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公司动态研究报告:产品渠道持续推进,期待全年利润弹性
利润恢复性增长,市场持续开拓
2023Q1营收17.5亿元(+41.3%),归母净利润1.1亿元(+300.3%)。由于多原因致原材料价格回落,公司一季度业绩实现高增。我们认为当前原材料回落,包装油毛利率已经恢复较高水平,公司盈利能力将显著改善。春节后至6-7月是传统销售淡季,我们预计5月将会逐步恢复。渠道方面,经销商数量有望持续扩容,预计空白市场将是拓展重点,快速加大招商,争取空白市场拿到市场份额。费用投放方面,预计费用率不会大幅增长,费用绝对额有所增长,保证新品投放效率。
产品渠道持续推进,目标行稳致远
产品方面发力高油酸菜籽油、山茶油等高端产品,作为公司独家发布产品高油酸菜籽油,将极大提升公司品牌力,同时毛利率水平望持续提升。产能方面,现在有5个已建工厂,一个待建工厂,包括岳阳、重庆、绵阳、靖江和茂名,岳阳二期、江苏靖江项目陆续完工投产,广东茂名项目建成补齐加工产业链;西北市场,准备在西安建厂,形成战略布局。奠定产能基础。展望2023年,原材料供给预计将趋向于宽松,公司盈利能力将显著改善,包装食用植物油作为生活必需消费品,市场空间广阔,公司将朝着百万销量目标继续挺进。
盈利预测
预计2023-2025年EPS分别为1.08/1.30/1.53元,当前股价对应PE分别为13/11/9倍,首次覆盖,给予“买入”投资评级。
风险提示
宏观经济下行风险、消费复苏不及预期、行业竞争加剧、区域扩张不及预期、产能建设或利用不及预期、原材料价格波动等。