广信科技 20251024 摘要 广信科技营收快速增长，2021 年至 2024 年营收复合增速超 35%，归 母净利润增速达 143.8%。2025 年上半年营收增长 44.6%，利润增长 超 90%，主要受益于长三角和珠三角电力设备产业集群化布局，华东地 区占比提升至 50%。 高毛利成型制品占比提升是广信科技盈利能力增强的关键因素。成型制 品占比从 2021 年的 15.1%提升至 2025 年上半年的 40%，带动整体 毛利率持续上行，预计未来将继续提升盈利水平。 国内特高压建设进入密集期，绝缘材料需求持续增长。广信科技作为国 内少数具备 750 千伏及以上超特高压等级生产能力的企业，将显著受益 于市场规模的扩大，预计 2024 年绝缘材料市场规模将达 1,400 多亿元。 广信科技通过技术突破打破国外垄断，实现国产自主可控，其 750 千伏 产品性能指标达到国际领先水平，无胶粘制造技术和超厚绝缘纤维板材 已达到 30 纳米水平，优于海外龙头企业，增强了市场竞争力。 广信科技自 2022 年起产品销售单价逐年提升，2025 年三季度以来累 计提价幅度达 20%左右，显示出产业链上的话语权。通过技改柔性 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 586 million yuan in Q3 2025, representing a year-on-year increase of 41.35%, and a net profit attributable to shareholders of 150 million yuan, up 91.95% year-on-year [9] - Despite capacity constraints, the company is expected to continue high growth in 2026, with anticipated revenue growth driven by new capacity releases and price adjustments [9] - The company is expanding into new markets and product lines, which is expected to enhance long-term growth potential [9] Financial Summary - Revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 420.07 million, 577.54 million, 825.42 million, 1,206.94 million, and 1,672.81 million yuan respectively, with year-on-year growth rates of 38.05%, 37.49%, 42.92%, 46.22%, and 38.60% [1] - Net profit attributable to shareholders is projected to be 49.40 million, 116.17 million, 217.60 million, 349.57 million, and 503.86 million yuan for the same years, with year-on-year growth rates of 235.55%, 135.14%, 87.31%, 60.65%, and 44.14% [1] - The latest diluted EPS is expected to be 0.54, 1.27, 2.38, 3.82, and 5.51 yuan for 2023A, 2024A, 2025E, 2026E, and 2027E respectively [1]