云路股份: 非晶合金全球龙头,高性能软磁材料全能赛手

（以下内容从天风证券《云路股份: 非晶合金全球龙头,高性能软磁材料全能赛手》研报附件原文摘录）
　　Qingdao Yunlu Advanced Materials Technology (688190 CH) 非晶合金全球龙头，高性能软磁材料全能赛手 Initiating coverage: amorphous alloy global leader and high-performance soft magnetic materials all-rounder BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 非晶材料龙头公司，中国航发赋能深厚技术底蕴 公司是目前非晶合金行业的龙头企业，拥有行业内最大规模的产能（6万吨）和市占率（41.15%），其市占率约为行业龙二日立金属（市占率20.96%）的两倍。公司产品以非晶合金及其制品为基，将产品线延伸至纳米晶软磁材料与合金软磁材料，是高性能软磁材料行业的强势竞争者。 公司团队技术背景深厚，产品性能业内领先。公司高管团队大部分来自其控股股东中国航发，技术底蕴浓厚。公司自研掌握小流量熔体精密连铸技术、极端冷凝控制技术等核心极端制造技术，并成功将技术转换为规模化生产能力。受益于此，公司产品性能优秀，诸多指标媲美进口产品，在行业中处于技术领先的位置。 CNAF tech provides strong foundation for amorphous alloy leader Yunlu leads the amorphous alloy industry with the largest production capacity of 60,000t and market share of 41.15%, twice that of second-largest player Hitachi Metals (20.96%). Yunlu makes amorphous alloys and their products, including nano-crystalline soft magnetic materials and soft magnetic alloy materials. Veteran tech team drives industry-leading products: Yunlu leads the industry in technological developments. Most of its executive team members originated from controlling shareholder China National Aviation Fuel Group Corporation (CNAF), providing a solid technological foundation. Its mastery of core manufacturing technologies such as extreme precision low-flow melt, continuous casting and extreme condensation control has led to high-performance products and large-scale production. Its products are comparable with imported products on key parameters. 政策指路高效节能主旋律，行业重振期看好高性能软磁材料发展 高性能软磁材料的应用具有良好的节能环保特性，绿色经济政策指引拉升行业景气度。“十四五”期间全国电网总投资额近3万亿元，相比上一个五年计划增长16.7%；工信部发布的《变压器能效提升计划（2021-2023）》也对电网提效给出了新的指引。集中出台的各项加大投资、提升能效的政策无疑给高端磁材市场注入一针强心剂，电网行业国企集中度高、政治敏感性强，将率先起到提效升级改造的带头作用。 在“双碳”目标下，发电侧与用电侧均需要提高效率和功率，高性能磁性材料作为电磁转换的关键材料需求提振。当下正为变压器标准落地、立体卷铁心技术突破、高效节能配电设备大力推广的行业重振期，云路股份作为细分赛道龙头公司，兼具规模、技术、客户与产品结构优势，有望充分享受行业成长带来的红利。 Industry revival: policy theme marries efficiency with energy savings The application of high-performance soft magnetic materials has good energy-saving and environmental protection characteristics. The green economic policies has improved the prospect of the industry. In the current 14th Five-Year Plan (14FYP) period, total investment into the national power grid would amount to nearly RMB3tr, up 16.7% from the previous FYP. A policy paper, Energy Efficiency Transformer and Improvement Plan (2021-23), by the Ministry of Industry and Information Technology lays down guidelines to improve grid efficiency. The centrally issued policies, which aim to increase investments and improve energy efficiency, would no doubt boost the high-end magnetic materials market. The politically sensitive power grid industry is dominated by SOEs and is set to provide leadership in efficiency, upgrades and market restructure. To meet China’s dual carbon targets, both the power generation and consumption markets would need to raise efficiency and capability, a trend that would boost high-performance magnetic materials as the key materials in electromagnetic conversion. With the industry undergoing a rejuvenation and transformer standards being implemented, we are seeing technological breakthroughs in the rise of three-phase wound cores and high-efficiency, energy-saving power distribution equipment. Market leader Yunlu’s competitive edge in scale, technology, customer base and product structure positions it well to benefit fully from industry growth. 底层技术互通支持产品延伸，募投扩产夯实龙头地位 公司产品线进一步延伸，实现高端软磁材料深度覆盖。依托十余年来在非晶合金材料上的底技术积累，将工艺横向延伸至纳米晶与合金软磁的制备上，市占率提升迅速，实现了低中高工作频率段的全覆盖。本次募投项目将显著扩大公司产能，有望在行业上行期快速提升市场地位。此外，公司还将出资1.5亿元用于产品及技术研发，公司研发实力及技术领先优势有望进一步巩固，看好公司未来的成长。 Interoperability widens product matrix; fundraising consolidates leadership role Yunlu expanded its product matrix to include high-end soft magnetic materials. More than 10 years of underlying tech experience in amorphous alloy materials enabled its lateral expansion to nano-crystalline and soft alloy magnetic preparations, allowing full coverage of the low, medium and high working frequency bands. The company’s market share grew as a result. And its fundraising project would significantly expand production capacity and help entrench its position in the industry upswing. It plans to invest RMB150m of the proceeds in product and technology R&D. We expect the company to consolidate its R&D capability and tech leadership, and anticipate its future growth. 投资建议/Investment Ideas 投资建议：预测22-23年实现归母净利2.35/3.50亿元，EPS为 1.96/2.92，对应2022年3月17日收盘价PE分别为38/26X。参考23年行业平均PE 30X，考虑公司所在行业较好的竞争格局与较景气的前景，给与公司23年30-35X，对应股价87.6-102.2元，首次覆盖给与“买入”评级。 Valuation and risks: We expect net profit to come in at RMB235m/350m in 2022-23E, with EPS of RMB1.96/2.92, and PE of 38/26x (based on 17 March 2022 closing price). Relative to the industry average PE of 30x in 2023E, Yunlu’s competitive edge and industry prospects, we assign a 30-35x PE range in 2023E, corresponding to a price target range of RMB87.60-102.20. We initiate coverage of the company with a BUY rating. 风险提示：电网投资不及预期的风险、核心人员流失和技术失密的风险、需求波动的风险、市场竞争加剧的风险、原材料价格波动的风险、境外销售业务相关风险、新产品市场开拓的风险、技术替代的风险、管理风险的风险。 Risks include: less investment in the national power grid than expected; loss of core personnel and technology; demand volatility; intensifying competition; raw materials’ price volatility; overseas sales and business risks; new product market development risks; technological substitution risks; and weak risk management. 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