蘇交科(300284):H1歸母淨利潤增長15% 期間費用率改善
投資要點蘇交科 發佈2022 年半年度報吿:公司2022 年上半年實現營業收入19.81億元,同比增長0.22%;實現歸母淨利潤1.66 億元,同比增長14.69%。其中,Q2 實現營業收入11.08 億元,同比下滑1.03%;實現歸母淨利潤1.22 億元,同比增長10.99%。公司2022 年上半年實現營業收入19.81 億元,同比增長0.22%。分季度來看,公司Q1、Q2 分別實現收入8.73 億元、11.08 億元,同比分別變動+1.86%、-1.03%。分業務來看,工程諮詢和工程承包分別實現營業收入18.54 億元、1.23 億元,同比分別變動+0.14%、-1.30%。公司2022 年上半年實現綜合毛利率30.21%、同比減少0.53pct;實現淨利率8.33%,同比增長0.88pct。毛利率減少,淨利率增長,我們判斷主要系公司期間費用率減少所致。公司2022 年上半年期間費用3.47 億元,同比減少0.16 億元,佔收入端比重為17.53%,同比減少0.87pct,主要系財務費用率大幅減小所致。細分來看,銷售費用率為2.26%,同比增長0.12pct;管理費用率為11.44%,同比增長1.32pct;研發費用率為3.93%,同比增長0.01pct。公司2022 年上半年資產+信用減值損失為0.68 億元,佔收入端比重為3.45%,同比增長0.42pct,主要是壞賬損失增加所致。公司2022 年上半年每股經營性現金流淨額為-0.48 元,同比增加0.13 元,現金流淨額增加主要系付現比減少幅度顯著高於收現比所致。盈利預測與評級:我們維持對公司的盈利預測,預計公司2022-2024 年的EPS 分別為0.43 元、0.48 元、0.54 元,8 月1 日收盤價對應的PE 分別為15.4 倍、13.7 倍、12.2 倍,維持“審慎增持”評級。風險提示:宏觀經濟下行風險、在手訂單落地不及預期、省外業務開拓不及預期、應收賬款增長帶來壞賬損失的風險
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