光大證券：維持海螺水泥(600585.SH)“買入”評級 旺季需求預期向好 自產水泥熟料營收保持增長
智通財經APP獲悉，光大證券發佈研究報告稱，維持海螺水泥(600585.SH)“買入”評級，考慮到燃料成本增長較大，下調21-23年EPS至6.56/6.8/7.05元(下調幅度分別爲4.93%/4.76%/4.47%)。公司是國內水泥龍頭，擴張有序推進，伴隨旺季需求預期提升，全年業績具備保障。
事件：公司發佈2021年半年報，上半年實現營業收入804.33億元，同增8.68%;歸母淨利潤149.51億元，同降6.96%;扣非歸母淨利潤140.06億元，同降9.8%。單二季度，公司實現營收459.92億元，同降9.46%;歸母淨利潤91.43億元，同降18.05%。
光大證券主要觀點如下：
自產水泥熟料營收保持增長，燃料成本增加致使盈利承壓：2021H1，公司銷售自產水泥及熟料1.54億噸，同增9.43%;實現收入513.53億元，同增8.98%;銷售成本294.35億元，同增18.97%;綜合毛利率爲42.68%，較上年同期降低4.82pct。由於報告期內煤炭價格大幅上漲，公司燃料成本增加明顯，導致利潤同比下滑。
期間費用率有所上升，侵蝕部分利潤：報告期內，公司銷售費用、管理費用、研發費用、財務費用合計佔營收比例爲5.75%，同比提升1.3個pct。主要由於：
1)公司爲員工繳納的社會保險費用支出相較於去年疫情期間同比增加，致使管理費用率提升0.51pct至3.35%;
2)下屬子公司用於節能環保、綠色低碳等技術開發項目費用投入同比增加，研發費用率提升0.26pct至0.39%等。
基建投資預期升溫，旺季盈利有望向好：2021年8月製造業PMI50.1%，已連續下滑5個月，降至臨界點以下，顯示經濟暫時面對較大壓力。後續基建投資預期再度提升，專項債發行也有望提速，將對水泥需求形成支撐。進入9月份，全國水泥市場將步入旺季，需求有望持續回升，公司作爲行業龍頭將充分受益。
收購海螺新能源，踐行多元化發展：2021年8月30日，公司與海螺投資簽訂股權轉讓協議，擬收購海螺新能源公司100%股權。海螺新能源主要經營光伏發電等業務，可爲公司水泥生產提供電力支持。此次收購，公司在聚焦水泥主業的同時，充分發揮資金優勢和區位優勢，切入新能源領域，有利於打造新的產業增長級，是產業多元化發展的積極嘗試。
風險提示：需求不及預期風險，行業供需格局惡化的風險，原材料、煤炭等價格大幅上漲的風險，海外投資不確定性和匯兌損益風險等。
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