移為通信(300590)：Q2環比改善明顯 在手訂單充足未來可期
格隆匯 07-21 00:00
事件：7 月20 日晚，移為通信發佈2022 年半年報，上半年實現營業收入4.87 億元，同比+22.2%；實現歸母淨利潤8503.9 萬元，同比+17.4%。 Q2 環比改善明顯，車載產品發力貢獻業績支撐。1）收入側：公司2022Q2實現營收2.77 億元，同比+12.6%，上半年上海疫情等外部因素擾動下公司業績維持穩健增長；業務層面來看，車載信息智能終端實現營收3.35 億元，同比+33.2%，為公司成長貢獻重要支撐，動物追蹤溯源產品相關的電子商務平台初顯成效，實現營收1800 萬元，同比+21%，順利完成了南非、博茨瓦納的政府標單，進一步打開了當地市場。2）成本側：2022H1 公司毛利率水平達32.1%，2022Q1 毛利率為30.67%，Q2 毛利率水平達33.18%，環比Q1 提升2.51pcts，我們認為主要系公司積極加強內部費用管控疊加原材料價格下降所致；3）利潤側：Q2 公司實現歸母淨利潤6609.9 萬元，同比+38.5%，環比+249.0%，增幅明顯。 公司目前在手訂單充足，全年收入高增可期。據公司2022 年半年報披露，目前公司在手訂單總體規模約在5.8 億元左右，且仍在持續滾動獲取。我們基於當前市場情況與公司自身產品優勢判斷，海外市場公司有望憑藉過硬產品品質、專業服務能力與高性價比產品持續開拓，未來海外競爭對手有望逐步退出終端市場轉向運營服務市場，公司海外市佔率有望進一步提升，國內市場也有望憑藉電動兩輪車智能終端產品打開局面，逐步加速訂單獲取。我們認為公司產品交貨週期短，變現能力強，在手訂單有望在下半年逐步轉化為公司收入，全年業績高增可期。 邊際改善下公司盈利能力有望逐步修復。匯率因素擾動持續出清，目前美元兑人民幣中間價報6.75，公司海外營收佔比近80%且以美元結算，人民幣貶值有望對公司形成邊際利好，增厚報表業績體現；同時部分原材料價格因供需關係得到緩解逐步下降，疊加公司部分自研零部件陸續替代，整體成本管控有望獲得顯著成效，打開公司利潤空間。 投資建議：我們預計公司2022-2024 年營業收入有望分別達15.1、21.2、28.2 億元，歸母淨利潤分別有望達2.54、3.35、4.44 億元，對應PE 倍數25X/19X/14X，選取移遠通信、廣和通為可比公司，22 年平均PE 估值為37X（wind 一致預期）。我們認為公司下游需求旺盛後續營收有望維持較高增速，看好公司短期外部擾動逐步消退下盈利能力得以修復，長期經營有望全面向好。 維持“推薦”評級。 風險提示：全球疫情恢復進程低於預期；海外市場受國際關係擾動；核心零部件短缺及漲價影響超預期；匯率波動程度超預期；新產品推出不及預期。
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