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帝欧家居:精装放量毛利提升逻辑持续落地

  • 快讯
  • 时间 2018-07-14

    微陶网讯  公司发布2018年半年度报告业绩预告的修正公告。帝欧家居在2018年4月21日披露的《2018年第一季度报告正文》中预计公司2018年1-6月归属于上市公司股东的净利润为1.18亿元-1.30亿元,同比增长390%-440%。

    此次修正后的预计业绩为1.50亿元-1.62亿元,同比增长520%-570%。

    公司2018中报净利润超预期。

    我们的分析和判断

    欧神诺并表+工程端放量,助力业绩高增长

    2018Q1,帝王洁具完成了重大资产重组标的资产的过户手续,佛山欧神诺已经成为帝王洁具的控股子公司,帝王洁具持有欧神诺99.9939%股权,2018Q1公司开始并表欧神诺的财务数据。

    另外2018H1欧神诺工程客户放量,规模效应凸显,助力公司报告期内归母净利润增长高于此前预计业绩。2018Q1欧神诺实现营业收入6.43亿元,同比增长147.33%;实现净利润0.57亿元,同比增长224.87%。我们认为,欧神诺一方面存量客户继续加强,跟随成长;另一方面新客户进入精装房,公司也迅速跟进,2018Q2欧神诺仍保持高增长态势。

    地产龙头增长态势不减,工装客户开局良好

    渠道方面,欧神诺建立了以工装客户和经销商客户为主的销售模式。

    经销商方面,欧神诺拥有包括华耐、惠泉等全国性的大型经销商。截至2017年底,公司拥有370家经销商,1600多家门店。2017年欧神诺零售业务实现20%左右的增长。

    工装渠道方面,欧神诺拥有包括碧桂园、万科、恒大等大型房地产开发商客户。据公告披露,碧桂园2018H1合同销售额为4124.9亿元,同比增长42.77%,合同销售建筑面积约4389万平方米,同比增长36.05%。地产龙头增长态势不减,以工装渠道为主的欧神诺将显著受益。虽然受到房地产调控政策的影响,但是房地产市场并没有萎缩。而且公司给工装客户的供应是比开发商房产销售滞后一年,所以对未来两、三年存量客户的供应份额还是比较乐观;同时,为了应对房地产政策影响所带来的存量客户市场份额波动,公司从去年开始就已经在布局开拓新的大型开发商,目前已新增了多家工装客户。

    欧神诺产能迅速增加,后端生产无虞

    欧神诺目前现有产能:江西基地与佛山基地,合计2600万平方米,产值15亿左右,主要做相对高端产品。

    在建产能:广西3条、江西2条生产线,预计2018年三季度完成,可提供年化产能3000-3500万平方米。其中广西1800万平方米,二期4条生产线预计2019年开工,能提供3000万平方米;江西1500万平方米左右,未来还有2条生产线,还能提高1000万平方米左右。未来总产能能够达到1亿平方米,对应50亿产值,加上OEM产值能达到70亿左右。

    投资建议:

    考虑欧神诺的并表,公司一季报、中报持续超预期,精装放量,毛利提升逻辑持续落地(因为:SKU少,毛利率的规模效应更加明显),参考公司的中报预告,我们预计帝王洁具2018-2019年收入分别为40.64亿元和51.31亿元,同比增长分别为38.46%和26.26%;归母净利润分别为3.96亿元和5.11亿元,同比增长分别为43.24%和28.97%,EPS分别为2.83元/股和3.57元/股,对应PE分别为17.5x和13.6x,维持“买入”评级。

    风险因素:房地产销售大幅下滑;行业竞争大幅加剧。

*本文来自微陶网(微信ID:微陶网)。更多精彩资讯请登陆www.waito.net,或关注微陶网公众号。*
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