安琪酵母(600298)：業績符合預期 延續改善可期
格隆匯 08-11 00:00
本報吿導讀： 公司 22Q2業績符合預期，海運費及匯率改善疊加 22H2利潤端低基數，盈利端不利因素的影響邊際趨緩，期待後續成本端改善。 投資要點： 投資建議：維持“增持”評級。維持 2022-24 年 EPS 預測 1.61、2.03、2.53 元，參考可比公司給予 23 年 28X PE，上調目標價至 56.8 元。 業績符合預期。公司 2022H1 營收 60.90 億元，同比+16.36%，扣非前後歸母淨利分別為 6.68、5.95 億元，分別同比-19.33%、-17.96%。 22Q2 單季營收 30.59 億元、同比+18.66%，歸母淨利 3.55 億元、同比-7.91%，扣非歸母淨利 3.31 億元，同比+6.14%。公司受益於海運費用下行及人民幣貶值，疊加 4-5 月疫情下小包裝銷售加速，22Q2 淨利降幅環比明顯收窄，扣非淨利實現轉正。 國外及線上拉動明顯，盈利環比改善。22Q2酵母及深加工/製糖/包裝/其他業務收入分別同比+8.7%/18.2%/32.6%/80.1%；分地區看，國內/國外收入分別同比+6.1%/+47.7%；分渠道看，線下/線上收入分別+4.5%/+52.2%。22Q2 單季看，毛利率同比-3.7pct 至 26.8%，公司全年成本基本鎖定，考慮基數效應，進入 22H2 毛利率同比有望改善；銷售/管理/研發/財務費用率分別同比-0.9/-0.4/+1.0/-2.4pct，財務費率下降主因外幣升值產生匯兑收益；淨利率同比-3.4pct 但環比改善。 銷售端積極態勢持續，盈利端壓力有望逐步趨緩。公司酵母主業全球份額處於提升過程，同時積極發展衍生品及渠道協同產品，帶動收入持續較快增長。利潤端海運費用和匯率改善，成本端逐步佈局替代性原料進行平抑，後續改善彈性值得期待。 風險提示：成本進一步上漲、海外經營受國際形勢影響、匯兑波動等。
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