2024年年报点评：CHC领域地位稳固，全产业链竞争力有望进一步增强

1 ◆ ◆ ◆ ◆ ◆ “”“”◆ ◆ ◆ ◆ 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入18,079.4624,738.9627,616.6130,877.0034,546.5938,677.86 减: 营业成本8,313.1311,567.2213,295.6214,749.0016,358.7818,164.30 税金及附加207.06274.91294.78342.11382.77428.54 主营业务利润9,559.2712,896.8314,026.2015,785.8917,805.0420,085.02 减: 销售费用5,076.626,965.487,220.128,151.539,120.3010,172.28 管理费用1,058.611,523.541,657.811,852.622,072.802,320.67 研发费用593.94714.50801.75895.431,001.851,121.66 财务费用5.51-24.19 -24.19 77.8860.50-33.08 经营性利润2,824.593,717.504,370.724,808.435,549.606,503.49 加: 资产减值损失-138.27 -172.64 -163.29 -211.39 -236.52 -264.80 信用减值损失-5.97 -67.78 -94.05 -66.65 -74.57 -83.49 其他经营损益-0.00 -0.00 -0.00 -0.00 -0.00 -0.00 投资收益44.6218.2431.1231.3331.3331.33 公允价值变动损益2.58-28.63 9.390.000.000.00 资产处置收益2.280.8131.4311.5111.5111.51 其他收益217.39285.87289.71264.33264.33264.33 营业利润2,947.223,753.384,475.034,837.545,545.676,462.36 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入35.5451.29141.8176.2176.2176.21 减: 营业外支出19.3250.2123.2330.9230.9230.92 利润总额2,963.443,754.454,593.614,882.845,590.966,507.65 减: 所得税466.43580.97815.87797.12912.721,062.36 净利润2,497.013,173.483,777.744,085.724,678.255,445.28 减: 少数股东损益48.21320.55409.85311.61356.80415.30 归属母公司股东净利润2,448.802,852.933,367.893,774.114,321.445,029.98资产负债表 货币资金3,149.716,770.775,016.8312,350.8013,818.6417,241.99 交易性金融资产0.001,456.011,677.331,677.331,677.331,677.33 应收票据179.737.8179.97135.37151.46169.57 应收账款5,464.207,938.278,809.819,696.5910,848.9812,146.36 预付账款374.99495.69508.58609.24681.65763.16 其他应收款52.37202.09309.25229.14256.37287.03 存货2,498.875,112.504,932.685,474.706,072.246,742.44 其他流动资产268.63538.86541.22578.82647.61725.05 长期股权投资65.79144.24432.17432.51432.86433.20 金融资产投资235.19498.89321.15321.15321.15321.15 投资性房地产25.8871.9168.8859.7350.5841.43 固定资产和在建工程4,823.006,620.556,609.025,613.654,610.273,598.89 无形资产和开发支出6,744.759,202.189,216.508,633.668,030.987,408.44 其他非流动资产3,239.671,088.681,558.581,465.421,374.241,374.24 资产总计27,122.7840,148.4640,081.9747,278.1248,974.3552,930.28 短期借款168.50885.65855.573,667.661,042.530.00 交易性金融负债0.000.000.000.000.000.00 应付票据345.65732.06825.74820.89910.491,010.98 应付账款1,449.472,365.252,323.012,721.473,018.513,351.66 预收账款0.000.000.060.020.020.03 合同负债1,012.271,650.151,860.861,956.312,188.812,450.56 其他应付款5,266.276,643.907,094.188,561.479,495.9010,543.97 长期借款156.041,922.44269.89138.1020.58-78.17 其他负债1,191.171,687.131,596.351,711.271,797.441,893.11 负债合计9,589.3715,886.5814,825.6619,577.2018,474.2919,172.15 股本988.35988.181,284.301,284.301,284.301,284.30 资本公积1,796.921,877.761,863.131,863.131,863.131,863.13 留存收益14,224.3616,101.2016,755.6818,888.6721,331.0124,173.78 归属母公司股东权益17,009.6318,967.1419