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电话:2025 昭通市(大关县、彝良县、威信县、水富市、昭阳区、巧家县、绥江县、鲁甸县、永善县、镇雄县、盐津县)
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红河哈尼族彝族自治州(金平苗族瑶族傣族自治县、元阳县、建水县、个旧市、红河县、绿春县、石屏县、弥勒市、开远市、屏边苗族自治县、泸西县、蒙自市、河口瑶族自治县)
贺州市(八步区、富川瑶族自治县、钟山县、平桂区、昭平县)
迪庆藏族自治州(香格里拉市、德钦县、维西傈僳族自治县)








拉萨市(达孜区、堆龙德庆区、尼木县、当雄县、墨竹工卡县、曲水县、林周县、城关区)
铜川市(宜君县、印台区、耀州区、王益区)
阳泉市(盂县、平定县、城区、矿区、郊区)
达州市(达川区、通川区、宣汉县、万源市、大竹县、开江县、渠县)
随州市(曾都区、广水市、随县)
广安市(岳池县、武胜县、华蓥市、广安区、前锋区、邻水县)
莆田市(城厢区、秀屿区、荔城区、涵江区、仙游县)
济南市(历下区、市中区、长清区、商河县、莱芜区、章丘区、平阴县、槐荫区、钢城区、天桥区、济阳区、历城区)
喀什地区(疏勒县、巴楚县、莎车县、岳普湖县、喀什市、麦盖提县、叶城县、泽普县、伽师县、疏附县、英吉沙县、塔什库尔干塔吉克自治县)

  近日星光证券发布环球新材国际深度研究报告,首次覆盖给予“买入”评级,目标价5.79港元,相比现价存在64%的上涨空间。

  报告摘要如下:

  中国珠光材料知名品牌,外延式扩张打开全球市场。环球新材国际是研发、生产、销售珠光材料及合成云母等关键基础性材料的国家级高新技术企业,公司拥有两千余种珠光材料产品,销售网络覆盖全球上百个国家和地区,已在国内乃至全球市场享有较高知名度。公司基本面优秀,2019-2024年公司营收从2019年的4.41亿元,增长至2024年的16.49亿元,复合增长率高达30.2%。同时公司毛利率常年维持在50%左右的水平,2024年达53.0%。2023年以来,公司相继完成对韩国CQV的并购整合、并且与德国默克达成对其表面解决方案业务的收购,通过跨国并购,环球新材国际正加速打开国际市场,成为一家新材料跨国企业。

  珠光材料应用广&市场空间大,行业壁垒较深。珠光材料色彩和功能性皆优,正逐步替代传统颜料,且由于珠光材料基材多样,应用领域不断被拓宽。根据Frost&Sullivan数据,2023年全球珠光材料的市场规模235亿元,2016-2023年复合增长率14.1%,预计2030年市场规模将达到440亿,2023-2030年复合增长率9.4%。此外,生产工艺难度较高和品牌效应构筑行业深厚护城河,珠光材料市场均价连年上涨,头部玩家强者恒强。

  研发驱动的增长模式,成长确定性较强。环球新材国际高度重视研发投入,随着技术的进步公司中高端产品占比已超过50%,产品矩阵持续向高端领域迭代,驱动公司营收利润双增;同时公司还持续降低生产成本,全面保障低、中、高三档产品的市场竞争力;环球新材国际还掌握合成云母的关键技术,随着合成云母基材对天然云母的替代,环球新材国际已掌握市场先机;未来伴随着并购整合,环球新材国际的产品矩阵/市场资源/研发团队有望得到全面提升,奠定公司未来十年高速发展的基础。

  基于对公司稳定的内源式发展,以及外延式并购整合预期(该盈利预测不计算并购默克表面解决方案业务带来的财务变化)。我们测算2025-2027年,公司营收分别为22.29/29.00/36.31亿元,增速分别为35.2%、30.1%、25.2%;归母净利润分别为3.37/4.58/6.17亿元,增速分别为39.0%、36.1%、34.7%。PE分别为12.22/8.97/6.66,结合可比公司估值水平,我们认为环球新材国际2025年合理PE应为20倍,目标价5.79港元,相比现价存在64%的上涨空间,首次覆盖给予“买入”评级。(1HKD=0.9376CNY)

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