【中航证券】中复神鹰（688295）-2025年中报点评：二季度毛利率复苏明显-250829（5页）.pdf

1、 1 指标指标2023A2024A2025E2026E2027E营业收入（百万元）2,2591,5571,9892,5933,382增速（%）13.25%-31.07%27.70%30.38%30.43%归母净利润（百万元）318-124124201311增速（%）-47.45%-139.12%199.79%61.86%54.76%每股收益（元）0.35-0.140.140.220.35市盈率（倍）70.08-179.16179.54110.9271.67iFinD iFinD iFinD -200%-150%-100%-50%0%50%100%150%200%250%300%(5)05101

2、52025202020212022202320242025H1营业收入（亿元）归母净利润（亿元）营收同比增速（右轴）净利同比增速（右轴）-20%-10%0%10%20%30%40%50%60%2019202020212022202320242025H1毛利率净利率2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)520402439386284448651553营业成本(百万元)392388432342226335546375销售费用率1.4%1.6%2.3%1.9%2.9%1.1%1.2%0.9%管理费用率4.4%6.8%7.2%

3、13.9%15.9%10.3%8.9%9.4%财务费用率0.8%1.6%3.2%3.1%2.2%0.6%0.8%0.3%研发费用率7.2%9.5%19.2%6.9%11.0%7.8%9.0%8.1%资产减值损失(百万元)4.690.8158.170.0017.140.006.640.00利润总额(百万元)62-51-159-32-29 511278所得税费用(百万元)5-6-43 1-12 9-13 6归母净利润（百万元）57-45-116-33-17 422572扣非归母净利（百万元）60-58-110-57-34 15-25 65EPS（元）0.06-0.05-0.13-0.04-0.02

4、0.050.030.08毛利率24.5%3.4%1.5%11.6%20.3%25.3%16.1%32.1%期间费用率13.7%19.6%31.9%25.7%32.0%19.8%20.0%18.8%所得税率8.2%12.1%26.9%-4.4%41.8%17.5%-106.7%7.6%净利润率11.0%-11.3%-26.5%-8.6%-5.9%9.3%3.8%13.1%iFinD 资产负债表资产负债表利润表利润表会计年度会计年度2022202220232023202420242025E2025E2026E2026E2027E2027E会计年度会计年度2022202220232023202420

5、242025E2025E2026E2026E2027E2027E货币资金807.011946.72963.94704.46628.61169.10营业收入1994.812259.131557.311988.712592.883381.96应收票据及账款117.59837.03547.70653.82831.141065.55营业成本1034.741567.751335.421568.802017.992596.06预付账款52.0831.9638.6449.0466.0785.24税金及附加10.4021.4719.4923.8631.1140.58其他应收款5.282.361.451.802

6、.844.63销售费用6.7622.8830.2429.8341.4950.73存货297.72464.35564.90666.20884.601330.03管理费用156.51196.10176.55113.36155.57202.92其他流动资产1530.44321.93839.0359.6677.79101.46研发费用154.77205.75176.71153.13207.43270.56流动资产总计流动资产总计2810.123604.332955.672934.983251.043456.02财务费用20.921.0335.1682.5261.2855.49长期股权投资0.000.0