浩洋股份:舞台灯光设备领域龙头,业绩表现优秀

（以下内容从天风证券《浩洋股份:舞台灯光设备领域龙头,业绩表现优秀》研报附件原文摘录）
　　Guangzhou Haoyang Electronic (300833 CH) 舞台灯光设备领域龙头，业绩表现优秀 Initiating coverage: stage lighting equipment leader posts robust 2021 and 22Q1 results TP:RMB107.13 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 1、公司介绍：舞台灯光设备领域龙头，业绩表现优秀 公司是一家集舞台娱乐灯光设备、建筑照明设备和桁架等产品的研发、生产与销售为一体的高新技术企业。舞台灯光娱乐设备为公司的第一大业务，2021年度舞台灯光设备营业收入占比达到88.77%。公司生产的舞台灯光设备广泛应用于国内外大型演艺活动和知名建筑，包括2008年北京奥运会开闭幕式、2009年国庆60周年天安门庆典、2012 伦敦奥运会等。 Stage lighting equipment leader posts strong performance Global recognition: Haoyang integrates high-tech R&D into the production and sales of stage lighting and entertainment equipment, as well as architectural lighting installations, including trusses. Stage lighting and entertainment equipment is its largest business, with stage lighting equipment accounting for 88.77% in 2021. Haoyang’s stage lighting equipment is widely used in large-scale performance arts events and well-known architectural installations around the world, including the 2008 Beijing Olympic Games’ opening and closing ceremonies, the 60th National Day Tiananmen celebrations in 2009, and the 2012 London Olympics. 公司业绩保持稳定增长。公司营业收入增速基本保持在10%以上，2020年受疫情影响，营业收入有所下降，但2021年迅速回升，同比增长率高达54.66%；公司盈利能力优秀，历年毛利率均维持在40%以上，历年净利率总体高于15%，2022年第一季度，公司销售毛利率达到48.43%，销售净利率达到26.83%；公司总体期间费用较低，并且呈下降趋势，2016以来期间费用率在20%左右。 Profitability uptrend: revenue growth rates have generally trended above 10%; after a pandemic-led decline in 2020, revenue bounced back in 2021 when growth shot up 54.66% yoy. The company has maintained gross margins of at least 40% over the years, with net margin generally higher than 15%. Sales had a gross margin of 48.43% and a net margin of 26.83% in 22Q1. Overall expenses were low and trended downward in the period, with expense ratios of about 20% since 2016. 2、推荐逻辑：新冠肺炎疫情向好，未来增长空间宽广 1）疫情向好带动下游需求增长。新冠疫情爆发之前，国内外演出娱乐行业均保持稳定增长态势。疫情爆发对国内外演出娱乐行业均造成一定程度打击。随着疫情好转，21年以来国内外演艺行业均有所回温，拉动舞台灯光设备行业下游需求增长。 Investment basis: improving Covid-19 conditions add scope for future growth 1) Improving C19 conditions bolster downstream demand: prior to the pandemic resurgence, the performance arts and entertainment industries within and without China showed stable growth trends. The C19 surge had hit the industries to a certain extent; and when conditions improved, the industries began to warm up from 2021 onward, boosting downstream demand for stage lighting equipment. 2）国内文娱消费需求增长带动国内舞台灯光设备行业发展。随着我国国民经济的发展，居民可支配收入水平持续高速增长，这有望带来消费升级，促进我国文娱消费需求的增长。随着我国疫情不断好转，预计未来国内文娱消费需求有较大增长空间，利好舞台灯光设备行业。 2) Rising consumer entertainment demand lifts stage lighting equipment growth: As China develops its economy, personal disposable incomes are tracking high growth rates and this would likely lead to consumer upgrades and boost cultural and entertainment consumer demand. And as pandemic conditions continue to improve, we expect to see high consumer demand growth in the Chinese recreational and cultural entertainment markets, which would benefit the stage lighting equipment industry. 3）通过OBM和ODM两种模式打开市场。公司一方面与国际知名的专业舞台灯光企业通过 ODM 的销售模式进行合作，开拓海外市场；另一方面，通过收购法国雅顿，同时创自主品牌“TERBLY”，布局OBM同时开拓国内外市场。 3) OBM and ODM business models add new growth drivers: through an ODM sales model, Haoyang collaborates with big names in global stage lighting to enter export markets. At the same time, under an OBM model, its acquisition of French company Arden Lighting has enabled the development of proprietary brand TERBLY to expand its domestic and foreign markets. 4）注重科技研发和品牌建设，重视人才培养。公司自成立以来一直重视技术创新工作，保持研发费投入，拥有多项专利技术和高新技术产品。此外，公司还与多所高校建立产学研战略合作关系，联合培养各种专业人才，储备人才梯队。 4) Strategic focus: tech and science R&D, brand building and talent incubation: since its inception, Haoyang has prioritized tech innovation, maintaining R&D investments while controlling expenses, a strategy that has led to a number of tech patents and high-tech products. The company also established industry-academia-research strategic cooperative ties to build up a multi-talent pool and personnel pipeline. 投资建议/Investment Ideas 盈利预测与投资建议: 预计 2022-2024 年公司营业收入分别为10.08亿、14.47亿、19.37亿，YOY 为 63.11%、43.52%、33.86%；归母净利润分别为2.50亿、3.64亿、5.02亿，YOY 为 83.66%、 45.86%、37.87%，对应 PE 28X、19X、14X。我们看好公司在本行业中的核心竞争力，目标市值90.34亿元，对应目标价为107.13元，首次覆盖，给予“买入”评级。 Valuation and risks: We expect Haoyang to generate revenue of RMB1.01bn/1.45bn/1.94bn in 2022/23/24E, up 63.11%/43.52%/33.86% yoy, and net profit of RMB250m/364m/502m, up 83.66%/ 45.86%/37.87% yoy. We assign PEs of 28x/19x/14x as we believe in its core competencies, deriving our target market cap of RMB9.03bn and target price of RMB107.13. Hence, we initiate coverage with a BUY rating. 风险提示：新冠疫情持续影响风险、国际贸易摩擦风险、核心技术人员流失及核心技术泄密风险、汇率波动风险、经营模式风险。 Risks include: persistent pandemic impacts; international trade frictions; loss of core tech personnel; core tech leakage; exchange rate volatility; and business model risks. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

点此查看微信公众号原文全部内容>>

大部分微信公众号研报本站已有pdf详细完整版：https://www.wkzk.com/report/（可搜索研报标题关键词或机构名称查询原报告）