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星球石墨(688633):石墨高端设备领军企业,业绩拐点将至
NORTHEAST SECURITIES· 2025-06-26 05:41
Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [4]. Core Insights - The company is positioned to benefit from the accelerated release of chlor-alkali production capacity, with expected revenue growth driven by increased capital expenditures from upstream graphite equipment manufacturers [1][2]. - The domestic replacement cycle for synthetic furnaces is approaching, with significant demand for high by-product steam graphite synthetic furnaces, which are expected to replace traditional models [2]. - The company is actively expanding into overseas markets, with ongoing projects expected to contribute significantly to revenue in the coming years [3]. - The launch of a new graphite materials project enhances the company's integrated layout of "materials, equipment, systems, and services," improving cost efficiency and profitability [4]. Summary by Sections Company Overview - The company is a leading manufacturer of high-efficiency and energy-saving graphite equipment, with a diverse product range covering various applications in the chemical industry [20]. - The company has a stable and concentrated shareholding structure, with the controlling shareholders holding approximately 66% of the shares [26]. Market Dynamics - The chlor-alkali industry is the core downstream application for the company's products, accounting for 65% of its revenue, with a growing market for graphite equipment driven by environmental policies and industry upgrades [48][44]. - The global chlor-alkali production capacity is expected to continue growing, with significant projects planned in Asia, the Middle East, and North America [3]. Financial Projections - Revenue forecasts for the company are projected at 938 million, 1.16 billion, and 1.36 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 243 million, 308 million, and 332 million yuan in the same years [4][5]. - The company anticipates a recovery in profitability due to the confirmation of overseas orders and the optimization of costs from new projects [29]. Competitive Position - The company maintains a leading market share in the high by-product steam graphite synthetic furnace segment, positioning it well to capitalize on the upcoming replacement cycle [2]. - The company is focused on technological innovation and has a strong R&D investment, which supports its competitive advantage in the industry [38][4].