首次覆盖报告：研发创新弯弓满，扩产提速箭在弦

44.9%27.0% 买入688210.SH--首次23.33卢宇程S0800525040002luyucheng@research.xbmail.com.cn徐乙苒S0800525050001xuyiran@research.xbmail.com.cn2025-022025-06消费电子零部件及组装证券研究报告2025年06月25日 20242025E2026E8141,0671,50831.0%41.4%7512567.7%72.2%0.470.7949.629.62.92.6 2027E2,12440.8%21529436.5%1.361.8617.212.62.21.9 分析师1806209816313011191527相关研究 2|请务必仔细阅读报告尾部的投资评级说明和声明内容目录投资要点..................................................................................................................................4关键假设.............................................................................................................................4区别于市场的观点..............................................................................................................4股价上涨催化剂..................................................................................................................4估值与目标价......................................................................................................................4统联精密核心指标概览.............................................................................................................5一、专注精密零部件制造，毛利率优势显著..........................................................................61.1国内领先的精密零件制造商，MIM与非MIM业务协同发展........................................61.2公司仍在快速成长期，毛利率维持高位.......................................................................7二、MIM工艺空间广阔，有望持续受益于消费电子创新.......................................................82.1折叠屏：MIM工艺是折叠屏手机铰链成形的主要工艺..............................................102.2智能穿戴：不断扩张的规模为MIM产品创造巨大需求.............................................122.3 3D打印：钛材料应用率提升催化3D打印应用加速落地...........................................13三、公司兼具技术壁垒和客户粘性，利润领先....................................................................153.1持续加大研发投入和扩产，夯实技术壁垒.................................................................153.2深度绑定大客户，协同布局非MIM业务...................................................................17四、投资建议.......................................................................................................................194.1盈利预测....................................................................................................................194.2投资建议....................................................................................................................19五、风险提示.......................................................................................................................20图表目录图1：统联精密核心指标概览图...............................................................................................5图2：发展历程图....................................................................................................................6图3：2018-2024公司营收及增速...........................................................................................7图4：2018-2024公司各业务营收情况....................................................................................7图5：公司各产品毛利率情况..................................................................................................8图6：可比公司毛利率对比......................................................................................................8图7：2018-2024公司期间费用率情况....................................................................................8图8：公司研发费用情况..........................................................................................................8图9：MIM工艺流程图.............................................................................................................9图10：MIM产品在各行业的应用..........................................................................................10图11：MIM产品下游应用情况..............................................................................................10 3|请务必仔细阅读报告尾部的投资评级说明和声明图12：全球MIM市场规模....................................................................................................10图13：国内MIM市场规模....................................................................................................10图14：2020-2025E中国折叠屏手机出货量..........................................................................11图15：折叠屏铰链专利结构示意图.......................................................................................11图16：华为Mate X3、荣耀Magic V2、OPPO Find N2 Flip铰链示意图............................12图17：智能穿戴设备发展历程..............................................................................................12图18：2018-2024E中国智能穿戴设备市场规模..................................................................13图19：MIM在智能穿戴设备中的应用产品............................................................................13图20：钛金属在电子消费各领域的应用................................................................................14图21：3D打印技术原理.......................................................................................................14图22：2017-2023中国3D打印市场规模.............................................................................14图23：PEP技术工艺流程图.................................................................................................15图24：2021-2024研发收入情况........................