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受益MLED+海外赛事,24H1业绩快速增长
事件:公司发布2024年半年度报告,2024年上半年公司实现营收15.63亿元,同比增长17.56%;实现归母净利润3.24亿元,同比增长37.69%;实现扣非净利润3.13亿元,同比增长36.69%。2024年Q2公司实现营收8.82亿元,同比增长13.89%,环比增长29.46%;实现归母净利润2.02亿元,同比增长33.84%,环比增长64.71%;实现扣非净利润1.97亿元,同比增长34.85%,环比增长68.79%。
前瞻布局MLED相关产品,带动24H1业绩快速增长:2024上半年,由于公司已提前布局MLED领域相关技术,推出了核心检测装备和集成电路等产品,随着MLED产业高速增长,公司MLED相关收入快速增长。此外,公司在下游应用场景中积极挖掘高附加值领域,为公司贡献更高毛利。2024年上半年公司综合毛利率为55.54%,同比+6.14pcts;净利率为20.76%,同比+3.04pcts。费用方面,2024年H1公司销售、管理、研发及财务费用率分别为13.64%/5.13%/15.70%/-0.45%,同比变动分别为+1.19/+0.31/+2.07/-0.40pcts。其中,研发费用同比+35.40%,主要由于公司研发项目及研发人员增加,研发人员薪酬、研发服务费等增加。
提价增量叠加高位产能利用率,核心产品毛利率明显提升:公司产品或服务主要分为LED显示控制系统、视频处理系统、基于云的信息发布与管理系统三大类。2024年上半年,公司LED显示控制系统实现量价齐升,产能利用率达到124.35%,使得产品毛利率同比提升7.72pcts至46.46%;视频处理系统平均销售单价同比+15.21%,产能利用率为104.00%,产品毛利率同比+6.69pcts。我们认为,随着LED显示屏的应用场景进一步拓宽、超高清技术持续升级,公司核心产品销量与单价有望进一步提升,同时产能利用率有望维持高位,公司业绩有望持续增长。
发挥技术优势推出创新显控方案,赛事需求推动海外市场增长:2024上半年,公司积极参加2024国际智慧显示及系统集成展(ISLE)、2024中国(北京)国际视听集成设备与技术展览会(InfoCommChina2024)、InfoComm美国展等大型展会活动,展示了XR虚拟拍摄解决方案、MLED超高画质全链路解决方案、高端舞台租赁解决方案、全新专业显控分布式解决方案等多种创新解决方案。此外,公司COEX控制系统、A系列接收卡、H系列视频处理器等产品被应用于2024年巴黎奥运会开闭幕式、各类主运动场馆及观赛和庆典显示当中。2024年H1,公司在国内市场实现营业收入12.74亿元,同比+13.17%;海外市场实现营业收入2.89亿元,同比+41.78%。公司把握市场终端需求的机遇,加大国外业务的拓展力度,海外市场营收显著增长。
首次覆盖,给予“增持”评级:公司是一家以算法为核心、软硬件为载体,围绕LED显示屏应用,为客户提供从显示控制到视频处理全链路解决方案的高科技公司。凭借着技术优势,公司产品被应用于多届央视春晚、北京冬奥会、杭州亚运会、世界杯等大型重点活动中,产品效果得到多方验证,赢得了良好的市场口碑。公司现已在全球服务超过4000家客户,主要客户包括利亚德、洲明科技、艾比森等LED显示屏行业龙头,海康威视、大华股份等安防行业龙头和京东方、兆驰股份等商业显示行业龙头。受益于LED芯片切割及封装技术的进步、原材料成本的降低及点间距的微小化,LED显示屏也向高密度、高清晰度、高可靠性发展,市场规模持续扩大。根据TrendForce研究机构数据显示,2026年,全球LED显示屏市场规模将达到129.55亿美元;其中,全球MiniLED显示屏市场规模将达到109.21亿美元;全球MicroLED显示屏市场规模将达到13.54亿美元。随着MLED显示屏的技术发展和成本下降,LED显示屏市场规模有望持续扩大,公司业绩有望持续增长。预计公司2024-2026年归母净利润分别为8.28亿元、11.19亿元、14.91亿元,EPS分别为8.95元、12.10元、16.13元,PE分别为17X、13X、10X。
风险提示:MLED产业景气度不及预期、产品单价变动风险、技术革新风险、市场竞争风险。