研報掘金丨申萬宏源:維持昊華科技“增持”評級,製冷劑產品量價齊升
申萬宏源研究指出,昊華科技預計上半年實現歸母淨利潤5.90-6.50億元,同比增長59-76%(重述前),同比增長10-21%(重述後)。其中,25Q2單季度預計實現歸母淨利潤4.05-4.65億元,環比增長119-151%。製冷劑產品量價齊升,特品業務訂單逐步恢復,民品領域市場逐步打開,25Q2業績環比顯著增長。24以來公司特品領域受到客户定價、結算機制改革以及政策性等因素影響,訂單顯著下滑,導致相關子公司營收、利潤快速下滑,但25Q2以來訂單逐步恢復,預計25H2有望對業績帶來更好的支撐。近年來,公司高端製造化工材料產品進一步向民品領域拓展,如海化院的海洋塗料、航空塗料,西北院的密封型材,曙光院的航空輪胎,黎明院的聚氨酯材料等產品進展顯著,民品領域的快速拓展有望成為板塊增長新動能。公司2025年7月18日PB估值為1.90X,自2022年7月21日至今三年平均PB估值中樞為3.67X,維持“增持”評級。
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