领益智造:盈利能力显著修复,持续看好消费电子龙头优势+新能源/光伏新业务布局

（以下内容从天风证券《领益智造:盈利能力显著修复,持续看好消费电子龙头优势+新能源/光伏新业务布局》研报附件原文摘录）
　　Lingyi iTech (Guangdong) (002600 CH) 盈利能力显著修复，持续看好消费电子龙头优势+新能源/光伏新业务布局 Strong H1 profit recovery: consumer electronics edge boosts NEV and PV structural buildout BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司发布半年报，22H1公司实现销售收入148亿元，yoy+16.2%，实现归母净利润4.81亿元，yoy+21.42%，实现扣非归母净利润4.67亿元，yoy+108.99%。 点评：盈利能力显著修复，新能源业务高速成长。22H1公司实现销售收入148亿元，yoy+16.2%，实现归母净利润4.81亿元，yoy+21.42%，实现扣非归母净利润4.67亿元，yoy+108.99%。对应Q2单季度，公司实现销售收入77.4亿元，yoy+22.6%，实现归母净利润1.81亿元，yoy+371%，实现扣非归母净利润2.3亿元，yoy+210%。销售毛利率为19.5%，yoy+8.2pct，qoq2.89pct。 22H1 results: convincing profit recovery; growth spike in new energy business Lingyi iTech released strong 22H1 results: sales revenue came to RMB14.8bn, yoy +16.2%, with net profit at RMB481m, yoy +21.42%, and ex-nonrecurring net profit at RMB467m, yoy +108.99%. Q2: sales arrived at RMB7.74bn, yoy +22.6%, with net profit swelling 371% yoy to RMB181m and ex-nonrecurring net profit at RMB230m, yoy +210%. Sales gross profit margin was at 19.5%, yoy +8.2ppt and qoq +2.89ppt. 分产品类型来看，22H1公司精密功能件、结构件及模组/充电器及精品组装/材料/汽车产品/其他分别实现销售收入100.79/30.72/6.02/4.13/6.39亿元，yoy+11.40%/+18.31%/+5.30%/+296.75%/+51.33%，传统业务稳健成长，汽车业务高速成长。精密功能件、结构件及模组/充电器及精品组装毛利率分别为22.95%/4.57%，yoy+5.18pct/+0.63pct，盈利能力同比大幅改善。分下游应用领域来看，消费电子/汽车/其他分别实现销售收入137.52/4.13/6.39亿元，yoy+12.58%/+296.75%/+51.33%。 ·Product revenue breakdown: H1 sales from precision functional parts, and structural parts and modules/ chargers and boutique assembly/ materials/ automotive products/ others amounted to RMB10.08bn/3.07bn/602m/413m/639m, yoy +11.40%/ +18.31%/ +5.30%/ +296.75%/ +51.33%. ·By business type, the traditional segment grew steadily, next to a sharp rise in the automotive business. ·Gross profit margins: precision functional parts, and structural parts and modules/ chargers and boutique assembly grew strongly to 22.95%/4.57%, yoy +5.18ppt/ +0.63ppt. ·Downstream applications: consumer electronics/ automobiles/ others reported sales revenues of RMB13.75bn/ 413m/ 639m, yoy +12.58%/ +296.75%/ +51.33%. 持续加码消费电子业务，持续扩充产能强化份额。多年精密零组件经验丰富，横向+纵向整合打造行业领先的一站式智能制造平台，公司持续产能扩张加码消费电子业务。21年1月，公司与桂林经济技术开发区管理委员会在桂林签署了项目合作协议，投资建设领益智造智能制造项目，打造“领益智造智能制造产业园”，从而完善公司业务协同效应、扩大公司生产基地、充分发挥合作双方特长和优势，桂林领益工厂已于2021年 12月6日正式开工。22年2月公司与桂林市人民政府在桂林签署《桂林领益智造智能制造项目（二期）合作协议》，拟投资不低于20亿元，引入消费电子配套充电模组业务，研发生产手机、平板电脑、个人电子产品的电源适配器和充电器。 Consumer electronics expansion: more production capacity and market share Armed with long experience in precision components, Lingyi wrought horizontal and vertical integration to build an industry-leading one-stop smart manufacturing platform. It is expanding production capacity to strengthen its consumer electronics business. ·Guilin smart industrial park: in January 2021, it signed a cooperation agreement with Guilin’s Economic and Technological Development Zone management committee to invest and build a Lingyi Smart Manufacturing Industrial Park. The Guilin Lingyi Factory officially opened on 6 December 2021 to expand its production base and give full play to the strengths and advantages of both partners. ·Phase 2: consumer electronics support: in February 2022, Lingyi signed another cooperation agreement with the Guilin government to build smart factory phase 2. It plans to invest at least RMB2bn to add consumer electronics support businesses such as charging modules, R&D and production of power adapters and chargers for mobile phones, tablets and personal electronic devices. 布局新能源汽车+AR/VR新赛道+光伏，充分发挥精密制造优势+业务协同效应： 1）新能源业务：公司结合精密制造优势加强新能源汽车、清洁能源等新领域的布局力度，21年完成收购浙江锦泰电子有限公司，并通过拟投资建设电池结构件项目等方式大力发展新能源汽车业务。21年7月公司拟投资~20亿元（一期：1.5亿元+二期：18.5亿元）投资建设电池精密结构件。新能源汽车板块产品主要包括动力电池电芯、铝壳、盖板、转接片和软连接等，目前主要产品为精密结构件产品，未来有望持续受益于新能源汽车持续渗透+动力电池装机量提升。 Synergy: NEV, VRAR and PV utilize Lingyi’s precision manufacture strength ·NEV: Lingyi is leveraging its precision manufacturing knowhow to develop new markets such as new energy vehicles (NEV) and clean energy. It completed the acquisition of Zhejiang Jintai Electronics in 2021 and its foray into the NEV business involves a plan to invest in battery cell parts projects. It proposed in July last year to invest about RMB2bn (RMB150m in phase 1 and RMB1.85bn in phase 2) into the manufacture of precision battery structural components. They include power battery cells, aluminum cases, covers, adapter plates and soft connections. Currently, the main products are precision structural products, which would benefit from increasing NEV penetration and rising installed capacities of power batteries in the future. 2）ARVR业务：消费电子功能结构件龙头，ARVR份额依旧可观，拓展注塑产品进一步提升单机ASP。公司旗下苏州领镒精密于21年开业，旨在为国际大客户提供AR/VR一体化精密注塑结构件解决方案； ·VRAR: as a leader in consumer electronics functional structural parts, Lingyi has a substantial share of the virtual reality and augmented reality (VRAR) market. Expansion of injection molding products would raise unit ASP. Its subsidiary, Suzhou Lingyi Precision, commenced operation in 2021, and aims to provide VRAR integrated precision injection molding structural parts and solutions to major international customers. 3）光伏：已通过海外生产基地向国际领先的清洁能源领域客户销售光伏逆变器产品，后续有望充分受益于光伏装机量提升+公司业务拓展。 ·PV: Lingyi sells photovoltaic (PV) inverter products to leading customers in the global clean energy market via its foreign production bases. We expect it will benefit from PV installed capacity increases and its business expansion in the future. 投资建议/Investment Ideas 投资建议：考虑到上半年疫情、新业务处在投入期、消费电子产品价格仍存在一定压力，将22/23/24年归母净利润由22.02/26.76/33.49亿元下调为13.29/21.00/27.59亿元，维持“买入”评级。 Forecast and risks Factoring in H1 pandemic effects, the new business being in an investment phase and consumer electronic product prices remaining under pressure, we lower our net profit forecast for 2022/23/24E to RMB1.33bn/2.1bn/2.76bn (from RMB2.2bn/2.68bn/3.35bn). We maintain our BUY rating. 风险提示：宏观环境不稳定、下游需求不及预期、新产品推出不及预期、消费电子市场竞争加剧盈利能力下滑 Risks include: an unstable macro environment; less downstream demand than expected; weaker new product launches than expected; and intense competition hurting the consumer electronics market. 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