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 - The new materials industry is crucial for supporting modern industrial systems and achieving high-level technological self-reliance in China, with significant strategic importance for building a strong manufacturing and quality nation [2]. Industry Background and Development Situation - During the 14th Five-Year Plan, China's new materials industry saw continuous growth, with total output value exceeding 8.2 trillion yuan and an average annual growth rate of over 12% [4]. - Achievements include breakthroughs in ultra-high-strength steel, high-performance carbon fiber, semiconductor silicon wafers, and key materials for lithium-ion batteries [4]. - Challenges remain in high-end materials and the need for improved self-sufficiency in core processes and equipment [4]. Overall Requirements - The guiding ideology emphasizes innovation-driven development, demand-oriented approaches, and green low-carbon principles, focusing on enhancing the self-sufficiency of strategic materials and original innovation capabilities [8]. - Basic principles include innovation leadership, application orientation, enterprise-driven collaboration, and green development [9]. Development Goals (by 2030) - Comprehensive security capability for strategic materials to exceed 80%, with a focus on achieving global leadership in original achievements in frontier new materials [11]. - Continuous increase in R&D investment intensity, aiming to break through over 500 key core technologies [11]. - Establishment of over 20 distinctive, complete, and internationally leading new materials industrial clusters [11]. Key Development Directions - Advanced basic materials include ultra-high-strength automotive steel and high-performance aluminum alloys [13][14]. - Key strategic materials focus on high-temperature alloys and advanced semiconductor materials [18][19]. - New energy materials target high-energy-density battery materials and photovoltaic materials [21]. Key Tasks and Major Projects - Focus on urgent new materials needed in critical application areas such as aerospace, new energy vehicles, and electronic information [27]. - Specific projects include developing high-performance carbon fiber composites for aircraft and high-nickel ternary cathode materials for batteries [29][31][32]. Collaborative Innovation System - Establish a collaborative innovation system that integrates enterprises, academia, and research institutions to enhance innovation capabilities [51]. - Plans to build five national new materials laboratories and ten engineering research centers to support innovation [52]. Market Cultivation for Key New Materials - Implement insurance compensation mechanisms for the first application of key new materials to encourage market adoption [56]. - Establish a project library for demonstration projects to showcase the advantages of new materials in practical applications [57]. Breakthroughs in Key Processes and Equipment - Focus on overcoming bottlenecks in key processes and specialized equipment for new materials production [61]. - Plans to support the development of over 80 key processes and equipment technologies, aiming for significant improvements in production efficiency and cost reduction [64].

Group 1 - The company, Longda Co., Ltd., reported that by the end of September 2025, it will have a production capacity of 5,000 tons for deformed high-temperature alloys and 5,000 tons for cast high-temperature alloy master alloys [1] - In 2026, the company plans to add an additional 3,000 tons of deformed high-temperature alloy capacity [1] - The company's Malaysia production base is designed to have a total annual production capacity of 50,000 tons, which includes 1,800 tons for cast high-temperature alloy master alloys and 48,200 tons for corrosion-resistant alloys (non-vacuum) and special alloys [1]

Core Viewpoint - The company Guizhou Suwei Aerospace Alloy Materials Co., Ltd. has successfully produced high-temperature nickel-based alloys, marking a significant milestone in its operations and contributing to the aerospace supply chain in Guizhou [1][2] Group 1: Company Overview - Guizhou Suwei specializes in the research and production of high-temperature alloys and corrosion-resistant alloys, filling a gap in the Southwest region for ultra-low impurity content high-purity high-temperature alloy production [1] - The company has multiple independent intellectual property rights and utilizes advanced technologies to enhance waste material utilization and reduce production costs [1] Group 2: Production and Orders - The company received its first order of the year on New Year's Day, consisting of 30 tons of corrosion-resistant alloy, valued at over 5 million yuan, which needs to be produced in 10 batches by the end of January [1] - In addition to the initial order, the company has signed an annual contract worth 15 million yuan, indicating strong demand for its products [2] Group 3: Future Plans - The company aims to achieve an output value of over 60 million yuan this year, with a long-term goal of reaching 50 million yuan by 2025 [2] - Plans include launching a production line for lightweight high-strength alloys and enhancing research and development capabilities through partnerships with universities and research institutions [2] - The company intends to apply for multiple certifications to broaden product application scenarios and strengthen its foundation for high-quality development within the Guizhou aerospace industrial ecosystem [2]

Group 1 - The company produces high-temperature alloys, corrosion-resistant alloys, and high-quality special stainless steel [1] - These products have wide applications in marine engineering and petrochemical equipment manufacturing [1]

Core Viewpoint - The company has confirmed that its products, including high-temperature alloys, corrosion-resistant alloys, and high-quality special stainless steel, are applicable in marine engineering and petrochemical equipment manufacturing [1] Group 1 - The company produces high-temperature alloys, corrosion-resistant alloys, and high-quality special stainless steel [1] - These products can be widely used in marine engineering and petrochemical equipment manufacturing [1]

Company Overview - The company is a leading producer of high-end and new high-temperature alloy products in China, focusing on nickel-based high-temperature alloys and expanding into aluminum, magnesium, and titanium casting and forging [1] - It engages in the research, production, and sales of high-end metal materials, including high-temperature alloys, lightweight alloys, corrosion-resistant alloys, and intermetallic compounds [1] Subsidiary Operations - Fully-owned subsidiary Liaoning Gaona specializes in new high-temperature alloy products, while Sichuan Deyang focuses on variable high-temperature alloy products, and the controlling subsidiary Xi'an Gaona deals with cast high-temperature alloy products [2] Business Development - The company has a strong presence in the gas turbine sector, with ongoing product applications and research, supported by the Beijing High-Temperature Alloy Engineering Technology Research Center [2] - The "14th Five-Year" strategic plan is currently being developed to enhance technological innovation, optimize industrial layout, and contribute to the high-quality development of China's high-end equipment manufacturing [2] Market Expansion - The controlling subsidiary Qingdao Xinlitong is expanding into international markets, with investments in Saudi Arabia to establish a new ethylene cracking furnace pipe production line [2] Revenue Insights - In 2024, the revenue from civilian products is expected to account for approximately 40% of the company's total operating income [2] Cost Management - The company is implementing cost control measures through systematic operational reviews and optimization of core business processes, focusing on cost reduction and efficiency improvement [2]

Group 1: International Business Development - The company has established a professional international business team and is collaborating with clients from France, Germany, and Italy in aerospace, gas turbines, and oil services sectors. [2] - In the first half of 2025, the company achieved overseas revenue of 10.6543 million yuan, surpassing the total revenue of the previous year. [3] Group 2: Technological Breakthroughs - The company is the only domestic entity mastering the high-temperature alloy return material recycling technology, which has been industrialized and passed engine testing. [3] - The high return ratio of high-temperature alloy recycling effectively reduces material costs and enhances product purity and quality stability. [3] Group 3: Future Development Plans - The company plans to expand into civil aviation and international markets while participating in the development of new nuclear power reactor types. [3] - The company aims to integrate digital transformation with production management to enhance management efficiency. [3]

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]