You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
德業股份(605117):微逆、儲能業務高速增長 業績再超預期
格隆匯 08-18 00:00
事件:公司發佈2022 年半年度報吿,2022H1 實現營業收入23.73 億元,同比+23.26%;實現歸母淨利潤4.5 億元,同比+100.41%,超出了此前業績預增公吿中3.6-4.2 億元的歸母淨利潤區間。其中2022Q2 實現營業收入15.32 億元,同比+44.44%;實現歸母淨利潤3.18 億元,同比+155.62%。 點評: 逆變器業務高速發展,已成為公司第一大業務板塊。2022H1,公司逆變器業務實現營業收入11.5 億元,較上年同期+198.42%,佔公司總營業收入比重提升至48.91%,已成為公司第一大業務板塊。其中微型併網逆變器銷售收入較上年同期+462.02%,儲能逆變器銷售收入較上年同期+241.63%,組串式併網逆變器銷售收入較上年+91.1%;公司逆變器產品共銷售39.34 萬台,其中微型併網逆變器20.09 萬台,儲能逆變器7.85 萬台,組串式併網逆變器11.4 萬台。 逆變器佔比提升+匯率因素影響,公司毛利率大幅提升:2022H1,公司毛利率達27.43%,較上年同期+6.67pct。一方面,毛利率較高的逆變器業務佔比提升,毛利率較低的換熱器業務佔比下降;另一方面,公司外銷收入主要以美元、歐元作為主要結算貨幣,而公司財務報表的記賬本位幣為人民幣,由於Q2 人民幣貶值的因素,拉高了公司出口業務的毛利率。 微逆出貨超預期,儲能業務持續景氣:2022H1,公司實現微型併網逆變器銷售20.09 萬台,其中,2022Q1 微型併網逆變器銷量為4 萬台,即2022Q2 微型併網逆變器銷量達16 萬台,較Q1 增長300%,大幅超出市場預期。在儲能方面,儲能逆變器新增單相低壓16KW 系列、三相高壓15KW 系列和三相高壓50KW系列產品。在逆變器業務中,公司深耕原有市場,提升市佔率,同時不斷開拓新興市場,在微逆和儲能市場快速增長的過程中,公司將充分受益。 盈利預測、估值與評級:由於公司微逆業務出貨超預期、全球儲能市場快速增長,我們上調公司22-24 年盈利預測,淨利潤分別為11.9/18.2/26.0 億元(上調20%/14%/14%),當前股價對應22-24 年PE 分別為75/49/34 倍。公司户用儲能逆變器、微型逆變器業務持續高速增長,維持“買入”評級。 風險提示:光儲裝機不及預期風險;原材料價格波動風險;户用逆變器市場競爭加劇風險。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account