【中航证券】佳驰科技（688708）-2024年年报点评：军民双翼协同发展，实现EMMS领域自主可控-250422（7页）.pdf

1、 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342.66411.19494.465

2、96.81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

3、身功能结构件电磁兼容材料技术服务其他主营业务 利润表（百万元）利润表（百万元）2021A2021A2022E2022E2023E2023E2024E2024E 营业收入1903.182554.293254.394120.55 减:营业成本863.261191.011606.622007.28 营业税金及附加12.8216.3513.6721.43 销售费用420.65434.23539.25784.96 管理费用448.73523.89634.61758.18 财务费用9.97-14.82-19.25-33.23 资产减值损失-8.4210.0010.0010.00 加:投资收益16.5620

4、.0015.0015.00 公允价值变动损益10.145.316.126.52 其他经营损益0.000.000.000.00 营业利润 营业利润295.85418.95490.61593.45 加:其他非经营损益-4.22-47.50-38.00-23.00 利润总额 利润总额291.63371.45452.61570.45 减:所得税1.951.672.172.86 净利润 净利润289.68369.78450.44567.59 减:少数股东损益-4.65-1.76-4.69-4.30 归属母公司股东净利润 归属母公司股东净利润294.34371.54455.13571.89资产负债表（百万

5、元）资产负债表（百万元）2021A2021A2022E2022E2023E2023E2024E2024E 货币资金1018.24957.121160.001480.38 应收和预付款项622.68700.56836.09973.42 存货377.11471.95657.18834.47 其他流动资产676.04662.58733.89807.56 长期股权投资21.4421.4421.4421.44 投资性房地产0.000.000.000.00 固定资产和在建工程334.25541.06658.42660.00 无形资产和开发支出186.61163.82141.03118.24 其他非流动资产

6、160.00171.55182.39192.53 资产总计 资产总计3396.373690.084390.445088.04 短期借款169.840.000.000.00 应付和预收款项466.33659.93877.701100.71 长期借款30.5130.5130.5130.51 其他负债493.43431.83562.41669.21 负债合计 负债合计1160.111122.281470.631800.42 股本378.71533.72533.72533.72 资本公积1086.751086.751086.751086.75 留存收益767.971010.301302.331674.