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研報掘金丨長江證券:首予燦勤科技“買入”評級,5G-A週期向上,HTCC新增成長

長江證券日前研報指出,燦勤科技爲高端電子陶瓷領軍企業。覆盤公司歷史財務數據,濾波器產品常年收入佔比超過80%,週期性較強,與運營商無線通信資本開支高度相關,稼動率對其毛利率影響顯著,具備較強利潤彈性。2025年,受運營商5G-A資本開支影響,公司主業濾波器週期向上,有望實現大幅增長;HTCC產能預計於2025年陸續釋放,新增消費電子業務提升公司成長性,改善公司未來業績穩健度,未來亦有望應用於機器人等諸多領域。覆盤公司財務數據,認爲稼動率對公司盈利能力影響較大,在收入高速增長、稼動率提升時,或迎毛利率改善、費用率下降,淨利率提升。首次覆蓋,給予“買入”評級,重點推薦。

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