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研報掘金丨財通證券:光伏鎢絲高景氣,鎢鉬板塊定增擴產,首予廈門鎢業“增持”評級
格隆匯5月24日丨廈門鎢業(600549.SH)2023年 1-4月實現細鎢絲銷量197.83億米,同比+301.7%,環比+48.5%;5月18日發佈定增預案,募集不超過 40 億元。財通證券研報23日指出,在技術和產能優勢下,公司在光伏鎢絲替代高碳鋼絲窗口期加速搶佔份額,1-4月實現光伏鎢絲銷量158億米,同比+695%,環比+78%。光伏鎢絲賽道景氣度高,公司作為細鎢絲龍頭,兼具技術和產能優勢,業績表現亮眼。另外,公司發佈40億定增預案,鎢鉬板塊擴產加碼。公司房地產業務有望加速剝離,盈利改善可期。公司是鎢鉬、稀土和正極材料三大業務驅動的新材料平台,三大業務均處於擴產期,未來成長空間有望打開。當前光伏鎢絲景氣度高,公司憑藉技術和產能優勢有望在替代窗口期佔取份額,為公司貢獻盈利彈性。首次覆蓋,給予“增持”評級。
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