研報掘金丨中信建投:中鎢高新有望持續保持競爭力,首予“買入”評級
中信建投證券研報指出,中鎢高新(000657.SZ)發佈2024年業績預吿,利潤大幅增長主要系柿竹園並表,扣非利潤下滑主要由於硬質合金原材料升價及競爭加劇。中鎢高新是我國硬質合金刀具搖籃,產品定位中高端,在航空航天等關鍵領域不斷實現國產替代。此外, 隨着託管鎢礦山的不斷注入,公司的鎢產業佈局向上遊資源端延伸,形成了集鎢礦山、鎢冶煉、硬質合金及深加工為一體的完整鎢產業鏈,在利潤保障、源頭研發等方面更有優勢,有望持續保持競爭力。考慮到公司的行業龍頭地位,以及礦山較好的盈利能力,首次覆蓋,給予“買入”評級。
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