鼎通科技(688668):Q2同環比提升明顯 海外市場拓展加速
事件:2022 年8 月2 日晚間,鼎通科技發佈2022 年半年報,2022H1 實現營業收入4.23 億元,同比+ 60.1%;實現歸母淨利潤8750.8 萬元,同比+52.8%;扣非歸母淨利潤8537.4 萬元,同比+64.8%。中報業績整體符合之前預期,Q2 同環比提升明顯。2022Q2 公司實現營業收入2.46 億元,同比+53.3%,環比2022Q1+39.6%;實現歸母淨利潤5527.5萬元,同比+57.0%,環比2022Q1+71.5%,同環比均有明顯提升。拓品類成效顯著,定增擴大產能佈局。公司產品深度覆蓋通信及新能源汽車兩大高景氣度賽道。目前公司擴品類成效顯著,通訊方面不斷擴充cage 及結構件產品型號,豐富產品應用場景;車載方面持續加深與現有比亞迪等客户的合作,前期產品佈局於二季度進入收穫期,陸續通過認證並爬坡式進入量產。目前公司產能已趨於飽和,河南鼎潤加速建設,完全建成後將有望延展產能規模,新能源領域在手訂單充足,有望持續貢獻業績增量。公司積極把握行業變化,發佈定增預案,擬募集金額不超過8 億元投向高速通訊連接器組件生產建設項目(3.88億)、新能源汽車連接器生產建設項目(2.52 億)及補充流動資金(1.6 億元)。我們認為伴隨公司產品品類不斷拓展疊加公司產能持續爬坡,後續有望進一步延伸公司成長曲線。新設馬來西亞子公司,加速拓展海外市場。7 月19 日公司公吿表示擬投資不超過800 萬美元用於新設立馬來西亞全資子公司,主要用於在馬來西亞進行高速通訊連接器、新能源汽車連接器、精密模具及零件的研發生產和銷售。我們認為公司馬來西亞子公司的設立將進一步增強公司在海外的業務佈局,提升公司整體連接器產品產能,後續有望為海外莫仕、安費諾等核心客户提供更同步高效的服務,同時也有助於促進公司其他海外客户的延伸拓展。投資建議:我們認為通信層面伴隨數據中心和服務器的不斷髮展對於公司核通信連接器產品需求將持續增加,新能源汽車連接器方面E/E 架構變革疊加整車平台高壓化不斷深入,新能源汽車單車連接器價值量較傳統燃油汽車提升明顯,汽車連接器細分領域的天花板有望進一步打開,目前公司已切入比亞迪等核心主機廠客户,有望在產品品類不斷延伸過程中帶來全新業績增量。我們預期公司2022~2024 年營收有望分別達8.38/11.64/15.70 億元,歸母淨利潤有望分別達1.61/2.34/3.17 億元,對應PE 分別為50/34/25X,我們認為行業高速發展的同時公司有望憑藉自身技術優勢快速成長,維持“推薦”評級。風險提示:新能源車銷量不及預期;行業競爭風險加劇;公司產品品類拓展不及預期。
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