博威合金: 钛铜成果打破海外主导格局,新材料下游有望回暖

（以下内容从天风证券《博威合金: 钛铜成果打破海外主导格局,新材料下游有望回暖》研报附件原文摘录）
　　Ningbo Boway Alloy Material (601137 CH) 钛铜成果打破海外主导格局，新材料下游有望回暖 Proprietary titanium-copper innovations broke foreign dominance; new materials downstream poised to pick up BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：10月29日，公司披露2022年第三季度报告，Q3公司实现营业收入31.13亿元，同比+29.56%，实现1.44亿元归母净利润，同比+44.74%。单季度销售毛利率12.92%，环比+0.41pct，净利率4.63%，环比+0.37pct。 Q3 net profit up 45% yoy; sales net margin widens 0.4ppt qoq to 4.6% Key metrics: Boway released 22Q3 earnings results on 29 Oct: revenue arrived at RMB3.11bn, a yoy increase of 29.56%, and net profit at RMB144m, up 44.74% yoy; sales gross margin rose 0.41ppt qoq to 12.92%, while net margin rose 0.37ppt qoq to 4.63%. 点评：公司Q3盈利实现稳健增长，看好公司作为铜合金国内龙头企业，铜基新材料、合金板有望在电气化时代实现广泛应用；看好关税豁免政策落地带来公司光伏板块增长，下游市场回暖推动公司业绩增长。 Our takeaways: Q3 numbers reveal a steady growth trend, which reflects Boway’s favorable positioning as a leading Chinese copper alloy company. We believe that copper-based new materials and alloy plates will be widely deployed in the current electrification era. We expect tariff exemption policy implementation will boost growth in the company’s photovoltaic (PV) business, even as the downstream market recovery continues to drive profit growth. 关税豁免政策落地，公司光伏业务受益。10月14日美国商务部免除对东南亚进口的电池及组件的反规避或反倾销关税，并新增适用范围。据《全球光伏》数据显示，美国本土拥有晶硅组件制造产能仅5GW，薄膜组件制造产能约2.5GW。进口来源中，尽管来自中国的占比不到5%，却有超过80%的产品来自中国光伏企业设厂的东南亚。由于东南亚各国在产业链中只负责组装，其原材料和零部件均来自中国，因此美国光伏行业需求的释放或将促进中国太阳能组件出口，我们认为公司光伏业务会受益于此政策的落地。 Market developments: US tariff exemption a boon for Boway’s PV business On 14 Oct, the US Department of Commerce waived anti-dumping circumvention/anti-dumping duties on batteries and components imported from Southeast Asia (SEA), whle widening the scope of application. Global Photovoltaic data shows that US manufacturing capacities only amount to 5GW of crystalline silicon modules and about 2.5GW of thin-film modules. Although China accounts for less than 5% of its imports, Chinese PV companies have set up factories in SEA, which supplies more than 80% of the products imported by the US. SEA countries are responsible for the assembly part of the value chain with their raw materials and components originating in China, so the unlocking of demand from the PV industry in the US ultimately boosts exports of Chinese solar modules. We expect Boway’s PV business will benefit. 钛铜研发取得关键突破，打破海外企业主导格局。作为高强度、高弹性、易成形、抗松弛的导电弹性材料，钛铜能可靠地支撑电子器件的小型化、轻薄化的发展趋势。目前该材料已在通信行业的终端、基站中作为弹片、连接器等关键元件被广泛应用。然而因材料工艺、设备、专利高难度，之前全球仅日本可规模化生产。应下游市场国产化需求，博威依托30年经验积累，借助数字化研发平台，团队突破了技术壁垒，通过应用端验证实现了钛铜的自主创新，打破原有海外主导的市场格局。 Breaking titanium-copper foreign dominance with R&D breakthroughs Titanium-copper alloy is a strong and malleable conductive material with highly elastic and relaxation resistant properties. As these qualities are conducive to the miniaturization and thinning trends in electronic devices, the alloy is widely deployed in key components like shrapnel and connectors in terminals and base stations for the communication industry. Hitherto, in view of the high difficulty levels in terms of material technology, equipment and patents, only Japan achieved mass scale production. In response to local production demand from the downstream market, Boway made use of its three-decade experience to harness its R&D-based digital platform and surmounted tech hurdles to achieve proprietary titanium-copper innovations. Thus, the company broke the dominance of foreign players and has been verified by its application markets. 新材料业务短期承压，看好四季度产品放量。受整体下游市场疲软影响，同行公司新材料业绩均有下滑，Canalys最新数据显示2022年第三季度的需求疲软导致全球智能手机出货量为2.98亿部，同比下降9%，使新材料板块承压，但我们认为随着下游市场回暖，公司产品有望在四季度放量。 New materials under near-term pressure; Boway set for volume rise in Q4E Downstream weakness has dragged performance at Boway’s new material peers. The latest data from Canalys shows that weak Q3 demand slowed global smartphone shipments by 9% yoy to 298m units, which would pressure the new materials sector. We believe Boway’s product volume will expand in Q4E with a downstream recovery. 公司积极募集资金，在建项目稳定进行，产能释放指日可待。公司拟发行可转债募集资金总额不超过17亿元，其中扩产3w吨板带材、2万吨线材和1GW电池片。我们认为3w吨板带材和2万吨线材扩产彰显了公司对下游广阔需求的信心，提前对产能进行扩张，以满足下游快速增长的需求。通过募集资金和产品扩产，公司将有效提高生产能力，有望实现产能释放。 Fundraising to build out production capacities anticipates fast demand uptrend The company plans to issue convertible bonds to raise up to RMB1.7bn so as to expand its production capacities: plates and strips/ wire rods/ solar cells by 30kt/ 20kt/ 1GW. In our view, the planned expansion levels of plates, strips and wire rods shows Boway’s confidence in widening downstream demand and its buildout anticipates a rapid demand rise trajectory in the downstream market. This preparedness would effectively increase its production capacities in time for incremental production capacity rollouts. 投资建议/Investment Ideas 投资建议：我们持续维持之前预测，预计公司2022-2024年实现归母净利润6.52、8.51和11.43亿元，维持“买入”评级。 Executive summary and risks We maintain our forecast and BUY rating. We continue to project net profit of RMB652m/851m/1.14bn in 2022/23/24E. 风险提示：产能扩张不及预期；原材料价格波动；下游需求拓展不及预期 Risks include: weaker-than-expected capacity expansion; raw material price volatility; and less-than-expected downstream demand growth. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

点此查看微信公众号原文全部内容>>

大部分微信公众号研报本站已有pdf详细完整版：https://www.wkzk.com/report/（可搜索研报标题关键词或机构名称查询原报告）