顺络电子:Q2收入创历史新高,毛利率环比改善,看好需求复苏下业绩弹性
（以下内容从天风国际证券《顺络电子:Q2收入创历史新高,毛利率环比改善,看好需求复苏下业绩弹性》研报附件原文摘录）
Shenzhen Sunlord Electronics (002138 CH) Q2收入创历史新高，毛利率环比改善，看好需求复苏下业绩弹性 Q2 revenue hit a record high, gross margin up qoq; bullish about performance elasticity under a demand recovery BUY(maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司发布2023年半年报。2023H1实现营业收入23.32亿元，YoY+9.17%；归母净利润2.56亿元，YoY -12.83%。2023Q2销售收入13.07亿元，创历史新高，YoY+15.88%，QoQ+27.54%；毛利率35.20%，QoQ+3.02pct；归母净利润1.75亿元，YoY+34.11%，QoQ+117.67%。二季度开始公司业绩稳步回升，整体经营业绩环比收窄降低幅度。 23H1 results: Q2 revenue hit new high on consumption and demand recovery Sunlord Electronics reported 23H1 results with a steady pick-up from Q2 and a moderating decline in total operating numbers in qoq terms: ·H1: revenue rose 9.17% yoy to RMB2.33bn, while net profit fell 12.83% yoy to RMB256m. ·Q2: sales revenue set a new record high at RMB1.31bn, up 15.88% yoy and up 27.54% qoq; net profit was RMB175m, up 34.11% yoy and up 117.67% qoq, on an expansion in gross margin by 3.02ppt qoq to 35.20%. 点评：受市场复苏、消费景气度提升、市场需求回暖的影响，产能利用率得到提高，23Q2营收创历史新高：1）营收：上半年公司信号处理/电源管理/汽车电子或储能专用/陶瓷、PCB及其他领域分别实现营收9.29/9.14/2.44/2.45亿元，YoY-0.99%/+15.57%/+15.92%/+24.71%，对应营收占比为39.83%/39.21%/10.46%/10.49% ；Q2公司信号处理/电源管理/汽车电子或储能专用/陶瓷、PCB及其他领域分别实现营收5.09/5.04/1.46/1.49亿元，QoQ+21.20%/+22.65%/+48.17%/+55.08%；2）毛利率：Q2实现毛利率35.20%，QoQ+3.02pct，YoY+1.54pct。毛利率环比同比都得到较好提升的主要原因是经济弱复苏带来传统消费及通讯市场的回暖使得消费及通讯市场订单增加，订单量增长较快3）净利润：上半年实现归母净利润2.56亿元，YoY-12.83%，扣非归母净利润2.33亿元，YoY-11.64%；23Q2归母净利润1.75亿元，YoY+34.11%，QoQ+117.67%。相对一季度净利润同比降低的局面，二季度净利润同比实现增长。4）地区：2023H1公司国内销售额19.07亿元，占比81.77%，YoY+16.32%；出口销售额4.25亿元，占比18.23%，YoY-14.43%。由于地缘政治局势、全球经济形势等方面的不利因素，公司在海外市场上的拓展受到一定影响，这导致了公司出口收入的收窄。 Our take: we attribute the record high revenue in 23Q2 to a market recovery, as returning consumption and a demand recovery raised production capacity utilization rates. Revenue streams ·H1: signal processing accounted for 39.83% of the total at RMB929m, down 0.99% yoy; power management accounted for 39.21% at RMB914m, up 15.57% yoy; ceramics, PCBs and others accounted for 10.49% at RMB245m, up 24.71% yoy; while automotive electronics and specialty energy storage accounted for 10.46% at RMB244m, up 15.92% yoy. ·Q2: signal processing generated RMB509m, up 21.20% qoq; power management RMB504m, up 22.65% qoq; ceramics, PCBs and others RMB149m, up 55.08% qoq; and automotive electronics and specialty energy storage generated RMB146m, up 48.17% qoq. Gross margin: Q2 gross margin was 35.20%, up 3.02ppt qoq and up 1.54ppt yoy. The main reasons for the better yoy and qoq growth in gross margin were increases in orders in the consumer and telecommunications markets due to a rebound in the traditional markets as a result of a mild economic recovery, as well as a faster rise in order volumes. Net profit ·H1: net profit was RMB256m, down 12.83% yoy, with ex-nonrecurring net profit at RMB233m, down 11.64% yoy ·Q2: net profit was RMB175m, up 34.11% yoy and up 117.67% qoq. Compared with the yoy decrease in net profit in Q1, net profit in Q2 increased yoy. Sales regions Chinese market sales came to RMB1.91bn in H1, accounting for 81.77% of the total, rising 16.32% yoy. Meanwhile, export sales were RMB425m, accounting for 18.23%, down 14.43% yoy. Due to unfavorable factors such as geopolitics and global economics, the company’s export market expansion was somewhat affected, which dragged export revenue. 公司深耕传统电子元器件领域，不断巩固其市场地位。同时，我们预计公司在新兴领域的不断布局及公司产能利用率的进一步恢复能够提升其竞争力：（1）汽车电子业务长远发展：近年来，公司与行业头部客户续签了战略合作协议，同时也与高端客户合作，开展新项目，重点客户渗透率提升，下半年业绩有望超过上半年；（2）光伏：公司在微逆变领域耕耘多年，已设立相关业务下属公司，大量新产品新业务在向行业头部大客户导入，部分产品实现了批量出货；（3）云计算、大数据及元宇宙：需求数量快速增长为公司带来增量市场，对电子产品可靠性和高效性也提出了更高要求，公司产品可以满足客户需求并得到客户认可；（4）精细陶瓷：公司产品已经完成市场布局和技术布局，在智能穿戴产品上获得市场认可，新兴消费电子对精细陶瓷产品具有强劲需求，前景广阔；（5）模块模组业务：公司产品已经得到海内外重要客户群认可，产品份额持续提升。 Electronic components: building up both traditional and emerging segments The company is deeply engaged in the traditional electronic components sector and continues to strengthen its market position. At the same time, we expect it will keep up with deployment in emerging markets as improving capacity utilization rates enhance its competitiveness: Automotive electronics: with a long-term view, Sunlord has renewed strategic cooperation agreements with leading customers in recent years, and cooperated with high-end players to launch new projects. It has increased penetration in key customers and we expect its H2 performance will outperform H1. Solar: the company has plowed the micro-inverter industry for many years and established subsidiaries. It introduced many new products and new businesses to major customers in the industry; some of the products have achieved batch shipments. Cloud computing, big data and the metaverse: the rapid demand increase in these markets has brought incremental growth to the company, and raised requirements for product reliability and efficiency. Sunlord’s products have been able to fulfill customer requirements and have been recognized by customers. Fine ceramics: its products have completed their market and technical network buildout in this sector, and gained recognition in smart wearable product markets. Emerging consumer electronics have strong demand for fine ceramic products and the prospects are broad, in our view. Modules: Sunlord’s products have been recognized by major customer groups in China and internationally, and their market share continues to increase. 公司的供应链优势也将推动企业实现增长：（1）交付能力优势：基础元件产能强劲，高端产品长期无法满足市场需求，提升新产品产能和产量是未来长期重点工作；（2）产品线：公司产品线不断拓展，已经从单一电感企业发展为多品类电子器件研发制造企业；（3）国产化替代：这一趋势使得公司可以进一步巩固国内市场。受到地缘政治和贸易摩擦的影响，各公司对供应链稳定性的要求越来越高，国产化替代逐渐成为趋势，这一趋势将给公司在存量市场上带来优势。 Supply chain advantages: delivery, product line-up and substitution Delivery capabilities: its basic components business has good production capacity, although its high-end products currently cannot fulfill market demand for long; thus improving production capacity and new product output are long-term priorities. Product line-up: Sunlord’s product line-up is expanding and it has developed from a single-inductor company to a multi-category electronic device R&D and manufacturing company. Localization and substitution: this growth trend enables the company to consolidate its domestic market positioning. Affected by geopolitics and trade frictions, companies increasingly face higher requirements for supply chain stability, which has led to the localization and substitution trend, benefiting companies with existing capacities. 投资建议/Investment Ideas 投资建议：考虑到下端市场需求回暖、公司在新兴领域的优势，将23/24/25年归母净利润由6.4/8.6/11.4上调至6.9/9.0/11.8亿，维持“买入”评级。 Forecast and risks Factoring in a lower-end market demand recovery and Sunlord’s advantages in emerging industries, we upgrade our net profit forecast to RMB690m/900m/1.18bn in 2023/24/25E (previously RMB640m/860m/1.14bn). We maintain our BUY rating. 风险提示：下游市场需求复苏不及预期、新能源汽车市场竞争的加剧、供应链成本上涨风险 Risks include: weaker-than-expected recovery of downstream market demand; intensifying NEV competition; and rising supply chain costs. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际资产管理有限公司（证监会中央编号：ASF056）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。
Shenzhen Sunlord Electronics (002138 CH) Q2收入创历史新高，毛利率环比改善，看好需求复苏下业绩弹性 Q2 revenue hit a record high, gross margin up qoq; bullish about performance elasticity under a demand recovery BUY(maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司发布2023年半年报。2023H1实现营业收入23.32亿元，YoY+9.17%；归母净利润2.56亿元，YoY -12.83%。2023Q2销售收入13.07亿元，创历史新高，YoY+15.88%，QoQ+27.54%；毛利率35.20%，QoQ+3.02pct；归母净利润1.75亿元，YoY+34.11%，QoQ+117.67%。二季度开始公司业绩稳步回升，整体经营业绩环比收窄降低幅度。 23H1 results: Q2 revenue hit new high on consumption and demand recovery Sunlord Electronics reported 23H1 results with a steady pick-up from Q2 and a moderating decline in total operating numbers in qoq terms: ·H1: revenue rose 9.17% yoy to RMB2.33bn, while net profit fell 12.83% yoy to RMB256m. ·Q2: sales revenue set a new record high at RMB1.31bn, up 15.88% yoy and up 27.54% qoq; net profit was RMB175m, up 34.11% yoy and up 117.67% qoq, on an expansion in gross margin by 3.02ppt qoq to 35.20%. 点评：受市场复苏、消费景气度提升、市场需求回暖的影响，产能利用率得到提高，23Q2营收创历史新高：1）营收：上半年公司信号处理/电源管理/汽车电子或储能专用/陶瓷、PCB及其他领域分别实现营收9.29/9.14/2.44/2.45亿元，YoY-0.99%/+15.57%/+15.92%/+24.71%，对应营收占比为39.83%/39.21%/10.46%/10.49% ；Q2公司信号处理/电源管理/汽车电子或储能专用/陶瓷、PCB及其他领域分别实现营收5.09/5.04/1.46/1.49亿元，QoQ+21.20%/+22.65%/+48.17%/+55.08%；2）毛利率：Q2实现毛利率35.20%，QoQ+3.02pct，YoY+1.54pct。毛利率环比同比都得到较好提升的主要原因是经济弱复苏带来传统消费及通讯市场的回暖使得消费及通讯市场订单增加，订单量增长较快3）净利润：上半年实现归母净利润2.56亿元，YoY-12.83%，扣非归母净利润2.33亿元，YoY-11.64%；23Q2归母净利润1.75亿元，YoY+34.11%，QoQ+117.67%。相对一季度净利润同比降低的局面，二季度净利润同比实现增长。4）地区：2023H1公司国内销售额19.07亿元，占比81.77%，YoY+16.32%；出口销售额4.25亿元，占比18.23%，YoY-14.43%。由于地缘政治局势、全球经济形势等方面的不利因素，公司在海外市场上的拓展受到一定影响，这导致了公司出口收入的收窄。 Our take: we attribute the record high revenue in 23Q2 to a market recovery, as returning consumption and a demand recovery raised production capacity utilization rates. Revenue streams ·H1: signal processing accounted for 39.83% of the total at RMB929m, down 0.99% yoy; power management accounted for 39.21% at RMB914m, up 15.57% yoy; ceramics, PCBs and others accounted for 10.49% at RMB245m, up 24.71% yoy; while automotive electronics and specialty energy storage accounted for 10.46% at RMB244m, up 15.92% yoy. ·Q2: signal processing generated RMB509m, up 21.20% qoq; power management RMB504m, up 22.65% qoq; ceramics, PCBs and others RMB149m, up 55.08% qoq; and automotive electronics and specialty energy storage generated RMB146m, up 48.17% qoq. Gross margin: Q2 gross margin was 35.20%, up 3.02ppt qoq and up 1.54ppt yoy. The main reasons for the better yoy and qoq growth in gross margin were increases in orders in the consumer and telecommunications markets due to a rebound in the traditional markets as a result of a mild economic recovery, as well as a faster rise in order volumes. Net profit ·H1: net profit was RMB256m, down 12.83% yoy, with ex-nonrecurring net profit at RMB233m, down 11.64% yoy ·Q2: net profit was RMB175m, up 34.11% yoy and up 117.67% qoq. Compared with the yoy decrease in net profit in Q1, net profit in Q2 increased yoy. Sales regions Chinese market sales came to RMB1.91bn in H1, accounting for 81.77% of the total, rising 16.32% yoy. Meanwhile, export sales were RMB425m, accounting for 18.23%, down 14.43% yoy. Due to unfavorable factors such as geopolitics and global economics, the company’s export market expansion was somewhat affected, which dragged export revenue. 公司深耕传统电子元器件领域，不断巩固其市场地位。同时，我们预计公司在新兴领域的不断布局及公司产能利用率的进一步恢复能够提升其竞争力：（1）汽车电子业务长远发展：近年来，公司与行业头部客户续签了战略合作协议，同时也与高端客户合作，开展新项目，重点客户渗透率提升，下半年业绩有望超过上半年；（2）光伏：公司在微逆变领域耕耘多年，已设立相关业务下属公司，大量新产品新业务在向行业头部大客户导入，部分产品实现了批量出货；（3）云计算、大数据及元宇宙：需求数量快速增长为公司带来增量市场，对电子产品可靠性和高效性也提出了更高要求，公司产品可以满足客户需求并得到客户认可；（4）精细陶瓷：公司产品已经完成市场布局和技术布局，在智能穿戴产品上获得市场认可，新兴消费电子对精细陶瓷产品具有强劲需求，前景广阔；（5）模块模组业务：公司产品已经得到海内外重要客户群认可，产品份额持续提升。 Electronic components: building up both traditional and emerging segments The company is deeply engaged in the traditional electronic components sector and continues to strengthen its market position. At the same time, we expect it will keep up with deployment in emerging markets as improving capacity utilization rates enhance its competitiveness: Automotive electronics: with a long-term view, Sunlord has renewed strategic cooperation agreements with leading customers in recent years, and cooperated with high-end players to launch new projects. It has increased penetration in key customers and we expect its H2 performance will outperform H1. Solar: the company has plowed the micro-inverter industry for many years and established subsidiaries. It introduced many new products and new businesses to major customers in the industry; some of the products have achieved batch shipments. Cloud computing, big data and the metaverse: the rapid demand increase in these markets has brought incremental growth to the company, and raised requirements for product reliability and efficiency. Sunlord’s products have been able to fulfill customer requirements and have been recognized by customers. Fine ceramics: its products have completed their market and technical network buildout in this sector, and gained recognition in smart wearable product markets. Emerging consumer electronics have strong demand for fine ceramic products and the prospects are broad, in our view. Modules: Sunlord’s products have been recognized by major customer groups in China and internationally, and their market share continues to increase. 公司的供应链优势也将推动企业实现增长：（1）交付能力优势：基础元件产能强劲，高端产品长期无法满足市场需求，提升新产品产能和产量是未来长期重点工作；（2）产品线：公司产品线不断拓展，已经从单一电感企业发展为多品类电子器件研发制造企业；（3）国产化替代：这一趋势使得公司可以进一步巩固国内市场。受到地缘政治和贸易摩擦的影响，各公司对供应链稳定性的要求越来越高，国产化替代逐渐成为趋势，这一趋势将给公司在存量市场上带来优势。 Supply chain advantages: delivery, product line-up and substitution Delivery capabilities: its basic components business has good production capacity, although its high-end products currently cannot fulfill market demand for long; thus improving production capacity and new product output are long-term priorities. Product line-up: Sunlord’s product line-up is expanding and it has developed from a single-inductor company to a multi-category electronic device R&D and manufacturing company. Localization and substitution: this growth trend enables the company to consolidate its domestic market positioning. Affected by geopolitics and trade frictions, companies increasingly face higher requirements for supply chain stability, which has led to the localization and substitution trend, benefiting companies with existing capacities. 投资建议/Investment Ideas 投资建议：考虑到下端市场需求回暖、公司在新兴领域的优势，将23/24/25年归母净利润由6.4/8.6/11.4上调至6.9/9.0/11.8亿，维持“买入”评级。 Forecast and risks Factoring in a lower-end market demand recovery and Sunlord’s advantages in emerging industries, we upgrade our net profit forecast to RMB690m/900m/1.18bn in 2023/24/25E (previously RMB640m/860m/1.14bn). We maintain our BUY rating. 风险提示：下游市场需求复苏不及预期、新能源汽车市场竞争的加剧、供应链成本上涨风险 Risks include: weaker-than-expected recovery of downstream market demand; intensifying NEV competition; and rising supply chain costs. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际资产管理有限公司（证监会中央编号：ASF056）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。
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