界面新闻记者 | 陈慧东

zaijiaochuyifenguimujingliruntongbijianshaosanchengdebannianbaohou，sanjiaofangwu（300775.sz）lianrixiadie。9yue18rishoupan，sanjiaofangwuzaidie0.55%，bao20.02yuan/gu。zheishigaihangkongzhuangbeigulianxu7gejiaoyirigujiaxiadie，jiaoqi5yuecengzouchude35.73yuan/gudenianneigaodianyidiequsicheng。

jigoucengjichusanjiaofangwu9.29yiyuande2024nianyejiyuqi，raner，gongsijinnianshangbannianjinshixianguimujinglirun2.91yiyuan，dafudiyuciqianyuqi。

内外部资金同步出走

资金显然在出走三角防务。windshujuxianshi，jiezhi9yue18rishoupan，sanjiaofangwuzhulizijinjingliuchu955.61wanyuan，zhuliyizhou（5ri）jingliuchu3477.13wanyuan，yiyue（20ri）leijijingliuchu2.99yiyuan。

bannianbaogongbuhoudediyigejiaoyiri（8yue26ri），sanjiaofangwudanridiefuda18.92%。dangri，liangshiquantiantedadanjingliuchu13.23yiyuan，qizhong14gutedadanjingliuruchao5000wanyuan，sanjiaofangwutedadanjingliuchuzijin1.13yiyuan，jingliuchuzijinguimoweiliedisan。

三角防务高管也在8月初紧急减持。7yue5rigonggaoxianshi，sanjiaofangwudongshi、zongjingliguoyingguang，dongshi、fuzongjingliwanghaipeng，fuzongjingliluofeng，fuzongjinglicaoliang，fuzongjinglizhouxiaohu，fuzongjinglilizongtan，fuzongjinglilihui，fuzongjingliyandangweijihuazai7yue29rizhi10yue28rijianchigongsigufenhejibuchaoguo61.81wangu，zhanmuqiangongsizonggubende0.1123%。

genju8yue7riji9rigonggaoxianshi，yandangweizai7yue29riji8yue6riqijianyiwanchengjianchi5.25wangu，jianchijunjia31.43yuan/gu，zhijietaoxian165wanyuan，shengyuchigu16.75wangu；lihuizai7yue29riji8yue7riyiwanchengjianchi5.25wangu，jianchijunjia31.51yuan/gu，zhijietaoxian165wanyuan，shengyuchigu16.75wangu。

jiemianxinwenjizhejiujinqigujiabodongfudujiaodashiyizhidiansanjiaofangwuzhengquanbu，gongzuorenyuanbiaoshigongsimuqiandeshengchanjingyingjunzhengchang。

近两年应收账款攀升

caibaoxianshi，jinnianshangbannian，sanjiaofangwushixianyingshou9.77yiyuan，tongbijianshao23.28%，guimujinglirun2.91yiyuan，tongbijianshao30.74%。

zheishisanjiaofangwuzi2019nianshangshiyilai，shoucichuxianyingshoudafuxiahua。bannianbaoduoxiangyichangdecaiwuzhibiaoyexianshichugongsishangshiyilaiyejizengzhangpingjingyizhi。

首先，伴随着2021年至2023年间的业绩高速增长，三角防务的应收账款、存货规模均在大幅上升。

2021nianzhi2023nianjian，gongsiyingshoutongbizengsufenbiewei90.67%、60.06%、32.9%。tongqi，gongsiyingshouzhangkuandafupansheng。2021nianmo，sanjiaofangwuyingshouzhangkuan4.31yiyuan，dao2022nianmoshangshengzhi8.03yiyuan，2023nianmowei17.91yiyuan，jinnianshangbannianmowei22.01yiyuan。

cunhuofangmian，sanjiaofangwu2020nianmocunhuo7.64yiyuan，dao2021nian、2022nian、2023nianmofenbiewei10.2yiyuan、11.8yiyuanhe9.77yiyuan，jinnianshangbannianmoqicunhuowei8.68yiyuan。

ciwai，jinnianshangbannian，gongsijingxianjinliuwei-3.48yiyuan，tongbixiahua243.61%，qizhong，jingyingxingxianjinliu-2.83yiyuan，touzixingxianjinliu-8.61yiyuan，rongzixingxianjinliu7.96yiyuan。

sanjiaofangwuzhuyaocongshihangkong、hangtian、chuanbodengxingyeduanjianchanpindeyanzhi、shengchan、xiaoshouhefuwu。zaihangkonglingyu，gongsiweijunyongheminyonghangkongfeixingqitigongbaokuoguanjiandejiegoujianhefadongjipanjianzaineidegeleidaxingmoduanjianheziyouduanjian，yeshigongsizhanbizuidadeyewuleixing。

jinnianshangbannian，sanjiaofangwumoduanjianchanpinyewushixianyingshou9.11yiyuan，zhanbizongyingshoude93%；maolilv42.97%，bishangniantongqijianshao6.34%。

其次，三角防务主营产品的盈利能力近年来持续下降。windshujuxianshi，shangshidangnian，sanjiaofangwuzhuyingyewumaolilvwei45.01%，2021niandiwei46.66%，2023niandiwei43.7%。

在盈利能力下滑的同时，三角防务还在大手笔扩产。

9yue5rigonggaoxianshi，sanjiaofangwuyiyuguanlianfangxianxitouzibenguanliyouxiangongsi、xiangongchuangtouziyouxiangongsi、xianhangkongchanyetouziyouxiangongsigongtongtouzishelixiansanzhonghangkongkejiyouxiangongsi。hezigongsizhuceziben9yiyuan，sanjiaofangwurenjiaozhuceziben3.9yiyuan，chigubili43.33%。

sanzhonghangkongshiyijiazhuanzhuyujingmizhinengmoduanshengchandegongsi，zhiliyutishengchaodaxinghangkongduanjianjingmimoduangongyijishu。cilunrongzijiangyongyujianshe1000mn/1250mn（10wandun/12.5wandun）jingmizhinengmoduanshengchanxian，yimanzuguoneiwaidaxingfeijixinghaodepeitaoxuqiu。

一名西安航空领域业内人士向界面新闻记者表示，“今年6月，省上提出将积极争取C919第二总装基地落户陕西，如果总装jidichenggongluohusanjiaofangwudenghangkongzhuangbeigongsisuozaidiyanliang，jianghuichenggongdaidongxiangguanchanyelianqiye。buguo，muqiangaijidixuanzhizuizhongrengweiqueding，yeyouxinxibiaoshijidijiangluohushanghai。”