【券商聚焦】华鑫证券首予鲟龙科技(06715)买入评级 指海外需求强劲

金吾财讯
Aug 26

金吾财讯 | 华鑫证券发布研报指,鲟龙科技(06715)2026年上半年业绩符合预期,营收3.62亿元人民币,同比增长20%;经调整净利润2.09亿元人民币,同比增长15.7%。业绩增长主要受益于鱼子酱销量增长及海外欧美成熟市场持续增长、日韩新及亚太强劲需求。产品与区域方面,2026H1鱼子酱销售营收同增19%至3.3亿元,鲟鱼制品销售营收同增40.7%至0.29亿元;鱼子酱销量同增23%至140,367千克,对应吨价为2355元/千克,同减3.5%,主要系美元对人民币持续贬值所致。区域来看,欧洲/美洲/中国/亚太营收分别同增32%/7%/6%/32%至1.58/0.97/0.61/0.45亿元,欧洲和亚太地区增长强劲。盈利能力方面,生物资产公允价值调整前的毛利率同减4.1个百分点至67.2%,主因美元兑人民币持续贬值导致鱼子酱平均单价下降,以及生物资产公允价值调整前的销售成本增加。销售及营销开支费用同增29.6%,主因前期股份激励计划所产生的以股份为基础的薪酬开支较高,以及品牌建设、营销及推广开支增加。估值与评级方面,华鑫证券预计公司2026-2028年EPS分别为3.93/4.69/5.50元人民币,当前股价对应PE分别为15/13/11倍。公司作为全球最大的鱼子酱公司,凭借20年行业经验和发展,已建立综合鲟鱼及鱼子酱价值链,涵盖鲟鱼养育及水产养殖、鱼子酱加工、销售及营销。首次覆盖,给予“买入”投资评级。风险提示方面,研报列示宏观经济下行风险、行业竞争加剧风险、食品安全风险、成本大幅上涨风险等。

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