聯美控股(600167.SH): 內生外延驅動未來高成長 April 27, 2018

投資概要

  • 全年凈利潤增長超出市場預期
  • 供暖主業驅動業績高增長
  • 戰略佈局3D 成像,外延擴張加速

全年凈利潤增長超出市場預期

2017 年聯美控股實現營業收入23.76 億元,同比增長16.24%,歸母凈利潤9.22 億元,同比增長31.93%,對應每股收益1.157 元,同比增長12.6%。其中Q1/Q2/Q3/Q4 歸母凈利潤分別為4.52/-1.43/1.72/4.55,一季度和四季度貢獻全年主要業績。基於強勁的業績表現,公司擬每10 股轉增10 股並派息4.2 元,全年分紅率達40.08%。

受主業毛利率大幅提升的帶動,綜合毛利率和凈利率分別提升3.38pct、4.72pct 至50%、39.73%,盈利能力表現非常強勁。期內公司資金管理效率也有所提升,通過簽訂銀行存款協議,獲得1.5 億元的利息收入,帶動財務費用率同比下降6.74pct 至-6.32%。此外銷售費用率、管理費用率也維持較低水平,分別為0.29%(+0.14%)、4.93%(-0.32%),整體費用管控能力出色。

About the author

Profile photo of Wang Yannan

Wang Yannan
Phillip Securities (HK)

Graduated from the University of Science and Technology of China with a Masters degree in Management and major in Financial accounting and Economics throughout her academic study.

Currently Covering Environmental Protection and New Energy sectors as an analyst in Phillip Securities and focus on the macro policy,industry and fundamentals to explore the investment value.

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