東山精密(002384)：汽車電子多點開花 產品結構不斷優化
格隆匯 08-18 00:00
核心觀點：東山精密發佈2022 年半年報，公司22H1 實現營業收入145.46 億元，同比增長3.86%，歸母淨利潤7.96 億元，同比增長31.70%，扣非後歸母淨利潤6.78 億元，同比增長27.75%。22Q2 單季度實現營業收入72.34 億元，同比增長11.34%，歸母淨利潤4.32 億元，同比增長20.17%，扣非後歸母淨利潤3.74 億元，同比增長16.49%。精密組件需求大幅攀升，電子電路穩定增長。22 上半年，公司重要新能源汽車客户訂單不斷增加，精密組件產品實現收入20.85 億元，同比增長51.43%，收入佔比提升至14.33%；消費電子大客户需求穩健，公司電子電路產品實現收入90.49 億元，同比增長9.19%，收入佔比提升至62.21%；部分消費類電子終端客户需求減少，觸控面板及液晶顯示模組實現收入22.02 億元，同比下滑30.05%，收入佔比下降至15.14%；受疫情及行業競爭加劇影響，LED 顯示器件實現收入11.32億元，同比下滑3.31%，收入佔比下降至7.78%。消費電子業務優勢明顯，汽車電子業務多點開花。消費電子方面，公司憑藉專業能力和產能釋放搶佔全球份額，持續獲取消費電子大客户新軟板料號，突破模組板產品，不斷提升單機價值量。汽車電子方面，公司軟板產品在北美新能源車大客户份額不斷提高，獲得其他主流車廠訂單，增長動能強勁。公司精密組件業務為新能源汽車客户提供白車身、散熱、電芯、殼體等產品，單車價值量大幅增長。8 月17 日公司審議通過向墨西哥東山追加投資9,100 萬美元，加碼新能源結構件業務，進一步鞏固提升與北美新能源汽車和儲能等客户的合作關係。盈利預測與投資建議。預計公司22~24 年EPS 分別為1.40/1.77/2.22元/股，公司行業地位領先，管理提質增效，參考可比公司估值，給予公司23 年25X PE 估值，合理價值為44.35 元/股，維持“買入”評級。風險提示。客户集中度風險、國際貿易風險、新冠肺炎疫情風險。
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