2023年报及2024年一季报点评：业务横跨“卫星互联网”、“低空经济”与“民机”，构建公司快速发展驱动力

2 www.avicsec.com 010-59219558 010-59562637 1 ◆ ◆ ◆ -60%-50%-40%-30%-20%-10%0%10%20%30%23-0623-0823-1023-1224-0224-05300 ◆ ◆ ◆ ◆ ◆ ⚫ 1 2 3 4 5 6 0.00%31.38%15.20%31.22%13.65%0%10%20%30%40%010020030040050020192020202120222023-0.00%30.36%-4.13%47.19%9.63%-10%0%10%20%30%40%50%05010015020192020202120222023--2002040602019202020212022202367.56%69.92%63.28%59.91%51.25%32.94%33.64%27.76%31.95%30.30%0%20%40%60%80%201920202021202220230.01.02.03.04.05.020202021202220230%20%40%60%80%100%2020202120222023 报表预测单位:百万元会计年度2021202220232024E2025E2026E利润表 营业收入305.91401.42456.20583.97761.031,009.85 减: 营业成本112.33160.93222.40285.88360.56464.45 税金及附加5.616.508.109.3415.9825.25 主营业务利润187.97233.99225.70288.75384.49520.15 减: 销售费用9.8610.5611.0914.0222.8330.30 管理费用36.9335.4936.8323.3630.4442.41 研发费用42.1445.1548.1149.6470.7898.96 财务费用1.900.75-1.18 8.054.151.14 经营性利润97.14142.03130.84193.69256.29347.34 加: 资产减值损失-1.18 -2.39 -3.10 -3.23 -4.21 -5.59 信用减值损失-6.63 -13.04 -15.80 -17.28 -22.52 -29.89 其他经营损益0.000.00-0.00 0.000.000.00 投资收益0.060.129.923.373.373.37 公允价值变动损益0.000.000.740.000.000.00 资产处置收益0.000.000.000.000.000.00 其他收益4.419.0626.5713.3513.3513.35 营业利润93.80135.79149.17189.89246.27328.58 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.040.066.562.222.222.22 减: 营业外支出0.070.190.040.100.100.10 利润总额93.76135.65155.69192.00248.39330.70 减: 所得税8.857.4617.4516.7421.6528.82 净利润84.91128.19138.24175.27226.74301.87 减: 少数股东损益1.585.623.865.286.839.10 归属母公司股东净利润83.32122.57134.38169.99219.90292.77资产负债表 货币资金133.24164.79290.68460.21602.45786.27 交易性金融资产0.000.00606.74606.74606.74606.74 应收票据24.4371.1167.8878.99102.94136.60 应收账款174.99225.48342.58366.86478.10634.41 预付账款9.046.3526.5920.1826.3034.90 其他应收款2.831.662.623.724.856.44 存货61.7385.49126.85157.34198.44255.62 其他流动资产5.929.027.8711.5014.9919.90 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0.000.000.000.000.000.00 固定资产和在建工程345.56469.67550.44528.71504.08476.56 无形资产和开发支出197.64192.40207.98173.32138.66103.99 其他非流动资产50.7152.9398.3098.3098.3098.30 资产总计1,006.111,278.902,328.542,505.892,775.863,159.73 短期借款51.0635.0437.540.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据20.4821.5937.5146.2358.3175.11 应付账款57.7282.5496.16139.04175.37225.89 预收账款0.000.000.000.000.000.00 合同负债6.678.811.819.2912.1016.06 其他应付款78.3463.9775.49136.68172.39222.06 长期借款81.88212.96202.78149.5898.2748.96 其他负债98.31112.46174.87147.42155.05165.40 负债合计394.45537.37626.17628.25671.49753.48 股本366.00366.00406.88406.88406.88406.88 资本公积19.2719.40801.76801.76801.76801.76 留存收益204.52328.63462.37632.36852.261,145.03 归属母公司股东权益589.79714.031,671.011,840.992,060.902,353.67 少数股东权益21.8727.5031.3636.6543.4852.58 股东权益合计611.66741.531,702.371,877.642,104.382,406.25 负债和股东权益合计1,006.111,278.902,328.542,505.892,775.863,159.73 投入资本(IC)641.94864.881,090.891,018.671,069.561,163.18现金流量表 资本支出110.59145.35159.74-0.00 0.000.00 自由现金流7.59-103.60 -100.58 252.91177.71207.36 短期借款增加-45.42 -16.02 2.50-37.54 0.000.00 长期带息债务增加81.88131.08-10.18 -53.20 -51.32 -49.31 股权筹资额0.000.000.00 支付普通股股利0.000.000.000.000.000.00 长期投资0.060.12-596.08 1.731.731.73 经营性现金净流量72.51106.0339.26266.59195.98232.54 投资性现金净流量-114.10 -153.06 -773.15 1.731.731.73 筹资性现金净流量48.0585.99849.31-98.78 -55.47 -50.45 现金流量净额6.4738.96115.42169.53142.24183.82 货币资金的期初余额118.88125.35164.31279.73449.27591.51 货币资金的期末余额125.35164.31279.73449.27591.51775.33 企业自由现金流7.59-103.60 -100.58 252.91177.71207.36 权益自由现金流42.3210.75-107.22 154.83122.60157.01