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A股異動丨歌爾股份績後二連升,股價創15個月新高
格隆匯 07-16 10:43
亮眼的業績,以及隔夜蘋果股價再創新高,促使“果鏈”龍頭歌爾股份(002241.SZ)延續昨日升勢,今日盤中再升超8%報24元,股價再創2023年4月以來新高。消息面上,歌爾股份上週五盤後公吿,預計上半年淨利11.81億元–12.65億元,同比增長180%–200%。另外,昨晚蘋果美股市場收升1.67%再創歷史新高價。東吳證券稱,歌爾股份預計二季度單季歸母淨利潤8.0-8.9億元,同比增長153%-182%,業績大超預期。公司上半年業績持續超預期主要源自於淨利率保持逐季回升:1)較高毛利率的XR眼鏡頭部客户以及TWS耳機大客户的出貨量恢復增長(下滑的遊戲機業務毛利率偏低),帶來整機組裝產品結構優化;2)高毛利率的精密零組件業務受益於下游傳統3C產品拉貨而實現佔總收入比例有所提升;3)公司繼續強化精益運營,保持高效內控優化,注重整體盈利質量的提升,延續了自去年下半年以來的盈利能力持續回升趨勢。隨着核心競爭力的持續鞏固、重點客户項目的持續突破、各類智能硬件的需求回暖,公司未來有望保持高增長趨勢。中金稱,對應2Q24單季度,歌爾預計歸母淨利潤同比增長154%-181%至8.01-8.86億元,超出預期,主因:1)北美大客户耳機產品出貨較好,公司相關產品稼動率提升,改善盈利;2)VR客户Quest3新品同比銷售亦有增長,疊加PS5收入下降,公司智能硬件產品結構優化;3)北美大客户零部件拉貨提前,推動公司高毛利率業務佔比提升,助力公司整體盈利能力改善。維持跑贏行業評級,考慮蘋果產業鏈受AI終端催化估值中樞上移,上調歌爾目標價24%至26.0元,對應2024/25e36.7/26.0xP/E。

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