力量鑽石(301071):1H22淨利潤同增121% 高於業績預吿上限
1H22 業績好於市場預期 公司公佈1H22 業績:實現收入4.48 億元,同比增長105.14%,歸母淨利潤2.39 億元,同比增長121.39%,扣非淨利潤2.33 億元,同比增長121.57%,高於此前業績預吿上限(預吿歸母淨利潤2.26-2.37 億元),業績表現超市場預期,主要由於產銷兩旺,公司培育鑽石業務持續高增所致。 分季度看,公司1Q/2Q22 分別實現收入1.92/2.56 億元,同比分別增長126.88%/91.40%,歸母淨利潤1.01/1.38 億元,同比分別增長147.81%/105.34%,環比分別增長28.85%/36.43%。 培育鑽石行業滲透率繼續快速提升,消費者認可度逐步上行,我們繼續看好公司產能快速擴張,工藝技術不斷提升,行業領先地位進一步確立,同時公司經營機制靈活高效,有望助力公司業績持續高增,重申Top Pick。 發展趨勢 1、培育鑽石高速成長,工業金剛石亦表現亮眼。公司1H22:1)培育鑽石:實現收入2.22 億元,同比增長149.49%,收入佔比已達49.6%,同比增長8.2ppt,毛利率達83.4%,同比增長0.1ppt;2)工業金剛石:單晶實現收入0.81 億元,同比增長32.0%,毛利率達57.9%,同比增長2.4ppt;微粉實現收入1.36 億元,同比增長111.14%,毛利率達52.4%,同比增長1.2ppt。培育鑽石海外需求持續快速增長,國內銷售也呈現高速成長趨勢,眾多國內外品牌陸續佈局培育鑽石,我們認為行業滲透率有望加速提升。 2、盈利能力持續提升,推動業績不斷上行。公司1H22 毛利率達68.2%,同增3.0ppt,主要由於高毛利培育鑽石業務佔比提升所致。1H22 銷售費用率0.6%,同降0.6ppt,規模效應進一步提升,管理+研發費用率6.3%,同增0.6ppt,持續加大技術研發投入,財務費用率-0.8%,同降1.4ppt,綜合影響下,公司淨利率實現53.4%,同增3.9ppt。 3、產能擴張提速,龍頭地位穩固。公司定增方案已於2022 年8 月初獲得證監會批覆並通過董事會表決,本次募投產能完全達產後培育鑽石/金剛石單晶產能將分別達到341 萬克拉/年及25 億克拉/年,分別是當前培育鑽石/金剛石單晶產能的5.32 倍和2.53 倍,規模將在業內處於龍頭地位,我們預計未來隨着公司不斷開拓國內外優質客户,訂單繼續保持快速增長,產能有望進一步提速釋放。 盈利預測與估值 培育鑽石行業持續產銷兩旺,公司業績持續快速成長可期,我們上調2022/2023 年淨利潤5%/14%至5.73/9.53 億元,當前股價對應2022/2023年45 倍/27 倍市盈率。我們維持跑贏行業評級,並上調目標價12%至245元,對應2022/2023 年52 倍/31 倍市盈率,較當前股價有16%上行空間。 風險 疫情反覆影響消費需求;產能投放不及預期;消費者接受度不及預期。
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