2024年年报点评：新产品、新业务领域推动业绩稳中有升

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 808.41 970.09 1169.12 1414.64 0.91%20.00%20.52%21.00%151.71 181.97 216.60 264.34 3.04%19.95%19.03%22.04%0.40 0.39 0.47 0.57 38.05% 38.45% 38.70% 38.96% 18.77% 18.76% 18.53% 18.69% ⚫ 20242025E2026E2027E营业收入782.08938.501130.891368.37增长率0.41%20.00%20.50%21.00%毛利率38.85%39.00%39.25%39.50%营业收入26.3331.6038.2346.26增长率18.16%20.00%21.00%21.00%毛利率14.20%22.00%22.50%23.00%钛及钛合金产品其他业务 负债和股东权益合计3396.373690.084390.445088.04现金流量表（百万元）2021A2022E2023E2024E 经营活动现金流净额271.45361.82430.93535.42 投资活动现金流净额-597.94-224.69-168.88-68.48 筹资活动现金流净额843.49-198.26-59.17-146.56 现金流量净额508.21-61.13202.88320.38利润表（百万元）20242025E2026E2027E 资产负债表（百万元）20242025E2026E2027E营业收入808.41970.091169.121414.64 货币资金619.55475.12388.40328.77营业成本500.85597.13716.64863.49 应收票据及账款1081.421222.581409.351596.79税金及附加10.2412.2914.8117.92 预付账款2.051.752.112.56销售费用20.0124.2529.4635.79 其他应收款1.971.491.792.17管理费用52.1965.9780.6797.33 存货356.74376.27402.50449.49研发费用52.7766.9485.35106.10 其他流动资产300.21339.53350.74396.10财务费用7.5911.4610.868.65 长期股权投资0.000.000.000.00资产减值损失-11.13-7.76-8.18-8.49 固定资产485.34555.71689.20764.04信用减值损失-13.07-9.70-9.35-9.90 在建工程52.79143.99110.1976.39其他经营损益0.000.000.000.00 无形资产42.6839.8336.9934.14投资收益11.4911.4911.4911.49 长期待摊费用0.000.000.000.00公允价值变动损益0.000.000.000.00 其他非流动资产426.90410.17399.78394.38资产处置收益-0.010.000.000.00 资产总计3369.643566.453791.064044.84其他收益16.0716.2715.9716.10 短期借款0.000.000.000.00营业利润168.13202.36241.26294.57 应付票据及账款498.77515.33559.57615.09营业外收入2.182.202.212.21 其他流动负债62.1765.1568.8771.92营业外支出0.300.640.750.56 流动负债合计560.94580.48628.44687.01其他非经营损益0.000.000.000.00 长期借款298.95294.25254.29185.17利润总额170.01203.92242.72296.22 其他非流动负债68.1868.1868.1868.18所得税18.3021.9526.1231.88 非流动负债合计367.14362.44322.47253.35净利润151.71181.97216.60264.34 负债合计928.08942.92950.92940.36少数股东损益0.000.000.000.00 股本462.50462.50462.50462.50归属母公司股东净利润151.71181.97216.60264.34 资本公积1546.271546.27 1,546.27 1,546.27现金流量表（百万元）20242025E2026E2027E 留存收益432.80614.77831.371095.71经营性现金净流量72.9347.0695.73104.79 归属母公司权益2441.562623.54 2,840.14 3,104.48投资性现金净流量-403.04-175.33-131.62-86.65 少数股东权益0.000.000.000.00筹资性现金净流量646.08-16.16-50.82-77.78 股东权益合计2441.562623.542840.143104.48现金流量净额315.97-144.43-86.71-59.63 负债和股东权益合计3369.643566.453791.064044.84