研報掘金丨招商證券:生益科技成長屬性凸顯,維持“強烈推薦”評級
招商證券研報指出,生益科技(600183.SH)24全年利潤高增長。全年收入203.9億同比+22.9%,歸母淨利17.4 億同比+49.8%。其中子公司生益電子收入同比實現較大增長,產品結構持續優化,AI相關領域需求快速增長,疊加降本增效,實現淨利潤扭虧爲盈。24Q4 利潤環比下滑主因新品研發配套投入增加,而公司訂單和稼動率趨勢向上。25Q1 訂單結構延續優化趨勢,且行業漲價情緒較濃。認爲CCL行業短期景氣持續回暖,公司客戶及產品矩陣優秀,稼動率望保持在較高水平,且公司成長屬性凸顯,看好其高端產品在AI算力、端側、自主可控等領域不斷取得新進展,驅動新一輪高質量成長。堅定看好公司技術引領、管理能力及核心卡位,中長線有望超預期兌現,維持“強烈推薦”評級。
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