每(mei)經AI快訊，2023年12月27日，興業證券發布研(yan)報點評夜光明（873527）。

事件：1）2023Q1-Q3，公司(si)(si)實(shi)現(xian)營業收入(ru)(ru)230.02百(bai)(bai)萬(wan)元/同(tong)比(bi)(bi)-17.58%，歸母(mu)(mu)凈(jing)(jing)利(li)(li)潤10.36百(bai)(bai)萬(wan)元/同(tong)比(bi)(bi)-59.65%，扣非(fei)歸母(mu)(mu)凈(jing)(jing)利(li)(li)潤5.32百(bai)(bai)萬(wan)元/同(tong)比(bi)(bi)-76.35%，實(shi)現(xian)毛(mao)利(li)(li)率(lv)17.21%/同(tong)比(bi)(bi)-4.12pct，歸母(mu)(mu)凈(jing)(jing)利(li)(li)率(lv)4.50%/同(tong)比(bi)(bi)-4.70pct；2）2023Q3，公司(si)(si)實(shi)現(xian)營業收入(ru)(ru)67.72百(bai)(bai)萬(wan)元/同(tong)比(bi)(bi)-32.60%，歸母(mu)(mu)凈(jing)(jing)利(li)(li)潤-0.94百(bai)(bai)萬(wan)元/同(tong)比(bi)(bi)-108.03%，扣非(fei)歸母(mu)(mu)凈(jing)(jing)利(li)(li)潤-2.97百(bai)(bai)萬(wan)元/同(tong)比(bi)(bi)-130.71%，實(shi)現(xian)毛(mao)利(li)(li)率(lv)12.97%/同(tong)比(bi)(bi)-41.07pct，歸母(mu)(mu)凈(jing)(jing)利(li)(li)率(lv)-1.39%/同(tong)比(bi)(bi)-13.03pct。

利潤率(lv)(lv)(lv)短期(qi)承壓，公(gong)(gong)司(si)加大研發費(fei)(fei)用(yong)投入(ru)(ru)。2023年前三季度，1)盈利能力(li)：公(gong)(gong)司(si)實(shi)現(xian)(xian)毛利率(lv)(lv)(lv)17.21%/同(tong)(tong)(tong)比(bi)(bi)-4.12pct，凈利率(lv)(lv)(lv)4.50%/同(tong)(tong)(tong)比(bi)(bi)-4.70pct；期(qi)間費(fei)(fei)率(lv)(lv)(lv)來(lai)看，銷(xiao)售(shou)費(fei)(fei)率(lv)(lv)(lv)3.80%/同(tong)(tong)(tong)比(bi)(bi)+0.74pct，管理(li)費(fei)(fei)率(lv)(lv)(lv)4.67%/同(tong)(tong)(tong)比(bi)(bi)+1.45pct，研發費(fei)(fei)率(lv)(lv)(lv)4.15%/同(tong)(tong)(tong)比(bi)(bi)+0.17pct，財(cai)務費(fei)(fei)率(lv)(lv)(lv)-0.35%/同(tong)(tong)(tong)比(bi)(bi)+0.66pct，主要系公(gong)(gong)司(si)募投資金(jin)賬戶利息收入(ru)(ru)增加所致(zhi)；2)營運能力(li)：公(gong)(gong)司(si)總(zong)資產周轉率(lv)(lv)(lv)為(wei)0.40，較去年同(tong)(tong)(tong)期(qi)有所下降(jiang)；3)現(xian)(xian)金(jin)流(liu)情況(kuang)：公(gong)(gong)司(si)經(jing)營性(xing)現(xian)(xian)金(jin)流(liu)凈額(e)為(wei)-10.59百萬元，主要由于市場環境疲軟導致(zhi)營收下滑，公(gong)(gong)司(si)部(bu)分客(ke)戶回款減緩。

積(ji)(ji)極(ji)推動品(pin)(pin)牌(pai)出海，研發(fa)(fa)創(chuang)新(xin)(xin)布(bu)局新(xin)(xin)能(neng)(neng)源(yuan)場景應(ying)用(yong)。公(gong)(gong)司(si)主要從事反(fan)(fan)(fan)(fan)(fan)光(guang)(guang)(guang)(guang)(guang)材(cai)料(liao)(liao)及其制(zhi)品(pin)(pin)研發(fa)(fa)、生產(chan)及銷售，產(chan)品(pin)(pin)涵蓋反(fan)(fan)(fan)(fan)(fan)光(guang)(guang)(guang)(guang)(guang)布(bu)、反(fan)(fan)(fan)(fan)(fan)光(guang)(guang)(guang)(guang)(guang)膜等反(fan)(fan)(fan)(fan)(fan)光(guang)(guang)(guang)(guang)(guang)材(cai)料(liao)(liao)，以及反(fan)(fan)(fan)(fan)(fan)光(guang)(guang)(guang)(guang)(guang)服飾(shi)、反(fan)(fan)(fan)(fan)(fan)光(guang)(guang)(guang)(guang)(guang)標等反(fan)(fan)(fan)(fan)(fan)光(guang)(guang)(guang)(guang)(guang)制(zhi)品(pin)(pin)，廣泛應(ying)用(yong)于多(duo)(duo)個領域(yu)。公(gong)(gong)司(si)積(ji)(ji)極(ji)拓展海外市(shi)(shi)場，深(shen)度(du)參與(yu)(yu)海內外貿易(yi)博覽會，全(quan)面挖掘潛在增長機遇(yu)，提(ti)高品(pin)(pin)牌(pai)的(de)知(zhi)名度(du)和(he)影(ying)響力(li)。公(gong)(gong)司(si)堅持(chi)科技創(chuang)新(xin)(xin)，已獲(huo)得國家級(ji)“專精特新(xin)(xin)”認(ren)定、浙江省(sheng)(sheng)省(sheng)(sheng)級(ji)企業技術中心、省(sheng)(sheng)級(ji)企業研究院(yuan)和(he)省(sheng)(sheng)級(ji)知(zhi)識產(chan)權示范。截(jie)至2023年12月(yue)25日，公(gong)(gong)司(si)已取得“一(yi)(yi)種反(fan)(fan)(fan)(fan)(fan)光(guang)(guang)(guang)(guang)(guang)織物的(de)實用(yong)新(xin)(xin)型專利授權”、“一(yi)(yi)種印花反(fan)(fan)(fan)(fan)(fan)光(guang)(guang)(guang)(guang)(guang)織物的(de)實用(yong)新(xin)(xin)型專利授權”、“一(yi)(yi)種雙玻(bo)太陽(yang)能(neng)(neng)背板上用(yong)的(de)反(fan)(fan)(fan)(fan)(fan)光(guang)(guang)(guang)(guang)(guang)膜及其制(zhi)備方法(fa)”和(he)“雙玻(bo)太陽(yang)能(neng)(neng)背板上用(yong)的(de)玻(bo)璃(li)微(wei)珠(zhu)型反(fan)(fan)(fan)(fan)(fan)射材(cai)料(liao)(liao)的(de)制(zhi)備方法(fa)”等多(duo)(duo)個發(fa)(fa)明專利成果(guo)，將反(fan)(fan)(fan)(fan)(fan)光(guang)(guang)(guang)(guang)(guang)材(cai)料(liao)(liao)產(chan)品(pin)(pin)拓展新(xin)(xin)能(neng)(neng)源(yuan)領域(yu)應(ying)用(yong)，不斷提(ti)升(sheng)公(gong)(gong)司(si)的(de)核心競爭力(li)與(yu)(yu)綜(zong)合實力(li)。公(gong)(gong)司(si)2023年12月(yue)26日市(shi)(shi)值5.99億元，對應(ying)PE(TTM)35.86倍。

公司交易(yi)方式(shi)為連續競價(jia)交易(yi)，首(shou)發主(zhu)辦(ban)券商(shang)為中泰證券，持續督導主(zhu)辦(ban)券商(shang)為中泰證券。

風險提示：核心(xin)技術人員流失風險、匯率波動風險、安全生產風險

(來源：慧博投研)

免責聲明：本文內容與數據(ju)僅供(gong)參考，不(bu)構(gou)成投資建議，使(shi)用前請(qing)核(he)實(shi)。據(ju)此操作，風險自擔。

(編輯 曾健輝)