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研報掘金丨安信證券:意華股份Q2淨利環比大幅改善,維持“買入-A”評級及目標價50.06元
格隆匯 07-19 15:21
格隆匯7月19日丨安信證券18日研報指出,受訂單推遲影響業績短期承壓,意華股份(002897.SZ)Q2淨利潤環比增長153%-300%已實現大幅改善。根據公司公吿,天津晟維2023年一季度營業收入為1239萬,同比增長320%。公司通過與下游客户共同成立子公司加強客户綁定,預計下半年將開始放量,為公司貢獻業績。
公司以通訊連接器為核心,消費電子連接器為重要構成,汽車等其他連接器為延伸作為現階段的發展戰略。目前,公司是國內少數實現高速連接器量產的企業之一,已與包括華為、中興、富士康、和碩、Duratel等在內的眾多優質客户建立了長期合作關係。
公司擁有二十餘年通訊連接器研發經驗,並拓展了光伏支架業務,預計公司2023年-2025年的營業收入分別為52.60/61.87/75.34億元,同比增長5.0%/17.6%/21.8%; 歸母淨利潤分別為2.68/3.64/5.23億元,同比增長11.7%/35.8%/43.7%;對應EPS分別為1.57/2.13/3.06元。給予公司2024年23.5倍PE,對應目標價50.06元,維持“買入-A”投資評級。
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