20230424_海通证券_家电行业证券研究报告：再谈新宝股份代工为品牌赋能_24页.pdf
SAC S0850511010026 SAC S0850518080005 2023 4 24 2 YWEVvMsPpMqRtNpMtOpQmN6MdNaQnPqQnPoNfQoOtPlOtRrNaQrQpQNZnRpQvPmMpO3 2010 41 2022 97 12 CAGR 7.5%2020-2021 2022Q3 2022 16%-20%-10%0%10%20%30%40%50%020406080100120140 YOY%Wind 22-60%-40%-20%0%20%40%60%80%100%120%140%4 2007 2012 3.1%2020 100 20 2021 2012 1 6.7 3.10%2 5.8 2.69%3 3.7 1.71%4 3.1 1.44%5 3.0 1.39%6 2.1 0.97%7 2.1 0.97%8 2.1 0.97%9 1.8 0.83%10 1.7 0.79%32.1 14.86%2012 2021 Wind 116 73 55 27 22 15 16 12 12 0204060801001201405 2021 50.5%50.5%8.6%3.1%3.3%34.5%0%10%20%30%40%50%60%2018 2019 2021 2021 50.5%2018 10%2021 933 5%Statista 2015-2021 3.6%2021 2562 0500100015002000250030002015 2021CAGR=3.6%Wind 6 5%7%7%8%10%9%14%19%16%16%19%20%0%5%10%15%20%25%020406080100120140%2010 2 2021 23 20%2021,26%,27%,39%,8%Wind JARDEN APPLICA HAMILTON BEACH Donlim Morphy Richards GEVILAN Donlim Morphy Richards GEVILAN 2021 7 5.5 3.5 3.1 2.4 2.3 38%9.7 8.7 7.6 6.4 5 25%024681012 cr5 201020218 2010 45 2022 137 2010 41 2022 97 2010 3 2022 40 41 44 44 46 51 55 62 71 72 72 102 116 97 3 4 4 4 4 7 8 10 11 17 30 33 40-40%-20%0%20%40%60%80%100%0204060801001201402010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E YOY%YOY%2017 10 22 Wind 9 2018-2020 Wind 10 Wind 0%5%10%15%20%25%30%35%0510152025303540452010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E%11 6.50 15.00 16.60 0%2%4%6%8%10%12%14%16%024681012141618202015 2016 2017 2018 2019 2020 2021 2022E%12 20 21 2020 2020 25%3 2021 21%2.4 13 2021 230 132.97 160.09 184.55 207.78 232.5 0%5%10%15%20%25%0501001502002502017 2018 2019 2020 2021 YOY%14+MorphyRichards+2022 15/SKU 1-2 SKU SKU 16 22 Barsetto 500%Donlim GMV 100%Morphy Richards GMV 20%+17 2023 2023 15 PE/2023 200 20230421 EPS PE 2021 2022E 2023E 2021 2022E 2023E 603219.SH 20.70 0.58 0.85 0.87 35.83 24.31 23.83 603355.SH 28.60 0.88 1.70 1.87 32.67 16.79 15.27 605555.SH 20.70 1.13 1.38 1.42 18.31 15.00 14.60 603215.SH 15.82 0.64 0.94 1.10 24.64 16.88 14.42 2021 2022 32.7 39.6 21%36.1 41.2 14%Wind 22 18 2022-2024 EPS 1.16 1.37 1.58 2023 18-20 PE 24.66-27.4 Wind 2020 2021 2022E 2023E 2024E 13191 14912 13718 14989 16333(+/-)YoY(%)44.6%13.0%-8.0%9.3%9.0%1118 792 958 1129 1304(+/-)YoY(%)62.7%-29.2%20.9%17.9%15.5%EPS()1.35 0.96 1.16 1.37 1.58(%)23.3%17.6%20.2%21.8%22.3%(%)18.5%13.0%13.9%14.1%14.0%19 2020 2021 2022E 2023E 2024E 3016.47 3288.74 3964.26 4942.52 5683.90 79.63%9.03%20.54%24.68%15.00%33.02%27.77%29.22%30.45%30.45%10174.57 11623.65 9753.75 10046.37 10649.15 40.59%14.24%-16.09%3.00%6.00%20.44%14.73%16.50%17.50%18.00%13191.05 14912.39 13718.02 14988.89 16333.05 44.57%13.05%-8.01%9.26%8.97%23.31%17.61%20.18%21.77%22.33%Wind 22-24 21%25%15%29.22%30.45%30.45%22 23-24 22-24-16%3%6%16.5%17.5%18.0%EPS/PE 2023/4/21 2021 2022 2023E 2021 2022 2023E 002242.SZ 16.28 0.97 0.69 0.98 16.75 23.58 16.65 002959.SZ 84.01 1.82 2.48 3.16 46.24 33.93 26.63 002032.SZ 52.05 2.41 2.56 2.86 21.60 20.31 18.21 Wind 21 2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 14912 13718 14989 16333 0.96 1.16 1.37 1.58 12287 10950 11726 12685 7.36 8.32 9.69 11.26%17.6%20.2%21.8%22.3%1.02 1.91 1.36 2.72 79 96 105 114 0.20 0.00 0.00 0.00%0.5%0.7%0.7%0.7%440 412 525 572 P/E 18.29 15.12 12.83 11.11%2.9%3.0%3.5%3.5%P/B 2.38 2.11 1.81 1.56 779 713 779 849 P/S 0.97 1.06 0.97 0.89%5.2%5.2%5.2%5.2%EV/EBITDA 12.32 7.45 5.99 4.58 EBIT 942 1149 1419 1639 49-45 15 10%0.3%-0.3%0.1%0.1%17.6%20.2%21.8%22.3%-7 0 4 2 5.3%7.0%7.5%8.0%158 21 22 24 13.0%13.9%14.1%14.0%977 1215 1431 1655 6.3%7.6%7.2%7.9%9 9 11 10 11.8%12.3%12.8%12.6%986 1224 1442 1665%EBITDA 1406 1447 1761 1994 13.0%-8.0%9.3%9.0%161 220 260 300 EBIT-35.7%22.0%23.5%15.4%16.3%18.0%18.0%18.0%-29.2%20.9%17.9%15.5%33 45 53 61 792 958 1129 1304 51.2%44.4%47.9%41.8%1.31 1.42 1.39 1.55 0.85 1.11 0.95 1.26 2021 2022E 2023E 2024E 0.56 0.79 0.65 0.95 3603 4360 4847 6451 1653 1510 1947 1819 39.36 38.50 38.93 38.72 2653 1413 3041 1724 69.92 66.84 68.38 67.61 465 507 500 526 1.19 1.09 1.06 1.02 8374 7790 10335 10521 6.09 5.07 5.13 5.25 106 125 138 154 2583 2824 3018 3200 759 1013 1341 1632 511 503 494 486 2021 2022E 2023E 2024E 4253 4789 5364 5884 792 958 1129 1304 12627 12579 15699 16405 33 45 53 61 438 585 829 1024 468 298 337 353 4484 3506 5152 4159-72-30-33-34 0 0 0 0-376 306-364 564 1471 1414 1461 1600 846 1578 1122 2248 6393 5505 7442 6783-1061-803-885-844 0 0 0 0 99-22-16-19 78 78 78 78 157 21 22 24 78 78 78 78-805-805-879-839 6471 5583 7520 6861 93 147 243 195 827 827 827 827 5 0 0 0 6083 6878 8007 9311-760-163 0 0 73 119 172 233-661-16 243 195 12627 12579 15699 16405-660 757 487 1604 1 4 21 2 2021 SAC S0850511010026 Email SAC S0850518080005 Email SAC S0850519100003 Email 22 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%23 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
