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研報掘金丨東吳證券:首予震裕科技“買入”評級,目標價147元
格隆匯 06-20 15:49

東吳證券研報指出,震裕科技深耕精密製造行業近三十載,立足精密模具拓展精密結構件,業績強勢增長。當前電機鐵芯已成為國內龍一,鋰電結構件成為行業龍二,實現營收利潤快速增長。公司24年營收71億元,5年CAGR達43%,其中精密結構件(電機鐵芯+鋰電結構件)收入佔比提升至80%+,24年公司歸母淨利潤達2.54億,同增494%,毛利率由12%提升至14%,公司通過降本增效提高結構件盈利能力,業績拐點已現。此外公司24年進一步拓展機器人業務,精密加工能力賦能絲槓生產,25年起有望貢獻增量,遠期空間巨大。考慮公司主業盈利拐點明確,增速快於行業,給予主業2025年20XPE,且機器人技術實力、客户卡位領先,給予機器人業務2030年10XPE,對應目標價147元,首次覆蓋給予“買入”評級。

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