2024年年报点评：军民双翼协同发展，实现EMMS领域自主可控

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 956.85 1149.41 1373.03 1632.26 -2.45%20.12%19.45%18.88%517.31 619.45 735.78 864.78 -8.23%19.74%18.78%17.53%1.42 1.55 1.84 2.16 76.84% 76.56% 76.10% 75.30% 54.06% 53.89% 53.59% 52.98% ⚫ 20242025E2026E2027E营业收入589.97707.96840.70987.83增长率-4.49%20.00%18.75%17.50%毛利率75.40%75.20%74.80%74.00%营业收入342.66411.19494.46596.81增长率9.94%20.00%20.25%20.70%毛利率81.14%80.80%80.30%79.50%营业收入14.4718.0922.8028.95增长率-48.94%25.00%26.00%27.00%毛利率42.06%41.70%41.00%40.60%营业收入9.3611.7014.5118.00增长率-59.40%25.00%24.00%24.00%毛利率65.94%65.50%65.25%65.00%营业收入0.380.460.560.67增长率1376.05%20.00%20.50%20.50%毛利率26.35%26.00%25.70%25.50%隐身功能涂层材料隐身功能结构件电磁兼容材料技术服务其他主营业务 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956.851149.411373.031632.26 货币资金1927.382184.302456.563000.26营业成本221.62269.45328.17403.18 应收票据及账款1092.591212.391354.221520.46税金及附加12.1514.6017.4420.73 预付账款4.425.917.068.39销售费用8.679.5410.9812.57 其他应收款1.333.794.525.38管理费用41.4750.5761.7973.45 存货114.70143.95170.83204.35研发费用87.6097.70109.84122.42 其他流动资产0.010.010.010.01财务费用-10.06-7.19-8.12-9.55 长期股权投资0.000.000.000.00资产减值损失-3.85-2.60-3.47-4.80 固定资产243.61357.04578.46736.09信用减值损失-21.48-24.63-28.18-35.04 在建工程228.68290.57277.46164.34其他经营损益0.000.000.000.00 无形资产22.0620.5919.1217.65投资收益0.000.000.000.00 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14.3918.0015.0012.00资产处置收益0.000.000.000.00 资产总计3649.184236.554883.235668.93其他收益24.9824.9824.9824.98 短期借款0.000.000.000.00营业利润595.04712.49846.26994.60 应付票据及账款305.27431.86525.97651.71营业外收入0.110.110.110.11 其他流动负债98.6883.7071.1766.96营业外支出0.270.270.270.27 流动负债合计403.94515.56597.14718.67其他非经营损益0.000.000.000.00 长期借款0.010.010.010.01利润总额594.88712.33846.10994.44 其他非流动负债35.3135.3135.3135.31所得税77.5792.88110.32129.67 非流动负债合计35.3335.3335.3235.32净利润517.31619.45735.78864.78 负债合计439.27550.89632.46753.99少数股东损益0.000.000.000.00 股本400.01400.01400.01400.01归属母公司股东净利润517.31619.45735.78864.78 资本公积1127.661127.66 1,127.66 1,127.66现金流量表（百万元）20242025E2026E2027E 留存收益1682.242158.002723.093387.26经营性现金净流量415.94600.28685.05835.00 归属母公司权益3209.913685.67 4,250.76 4,914.93投资性现金净流量-97.09-206.85-250.24-100.24 少数股东权益0.000.000.000.00筹资性现金净流量1012.92-136.50-162.56-191.06 股东权益合计3209.913685.674250.764914.93现金流量净额1331.77256.92272.25543.70 负债和股东权益合计3649.184236.554883.235668.93