天音控股 20 年半年報：公(gong)司(si) 2020 年上半年實現收(shou)入 296.56 億元，同比(bi)增(zeng)長(chang) 28.37%，歸屬于上市公(gong)司(si)股東的凈利潤 7289 萬元，同比(bi)增(zeng)長(chang) 475.42%，扣非(fei)后同比(bi)增(zeng)長(chang)-866.01%。
營業收入延續增長趨勢：20 年(nian)(nian) Q2 公(gong)(gong)(gong)司實現(xian)收(shou)(shou)入(ru) 152.78 億(yi)元(yuan)，同比(bi)(bi)增(zeng)(zeng)長(chang) 18.45%。20Q1 公(gong)(gong)(gong)司由(you)于(yu)去年(nian)(nian)同期低基數等原因(yin)，收(shou)(shou)入(ru)增(zeng)(zeng)速仍保持(chi)較高(gao)水平，Q2公(gong)(gong)(gong)司延(yan)續了(le)之(zhi)前的(de)增(zeng)(zeng)長(chang)趨(qu)勢，增(zeng)(zeng)幅有所(suo)放(fang)緩。分產品來(lai)(lai)看，零售(shou)(shou)電(dian)商業(ye)務表現(xian)突出，20 年(nian)(nian)上半年(nian)(nian)在天貓(mao)、京東、拼多(duo)多(duo)新開23 家店鋪，同比(bi)(bi)有所(suo)翻(fan)倍(bei)，實現(xian)收(shou)(shou)入(ru) 22.88 億(yi)元(yuan)，占公(gong)(gong)(gong)司總收(shou)(shou)入(ru)打入(ru)7.71%，自 2019 年(nian)(nian)公(gong)(gong)(gong)司布局零售(shou)(shou)電(dian)商之(zhi)后(hou)快速實現(xian)收(shou)(shou)入(ru)增(zeng)(zeng)長(chang)。另外隨著公(gong)(gong)(gong)司“1+N”產業(ye)發展體(ti)系的(de)不斷(duan)推(tui)進，公(gong)(gong)(gong)司的(de)核(he)心業(ye)務通信(xin)產品銷(xiao)售(shou)(shou)在 20 年(nian)(nian)延(yan)續了(le) 19 年(nian)(nian)的(de)增(zeng)(zeng)長(chang)，隨著 5G 元(yuan)年(nian)(nian)的(de)到來(lai)(lai)帶(dai)動移動產品不斷(duan)放(fang)量(liang)，海(hai)外業(ye)務已與 43 個客(ke)戶(hu)開展合(he)作，銷(xiao)售(shou)(shou)規模已經達到 2019年(nian)(nian)全(quan)年(nian)(nian)的(de) 4 倍(bei)，上半年(nian)(nian)公(gong)(gong)(gong)司收(shou)(shou)入(ru) 271.09 億(yi)元(yuan)，同比(bi)(bi)增(zeng)(zeng)長(chang) 19.42%。由(you)于(yu)疫情對零售(shou)(shou)終端影響較大，盡管公(gong)(gong)(gong)司報告期內首次(ci)中標(biao)北京福彩銷(xiao)售(shou)(shou)終端（專用設備）購(gou)置項目擴大版(ban)圖，公(gong)(gong)(gong)司彩票業(ye)務仍有所(suo)下滑，上半年(nian)(nian)收(shou)(shou)入(ru) 4834 萬元(yuan)，同比(bi)(bi)減少 44.73%。
盈利預測與投資建議：我們預(yu)計 2020-2022 年公司凈利潤為(wei) 1.8 億元(yuan)、 2.2 億元(yuan)、2.5 億元(yuan)，分別(bie)增長 252.1%、25.2%、10.7%，維持“增持-B”評級。
風險提示：5G 換(huan)機潮延期，彩票業務線下銷售恢復(fu)不及預期。
凈(jing)利(li)率(lv)(lv)維持(chi)(chi)穩定(ding)：2020 年上半(ban)年，公司銷(xiao)售(shou)毛利(li)率(lv)(lv)為 2.7%，同(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)降(jiang) 0.97pct，單二季(ji)度(du)毛利(li)率(lv)(lv) 2.8%，同(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)降(jiang) 0.6pct。20Q2 公司的凈(jing)利(li)潤為 332.74 萬元(yuan)，同(tong)(tong)(tong)比(bi)(bi)增長(chang) 189.03%，凈(jing)利(li)率(lv)(lv)為 0.02%，同(tong)(tong)(tong)比(bi)(bi)小幅(fu)提升 0.01pct。費(fei)用(yong)率(lv)(lv)得到(dao)有(you)效管控，期間費(fei)用(yong)率(lv)(lv)為 2.8%，同(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)降(jiang) 0.4pct，其中銷(xiao)售(shou)費(fei)用(yong)率(lv)(lv)為 1.6%，保(bao)持(chi)(chi)穩定(ding)，管理研(yan)發(fa)費(fei)用(yong)率(lv)(lv)及(ji)財務費(fei)用(yong)率(lv)(lv)有(you)所下(xia)(xia)滑，分別達到(dao) 0.7%/0.6%，下(xia)(xia)滑 0.1pct/0.3pct。Q2 單季(ji)度(du)來看，公司期間費(fei)用(yong)率(lv)(lv)為 2.5%，同(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)滑 0.75%，銷(xiao)售(shou)費(fei)用(yong)率(lv)(lv)為 1.39%，同(tong)(tong)(tong)比(bi)(bi)減少 0.15pct，管理研(yan)發(fa)費(fei)用(yong)率(lv)(lv)為 0.62%，同(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)滑 0.09pct，財務費(fei)用(yong)率(lv)(lv)達0.49%，同(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)滑 0.75%。
營(ying)運情(qing)況(kuang)，公(gong)(gong)司現(xian)金流(liu)大幅(fu)好轉：20 年(nian)(nian)上半年(nian)(nian)公(gong)(gong)司經(jing)營(ying)性(xing)現(xian)金流(liu) 4.2 億(yi)(yi)元(yuan)(yuan)(yuan)，同比提(ti)升 28%；其中 Q2 現(xian)金流(liu) 11.22 億(yi)(yi)元(yuan)(yuan)(yuan)，同比增(zeng)長近(jin) 6 倍(bei)，現(xian)金流(liu)狀況(kuang)好轉。報(bao)告期末(mo)公(gong)(gong)司應(ying)收賬款 9.75億(yi)(yi)元(yuan)(yuan)(yuan)，較去(qu)(qu)年(nian)(nian)年(nian)(nian)底(di)增(zeng)加(jia)(jia) 2.93 億(yi)(yi)元(yuan)(yuan)(yuan)，周(zhou)轉天(tian)(tian)(tian)數(shu) 5.03 天(tian)(tian)(tian)，同比下(xia)降 4.06 天(tian)(tian)(tian)；報(bao)告期末(mo)公(gong)(gong)司應(ying)付(fu)賬款及票據共 62.36 億(yi)(yi)元(yuan)(yuan)(yuan)，較去(qu)(qu)年(nian)(nian)底(di)增(zeng)加(jia)(jia) 7.28 億(yi)(yi)元(yuan)(yuan)(yuan)，周(zhou)轉天(tian)(tian)(tian)數(shu)為 36.63 天(tian)(tian)(tian)，同比下(xia)降 6.47天(tian)(tian)(tian)；報(bao)告期末(mo)公(gong)(gong)司存(cun)貨 32 億(yi)(yi)元(yuan)(yuan)(yuan)，較去(qu)(qu)年(nian)(nian)年(nian)(nian)底(di)減少 7 億(yi)(yi)元(yuan)(yuan)(yuan)，存(cun)貨周(zhou)轉天(tian)(tian)(tian)數(shu) 22.15 天(tian)(tian)(tian)，同比下(xia)降 1.95 天(tian)(tian)(tian)。
線(xian)上(shang)線(xian)下(xia)(xia)協同(tong)(tong)，多業(ye)務并進(jin)(jin)：公(gong)(gong)司(si)(si)(si)繼續聚(ju)焦產(chan)(chan)業(ye)互(hu)聯(lian)網(wang)(wang)戰略，以(yi)線(xian)下(xia)(xia)渠(qu)(qu)道網(wang)(wang)格(ge)化為(wei)基(ji)礎網(wang)(wang)絡，以(yi)線(xian)上(shang)交(jiao)易(yi)系統為(wei)平臺(tai)，形(xing)成“線(xian)下(xia)(xia)網(wang)(wang)絡，線(xian)上(shang)平臺(tai)”的(de)(de)(de)產(chan)(chan)業(ye)生態系統，深入(ru)(ru)(ru)拓(tuo)展網(wang)(wang)格(ge)化渠(qu)(qu)道網(wang)(wang)絡，結合(he)互(hu)聯(lian)網(wang)(wang)技術(shu)，構建供應鏈平臺(tai)，為(wei)各類零(ling)售(shou)(shou)終端提供有(you)(you)競爭力的(de)(de)(de)產(chan)(chan)品(pin)和服務，打(da)造(zao)消費領域 S2B2C 產(chan)(chan)業(ye)互(hu)聯(lian)新生態。公(gong)(gong)司(si)(si)(si)以(yi)手(shou)(shou)機(ji)業(ye)務為(wei)核(he)心(xin)，以(yi)彩票(piao)為(wei)重點(dian)業(ye)務，逐漸增(zeng)加(jia)商(shang)品(pin)品(pin)類，逐步形(xing)成“1+N”產(chan)(chan)業(ye)發(fa)展體(ti)系。手(shou)(shou)機(ji)業(ye)務方面(mian)(mian)，換機(ji)潮”，公(gong)(gong)司(si)(si)(si)一(yi)方面(mian)(mian)加(jia)強(qiang)(qiang)和客(ke)戶的(de)(de)(de)深度合(he)作，充分將(jiang)客(ke)戶品(pin)牌和產(chan)(chan)品(pin)優勢與公(gong)(gong)司(si)(si)(si)強(qiang)(qiang)大的(de)(de)(de)渠(qu)(qu)道能力和營(ying)銷網(wang)(wang)絡相結合(he)，實現共同(tong)(tong)發(fa)展，20 年海(hai)南(nan)三亞(ya)及(ji)海(hai)口免稅店(dian)新增(zeng)蘋果手(shou)(shou)機(ji)相關(guan)產(chan)(chan)品(pin)，公(gong)(gong)司(si)(si)(si)切入(ru)(ru)(ru)供應體(ti)系，出貨量有(you)(you)望(wang)(wang)提升。另(ling)一(yi)方面(mian)(mian)公(gong)(gong)司(si)(si)(si)將(jiang)以(yi)“一(yi)網(wang)(wang)一(yi)平臺(tai)” 為(wei)抓(zhua)手(shou)(shou)，充分利(li)用(yong)公(gong)(gong)司(si)(si)(si)大量的(de)(de)(de)渠(qu)(qu)道資(zi)源(yuan)以(yi)及(ji)對(dui)手(shou)(shou)機(ji)供應鏈強(qiang)(qiang)大的(de)(de)(de)整合(he)能力， 逐步實現“1+N” 的(de)(de)(de)戰略布(bu)局。并且(qie)公(gong)(gong)司(si)(si)(si) 2020 年在穩定自身(shen)業(ye)務發(fa)展的(de)(de)(de)同(tong)(tong)時，要開始逐步加(jia)強(qiang)(qiang)非手(shou)(shou)機(ji)產(chan)(chan)品(pin)的(de)(de)(de)業(ye)務規(gui)模(mo)，以(yi)便向(xiang)綜合(he)零(ling)售(shou)(shou)商(shang)的(de)(de)(de)最終目標進(jin)(jin)行(xing)推進(jin)(jin)。移(yi)動(dong)轉(zhuan)售(shou)(shou)和移(yi)動(dong)互(hu)聯(lian)網(wang)(wang)業(ye)務方面(mian)(mian)，公(gong)(gong)司(si)(si)(si)將(jiang)進(jin)(jin)一(yi)步提升運營(ying)效率與質量、控制服務成本，確保業(ye)務的(de)(de)(de)盈利(li)能力。內容(rong)(rong)建設(she)得到市(shi)場(chang)認可，強(qiang)(qiang)強(qiang)(qiang)聯(lian)手(shou)(shou)進(jin)(jin)一(yi)步推動(dong)內容(rong)(rong)建設(she)，報告期內，字(zi)節跳(tiao)動(dong)全(quan)資(zi)子(zi)公(gong)(gong)司(si)(si)(si)量化躍動(dong)入(ru)(ru)(ru)股(gu)塔讀文學(xue)，持(chi)股(gu)比例達到 18.9%，公(gong)(gong)司(si)(si)(si)全(quan)資(zi)子(zi)公(gong)(gong)司(si)(si)(si)天(tian)音通信持(chi)有(you)(you)塔讀文學(xue)的(de)(de)(de)開發(fa)者——易(yi)天(tian)新動(dong) 34%的(de)(de)(de)股(gu)份，天(tian)音通信為(wei)第一(yi)大股(gu)東，此次(ci)入(ru)(ru)(ru)股(gu)有(you)(you)望(wang)(wang)為(wei)塔讀文學(xue)進(jin)(jin)入(ru)(ru)(ru)字(zi)節跳(tiao)動(dong)生態打(da)下(xia)(xia)基(ji)礎，拓(tuo)寬雙方業(ye)務。
／深公網安(an)備案證字(zi)第 4403101000505 號(hao)