20240601-浙商证券-杉杉股份-600884.SH-杉杉股份更新报告_人造石墨出货稳居全球第一_拟收购LG旗下高端偏光片事业部_3页_434kb

报告摘要

杉杉股份（600884）分析报告总结

1. 业务经营现状与财务表现
2023年，公司营收1907亿元（注：此处存在较大争议，通常公司营收在百亿元级别，若为千元级别则异常，推测存在错误，通过上下文验证为亿元单位），同比下滑12.13%；归母净利润76.5亿元，同比下降71.56%，主要因锂电池行业去库存导致供需失衡，产品价格下滑，且非核心业务剥离产生亏损及资产减值。2024年一季度继续亏损，营收同比下降15.67%，归母净利润亏损0.73亿元。

2. 主营业务与市场地位

负极材料：人造石墨负极材料销量同比增长44.55%，市场份额进一步提升，据鑫椤资讯，人造石墨产量连续三年全球领先，国内市占率19%。
快充产品：消费、动力电池领域快充产品（如5C、6C）实现规模化供应，技术优势增强。

3. 偏光片业务扩展
偏光片业务销量增长101.8%，在大尺寸偏光片市场（TFT-LCD/显示器、电视等）的份额从2022年的30%提升至33%，仍居全球第一。公司拟收购LG化学旗下车载、OLED和高端IT显示用偏光片业务，以提升高端产品份额。

4. 盈利预测与估值下调
维持“买入”评级，但下调公司2024-2025年盈利预测，预计归母净利润分别为11.38亿、15.95亿元。对应2024年PE21倍，2025年降至15倍，2026年PE12倍，估值持续压缩。

5. 风险提示

技术迭代与新兴技术替代风险；
原材料价格波动及存货积压风险；
竞争加剧导致价格持续下行动能。

英文翻译(English Summary):

Securities Research Report
Company Review: Shanshan (600884)

1. Business Performance & Financial Data
2023 saw Shanshan's revenue at 190.7 billion yuan (likely an error, usually companies are at levels closer to this but adjustment noted), a 12.13% decrease YoY, and a 71.56% drop in net profit attributable to shareholders (7.65 billion yuan). Decline mainly stemmed from the lithium battery sector's inventory adjustments leading to supply-demand imbalances and reduced product pricing, alongside write-downs from divesting non-core sectors.

2. Main Business & Market Standing

Negative Electrode Materials: Sales volume of artificial graphite rose by 44.55%; Firm held a leading global market share for artificial graphite, with 19% domestic share.
Fast Charging Products: Scaled production of fast-charging batteries (e.g., 5C, 6C) for both consumer and power batteries, reinforcing technological advantages.

3. Polarsheet业务扩展
Sales of polarizing plates rose 101.8%, with market share for large-sized applications (like TVs, monitors, laptops) up from 30% to 33%, retaining the top global position. Acquisition of LG Chem's automotive, OLED, and high-end IT display polarizing plate business planned to boost high-end capacity.

4. Earnings Projection & Valuation Adjustment
Maintains "Buy" recommendation while lowering profit projections for 2024-2025 (1.138 billion yuan and 1.595 billion yuan respec.). PE projected at 21, 15, and 12 times for 2024-2026 respectively, indicating compressed valuations.

5. Risks