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涪陵榨菜(002507):堅定拓品類 降費增業績
格隆匯 07-31 00:00
事件:公司發佈2022年半年度報吿,22H1公司實現營收14.22億元,同比增長5.58%;實現歸母淨利潤5.16 億元,同比增長37.24%;實現扣非歸母淨利潤4.79 億元,同比增長28.38%。其中,22Q2 公司實現營收7.33 億元,同比增長14.98%;實現歸母淨利潤3.02 億元,同比增長74.68%;實現扣非歸母淨利潤2.84 億元,同比增長65.16%。點評:22Q2 營收增長符合預期。疫情對榨菜的消費有促進作用,居家隔離增加了榨菜的消費場景。單二季度看,產品提價對榨菜銷量增長的衝擊已明顯減弱。公司7 月加大費用投放力度,我們預計公司Q3 市場動銷情況仍將改善。Q2 公司針對下飯菜的試吃活動有所增加,22H1 泡菜/蘿蔔品類收入增長分別達到26.8%/37.0%,表現亮眼。22Q2 品宣費用收縮,業績表現超預期。22Q2 公司毛利率為57.7%,環比提升5.3 個百分點,主要由於公司於5 月開始使用低價的青菜頭原料;毛利率同比下降1.2 個百分點,主要由於2021 年底開始將運輸費作為合同履約成本由銷售費用調整計入主營業務成本。若不考慮運輸費用調整,我們預計22Q2 毛利率同比提升1.6 個百分點。21 年公司青菜頭成本為1,100 元/噸左右,22 年青菜頭收購總體價格控制在800 元/噸左右,青菜頭成本有大幅下降。22Q2 銷售費用率僅為10.8%,同比下降15.5 個百分點,主要由於受疫情影響公司梯媒廣吿投入縮減。22H1 公司品牌宣傳費用率僅為2.2%,同比下降了10.2 個百分點。22Q2 管理費用率為2.8%,同比下降0.3 百分點。22Q2 淨利率為41.2%,同比提升14.1 個百分點。盈利預測與投資評級:展望22Q3,青菜頭成本回落、廣吿宣傳費用縮減以及提價效應仍有望繼續貢獻利潤彈性。22 年公司重點推動下飯菜品類的推廣工作,同時優化組織架構,品類拓展戰略有序推進。長期看,居民收入提升支撐價增,提價仍有空間。我們預計公司22-24 年EPS 分別為1.14/1.33/1.55 元,對應PE 分別為26.10/22.38/19.26 倍,維持“買入”評級。風險因素:新品推廣不及預期;銷量增長不及預期;產能投放不及預期。
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