家联科技: 业绩符合预期,订单有望逐步回暖,产能释放奠定规模扩张

（以下内容从天风国际证券《家联科技: 业绩符合预期,订单有望逐步回暖,产能释放奠定规模扩张》研报附件原文摘录）
　　Ningbo Homelink Eco-iTech (301193 CH) 业绩符合预期，订单有望逐步回暖， 产能释放奠定规模扩张 In-line 2022 results; we expect a gradual order pick-up while incremental production capacity rollouts lift scale ACCUMULATE (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司发布2022年年报，2022年全年收入19.8亿，同增60.1%，归母净利1.8亿，同增151.7%。分季度来看，Q1-Q4收入分别为4.1/ 5.8/ 5.9/ 4.0亿，同增35.8%/111.8%/79.2%/20.5%，归母净利分别为0.2/0.6/ 0.6/ 0.3亿，同增57.2%/198.9%/324.1%/55.1%。22年归母净利率9.1%，同增3.4pct，其中Q1-Q4分别为5.5%/9.9%/11.0%/8.8%，同比+0.7/+2.9/+6.4/+2.0pct，业绩稳定增长。 2022 revenue up 60.1% and net profit up 152% yoy on steady quarterly growth Homelink Eco-iTech’s 2022 revenue arrived at RMB1.98bn, up 60.1% yoy, and net profit was RMB180m, up 151.7% yoy. A quarterly breakdown shows Q1/2/3/4 revenues at RMB410m/580m/590m/400m, up 35.8/111.8/79.2/20.5% yoy, and net profit at RMB20m/ 60m/60m/30m, up 57.2/198.9/324.1/55.1% yoy. 2022 net margin came to 9.1%, widening 3.4ppt yoy; with Q1/2/3/4 at 5.5/9.9/11.0/8.8%, widening 0.7/2.9/6.4/2.0ppt yoy. 多元品类协同发展，可降解制品未来可期。公司保持塑料制品领先地位的同时，大力发展全降解产品、植物纤维产品等业务，22年塑料制品/生物全降解制品/纸制品及其他收入分别为16.6/1.4/1.8亿，同比+55.4%/+52.4%/+135.9%，毛利率分别为22.7%/23.4%/17.1%，同比+5.3/+0.8/-4.0pct。公司于22年5月收购家得宝，完善全降解领域的布局，有效提升纸制品领域产品的竞争力，目前产业升级与设备自动化改造已初见成效，预期将带来纸制品毛利率改善。目前随着全球限塑、禁塑以及双碳政策的持续推进，我们预计公司23年国内客户订单量有望持续爬升，可降解制品进入放量阶段。 Synergistic diversification growth; biodegradables offer attractive potential The company maintained its leadership in plastic products and went on to develop other businesses like fully biodegradable and plant fiber products. Its plastic/biodegradable/ paper and other products generated revenues of RMB1.66bn/140m/180m in 2022, up 55.4/52.4/135.9% yoy, with 22.7/23.4/17.1% gross margins, changing +5.3/+0.8/-4.0ppt yoy. Homelink acquired Home Depot in May 2022 to improve its biodegradable plastics footprint and raise its competitiveness in paper products. Its industrial upgrading and equipment automation restructure efforts have begun to bear fruit and could help widen its paper product gross margin. In view of global restrictions against plastic use, the plastic ban and China’s double decarbonization policies, we expect Homelink’s Chinese customer orders will keep climbing in 2023E on rising volume in biodegradables. 不断拓展海外市场，外销收入增加显著。22年北美/欧洲/中国大陆收入分别为11.9/2.5/4.5亿，同比+85.5%/+71.7%/+23.8%，各地区毛利率分别为26.3%/11.9%/16.6%，同比+5.9/+2.4/-0.4pct。22年全国塑料餐饮制品出口累计103.8亿美元，同比+18.1%，公司不断提升市场地位，拓展海外市场，外销收入增速显著高于行业水平。目前部分客户尚处于去库存阶段，我们认为公司产品属于快消品，伴随本轮去库存进入尾声，外销订单有望回暖。 Expansion into foreign markets hefted revenue; outperforming the industry Homelink’s North America/Europe/China markets generated revenues of RMB1.19bn/ 250m/450m in 2022, up 85.5/71.7/23.8% yoy, with gross margins at 26.3/11.9/16.6%, changing +5.9/+2.4/-0.4ppt yoy. China exported USD10.38bn of F&B plastic products in 2022, up 18.1% yoy. Homelink sought to improve its market positioning by expanding into foreign markets, where it generated much higher sales revenue growth rates than the industry. We note that some of its customers are currently in a destocking cycle. In view of Homelink’s products falling under the FMCG category, we expect export orders will pick up when the current destocking cycle ends. 公司持续提高核心竞争力，有序布局产能。IPO募投项目产能预计于23-24年逐步释放，新增产能包括2.4wt高端塑料制品、1.6wt生物降解材料制品；公司与来宾市投资建设甘蔗渣可降解环保材料制品项目，现已开工建设推进中，预计26年后新增产能10wt/年；新购地块年产12wt生物降解材料及制品、家居用品项目的新增产能，为中长期发展提供保障；公司并购美国Sumter Easy Home，LLC公司均按计划推进，产品线逐渐丰富，销售规模扩大，海外市场有望加速拓展。 Enhancing core competitiveness along with smooth production capacity ramp-up Its production capacity ramp-up, driven by its IPO fundraising project, is slated to be released incrementally over 2023-24E. New production capacities include 2.4wt premium plastic products and 1.6wt biodegradable products. Homelink cooperated with Laibin City to invest into an environmentally sustainable project to construct a bagasse (sugarcane pulp) biodegradable product facility, which is currently in progress. It is slated for annual production capacity of 10wt after 2026E. Its newly purchased land will house 12wt of annual production capacity for biodegradable materials and products, including household products, which would ensure medium to long-term growth. The company’s acquisition of US-based Sumter Easy Home is progressing as planned. As it gradually builds up its product matrix and raise its sales scale, we believe its foreign business growth trend will accelerate. 各项费用管控得当。22年销售/管理/研发/财务费用率为5.0%/4.7%/3.2%/-0.8%，同比-0.1/+1.0/+0.1/-1.9pct，管理费用增长主要系员工工资及专业服务费增加，得益于汇兑收益财务费用缩减。公司生产管理精细化，持续加强公司智能制造体系建设，推动降本增效，盈利水平有望稳中有升。 Wide expense control and better product management should lift profitability 2022 sales/management/R&D/financial expense ratios were at +5.0/+4.7/+3.2/-0.8%, changing -0.1/+1.0/+0.1/-1.9ppt yoy. The increase in administrative expenses was mainly due to staff salaries and professional service fees, while financial expenses were reduced on FX gains. Homelink refined production management and strengthened its smart manufacturing system to reduce cost and lift efficiencies. We expect its efforts to lead to a steady rise in profitability. 投资建议/Investment Ideas 维持盈利预测，维持“增持”评级。我们认为，家联科技在传统高端塑料领域多年积累，PLA全降解制品领先布局，具备优质客户资源及渠道优势，伴随产能释放，预计23-25年归母净利2.2/2.8/3.3亿，对应PE 19x/15x/13x。 Valuation and risks We maintain our profit forecast and ACCUMULATE rating. We believe Homelink’s long experience in traditional premium plastics gives it an edge in developing fully biodegradable PLA products, due to its quality customer resources and channel advantages. Factoring in the slated rollout of incremental production capacities, we forecast net profit of RMB220m/277m/330m in 2023/24/25E, implying PE of 19/15/13x. 风险提示：产能释放不及预期、收购后整合管理风险、原材料价格波动、国际经济形势变动、行业政策变化风险等。 Risks include: weaker-than-expected production capacity releases; post-acquisition integration management risks; raw material price fluctuations; global economic changes; and industry policy changes. 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