研報掘金丨中金:首予東陽光“跑贏行業”評級,目標價12.5元
中金公司研報指出,東陽光(600673.SH)是全球化成箔龍頭,同時擁有稀缺的三代製冷劑配額及高價值的隔膜塗覆PVDF產能。2025 年公司各業務所處行業均處於邊際向上態勢,化成箔-電容板塊在“以舊換新”政策延續及電價下行趨勢下需求及成本端有望迎來顯著改善。製冷劑進入配額期帶來的價格上行及氯鹼業務利潤修復或使公司利潤端進入高速上行區間,同時煤炭、正極材料等業務有望減虧帶來預期差。公司各項業務均處於邊際向好態勢,化成箔、能源材料有望帶來超預期的利潤彈性,給予公司目標價12.5元,對應2025年P/E爲30.4倍,較當前股價有12.8%上行空間,首次覆蓋給予“跑贏行業”評級。
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