研报 | 华域汽车 (600741.CH):中期业绩靓丽,産品升级和新兴业务继续推进

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投资概要

 

华域汽车是中国汽车零部件行业的领先者,对具有核心竞争力的业务板块,公司将进一步实行外延式的扩张和内涵式增长相结合的发展途径,以促进转型升级、形成支撑未来可持续发展的核心业务群。我们依旧认爲零部件的系统化,高端化和科技化是中国汽车市场的未来发展趋势,利好公司这样的高品质零部件生産商提高市场份额,维持买入评级。

 

半年多赚近五成

华域汽车上半年营业收入同比增长19.35%至816.27亿元人民币,归母淨利润总额47.74亿元,同比增长47.67%,对应每股收益1.51元,业绩大幅超出市场预期的主要原因是收购小系车灯(现改名华域视觉)幷表增厚了业绩,同时确认了9.2亿的一次性溢价投资收益,如果剔除该因素,淨利润爲33.4亿元,同比增幅约爲8.5%。另外,公司靓丽的业绩也受益于主要客户上汽系车企上佳的表现。

 

主业保持稳健增长

期内华域汽车的主营业务保持高速增长,同比增长了19.8%。分部门看,内外饰及功能件等传统主业保持稳健增长,汽车电子等新兴业务增长迅勐:内外饰件类业务收入516.37 亿元(+16.2%),功能性总成件类业务收入 170.73 亿元(+18%),金属成型和模具业务收入 57.37 亿元(+71.4%),电子电器件业务收入 27.66 亿元(+32.7%),热加工类业务收入 4.82 亿元(-3.3%)。主要合资公司营业收入中,延锋饰件公司实现497.2 亿元(+5.3%),上海汇衆106.8 亿元(+23.5%),华域视觉77.4 亿元。分地区来看,国内业务收入大增27%,海外业务则由于美国市场表现平澹下滑2.8%。

 

成本费用有所抬升

 
由于上半年原材料价格上涨,主营业务毛利率同比下滑了0.73个百分点至13.35%。由于华域视觉的幷表以及物流费用增加的影响,销售费用同比增长了39%或3.24亿,同时,研发费用也因幷表及公司加大研发投入而同比增长了58%至17亿。不过由于管理效率保持优异,公司的资産回报率加权平均淨资産收益率增加2.85个百分点至11.07%

 

围绕“3+2+1”战略,继续推进産品升级和新兴业务发展

 

背靠实力雄厚的上汽集团,华域汽车在客户/研发/网络佈局/资金等方面竞争优势明显。公司亦积极把握汽车行业“电动化、网联化、智慧化、共用化”发展趋势,根据“3+2+1”(即智慧与互联、电动系统、轻量化 3 个专业板块,内外饰、底盘 2 个集成平台,国际和国内协同作用的 1 个投融资平台)的战略体系建设,推动公司发展再上台阶。除了传统业务的稳健增长,公司未来在新能源电驱动,智慧驾驶ADAS,智慧车灯领域颇具看点:公司的合资公司华域麦格纳的新能源汽车电驱动系统总成産品,已获得上汽大衆、一汽大衆 MEB 平台定点意向书;公司已量産 24GHz 后向毫米波雷达産品的市场开拓工作,77GHz 角雷达完成样件开发,77GHz 前向毫米波雷达産品正在加紧研发中;智慧车灯的研发投入正继续加大,华域视觉的整合效应有望进一步发挥。

投资行动

我们预计公司2018/2019年的每股盈利分别爲2.47,2.59元人民币,目标价26人民币元对应2018/2019年各10.5/10倍预计市盈率,给予买入评级。(现价截至10月8日)

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