【行业研究报告】航天环宇-2024年报及2025一季报点评：营收再创新高，乘上商业航天和国产民机发展东风

营业收入401.42456.20508.04655.95817.70998.67营业收入401.42456.20508.04655.95817.70998.67减:营业成本160.93222.40286.16373.16477.89593.91税金及附加6.508.107.709.9412.3915.14主营业务利润233.99225.70214.18272.84327.41389.62减:销售费用10.5611.0911.4813.7716.3519.97管理费用35.4936.8336.6441.9849.0649.93研发费用45.1548.1160.4573.6791.83112.16财务费用0.75-1.180.789.404.631.56经营性利润142.03130.84104.84134.01165.53206.00加:资产减值损失-2.39-3.10-4.15-4.57-5.70-6.96信用减值损失-13.04-15.80-15.00-18.37-22.08-25.97其他经营损益0.00-0.00-0.00-0.00-0.00-0.00投资收益0.129.926.705.585.585.58公允价值变动损益0.000.745.240.000.000.00资产处置收益0.000.000.350.120.120.12其他收益9.0626.5715.5217.0517.0517.05营业利润135.79149.17113.52133.83160.50195.83加:其他非经营损益0.000.000.000.000.000.00营业外收入0.066.567.264.634.634.63减:营业外支出0.190.040.940.390.390.39利润总额135.65155.69119.84138.07164.74200.07减:所得税7.3917.458.279.5311.3713.81净利润128.26138.24111.57128.54153.37186.26减:少数股东损益5.623.8610.0011.5313.7516.70归属母公司股东净利润122.64134.38101.57117.01139.62169.56资产负债表货币资金164.79290.68226.77376.53582.13790.85交易性金融资产0.00606.74380.42250.00150.00100.00应收票据71.1167.8869.1789.31111.33135.97应收账款225.48342.58462.12575.08694.48820.82预付账款6.3526.592.6717.3521.6326.42其他应收款1.662.624.954.295.356.53存货85.49126.85160.11206.62264.61328.84其他流动资产9.027.8713.7014.5818.1822.20长期股权投资0.000.000.000.000.000.00金融资产投资0.000.000.000.000.000.00投资性房地产0.000.000.000.000.000.00固定资产和在建工程469.67550.44800.35751.99701.26620.52无形资产和开发支出192.40207.98201.56162.68123.8084.91其他非流动资产52.8798.30114.05114.05114.05114.05资产总计1,278.842,328.542,435.862,562.482,786.823,051.13短期借款35.0437.5482.180.000.000.00交易性金融负债0.000.000.000.000.000.00应付票据21.5937.5193.56127.80167.59211.53应付账款82.5496.16112.01146.07187.06232.47预收账款0.000.000.000.000.000.00合同负债8.811.819.329.6812.0714.74其他应付款63.9775.4957.28116.57149.28185.52长期借款212.96202.78203.53154.10106.1857.05其他负债112.37174.87205.00230.24261.25294.19负债合计537.28626.17762.88784.45883.42995.50股本366.00406.88406.88406.88406.88406.88资本公积19.40801.76801.89801.89801.89801.89留存收益328.67462.37422.84516.37627.98763.52归属母公司股东权益714.071,671.011,631.611,725.141,836.751,972.29少数股东权益27.4931.3641.3752.8966.6483.35股东权益合计741.551,702.371,672.981,778.041,903.392,055.63负债和股东权益合计1,278.842,328.542,435.862,562.482,786.823,051.13投入资本(IC)864.901,090.891,402.301,371.201,359.211,321.70现金流量表资本支出145.44159.65296.1730.0030.000.00自由现金流-111.52-126.51-213.62164.34165.62221.17短期借款增加-16.022.5044.64-82.180.000.00长期带息债务增加131.08-10.180.75-49.43-47.92-49.13股权筹资额0.000.000.00支付普通股股利0.0080.880.0023.4828.0134.02长期投资0.12-596.08200.27134.14103.7253.72经营性现金净流量106.0339.2657.29209.99212.33239.59投资性现金净流量-153.06-773.15-86.30104.2673.8453.84筹资性现金净流量85.99849.31-61.96-164.49-80.57-84.71