研報掘金丨東吳證券:維持蔚藍鋰芯“買入”評級,目標價20元
東吳證券研報指出,蔚藍鋰芯H1實現歸母淨利3.0-3.6億元,同增79%~115%;其中Q2實現歸母淨利1.6-2.2億元,同增63%~125%,環增11%~54%,Q2業績超市場預期。出貨方面,25年H1出貨超2億顆,同增20%,其中Q2出貨1.7-1.8億顆,同環比+75%/+30%,預計全年出貨7億顆,同增60%。盈利方面,鋰電Q2貢獻利潤1億+,單顆盈利增至0.6元,環增50-60%,表現超市場預期,系產品漲價+稼動率提升,隨着馬來工廠Q3產能釋放,預計全年單顆盈利0.5元+,貢獻利潤4億元。公司LED業務25Q2貢獻利潤超5千萬元,環增15%,盈利表現亮眼。此外,公司新領域佈局放量在即,推出半固態圓柱新品。給予25年30xPE,對應目標價20元,維持“買入”評級。
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