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研報掘金丨天風證券:驕成超聲成功將業務拓展到汽車線束焊接,長期發展空間廣闊
格隆匯7月5日丨天風證券4日研報指出,驕成超聲(688392.SH)在超聲波領域具有深厚的技術實力,鋰電超聲焊接設備在下游終端客户的同類設備中佔比逐漸提升,現階段在寧德、比亞迪新增產線市佔率均超過50%。依靠在超聲波領域技術優勢,公司成功將業務拓展到汽車線束焊接、IGBT功率模塊焊接、無紡布焊接領域,未來有望從單一鋰電設備公司轉型成超聲波設備方案解決商,長期發展空間廣闊。認為設備端將率先受益下游投資建設放量。公司滾焊設備技術指標行業領先,同行業中尚未有其他顯著競爭者。考慮股權激勵的因素,將23-24年的歸母淨利潤由2.18、3.76下調至1.95、3.29億元,預計25年公司歸母淨利潤為5.09億元,對應增長率為75.6%、69.3%以及 54.7%。認為公司是鋰電設備領域同時具備“細分賽道龍頭”與“新技術藍海”的優質標的,在複合集流體從0-1的階段公司業績有望伴隨滲透率提升而增厚,且公司是稀缺的超聲波設備龍頭。
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