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研報掘金丨華源證券:首予安泰科技“增持”評級,特粉+非晶+核聚變三大業務“迎風來”

華源證券研報指出,安泰科技爲中國鋼研集團金屬新材料產業化平臺,“2+3+4”體系構築下多譜系業務共振發展。“十四五”經營業績穩步提升,2024提質增效股份轉讓致業績大幅增長。2025Q1公司提質增效持續推進,營運能力持續向好。報表端公司營運能力持續向好,三項費用佔營收比重波動下降,2025Q1指標達6.17%,較去年同期下降0.95個百分點,提質增效成果顯著。新興業務端,2025年及“十五五”階段公司積極佈局“第二增長曲線”,重點佈局特粉、非晶、可控核聚變三大業務,預計伴隨產業高景氣度產品將實現快速放量。考慮到安泰科技多項業務板塊有望進入放量節點,給予公司一定估值溢價,首次覆蓋給予“增持”評級。

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