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    2022-08-19 13:10 文章來自:證券之星 收藏(0) 閱讀(20507) 評論(0)

    招銀國際Alex Ng,Lily Yang,Lana Lin近期對生益科技(600183)進行研究并發布了研究報告《1H22 results miss; Maintain HOLD》,本報告對生益科技給出持有評級,認為其目標價位為19.20元,當前股價為17.36元,預期上漲幅度為10.6%。


    Shengyi Tech’s 2Q22 revenue/NP to shareholders declined 13.5% YoY/47.9% YoY to RMB4,607mn/RMB453mn. 2Q results miss was due to 1) weak demand consumer markets, 2) ASP pressure due to peers’ aggressive price war and 3) significant energy cost increase. GPM decreased slightly to 23.2% in 2Q23.6% in 1Q. Looking forward, we expect PCB to outperform CCL business, driven by capacity ramp up for auto market and easing margin pressure. We cut our forecasts for 2022/23E and slightly tweaked TP to RMB19.2. Maintain HOLD.

    CCL business under pressure. CCL/prepreg sales declined 18.3%/4.4% YoY/QoQ in 2Q (vs. 4.0%/-4.8% in 1Q). GPM decreased to 22.7% in 1H22 from 25.7%/29.3% in 2H21/1H21. 2Q may be the weakest quarter for CCL, due to deteriorating demand and price war. However, 2H22 could still be challenging as market demand is still on its way of slow recovery, especially for consumers. ASP should have reached the bottom given little room to cut price further.

    PCB business to continue outperform. PCB sales grew 14.2%/9.1% YoY/QoQ in 2Q (vs. 7.2%/-12.2% in 1Q). GPM decreased to 21.2% in 1H22 from 16.5%/18.8% in 2H21/1H21. The majority of PCB sales were the telecom market, which remain stable. We believe the growth was mainlythe auto market. Auto PCB has experienced fast growth in 2021, with revenue contribution increasing 1% to 8%, thanks to production ramp up. Prismark forecasts PCB market to grow 4.2% YoY in 2022, moderate growth after significant growth of 24.1% YoY in 2021. We think Shengyi will outperform peers, driven by strong demand auto market, increasing capacity and easing margin pressure.

    Maintain HOLD, TP adjusted to RMB19.2. We cut Shengyi’s FY22-23Erevenue by 9%-10% considering CCL demand recovery could be slow. We derive our TP using the same 16.6x target P/E multiple,~ avg. 1-yr forward P/E. TP was adjusted to RMB19.2 on valuation rollover to 2023E P/E.Potential downside risks include: 1) worse-than-expected global economy that curbs consumer spending, 2) continuous ASP pressure and 3) increasing manufacturing costs, i.e. energy costs.



    該股最近90天內共有5家機構給出評級,買入評級4家,增持評級1家。根據近五年財報數據,證券之星估值分析工具顯示,生益科技(600183)行業內競爭力的護城河良好,盈利能力良好,營收成長性良好。財務可能有隱憂,須重點關注的財務指標包括:貨幣資金/總資產率、應收賬款/利潤率。該股好公司指標3.5星,好價格指標4星,綜合指標3.5星。(指標僅供參考,指標范圍:0 ~ 5星,最高5星)