受毛利率影响业绩短期承压，订单稳步增长后续可期

   曾帅分析师 SAC执业证书：S0640522050001 联系电话： 邮箱：zengshuai@avicsec.com 1  202220232024E2025E2026E 资产负债表利润表 会计年度202220232024E2025E2026E会计年度202220232024E2025E2026E 货币资金15038.917129.220532.323729.829972.5营业收入55353.1460676.6169265.6876880.0382570.35 应收票据及应收11352.011866.715069.916536.318556.0营业成本45244.9449253.1756831.4062687.5267473.99 预付账款5485.317919.042184.3210004.94052.16营业税金及附加325.82303.47332.48361.34388.08存货18455.218136.523539.728699.830527.3销售费用1483.431587.511697.011868.182006.46其他6392.878217.7615921.623770.818671.2管理费用3116.973403.903532.553844.004128.52流动资产合计56724.463269.377247.9102741.101779.研发费用2274.632749.532909.163152.083302.81长期股权投资2398.321783.082033.082283.082533.08财务费用(97.81)7.45(63.13)(85.22)(120.65)固定资产4876.165034.905331.855578.805775.75资产/信用减值损失(203.03)(671.59)(482.40)(452.34)(535.45) 在建工程375.88789.08789.08789.08789.08公允价值变动收益(61.54)85.06254.64(114.88)(8.29)无形资产1767.081852.491731.161609.831488.50投资净收益483.63776.39430.83563.62590.28其他38437.735959.439616.637247.038370.5其他(534.77)(794.96)0.000.000.00 非流动资产合计47855.145419.049501.847507.848956.9营业利润3320.873976.684229.295048.525437.69 资产总计115265.121108.126749.150249.150736.营业外收入56.5471.4155.0060.9862.46 短期借款103.24110.17100.00100.00100.00营业外支出52.4341.9345.6646.6744.75应付票据及账款27376.633198.323948.741176.530795.6利润总额3324.974006.164238.635062.835455.40其他7752.635768.6548191.151737.758903.7所得税314.62362.45400.55470.84501.90流动负债合计35232.439077.172239.893014.389799.4净利润3010.363643.713838.084591.994953.50 长期借款951.111383.431500.001500.001500.00少数股东损益155.7193.3299.79114.80123.84 其他8264.827255.988565.008028.607949.86归属于母公司净利润2854.653550.393738.294477.194829.66非流动负债合计9215.938639.4010065.09528.609449.86每股收益（元）0.921.141.201.441.55负债合计76640.179888.582304.8102542.99249.2 少数股东权益3643.403974.984057.804138.914234.04 股本3118.813118.533118.533118.533118.53 资本公积11644.911566.011566.011566.011566.0 留存收益20200.522675.025777.728940.732651.0 其他17.14(114.65(75.25)(57.59)(82.50) 股东权益合计38624.841219.844444.847706.651487.1主要财务比率 负债和股东权益115265.121108.126749.150249.150736.会计年度202220232024E2025E2026E 成长能力 营收增长率15.76%9.62%14.16%10.99%7.40% 营业利润增长率24.93%19.75%6.35%19.37%7.71%现金流量表归母净利润增长率24.71%24.37%5.29%19.77%7.87%会计年度202220232024E2025E2026E盈利能力 经营净利润 折旧与摊销 财务费用 3010.363643.713738.294477.194829.66 762.72762.05824.38874.38924.38 (73.79) 7.45(63.13)(85.22)(120.65 毛利率18.26%18.83%17.95%18.46%18.28% 净利率5.16%5.85%5.40%5.82%5.85% ROE8.16%9.53%9.26%10.28%10.22% 投资损失(480.56(748.15(420.00(549.57(572.57 营运资金变动(4678.8(9740.8(1209.7274.062704.76其它现金流9870.182579.87354.43(0.08)115.54每股指标（元）经营活动现金流8410.12(3495.83224.224990.767881.12每股收益0.921.141.201.441.55资本支出899.851812.24(309.021536.401078.74每股经营现金流2.70(1.12)1.031.602.53 长期投资108.73(615.24250.00250.00250.00每股净资产11.2211.9512.9513.9715.15其他(14194.4857.99649.40(2416.5(1849.5估值倍数投资活动现金流(13186.6054.99590.38(630.10(520.81市盈率14.4411.6111.029.218.53债权融资68.94121.96201.52167.1755.36市净率1.181.111.020.950.87股权融资(698.22(1691.8(613.07(1330.2(1172.9EV/EBIT2.26(0.38)(2.41)(2.23)(3.13) 其他512.271072.760.000.000.00EV/EBITDA2.54(0.42)(2.80)(2.56)(3.58) 筹资活动现金流(117.01(497.10(411.54(1163.1(1117.6 汇率变动影响3.0728.2410.8314.0517.71 现金净增加额(4890.02090.263413.893211.616260.39 数据来源：iFinD，中航证券研究所