高

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 850.86 1038.82 1273.44 1565.39 106.25%22.09%22.58%22.93%113.48 179.50 215.82 260.93 347.69%58.17%20.23%20.90%0.44 0.70 0.85 1.02 ◆ 利润表（百万元）20232024E2025E2026E资产负债表（百万元）20232024E2025E2026E营业收入850.861038.821273.441565.39货币资金297.48207.76254.69364.42营业成本455.46551.16675.61831.11应收票据及账款786.94940.351065.851224.43税金及附加7.949.6612.1023.48预付账款21.5325.6130.7037.31销售费用33.8438.4448.3961.05其他应收款7.577.407.337.29管理费用139.85145.44178.28206.63存货292.88317.10333.18352.94研发费用66.6869.6086.59106.45其他流动资产0.610.590.570.54财务费用2.953.961.74-0.01长期股权投资0.000.000.000.00资产减值损失-16.11-17.66-23.30-28.65固定资产133.45174.91252.14306.07信用减值损失-14.67-17.14-21.52-26.46在建工程0.5150.4240.3430.25其他经营损益0.000.000.000.00无形资产9.479.169.178.54投资收益0.000.000.000.00长期待摊费用0.640.570.510.45公允价值变动损益-0.010.000.000.00其他非流动资产38.5139.5139.0139.01资产处置收益-0.210.070.070.07资产总计1589.591773.412033.482371.26其他收益12.1912.1512.006.00短期借款165.1680.9431.960.00营业利润125.34198.00237.98287.65应付票据及账款202.41264.25325.77398.48营业外收入0.080.080.070.05其他流动负债112.30136.82169.01207.78营业外支出0.520.520.520.52流动负债合计479.87482.01526.74606.26其他非经营损益0.000.000.000.00长期借款14.3216.4916.0113.34利润总额124.90197.55237.53287.17其他非流动负债5.015.015.015.01所得税11.4118.0521.7126.24非流动负债合计19.3321.5021.0218.34净利润113.49179.50215.82260.93负债合计499.19503.51547.76624.61少数股东损益0.010.000.000.00股本255.23255.23255.23255.23归属母公司股东净利润113.48179.50215.82260.93资本公积473.59473.59 473.59 473.59现金流量表（百万元）20232024E2025E2026E留存收益356.58536.07751.891012.82经营性现金净流量24.5999.30180.11205.79归属母公司权益1085.401264.89 1,480.71 1,741.63投资性现金净流量-18.13-103.00-81.99-61.44少数股东权益5.015.015.015.02筹资性现金净流量73.67-86.01-51.19-34.62股东权益合计1090.401269.901485.721746.65现金流量净额80.13-89.7146.92109.74负债和股东权益合计1589.591773.412033.482371.26