海天國際(1882.HK)：業績下滑符合預期，海外增長仍具潛力
機構：興業證券
投資要點
l 公司 2019 年全年業績符合預期。公司 2019 年實現營業收入 98.1 億元， 同比下降 9.6%，主要由貿易摩擦、全球經濟尤其是中國經濟增速放緩導 致市場需求鋭減所致。公司實現毛利潤為 31.0 億元，同比下降 9.6%，毛 利率維持在 31.6%；實現歸母淨利潤 17.5 億元，同比下降 8.7%，淨利率 為 17.9%，較去年增加 1.2 個百分點。公司基本每股盈利為 1.10 元，較去 年下降 0.10 元；公司派發每股股息為 0.40 元/股，較去年下降 0.04 元。
l 受宏觀經濟環境影響，公司各類型產品銷售額均同比下降。2019 年公司 小噸位機型收入同比下降 4.6%；大 噸位機型收入同比下降 19.4%，主要是 受到汽車、家電等行業需求鋭減的影響。產品系列方面，公司主要產品 Mars 系列是世界範圍最暢銷的注塑機產品，其收入減少 7.1%，長飛亞電 動系列收入減少 10.9%，Jupiter 二板注塑機收入減少 15.8%。
l 公司海外收入實現小幅增長，未來繼續投資擴產海外市場。儘管受到國際 貿易保護主義影響，得益於東南亞銷量的高速增長，2019 年公司實現海 外出口收入 30.0 億元，同比上升 2.2%。海外收入佔比 35.1%，相比去年 增加 4.2 個百分點。公司將全球化作為長期策略，目前已在全球 9 個國家 設有子公司。2019 年底，公司在印度與越南的二期工廠建成投產，未來 仍計劃在越南、印度、墨西哥等市場投資擴大產能。
l 我們的觀點：海天國際（1882.HK）是注塑機行業龍頭，海內外佈局完善， 盈利能力出眾。我們認為，未來公司出口收入隨着中美貿易摩擦緩和及海 外產能擴大仍將不斷提升。在國內市場，隨着“六穩”工作推進，行業需 求復甦，公司生產自動化改造及管理創新策略的不斷推進，公司收入端與 利潤端也均有改善空間。
風險提示：行業需求恢復不及預期；海外產能擴張不及預期；行業競爭加劇。
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