光大证券:予以中炬高新增持评级

  

鍏夊ぇ璇佸埜锛氱粰浜堜腑鐐珮鏂板鎸佽瘎绾?/br>

  2022-04-26鍏夊ぇ璇佸埜鑲′唤鏈夐檺鍏徃鍙跺€╃憸,闄堝溅褰ゅ涓偓楂樻柊(600872)杩涜鐮旂┒骞跺彂甯冧簡鐮旂┒鎶ュ憡銆?021骞存姤鍙?2骞翠竴瀛e害涓氱哗鐐硅瘎锛氳皟鍛冲搧涓氬姟鎵垮帇锛岄潤寰呴渶姹傚洖鏆栥€嬶紝鏈姤鍛婂涓偓楂樻柊缁欏嚭澧炴寔璇勭骇锛屽綋鍓嶈偂浠蜂负25.33鍏冦€?/p>

  涓偓楂樻柊(600872)

  浜嬩欢锛氫腑鐐珮鏂版姭闇?021骞村勾鎶ュ強2022骞翠竴瀛f姤锛屽叕鍙?021骞翠互鍙?2Q1钀ヤ笟鏀跺叆鍒嗗埆涓?1.16/13.47浜垮厓锛寉oy-0.15%/+6.63%锛涘綊姣嶅噣鍒╂鼎鍒嗗埆涓?.42/1.58浜垮厓锛寉oy-16.63%/-9.46%銆?/p>

  閰辨补鍙婇鐢ㄦ补涓氬姟鎷栫疮钀ユ敹澧為暱锛屾埧鍦颁骇椤圭洰璐$尞涓氱哗锛氬叕鍙?1Q4瀹炵幇钀ヤ笟鏀跺叆17浜垮厓锛屽悓姣?29.7%锛屼富瑕佺郴12鏈堢‘璁も€滃矏姹熶笢宀糕€濋」鐩凡鍞晢鍝佹埧閿€鍞敹鍏ャ€傜編鍛抽矞瀛愬叕鍙?1骞村疄鐜版敹鍏?6.2浜垮厓锛屽悓姣斿噺灏?.2%,涓昏鏄皟鍛冲搧閿€鍞敹鍏ュ噺灏戙€?锛夊垎浜у搧鏉ョ湅锛岄叡娌?楦$簿楦$矇/椋熺敤娌?鍏朵粬浜у搧瀹炵幇钀ユ敹28.3/5.5/4.9/7.0浜垮厓锛寉oy-9.5%/+10.5%/-18.7%/-1.1%銆?锛夊垎娓犻亾鐪嬶紝鍒嗛攢/鐩磋惀娓犻亾瀹炵幇钀ヤ笟鏀跺叆44.4/1.3浜垮厓锛寉oy-7.6%/-2.0%銆傛埅鑷?021骞村簳锛屽叕鍙哥粡閿€鍟嗘暟閲忚秴杩?700瀹讹紝杈?020骞存湯澧為暱瓒?00瀹躲€?/p>

  21Q4鍏徃閿€鍞瘺鍒╃巼涓?8.46%锛屽悓姣旀彁鍗?.11pct锛岄攢鍞噣鍒╃巼涓?2.77%锛屽悓姣旀彁鍗?.26pcts銆?1Q4鐩堝埄鑳藉姏鏀瑰杽涓昏鍙楃泭浜?1Q4楂樻瘺鍒╃巼鐨勬埧鍦颁骇涓氬姟鏀跺叆鍗犳瘮鎻愬崌銆傝垂鐢ㄧ鏉ョ湅锛?1Q4閿€鍞垂鐢ㄧ巼涓?.60%锛屽悓姣斾笅闄?.78pcts锛?1Q4绠$悊璐圭敤鐜囦负2.19%锛屽悓姣斾笅闄?.65pcts銆?/p>

  涓€瀛e害钀ユ敹澧為暱绗﹀悎棰勬湡锛?022Q1鍏徃瀹炵幇鏀跺叆13.47浜垮厓锛屽叾涓編鍛抽矞鍏徃瀹炵幇鏀跺叆12.29浜垮厓锛屽悓姣斾笅婊?.51%銆傚垎浜у搧缁撴瀯鐪嬶紝閰辨补鏀跺叆7.52浜垮厓锛寉oy-1.13%锛涢浮绮鹃浮绮夋敹鍏?.55浜垮厓锛寉oy+10.43%锛涢鐢ㄦ补鏀跺叆1.06浜垮厓锛寉oy-21.79%銆傝储鍔℃柟闈紝2022Q1姣涘埄鐜囦负32.30%锛屽悓姣斾笅闄?.20pcts銆?022Q1鍏徃閿€鍞?绠$悊/鐮斿彂/璐㈠姟璐圭敤鐜囧垎鍒悓姣?0.13pcts/-0.82pcts/-0.56pcts/-0.61pcts銆?2Q1鍏徃閿€鍞噣鍒╃巼涓?2.54%锛屽悓姣?2.26pcs銆?/p>

  2022浠嶄负璋冩暣骞达紝鍏虫敞鍏徃璋冩暣鑺傚锛氱煭鏈熺湅锛岀柅鎯呮垨鍔犻€熸笭閬撳強缁堢鍘诲簱瀛橈紝鍏徃浜у搧鍔犲叆涓婃捣淇濅緵鍚嶅崟浜﹀閿€鍞湁涓€瀹氬府鍔┿€?021骞村叕鍙告寔缁帹杩涚粡钀ョ瓥鐣ヨ皟鏁达紝鍔犲揩娓犻亾涓嬫矇浠ュ強瀵圭┖鐧藉尯鍩熺殑寮€鍙戙€傚睍鏈?022骞达紝鍦ㄨ涓氭壙鍘嬬殑澶ц儗鏅笅锛岄璁′粖骞村叕鍙镐粛灏嗕互淇偧鍐呭姛涓轰富銆傛垜浠涓哄叕鍙镐粛鏈夎緝寮哄搧鐗屽姏锛屾湭鏉ラ殢鐫€娑堣垂闇€姹傜殑鎭㈠锛屽叕鍙稿闀挎湁鏈涘緱鍒版敼鍠勩€?/p>

  鐩堝埄棰勬祴銆佷及鍊间笌璇勭骇锛氳€冭檻鐤儏鎴栧姞閫熷幓搴撳瓨杩涘害浠ュ強娓犻亾涓嬫矇鍔犲揩锛屾垜浠笂璋冧腑鐐珮鏂?022-2023骞村綊姣嶅噣鍒╂鼎棰勬祴鍒嗗埆涓?.75/8.97浜垮厓锛堝垎鍒笂璋?.8%/3.0%锛夛紝寮曞叆2024骞村綊姣嶅噣鍒╂鼎棰勬祴涓?0.08浜垮厓銆傛姌鍚?022-2024骞碋PS涓?.97/1.13/1.27鍏冿紝褰撳墠鑲′环瀵瑰簲2022-2024骞碢E涓?5x/22x/20x锛岀淮鎸佲€滃鎸佲€濊瘎绾с€?/p>

  椋庨櫓鎻愮ず锛氬師鏉愭枡浠锋牸娉㈠姩椋庨櫓锛岄鍝佸畨鍏ㄩ闄┿€?/p>

  璇佸埜涔嬫槦鏁版嵁涓績鏍规嵁杩戜笁骞村彂甯冪殑鐮旀姤鏁版嵁璁$畻锛屽浗娉板悰瀹夊緪娲嬬爺绌跺憳鍥㈤槦瀵硅鑲$爺绌惰緝涓烘繁鍏ワ紝杩戜笁骞撮娴嬪噯纭害鍧囧€奸珮杈?9%锛屽叾棰勬祴2021骞村害褰掑睘鍑€鍒╂鼎涓虹泩鍒?.16浜匡紝鏍规嵁鐜颁环鎹㈢畻鐨勯娴婸E涓?8.05銆?/p>

  鏈€鏂扮泩鍒╅娴嬫槑缁嗗涓嬶細

  璇ヨ偂鏈€杩?0澶╁唴鍏辨湁20瀹舵満鏋勭粰鍑鸿瘎绾э紝涔板叆璇勭骇12瀹讹紝澧炴寔璇勭骇7瀹讹紝涓€ц瘎绾?瀹讹紱杩囧幓90澶╁唴鏈烘瀯鐩爣鍧囦环涓?6.73銆傝瘉鍒镐箣鏄熶及鍊煎垎鏋愬伐鍏锋樉绀猴紝涓偓楂樻柊锛?00872锛夊ソ鍏徃璇勭骇涓?鏄燂紝濂戒环鏍艰瘎绾т负3鏄燂紝浼板€肩患鍚堣瘎绾т负3.5鏄熴€?璇勭骇鑼冨洿锛? ~ 5鏄燂紝鏈€楂?鏄?

  浠ヤ笂鍐呭鐢辫瘉鍒镐箣鏄熸牴鎹叕寮€淇℃伅鏁寸悊锛屽鏈夐棶棰樿鑱旂郴鎴戜滑銆?/p>