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海優新材(688680)產能持續擴張 預計2022H1盈利同比大幅增長
格隆匯 07-21 00:00
預計2022H1 歸母淨利潤同比大幅增長。公司發佈2022 年上半年業績預吿,預計2022H1 實現收入27-29 億元,同比增長123.21%-139.75%;實現歸母淨利潤2.0-2.2 億元,同比增長151.97%-177.17%。公司新增產能持續推進,銷量較快增長,市佔率穩步提升。公司可轉債完成發行。公司完成發行6.94 億元可轉債(69.40 萬手),計劃於2022 年7 月21 日上市。可轉債存續期為2022 年6 月23 日-2028 年6 月22日,轉股期從2022 年12 月29 日開始,初始轉股價217.42 元/股。膠膜產能繼續擴張。此次可轉債募集資金擬用於3.5 億平米光伏封裝膠膜項目及補充流動資金,包括:(1)江蘇鹽城年產2 億平項目,項目總投資4.59 億元;(2)江西上饒年產1.5 億平項目,項目總投資3.62 億元。公司光伏膠膜產能持續擴張,貢獻業績增量。2021 年,公司上海、江蘇泰州、江西上饒工廠新增產能投放,膠膜產能明顯提升,全年產量2.51 億平米,同比+53.83%;銷量2.46 億平米,同比+51.26%。新增產能貢獻業績增量,2021年公司實現營業收入31.05 億元,同比+109.66%;歸母淨利潤2.52 億元,同比+12.97%,收入、歸母淨利潤均創歷史新高。根據公司投資者關係互動平台,2022 年公司膠膜產能繼續穩步擴張,預計2022 年預估產能達到4.87 億平米以上。光伏行業高景氣,推動膠膜需求量維持較快增長。“雙碳”目標下,我們預計光伏行業有望迎來景氣週期。根據中國光伏行業協會數據,2021 年全球新增光伏裝機170GW,預計到2025 年全球新增光伏裝機270-330GW,年複合增長率12%-18%。光伏行業高景氣,帶動光伏膠膜需求快速增長。盈利預測與投資評級。我們預計公司2022-2024 年歸母淨利潤分別為5.38 億元、7.97 億元和9.78 億元,EPS 分別為6.41、9.49、11.64 元,2022 年BPS為32.58 元,給予其2022 年32-35 倍PE,對應合理價值區間205.12-224.35元(2022 年PB 為6.3-6.9 倍),維持“優於大市”評級。風險提示:光伏新增裝機量不及預期;公司產能擴張不及預期;上游原材料價格大幅上漲。合規提示:根據海優新材2021 年報,海通證券自營持有【688680 海優新材】超過總股本1%,特此披露。
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