电池领域差异化竞争，LED板块有望反转

规范、专业、创新 请阅读最后一页重要免责声明1 证券研究报告·个股深度报告 华鑫证券·公司研究 证券研究报告·公司深度报告 主要财务指标（单位：百万元）  澳洋顺昌自成立于2002年，是国内金属物流配送行业龙头企业，在下游IT和汽车领域拥有较高的市场占有率。公司凭借在传统主业积累的成本管理经验，先后切入LED芯片和锂电池行业，实现多元发展。目前公司在LED芯片领域处于国内第一梯队，锂电池板块则是国内细分领域龙头。  成本领先转向技术驱动，LED业务盈利有望反转。2019年，LED芯片行业经历史上最低景气期，行业大部分企业亏损。目前，主要LED芯片厂商库存水平接近低位，低端产能逐渐淘汰，mini-LED等新技术将带来行业新的增长点。因此，2020年行业景气度有望回升。公司在2019年改变经营策略，从成本领先调整为技术领先战略，布局高附加值产品，调整产品结构。2020年，公司新产品将逐步放量，传统的照明LED芯片收入占比将显著下降，同时逐渐摆脱对大客户木林森的依赖。新产品附加值明显高于传统的照明产品，将提升LED业务的盈利能力。我们预计公司LED业务将在2020年扭亏，明年将重回盈利通道。  深耕电动工具市场，未来受益于电动工具无绳化趋势。公司于2016年通过收购江苏绿伟进入锂电池行业，目前专注于圆柱形锂电芯的研发和生产，锂电产品营收及净利润增速保持在较高水平。近年来全球范围内无绳电动工具加速普及，受此影响，锂电池在电动工具中的渗透率不断提升。目前公司在全球电动工具锂电池市场份额仅次于国际巨头，但增速高于对手，同时公司在电动工具领域客户不断拓展，并在高端二轮车市场取得客户的突破，未来发展空间广阔。  盈利预测：我们预计公司2019-2021年营收分别为35.82、40.46和46.37亿元，实现归母净利润分别为1.41、2.28和3.31亿元。目前股价对应2020-2021的市盈率分别为22.7和15.6倍，估值低于可比公司且处于其历史较低水平。公司是国内金属物流配送行业龙头企业，现金流稳定，在锂电板块公司通过差异化竞争，深耕电动工具领域，优势突出。同时公司在LED板块由成本领先转向技术驱动，预计业务盈利有望反转。我们首次覆盖给予“推荐”投资评级。  风险提示：“新冠”影响超预期；LED芯片、电池产品价格继续下降；客户开拓及订单转化不及预期；市场系统性风险等。 2018A 2019E 2020E 2021E 营业收入 4,297 3,582 4,046 4,637 （+/-） 18.1% -16.6% 13.0% 14.6% 营业利润 425 193 300 464 （+/-） -32.7% -54.6% 55.4% 54.5% 归属母公司净利润 226 141 228 331 （+/-） -36.4% -37.7% 62.4% 44.9% EPS（元） 0.23 0.14 0.23 0.34 市盈率 22.9 36.8 22.7 15.6 公司基本情况（最新） 总股本/已流通股（亿股） 98131 / 91477 流通市值（亿元） 48.2 每股净资产（元） 2.07 资产负债率（%） 45.8 股价表现（最近一年） -30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%澳洋顺昌沪深300资料来源：Wind，华鑫证券研发部 分析师：杨靖磊 执业证书编号：S1050518080001 电话：021-54967583 邮箱：yangjl@cfsc.com.cn 分析师：徐鹏 执业证书编号：S1050516020001 电话：021-54967573 邮箱：xupeng@cfsc.com.cn 华鑫证券有限责任公司 地址：上海市徐汇区肇嘉浜路750号 邮编：200030 电话：（86 21）64339000 网址：http://www.cfsc.com.c 2020年2月18日 电子 澳洋顺昌（002245）：电池领域差异化竞争，LED板块有望反转 当前股价：5.28元 推荐(首次) 规范、专业、创新 请阅读最后一页重要免责声明2 证券研究报告·公司研究 正文目录 1.金属物流起家，切入LED芯片、锂电等新兴行业 ········································································································ 4 1.1 公司发展历程及主要业务 ········································································································································· 4 1.2 公司股权结构 ···························································································································································· 4 1.3公司经营较为稳健，LED寒冬拖累2019年业绩 ······································································································· 5 2.金属物流业务持续稳定贡献现金流 ······························································································································· 6 3.从成本领先转向技术领先，LED业务盈利有望反转 ····································································································· 7 3.1成本管控能力卓越，LED业务盈利稳定性领先同行 ································································································· 7 3.2 否极泰来，2020年LED芯片景气度有望回升 ·········································································································· 8 3.3 Mini-LED等新技术带来新的增长点 ························································································································· 10 3.4成本领先到技术领先，2020年公司LED业务有望实现扭亏 ·················································································· 12 4. 深耕电动工具市场，未来受益于电动工具无绳化趋势 ···························································································· 12 4.1锂电产品专注于圆柱形三元锂电芯 ························································································································· 12 4.2电动工具领域优势显著，未来将受益于电动工具无绳化 ······················································································· 15 4.3核心技术取得突破，下游客户有望不断开拓 ·········································································································· 16 5. 公司盈利预测与评级·················································································································································· 17 5．风险提示 ···································································································································································· 19 规范、专业、创新 请阅读最后一页重要免责声明3 证券研究报告·公司研究 图表目录 图表1公司发展历程 .................................................................................................................................................. 4 图表2公司股权结构图 .............................................................................................................................................. 5 图表3 公司营业收入及增速 ..................................................................................................................................... 5 图表4 公司归母净利润及增速 ................................................................................................................................. 5 图表5公司主要产品毛利率 ...................................................................................................................................... 6 图表6精密整平切片生产线 ....................................................