研報掘金丨長江證券:中材科技被低估的全球稀缺龍頭,建議買入
長江證券研報指出,中材科技(002080.SZ)被低估的全球稀缺龍頭,前期投入進入回報期。參考日本日東紡,2024年電子材料(特種玻纖爲主)收入約20億元,經營利潤率約34%,收入和經營利潤率均大幅改善。日東紡表示第二代低介電產品需求增速超出預期,公司產能會逐步增加,同時公司低膨脹纖維布產能未來兩年較難增加,無法滿足市場需求。而中材科技已進入特種玻纖布產能擴張、加速放量階段,特種玻纖布業務未來發展可期:一是產能快速擴張,全球市佔率提升,預計2026年底單月產能約600萬米;二是產品持續升級,均價有望提升,將對公司業績形成顯著拉動。公司主營業務玻纖處於週期相對底部,葉片今年處於景氣上行週期,在此基礎上特種玻纖布迎來規模放量,預計公司2025-2026年業績約18.5、22.0億元,對應14、12倍,建議買入。
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