研報掘金丨華泰證券:維持中國巨石“買入”評級,目標價16.4元
華泰證券研報指出,25Q1中國巨石(600176.SH)毛利率/歸母淨利率30.5%/16.3%,同比+10.4/+5.9pct,毛利率呈逐季度改善趨勢,25Q1以來公司針對風電紗、熱塑紗等產品復價陸續落地,同時海外市場復價穩步推進,預計25Q2公司盈利能力有望延續同比提升。據卓創資訊,截至25年3月底公司電子紗/布產能27萬噸/10億米,均位列國內第一,且公司正積極開展低介電產品的研發,未來有望持續受益於電子等新興行業景氣度及需求提升。考慮公司規模穩定擴張,風電、熱塑等高端產品佔比更高且成本優勢更明顯,同時具備海外本土化工廠優勢,維持給予公司25年20xPE,維持目標價16.40元,維持“買入”評級。
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