提示聲明:
本文涉及的行業及個股分析來源于券商研究報告,僅為分析人士對該行業及個股的個人觀點,不代表中證網觀點,不作為投資者買賣股票的依據。股市有風險,投資須謹慎。
諾力股份(603611.SH):成本端壓力紓解,盈利能力回升
事件:公司(si)發布2018年(nian)半(ban)年(nian)度業績預增(zeng)公告,公司(si)預計2018年(nian)半(ban)年(nian)度實(shi):現歸屬于(yu)上市公司(si)股東的凈(jing)利潤(run)與上年(nian)同期相比,將增(zeng)加3,130萬元至3,756萬元(即(ji)上半(ban)年(nian)歸母凈(jing)利潤(run)9389.42萬元至10015.42萬元),同比增(zeng)加50%至60%。
新業(ye)(ye)(ye)務(wu)及人民幣(bi)貶值助(zhu)力(li)業(ye)(ye)(ye)績復蘇。公(gong)(gong)(gong)(gong)司(si)(si)(si)傳統業(ye)(ye)(ye)務(wu)保持穩定(ding),新型業(ye)(ye)(ye)務(wu)快(kuai)速增長,營業(ye)(ye)(ye)收(shou)入(ru)(ru)和凈利潤相(xiang)應(ying)隨(sui)之改善。此(ci)外,由于(yu)公(gong)(gong)(gong)(gong)司(si)(si)(si)產品出(chu)(chu)口占比(bi)較(jiao)大,2017年公(gong)(gong)(gong)(gong)司(si)(si)(si)出(chu)(chu)口業(ye)(ye)(ye)務(wu)占比(bi)達到47.03%。公(gong)(gong)(gong)(gong)司(si)(si)(si)出(chu)(chu)口銷(xiao)售收(shou)入(ru)(ru)以美元計價(jia)為(wei)主,受(shou)近期人民幣(bi)兌(dui)(dui)美元匯(hui)(hui)率(lv)貶值的影響,公(gong)(gong)(gong)(gong)司(si)(si)(si)匯(hui)(hui)兌(dui)(dui)收(shou)益(yi)有(you)(you)所增加(jia)。2017年公(gong)(gong)(gong)(gong)司(si)(si)(si)受(shou)原材(cai)料大幅漲價(jia),行業(ye)(ye)(ye)競(jing)爭加(jia)劇,以及匯(hui)(hui)兌(dui)(dui)損(sun)失影響,公(gong)(gong)(gong)(gong)司(si)(si)(si)銷(xiao)售毛利率(lv)和凈利率(lv)有(you)(you)一(yi)定(ding)程度回(hui)落。認為(wei),進入(ru)(ru)2018年隨(sui)著原材(cai)料價(jia)格(ge)回(hui)落,以及人民幣(bi)貶值持續(xu),公(gong)(gong)(gong)(gong)司(si)(si)(si)成(cheng)本壓(ya)力(li)有(you)(you)望得到一(yi)定(ding)程度紓解,出(chu)(chu)口業(ye)(ye)(ye)務(wu)盈利能力(li)有(you)(you)望持續(xu)回(hui)升。
對(dui)美(mei)出口收(shou)入(ru)占(zhan)比約10%,預計影(ying)響有限(xian)。公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)外銷(xiao)(xiao)業(ye)務中,2017年美(mei)國(guo)地(di)區銷(xiao)(xiao)售(shou)收(shou)入(ru)為2.21億元,占(zhan)營(ying)業(ye)總收(shou)入(ru)的(de)10.40%,其中被列入(ru)美(mei)國(guo)于(yu)2018年3月公(gong)(gong)(gong)(gong)(gong)(gong)(gong)布的(de)301調查對(dui)中國(guo)征收(shou)附加(jia)關稅(shui)清(qing)單(dan)中產(chan)品的(de)銷(xiao)(xiao)售(shou)收(shou)入(ru)占(zhan)營(ying)業(ye)總收(shou)入(ru)比例較低。公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)輕(qing)小型搬運(yun)車輛外銷(xiao)(xiao)產(chan)品基本(ben)(ben)為貼牌(pai)生(sheng)產(chan),包(bao)括德國(guo)凱傲、日本(ben)(ben)豐(feng)田(tian)、美(mei)國(guo)納科(ke)等。2013年6月,公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)在(zai)馬來(lai)西亞設立(li)控(kong)股子公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)馬來(lai)西亞公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si),借以規避(bi)歐(ou)盟反傾銷(xiao)(xiao)稅(shui)對(dui)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)的(de)中長期影(ying)響。同事,公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)還在(zai)美(mei)國(guo)、歐(ou)洲、新(xin)加(jia)坡、俄羅斯等地(di)建立(li)子公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si),加(jia)快全(quan)球化生(sheng)產(chan)布局。
無(wu)(wu)錫(xi)中(zhong)(zhong)(zhong)(zhong)鼎(ding)(ding)訂單(dan)飽滿(man),打造智能物(wu)流(liu)裝備(bei)一體(ti)化供應商。公司2016年(nian)(nian)以5.4億(yi)元的價格(ge),收購無(wu)(wu)錫(xi)中(zhong)(zhong)(zhong)(zhong)鼎(ding)(ding)90%的股(gu)權。無(wu)(wu)錫(xi)中(zhong)(zhong)(zhong)(zhong)鼎(ding)(ding)2016年(nian)(nian)-2018年(nian)(nian)利潤(run)承諾分別為(wei)3200萬(wan)元、5000萬(wan)元、6800萬(wan)元。2016年(nian)(nian)及(ji)2017年(nian)(nian)無(wu)(wu)錫(xi)中(zhong)(zhong)(zhong)(zhong)鼎(ding)(ding)實均超(chao)額完成(cheng)利潤(run)承諾。2017年(nian)(nian)無(wu)(wu)錫(xi)中(zhong)(zhong)(zhong)(zhong)鼎(ding)(ding)接單(dan)業績達(da)到10.03億(yi)元,再創歷(li)史(shi)新高。公司還在高位揀選車(che)、高空作(zuo)業平(ping)臺、AGV車(che)輛(liang)、立體(ti)車(che)庫等領域有所布局,有望(wang)成(cheng)為(wei)一站式(shi)智慧倉儲物(wu)流(liu)整(zheng)體(ti)解決方案(an)提供商。
盈(ying)利預(yu)測(ce)與投資(zi)評級:預(yu)計公司(si)2018年-2020年實現營業收入分(fen)別(bie)為26.58億(yi)(yi)元、32.02億(yi)(yi)元和38.01億(yi)(yi)元;歸母凈利潤分(fen)別(bie)為2.24億(yi)(yi)元、2.78億(yi)(yi)元和3.49億(yi)(yi)元;EPS分(fen)別(bie)為0.83元、1.03元和1.30,對應PE分(fen)別(bie)為17X、13X和11X。給(gei)予(yu)公司(si)2018年25倍合理估(gu)值,目標價20.75元/股,維持“強烈推薦”評級。(東興證券)
中(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)聲明(ming):凡本(ben)網(wang)(wang)注(zhu)明(ming)“來(lai)源:中(zhong)國(guo)(guo)證(zheng)(zheng)(zheng)券(quan)報(bao)(bao)·中(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)”的所有作(zuo)品(pin),版權(quan)(quan)均屬于(yu)中(zhong)國(guo)(guo)證(zheng)(zheng)(zheng)券(quan)報(bao)(bao)、中(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)。中(zhong)國(guo)(guo)證(zheng)(zheng)(zheng)券(quan)報(bao)(bao)·中(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)與作(zuo)品(pin)作(zuo)者聯合(he)聲明(ming),任(ren)何組(zu)織未經中(zhong)國(guo)(guo)證(zheng)(zheng)(zheng)券(quan)報(bao)(bao)、中(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)以及作(zuo)者書面(mian)授權(quan)(quan)不(bu)得轉載(zai)、摘編或(huo)利(li)用其它方(fang)式使用上述作(zuo)品(pin)。凡本(ben)網(wang)(wang)注(zhu)明(ming)來(lai)源非(fei)中(zhong)國(guo)(guo)證(zheng)(zheng)(zheng)券(quan)報(bao)(bao)·中(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)的作(zuo)品(pin),均轉載(zai)自其它媒體,轉載(zai)目的在于(yu)更(geng)好服務讀者、傳遞信息之(zhi)需,并不(bu)代表本(ben)網(wang)(wang)贊(zan)同其觀(guan)點,本(ben)網(wang)(wang)亦(yi)不(bu)對(dui)其真(zhen)實性負責,持(chi)異(yi)議者應與原出(chu)處單位(wei)主張權(quan)(quan)利(li)。
特別鏈接:政府部門交易機構證券期貨四所兩司新聞發布平臺友情鏈接版權聲明
關于報社關于本站廣告發布免責條款
中國證券報社版權所有,未經書面授權不得復制或建立鏡像 經營許可證編號:京B2-20180749 京公網安備0-1
Copyright 2001-2018 China Securities Journal. All Rights Reserved
中國證券(quan)報社版權所有,未經書面(mian)授權不得復制或建(jian)立鏡像
經營許可證編號:京(jing)B2-20180749 京(jing)公網(wang)安備(bei)0-1
Copyright 2001-2018 China Securities Journal. All Rights Reserved