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普源精電(688337):2Q22業績符合預期 關注新產品放量
格隆匯 08-08 15:30
1H22 業績符合我們預期公司公佈1H22 業績:收入2.61 億元,同比增長23.25%,環比下降3.8%;歸母淨利潤扭虧為盈至0.29 億元,同比增長0.49 億元;綜合毛利率51.98%,同比增長1.09ppt(經新會計準則調整),業績符合預期,主要得益於高端數字示波器銷售額及佔比增長帶來的產品均價提升,但受國內外疫情反覆、國際局勢、芯片短缺等因素影響,收入環比有所下降。發展趨勢高端數字示波器銷售快速增長,高端戰略穩步推進。公司搭載“鳳凰座”芯片組的5GHz 帶寬DS70000 系列數字示波器處於產品生命上升週期,2Q22 已在海外市場實現銷售,1H22 銷售額達到去年全年銷售額的245.73%,公司預計今年該產品主機及其選附件銷售金額將會達到去年的5-8 倍。此外公司預計搭載第三代芯片組的13GHz 帶寬示波器產品有望明年如期推出,我們持續看好公司高端產品收入增長帶來的產品結構升級和毛利率提升。第二代“半人馬座”芯片組示波器有發佈望重構中低端市場競爭格局。7 月18 日公司發佈搭載“半人馬座”芯片組的數字示波器HDO 系列,主打高精度(12bit),有望憑藉極致的性價比進一步獲取中低端市場份額。“半人馬座”芯片組未來還可應用於波形發生器、頻譜分析儀、邏輯分析儀等相關產品,我們認為多元產品線將有效攤銷研發成本,改善公司整體毛利率。直銷業務快速增長,為公司高端化佈局保駕護航。1H21 公司直銷收入同比增長 44.85%,大客户和終端銷售模式收入同比增長194.83%,其中公司最大的戰略直銷客户銷售額同比增長 67.97%。我們看好公司藉助全球化銷售網絡佈局進一步提升直銷客户收入佔比,穩步推進產品高端化戰略。“時域+頻域”雙輪驅動為公司打開更廣闊市場空間。6 月16 日公司發佈頻率範圍為 9kHz-20GHz 的DSG5000 系列微波信號發生器,主要應用於量子計算等領域,目前該產品已通過關鍵客户的驗證評估並實現銷售,為公司射頻類儀器產品頻率範圍全面邁向 44GHz 和 67GHz 打下堅實基礎。盈利預測與估值我們維持公司2022 年盈利預測不變, 2023 年收入和淨利潤分別上調7%/22%,我們預計公司2022/2023 年收入分別為6.57/8.91 億元,淨利潤分別為0.79/2.02 億元。當前股價對應2023 年46.8 倍市盈率。我們維持公司跑贏行業評級,上調目標價至88.49 元,對應2023 年50x P/E(淨利潤採用剔除股份支付口徑),較當前股價有13.4%上行空間。風險原材料價格波動風險;高端產品推出不及預期風險;市場競爭風險等。
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