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延华智能:高速增长初步实现

发布时间:2013-04-10被阅次数:12020 来源:东方证券股份有限公司 研究员:周军,曹松,张乐

事件

        公司(si)发布一季(ji)报,一季(ji)度实现收(shou)入1.97亿(yi)元,同(tong)比增长(zhang)107%,实现归属母(mu)公司(si)净利(li)润437万元,同(tong)比增长(zhang)56.68%。公司(si)同(tong)时(shi)预告13年1-6月净利(li)润增长(zhang)为20%-50%。

        投(tou)资(zi)要(yao)点

        母(mu)公(gong)(gong)(gong)司(si)(si)(si)(si)营(ying)收和净利(li)润同比增(zeng)(zeng)幅均超过150%。公(gong)(gong)(gong)司(si)(si)(si)(si)目前共(gong)参股(gu)或控(kong)股(gu)13家子公(gong)(gong)(gong)司(si)(si)(si)(si),但主营(ying)的建筑(zhu)智能化业(ye)务仍(reng)主要由母(mu)公(gong)(gong)(gong)司(si)(si)(si)(si)延华(hua)智能开展。一季度母(mu)公(gong)(gong)(gong)司(si)(si)(si)(si)营(ying)收增(zeng)(zeng)长166%,净利(li)润增(zeng)(zeng)长182%,说明(ming)了公(gong)(gong)(gong)司(si)(si)(si)(si)主营(ying)业(ye)务已进入高速增(zeng)(zeng)长期。

        母公(gong)(gong)(gong)(gong)司(si)(si)业(ye)务高速增长有望提(ti)升(sheng)专(zhuan)业(ye)子(zi)公(gong)(gong)(gong)(gong)司(si)(si)经营(ying)效率(lv)。公(gong)(gong)(gong)(gong)司(si)(si)与(yu)11年(nian)进(jin)行(xing)了(le)一(yi)系列战略收(shou)购(gou),形(xing)成(cheng)(cheng)了(le)以智能(neng)(neng)化为龙头,集强弱电一(yi)体化、音视频工程(cheng)、建筑(zhu)节能(neng)(neng)、消(xiao)防于一(yi)体的集团(tuan)(tuan)公(gong)(gong)(gong)(gong)司(si)(si),在建筑(zhu)智能(neng)(neng)化领域具备全资质(zhi)的专(zhuan)业(ye)团(tuan)(tuan)队,并(bing)购(gou)后集团(tuan)(tuan)公(gong)(gong)(gong)(gong)司(si)(si)成(cheng)(cheng)员间协同(tong)效应的提(ti)升(sheng)是一(yi)个逐步的过程(cheng),目前部分专(zhuan)业(ye)子(zi)公(gong)(gong)(gong)(gong)司(si)(si)的盈利能(neng)(neng)力和母公(gong)(gong)(gong)(gong)司(si)(si)尚有差距。我们(men)认(ren)为随着母公(gong)(gong)(gong)(gong)司(si)(si)进(jin)入高速增长期,公(gong)(gong)(gong)(gong)司(si)(si)承接大型智能(neng)(neng)工程(cheng)总(zong)包项目的成(cheng)(cheng)为常(chang)态,将(jiang)带动各专(zhuan)业(ye)子(zi)公(gong)(gong)(gong)(gong)司(si)(si)参(can)与(yu)其(qi)中,有望提(ti)升(sheng)专(zhuan)业(ye)子(zi)公(gong)(gong)(gong)(gong)司(si)(si)经营(ying)效率(lv)。

        看好(hao)公司增长(zhang)前景。建(jian)筑(zhu)智(zhi)(zhi)(zhi)能(neng)化(hua)及节能(neng)行业(ye)面(mian)临高度(du)景气,公司在手订(ding)单充足,细分领域如绿色智(zhi)(zhi)(zhi)慧(hui)医院(yuan),大型超(chao)高建(jian)筑(zhu)智(zhi)(zhi)(zhi)能(neng)化(hua)具(ju)备领先整(zheng)体(ti)解决方案以及丰富项目(mu)经验,全国(guo)性品牌逐步形成,我们认为建(jian)筑(zhu)智(zhi)(zhi)(zhi)能(neng)化(hua)和(he)节能(neng)传统业(ye)务(wu)有(you)望保持高速增长(zhang),同时,公司通过(guo)独(du)有(you)的(de)“智(zhi)(zhi)(zhi)城(cheng)“模式深度(du)参(can)与地方“智(zhi)(zhi)(zhi)慧(hui)城(cheng)市”建(jian)设,随着(zhe)武(wu)汉(han)和(he)三亚“智(zhi)(zhi)(zhi)慧(hui)城(cheng)市”建(jian)设进(jin)度(du)的(de)推(tui)进(jin),“武(wu)汉(han)智(zhi)(zhi)(zhi)城(cheng)”和(he)“海南智(zhi)(zhi)(zhi)城(cheng)”有(you)望成为公司新(xin)的(de)业(ye)务(wu)增长(zhang)点(dian)。

        财(cai)务与(yu)估(gu)值

        我们预计(ji)公(gong)司2013-2015年(nian)每股(gu)收益分别为0.46、0.74、1.15元(yuan),给予13年(nian)32倍PE估值,对应目标(biao)价14.70元(yuan),维持公(gong)司买(mai)入评级(ji)。

 

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文章标题:延华智能:高速增长初步实现
文章链接:http://acapillow.com/index.php/Home/article/detailPage/parentID/1478/cat_id/1586/artID/2600
 中国|智慧城市|智能建筑|建筑节(jie)能|系统集成(cheng)|解决方案-延华智能


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