研報回顧|2019.10.31覆蓋科利達:電池精密件業務龍頭,供應商關係穩定
回首歷史,展望未來。
今天讓我們繼續來回顧過往研報覆蓋的成功案例:
1)股票代碼:科利達(002850.SZ),自覆蓋以來漲跌幅為+76.8%,區間最高價達56.5元/股。
2)動力電池細分領域龍頭企業,行業地位無人撼動。



3)公司介紹
該公司是一家以鋰電池精密結構件業務為核心、汽車結構件業務為重要構成的國內領先精密結構件產品研發及製造商。
憑藉着強大的技術優勢和深厚的優質客户資源積累,公司成功先發進入新能源汽車動力鋰電池精密結構件領域,並已佔據了有利的市場地位。
其產品被廣泛應用於便攜式通訊及電子產品、汽車及新能源汽車、電動工具、儲能電站等眾多行業領域。
4)公司第三季度報告簡評

公司披露三季報,公司2019年前三季度實現營業收入17.0億元,同比增長26.34%;
歸屬於上市公司股東的淨利潤1.47億元,同比增長234.74%;
歸屬於上市公司股東的扣除非經常性損益的淨利潤1.37億元,同比增長384.58%;
基本每股收益0.70元。
5)公司所處行業報告
國內圓柱電池趨於退潮,海外依靠特斯拉仍佔據較大份額
行業壁壘形成,競爭格局穩定

鋰電精密結構件未來五年複合增速接近30%,科達利是細分領域龍頭
預計2025年全球新能源車銷量近1500萬輛,2018-2025年複合增速32%。
行業後入者綜合能力難以撼動龍頭地位
(1)高端設備採購和原材料開發緊缺,新進廠商難擴產。
(2)認證週期長+前期開發投入大,短期後入者難有競爭力。
(3)規模優勢加大工藝改進投入和成本攤薄下降。
(4)生產基地貼合客户,與客户形成長期綁定,其餘競爭者難再就近建廠。
鋰電結構件行業分層嚴重,龍頭有望受益於全球化採購。
6)公司歷史財務數據



原文鏈接如下:https://www.gelonghui.com/p/318688
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