鼎陽科技(688112)：22H1業績超預期 “高端化+國產替代”雙加速
格隆匯 08-15 00:00
芯片供應壓力緩解，業績修復顯著。公司披露22 年中報，22H1 實現營收1.64 億元，同比增長21%；其中22Q2 實現營收0.96 億元，同比增長37%。利潤端，22H1 公司實現歸母淨利潤0.57 億元，同比增長39%；22Q2 實現歸母淨利潤0.36 億元，同比增長68%，較22Q1環比+82%。基礎芯片供應緩解後，22Q2 收入利潤均恢復高增。 產品高端化加速，拉動毛利率向上。22H1 公司高端產品收入佔比達16%，較21 年底提升5pct。公司產品高端化效果顯著，四大主力產品銷售均價同比增長16.5%，其中均價大於1W/3W/5W 的產品營收分別增長54%/226%/440%。22Q2，公司單季度毛利率56.80%，較22Q1提升1.26pct。22H1，公司淨利率34.5%，較21 年底提升7.80pct。 在加價調料改版成本增加的情況下，高端化拉動產品均價上行，且使公司毛利率、淨利率均環比向上，盈利能力進一步提升。 進口替代需求加速，公司內銷的時域及頻域產品雙景氣。22H1 公司高端產品營收同比增長119%，其中高分辨率數字示波器內銷額同比增長242%、微波射頻產品內銷金額同比增長89%。22H1 及22Q2 公司內銷收入分別同比增長54%/85%，國內收入增速快遠於海外，進口替代加速。行業進口替代需求加速，將為頭部企業帶來更多增長機遇。 盈利預測與投資建議。預計公司22-24 年歸母淨利潤為1.29/1.81/2.52億元，EPS 分別為1.21/1.70/2.37 元/股，當前股價對應PE 分別為61/44/31x。公司是國內通用電子測量儀器頭部企業，未來有望充分受益國產替代及高端化，公司有望保持高成長。考慮可比公司估值，給予公司22 年75 倍PE，對應合理價值90.27 元/股，維持“買入”評級。 風險提示。技術研發不及預期；高端市場開拓進度不及預期；原材料採購修復不及預期。
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