海兰信-军品UDC齐发力海中娇兰可期盛放-220902（30页）.pdf

1、 1 海底数据中心项目推进不如预期的风险、军品业务推进不如预期的风险、自然灾害对公司产品的风险、商誉减值风险、进入美国实体清单带来的风险。870.93 902.38 1041.80 1228.28 1449.62 7.243.6115.4517.9018.0257.1348.91 88.03 121.86 153.83-38.76-14.3879.9938.4226.2330.8933.8234.0836.0537.040.080.07 0.13 0.18 0.22 132.87155.20 86.23 62.29 49.35 4.673.99 3.82 3.61 3.37 3.522.574

2、.435.796.83 wind wind 52%40%8%智能船舶、航行业务海洋观探测业务其他业务49%42%9%智能船舶、航行业务海洋观探测业务其他业务“”wind wind 12.36%-4.41%5.53%7.37%3.61%-3.26%-10%-5%0%5%10%15%024681020172018201920202021 2022H1营业收入（亿元）同比增长26.13%2.19%-2.43%-38.76%-14.38%8.51%-60%-40%-20%0%20%40%00.20.40.60.811.2201720182019202020212022H1归母净利润（亿元）同比增长 w

3、ind wind 40.61%39.74%36.20%30.98%33.82%29.18%19.47%17.84%12.44%6.47%5.46%0.84%0%10%20%30%40%50%201720182019202020212022H1销售毛利率销售净利率0.730.680.760.870.790.330.630.570.80.940.950.49-0.02-0.07-0.010.070.460.23-0.200.20.40.60.811.2201720182019202020212022H1销售费用管理费用财务费用 wind 21.42%-18.14%-10.96%-1.47%-12.

4、63%55.44%40.17%45.82%50.50%40.63%42.20%28.77%-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%60.00%01234567201720182019202020212022H1海洋观探测业务营业收入营业收入同比海洋观探测业务毛利率“”wind-7.02%32.27%41.48%20.71%11.67%-29.69%-40.00%-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%00.511.522.533.544.5520172

5、0182019202020212022H1智能船舶、航行业务营业收入营业收入同比 warship forecast 2018 wind wind 6.46%8.95%9.90%10.07%13.61%12.07%0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%16.00%02000400060008000100001200014000201720182019202020212022H1研发投入金额研发投入占营业收入比例46.83%47.97%55.64%63.00%60.23%0.00%10.00%20.00%30.00%40.00%50.00%60.00

6、%70.00%05010015020025030035020172018201920202021研发人员数量（人）研发人员数量占比 IDC1/5 UDCPUE1.076 90IDC15%-20%IDC1/8 10-20IDC 35kWIDC5-7 wind 资料来源：工信部、国管局、能源局，中航证券研究所整理 资料来源：各公司官网，中航证券研究所整理 资料来源：科智咨询（中国 IDC 圈），中航证券研究所整理 29.80%27.24%25.32%26.94%28.76%23.00%24.00%25.00%26.00%27.00%28.00%29.00%30.00%31.00%050010001