研報掘金丨信達證券:予臺華新材“買入”評級,協同效應與成本優勢顯著
信達證券研報指出,臺華新材作爲錦綸全產業鏈龍頭,通過垂直一體化佈局形成從紡絲、織造到染整的完整產業鏈,協同效應與成本優勢顯著。財務方面,近年來公司盈利穩健增長,毛利率持續提升,現金流創造能力較強,研發費用率長期維持5%以上,持續鞏固產品技術壁壘。客戶結構方面,公司深度綁定迪卡儂、伯希和等頭部品牌,並通過終端反饋機制強化定製化服務能力,爲後續高端市場拓展奠定基礎。供需結構優化+成本端改善,錦綸產品滲透率提升空間廣闊;技術+產能雙輪驅動,再生材料打開第二成長曲線。考慮到公司受益於自身產品差異化定位及未來增量產能帶來的盈利空間增長,2025-2027年公司業績空間有望打開,給予公司“買入”評級。
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