研報掘金丨華源證券:華峯鋁業營收連續多年高增長,首予“買入”評級
華源證券研報指出,華峯鋁業(601702.SH)為鋁熱傳輸材料龍頭,營收連續多年高增長。行業產能擴張持續驗證景氣度,公司產能規劃領先盈利能力強。2023 年國內擬建和在建鋁板帶箔項目規模達551 萬噸,持續驗證行業景氣度。鋁熱細分行業中,格朗吉斯與創新新材達成協議,建設年產32 萬噸項目;銀邦股份擴產35 萬噸項目;公司重慶二期擴產15 萬噸。產銷比於2023 年已達98.75%;同時,公司2023 年淨利率為9.7%,領先同行業平均水平。作為國內鋁熱傳輸材料龍頭,公司受益新能源汽車鋁熱材料用量增長和傳統車出海景氣傳導,儲能、數據中心、空調有望賦能遠期空間。首次覆蓋,給予“買入”評級。
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