每經AI快(kuai)訊，2024年(nian)1月14日，招商(shang)證券發(fa)布(bu)研報點評信濠光(guang)電（301051）。

事(shi)件：公(gong)司發(fa)布23年(nian)業績預告，公(gong)司預計23年(nian)歸母凈利(li)潤0.37-0.55億(yi)元(yuan)（上(shang)年(nian)同(tong)期虧(kui)損1.52億(yi)元(yuan)），扣非(fei)歸母凈利(li)潤75-110萬元(yuan)（上(shang)年(nian)同(tong)期虧(kui)損1.91億(yi)元(yuan)），結合公(gong)司近況，我們點評(ping)如下(xia)：

23年業(ye)績(ji)(ji)預告(gao)符合預期，逆勢扭(niu)虧(kui)為盈(ying)，Q4盈(ying)利(li)(li)(li)預計(ji)進一(yi)步改善(shan)(shan)。經測算(suan)，公(gong)(gong)(gong)(gong)司(si)(si)23Q4單季度歸母凈(jing)利(li)(li)(li)0.1-0.28億(yi)(yi)元（上年同(tong)期虧(kui)損(sun)0.42億(yi)(yi)元），按中值0.19億(yi)(yi)元算(suan)環(huan)比+15.30%，盈(ying)利(li)(li)(li)進一(yi)步改善(shan)(shan)。公(gong)(gong)(gong)(gong)司(si)(si)23年收入及(ji)凈(jing)利(li)(li)(li)潤穩步增長，逆勢扭(niu)虧(kui)主要得(de)益于：1）高毛利(li)(li)(li)的3D玻璃蓋板(ban)產銷量提(ti)升(sheng)較(jiao)大(da)帶動(dong)產品結(jie)構優(you)(you)化(hua)；2）新(xin)一(yi)屆管理層(ceng)通(tong)過自(zi)動(dong)化(hua)導入、工藝優(you)(you)化(hua)及(ji)供應鏈整合持續優(you)(you)化(hua)成本(ben)，良效率不斷提(ti)升(sheng)。此外(wai)(wai)，據我們(men)跟(gen)蹤(zong)，23H2為公(gong)(gong)(gong)(gong)司(si)(si)在海(hai)外(wai)(wai)戶儲(chu)擴張初期，費用開(kai)支較(jiao)大(da)，且(qie)23年公(gong)(gong)(gong)(gong)司(si)(si)深圳工廠技改自(zi)動(dong)化(hua)升(sheng)級(ji)帶來少量政府補助，故我們(men)認(ren)為公(gong)(gong)(gong)(gong)司(si)(si)實(shi)際安(an)卓主業(ye)業(ye)績(ji)(ji)改善(shan)(shan)會更好。

展(zhan)(zhan)望24年，公(gong)(gong)(gong)(gong)(gong)司安卓(zhuo)、A客戶(hu)(hu)、汽(qi)車電子(zi)(zi)及(ji)戶(hu)(hu)儲(chu)業(ye)(ye)務多點(dian)開(kai)花，迎來(lai)快速成(cheng)(cheng)(cheng)長(chang)期。1）安卓(zhuo)方面：大(da)力(li)拓(tuo)展(zhan)(zhan)恩施(shi)3D玻(bo)璃產能(neng)(neng)(neng)助力(li)主業(ye)(ye)規模及(ji)盈利重拾成(cheng)(cheng)(cheng)長(chang)。公(gong)(gong)(gong)(gong)(gong)司23Q3設立恩施(shi)信(xin)濠(hao)并增資6億(yi)，預計主要用(yong)于(yu)擴張3D玻(bo)璃中高(gao)端產能(neng)(neng)(neng)，隨(sui)著公(gong)(gong)(gong)(gong)(gong)司在(zai)(zai)安卓(zhuo)中高(gao)端客戶(hu)(hu)的(de)(de)旗艦機型持(chi)續導入，有(you)望大(da)幅提升目前公(gong)(gong)(gong)(gong)(gong)司在(zai)(zai)3D玻(bo)璃蓋板的(de)(de)市占率，助力(li)主業(ye)(ye)重回(hui)高(gao)速成(cheng)(cheng)(cheng)長(chang)；2）A客戶(hu)(hu)方面：新(xin)(xin)品(pin)NPI打樣(yang)穩(wen)(wen)步(bu)(bu)推進(jin)(jin)，合(he)作(zuo)有(you)望24年落(luo)地。公(gong)(gong)(gong)(gong)(gong)司23Q2向子(zi)(zi)公(gong)(gong)(gong)(gong)(gong)司南通立濠(hao)增資2億(yi)，進(jin)(jin)一(yi)步(bu)(bu)助力(li)其在(zai)(zai)A客戶(hu)(hu)的(de)(de)新(xin)(xin)品(pin)NPI打樣(yang)研發工作(zuo)，同時(shi)穩(wen)(wen)步(bu)(bu)擴張現有(you)產能(neng)(neng)(neng)，目前公(gong)(gong)(gong)(gong)(gong)司與A客戶(hu)(hu)的(de)(de)合(he)作(zuo)穩(wen)(wen)步(bu)(bu)推進(jin)(jin)，預計24H2公(gong)(gong)(gong)(gong)(gong)司有(you)望切入其供應鏈；3）汽(qi)車電子(zi)(zi)：拓(tuo)展(zhan)(zhan)滁(chu)(chu)州中大(da)屏玻(bo)璃產能(neng)(neng)(neng)，謀(mou)局(ju)汽(qi)車電子(zi)(zi)新(xin)(xin)賽道。公(gong)(gong)(gong)(gong)(gong)司23Q4設立滁(chu)(chu)州信(xin)濠(hao)并增資0.8億(yi)，預計主要用(yong)于(yu)新(xin)(xin)建車載中大(da)屏玻(bo)璃產能(neng)(neng)(neng)。公(gong)(gong)(gong)(gong)(gong)司將積極開(kai)拓(tuo)頭部(bu)面板廠(chang)商及(ji)整(zheng)(zheng)車廠(chang)，未(wei)來(lai)隨(sui)著產能(neng)(neng)(neng)的(de)(de)建成(cheng)(cheng)(cheng)投產，有(you)望為公(gong)(gong)(gong)(gong)(gong)司帶(dai)來(lai)新(xin)(xin)的(de)(de)成(cheng)(cheng)(cheng)長(chang)動(dong)能(neng)(neng)(neng)；4）海(hai)外戶(hu)(hu)儲(chu)：24年將迎來(lai)放量成(cheng)(cheng)(cheng)長(chang)階段。23H2子(zi)(zi)公(gong)(gong)(gong)(gong)(gong)司信(xin)光能(neng)(neng)(neng)源在(zai)(zai)海(hai)外大(da)力(li)拓(tuo)展(zhan)(zhan)戶(hu)(hu)儲(chu)市場，已取得多個國家的(de)(de)產品(pin)認證(zheng)，并完(wan)成(cheng)(cheng)(cheng)自(zi)有(you)品(pin)牌發布，產能(neng)(neng)(neng)穩(wen)(wen)步(bu)(bu)擴張。23年行業(ye)(ye)上游(you)零部(bu)件價格調整(zheng)(zheng)較大(da)，公(gong)(gong)(gong)(gong)(gong)司以自(zi)有(you)品(pin)牌+整(zheng)(zheng)體解決(jue)方案出海(hai)，仍有(you)較強市場競爭力(li)，規模有(you)望實現大(da)幅提升。

維持(chi)“強烈(lie)投資(zi)”投資(zi)評級(ji)。公司(si)(si)(si)24年安卓業(ye)(ye)(ye)務(wu)向上趨勢明(ming)確，攜手立鎧加速A客戶(hu)業(ye)(ye)(ye)務(wu)拓展與落地，在立訊體系自動化賦能(neng)下(xia)，公司(si)(si)(si)后續品類及客戶(hu)擴張的成長(chang)(chang)邏輯清晰，有(you)(you)望(wang)躋身行業(ye)(ye)(ye)第(di)一梯隊，長(chang)(chang)線(xian)份額提升彈(dan)性可觀。此外，公司(si)(si)(si)收(shou)購并增資(zi)信光科技(ji)進軍智慧能(neng)源新賽道，汽(qi)車業(ye)(ye)(ye)務(wu)布(bu)局(ju)亦已(yi)展開，有(you)(you)望(wang)打(da)開公司(si)(si)(si)長(chang)(chang)線(xian)增量空間(jian)。考(kao)慮到公司(si)(si)(si)戶(hu)儲布(bu)局(ju)初期費用(yong)開支較多，且未來安卓、A客戶(hu)、汽(qi)車、戶(hu)儲多點開花，我們最新預(yu)測公司(si)(si)(si)23-25年收(shou)入17.0/28.1/45.0億元(yuan)，歸母凈利潤(run)0.45/2.05/3.73億元(yuan)，對應EPS為(wei)0.37/1.70/3.11元(yuan)，對應PE為(wei)159.6/34.9/19.1倍。考(kao)慮公司(si)(si)(si)當前規模、核心競爭力和(he)未來長(chang)(chang)線(xian)潛在發(fa)展空間(jian)，維持(chi)“強烈(lie)推薦”投資(zi)評級(ji)。

風(feng)險提示(shi)：下游需(xu)求復蘇低(di)于預期(qi)；行業競(jing)爭加劇風(feng)險；客戶及(ji)業務拓(tuo)展進度不及(ji)預期(qi)；產(chan)品技術升級風(feng)險。

(來源：慧博投研)

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(編輯 曾健輝)