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研報掘金丨民生證券:維持禾盛新材“推薦”評級,看好公司業務前景

民生證券研報指出,禾盛新材上半年歸母淨利潤預計實現0.92~1.04億元,同比增長50.0%~70.0%。單季度看,歸母淨利潤實現0.41~0.53億元,同比增長22.7%~59.4%,主要由於公司加強管理,帶動產品毛利率較上年同期增長。AI子公司斬獲多個訂單,適配多款國產GPU;對外投資熠知電子,打通AI產業鏈。認爲基於海曦技術與熠知電子業務的協同性和互補性,熠知電子能夠支撐海曦技術在價格敏感、散熱敏感的各種小場景採用ARMCPU作爲AI設備的運算核心;海曦技術則可以助力熠知電子的產品更快更廣泛地觸達下遊客戶。考慮禾盛新材通過多年的精細化運營,同時子公司海曦技術有望受益於國產AI大模型,認爲公司主業在行業政策支持下有望穩步增長,子公司海曦技術在人工智能、雲計算、5G等產業趨勢下,相關訂單有望加速落地。看好公司業務前景,維持“推薦”評級。

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