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穩健醫療(300888):防疫產品帶動收入表現亮眼 戰略逐步落地驅動消費利潤率提升
格隆匯 08-19 00:00
事件描述公司發佈2022 中報。2022H1,公司收入/歸母淨利分別為51.58/8.93 億元,同比+27.05%/+17.32%。其中,單Q2 實現收入/歸母淨利分別為28.4/5.4 億元,同比+58.3%/+91.0%,收入/業績基本為此前預吿上限。事件評論消費:1)收入:Q2 同比+2%至9.9 億元,其中線上/線下同比+4.4%/-2.6%。預計線下下滑主因疫情擾動下門店客流下滑較大,線上環比Q1 略有提速但較近年增速中樞下移,預計與電商流量重構、競爭加劇等有關。2)毛利率:新品定價優化疊加控折扣下,預計Q2消費品折扣率略有提升,但預計受弱市環境下老品定價受影響、增速較快的商超渠道毛利率下滑明顯等影響,H1 整體毛利率小幅下滑0.9pct。醫療:1)收入:低基數下Q2 收入+115.1%至18.3 億元,其中:①醫院渠道受益於公司防護產品美譽度及產品質量認可度高,疫情反覆下收入+470.8%至8.9 億元;②國內藥店渠道受益於藥店覆蓋數量增加同比+128.9%至1.1 億元;③電商渠道在手套、口鼻腔、清潔消毒、高端敷料等產品大幅增長帶動下+101.9%至2.3 億元。防疫產品及渠道拓寬為公司收入增長亮眼的主要驅動。2)毛利率:伴隨供給偏松下防疫產品價格漸歸常態,公司H1 防疫產品毛利率回落10.1pct 至49.4%,其餘醫療產品毛利率小幅提升0.9pct 至39.4%,受防疫產品毛利率下滑影響(H1 佔醫療收入70%),H1 醫療毛利率-5.2pct。利潤端:防疫產品毛利率下滑明顯影響公司H1 毛利率-3.9pct,疊加Q2 其他收益減少0.59 億對公司淨利率形成拖累,但公司通過優化供應商及客户、精簡SKU、完善人員結構等措施降本增效,疊加正向經營槓桿,公司H1 銷售費用率-1.9pct,管理費用率-1.3pct,利息收入及匯兑收益帶動公司財務費用率-1.1pct。整體公司H1 歸母淨利率-1.4pct 至17.3%。短期來看,展望H2,防疫用品低基數下醫療收入仍有望延續雙位數以上增長,零售環境轉好下消費有望環比提速。長期來看,公司醫療&消費協同發展、戰略方向清晰。醫療延伸弱勢品類打造一站式敷料提供商,防疫用品強化品牌力下,國內渠道&產品均處快速發展通道;消費通過優化定價控折扣、降本增效(精簡長尾SKU,縮減費用,提升費用投放ROI;調整展店面積、優化租金)聚焦利潤提升,Q2 成效顯現,未來在專注核心用户提升連帶率、產品迭代下收入有望延續增長。預計公司2022-2024 年歸母為15.9、18.2、20.7 億元,對應PE 為19.9、17.4、15.3X,維持“買入”評級。風險提示1、門店拓展不及預期;2、零售環境波動;3、行業競爭加劇;4、疾控防護品銷售波動。
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