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        航天电器:民品打开成长空间 费用管控助力业绩基本符合预期

        2019年09月20日 17:03:14字号:T|T

            1.事件公司发布 2019年半年报,营收 16.19亿元,同比增长 38.56%,归母净利 1.87亿元,同比增长 19.17%,扣非归母净利 1.74亿元,同比增长 18.17%, EPS 为 0.44元。

            2.我们的分析与判断

            (一) 加大费用管控力度, 业绩保持平稳增长2019H1公司营业收入和归母净利润同比分别增长 38.56%、19.17%,业绩基本符合预期。

            营业收入大幅增长主要系: 1) 公司加大产品推广、产能提升力度,主要业务板块订货、营业收入实现较快增长; 2) 子公司广东华旃自 2019年 3月起并表, 3月-6月实现营业收入7977.27万元。剔除广东华旃的影响,公司在 2019H1内生营收为 15.39亿元,同比增长 31.67%。

            归母净利润方面,由于盈利水平低的民品收入占比上升以及主导产品生产所需的贵金属、特种化工材料供货价格上涨,公司综合毛利率下降至 34.69%(同比-6.38pct),导致归母净利润增速低于营收增速;但由于公司加大费用管控力度, 相关费用压减达到公司预期目标, 销售费用、管理费用和财务费用分别同比增长仅-2.32%、 0.14%、 18.71%,保障公司利润依然能够保持平稳增长。

            存货方面, 2019H1公司存货为 5.00亿元,较年初增长35.31%,同比增长 19.04%,我们认为,剔除广东华旃并表因素外,主要原因是 2019H1公司订单较好,为保障产品及时交付,适度增加客户订单生产所需的物料所致。另外, 2019H1公司加大对光电、高速互连、新能源互连、传输一体化和精密微特电机新产品、新工艺的研发投入,研发费用同比增长 24.63%,上升至 1.21亿元。 两个前瞻性指标均清楚显示,公司业绩稳定增长的持续性良好。

            (二) 背靠科工集团, 军品市场需求稳定军品领域,公司 70%以上的产品销售给航天、航空、电子、舰船、兵器等领域的高端客户,基本覆盖全部军工装备领域。

            且公司背靠航天科工集团,在军工领域深耕多年,具备高技术壁垒,拥有稳定的客户资源。 短期内,公司将受益于军改影响的逐渐消除以及实战化训练需求不断上升;中长期来看, 国防装备信息化水平不断提高、国产化替代步伐加快,高端电子元器件需求不断增长,公司有望率先受益,业绩保持持续增长可期。

            1.事件公司发布 2019年半年报,营收 16.19亿元,同比增长 38.56%,归母净利 1.87亿元,同比增长 19.17%,扣非归母净利 1.74亿元,同比增长 18.17%, EPS 为 0.44元。

            2.我们的分析与判断

            (一) 加大费用管控力度, 业绩保持平稳增长2019H1公司营业收入和归母净利润同比分别增长 38.56%、19.17%,业绩基本符合预期。

            营业收入大幅增长主要系: 1) 公司加大产品推广、产能提升力度,主要业务板块订货、营业收入实现较快增长; 2) 子公司广东华旃自 2019年 3月起并表, 3月-6月实现营业收入7977.27万元。剔除广东华旃的影响,公司在 2019H1内生营收为 15.39亿元,同比增长 31.67%。

            归母净利润方面,由于盈利水平低的民品收入占比上升以及主导产品生产所需的贵金属、特种化工材料供货价格上涨,公司综合毛利率下降至 34.69%(同比-6.38pct),导致归母净利润增速低于营收增速;但由于公司加大费用管控力度, 相关费用压减达到公司预期目标, 销售费用、管理费用和财务费用分别同比增长仅-2.32%、 0.14%、 18.71%,保障公司利润依然能够保持平稳增长。

            存货方面, 2019H1公司存货为 5.00亿元,较年初增长35.31%,同比增长 19.04%,我们认为,剔除广东华旃并表因素外,主要原因是 2019H1公司订单较好,为保障产品及时交付,适度增加客户订单生产所需的物料所致。另外, 2019H1公司加大对光电、高速互连、新能源互连、传输一体化和精密微特电机新产品、新工艺的研发投入,研发费用同比增长 24.63%,上升至 1.21亿元。 两个前瞻性指标均清楚显示,公司业绩稳定增长的持续性良好。

            (二) 背靠科工集团, 军品市场需求稳定军品领域,公司 70%以上的产品销售给航天、航空、电子、舰船、兵器等领域的高端客户,基本覆盖全部军工装备领域。

            且公司背靠航天科工集团,在军工领域深耕多年,具备高技术壁垒,拥有稳定的客户资源。 短期内,公司将受益于军改影响的逐渐消除以及实战化训练需求不断上升;中长期来看, 国防装备信息化水平不断提高、国产化替代步伐加快,高端电子元器件需求不断增长,公司有望率先受益,业绩保持持续增长可期。

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