中航光電(002179)：加大研發投入力度,股權激勵彰顯信心，維持“買入”評級
機構：太平洋證券
評級：買入
事件：公司發佈2019年年度報告，2019年1-12月公司實現營業收入91.59億元，較上年同期增長17.18%；歸屬於上市公司股東的淨利潤10.71億元，較上年同期增長12.56%；基本每股收益1.04元，較上年同期增長11.87%。
加大研發投入力度，科技創新成效顯着。報告期內，公司持續加大研發投入力度，2019年研發投入金額9.20億元，較上年同期增長38.55%，研發投入佔營業收入的比例達到10.04%；研發人員數量3,653人，較上年同期增長25.75%，研發人員數量佔比達到27.43%；全年新申請專利311項，其中發明專利220項。報告期內，公司大力推進“領先創新工程”、“核心工藝能力提升工程”，高速、印製板表貼等一系列技術成果取得新突破；成功突破萬米深水環境下密封連接技術，填補國內空白；精密模具製造等核心工藝能力得到大幅提升，“智能檢測、無線傳輸”等預先研究技術取得突破性成果。
新技術產業基地開始投產，股權激勵（二期）落地彰顯信心。報告期內，公司募投項目新技術產業基地全面投入使用，新增科研生產面積14萬平方米，民用高端產品產業化能力得到顯着提升。2019年12月26日，公司限制性股票激勵計劃(第二期)股份授予完成，授予對象為1164人，授予股份為3,104.1157股，佔授予日公司總股本的2.90%，授予價格為23.43元/股。我們認為，第二期股權激勵計劃的解鎖條件比第一期更加嚴格，彰顯了公司對未來業績增長的信心。中航光電作為國內軍用連接器的龍頭企業，未來將充分受益於國防信息化建設的加速推進，5G通信、新能源車、軌道交通等高景氣行業有望驅動民品業務持續增長，液冷、高速背板等新領域佈局將打造更多的盈利增長點。
盈利預測與投資評級：預計公司2020-2022年的淨利潤為13.07億元、16.03億元、18.32億元，EPS為1.19元、1.46元、1.66元，對應PE為29倍、24倍、21倍，維持“買入”評級。
風險提示：軍品訂單不及預期；5G建設進度不及預期；新能源車行業景氣度下降。
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