移為通信(300590)：Q2盈利創歷史新高 下半年增長動能充沛
格隆匯 07-22 00:00
【投資要點】 公司發佈2022 年中報，上半年實現營業收入4.87 億元，同比增長22.15%，實現歸母淨利潤8503.92 萬元，同比增長17.37%，實現扣非歸母淨利潤8032.70 萬元，同比增長22.03%。 單季盈利創歷史新高，二季度盈利能力大幅改善。公司二季度單季實現營業收入2.77 億元，同比增長12.63%，實現歸母淨利潤6609.91萬元，創公司單季盈利歷史新高，同比增長38.52%，環比增長248.99%。公司二季度毛利率為33.18%，淨利率為23.88%，相比於今年一季度均有顯著改善，我們認為與上游物料價格回落、公司採用國產替代方案以及採購規模擴大議價能力提升等因素相關，預計下半年將繼續保持改善趨勢。 車載業務延續高景氣，動物溯源產品線上化擴展初顯成效。分產品來看，上半年公司車載信息智能終端產品收入為3.35 億元（含兩輪車智能化終端產品收入9445.23 萬元），同比增長33.24%，延續了行業的高景氣表現；資產管理信息智能終端產品收入為9608.8 萬元，同比下滑13.46%，或為交貨週期和項目進度受到疫情的不利影響；動物溯源產品收入約為1800 萬元，同比增長21%，電子商務平台業務拓展初顯成效。 在手訂單、合同負債與存貨均處高位，下半年增長動能充沛。根據公司半年報披露情況，截至二季度末，公司在手訂單約5.8 億元，訂單在持續滾動獲取且產品交貨週期短、變現能力較強；公司合同負債1.3億元，相比於一季度末略有減少，存貨金額為7.02 億元，比一季度繼續增長6.36%，其中約1 億元為產成品，5.56 億元為原材料，備貨規模創歷史新高。結合以上數據表現來看，我們認為公司下游需求旺盛，同時公司也做到了充分的儲備，全年業績可期。 費用端保持平穩，規模效應下有利於增厚公司盈利。公司上半年銷售、管理、研發費用合計約9027 萬元，其中一季度和二季度分別為4455萬元和4572 萬元，基本保持平穩，從公司歷史收入的季節性變化和目前的訂單儲備來看，公司下半年有望憑藉規模效應降低費用率，進一步增厚公司盈利。財務費用方面，受益於美元二季度的升值，公司上半年實現匯兑收益約2300 萬元，當前美國仍處於加息週期，預計下半年美元匯率仍能維持高位，公司海外業務佔比較高，匯兑方面有望繼續受益。【投資建議】 參考公司上半年的業績表現、在手訂單和存貨儲備等情況，我們上調了2022 年營業收入預測，下調了期間費用率預測，因此上調了盈利預測，預計2022-2024 年營業收入為14.80 億元、20.68 億元、27.96 億元，歸母淨利潤為2.48 億元、3.79 億元、5.26 億元，EPS 為0.54 元、0.83 元、1.15 元，對應PE 為26 倍、17 倍、12 倍，我們看好公司未來表現，維持“買入”評級【風險提示】 上游原材料漲價； 疫情反覆； 市場競爭加劇。
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