裕同科技(002831):擬收購華寶利電子60%股權 發揮客户協同效應
7 月21 日公司發佈公吿。裕同科技擬收購華寶利電子60%股權,標的公司估值為4 億元,收購價為2.4 億元。華寶利為市場領先聲學類產品開發和製造商,主要經營聲學、機器人等業務。2021 年、2022Q1 華寶利收入分別為3.28 億元和5078 萬元,淨利潤分別為6329 萬元和422 萬元,淨利率分別為19%和8%。裕同科技和華寶利具備客户協同效應。華寶利在電信、IT、音頻、視頻、多媒體和其他應用領域,為客户提供從零部件到成品組裝等全方位合作與服務。此外,華寶利創始人、核心團隊具有良好的產品設計、研發、生產、銷售能力,與某些知名消費電子品牌建有良好合作關係。3C 業務盈利能力拐點向上,多元化探索效果顯現。包裝行業近年來淨利率走低,相對下游讓利空間有限,裕同科技作為龍頭企業,毛利率和淨利率仍處於較健康狀態,我們預計裕同科技盈利能力處於拐點向上階段。製造&服務領先,智能工廠增效效果顯現,綁定優質客户。2020 年公司啟動首個智能工廠建設,2021 年年中,智能工廠正式投入運營,該廠也是印刷包裝行業首個全面智能工廠。截至2021 年10 月,裕同科技已擁有65家子公司和6 家分公司,在華東、華南、華北、華中、西南以及越南、印度、印尼、泰國等地設有40 餘個生產基地,一體化包裝解決方案全流程服務,客户實現“一站式採購”。此外,公司具備華為、聯想、索尼、瀘州老窖、雀巢等優質客户。盈利預測:公司作為3C 包裝優勢企業,大包裝戰略逐步推進,盈利能力拐點向上,公司憑藉高生產效率、強研發實力、貼近式產能佈局,拓展優質客户及加深客户粘性。預計公司2022-2024 年營業收入為180.8/217.1/256.9 億元,同比+22%/+20%/+18%,歸母淨利潤14.7/18.3/22.3億元,同比+45%/+24%/+22%,相應PE 分別為17X、14X 和11X。維持“買入”評級!風險提示:消費電子需求不及預期風險,原材料價格波動風險,匯率波動風險,收購不及預期的風險
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