2024年年报点评：优化业务布局，提高技术水平和创新能力，保障业绩稳健增长

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 1097.67 1338.05 1644.46 2031.64 15.60%21.90%22.90%23.54%145.02 177.41 226.02 298.15 15.37%22.34%27.40%31.91%0.38 0.46 0.59 0.78 46.84%46.85%47.28%47.63%11.05%11.09%11.50%12.28% ◆ 利润表（百万元）20242025E2026E2027E 资产负债表（百万元）20242025E2026E2027E营业收入1097.671338.051644.462031.64 货币资金251.14294.37361.78446.96营业成本583.54711.14867.041064.01 应收票据及账款465.08564.55693.83846.05税金及附加7.889.6111.8114.59 预付账款41.0448.7658.5766.79销售费用134.62153.88184.18219.42 其他应收款6.676.235.865.57管理费用142.58160.57189.11227.54 存货294.06331.21380.07437.26研发费用130.29156.55189.11231.61 其他流动资产60.8066.9074.0081.27财务费用5.724.062.951.48 长期股权投资0.000.000.000.00资产减值损失-5.77-7.03-8.64-10.67 固定资产750.73716.22684.47640.28信用减值损失-7.53-7.36-8.22-9.14 在建工程21.0115.004.003.00其他经营损益0.000.000.000.00 无形资产9.778.797.816.84投资收益-0.38-0.42-0.45-0.48 长期待摊费用56.1757.4555.3946.67公允价值变动损益0.000.000.000.00 其他非流动资产138.02150.00165.00180.00资产处置收益0.170.000.000.00 资产总计2094.492259.482490.782760.68其他收益50.4532.0020.0015.00 短期借款15.9213.1924.738.97营业利润129.99159.44202.95267.70 应付票据及账款173.60207.50233.98266.73营业外收入1.031.060.911.00 其他流动负债377.79389.04418.56447.93营业外支出0.791.180.880.95 流动负债合计567.32609.74677.27723.63其他非经营损益0.000.000.000.00 长期借款113.6587.8362.5436.69利润总额130.24159.33202.98267.76 其他非流动负债222.88222.88222.88222.88所得税8.9410.9313.9318.37 非流动负债合计336.54310.72285.43259.57净利润121.30148.40189.05249.39 负债合计903.86920.45962.70983.21少数股东损益-23.72-29.02-36.97-48.77 股本383.10383.10383.10383.10归属母公司股东净利润145.02177.41226.02298.15 资本公积238.78238.78 238.78 238.78现金流量表（百万元）20242025E2026E2027E 留存收益564.65742.07968.091266.24经营性现金净流量114.63129.40148.90200.75 归属母公司权益1186.541363.95 1,589.97 1,888.13投资性现金净流量-155.63-53.56-64.79-72.48 少数股东权益4.10 -24.92 -61.89 -110.66筹资性现金净流量1.13-32.61-16.70-43.09 股东权益合计1190.631339.031528.081777.47现金流量净额-40.0343.2367.4185.18 负债和股东权益合计2094.492259.482490.782760.68