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信維通信(300136):業績符合預期 多元化佈局打造業務新動能
格隆匯 07-31 00:00
事項:2022 年7 月28 日,信維通信發佈2022 年半年報,公司實現營業收入36.93億元(YoY+20.87%),實現歸母淨利潤1.84 億元(YoY+6.67%),實現扣非歸母淨利潤1.68 億元(YoY+31.83%)。評論:業績符合預期,經營節奏穩步向上。公司22Q2 單季度實現營業收入17.79 億元(YoY+23.34%),實現歸母淨利潤6291.29 萬元(YoY+9.96%),實現扣非歸母淨利潤5551.53 萬元(YoY+121.67%),在手機、平板等消費電子需求暫時萎靡的情況下,公司通過積極的品類擴張及客户開拓戰略,實現了營業收入的平穩增長,業績節奏符合預期。同時在地緣政治衝擊終端需求,成本壓力依然存在的背景下,公司通過優化完善內部管理,加強成本管控的措施,實現了毛利率的基本穩定,隨着消費電子需求節奏的恢復,及新應用場景的不斷豐富,預計公司將維持穩健經營的業績節奏,經營規模及盈利能力有望持續擴張。成熟業務穩健增長,新興業務初見成效,應用場景的不斷豐富有望為公司帶來更多業績增量。報吿期內公司持續推進業務轉型及優化,成熟業務(天線、無線充電、EMI/EMC 等)保持穩健增長的同時,新興業務(高精密連接器、被動元器件、汽車互聯產品、LCP、UWB 等)業績規模持續擴大,公司持續拓展智能汽車、智能家居、商業航空等新行業的產品應用。在汽車市場,公司已獲得大眾、東風本田、廣汽本田、一汽紅旗、一汽奔騰、奔馳、長安汽車等汽車廠商的供應資質,正在推進相關產品的研發及項目落地,並與特斯拉、華為、小米、豐田、日產等十幾家汽車廠商進行商務與項目接洽,為公司未來2-3 年汽車互聯業務的快速發展打下基礎。隨着應用場景的不斷豐富,公司加快打造新的增長極,業務增長將更加多元化,帶來收入節奏及盈利能力的穩健提升。強研發積澱技術底藴,未來有望受益需求端的持續復甦。面對消費電子需求的疲軟,公司積極優化業務結構的同時,也持續加大研發投入,22H1 公司研發投入約3.37 億元,堅持對基礎材料/技術的研究做持續性的投入,提升公司技術競爭力。截至2022 年6 月底,公司已申請專利2208 件,22H1 新增申請專利148 件, 其中5G 天線/LCP/UWB/WPC/BTB 連接器專利分別為59/20/11/48/10 件。今年上半年消費電子整體需求疲軟,據Canalys 數據,22Q1全球智能手機出貨量下滑11%,22Q2 預計下滑9%,預計隨着產業鏈庫存水平穩步降低,需求有望回暖,公司在行業低谷期持續堅持基礎材料/技術研發,積澱內功,技術實力持續增強,有望深度受益消費電子需求復甦及新應用場景需求釋放。投資建議:公司當前仍處於業務轉型優化期,新業務處於拓展階段,對整體盈利能力造成一定拖累,我們下調2022-2024 年公司歸母淨利潤預測至7.79/10.32/12.77 億元(2022/2023 年原值為13.77/18.26 億元),對應2022-2024年EPS 為0.80/1.07/1.32 元(2022/2023 年原值為1.42/1.89 元)。參考公司歷史和可比公司估值情況,給予公司2022 年30 倍PE,對應目標價24 元,維持“強推”評級。風險提示:5G 手機換機週期存不確定性;新品拓展不及預期;新冠疫情影響
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