事件:

　　公司發布2017年(nian)半年(nian)報。2017年(nian)上(shang)半年(nian)公司實(shi)現營業收入(ru)8.10億元(yuan),同比(bi)增(zeng)長(chang)31.25%;實(shi)現歸(gui)屬于上(shang)市公司股(gu)東的凈(jing)利潤5531.32萬元(yuan),同比(bi)下降27.86%;實(shi)現扣除(chu)非經常性(xing)損(sun)益的歸(gui)母凈(jing)利潤5633.40萬元(yuan),同比(bi)下降22.74%;實(shi)現基本每股(gu)收益0.06元(yuan)/股(gu),同比(bi)下降33.33%。公司預(yu)測1-9月歸(gui)母凈(jing)利潤變(bian)動區(qu)間為(wei)7533.35-10761.93萬元(yuan),變(bian)動幅度(du)區(qu)間為(wei)-30%-0%。

　　點評:

　　主營(ying)(ying)業(ye)務齊頭并進,營(ying)(ying)收(shou)均實現(xian)30%以上增(zeng)(zeng)長(chang)(chang)。上半年,公司(si)實現(xian)營(ying)(ying)業(ye)收(shou)入(ru)8.10億元(yuan),同(tong)比(bi)增(zeng)(zeng)長(chang)(chang)31.25%,其中戶外型樹脂(zhi)營(ying)(ying)業(ye)收(shou)入(ru)5.41億元(yuan),同(tong)比(bi)增(zeng)(zeng)長(chang)(chang)30.42%,毛(mao)(mao)利率(lv)(lv)15.59%,同(tong)比(bi)下(xia)(xia)降(jiang)8.52個(ge)(ge)百分(fen)點;混(hun)合(he)型樹脂(zhi)營(ying)(ying)業(ye)收(shou)入(ru)1.72億元(yuan),同(tong)比(bi)增(zeng)(zeng)長(chang)(chang)34.67%,毛(mao)(mao)利率(lv)(lv)15.40%,同(tong)比(bi)下(xia)(xia)降(jiang)8.88%。高端裝備制造營(ying)(ying)業(ye)收(shou)入(ru)9085.58萬元(yuan),同(tong)比(bi)增(zeng)(zeng)長(chang)(chang)37.10%,毛(mao)(mao)利率(lv)(lv)50.12%,同(tong)比(bi)增(zeng)(zeng)長(chang)(chang)4.33個(ge)(ge)百分(fen)點。由(you)于聚酯(zhi)樹脂(zhi)產品原材料價格(ge)同(tong)比(bi)上漲,而公司(si)產品價格(ge)上漲相對滯后(hou),導致公司(si)毛(mao)(mao)利率(lv)(lv)同(tong)比(bi)下(xia)(xia)降(jiang)7.05個(ge)(ge)百分(fen)點至19.45%,使得(de)公司(si)歸母凈利潤同(tong)比(bi)下(xia)(xia)降(jiang)27.86%。

　　新(xin)戊(wu)二(er)醇(chun)及(ji)樹(shu)脂擴產(chan)(chan)(chan)(chan)(chan)項(xiang)(xiang)目(mu)將(jiang)陸(lu)續投產(chan)(chan)(chan)(chan)(chan),有(you)效降低(di)成本增厚業(ye)績。公(gong)(gong)司(si)目(mu)前擁(yong)有(you)聚酯樹(shu)脂產(chan)(chan)(chan)(chan)(chan)能15萬噸(dun)(dun),遠超(chao)競爭對手,市占(zhan)率穩居第(di)一(yi)。今(jin)年(nian)1月,子(zi)公(gong)(gong)司(si)山東利華(hua)益(yi)神(shen)劍年(nian)產(chan)(chan)(chan)(chan)(chan)3萬噸(dun)(dun)新(xin)戊(wu)二(er)醇(chun)(NPG)項(xiang)(xiang)目(mu)順利投產(chan)(chan)(chan)(chan)(chan),馬鞍山神(shen)劍年(nian)產(chan)(chan)(chan)(chan)(chan)4萬噸(dun)(dun)NPG項(xiang)(xiang)目(mu)預(yu)計今(jin)年(nian)年(nian)底投產(chan)(chan)(chan)(chan)(chan),新(xin)戊(wu)二(er)醇(chun)為公(gong)(gong)司(si)聚酯樹(shu)脂的(de)主要(yao)原材料之一(yi),在原材料價格大幅上(shang)漲的(de)背景下,項(xiang)(xiang)目(mu)投產(chan)(chan)(chan)(chan)(chan)將(jiang)有(you)效降低(di)公(gong)(gong)司(si)生產(chan)(chan)(chan)(chan)(chan)成本。此外,子(zi)公(gong)(gong)司(si)黃山神(shen)劍年(nian)產(chan)(chan)(chan)(chan)(chan)5萬噸(dun)(dun)聚酯樹(shu)脂項(xiang)(xiang)目(mu)計劃于(yu)今(jin)年(nian)11月完(wan)成安裝,年(nian)底實現試產(chan)(chan)(chan)(chan)(chan);公(gong)(gong)司(si)公(gong)(gong)告計劃在西(xi)班牙投資2000萬歐(ou)元建設4萬噸(dun)(dun)聚酯樹(shu)脂項(xiang)(xiang)目(mu)及(ji)歐(ou)洲(zhou)研(yan)發(fa)中心,未來產(chan)(chan)(chan)(chan)(chan)能釋放將(jiang)增厚公(gong)(gong)司(si)業(ye)績。

　　收(shou)購(gou)中(zhong)(zhong)星(xing)(xing)偉業(ye)(ye)(ye)60%股權(quan),做(zuo)大(da)做(zuo)強(qiang)高端(duan)(duan)(duan)裝備制(zhi)造板塊。5月份,全資(zi)(zi)子公(gong)(gong)司嘉業(ye)(ye)(ye)航(hang)空(kong)以1.278億元收(shou)購(gou)中(zhong)(zhong)星(xing)(xing)偉業(ye)(ye)(ye)60%股權(quan),中(zhong)(zhong)星(xing)(xing)偉業(ye)(ye)(ye)業(ye)(ye)(ye)務(wu)以研發衛(wei)星(xing)(xing)定位系統、模塊為主導,導航(hang)控制(zhi)系統為配套,生產的(de)北斗衛(wei)星(xing)(xing)通訊導航(hang)終端(duan)(duan)(duan)多裝配于海軍(jun)的(de)部(bu)分(fen)武器裝備中(zhong)(zhong),擁(yong)有軍(jun)工四證及二級保密資(zi)(zi)質,此次收(shou)購(gou),有利于補(bu)齊(qi)嘉業(ye)(ye)(ye)航(hang)空(kong)在相關業(ye)(ye)(ye)務(wu)上的(de)短板,實現其業(ye)(ye)(ye)務(wu)的(de)有序快速(su)擴張,發揮協同效應,做(zuo)大(da)做(zuo)強(qiang)“高端(duan)(duan)(duan)裝備制(zhi)造”板塊。中(zhong)(zhong)星(xing)(xing)偉業(ye)(ye)(ye)于6月份并(bing)表,當月為公(gong)(gong)司貢(gong)獻(xian)盈利288.45萬元。

　　高(gao)端(duan)(duan)裝(zhuang)備制造板塊(kuai)不(bu)斷豐(feng)富(fu),雙主(zhu)業(ye)(ye)比翼齊(qi)飛。在發展(zhan)傳統(tong)優勢聚酯(zhi)樹脂業(ye)(ye)務(wu)的(de)(de)基礎(chu)上,公(gong)(gong)司近年(nian)來不(bu)斷豐(feng)富(fu)高(gao)端(duan)(duan)裝(zhuang)備制造板塊(kuai),2015年(nian)收購的(de)(de)嘉(jia)業(ye)(ye)航(hang)(hang)空(kong)(kong)(kong)主(zhu)營航(hang)(hang)空(kong)(kong)(kong)、航(hang)(hang)天及軌道(dao)交通等領(ling)(ling)域(yu)的(de)(de)高(gao)端(duan)(duan)裝(zhuang)備制造,擁有國軍標質量管理體系認證(zheng)(zheng)(zheng)證(zheng)(zheng)(zheng)書(shu)、武器裝(zhuang)備科研生產(chan)許可(ke)證(zheng)(zheng)(zheng)及三級保(bao)密資(zi)質,2016年(nian)實現扣非歸母凈利(li)(li)(li)4188.32萬(wan)(wan)元(yuan)(yuan),完成4100萬(wan)(wan)元(yuan)(yuan)的(de)(de)業(ye)(ye)績承諾,2017年(nian)上半年(nian)實現凈利(li)(li)(li)潤(run)2095.50萬(wan)(wan)元(yuan)(yuan),按訂單情況預期大(da)概率可(ke)完成17年(nian)5100萬(wan)(wan)元(yuan)(yuan)業(ye)(ye)績承諾。同(tong)時(shi),全資(zi)子公(gong)(gong)司神劍裕昌(chang)主(zhu)營業(ye)(ye)務(wu)范圍(wei)增加了(le)航(hang)(hang)空(kong)(kong)(kong)、航(hang)(hang)天及軌道(dao)交通業(ye)(ye)務(wu)領(ling)(ling)域(yu),今年(nian)年(nian)內(nei)嘉(jia)業(ye)(ye)航(hang)(hang)空(kong)(kong)(kong)軌道(dao)交通板塊(kuai)的(de)(de)部分機(ji)械(xie)加工(gong)工(gong)序(xu)將(jiang)在裕昌(chang)公(gong)(gong)司落地,有利(li)(li)(li)于西安嘉(jia)業(ye)(ye)現有業(ye)(ye)務(wu)快速做(zuo)大(da)做(zuo)強,同(tong)時(shi)逐步(bu)進入(ru)高(gao)端(duan)(duan)裝(zhuang)備制造領(ling)(ling)域(yu)的(de)(de)其他相關產(chan)業(ye)(ye),以實現公(gong)(gong)司雙主(zhu)業(ye)(ye)發展(zhan)的(de)(de)戰略目標。

　　盈利預測及(ji)評級(ji):我們(men)預計公司2017-2019年的(de)營業收入分別(bie)達到17.78億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)、20.73億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)和(he)23.62億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan),同比增長25.85%、16.55%和(he)13.95%,歸母凈利潤(run)分別(bie)達到1.62億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)、2.06億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)和(he)3.08億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan),同比增長-4.02%、27.21%和(he)49.20%,EPS分別(bie)達到0.19元(yuan)(yuan)(yuan)(yuan)(yuan)、0.24元(yuan)(yuan)(yuan)(yuan)(yuan)和(he)0.36元(yuan)(yuan)(yuan)(yuan)(yuan),對應2017年8月30日收盤價(jia)(6.93元(yuan)(yuan)(yuan)(yuan)(yuan)/股)的(de)動態(tai)PE分別(bie)為(wei)37倍、29倍和(he)19倍,維持(chi)“增持(chi)”評級(ji)。

　　風險(xian)因素:原材料價格波動、新增產能投產不(bu)達預(yu)期(qi)、高端裝備制(zhi)造(zao)板塊開拓不(bu)達預(yu)期(qi)。