研报掘金丨招商证券:生益科技中长线有望超预期兑现,维持“强烈推荐”评级

格隆汇
16 Jul

招商证券研报指出,生益科技Q2大超预期,主要系NV高速板材放量带动产品结构改善、订单需求旺盛和持续涨价,验证此前趋势向好判断。认为CCL行业景气持续向上,公司客户及产品矩阵优秀,稼动率望保持在较高水平,且公司成长属性凸显,看好其高端产品在AI 算力、端侧、自主可控等领域不断取得新进展,驱动新一轮高质量成长。基于Q2业绩超预期、Q3增长势头乐观和最新行业及外部环境,进一步上调25-27 年营收至285.4/371.1/445.3亿, 归母净利至32.4/44.4/56.7亿,对应PE 24.7/18.0/14.1倍,PB 4.8/4.0/3.3倍。依旧坚定看好公司在PCB上游材料的技术引领、核心卡位和长线空间以及优秀管理能力会持续被市场认知和发掘,25年开始高速板材放量将驱动新一轮高质量成长,中长线有望超预期兑现,维持“强烈推荐”评级。

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