華熙生物(688363):扣非淨利同增34% 業績略超市場預期
公司發佈2022H1 業績快報,營收同增50%+,扣非歸母淨利同增34.0%。 7 月20 日晚,公司發佈2022H1 業績快報,2022H1 公司實現營收29.36億元(同比+51.6%),實現歸母淨利潤4.70 億元(+30.5%),實現扣非歸母淨利潤4.10 億元(+34.0%)。2022Q2,公司實現營收16.81 億元(+44.9%),實現歸母淨利潤2.70 億元(+29.8%),實現扣非歸母淨利潤2.27 億元(+36.1%)。營收、業績增速符合我們預期,略高於市場預期。 穩步推動“四輪驅動”佈局,功能性護膚增速領跑。(1)原料業務穩步增長:2022H1 原料業務同增10%+,其中2022Q1 增速較快,2022Q2 受到國內疫情的短暫影響增速放緩,但是海外業務依然增速良好。隨着疫情有所緩解,原料業務增速有望重新提升。(2)藥械業務調整升級: 2022H1 華東等地區受疫情影響,線下藥械消費受阻,公司同時佈局業務的調整和產品管線的升級。(3)功能性護膚保持高增:2022H1 功能性護膚同增75%+。“618”期間四大品牌均取得突出表現。A. 潤百顏:“618” 大促全渠道GMV 超3.56 億元(+54%),主要系在天貓、抖音、快手、京東全鏈路發力,新品HACE 精華、屏障次拋等大單品均有重要貢獻。 B. 誇迪:“618”大促全渠道的銷售額突破3 億,其中天貓、抖音渠道均表現較好,天貓位列國貨美粧TOP3。C. 米蓓爾:“618”大促全平台銷售額過億。其中天貓平台增速較快,抖音渠道也有所突破,主要大單品為藍繃帶面膜、粉水等。D. 肌活:“618”大促全渠道銷售額破億,尤其在抖音渠道表現突出,大單品為“糙米淨化水”,位列天貓爽膚水國貨排名第一。 盈利預測與投資評級:公司是全球透明質酸產業龍頭,原料業務穩步發展,不斷向終端醫療器械、化粧品和食品等領域延伸,“四輪驅動”下一體化優勢穩固。我們維持公司2022-24 年歸母淨利潤為9.81/12.32/15.20億元,當前市值對應2022-24 年PE 分別為74.86x/59.63x/48.35x,維持“買入”評級。 風險提示:市場競爭加劇,研發進展不及預期,銷售推廣不及預期,宏觀經濟風險等。
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