证券研究报告 上大股份 (301522 CH) 看好高温合金循环再生龙头长期成长 2026 年 2 月 27 日│中国内地 其他军工 首次覆盖上大股份并给予"增持"评级，目标价 52.20 元，基于 26 年 2.00 倍 PEG 估值。公司通过独创的高返回比再生制备工艺，将 GH4169 等牌号 产品中返回料使用比例提升至 70%，较传统纯新料工艺成本降低约 30%， 在航空发动机维修市场稳增、商业航天蓬勃发展、国产燃气轮机及核电建设 加速等多重需求驱动下，2020-2024 年公司营业收入复合增速为 30.39%， 归母净利润复合增速为 42.56%，尽管公司 2025 年业绩因产品结构短期调 整及下游需求波动而承受压力，但随着高毛利军品及商业航天等业务的放 量，我们认为公司有望自 2026 年起重启高增长通道。 高温合金返回料龙头，技术壁垒深厚 公司是国内少数实现航空发动机用再生高温合金产业化应用的企业，高返回 比再生工艺不仅大幅降低成本，且产品性能达到甚至超越传统工艺，解决了 我国高温合金资源循环利用的难题。2020-2024 年公司营收 CAGR 为 30.39%，归母净利润 CAGR 为 42.5 ...

Core Viewpoint - Antai Technology (000969) emphasizes its tungsten-copper alloy products as essential high-temperature structural materials for aerospace applications, highlighting their high melting point, high-temperature strength, and excellent resistance to liquid metal corrosion [1] Group 1: Product Characteristics - The tungsten-copper alloy products possess high melting points and high-temperature strength, making them suitable for aerospace applications [1] - Soft magnetic alloys and precision alloys exhibit high magnetic induction strength and excellent magnetic stability, which are critical for electromagnetic devices and attitude control systems in the aviation sector [1] Group 2: Market Position - The company provides high-quality and satisfactory key materials, devices, and solutions to aerospace enterprises, reinforcing its position in the aerospace industry [1]

Core Viewpoint - The establishment of 11 new material pilot bases in Shanghai, with a focus on chemical new materials, aims to enhance innovation and development in the industry [2][4]. Summary by Sections New Material Pilot Bases - Shanghai has set up 11 new material pilot bases, with 8 specifically related to chemical new materials [2][4]. - The pilot bases include various functions such as special chemicals, high-end metals, inorganic non-metals, and bio-manufacturing [4][5]. Specific Pilot Bases - Shanghai International Chemical New Materials Innovation Center focuses on electronic chemicals, bio-manufacturing, and green chemistry [5]. - Shanghai High-Performance Resin New Materials Pilot Base specializes in aerospace-grade resins, prepregs, and high-performance composite materials [5]. - Shanghai Nesting Chemical New Materials Pilot Base emphasizes micro-reaction continuous flow process development and special chemical pilot transformation [5]. - Shanghai Jinshan New Materials Incubator provides services for high-performance fibers, electronic chemicals, and special organic silicon [5]. - Shanghai Bokan Chemical's pilot base is dedicated to the pilot transformation of photoresist raw materials and resins [5]. - Shanghai Shisi Special Functional Materials Pilot Base offers services for special polyimides and electronic-grade resins [5]. - Shanghai Qianji New Materials Pilot Base focuses on lightweight magnesium alloy die-casting technology and hydrogen storage materials [5]. - Shanghai Yilang Alloy Materials Pilot Base is involved in the research and pilot testing of corrosion-resistant alloys and high-temperature alloys [5]. - Shanghai Inorganic Non-Metal New Materials Pilot Base works on ceramic materials for semiconductor applications and high-performance artificial crystals [5]. - Shanghai Biomanufacturing Bio-based New Materials Pilot Base specializes in recombinant peptide biomanufacturing and fermentation process scaling [5]. - Yexin Group's pilot base focuses on high-end film forming technology and composite material bonding technology [5]. Industry Events - The 2025 Polymer Industry Annual Conference and "New Plastic Award" evaluation will take place from September 10-12 in Hefei, Anhui [6][8]. - The conference will address the transformation and opportunities in the global chemical industry, emphasizing the rise of new industries in China [6][8]. - Various forums and discussions will cover topics such as engineering plastics, AI-enabled polymer material development, and innovations in aerospace and low-altitude economy materials [10][12][20][21].

Group 1: Financial Performance - In the first half of 2025, the revenue from high-temperature alloys significantly increased, driven by new growth points in the aerospace engine sector and rising production in the nuclear power and energy sectors [3] - The company aims to continuously optimize its product structure to increase the proportion of high-margin products, enhancing overall profitability [3] Group 2: Product Structure - The main products include high-temperature alloys, corrosion-resistant alloys, ultra-high-strength alloys, and precision alloys, with high-temperature alloys being the core product due to their high gross margin and technical content [3] Group 3: International Market Development - The company initiated international market development in 2023 and achieved initial international business revenue in 2024, establishing partnerships with clients in France, Germany, and Italy [4] - Future plans include strengthening market development in aerospace, oil services, and gas turbine sectors [4]