莱克电气:三大主营业务全面增长,汇率波动影响利润水平

（以下内容从天风证券《莱克电气:三大主营业务全面增长,汇率波动影响利润水平》研报附件原文摘录）
　　Kingclean Electric (603355 CH) 三大主营业务全面增长，汇率波动影响利润水平 Exchange rate affects profit levels, with three main business grow comprehensive BUY (upgrade from Accumulate) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司发布半年度业绩预告，预计2021H1实现营业收入40.70亿元，同比增长61%；其中Q2营收为20.57亿元，同比46.6%。预计21H1净利润为3.28亿元，同比增长30%；其中Q2为1.37亿元，同比-15.8%。21H1扣非净利润为3.08亿元，同比增长36%；其中Q2为1.26亿元，同比-13.8%。 1H21 earnings announcement with 1H21E revenue at RMB4.07bn, up 61% yoy, and 2Q21E at RMB2.06bn, up 46.6% yoy. It expects 1H21E net profit of RMB328m, up 30% yoy, with 2Q at RMB137m, down 15.8% yoy; and 1H21E core net profit at RMB308m, up 36% yoy, including 2Q at RMB126m, down 13.8% yoy. 自有品牌业务中，线上方面，吉米和碧云泉品牌均实现100%增长，除螨机、智能净水机为主要贡献品类。线下方面，公司恢复增长，Q2以来主要线下渠道增长50%以上，618主要渠道增长65%以上。其中从今年4月中旬产品上市的洗地机产品S8/X8销量也十分可观。在洗地机产品迭代方面，公司下半年计划推出多款新品，预计将成为公司下半年营收增长的有力支持。此外，公司在自主品牌出海上也取得佳绩，吉米增长140%。 Private labels: Both the Jimmy and Bewinch brands achieved 100% growth in online sales, with mite removal machines and smart water purifiers the main categories. Its offline sales growth also recovered. Since 2Q, its main offline channels have increased more than 50%, with the JD 6.18 channel up more than 65%. Its floor scrubbers S8/X8, which entered the market in mid-April this year, sold well. The company plans to iterate its floor scrubber products to launch a number of new products in 2H21, which we expect will provide a strong support for revenue growth. In addition, KingClean’s house brands had good results overseas, with Jimmy growing 140%. 核心零部件业务中，公司上半年电机业务增长65％以上，无刷数码电机占比持续提高。精密压铸业务增长110%以上，增长主要来源于新能源汽车零部件的贡献。公司的精密模具业务进军汽车行业，今年有望汽车模具接单量为8000万元-1亿元。若根据20Q1和21Q1三大业务的比例拆分，则核心零部件业务单季度贡献收入增速最多。公司在6月发出公告，拟收购上海帕捷汽车配件有限公司100%的股份。若下半年公司能顺利完成收购帕捷，则可为整体营收做出一定的贡献。 Core components: The company’s motor business increased more than 65%, with a rising proportion of digital brushless motors. Precision die-casts grew more than 110%, due to the contribution of new-energy auto parts. Its precision molds entered the automotive industry and we expect orders to come to RMB80m-100m. Looking at 1Q21 revenue from its three major business segments, based on 1Q20, core components contributed the largest quarterly growth. The company announced in June the 100% acquisition of Shanghai Passage Auto Parts and this would contribute to revenue growth if successful. 盈利预测与估值/Valuation 公司上半年三大业务全面增长，下半年自有品牌有望推出多款洗地机新品，为整体营收做出贡献；核心零部件业务中新能源汽车零部件业务高速增长；出口业务中，公司客单价较高的产品及新品销售情况良好，虽然下半年有高基数的扰动，预计在海外市场需求旺盛的情况下公司仍能保持一定的增长。根据公司Q2的业绩预告的情况，预计21-23年净利润为7.3、10.1、12.0亿元（21-22年前值为6.4、7.0亿元），当前股价对应21-23年动态估值为22.2x、16.2x、13.6x，参考行业可比公司的情况，目前公司估值水平尚处于低位，我们预计对应21年的估值在30-35倍PE，对应21年的EPS为1.28元/股，则每股合理价格区间为38.4-44.8元/股。因此将“增持”上调至“买入”评级。 In 2H21E, in addition to broad growth in its three major business lines from 1H21, we see potential new drivers in washing machines and new-energy vehicle parts, where the company has enormous growth potential. In its export business, despite a high base in 1H21, we think that sales of high-ASP as well as new products would enable the company to maintain a measure of growth, along with strong overseas demand. Based on the company’s estimated 2Q21 numbers, we expect net profit to arrive at RMB730m/1.01bn/1.20bn in 2021/22/23E, corresponding to dynamic valuations of 22.2x/16.2x/13.6x. With current valuation still low relative to peers, we estimate PE will be 30-35x in 2021E, corresponding to EPS of RMB1.28 and a target price range of RMB38.4-44.8. Hence, we upgrade our rating from ACCUMULATE to BUY. 风险提示：汇率波动影响出口业务风险；内销不达预期风险；原材料价格波动风险等，业绩预告是初步测算结果，具体财务数据以公司披露公告为准。 Risks include: exchange rate fluctuations affecting the export business; domestic sales failing to meet expectations; and raw material price fluctuations. Note: Our review is based on the company’s preliminary results and financial data calculations are subject to change with the release of the company’s final results. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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