【中航证券】菲利华（300395）-2024年报及2025一季报点评：内生+外延打造多维成长极，一季度同比环比皆明显改善-250518（8页）.pdf

1、 1 报表预测报表预测单位:百万元单位:百万元会计年度会计年度2022202220232023202420242025E2025E2026E2026E2027E2027E利润表利润表 营业收入1,719.372,090.541,741.812,127.272,423.742,845.76 减:营业成本838.761,056.181,007.261,134.961,302.441,530.62 税金及附加16.8821.5917.7121.6324.6428.93 主营业务利润 主营业务利润863.721,012.78716.85970.681,096.661,286.21 减:销售费用17.8

2、924.2424.9329.7831.5134.15 管理费用157.98181.80146.86170.18181.78213.43 研发费用154.71223.21249.94297.82315.09369.95 财务费用-24.38-14.50-0.10-8.38-12.33-15.58 经营性利润 经营性利润557.53598.03295.22481.28580.61684.27 加:资产减值损失-6.27-9.96-20.07-14.89-7.27-7.11 信用减值损失-6.38-10.66-8.39-12.76-12.12-2.85 其他经营损益0.00-0.00 0.000.0

3、00.000.00 投资收益7.942.8511.988.268.609.05 公允价值变动损益0.4716.1216.520.000.000.00 资产处置收益0.230.32-2.07-0.89-1.08-1.18 其他收益14.7151.5658.0948.6952.3052.06 营业利润 营业利润568.23648.26351.28509.68621.03734.23 加:其他非经营损益0.000.000.000.000.000.00 营业外收入2.472.132.982.612.652.69 减:营业外支出4.686.239.917.818.248.38 利润总额 利润总额566.

4、01644.16344.35504.48615.44728.55 减:所得税53.2469.7418.0826.4932.3138.25 净利润 净利润512.77574.41326.27477.99583.13690.30 减:少数股东损益24.0336.7712.0622.7727.2931.36 归属母公司股东净利润 归属母公司股东净利润488.74537.65314.21455.23555.84658.93资产负债表资产负债表 货币资金824.41586.41685.19749.41900.211,085.94 交易性金融资产204.13363.89392.20400.00450.00

5、500.00 应收票据398.47405.72280.44291.41332.02389.83 应收账款376.39588.68615.43605.45689.82809.94 预付账款64.25196.8890.34104.91119.53140.34 其他应收款1.862.8119.1413.0316.8420.91 存货463.97665.83743.14839.56927.771,048.37 其他流动资产48.5178.9680.0385.65101.17119.38 长期股权投资6.526.165.625.134.644.15 金融资产投资0.00566.22452.90450.0

6、0450.00450.00 投资性房地产0.000.000.000.000.000.00 固定资产和在建工程1,529.211,916.022,141.592,283.312,413.972,533.56 无形资产和开发支出273.63304.78335.07326.70318.34309.98 其他非流动资产132.81232.64249.83260.06250.00250.00 资产总计 资产总计4,324.155,915.016,090.926,414.626,974.317,662.39 短期借款3.001