喜悦智行:Q3业绩超预期,细分赛道龙头把握新能源车市场机遇

（以下内容从天风证券《喜悦智行:Q3业绩超预期,细分赛道龙头把握新能源车市场机遇》研报附件原文摘录）
　　Ningbo Joy Intelligent Logistics Technology (301198 CH) Q3业绩超预期，细分赛道龙头把握新能源车市场机遇 Q3 performance exceeds expectations; Joy leverages segmental leadership to maximize NEV opportunities BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 22Q3实现收入1.32亿，同增41.1%，22Q1-3收入3.15亿，同增19.9%，其中22Q1-3收入及同比增速分别为0.95亿（+41.3%）、0.88亿（-13.7%）、1.32亿（+41.1%）。 Q3 results: revenue rose 41% yoy; net profit up 22% yoy, with a 15% margin Revenue: Joy posted Q3 revenue at RMB132m, a yoy increase of 41.1%, bringing Q1-3 to RMB315m, up 19.9% yoy; trending from RMB95m (up 41.3%) in Q1 and RMB88m (down 13.7%) in Q2. 22Q3归母净利润0.20亿，同增21.5%，22Q1-3归母净利润0.54亿，同增16.7%，其中22Q1-3归母净利润及同比增速分别为0.13亿（+14.2%）、0.21亿(+14.2%）、0.20亿（+21.5%）。 Net profit arrived at RMB20m in Q3, an increase of 21.5% yoy, with Q1-3 amounting to RMB54m, an increase of 16.7% yoy; trending from RMB13m (up 14.2%) in Q1 and RMB21m (up 14.2%) in Q2. 22Q3公司毛利率为27.7%，同减9.1pct；归母净利率为14.8%，同减2.4pct。 Margins: Q3 gross margin was 27.7%, down 9.1ppt yoy, and net margin was 14.8%, down 2.4ppt yoy. 公司整体费控良好，22Q3期间费率12.4%，同减2.6pct。22Q3公司销售/管理/研发/财务费用率分别为4.7%（-0.5pct）、6.4%（+0.1pct）、1.8%（-1.1pct）、-0.5%（-1.1pct）。 Expenses: cost control in Q3 was good overall with a total expense ratio of 12.4%, down 2.6ppt yoy. A breakdown shows sales/ management/ R&D/ financial expense ratios at 4.7% (down 0.5ppt)/ 6.4% (up 0.1ppt)/ 1.8% (down 1.1ppt)/ -0.5% (down 1.1ppt) in Q3. 立足汽车工业，定制化产品结合租赁模式打开向上空间。公司为较早进入汽车及汽车零部件行业的定制化可循环塑料包装企业，目前与大众汽车、特斯拉、华晨宝马等传统及新能源汽车主机厂及零部件供应商客户建立良好的合作关系。公司创新性地在传统包装行业基础上，推出定制化可循环塑料包装整体解决方案，实现定制化可循环塑料包装与传统产业的融合；同时租赁模式充分契合客户生产降本的诉求，优化客户货物配送供应链。 Foothold in auto market strengthened by customization and leasing model Joy has diversified its customizable and recyclable plastic packaging business by entering the automotive industry earlier than others. Its customized products and leasing model helped the company gain a foothold and increased its growth potential. It has established good ties with traditional and new energy vehicle (NEV) OEMs and parts supplier customers such as Volkswagen, Tesla and BMW Brilliance. Joy launched holistic innovative solutions for the traditional packaging industry that integrate its customizable recyclable plastic packaging expertise. Its leasing model fulfills customer demand for lower production cost while optimizing the customer’s goods distribution supply chain. 第一大客户扩产有望带动订单进一步放量。2021年公司与第一大客户特斯拉的合作收入达1.05亿，自19年合作以来订单逐年增加。近期特斯拉上海工厂扩产改造结束，产能将超过75万辆，成为全国第一大超级工厂，我们预计喜悦将进一步深化与大客户绑定，在业务上具备先发卡位优势，订单有望逐步放量；同时未来将进一步与物流、家电制造、日用品制造商等领域客户合作。 Tesla’s production expansion likely to increase Joy’s order volume Joy’s revenue from Tesla, its largest customer, amounted to RMB105m in 2021, with order volume rising every year since 2019 when the collaboration started. Tesla’s Shanghai factory recently completed its capacity expansion and restructure to reach more than 750,000 vehicles p.a., making it the largest factory in China. We expect Joy’s first mover advantages will help entrench ties with major customers and translate into a steady order volume increase. It plans customer collaborations in other markets, such as logistics, home appliance manufacture and daily necessities manufacture. 投资建议/Investment Ideas 维持盈利预测，维持买入评级。公司作为国内可循环塑料包装细分领域的龙头，在不断深化汽车领域的同时拓展家电及日用品领域，提供定制化可循环塑料包装整体解决方案，随着政策、终端需求的增长我们预计2022-2024的收入EPS分别为0.73、0.97、1.30元/股，PE分别为25.2、18.9、14.2x。 Valuation and risks As a Chinese recyclable plastic packaging leader, Joy’s customized and holistic solutions continue to expand their market reach. Even as it continues to build out a presence in automotives, it is also making forays into home appliances and daily necessities. In view of policy support and rising terminal demand, we expect revenue EPS will reach RMB0.73/0.97/1.30 in 2022/23/24E, with PE at 25.2/18.9/14.2x. We maintain our earnings forecast and BUY rating. 风险提示：原材料价格波动；疫情影响消费需求；技术替代风险；主要客户业绩下滑影响公司持续经营能力；环保和安全事故风险等。 Risks include: raw material price fluctuations; pandemic impact on consumer demand; technological substitution; operational impact of a decline in major customers’ performance; and environmental and safety 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）