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明月鏡片(301101):業績符合預期 盈利能力穩步提升
格隆匯 08-18 00:00
事件:公司公吿2022 年中報,2022 年上半年實現營業收入2.86 億元,同比增長5.34%;實現歸母淨利潤5223.66 萬元,同比增長53.05%。其中,單二季度實現營業收入1.50 億元,同比下降0.93%;實現歸母淨利潤3012.28 萬元,同比增長42.60%。二季度業績整體符合預期,原料業務表現亮眼。分產品,2022 年上半年公司鏡片/原料/成鏡/鏡架業務實現收入2.13/0.47/0.23/0.01 億元,同比增長-2%/76%/-13%/-15%,分別貢獻總收入的74%/16%/8%/0.5%。其中:①鏡片業務,受4-5 月國內疫情影響,公司於主要市場華東地區的業務開展受阻、推測收入有所承壓,6 月伴隨疫情影響趨弱,輕鬆控渠道拓展加速疊加暑期配鏡旺季到來,公司鏡片業務快速恢復。②原料業務,上半年收入表現亮眼,推測疫情等因素導致國內鏡片同行進口樹脂原料受限,因而提升對公司自產原料的採購比例,公司原料業務實現高增長。費用管控效果顯現,盈利能力穩步提升。2022 年上半年公司毛利率同比下降約3pct(運輸費重分類至成本端影響約1pct),其中鏡片業務毛利率同比提升約1pct,推測主要由高毛利的輕鬆控收入佔比提升拉動;原料業務毛利率同比下滑約12pct,或與上游化工原料漲價相關。單二季度,公司實現毛利率52.9%,剔除會計準則調整影響後預計同比下降約3pct,推測主要由於毛利率較低的原料業務佔比提升導致;費用端,公司降本增效持續推進,推測同一口徑下單二季度公司銷售費用率同比下降約5pct,或主要源於更有針對性的營銷投放帶來廣吿費率下降。綜合而言,單二季度公司扣非歸母淨利率同比提升約1pct,盈利能力持續改善。渠道拓展加速,輕鬆控業務放量可期。截至2022 年6 月末,明月輕鬆控兩代離焦鏡產品現已形成共計8 款SKU 的產品矩陣,產品線豐富度方面行業領先。渠道方面,目前公司傳統業務已佈局的逾萬家線下終端門店中,已有70%左右的比例開始銷售輕鬆控系列產品,伴隨傳統渠道繼續拓展,預計該比例以及單店銷量仍有進一步提升空間;與此同時,公司已於2022 年6 月加快對大中型、連鎖型醫療渠道的定向開發,有望實現醫療渠道迅速補強,輕鬆控系列產品銷售放量可期。預測公司 2022-2024 年歸母淨利潤為 1.22/1.54/1.87 億(原預測為1.23/1.52/1.89億),對應的 EPS 分別為 0.91/1.14/1.39 元。公司作為高品質國產鏡片龍頭企業,近年來中高端品牌戰略持續深化,近視防控產品快速放量疊加傳統業務提價空間廣闊,未來增長可期,我們給予公司DCF 目標估值62.24 元,維持“增持”評級。風險提示鏡片新品推廣程度不及預期;鏡片毛利率提升幅度不及預期;行業競爭加劇的風險
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