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大全能源(688303):2022Q2硅料量利齊升 產能擴張龍頭地位穩固
格隆匯 08-08 15:30
事件描述: 8 月3 日,公司發佈2022 年半年度報吿,2022 半年度公司實現營業收入163.4 億元,同比增長262.2%,實現歸母淨利潤95.2 億元,同比增長340.8%;測算Q2 單季實現營業收入82.1 億元,同比增長188.1%,實現歸母淨利潤52.1億元,同比增長230.2%,在業績預吿範圍內。 事件點評: 硅料價格持續上行,Q2 單噸淨利創新高。公司三期B 階段項目於年初達產,新產能釋放帶動上半年銷量同比增長79.6%,公司Q2 出貨量約3.8 萬噸,同比增長79%,環比基本持平。同時受益於硅料價格持續上漲,以及工業硅價格下跌帶來的成本下降,公司硅料產品盈利能力大幅提升,Q2 單噸淨利約為13.9 萬元,環比提升約25%。預計下半年光伏需求景氣維持,硅料價格仍將處於高位,公司高毛利水平有望繼續維持。 產能持續擴張,行業地位進一步鞏固。2022 年1 月公司多晶硅三期B 階段項目達產,產品質量滿足預期,預計三季度產量3.1-3.2 萬噸,2022 年全年產量預期上調至12.9-13.2 萬噸。未來公司新建產能仍將持續投放,內蒙古包頭10 萬噸高純晶硅已啟動建設,預計於2023Q2 完工,另外公司包頭一期年產15 萬噸高純工業硅項目預計於2023 年Q3 投產,建成後將實現包頭10 萬噸多晶硅項目100%原料供應,新建產能將有效維持公司的行業競爭優勢。 盈利預測、估值分析和投資建議:預計公司2022-2024 年歸母公司淨利潤165.8/171.0/176.4 億元,同比增長189.7%/3.1%/3.2%,對應EPS 為7.8/8.0/8.3元,PE 為7.8/7.5/7.3 倍,維持“買入-A”評級。 風險提示:產品及原材料價格波動風險;行業政策變動風險;需求波動風險等。
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