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盛德鑫泰(300881):業績符合預期 產品高端化持續進行
格隆匯 08-05 11:40
本報吿導讀: 公司2022年上半年業績符合預期。公司產品高端化不斷進行,毛利率在2022年上半年顯著提升,我們預期隨着公司產品結構優化的持續,公司盈利能力將穩步提升。 投資要點: 維持“增持”評 級。公司2022 年上半年實現營收5.74 億元,同比上升15.57%,實現歸母淨利潤0.29 億元,同比上升35.54%,公司業績符合預期。維持公司2022-2024 年EPS 為0.62/0.77/0.86 元的預測,對應歸母淨利潤分別為0.62、0.77、0.86 億元。維持公司目標價32.76 元,維持“增持”評級。 產品高端化效果顯著。2022 年上半年公司銷售毛利率為14.08%,同比上升2.5 個百分點。通過增加高端不鏽鋼系列產品的銷售佔比,公司產品的高端化不斷推進,帶來公司盈利能力的上升。公司原產能10 萬噸左右,募投項目4 萬噸產能中高端不鏽鋼無縫管產能為5000 噸,23 年募投產能投產後,公司高端產品佔比將繼續提升。 成本對業績的壓制已經解除。公司原材料成本佔比達75%以上,原材料特別是鋼管管坯價格的波動對公司業績有較大影響。21 年雖然公司原材料鋼材價格持續上漲影響,但通過拓寬原料採購渠道等措施,公司有效降低了成本上漲帶來的影響。22 年年中以來,鋼材價格走勢相對平穩,我們預期公司原材料壓力已經解除。 小口很高壓鍋爐管國內領先。公司主要產品為不鏽鋼和合金鋼鋼管、鋼格板,2019-2021 年公司小口徑電站鍋爐無縫管產量位列國內前三,2021 年公司電站鍋爐用小口徑合金鋼管市佔率接近50%。公司注重研發,不斷研製各類高端鋼管、優化產品結構,我們預期公司整體競爭力將不斷增強。 風險提示:原材料價格大幅上升,募投產能投產進度不及預期。
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