You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
海優新材(688680):22Q2盈利修復 出貨持續高增
格隆匯 07-21 00:00
事件:公司發佈2022 半年度業績預吿,上半年實現營收27-29 億元,同增123%-140%,歸母淨利潤2.0-2.2 億元,同增152%-177%;其中2022Q2 營收14.7-16.7 億元,同增127%-158%,環增20%-36%,歸母淨利1.2-1.4 億元,同增2931%-3425%,環增59%-85%,符合預期。 2022Q2 盈利修復,後續出貨持續高增。公司2022Q2 膠膜出貨約1.2億平,同增101%/環增9%,Q2 受疫情影響上海工廠停擺1 月+,影響出貨約0.2 億平。膠膜3 月開始上調報價,預計Q2 均價約15-16 元/平,環增約25%,傳導粒子漲幅。漲價後毛利率環比小幅上升,測算單平淨利約1-1.2 元/平。Q3 看公司產能逐漸落地銷量環比上升,粒子價格已從3 萬+下調至2.8 萬,膠膜盈利有望進一步提升。 擴產持續推進,瞄準行業二供。公司2021 年初存量產能1.7 億平,上市後快速擴產,截至2021 底膠膜產能6 億平,2022 年計劃擴產3.5 億平,2 月泰州工廠啟動,4 月上饒二期啟動,年底達9.5 億平。隨增資擴產,預計2022 年出貨5.5-6 億平,23 年9-9.5 億平,目標市佔率25%,勇爭龍二。 盈利預測與投資評級:基於公司膠膜產品受下游認可度高,產能擴張帶來銷量提升,我們維持此前公司盈利預測,我們預計公司 2022-2024年 歸 母 淨 利 潤 為5.5/8.1/10.9 億 元,同比+120%/47%/34%,對應PE分別為30/20/15,我們給予公司2022 年37 倍PE,對應目標價244.2元,維持“買入”評級。 風險提示:競爭加劇、政策不及預期等。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account