歐科億(688308)：1H22扣非淨利潤同比增長16.9% 數控刀具超預期放量
格隆匯 08-10 00:00
1H22 業績基本符合我們預期 公司公佈1H22 業績：收入5.26 億元，同比+6.1%，其中數控刀具營收增長36.6%；歸母淨利潤1.15 億元，同比+10.4%；扣非淨利潤1.04 億元，同比+16.9%。 2Q22 毛利率、淨利潤率雙升。2Q22/1H22 公司毛利率同比提升3.1/3.3ppt至36.1%/35.9%。毛利率提升來自於數控刀具營收佔比擴大、數控刀具業務毛利率提升。2Q22/1H22 淨利潤率同比提升0.7/0.9ppt 在22%左右，我們認為下半年伴隨行業回暖、高端升級，公司盈利能力依舊步入上行通道。 數控刀具量價提升，遠超行業表現。2022H1 公司數控刀具銷量4,496 萬片，同比提升22.3%，均價（不含税，出廠）同比提升11.7%至6.41 元/片。根據IPO 募投節奏，我們認為年底爬坡至1 億片基本確立。根據我們產業鏈調研，國內整體數控刀片行業在二季度後需求回落，我們判斷上半年行業下滑5%-10%。在較為低迷的市場情緒中，公司數控刀具業務整體營收增速逼近40%，體現了產品升級、渠道擴廠下的龍頭效應。 戰略性調整硬質合金製品業務，棒材釋放如期。公司2022H1 製品類業務總體營收下降16%，主要為戰略性保障數控刀具開拓及新品儲備。同時在去年二季度，公司製品營收為全年高點，帶來週期性自然波動。高性能棒材上半年營收增長超過50%，實現5,691.萬元，目前公司高性能棒材研發人員共18 名，上半年已開發五大系列棒材產品銷售市場。 發展趨勢 整體解決方案能力逐步增強，搶佔海外先機。1）刀具新品研發順利：截至1H22，整硬刀具17 個系列開發完畢、金屬陶瓷刀片56 個型號研發完成，金屬陶瓷刀片成功實現銷售收入143 萬元；2）國內佈局深入：刀具商店佈局順利，公司預計全年實現國內佈局100 家刀具商店，相比於2021 年的55 家有跨越式增長。3）海外搶佔先機：公司已在俄羅斯、巴西、土耳其成功布點，海外影響力提升。 盈利預測與估值 考慮到硬質合金製品業務週期屬性較強，可能會對全年業績造成影響，我們分別下調22/23 年EPS 6.8%/4.6%至2.7/3.4 元，當前股價對應22/23 年PE 分別為25/19X。我們維持當前目標價71 元不變，對應22/23 年PE 分別為27/21X，漲幅空間約8.6%，維持“跑贏行業”評級。 風險 宏觀經濟週期下行，新品推廣力度不及預期。
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