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【国君非银|复星国际2021年度业绩】智造板块助推公司整体盈利高增

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发布时间:2022-03-25 10:25:36
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智造板块助推公司整体盈利高增

复星国际2021年年度业绩点评

本报告导读

受益于大宗商品上行周期,2021年智造板块旗下企业盈利快速增长助推公司整体盈利高增;未来伴随海外防疫政策调整,公司快乐板块有望加速复苏,业绩有望超预期。

投资要点

维持“增持”评级,维持目标价 19.55 港元,对应 22 年 10.3xP/E:2021年公司实现营业收入1612.9亿元人民币,同比8%;公司实现归母净利润 100.9亿元,同比+26%。分板块来看,快乐和健康板块助推公司实现收入大幅回升,智造板块助推公司盈利大幅增长;整体上看,公司业绩已经回升超过疫情前水平。考虑到2022年快乐板块海外业务有望加速复苏,小幅上调公司2022年-2024年EPS 预测至 1.61/1.88/2.19元,我们维持“增持”评级,维持目标价 19.55 港元,对应 22年 10.3xP/E。

受益于大宗商品上行周期,智造板块盈利大幅提升助推公司盈利高增。智造板块2021年实现收入77亿元,同比+56%;实现归母净利润35.8亿元,同比+70%。智造板块盈利也占到相比去年归母净利润整体增量的71%,是公司盈利高增的主要贡献来源。智造板块下两大上市公司南钢股份和海南矿业2021年受益于大宗商品上行周期,以及精细化管理带来的降本增效,2021年分别实现归母净利润40.91亿元/8.74亿元,同比+43.75%/513.55%,助推公司2021年实现盈利高增。

伴随海外防疫政策调整,公司快乐板块有望加速复苏,带动业绩超预期。目前以英国、法国、西班牙、加拿大等为代表的欧美国家正在解除新冠病毒护照和人群限聚令等措施,防疫政策的调整有望进一步提升欧美地区居民旅游度假的意愿。公司旗下子公司复星旅文Club Med品牌在海外有完整的度假村和酒店业务布局,我们预计在海外消费者需求回暖的背景下,公司快乐板块在2022年将实现收入高速增长,并实现归母净利润扭亏为盈,从而提升公司整体盈利水平。

催化剂:海外防疫政策加速调整

风险提示:国内外防疫形势突然恶化;经济周期波动影响海南矿业和南钢股份盈利水平

【国君非银|复星国际2021年度业绩】智造板块助推公司整体盈利高增福利来了!低位布局良机,送你十大金股!点击查看>>【国君非银|复星国际2021年度业绩】智造板块助推公司整体盈利高增海量资讯、精准解读,尽在本站财经APP
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