【中航证券】北方导航（600435）-2025年中报点评：军品交付加速，业绩发展迎来拐点-250902（7页）.pdf

1、 2 010-59219558 010-59562637 1 -30%-10%10%30%50%70%90%110%130%150%170%24-0924-1125-0125-0425-0625-08300 1 2 3 4 118.12%7.36%4.57%-82.98%481.19%-200%0%200%400%600%05001,0001,5002,0002021H1 2022H1 2023H1 2024H1 2025H1-598.03%42.44%25.26%-150.49%256.59%-200%0%200%400%600%800%(100)(50)0501001502002021H1

2、 2022H1 2023H1 2024H1 2025H1-50-500 050501001001501502021H12021H12022H12022H12023H12023H12024H12024H12025H12025H123.80%23.80%20.84%20.84%26.82%26.82%40.09%40.09%22.32%22.32%7.03%7.03%8.31%8.31%9.59%9.59%-27.65%27.65%6.44%6.44%-40%-40%-20%-20%0%0%20%20%40%40%60%60%2021H12021H12022H12022H12023H12023H1

3、2024H12024H12025H12025H1 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3,839.453,564.552,747.744,811.455,826.036,709.07 减:营业成本3,010.322,680.392,125.723,701.684,460.655,097.30 税金及附加21.1239.6829.7852.9358.2667.09 主营业务利润 主营业务利润808.01844.48592.251,056.841,3

4、07.121,544.68 减:销售费用80.2274.3858.9486.61122.35147.60 管理费用263.42231.66243.83288.69355.39402.54 研发费用206.53245.15199.15298.31355.39436.09 财务费用-19.00-22.74-14.23-5.38-6.72-7.48 经营性利润 经营性利润276.84316.03104.56388.62480.72565.92 加:资产减值损失-38.98-30.34-15.96-39.25-47.53-54.73 信用减值损失-16.77-18.83-22.69-28.72-34.

5、78-40.05 其他经营损益-0.00-0.00 0.00-0.00-0.00-0.00 投资收益30.180.000.0010.0610.0610.06 公允价值变动损益0.000.000.000.000.000.00 资产处置收益-0.49-0.15 0.06-0.19-0.19-0.19 其他收益2.066.3515.608.008.008.00 营业利润 营业利润252.84273.0581.57338.51416.28489.01 加:其他非经营损益0.000.000.000.000.000.00 营业外收入14.108.453.428.668.668.66 减:营业外支出2.79

6、0.382.081.751.751.75 利润总额 利润总额264.16281.1282.90345.42423.19495.92 减:所得税7.2130.72-6.21 7.118.7110.20 净利润 净利润256.94250.3989.11338.31414.48485.71 减:少数股东损益71.9258.1630.0795.82117.39137.57 归属母公司股东净利润 归属母公司股东净利润185.02192.2359.04242.49297.09348.15资产负债表资产负债表 货币资金1,999.712,066.151,370.861,919.052,083.342,296