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研報掘金丨中金:維持新和成“跑贏行業”評級,目標價28元
格隆匯 04-15 14:40

中金公司研報指出,新和成(002001.SZ)2024年業績&1Q25業績預告符合我們預期。隨着公司15 萬噸蛋氨酸產能釋放,2024 年蛋氨酸銷量同比大幅增加;同時由於海外裝置減產、下遊需求回暖,以及行業保持良好的競爭,2024年國內蛋氨酸市場均價同比上漲14%至20,970 元/噸,目前國內蛋氨酸價格22,000元/噸,仍保持較好盈利水平。我們預計公司與鎮海煉化合資建設的18萬噸液體蛋氨酸(折純)項目有望於2Q25試車投產,產能釋放後2025 年公司蛋氨酸銷量或將繼續增長。新材料方面,2024年公司PPS新領域應用持續開拓,HA項目產品實現生產銷售,天津尼龍新材料項目正推進大生產審批,認爲存量產品的下遊需求增長以及新產能陸續釋放,有望驅動公司長期成長。維持“跑贏行業”評級,目標價28元。

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