【中航证券】睿创微纳（688002）-2025年中报点评：红外光电业务快速增长，多维感知构筑新增长逻辑-250902（8页）.pdf

1、 2 010-59219558 010-59562637 1 -30%0%30%60%90%120%150%180%210%24-0924-1125-0125-0425-0625-08300 1 2 3 4 5 6 25.54%24.89%64.16%13.32%25.82%0%20%40%60%80%01,0002,0003,0002021H1 2022H1 2023H1 2024H1 2025H1-12.58%-58.28%129.03%-12.91%56.47%-100%-50%0%50%100%150%01002003004002021H12022H12023H12024H12025H

2、1-200-2000 02002004004006006002021H12021H12022H12022H12023H12023H12024H12024H12025H12025H163.39%63.39%47.19%47.19%49.79%49.79%49.46%49.46%50.72%50.72%30.91%30.91%10.24%10.24%13.47%13.47%8.54%8.54%11.37%11.37%0%0%20%20%40%40%60%60%80%80%2021H12021H12022H12022H12023H12023H12024H12024H12025H12025H10.05

3、.010.015.020.025.030.02023H12024H12025H10%10%20%30%40%50%60%2023H12024H12025H1 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2,645.893,558.604,315.705,120.205,994.496,913.37 减:营业成本1,413.441,818.102,146.842,535.923,028.783,566.05 税金及附加11.2832.0665.1681.9

4、295.91103.70 主营业务利润 主营业务利润1,221.171,708.442,103.692,502.352,869.803,243.62 减:销售费用151.65175.26217.82256.01296.73311.10 管理费用232.33390.71383.88435.22503.54566.90 研发费用536.41683.33860.731,024.041,138.951,278.97 财务费用-8.31 36.1946.5157.3239.5224.70 经营性利润 经营性利润309.09422.96594.75729.77891.061,061.95 加:资产减值损失

5、-77.97-79.42-136.72-142.46-166.78-192.35 信用减值损失-12.28-41.32-170.19-95.04-111.27-128.33 其他经营损益0.00-0.00-0.00-0.00-0.00-0.00 投资收益9.5531.7332.8424.7124.7124.71 公允价值变动损益23.55-0.04 0.047.857.857.85 资产处置收益0.02-0.08-0.10-0.05-0.05-0.05 其他收益52.4977.51121.4983.8383.8383.83 营业利润 营业利润304.45411.34442.10608.6172

6、9.34857.61 加:其他非经营损益0.000.000.000.000.000.00 营业外收入1.722.202.061.991.991.99 减:营业外支出1.7614.3716.1410.7510.7510.75 利润总额 利润总额304.41399.17428.02599.84720.58848.84 减:所得税17.89-23.02-14.18 0.000.000.00 净利润 净利润286.52422.19442.20599.84720.58848.84 减:少数股东损益-26.85-73.58-126.76-110.90-133.22-156.93 归属母公司股东净利润 归属