东方证券ORIENT SECURITIES航天电器季报点评一2301绩略超预期，净利率回升至13.95%，降本增效持续推进附表：财务报表预测与比率分析资产负债表利润表单位：百万元2021A2022A2023E2024E2025E单位：百万元2021A2022A2023E2024E2025E货币资金2,5482,1881,8361,96122985,1476,0207,5459,30411,4924,3315.0396,3167,7899.620营业成本3,4804,0334,9556,0697,47067100113140172营业税金及附加存货1,0111.04612851,5731,937销售费用117152174195230其他67114119125132管理费用及研发费用9181,1241,3581,6562,0468,0258,4869,66911,58814,160财务费用(19(19长期股权投资000资产、信用减值损失4160固定资产1.0041,12012421,2941,277公允价值变动收益00000在建工程5273378325255投资净收益00000无形资产94927567其他4454其他1481971951901856117091,0111,3401,7061,2971,4821,8991,8851,784营业外数入25资产总计9,3229,96811,56813,47315,944营业外支出32短期借款000052610201,3581,724应付票据及应付张款2,4652,7183,4904,2215,163所得税55115147其他467291350403469561,2431,5782,9323,0083,8404,6245,684少数股东损益78113134159长期借款0000045558101,1091,418应付债券00001.081.231.792.453.13其他3023833863863023833863863863,2353,3914,2275,0106,0712021A2022A2023E2024E2025E少数股东权益8108941,0071,1421,301453453453453453营业收入22.0%17.0%25.3%23.3%23.5%资本公积1,9141,8161,8161,8161,816营业利润9.8%16.0%42.7%32.5%27.3%留存收益2,8363,3223,9644,9526,204归属于母公司净利润12.8%13.6%45.8%36.9%27.9%其他751001001006,0887,3418,4629,87432.4%33.0%34.3%34.8%35.0%9,3229,96811,56813,47315,9449.5%9.2%10.7%11.9%12.3%ROE11.3%10.1%13.5%16.2%17.8%现金流量表ROIC10.8%9.8%12.9%15.3%16.8%单位百万元2021A2022A2023E2024E2025E5676519231,243资产负债率34.7%34.0%36.5%37.2%38.1%折旧摊销115153153179200净负债率0.0%0.0%0.0%0.0%0.0%财务费用32(19)(19)2.742.822.522.512.49投资损失000速动比率2.382.472.182.172.15营运资金变动18其它142124002.83.473.63.6835179347393532存货周转率423.94.24.3资本支出(479557)(165(100总资产固转率0.60.70.70.8000其他(11580000每股收益1.081.231.792.453.13(594(356(165(1001.840.390.770.871.1727151600每股净资产11.6612.5613.9916.1718.941,455000估值比率其他283(123)(148)(95)58.151.135.125.620.01,444(142)市净率5.45.04.53.93.335-0-0-0EV/EBTDA37.532.523.517.914.31,682125337EV/EBIT44.639.827.120.416.0资料来源：东方证券研究所有关分析师的申明，见本报告最后部分。其他重要信息被露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。2