中(zhong)利科技:電站銷售帶(dai)動業績扭虧 全年(nian)目標推(tui)進順利

中利科技 002309

研究機構：長江證(zheng)券 分析師(shi)：鄔博華 撰寫日期：2014-08-12

事件描述

中利科技發布(bu)2014 年(nian)中報，報告(gao)期內(nei)實現收(shou)入36.88 億(yi)元(yuan)，同比增(zeng)長27.58%；歸屬母公司凈利潤0.33 億(yi)元(yuan)，去年(nian)同期為負；EPS 為0.06 元(yuan)。其(qi)中，2 季(ji)度(du)(du)(du)實現收(shou)入22.24 億(yi)元(yuan)，同比增(zeng)長71.79%；歸屬母公司凈利潤1.46 億(yi)元(yuan)；2 季(ji)度(du)(du)(du)EPS 為0.26 元(yuan)，1 季(ji)度(du)(du)(du)為0.20 元(yuan)。

事件評論

上(shang)半(ban)(ban)年實(shi)現(xian)(xian)去(qu)年遺留的甘肅(su)(su)119.5MW 電(dian)站(zhan)銷售，貢(gong)獻利(li)(li)潤(run)約2 億(yi)(yi)(yi)元(yuan)。公(gong)(gong)司2013年底(di)實(shi)現(xian)(xian)甘肅(su)(su)179.5MW 光(guang)伏項目銷售，但由(you)于電(dian)站(zhan)在2013 年底(di)未(wei)完全實(shi)現(xian)(xian)并網，因此(ci)并未(wei)確(que)認收(shou)益(yi)。上(shang)半(ban)(ban)年，甘肅(su)(su)179.5MW 電(dian)站(zhan)中(zhong)119.5MW（嘉峪關49.5MW、金昌70MW）實(shi)現(xian)(xian)收(shou)入(ru)確(que)認，預(yu)計貢(gong)獻利(li)(li)潤(run)2.13 億(yi)(yi)(yi)元(yuan)（179.5MW共(gong)對應約3.2 億(yi)(yi)(yi)元(yuan)利(li)(li)潤(run)），帶動公(gong)(gong)司上(shang)半(ban)(ban)年同比(bi)實(shi)現(xian)(xian)扭(niu)虧。從分(fen)產品收(shou)入(ru)看(kan)，公(gong)(gong)司上(shang)半(ban)(ban)年實(shi)現(xian)(xian)電(dian)站(zhan)銷售收(shou)入(ru)8.85 億(yi)(yi)(yi)元(yuan)，同比(bi)增長(chang)41.92%，毛利(li)(li)率(lv)同比(bi)上(shang)升15.35 個百(bai)分(fen)點(dian)至27.50%；實(shi)現(xian)(xian)光(guang)伏組(zu)件及電(dian)池片(pian)收(shou)入(ru)4.19 億(yi)(yi)(yi)元(yuan)，同比(bi)下降28.88%，毛利(li)(li)率(lv)同比(bi)上(shang)升12.21%個百(bai)分(fen)點(dian)至21.56%。

資(zi)(zi)源與資(zi)(zi)金(jin)優(you)勢(shi)明(ming)顯，全年電(dian)(dian)(dian)站(zhan)(zhan)(zhan)開發(fa)目(mu)(mu)標順利推進。2014 年公(gong)(gong)司計(ji)劃實(shi)現電(dian)(dian)(dian)站(zhan)(zhan)(zhan)開發(fa)600MW，出售(shou)(shou)500MW。相比其他企(qi)業(ye)，公(gong)(gong)司電(dian)(dian)(dian)站(zhan)(zhan)(zhan)開發(fa)優(you)勢(shi)明(ming)顯:1）具備(bei)電(dian)(dian)(dian)纜、光伏電(dian)(dian)(dian)池與組件(jian)等產能(neng)，在電(dian)(dian)(dian)站(zhan)(zhan)(zhan)開發(fa)成本控制方面具備(bei)產業(ye)鏈(lian)優(you)勢(shi)；2）制造(zao)業(ye)帶(dai)動其與地方政府的長期合作關系(xi)，公(gong)(gong)司在西部地區(qu)獲取項目(mu)(mu)資(zi)(zi)源能(neng)力較強。上(shang)半年，公(gong)(gong)司累計(ji)獲批光伏電(dian)(dian)(dian)站(zhan)(zhan)(zhan)項目(mu)(mu)480MW，集(ji)中在寧夏(xia)、甘肅、新(xin)疆(jiang)等地區(qu)；3）公(gong)(gong)司增發(fa)募集(ji)資(zi)(zi)金(jin)12.18 億元，同時(shi)與國開行(xing)青海分行(xing)簽署50 億融(rong)資(zi)(zi)總量支持(chi)的戰略合作協議，解決后期電(dian)(dian)(dian)站(zhan)(zhan)(zhan)開發(fa)資(zi)(zi)金(jin)問題；4）電(dian)(dian)(dian)站(zhan)(zhan)(zhan)收購方明(ming)確，電(dian)(dian)(dian)站(zhan)(zhan)(zhan)開發(fa)確定性(xing)高(gao)。目(mu)(mu)前公(gong)(gong)司電(dian)(dian)(dian)站(zhan)(zhan)(zhan)主要出售(shou)(shou)招商新(xin)能(neng)源與常州中巨（公(gong)(gong)司持(chi)股20%），與電(dian)(dian)(dian)站(zhan)(zhan)(zhan)收購方具有(you)穩(wen)定的合作關系(xi)，電(dian)(dian)(dian)站(zhan)(zhan)(zhan)出售(shou)(shou)確定性(xing)高(gao)。

受(shou)益4G 建(jian)設，傳統電(dian)纜(lan)業務穩(wen)步增(zeng)長(chang)(chang)。受(shou)益于4G 建(jian)設等，公司(si)線纜(lan)板塊業務實(shi)現穩(wen)步增(zeng)長(chang)(chang)。上(shang)半年通信業務整體(ti)實(shi)現收(shou)(shou)入9.34 億元(yuan)，同(tong)(tong)(tong)比增(zeng)長(chang)(chang)12.55%；毛(mao)利率為15.50%，維持平(ping)穩(wen)。其中，光(guang)纜(lan)業務實(shi)現收(shou)(shou)入3.37 億元(yuan)，同(tong)(tong)(tong)比增(zeng)長(chang)(chang)99.39%，毛(mao)利率同(tong)(tong)(tong)比上(shang)升3.82%至11.27%；阻燃耐火軟電(dian)纜(lan)實(shi)現收(shou)(shou)入13.31億元(yuan)，同(tong)(tong)(tong)比增(zeng)長(chang)(chang)31.14%，毛(mao)利率同(tong)(tong)(tong)比下(xia)降(jiang)0.41%至17.27%。

給(gei)予推薦(jian)評級。年中開(kai)始，各地地面電站路條發放加(jia)快，公(gong)司電站獲取(qu)、開(kai)發進度推進順利，為后續轉讓奠定良好基礎。我們預計公(gong)司2014、2015 年實現EPS 為1.09、1.49 元，對應(ying)當前(qian)PE 為18、13 倍，給(gei)予推薦(jian)評級。