高測股份(688556.SH):2023年金剛線出貨突破3300萬公里,已超過2022年全年出貨量
格隆匯8月1日丨高測股份(688556.SH)近期在接待機構投資者調研時表示,截至2023年7月21日,公司2023年金剛線出貨突破3300萬公里,已超過2022年全年出貨量。目前公司金剛線的出貨結構仍以36μm、34μm及以下線型為主,其中34μm及以下線型出貨佔比70%以上,30μm線型金剛線已在客户端推廣驗證。2023年一季度公司金剛線毛利率達到52.20%,相比2022年度提升9.1個百分點。金剛線行業頭部企業毛利率相對較高,主要原因在於金剛線生產具有較高的技術壁壘,而技術壁壘會帶來相應的技術溢價。
回顧近幾年金剛線行業的發展歷程,其實在各個階段都存在細線化產能緊缺而名義產能相對過剩的狀態,頭部企業因其技術優勢始終保持了較高的毛利率。目前金剛線市場需求持續旺盛,金剛線供應產能擴張節奏也比較快,但細線化供應始終緊缺。在光伏行業降本增效的趨勢下金剛線的價格處於下行趨勢,但基於細線化迭代能力、產品一致性等技術壁壘帶來的金剛線差異化競爭,我們認為具有技術優勢的企業將充分受益,金剛線行業毛利率分化趨勢將會更加明顯。
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