【行业研究报告】同方股份-2024年报&2025Q1点评：背靠中核工业集团内外兼修，聚焦优势和新兴产业提质增效

营业收入23,761.3528,833.4616,801.7818,728.3320,893.2323,327.39营业收入23,761.3528,833.4616,801.7818,728.3320,893.2323,327.39减:营业成本18,863.9623,712.7512,701.3114,190.3715,802.7517,611.78税金及附加144.38169.79151.68131.05146.20163.24主营业务利润4,753.014,950.923,948.794,406.914,944.285,552.37减:销售费用2,058.842,039.221,657.081,598.121,782.861,990.57管理费用1,273.331,379.031,293.371,113.671,242.411,387.15研发费用1,093.311,090.20859.92842.77940.201,049.73财务费用786.68621.31460.54373.01304.96267.71经营性利润-459.16-178.84-322.11479.33673.86857.21加:资产减值损失-514.13-539.48-311.50-290.29-292.51-291.59信用减值损失-212.83-214.96-177.02-168.23-187.68-209.54其他经营损益-0.00-0.000.00-0.00-0.00-0.00投资收益711.91-139.86443.940.000.000.00公允价值变动损益-246.90204.94415.19100.0050.000.00资产处置收益28.23-7.3413.2211.3711.3711.37其他收益142.95191.50156.83163.76163.76163.76营业利润-549.92-684.05218.56295.94418.81531.21加:其他非经营损益0.000.000.000.000.000.00营业外收入70.7157.7651.2959.9259.9259.92减:营业外支出88.92114.9418.6518.6518.6518.65利润总额-568.13-741.22251.19337.20460.07572.47减:所得税94.267.4048.7616.8623.0028.62净利润-662.39-748.63202.43320.34437.07543.85减:少数股东损益109.1416.2961.8212.6917.3121.54归属母公司股东净利润-771.53-764.91140.62307.65419.75522.31资产负债表货币资金6,805.925,999.386,151.864,682.085,223.315,831.85交易性金融资产1,369.391,100.901,171.11655.00655.00655.00应收票据89.32142.46125.82102.62108.76115.04应收账款7,984.098,673.819,307.437,440.028,013.848,627.94预付账款810.64739.97682.97626.95699.42780.91其他应收款1,683.331,308.171,271.721,198.011,336.491,492.20存货9,485.327,724.077,006.176,609.216,927.237,478.97其他流动资产310.235,199.29208.88232.83259.75290.01长期股权投资13,850.9913,420.2515,178.1315,078.1315,028.1315,028.13金融资产投资1,409.871,354.93807.74807.74807.74807.74投资性房地产73.51146.59157.17136.28115.4094.52固定资产和在建工程4,144.813,449.073,298.922,783.012,266.911,750.63无形资产和开发支出3,078.672,771.272,726.262,388.692,030.811,652.62其他非流动资产3,039.063,054.293,372.853,369.483,340.843,340.84资产总计54,135.1555,084.4651,467.0246,110.0646,813.6347,946.39短期借款12,267.648,916.423,002.032,738.062,461.902,255.20交易性金融负债0.000.000.000.000.000.00应付票据243.2572.85319.63194.56216.67241.47应付账款7,660.117,621.157,884.286,377.207,101.817,914.80预收账款18.0618.5412.4513.3914.9416.68合同负债3,430.503,063.233,084.562,710.593,023.933,376.23其他应付款2,475.022,440.522,498.912,038.062,269.632,529.45长期借款2,137.397,346.4910,755.657,722.386,830.836,016.49其他负债5,935.686,352.682,270.512,356.472,497.512,655.82负债合计34,167.6435,831.8929,828.0224,150.7224,417.2225,006.13股本3,350.303,350.303,350.303,350.303,350.303,350.30资本公积11,053.4310,879.9810,974.4910,974.4910,974.4910,974.49留存收益500.1437.812,470.962,778.613,198.373,720.67归属母公司股东权益14,903.8714,268.0916,795.7417,103.4017,523.1518,045.46少数股东权益5,063.644,984.474,843.254,855.944,873.264,894.80股东权益合计19,967.5119,252.5621,639.0021,959.3422,396.4122,940.26负债和股东权益合计54,135.1555,084.4651,467.0246,110.0646,813.6347,946.39投入资本(IC)30,727.7033,059.6531,466.4230,957.0430,226.4029,749.21现金流量表经营性现金净流量-89.1926.16453.471,488.831,915.851,896.74投资性现金净流量3,016.46948.932,425.06711.6698.050.55筹资性现金净流量-7,625.30-778.18-3,654.02-3,670.26-1,472.67-1,288.75现金流量净额-4,548.63183.00-804.46-1,469.77541.23608.54报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表营业收入287.31301.76474.20585.82684.69860.39减:营业成本176.46167.06274.07298.10346.19432.54税金及附加2.672.843.565.125.987.52主营业务利润108.18131.86196.57282.60332.52420.34减:销售费用78.70104.95109.56135.35158.19198.79管理费用37.5150.0857.5971.1583.16104.50研发费用25.7338.3642.8852.9761.9177.80财务费用-0.252.164.983.651.571.13经营性利润-33.51-63.70-18.4519.4827.6838.12加:资产减值损失-7.72-11.96-10.72-17.40-20.34-25.56信用减值损失-2.90-5.27-10.07-9.53-11.14-13.99其他经营损益-0.000.000.000.000.000.00投资收益3.770.81-2.230.780.780.78公允价值变动损益-0.010.180.130.000.000.00资产处置收益1.240.880.871.001.001.00其他收益10.2014.0811.3111.8611.8611.86营业利润-28.93-64.98-29.156.199.8512.21加:其他非经营损益0.000.000.000.000.000.00营业外收入0.119.340.273.243.243.24减:营业外支出3.947.623.605.065.065.06利润总额-32.76-63.27-32.494.388.0410.40减:所得税-6.411.604.250.160.160.16净利润-26.34-64.87-36.744.227.8810.24减:少数股东损益-0.14-0.37-0.950.050.100.13归属母公司股东净利润-26.20-64.50-35.794.177.7810.12资产负债表货币资金207.02187.58191.0158.5868.4786.04交易性金融资产40.0430.1845.3145.3145.3145.31应收票据0.744.970.183.794.435.57应收账款122.17117.43171.79229.76268.54337.45预付账款12.665.3811.5416.8419.6824.73其他应收款10.306.185.0713.0915.3019.22存货126.12132.86202.25223.38259.41324.12其他流动资产38.2140.7830.6464.9775.9495.43长期股权投资1.727.242.421.540.66-0.23金融资产投资6.026.419.369.369.369.36投资性房地产0.000.000.000.000.000.00固定资产和在建工程308.27300.08268.33226.29184.26142.23无形资产和开发支出35.4264.8988.9575.0660.9746.70其他非流动资产41.0436.7230.5828.6026.6326.63资产总计949.71940.711,057.43996.571,038.951,162.55短期借款49.81102.0886.7220.558.0827.30交易性金融负债0.000.000.000.000.000.00应付票据24.079.0613.4523.8227.6634.56应付账款111.3259.31142.86149.76173.92217.30预收账款0.000.000.000.000.000.00合同负债24.3543.51106.0488.37103.29129.79其他应付款27.6034.0038.2549.6357.6472.02长期借款15.5520.9642.4030.0218.417.70其他负债24.6964.7257.3959.8867.5381.22负债合计277.39333.65487.11422.03456.53569.89股本87.5887.5887.5887.5887.5887.58资本公积567.68567.68567.68567.68567.68567.68留存收益14.76-49.73-85.52-81.35-73.57-63.45归属母公司股东权益670.03605.54569.75573.91581.70591.81少数股东权益2.301.520.570.630.720.85股东权益合计672.33607.06570.32574.54582.42592.66负债和股东权益合计949.71940.711,057.43996.571,038.951,162.55投入资本(IC)513.34536.11501.17570.44554.23572.99现金流量表经营性现金净流量-88.01-25.9456.05-52.7433.047.68投资性现金净流量-81.42-69.09-44.552.512.512.51筹资性现金净流量46.3294.49-26.19-82.20-25.667.38现金流量净额-123.550.90-14.18-132.439.8917.57报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表营业收入23,761.3528,833.4616,801.7818,728.3320,893.2323,327.39减:营业成本18,863.9623,712.7512,701.3114,190.3715,802.7517,611.78税金及附加144.38169.79151.68131.05146.20163.24主营业务利润4,753.014,950.923,948.794,406.914,944.285,552.37减:销售费用2,058.842,039.221,657.081,598.121,782.861,990.57管理费用1,273.331,379.031,293.371,113.671,242.411,387.15研发费用1,093.311,090.20859.92842.79940.211,049.75财务费用786.68621.31460.54378.03318.97288.76经营性利润-459.16-178.84-322.11474.29659.83836.14加:资产减值损失-514.13-539.48-311.50-347.21-387.35-432.48信用减值损失-212.83-214.96-177.02-168.23-187.68-209.54其他经营损益-0.00-0.000.00-0.00-0.00-0.00投资收益711.91-139.86443.94-100.00-50.000.00公允价值变动损益-246.90204.94415.190.000.000.00资产处置收益28.23-7.3413.2211.3711.3711.37其他收益142.95191.50156.83163.76163.76163.76营业利润-549.92-684.05218.5633.98209.94369.25加:其他非经营损益0.000.000.000.000.000.00营业外收入70.7157.7651.2959.9259.9259.92减:营业外支出88.92114.9418.6518.6518.6518.65利润总额-568.13-741.22251.1975.25251.20410.52减:所得税94.267.4048.765.8212.5620.53净利润-662.39-748.63202.4369.43238.64389.99减:少数股东损益109.1416.2961.822.759.4515.45归属母公司股东净利润-771.53-764.91140.6266.68229.19374.54资产负债表货币资金6,805.925,999.386,151.864,682.085,223.315,831.85交易性金融资产1,369.391,100.901,171.11655.00655.00655.00应收票据89.32142.46125.82102.62108.76115.04应收账款7,984.098,673.819,307.437,440.028,013.848,627.94预付账款810.64739.97682.97626.95699.42780.91其他应收款1,683.331,308.171,271.721,198.011,336.491,492.20存货9,485.327,724.077,006.176,609.216,927.237,478.97其他流动资产310.235,199.29208.88232.83259.75290.01长期股权投资13,850.9913,420.2515,178.1315,078.1315,028.1315,028.13金融资产投资1,409.871,354.93807.74807.74807.74807.74投资性房地产73.51146.59157.17136.28115.4094.52固定资产和在建工程4,144.813,449.073,298.922,783.012,266.911,750.63无形资产和开发支出3,078.672,771.272,726.262,388.692,030.811,652.62其他非流动资产3,039.063,054.293,372.853,369.483,340.843,340.84资产总计54,135.1555,084.4651,467.0246,110.0646,813.6347,946.39短期借款12,267.648,916.423,002.032,988.982,911.242,858.40交易性金融负债0.000.000.000.000.000.00应付票据243.2572.85319.63194.56216.67241.47应付账款7,660.117,621.157,884.286,377.207,101.817,914.80预收账款18.0618.5412.4513.3914.9416.68合同负债3,430.503,063.233,084.562,710.593,023.933,376.23其他应付款2,475.022,440.522,498.912,038.062,269.632,529.45长期借款2,137.397,346.4910,755.657,722.386,830.836,016.49其他负债5,935.686,352.682,270.512,356.482,497.512,655.82负债合计34,167.6435,831.8929,828.0224,401.6424,866.5625,609.33股本3,350.303,350.303,350.303,350.303,350.303,350.30资本公积11,053.4310,879.9810,974.4910,974.4910,974.4910,974.49留存收益500.1437.812,470.962,537.642,766.833,141.37归属母公司股东权益14,903.8714,268.0916,795.7416,862.4217,091.6117,466.15少数股东权益5,063.644,984.474,843.254,846.004,855.464,870.91股东权益合计19,967.5119,252.5621,639.0021,708.4221,947.0722,337.06负债和股东权益合计54,135.1555,084.4651,467.0246,110.0646,813.6347,946.39投入资本(IC)30,727.7033,059.6531,466.4230,957.0430,226.4029,749.21现金流量表经营性现金净流量-89.1926.16453.471,432.931,826.431,763.93投资性现金净流量3,016.46948.932,425.06521.663.050.55筹资性现金净流量