研報掘金丨天風證券:森鷹窗業渠道端零售加速,實現雙極增長,維持“買入”評級
格隆匯8月7日丨天風證券6日研報指出,目前森鷹窗業(301227.SZ)處於第二增長點(鋁窗品類/零售渠道)快速放量階段,接棒工程帶動成長。產品端思路明確,鋁合金窗22年收入規模倍增;渠道端零售加速,實現雙極增長。預計公司23-25年營業收入分別為11.2/14.0/16.9億元,歸母淨利潤分別為1.4/1.7/2.1億,PE分別為21X/18X/14X,維持“買入”評級。廣州擬出新規鼓勵大陽台,該文件直接利好門窗及陽光房市場需求,陽台面積擴大將帶動家裝對於門窗及陽光房產品使用場景,提升市場容量及空間。森鷹窗業主要產品包括節能鋁包木窗、鋁合金窗、幕牆及陽光房。公司在節能鋁包木窗領域品牌影響力和認知度突出,同時積極拓展鋁合金窗,完善產品矩陣。
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