工業富聯(601138):1H22收入突破兩千億元 面向未來多點佈局
1H22 業績符合市場預期 公司公佈1H22 業績:收入2,252.60 億元,同比增長14.91%;歸母淨利潤68.72 億元,同比增長2.16%;扣非淨利潤63.72 億元,同比增長5.03%。 對應2Q22 收入1201.98 億元,同比增長23.09%;歸母淨利潤36.16 億元,同比增長2.20%;扣非淨利潤32.72 億元,同比增長2.22%。公司1H22 業績基本符合市場此前預期。 發展趨勢 雲計算業務增速亮眼,推出新一代先進冷卻技術方案。1H22 雲計算業務收入同比增長21.07%至996.78 億元,公司表示主要系雲計算及企業服務器、存儲器出貨持續增長。同時,公司還推出了包括模塊化服務器、高效運算(HPC)和數據中心先進冷卻解決方案在內的新一代雲計算基礎設施解決方案,公司預計將成為未來業務成長的重要支撐之一。同時公司也繼續加大智能汽車領域投入,與市場領先的解決方案供應商簽訂了戰略合作協議,我們預計未來有望在車聯網等領域加快拓展。 通信及移動網絡設備收入穩中有增,工業互聯網拓展加速。1H22 通信及移動網絡設備收入同比增長10.49%至1,245.39 億元,其中WiFi6/6E 及5G相關產品收入實現雙位數增長,並在智能座艙、工業遠程監控、智能手機及穿戴裝置高精密機構件等方面持續拓展。工業互聯網上半年收入同比增長17.26%至4.35 億元,已經形成了燈塔工廠整體解決方案,場景化硬軟整合產品,雲及平台服務三大服務內容,服務企業超過1,300 家。我們看好公司燈塔工廠未來的快速複製,賦能更多行業。毛利率方面,2Q22 毛利率環比略下降0.5ppt 至6.3%,我們判斷主要系低毛利的雲業務佔比增加。 面向未來佈局三大領域,打造第二增長極。公司近年來持續在半導體、新能源汽車、自動化及機器人三大領域佈局:1)半導體:重點佈局先進封裝、測試、裝備及材料、EDA 軟件、芯片設計等領域;2)新能源汽車: 專注零部件研發生產,從輕量化、省電化及智能化三方面佈局;3)自動化及機器人:通過整合產品、拓寬技術應用、挖掘新創技術及策略投資等方式開展對外賦能。展望未來,我們看好公司高端製造能力在新領域的持續拓展,打造公司第二增長極。 盈利預測與估值 考慮雲業務增速亮眼,上調2022/2023 年收入預測9.8%/12.0%;考慮新業務持續投入,暫維持淨利潤預測不變。當前股價對應2022/2023 年8.5 倍/7.6 倍P/E。基於對公司長期發展前景看好,維持跑贏行業評級和16.00 元目標價,對應14.0/12.5 倍2022/2023 年P/E,有65.1%的上行空間。 風險 全球疫情影響產能供給及下游需求,工業互聯網發展低於預期。
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