研报掘金丨东海证券：首予盛德鑫泰“买入”评级，高端管材与汽车零部件双轮驱动

Core Viewpoint - Donghai Securities report indicates that Shengde Xintai's prospects are promising, driven by high-end pipes and automotive components [1] Group 1: Industry Overview - Shengde Xintai is a domestic leader in ultra-supercritical power station boiler pipes, with increasing product localization rates and a high revenue share from thermal power business [1] - The company has entered the automotive lightweight sector through acquisitions, with production capacity gradually being released [1] Group 2: Financial Performance - The company shows strong financial performance with revenue growth rates of 64.1% and 34.4% for 2023 and 2024, respectively [1] - Revenue for the first three quarters of 2025 reached 2.325 billion yuan [1] - The return on equity (ROE) for the third quarter of 2025 was 13.44%, with significant improvement in operating cash flow [1] Group 3: Competitive Advantage - The company's competitive advantage lies in its specialization in small-diameter seamless steel pipes, which aligns with the strong demand for ultra-supercritical unit upgrades in China [1] - Demand for high-temperature and high-pressure steel pipes, such as T91 and T92, is expected to maintain a high growth rate in the coming years [1] Group 4: Investment Outlook - The company is expected to continue benefiting from the expansion and upgrading of domestic thermal power units, with an initial coverage rating of "Buy" [1]