研報掘金丨東海證券:首予廣信股份“買入”評級,行業景氣度有望上行
東海證券研報指出,廣信股份是國內較大的以光氣爲原料的農藥原藥及農藥中間體生產企業,佈局有光氣產業鏈、氯苯產業鏈以及上遊配套產能,形成了原料-中間體-農化產品的產業鏈條,一體化程度高,公司擁有光氣許可產能32萬噸/年,現合計使用產能6.8萬噸/年,僅佔許可的21%,公司已廣泛佈局了農藥以及中間體的生產,包括多菌靈、甲基硫菌靈、噁唑菌酮等殺菌劑,敵草隆、草甘膦、環嗪酮等除草劑以及嘧菌酯中間體水楊腈、茚蟲威中間體KL540等農藥中間體產能,公司光氣農藥及中間體產業鏈成本優勢明顯,爲公司提供競爭力。光氣下遊應用廣泛,廣泛應用於我國農藥、醫藥和染料等領域,且可用於生產異氰酸酯,其改性產品性能優異,爲公司產業發展提供新方向。農藥價格整體處於相對底部,行業景氣度有望上行;另外,公司現金流充沛,爲產業鏈升級提供保障,助力優化成本,首次覆蓋,給予“買入”評級。
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