西部超导:军工钛合金核心企业,高温合金超导线材多谱系发展行稳致远

（以下内容从天风证券《西部超导:军工钛合金核心企业,高温合金超导线材多谱系发展行稳致远》研报附件原文摘录）
　　Western Superconducting Technologies (688122 CH) 军工钛合金核心企业，高温合金超导线材多谱系发展行稳致远 Initiating coverage: titanium alloy pioneer carves new niche in high-temperature alloys and superconductors BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 钛合金为基，高温合金/超导线材多维度业务全面发展 公司全称西部超导材料科技股份有限公司，是我国国防军工产业钛合金材料核心供应商。目前，公司主营业务分位高端钛合金材料、超导产品和高性能高温合金材料三大板块。公司产品以“国际先进、国内空白、解决急需”为定位，服务国家战略，补上了我国新型战机、舰船制造急需关键材料的“短板”。 Diversifying from titanium alloys to superalloys and superconducting wires The company’s name in full, Western Superconducting Materials Technology (WST), describes its role as a key supplier of titanium alloy materials to the Chinese defense industry; with high-end titanium alloy materials, superconducting products and high-performance superalloy materials forming its three main divisions. WST’s definitive market positioning is characterized by products that are “globally advanced, fill domestic gaps and meet pressing needs”. It serves the national agenda by fulfilling imminent demand for key materials used in the manufacture of fighter aircraft and ships. 行稳致远业绩稳步增长，2021净利润同比大增100.39%兑现行业高景气度 公司近几年营业收入及归母净利润稳步增长，2021年业绩实现快速放量，兑现国防军工产业高景气度。公司2018-2020年营业收入及归母净利润均实现稳步增长，三年复合增长率达29.75%/37.71%。同时，据公司2021年业绩快报披露，2021年公司实现营业收入29.35亿元，同比+38.91%；预计实现归母净利润7.43亿元，同比+100.39%，业绩实现超预期增长。 我们认为，公司经营业绩持续向好，主要得益于下游国防军工产业需求持续增加，公司在手订单较为饱满，伴随钛合金等核心主业产销量、产能整体利用率的持续提升，主营产品持续放量，兑现行业高景气度。 Steady and strong growth: market boom fuels 2021E net profit rise of 100.39% yoy WST’s revenue and net profit grew strongly and steadily in 2021 in line with China’s military industry growth, with 2018-20 CAGRs of 29.75% and 37.71%, respectively. It reported revenue of RMB2.94bn in 2021, up 38.91% yoy, and it estimates net profit was RMB743m, up 100.39% yoy. We attribute the strong revenue performance to a steady demand rise from the downstream defense industry, the company’s strong orders in hand, rising production and sales volumes at core industries such as titanium alloys, and high production capacity utilization. WST’s sales volumes continue to increase with the industry’s high growth. 国防军工产业高景气周期已至，公司钛合金/高温合金业务望充分受益于新一代武器装备需求提升 “十四五”方向：军工新材料是我军装备跨越式发展的基础支撑，跨越式武器装备发展进入颠覆性技术突破期，关键核心技术突破将加快。第22次政治局会议指出我军建设“十四五”规划重点内容：努力实现我军现代化建设跨越式发展，加快突破关键核心技术，加快发展战略性、前沿性、颠覆性技术。我们认为，新一代航空装备、精确打击武器、无人装备及其中层支撑-信息化、底层支撑-新材料将为主要受益领域，或将在“十四五”迎来高景气阶段，军工新材料有望在“十四五”各类装备中起底层基础支撑作用。 Defense boom: new-gen equipment lifts titanium alloy and superalloy demand China’s 14th Five-Year Plan (FYP): new military materials support the country’s agenda to achieve developmental leaps in armaments. The 22nd Politburo meeting pinpointed the key 14FYP agenda: a modern army that will achieve breakthroughs to develop strategic, frontier and disruptive technologies. We expect new materials in the military market to fill a fundamental support role in the 14FYP. In line with the rise of new-generation aviation equipment, precision strike weapons and unmanned equipment, we expect these support markets to be the main beneficiaries: new materials in the foundational tier and information technology in the mid-tier. 公司深耕钛合金领域多年，新型战机/运输机端具备明显先发优势。公司自主研发并批量生产的多种新型钛合金填补了国内多项空白，保障了国家急需关键材料供应，其中三种主要牌号新型钛合金已成为我国航空结构件、紧固件用主干钛合金，为我国新型战机、运输机的首飞和量产提供了关键材料。我们认为，伴随各类歼击机等跨越式武器装备持续上量，钛合金市场需求将会实现快速提升，公司对应业务有望充分受益于此进程，排产望持续加快。 As a titanium alloy pioneer, WST benefits in the rollout of new fighter and transport planes: WST has plied the titanium alloy trade for years and this gives it the first-mover advantage in new fighter and transport aircraft. Its independent R&D and mass production of various new titanium alloys enable it to fill a multitude of supply gaps in China and ensure the market obtains urgently needed key materials. Three key new titanium alloy grades form the backbone of China’s structural aviation parts and fasteners. These materials are key in the mass production of new fighter and transport aircraft. As sales volumes increase in various types of fighter jets and other armaments, we believe market demand for titanium alloys will increase rapidly. We expect substantial benefits to its business and a production schedule ramp-up. 高温合金产业方兴未艾，认证持续推进产品有望实现加速排产。公司作为国内高性能高温合金材料的新兴供应商之一，陆续承担了国内重点国防装备用多个高温合金材料的研制任务。某高温合金粉末盘部件考核试验进展顺利；多个牌号高温合金大规格棒材获得某型航空发动机用料供货资格；多个重点型号航空发动机高温合金材料已经通过了某型号发动机的长试考核，具备了供货资格，已开始供货；高温合金铸锭纯净化熔炼控制技术显著提升，实现重大冶金缺陷“零发生”。因此我们判断，伴随国防军工产业的快速发展，叠加公司高温合金业务认证进程的不断推进，公司相关产品有望实现快速放量。同时，考虑到公司业务正处于起步阶段，伴随产品成材率提升，高温合金业务毛利率具备较大弹性空间。 The developing superalloy industry drives product certification, ramping up production schedules: as a supplier of the emerging market of high-performance superalloy materials in China, WST’s R&D covers a multitude of superalloy materials for Chinese defense equipment and its superalloy powder disc component certification testing is progressing smoothly. Several materials for large high-temperature bars and other types of superalloy materials for certain types of aero-engines have passed long-term assessments, obtained supply qualifications and commenced supply. Its control technologies in the purification, purification and smelting of superalloy ingots has significantly improved, achieving zero major metallurgical defects. On rapid development of the national defense market and WST’s smooth high-temperature alloy business certification process, we expect fast sales volume increases. Considering that this is an emerging business, as superalloy yield rises, we expect gross profit margin growth and better profit elasticity. 投资建议/Investment Ideas 盈利预测与评级：综上所述我们认为，伴随国防军工产业高景气周期，公司钛合金/高温合金业务有望实现快速放量；超导线材方面，预计产品将伴随CFETR项目等下游领域逐步延伸实现加速排产。在此假设下，预计公司2021-2023年实现营业收入29.35/38.97/53.18亿元，实现归母净利润7.43/9.74/13.60亿元，对应EPS为1.60/2.10/2.93，对应PE为49.15/37.50/26.86x，给予“买入”评级。 Valuation Buoyed by China’s defense boom cycle, we expect WST’s titanium alloy and superalloy businesses to grow fast. We anticipate superconducting wires will expand its product portfolio on the CFETR project and other downstream market ramp-ups. On these assumptions, we expect RMB2.94bn/3.9bn/5.32bn revenue and RMB743m/974m/1.36bn net profit in 2021/22/23E, corresponding to RMB1.60/2.10/2.93 EPS and 49.15/37.50/26.86x PE. We initiate coverage with a BUY rating. 风险提示：技术水平落后于同行业竞争对手的风险；铝锂合金、复合材料等材料对钛合金的替代风险；市场集中度高及需求波动的风险；原材料采购的风险等。 Risks include: technological developments falling behind peers; substitution risks in aluminum-lithium alloys, and composite and other materials for titanium alloys; high market concentration risks; demand volatility; and raw material procurement risks. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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