北鼎股份(300824):疫情衝擊影響盈利
公司披露2022H1 快報:22H1:收入3.7 億(+4%),歸母0.23 億(-55%),扣非0.19 億(-58%)22Q2:收入1.9 億(+4%),歸母0.06 億(-72%),扣非0.02 億(-90%) Q2 收入:疫情衝擊增速放緩拆分自有/代工收入看:國內自有:1.36 億(+8%)。疫情影響下,公司自營線上及線下直營店受損。海外自有:0.17 億(+19%)。增速較前期略放緩。代工:0.34 億(-16%)。海外需求減弱,公司亦維持收縮。Q2 利潤:下滑主因費用投放Q2 淨利率3.3%(-8.7pct),主因公司在疫情期間收入存壓時,仍維持正常費用投放。公司常態化佈局產品研發、人才培育、線下門店佈局、數字化建設、倉儲租賃等,忽視短期波動而重視長期發展。預計公司在研發、管理等團隊的擴張帶來管理費用率、研發費用率的短期壓力。H2 展望:環比有望恢復Q2 費率上升主因短期疫情衝擊,6 月後有望恢復常態。據公吿,3-5 月份,公司的經營業績經歷了較大波動,6 月份公司經營情況已基本回歸正常。關注後續新品拉動收入。公司新品烤肉鍋等近期上線,可關注後續表現。原材料利好後續H2 有望持續兑現,助推盈利修復。投資建議:買入評級公司盈利承壓主因疫情衝擊疊加費用短期未縮減,長期競爭力未改。因費用投放調整盈利預測,預計22-23 年利潤0.9、1.4 億(前值1.2、1.7 億),YOY-21%、+59%,對應PE42、27x。維持買入評級。風險提示推新不及預期,行業景氣不及預期,原有品類增長放緩,費用投放超預期
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