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石英股份(603688):光伏高純砂高景氣 半導體迎加速期
格隆匯 08-19 00:00
投資要點公司公佈2022 年半年報,單二季度同環比量價齊升,盈利創新高。2022 年H1 實現收入6.97 億,同比增長58%,歸母淨利潤2.88 億,同比提升156.4%,扣非後淨利潤2.89 億,同比增長180.3%。單Q2實現收入4.37 億,同比增長87%,歸母淨利潤2.01 億,同增187%。光伏高純石英砂:需求高增,疊加新產能逐步釋放,上半年實現收入3.5 億元左右,同比大幅增長213%。量:上半年公司順利新投產2 萬噸光伏高純砂產能,Q2 末2 萬噸二期項目基本實現達產,Q2 石英砂外銷約1 萬噸,環比Q1 翻倍增長。短期看,預計下半年硅料逐步投產,將帶動高純石英砂直接需求快速提升,公司60000 噸/年三期項目建設亦有望快速推進,以優先滿足光伏領域需求。從長期維度看,據行業專家預計,到2030 年末光伏行業總裝機容量還有10 倍的增長空間。我們認為,在全球傳統能源價格暴漲和碳中和政策催化下,光伏發電可再生和性價比優勢凸顯,光伏終端潛在裝機需求有數量級提升的增長空間,產業鏈條對石英砂材料的需求有望保持高增長。利:光伏高純砂行業供不應求,客户訂單以鎖量不鎖價為主,年內或有望迎來新一輪調價。成本雖受海運費和人工費漲價,但礦源價格基本鎖定,預計毛利率超60%。未來公司光伏級內層砂佔比將進一步提升,半導體級石英砂亦有國產替代潛力,整體均價和盈利水平有望繼續保持高位。半導體石英材料:需求快速放量,上半年收入達到1.1 億元左右,同比增長64%,主要產品盈利水平明顯優於同期。半導體領域是石英材料更廣闊的市場發展方向。目前公司在半導體石英材料的市場佔有率較低,還處於起步發展階段。受益於公司多年來持續的研發投入,在通過日本東京電子、美國LAM 半導體產品認證的基礎上,公司加快推進國際及國內其他主流半導體設備商的產品認證,進一步滿足國內外市場及國產化需求。預計6000 噸/年電子級石英產品項目2022 年10月達產,將繼續支撐未來客户訂單銷售增長,預計公司半導體石英業務迎來加速期。【投資建議】公司作為高純石英砂及石英玻璃龍頭標的,擁有的稀缺石英石原料供應資源和電熔石英玻璃加工能力。隨着下游需求不斷增長,行業產能瓶頸更加明顯,公司對高純石英砂具備一定定價能力,盈利能力有望提升。預計公司2022-2024 年營業收入分別為 21.38/39.83/56.21 億元,歸母淨利潤分別為9.21/20.28/30.16 億元,對應 EPS 分別為 2.58/5.69/8.46 元/股,對應PE 分別為53/24/16 倍,給予公司“增持”評級。【風險提示】石英砂景氣度不如預期;行業競爭格局加劇;公司項目投產進度不如預期。
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