森鷹窗業: 擬對外投資加快UPVC新塑窗佈局

（以下内容从天风国际证券《森鷹窗業: 擬對外投資加快UPVC新塑窗佈局》研报附件原文摘录）
　　Harbin Sayyas Windows (301227 CH) 拟对外投资加快UPVC新塑窗布局 JV investment set to drive global growth and speed up new uPVC window business buildout BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司发布对外投资公告 爲进一步丰富产品矩阵，围绕“建筑洞口解决方案”进行品类拓展，加快节能UPVC新塑窗的产业布局，公司拟与秦皇岛圣标共同出资设立森鹰窗业秦皇岛有限公司（下文简称“目标公司”），注册资本拟定爲6000万元，其中公司认缴出资额爲3600万元，出资占比60%；秦皇岛圣标认缴出资额爲2400万元，出资占比40%。 International market JV benefits from Shengbiao synergy in coverage expansion Sayyas recently announced plans to establish a JV with Qinhuangdao Shengbiao called Senying Window Industry Qinhuangdao Company. Sayyas wants to build up its business in energy-saving unplasticized polyvinyl chloride (uPVC) windows to enrich its product matrix by expanding the window and door categories. Sayyas will invest RMB36m or 60% of the JV’s RMB60m registered capital, with Qinhuangdao Shengbiao forking out the remaining 40% at RMB24m. 强强联合，有效结合生产及渠道优势 目标公司成立後，由公司提供必要的相关生产布局、生产线规划、设备选型、生产工艺、新产品设计开发、质量控制等技术支持和相关资源等；由秦皇岛圣标提供工业用地及地上附着物，并利用自身地缘优势、区域内市场渠道和客户基础，积极利用既有和拟开发的销售渠道资源，协助目标公司建设和不断完善自身的节能UPVC营销渠道等。 Combined strengths of both partners add production and channel advantages Sayyas will provide technical support and resources such as production buildout, production line planning, equipment selection, production technology, new product design and development, and quality control, while Qinhuangdao Shengbiao will leverage its geographical strengths to contribute industrial land and site fixtures. It will also leverage its regional marketing channels and customer base, using both current and potential sales resources, to help the JV set up stronger energy-saving uPVC marketing channels. 品类结构优化，拓展UPVC应用场景 公司围绕“建筑洞口解决方案”不断进行品类拓展并推出新产品，从单一的节能铝包木窗，逐步延伸至铝合金窗、节能UPVC窗等；23年公司木窗收入7.9亿，收入占比84%，未来拟构建以节能铝包木窗爲主，以铝合金窗、节能UPVC窗及其他节能窗爲辅，以窗、幕墙及阳光房等产品进行多品类协同的发展格局。 我们认爲本次对外投资有利於公司进一步加快节能UPVC新塑窗的产业布局，完善产品矩阵。公司与秦皇岛圣标在相关技术推广和市场前景拥有高度共识，将依托双方各自产业资源与差异化优势，并利用其合作区域内具备的良好市场资源和客户基础，拓展节能UPVC产品在建筑节能等领域的应用，共同推动UPVC窗产业进入“高标准、高质量”发展的新时代。 Enhanced product mix and expansion of uPVC application scenarios From just energy-saving aluminum-clad wooden windows, Sayyas has steadily expanded its product coverage to include aluminum-alloy and energy-saving uPVC windows. The core wooden windows division generated RMB790m revenue in 2023, accounting for 84% of total revenue. The company aims to develop a product mix anchored by energy-saving aluminum-clad wooden windows and supplemented by aluminum-alloy and energy-saving uPVC windows, as well as other types of energy-saving windows. It will drive collaborative growth of multi-category products such as windows, curtain walls and sunrooms. We believe the Senying Window investment will accelerate Sayyas’ industry buildout into energy-saving uPVC windows and improve its product matrix. The synergy of Sayyas and Qinhuangdao Shengbiao augurs well to expand technologies and market prospects. Their respective industry advantages and resources augment the JV’s market resources and customer base to extend the application of energy-saving uPVC solutions into new areas such as energy conservation buildings. Their collaboration is set to push the uPVC window industry to higher standards and quality. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级 我们预计公司24-26年归母净利分别爲1.7/2.1/2.6亿元，对应PE 分别爲11/9/7X，维持“买入”评级。 Valuation and risks We maintain our forecast with net profit at RMB170m/210m/260m in 2024/25/26E, corresponding to PE ratios of 11x/9x/7x. We maintain our BUY rating on the stock. 风险提示：地产政策不及预期风险，市场竞争加剧风险，应收账款坏账风险，对外投资进度不及预期风险等 Risks include: worse-than-expected real estate policies; intensifying competition; bad debts related to accounts receivable; and less-than-expected progress in the new investment project. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、连结、转贴或以其他方式复制发表本档及任何内容。已获授权者，在使用本档或任何内容时必须注明稿件来源於天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本档，违者将依法追究相关法律责任。本档所引用之资料或资料可能得自协力厂商，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协力厂商所提供资料或资料之准确性负责。且天风国际集团不会就本档所载任何资料、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。本档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。本档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，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，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後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。

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