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研報掘金丨東興證券:維持寧波高發“推薦”評級,積極拓展國際市場

東興證券研報指出,寧波高發擬設立海外子公司,積極拓展國際市場。據公告,本次投資基於市場情況及客戶項目定點的海外產能佈局需求,爲“走出去”戰略的實施。公司通過在摩洛哥投資建廠有助於公司完善全球產業佈局,提升公司整體實力。當前,公司主要業務仍然集中在國內市場,據2024年報,公司主營業務營收全部來自於國內。國外市場仍處於空白,此次建立海外子公司將打破該局面,同時爲公司業務帶來新的增量。公司憑藉優秀的成本、費用控制能力,保持盈利能力的穩健。現有產品市場份額維持業內領先,並持續開拓合資和海外市場,前景可期。公司具備較爲充足的現金儲備,看好其中長期發展。預計公司2025-2027年歸母淨利潤2.21/2.56/2.99億元,對應EPS0.99/1.15/1.34元。按照當前股價對應PE16x/14x/12x,維持“推薦”評級。

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