博硕科技:业绩稳健增长,投入力度加大看好全年成长性

（以下内容从天风国际证券《博硕科技:业绩稳健增长,投入力度加大看好全年成长性》研报附件原文摘录）
　　Shenzhen BSC Technology (300951 CH) 业绩稳健增长，投入力度加大看好全年成长性 Steady growth and increasing investments; we are bullish about 2023E prospects on new energy momentum BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：博硕科技发布2022年年报和2023年一季度报，22年全年公司实现营收11.7亿元，yoy+40%，实现归母净利润3.06亿元，yoy+29.14%。23Q1公司实现营收2.63亿元，yoy+30%，实现归母净利润7335万元，yoy+18%。 Steady growth: 2022 revenue up 40%, net profit up 29%; Q1 net profit up 18% yoy Key financials: BSC Technology released 2022 and 23Q1 earnings results: 2022 revenue rose 40% to RMB1.17bn, while net profit lifted 29% to RMB306m; 23Q1 revenue came to RMB263m (up 30% yoy) and net profit to RMB73.35m (up 18% yoy). 点评：业绩稳健增长。22年全年公司实现营收11.7亿元，yoy+40%，实现归母净利润3.06亿元，yoy+29.14%。分产品来看，精密功能件/智能自动化装备分别实现营收8/3.6亿元，yoy+39.72%/+39.09%，毛利率分别对应48.85%/35.11%，yoy-0.16pct/-4.5pct，对应22Q4单季度，公司实现营收2.87亿元，yoy+44.51%，实现归母净利润0.54亿，同比下滑3.8%。22Q4毛利率为43.32%，yoy-2.58pct，净利率为17.95%，yoy-9.72pct。22Q4销售/管理/研发/财务费用率分别为7.1%/10.4%/7.8%/0.2%，yoy+4.7pct/0.2pct/0.4pct/0.1pct，管理费用率明显提升主要是由于管理人员薪酬&折旧摊销等支出增加。 In detail: precision functional parts/ smart automation equipment drew revenues of RMB800m/360m in 2022 (up 39.72/39.09%,), with gross margins at 48.85/35.11% (narrowing 0.16/4.5ppt). 22Q4 generated revenue of RMB287m (up 44.51% yoy) and net profit of RMB54m (down 3.8% yoy); with gross margin at 43.32% (down 2.58ppt yoy) and net margin at 17.95% (down 9.72ppt yoy). 22Q4 sales/management/R&D/financial expense ratios were 7.1/10.4/7.8/0.2% (up 4.7/0.2/0.4/0.1ppt). We attribute the marked increase in administrative expense ratio mainly to heavier expenses, due to management and staff salaries, and depreciation and amortization. 23Q1预付款项+存货+预付设备款项增加体现公司加大投入力度，持续看好公司23年全年成长性。23Q1公司实现营收2.63亿元，yoy+30%，收入稳健增长，考虑到22Q1有春季机型+22Q4郑州疫情导致的部分订单递延，公司新业务成长可观，实现归母净利润7335万元，yoy+18%，公司毛利率为42.37%，yoy-4.43pct，qoq-0.95pct，销售净利率为26.76%，yoy-4.86pct，qoq+8.81pct。毛利率下滑主要原因是1）公司产品结构变化（非消费电子业务占比提升），2）传统淡季+23Q1无春季机型，我们预计部分产品产线产能利用率有所下滑影响毛利率。23Q1公司预付款项yoy+45%，存货yoy+110.6%，其他非流动资产增加226.52%（主要系预付设备款项增加），投入力度加大，业务有望加速成长。 Q1 increased investments led to higher prepayments, inventory and prepaid equipment payments; we remain bullish about BSC’s 2023E growth prospects Revenue growth was steady at 30% yoy and amounted to RMB263m in 23Q1, due to the continuing impact from spring model launches in 22Q1 and some deferred orders from 22Q4 with the pandemic in Zhengzhou. New business growth was also considerable. As a result, net profit rose 18% yoy to RMB73.35m in 23Q1; gross margin was at 42.37% (down 4.43ppt yoy and down 0.95ppt qoq) and net sales profit margin at 26.76% (down 4.86ppt yoy but up 8.81ppt qoq). The narrower gross margin was mainly due to: (1) a product restructure that resulted in a bigger proportion of non-consumer electronics; and (2) it was low season and no spring models were launched in 23Q1. Capacity utilization rates likely declined in some product lines and affected gross margins. 23Q1 also saw prepayments rise 45% yoy and inventory rise 110.6%, while other non-current assets rose 226.52% (with higher prepayments for equipment). In view of the increased investments, we expect business growth will accelerate. 传统主业盈利能力优秀，长期受益于客户拓展+应用领域拓展+产能扩张。公司主要产品功能性器件，具有定制属性强、产品更新快、规模优势显著和客户黏性强等特点，国内外参与者众多，竞争激烈。公司产品成功导入全球代工龙头富士康，对富士康的销售收入整体呈现增长态势，终端客户为苹果，背靠优质客户打开品牌影响力，产品力+品牌力加持公司客户进展成效显著。同时IPO项目进一步扩大公司产能，产能释放供应能力增强叠加客户拓展，公司长期业绩增长弹性大。 Traditional core business: robust profitability on customer growth, widening application fields and capacity expansion Functional devices, the company’s core category, have strong attributes such as strong customization, fast product updates, scale and customer stickiness. These provide an edge in a highly competitive market of myriad Chinese and foreign players. BSC’s products are incorporated into Foxconn, the world’s leading OEM, and Foxconn’s sales revenue is growing on the whole, where Apple is its key end-customer. BSC not only has quality customers but also a strong brand. It is building up customer resources via product and brand strength. With its IPO project funding production capacity expansion, we anticipate production capacity releases, supply capacity increases and a growing customer pool will increase growth elasticity for the company over the long term. 我们认为22年为公司从消费电子领域往新能源领域业务拓展的关键之年，持续看好公司受益于自动化能力突出+成功导入行业头部客户+下游需求持续成长带动的相关业务成长放量。22年公司新能源动力电池、储能电池精密功能件顺利实现技术突破并进行批量交付，为公司快速发展提供新的动能。 2022 pivotal for BSC’s expansion from consumer electronics to new energy We remain bullish about the company’s automation capabilities, ability to win top industry customers and downstream demand growth driven by related businesses. 2022 marks the year when its new energy power battery and energy storage battery precision functional parts businesses achieved tech breakthroughs and batch deliveries. This added momentum to the company’s rapid growth trajectory. 投资建议/Investment Ideas 投资建议：维持公司23/24年归母净利润4.5/5.7亿的盈利预测，新增2025年7.2亿元利润的盈利预测，维持“买入“评级。 Forecast and risks We maintain our 2023/24E net profit forecast at RMB447m/572m and add 2025E at RMB716m. We maintain our BUY rating on BSC. 风险提示：下游需求不及预期、客户拓展不及预期、产能释放不及预期、市场竞争加剧公司份额流失导致盈利能力下滑 Risks include: lower-than-expected downstream demand; lower-than-expected customer growth; lower-than-expected production capacity releases; intensifying competition; and market share losses hurting profitability. 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