研報掘金丨東吳證券:中熔電氣Q2業績略亮眼、略超預期,維持“買入”評級
東吳證券研報指出,中熔電氣25Q2業績略亮眼、略超預期。公司預告25H1歸母淨利潤1.2-1.5億元,同比+85%~130%;其中Q2歸母淨利潤0.62~0.92億元,同比增64%~143%,環比增6%~57%。國內電動車25H1銷量高增、且激勵熔斷器滲透率不斷提升。考慮高壓快充車型滲透率持續提升,公司25年激勵熔斷器仍有望保持翻番以上增速,且歐洲電動車銷量增速恢復,25年1-5月銷量142.3萬輛,同比+25%,公司海外熔斷器定點開始逐步起量,我們預計Q2公司車端熔斷器收入增長50%+,且隨着稼動率提升,淨利率大幅提升。預計25年光伏預計裝機290GW,同比+5%;儲能120-130GWh,同比增20%,強制配儲取消後,內蒙、河北等地區共享儲能需求旺盛,2H預計儲能需求環比仍可穩健向上,且公司供貨特斯拉上海工廠,已穩健爬坡。公司聚焦高盈利產品,預計全年新能源營收和毛利率基本穩定。考慮25年依賴國內電動車銷量高增,公司新能源熔斷器銷量增勢穩健,目標價122元,維持“買入”評級。
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