上半年营收维持高增,维持“增持”评级
近日公司发布21 年半年报,21H1 实现营收53.08 亿元,同比+36.77%,实现归母净利润0.99 亿元,同比-18.39%,扣非净利润同比-17.76%,单季来看,21Q2 单季实现营收33.79 亿元,同比+40.55%,实现归母净利润0.30 亿元,同比-54.67%。我们认为随着装配式装修行业景气上行,充足的在手订单有望为业绩增长提供长期增长动能,维持“增持”评级。
订单结构侧重公装,建筑幕墙及智能化系统业务发展良好新签订单方面,21H1 公司累计新签订单92.75 亿元,同比增长18.90%,其中公装/住宅/装饰设计/装饰制品销售59/30.33/1.31/2.11 亿元,公装/住宅在手订单累计增速同比+24.21%/+10.49%,我们推测由于地产景气度不佳,公司战略侧重公装领域,后续随着订单结构不断调整,减值影响或逐渐减弱。营收分业务来看,21H1 建筑装饰工程/建筑幕墙/智能化系统集成营收同比+18%/+93%/+60%,同比19 H1+4%/+23%/+50%,建筑幕墙及智能化系统业务发展良好。
21Q2 单季减值损失较高,是利润降低的主要原因21H1 公司毛利率13.13%,同比-2.34 pct,其中建筑装饰工程/建筑幕墙为13.23%/10.05%,同比-2.25pct/-2.26pct。21H1 销售/管理/研发/财务费用率2.98%/3.21%/2.84%/0.57%,同比变动-0.55/-0.68/+0.27/-0.41pct,资产及信用减值损失0.51 亿元,占营收比例0.97%,同比+0.24 pct,单季度来看,21Q2 资产及信用减值损失1.06 亿元,占营收比例3.15%,是利润降低的主要原因,21H1 净利率2.04%,同比-1.19pct。收现比角度,21H1 公司收现比104.41%,同比-2.39 pct;付现比92.78%,同比-18.69 pct;现金流角度,CFO 净额-10.47 亿元,同比增加0.13 亿元,资产负债表角度,21H1 负债率60.97%,同比+1.44pct。21H1 公司总资产周转率0.24 次,同比增加0.06 次。
工业化装配式实力领先,维持“增持”评级
目前公司在工业化装配式方面公司已掌握成熟的运营模式,通过对材料端、生产端、设计端、施工端等多个方面的优化改良,实现对工业化装配式全产业链的精确把控。从全国各地的样板房至成都当代璞誉项目,公司已由点到面全方位向市场推广工业化装配式产品。考虑到减值损失的影响,我们下调21-23 年归母净利润4.1/5.3 亿元/6.3 亿元(前值4.9/6.0 亿元/7.3亿元),参考当前可比公司21 年Wind 一致预期PE 均值16.81 倍,认可给予公司21 年25 倍PE,目标价7.75 元,维持“增持”评级。
风险提示:订单回款不及预期,装配式装修业务推进不及预期,在手项目执行不及预期。
Revenue maintained high growth in the first half of the year, maintaining the "overweight" rating.
We believe that with the upswing of the assembly decoration industry, sufficient on-hand orders are expected to provide long-term growth momentum for performance growth and maintain the "overweight" rating.
At present, the company has mastered the mature operation mode in the aspect of industrial assembly, through the optimization and improvement of material end, production end, design end, construction end and so on, to realize the accurate control of the whole industrial chain of industrial assembly. From the model houses all over the country to the contemporary reputation project in Chengdu, the company has promoted industrial assembly products to the market from point to face.
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