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華熙生物(688363):疫情下業績穩健增長 功能性護膚品業務持續強勁
格隆匯 07-21 00:00
事項: 公司發佈2022 年半年度業績快報,預計實現營業收入29.36 億元,同比+51.62%,實現歸母淨利潤4.7 億元,同比+30.49%,扣非淨利潤4.1 億元,同比+34.04%。 國信零售觀點:1)疫情反覆下公司仍保持了穩健的盈利水平,具體到單季度看,預計2022 年Q2 公司營收同比+44.96%,增速較Q1 有所放緩,歸母淨利潤同比+30.06%,增速較Q1 環比基本持平,隨着公司精細化運營能力提升,Q2 歸母淨利率水平為16.1%,環比Q1 提升0.18pct。收入端整體受益於公司繼續穩步推進“四輪驅動”業務佈局,其中功能性護膚品銷售收入同比增長超過75%,原料業務同比穩步增長超過10%,醫療終端業務同比基本持平,功能性食品業務低基數下實現較大幅度增長。 2)全年來看,公司四大業務線均有望受益於下半年消費復甦的機遇,中長期來看,隨着旗下業務矩陣不斷完善和壯大,以及內生外延不斷實現業務開拓。功能性護膚業務受益於行業紅利的同時,公司自身也在積極開拓新興渠道及新品類拓展,未來仍具成長空間,並隨着渠道運營效率的提升有望實現盈利能力的穩步上升;原料業務積極開拓國內市場下穩健增長,並有望進一步受益食品級玻尿酸及其他生物活性物原料打開需求空間;醫療終端業務中醫美業務升級和聚焦,針對性佈局面部年輕化解決方案,同時公司有望積極通過內生外延方式,持續豐富產品管線等;功能性食品業務將完善產品矩陣,並有望逐步成為公司第四成長驅動力。我們維持公司2022-2024 年歸母淨利潤預測為10.64 億元/14.26 億元/18.77 億元,對應PE分別為68.9/51.4/39.1 倍,維持“增持”評級。 風險提示 疫情反覆;電商增速不及預期;功能性護膚業務增速不及預期;新品推進不及預期。
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