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研報掘金丨開源證券:新鋭股份業績短期承壓,進軍數控刀具領域,產能有望持續釋放
格隆匯 07-21 13:48
格隆匯7月21日丨開源證券20日研報指出,新鋭股份(688257.SH)營收增長良好,但收購惠灃眾一、江儀股份後並表引起三費率增加,業績短期承壓。該行略下調盈利預測,預計公司2023-2025年歸母淨利為2.03/2.62/3.20億元(前值2.20/2.93/3.53億元);對應EPS1.56/2.02/2.46元;當前股價對應PE17.2/13.3/10.9倍。公司刀具產業鏈中下游佈局完整,進軍數控刀具領域,產能有望持續釋放,將受益工業母機數控化、刀具國產化雙輪驅動。故維持“買入”評級。
公司業務佈局涵蓋硬質合金產業鏈多領域中下游,通過收購株洲韋凱(數控刀具)、惠灃眾一(頂錘式衝擊釺具、鑿巖工具)、江儀股份(石油儀表),完成產業鏈縱、橫發展,放大業務協同。公司為中高端硬質合金國產替代主力軍之一;入局數控刀具後有望受益工業母機數控化、刀具國產化雙輪驅動;在下一代刀具材料金屬陶瓷材料方面,公司也已開發出金屬陶瓷棒材、數控刀片、軸承刀片等多種產品。持續看好中高端硬質合金及數控刀具國產化下的業績增量。
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