研報掘金丨國海證券:首予山東威達“買入”評級,靜待第二曲線打開
國海證券研報指出,山東威達系電動工具鑽夾頭隱形冠軍,根據大衆網,公司鑽夾頭自2001年起全球市佔率第一、2024年達50%。上市後,公司一方面橫向拓展電動工具配件業務,實現各類配件一體化協同生產,並投建越南、墨西哥基地以加強出口;另一方面收購上海拜騁、蘇州德邁科、濟南一機等公司,切入電池包及充電器、新能源汽車換電站、數控機牀等新興領域。2024年,全球電動工具景氣度復甦,疊加子公司產品、客戶突破,公司實現歸母淨利潤3.01億元,同比增長81.9%。伴隨海外基地投產和新興業務催化落地,公司業績有望持續增長。考慮到全球電動工具週期向上,公司配件龍頭優勢穩固,且新興業務催化不斷落地,有望打開第二曲線,預計公司營收和盈利能力有望在2025-2027年持續增長。首次覆蓋,給予“買入”評級。
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