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今日,聯化科技高開高走,盤中一度漲停實現9天7板,尾盤跳水,最新漲5.11%,報14.8元/股,總市值134.9億元。

自5月27日以來的10個交易日內,聯化科技的股價累計漲超126%。

能否受益漲價?
聯化科技的這一輪暴漲始於化工同行的一次爆炸,且公司基本面出現改善,還與CRO、新能源等熱點概念有關聯。
5月27日,友道化學的硝化反應釜發生爆炸事故,引發業內對氯蟲苯甲酰胺的供應擔憂。
據瞭解,友道化學是全球最大的氯蟲苯甲酰胺(商品名康寬)原藥生產企業,產能達1.1萬噸/年,同時擁有5000噸/年K胺產能。
爲了保供應,相關企業必須加大對氯蟲苯甲酰胺的農藥中間體K胺的採購。
受此影響,K胺的價格從事故前約13-15萬元/噸飆升至26-28萬元/噸,一週內翻倍,並預期三季度或將突破40萬元/噸。
聯化科技主要從事農藥、醫藥中間體的生產與銷售,公司K胺產品生產歷史已超十年,且專利期產品佔比可觀。
不過,令人關注的是,聯化科技的業績能否受益於價格上漲?
畢竟,聯化科技的K胺只向單一客戶供貨,不對外供貨,且目前尚未收到該客戶需求增加的通知。
同時,聯化科技與該客戶約定的是長協價格,定價模式爲成本加成,即在材料人工等成本費用上收取合理穩定的加工費毛利。
聯化科技也坦言,此次爆炸事件對公司影響有限。
儘管如此,市場依然非常“上頭”。有分析認爲,即便在協議框架下,聯化科技仍可通過三重路徑受益:成本轉嫁、產能優化和技術壁壘。
原料硝酸價格從2000元/噸漲至5000元/噸,公司可申請成本聯動調價;
產能利用率若從35%提升到80%,單噸成本可降12%;
其微通道連續流工藝的安全優勢更是形成護城河。
淨利暴增17倍
除了短期消息面,聯化科技的業績改善明顯,今年一季度的淨利潤暴增17倍之多。
聯化科技2024年實現營收56.77億元,同比下降11.88%;歸母淨利潤爲1.03億元,同比增長122.17%。
今年一季度實現營收15.10億元,同比增長3.02%;歸母淨利潤爲0.5億元,同比增長1747.04%。

業績改善主要系,聯化科技的植保板塊自2024年底修復毛利率企穩,醫藥板塊穩步發展。
除了植保和醫藥,聯化科技正在以電解液等產品爲切入點,逐步進入新能源行業。
目前已實現電解液產品的穩定供應,並逐步提升產量,電解質、添加劑及正極材料的新能源系列產品均實現穩定的商業化交付。
聯化科技預計,今年新能源業務的營收有望實現突破。
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