中材科技(002080):業績彰顯韌性 新材料疾步向前
事件:公司發佈2022 年半年報,上半年實現營業收入99.2 億元,同增6.0%;歸母淨利潤18.7 億元,同增1.3%;扣非歸母淨利潤12.5 億元,同降13.8%。單二季度,公司營收52.6 億元,同降1.5%;歸母淨利潤11.4 億元,同降9.6%;扣非歸母淨利潤6.5 億元,同降37.0%。點評:玻纖高景氣支撐公司盈利韌性:22H1,得益於下游熱塑產品市場需求旺盛以及海外需求恢復,玻纖行業維持高景氣。公司及時調整、優化玻纖產品結構,累計銷售玻璃纖維及其製品51.5 萬噸,尤其把握海外市場需求恢復機遇,出口銷量同比增長15%以上。上半年,公司玻纖業務營業收入約44.6 億元、淨利潤15.4億元;毛利率37.89%,同減5.91pct。毛利率下滑主要由於自22Q2 開始,玻纖價格出現向下調整。以長海纏繞直接紗2400tex 為例,2022.5.5 售價為6000元/噸,2022.8.12 降至4950 元/噸。展望22H2,我們認為粗紗價格有望保持較強韌性,但由於供給端快速上量,供需格局總體或維持弱平衡狀態。風電葉片業務暫時承壓,蓄勢待發:報吿期內,風電招標價格維持低位,同時大宗原材料價格居高不下,公司風電葉片產品盈利遭遇挑戰。公司合計銷售風電葉片5GW,同比增長10.3%;實現銷售收入24.4 億元,同降19.82%;淨利潤1304.4萬元,同降96.05%;毛利率7.45%,同減14.32pct。不過面對挑戰,公司憑藉技術優勢,順應風葉大型化、輕量化發展趨勢,相繼推出Sinoma84.3、Sinoma93.2 等90 米級別型號產品;並啟動建設陝西榆林、新疆伊吾及廣東陽江3 個國內生產基地及巴西海外生產基地,逆勢進行產能擴張。鋰膜業務快速擴展,成長可期:截至報吿期末,公司擁有山東滕州、湖南常德、湖南寧鄉和內蒙呼和浩特4 個生產基地,合計產能13 億平米,覆蓋了國內外主流鋰電池客户市場。公司通過優化生產工藝,產品A 品率穩步提升,單位成本下降20%以上,並堅持技術創新,高附加值產品佔比增長顯著。22H1,公司銷售鋰電池隔膜5 億平米,實現銷售收入6.9 億元,淨利潤1.4 億元。“十四五”期間,公司規劃形成N 個10 億平米級產能生產基地,向百億級收入規模進軍。盈利預測與估值評級:玻纖高景氣態勢仍在持續,公司在風電葉片、鋰電隔膜以及高壓複合氣瓶(22H1 實現營收4.8 億元,同增84%)等新能源材料領域的佈局不斷深入,未來成長看點十足。我們維持公司22-24 年EPS 分別為預測分別為2.27、2.39、2.92 元,繼續看好公司長期成長性,維持“買入”評級。風險提示:玻纖需求不及預期,風電葉片和玻纖價格下跌風險,風電葉片及鋰電池隔膜產能推進不及預期,原材料價格上漲等風險。
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