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研報掘金丨中泰證券:首予聖泉集團“買入”評級,有望打開長期成長空間
格隆匯 02-17 15:34
中泰證券研報指出,聖泉集團(605589.SH)作爲合成樹脂領軍企業,傳統酚醛、鑄造等樹脂材料貢獻穩定利潤,電子化學品、生物質化工及新能源材料等領域多點發力,有望打開長期成長空間,首次覆蓋,給予“買入”評級。2010-2023年,公司營收自30.6億增長至91.2億,CAGR+8.8%;歸母淨利自2.6億增長至7.9億,CAGR+9.0%。公司研發費用率長年保持在4%-5%,2023年研發人員數量佔比17.1%。2023年行業CR5 約60%,競爭較充分,表現爲低端產能相對過剩、高端供給不足的特點,未來高端產品仍有進一步國產替代空間。此外,公司雙馬樹脂已實現批量供貨,並適時啓動1000噸雙馬樹脂、2000噸碳氫樹脂項目,未來電子化學品業務綜合競爭力有望持續提升。公司球形多孔碳技術全球領先,產品孔結構均一可控、抗膨脹性能卓越,目前擁有300噸多孔碳材料產能,並計劃於2025年投產1000噸產線,有望進一步鞏固市場先發優勢。
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