2022业绩快报点评：2022业绩快报符合预期，新能源业务快速增长

TOPBAND (002139) Equity Research·Company Research·Electronic 1 / 5 东吴证券（香港） 请务必阅读正文之后的免责声明部分 [Table_Main] 2022 annual earnings QuickTake: performance meets expectations, and the new energy business is growing rapidly Buy (Maintain) Forecast & Valuation 2021A 2022E 2023E 2024E Revenue (RMB mn) 7,767 8,877 11,114 14,767 Growth (YoY %) 40% 14% 25% 33% Net profit (RMB mn) 565 586 879 1,390 Growth (YoY %) 6% 4% 50% 58% Diluted EPS (RMB) 0.45 0.46 0.69 1.10 P/E (X) 27.08 26.12 17.41 11.00 Key words: # Second Curve # New Product, technology, customers # Earnings in line with expectations Investment Thesis ◼ 2022 annual earnings QuickTake: performance meets expectations, and the new energy business is growing rapidly. In 2022, the company's revenue was RMB8.9bn (+14.3% YoY); the net profit was 586 million yuan (+3.7% YoY). The home appliance and tool sectors, as the company's basic businesses, achieved a slight growth in 2022. The new energy sector, as the company's third growth curve, achieved rapid growth in 2022 by focusing on advantageous products and high-growth areas. ◼ The demand for home appliances and tools is recovering, and the company continues to innovate products to attract new customers. The smartification of home appliances and the cordless, brushless, and lithium-ion of power tools bring continuous innovation to basic products in the racetrack. The home appliance and tool sectors are expected to maintain a growth rate of 15%+ in 2023. ◼ New energy business is growing rapidly, with a growth rate of 50%+ in 2023. The demand for overseas household energy storage and portable energy storage continues to increase and the CAGR from 2021 to 2026 is 130%/50%+. The company has formed a "battery + BMS + battery pack" technical solution based on long-term technology reserves. Household energy storage products are mainly sold to Europe and North America. Portable inverter products are bundled with Huabao New Energy and continue to break through to new customers. In the future, it is expected to continuously expand to integrated products. ◼ Earnings Forecast & Rating: We revise the company's 2022-2024 net profit from RMB0.6/0.87/1.40bn to RMB0.58/0.88/1.40bn, corresponding to PE of 26x/17x/11x. We maintain the "Buy" rating. ◼ Risks: Downstream market demand is less than expected; Product price fluctuations risk; Gross profit margin fluctuations risk. [Table_PicQuote] Price Movement [Table_Base] Market Data Closing price (RMB) 12.05 52-week Range (RMB) 7.25/16.65 P/B (X) 2.74 Market Cap (RMB mn) 12,536.37 Basic Data data BVPS (RMB, LF) 4.39 Liabilities/assets (%) 46.19 Total Issued Shares (mn) 1,269.54 Shares outstanding (mn) 1,040.36 [Table_Report] Related reports 《拓邦股份(002139)：新能源业务快速发展，盈利改善拐点已现》 2023-01-25 Soochow Securities International Brokerage Limited would like to acknowledge the contribution and support provided by Soochow Research Institute, and in particular its employees Tianyi Ma(马天翼) 和 Jing Jin(金晶). [Table_Author] 15 March 2023 Research Analyst Ruibin Chen (852) 3982 3212 chenrobin@dwzq.com.hk -38%-26%-14%-2%10%22%34%46%58%70%2022/02/072022/06/062022/10/032023/01/30TOPBANDCSI 300 拓邦股份（002139） 证券研究报告·公司研究·电子 2 / 5 东吴证券（香港） 请务必阅读正文之后的免责声明部分 [Table_Main] 2022业绩快报点评：业绩快报符合预期，新能源业务快速增长 买入（维持） 盈利预测与估值 2021A 2022E 2023E 2024E 营业总收入（百万元） 7,767 8,877 11,114 14,767 同比 40% 14% 25% 33% 归属母公司净利润（百万元） 565 586 879 1,390 同比 6% 4% 50% 58% 每股收益-最新股本摊薄（元/股） 0.45 0.46 0.69 1.10 P/E（现价&最新股本摊薄） 27.08 26.12 17.41 11.00 关键词： #第二曲线 #新产品、新技术、新客户 #业绩符合预期 [Table_Summary] 事件：公司发布2022年度业绩快报 ◼ 业绩快报符合预期，新能源业务快速放量：2022年公司营收88.76亿元，同比增长14.29%；归母净利润5.86亿元，同比增长3.66%，扣非归母净利润4.77亿元，同比上升10.62%，单四季度实现收入24.42亿元，同比增长9%，环比增长1.4%，归母净利润1.27亿元。2022 年股权激励费用约1.24亿元，同比2021年净增加约0.96亿元，剔除股份支付费用影响后，归母净利润约为7.1亿元，同比增长约20%；扣非归母净利润6.02亿元，同比增长31%。其中家电和工具板块作为公司基本盘业务，在22年实现小幅增长，新能源板块作为公司的第三成长曲线，通过聚焦优势产品和高成长领域，22年快速放量。 ◼ 家电、工具板块需求复苏，公司持续创新产品突破新客户：家电智能化、电动工具“无绳化、无刷化、锂电化”带来基本盘赛道产品持续创新，看好地产政策利好下带来的家电需求复苏，公司依托变频空调等创新产品持续突破印度等海外市场，以泛家电概念进军办公楼宇等商用电器市场持续提升公司市场份额，电动工具领域OPE等产品持续创新，下游核心客户TTI去库存进入尾声，公司持续拓展户外园林工具等多品类、新客户，23年家电、工具板块有望保持15%+增速。 ◼ 新能源业务高增，23年增速50%+：海外户储、便携式储能需求持续高增，21-26年赛道CAGR 130%/ 50%+，公司自2006年进军锂电领域，依托长期技术储备形成“电池+BMS+电池组”技术方案，自有2GWH电池电芯产能，23年底预计新增2-2.3GWH，户储产品主要销往欧洲、北美，便携式逆变器产品绑定华宝新能，并持续突破新客户，未来有望向一体化产品持续拓展。 ◼ 盈利预测与投资评级：公司营收增长稳健，新能源业务快速放量，考虑到22年家电、工具业务需求略低于预期及股权支付费用影响，我们将公司22-24年 的 归 母 净 利 润 由6/8.77/13.97亿元略微调整至5.86/8.79/13.9亿元，当前市值对应PE分别为26/17/11倍，维持“买入”评级。 ◼ 风险提示：下游需求不及预期；产品价格波动的风险；毛利率波动风险。 [Table_PicQuote] 股价走势 [Table_Base] 市场数据 收盘价(元) 12.05 一年最低/最高价 7.25/16.65 市净率(倍) 2.74 流通市值(百万元) 12,536.37 基础数据 每股净资产(元,LF) 4.39 3.22 资产负债率(%,LF) 46.19 51.66 总股本(百万股) 1,269.54 476.72 流通股(百万股) 1,040.36 474.34 [Table_Report] 相关研究 《拓邦股份(002139)：新能源业务快速发展，盈利改善拐点已现》 2023-01-25 特此致谢东吴证券研究所对本报告专业研究和分析的支持，尤其感谢马天翼和金晶的指导。 [Table_Author] 2023年03月15日 分析师 陈睿彬 (852) 3982