華熙生物(688363)：Q2護膚品仍有高增 利潤率逐季提升趨勢顯現
格隆匯 07-21 00:00
公司公吿21H1 業績快報：22H1 收入29.36 億，同比+51.6%；歸母淨利潤4.7 億，同比+30.5%；扣非淨利潤4.1 億，同比+34.0%。單拆Q2：單季度營收16.81 億元/+45.0%，歸母淨利2.71 億元/+30.1%，扣非歸母淨利2.27 億元/+36.4%。 利潤率逐季提升，盈利能力改善： 22Q2 淨利率16.1%，此前21Q4及22Q1 淨利率分別為11.7%/15.8%，利潤釋放趨勢顯現。根據公吿：公司通過加強運營管控，逐步進入精細化運營階段，因而營業利潤增速與營業收入增速的差距與之前相比有所改善。 大盤承壓背景下護膚品高增：根據公吿，Q2 功能性護膚品銷售收入同比大幅增長超過75%，原料業務同比穩步增長超過10%，醫療終端業務基本持平。在疫情反覆下Q2 化粧品社零數據整體承壓，華熙功能性護膚品仍能保有較高增幅實屬不易。同時考慮到Q2 僅有誇迪與超頭主播維持上播頻率不高的合作，證明華熙在其他渠道拓展成效順利。展望下半年，在無超頭主播背景下，我們預計其旗下產品仍能借由已建立的消費者認可及新渠道助力持續放量。 投資建議：買入-A 投資評級。①今年來看：公司主觀進行渠道變革調整，同時客觀背景下超頭主播投放必然減少，預計護膚品費用投放趨勢下降，利潤逐漸釋放。②中長期：公司手握核心原料技術優勢，依託技術研發平台建立全產業鏈業務體系，憑藉過硬的產品力收穫市場口碑，核心競爭力難以複製超越。原料+醫療器械+功能性護膚品+食品級產品，四輪驅動中長期發展。預計公司2022-2024年收為69.6/97.2/13.7 億， 對應增速+40.6%/39.7%/40.7%；2022-2024 年淨利潤分別為10.2/14.8/20.8 億，對應增速分別為+30.5%/44.9%/40.9%，成長性突出。在分部估值下，我們給予華熙生物目標市值927.75 億，相當於6 個月目標價192.85 元，對應2022年91x 的動態市盈率，維持買入-A 的投資評級。 風險提示：新冠疫情持續惡化、行業競爭加劇、新品投放市場效果不及預期。
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