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威勝信息(688100):訂單充沛保障業績增長 雙模芯片有望年內投產
格隆匯 07-28 00:00
2022 年上半年度業績符合我們預期公司公佈2022 年上半年度業績:2022 年1-6 月收入9.48 億元,同比增長11.47%,扣非歸母淨利潤1.90 億元,同比增長19.25%;單季度來看,公司2Q22 收入5.71 億元,同比增長6.7%,扣非歸母淨利潤1.28 億元,同比增長15.34%,符合我們的預期。發展趨勢國南網一批集採中標成績優異,在手訂單充沛保障業績增長。“十四五”期間,國家電網、南方電網對數字電網投資迎來高景氣週期。在今年5 月國網總部、南網總部第一批集採中,公司中標額分別同比增長63/71%,在行業內位於第一梯隊。公司上半年新籤合同金額15.98 億元,同比增長37.57%,已達2021 年營收18.26 億元的87.51%。受益於疫情後海外市場復甦,公司1H22 海外市場收入為1.23 億元,同比增長83.6%。我們看好公司在電網配用電側的產品、技術優勢,公司在手訂單充沛為下半年業績確收提供穩固保障。我們認為公司把握電網智能化升級和海外市場拓展雙重機遇,有望實現收入利潤持續雙增長。產品結構優化帶動利潤率提升,雙模芯片有望今年內投產銷售。公司1H22毛利率為36.9%,較去年同期增長了0.7ppt,歸母淨利潤率20.0%,同比增長0.3ppt。公司利潤率的提高來自於產品結構的改變,毛利率較高的通信模塊和智慧公用事業管理系統在1H22 收入分別同比增長23/25%。公司持續推進產品研發,1H22 研發投入同比增長18%,主要投入信息電力系統相關產品研發。我們預計公司雙模芯片可在今年內順利流片投產,為公司下半年及後續業績貢獻長期增長動能。依託已有技術稟賦,拓展產品版圖。公司依靠已有的智能感知、數據採集技術優勢,橫向拓展水務、燃氣等行業解決方案,我們認為公司縱向有望探索充電樁、虛擬電廠相關產品銷售。公司已於2022 年6 月披露廣西電網充電樁中標訂單。我們看好公司基於自身感知及數據採集技術進行的多元化產品拓展,豐富的產品結構有望更好適配電力系統數字化升級需求。盈利預測與估值維持2022 年和2023 年盈利預測不變。當前股價對應2022/2023 年29.0倍/21.9 倍市盈率。維持跑贏行業評級,考慮公司在電網配用電側份額領先,在手訂單充沛,我們上調目標價25.0%至35.00 元,對應38.2 倍2022年市盈率和28.8 倍2023 年市盈率,較當前股價有31.4%的上行空間。風險新產品研發進度不及預期;疫情影響導致業績不及預期。
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