雷柏科(ke)技2014年三季(ji)報點(dian)評:轉型步伐(fa)低于預期

雷柏科技 002577 計算機行業

研究機構：愛建證券 分析師：朱(zhu)志勇 撰(zhuan)寫日期：2014-10-29

公(gong)司(si)(si)公(gong)布2014 年三(san)(san)季報(bao)。2014 年前(qian)三(san)(san)季度,公(gong)司(si)(si)實現營(ying)業收入40945萬(wan)元(yuan),同(tong)(tong)(tong)比(bi)上(shang)(shang)漲(zhang)(zhang)(zhang)37.7%;營(ying)業利(li)(li)潤8635 萬(wan)元(yuan),同(tong)(tong)(tong)比(bi)上(shang)(shang)漲(zhang)(zhang)(zhang)122.13%;利(li)(li)潤總額9139 萬(wan)元(yuan),同(tong)(tong)(tong)比(bi)上(shang)(shang)漲(zhang)(zhang)(zhang)119.6%;歸屬于母公(gong)司(si)(si)所(suo)有者的凈利(li)(li)潤6522萬(wan)元(yuan),同(tong)(tong)(tong)比(bi)上(shang)(shang)漲(zhang)(zhang)(zhang)94.1%。前(qian)三(san)(san)季度基本每股收益為(wei)0.23 元(yuan)/股。

點評(ping) 手(shou)游(you)(you)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)月(yue)流水(shui)或持(chi)(chi)續(xu)(xu)收(shou)窄。根據公(gong)(gong)(gong)(gong)司(si)(si)三(san)(san)(san)季報少數股(gu)東損益可推(tui)(tui)(tui)算出(chu),樂匯天下(xia)(xia)14 年(nian)(nian)前(qian)(qian)三(san)(san)(san)季度(du)(du)共實現凈(jing)利(li)(li)潤8791.3 萬元,假設手(shou)游(you)(you)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)凈(jing)利(li)(li)潤率與上(shang)半年(nian)(nian)持(chi)(chi)平,14 年(nian)(nian)前(qian)(qian)三(san)(san)(san)季度(du)(du)營業(ye)(ye)(ye)(ye)收(shou)入(ru)(ru)約為(wei)10840 萬元,第三(san)(san)(san)季度(du)(du)當季收(shou)入(ru)(ru)約為(wei)2312 萬元,平均月(yue)流水(shui)僅(jin)為(wei)771 萬元/月(yue),較(jiao)上(shang)半年(nian)(nian)平均月(yue)流水(shui)量(liang)大幅縮水(shui)約50%。若公(gong)(gong)(gong)(gong)司(si)(si)未(wei)(wei)來(lai)無法持(chi)(chi)續(xu)(xu)推(tui)(tui)(tui)出(chu)新的(de)精品游(you)(you)戲(xi),手(shou)游(you)(you)的(de)業(ye)(ye)(ye)(ye)績增(zeng)長(chang)(chang)或進(jin)入(ru)(ru)瓶(ping)頸(jing)。 傳(chuan)統(tong)(tong)PC 外設業(ye)(ye)(ye)(ye)績大幅下(xia)(xia)滑,幾近無利(li)(li)潤貢獻(xian)。14 年(nian)(nian)前(qian)(qian)三(san)(san)(san)季度(du)(du),公(gong)(gong)(gong)(gong)司(si)(si)歸屬凈(jing)利(li)(li)潤為(wei)6522 萬元,其(qi)中樂匯天下(xia)(xia)為(wei)公(gong)(gong)(gong)(gong)司(si)(si)貢獻(xian)凈(jing)利(li)(li)潤6154 萬元,而(er)公(gong)(gong)(gong)(gong)司(si)(si)傳(chuan)統(tong)(tong)的(de)PC 周(zhou)邊產品,加上(shang)新業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)電(dian)視(shi)(shi)(shi)盒(he)子(zi)、機器(qi)人系統(tong)(tong)集成(cheng)等,總(zong)共貢獻(xian)利(li)(li)潤僅(jin)為(wei)368 萬元。PC 周(zhou)邊產品由于受(shou)到(dao)市場(chang)衰退的(de)持(chi)(chi)續(xu)(xu)影響(xiang),今年(nian)(nian)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)收(shou)入(ru)(ru)未(wei)(wei)有太大起(qi)色,而(er)投(tou)入(ru)(ru)的(de)銷售(shou)費用(yong)及管理費用(yong)仍持(chi)(chi)續(xu)(xu)高增(zeng)長(chang)(chang),同比均增(zeng)長(chang)(chang)50%以上(shang),對利(li)(li)潤蠶食嚴重。 廣(guang)電(dian)總(zong)局下(xia)(xia)令(ling)整(zheng)頓,電(dian)視(shi)(shi)(shi)盒(he)子(zi)前(qian)(qian)景堪輿。今年(nian)(nian)三(san)(san)(san)季度(du)(du)以來(lai),廣(guang)電(dian)總(zong)局對電(dian)視(shi)(shi)(shi)盒(he)子(zi)產品的(de)管制(zhi)越發嚴格(ge),從(cong)要求停(ting)止(zhi)盒(he)子(zi)中提供的(de)電(dian)視(shi)(shi)(shi)節目時移和回看功能,到(dao)下(xia)(xia)令(ling)關閉各類視(shi)(shi)(shi)頻APP 及視(shi)(shi)(shi)頻聚合軟(ruan)件(jian)、互(hu)聯網瀏覽器(qi)軟(ruan)件(jian)等下(xia)(xia)載通道,使得電(dian)視(shi)(shi)(shi)盒(he)子(zi)逐(zhu)漸失去(qu)了最初的(de)吸(xi)引力(li)。公(gong)(gong)(gong)(gong)司(si)(si)于今年(nian)(nian)5月(yue)發布的(de)家庭娛樂互(hu)聯中心“智(zhi)盒(he)”剛剛上(shang)市便面(mian)臨廣(guang)電(dian)整(zheng)改(gai)令(ling)帶來(lai)的(de)壓力(li),對其(qi)日(ri)后豐富內容形(xing)成(cheng)阻礙,因此未(wei)(wei)來(lai)公(gong)(gong)(gong)(gong)司(si)(si)能在電(dian)視(shi)(shi)(shi)盒(he)子(zi)方(fang)面(mian)的(de)發展(zhan)空間受(shou)到(dao)限制(zhi)。 機器(qi)人集成(cheng)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)推(tui)(tui)(tui)進(jin)較(jiao)慢,未(wei)(wei)形(xing)成(cheng)規(gui)模。公(gong)(gong)(gong)(gong)司(si)(si)從(cong)13 年(nian)(nian)末開始(shi)開展(zhan)機器(qi)人集成(cheng)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu),為(wei)其(qi)他(ta)企業(ye)(ye)(ye)(ye)提供機器(qi)人系統(tong)(tong)集成(cheng)方(fang)案的(de)咨詢和實施(shi),但(dan)就目前(qian)(qian)來(lai)說,該(gai)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)尚未(wei)(wei)形(xing)成(cheng)規(gui)模,而(er)公(gong)(gong)(gong)(gong)司(si)(si)在此方(fang)面(mian)的(de)投(tou)入(ru)(ru)也不多,業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)拓展(zhan)進(jin)度(du)(du)遠低于預期,未(wei)(wei)來(lai)若公(gong)(gong)(gong)(gong)司(si)(si)仍以目前(qian)(qian)的(de)步伐推(tui)(tui)(tui)進(jin),短期內將難以為(wei)公(gong)(gong)(gong)(gong)司(si)(si)貢獻(xian)利(li)(li)潤。 調(diao)降公(gong)(gong)(gong)(gong)司(si)(si)評(ping)級(ji)為(wei)“中性”。我(wo)們持(chi)(chi)續(xu)(xu)調(diao)低公(gong)(gong)(gong)(gong)司(si)(si)盈(ying)利(li)(li)預測,且(qie)公(gong)(gong)(gong)(gong)司(si)(si)的(de)轉型步伐趨緩(huan),項目推(tui)(tui)(tui)進(jin)受(shou)阻,若公(gong)(gong)(gong)(gong)司(si)(si)無新的(de)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)突破口,未(wei)(wei)來(lai)業(ye)(ye)(ye)(ye)績持(chi)(chi)續(xu)(xu)增(zeng)長(chang)(chang)的(de)上(shang)行壓力(li)較(jiao)大,我(wo)們調(diao)降其(qi)評(ping)級(ji)為(wei)“中性”。