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國金證券 |維持東材科技“買入”評級,整體弱復甦看好中高端產品放量

業績簡評

8月17日,東材科技發佈2023年上半年報,公司2023年上半年實現營業收入18.29億元,同比-0.31%,實現歸母淨利潤2.20億元,同比-15.97%。

經營分析

23年需求弱復甦,公司產品價格和原材料價格均有所回落。報吿期內,公司電工絕緣材料業務和新能源業務實現營業收入8.65億元(同比-1.8%);光學膜材料業務實現營業收入4.69億元(同比-9.98%);電子材料實現營業收入4億元(同比+10.5%);環保阻燃材料實現營業收入0.52億元(同比+4%),公司主要原材料PET、MEG、PTA價格整體回落,產品價格層面,公司主要產品價格亦呈現回落趨勢,且回落幅度略大於原材料價格回落幅度。

光學基膜、電子樹脂產能擴張,品種結構持續優化。光學基膜方面,公司目前產能約10萬噸,後續擴產至20萬噸,主要定位於製造MLCC離型膜基膜、高端抗蝕幹膜基膜、偏光片離保膜基膜等產品,提升公司在中高端領域的綜合配套能力。電子樹脂方面,公司5200噸高頻高速樹脂、6萬噸環氧樹脂項目和16萬噸高性能酚醛樹脂及甲醛項目逐步投產,伴隨着上述項目的放量,公司業績將持續增長。

盈利預測、估值與評級

原料價格有所回落,需求端有所復甦,我們修正公司2023-2025年歸母淨利潤分別為4.63(-14.9%)、6.42(-12.05%)和8.47(-13.92%)億元;EPS分別為0.51、0.70和0.92元,對應PE分別為24.22X、17.47X和13.23X。維持“買入”評級。

風險提示

電子樹脂產能建設不及預期;電子樹脂放量節奏不及預期;光學膜需求不及預期;產品競爭格局惡化

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