昊华科技核心业务多点开花，整合蓝天再下一城

首次覆盖化学制品202120222023E2024E2025E7,4249,06810,04911,27713,09036.9222.1310.8212.2316.08891.461,165931.261,1691,47537.6130.67(20.06)25.5526.160.981.281.021.281.6212.4714.2310.9112.5014.1533.3825.5531.9625.4520.174.133.633.483.182.8522.0117.1520.2916.5813.62 1投资评级(首评):买入目标价(人民币):42.24研究员庄汀洲SAC No. S0570519040002SFC No. BQZ933zhuangtingzhou@htsc.com+(86) 10 5679 3939研究员张雄SAC No. S0570523100003zhangxiong@htsc.com+(86) 755 8249 2388联系人杨泽鹏SAC No. S0570123070267yangzepeng@htsc.com+(86) 755 8249 2388基本数据目标价(人民币)42.24收盘价(人民币截至4月11日)32.65市值(人民币百万)29,7606个月平均日成交额(人民币百万)75.0152周价格范围(人民币)24.45-42.56BVPS (人民币)9.14股价走势图资料来源：Wind(44)(33)(21)(10)2Apr-23Aug-23Dec-23Apr-24(%)昊华科技沪深300 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。正文目录核心观点.......................................................................................................................................................................5区别于市场的观点.................................................................................................................................................5昊华科技：科研院所集成平台，核心业务多点开花......................................................................................................6拟收购中化蓝天：受益于HFCs景气上行，打造一体化产业链.................................................................................12高端制造化工材料：下游应用前景广阔，公司差异化优势显著.................................................................................16航空轮胎：国产替代空间广阔，公司有望逐步突围............................................................................................16密封型材：公司市场份额整体领先，未来优势有望巩固.....................................................................................17特种涂料：航空和海洋领域实现多点布局...........................................................................................................18航空有机玻璃：产品具备性能优势，行业领先地位显著.....................................................................................20碳减排业务：PSA业务全球领先，能力边界持续拓展...............................................................................................21电子气体：产品品质国内领先，客户和市场持续拓展................................................................................................23三氟化氮：市场空间广阔，增长潜力显著...........................................................................................................23六氟化钨：高性能沉积材料，需求与日俱增.......................................................................................................24四氟化碳：OLED催化第二增长曲线，公司产能国内居前.................................................................................25六氟化硫：工业级用途广泛，电子级亟待升级...................................................................................................26高端氟材料：打造差异化竞争优势，高端品类不断突围............................................................................................28PTFE：下游应用广阔，公司高端领域持续加码.................................................................................................28PVDF：新能源领域应用持续增长，公司新项目增量有望逐步释放....................................................................29氟橡胶：行业领先者，产品转型持续升级...........................................................................................................31FEP/PFA：高端化和差异化产品布局，未来前景可期........................................................................................32首次覆盖昊华科技，给予“买入”评级..........................................................................................................................33风险提示..............................................................................................................................................................36图表目录图表1：昊华科技发展历程示意图..............................................................................................................................6图表2：公司主营业务及下属单位..............................................................................................................................7图表3：昊华科技各子公司净利润情况.......................................................................................................................7图表4：昊华科技现有与在建产能情况（截至2023年12月）..................................................................................7图表5：昊华科技股权结构（数据截至2023年9月末）...........................................................................................8图表6：昊华科技多元化业务布局带来的协同效应示意图..........................................................................................8图表7：昊华科技营业收入与增速..............................................................................................................................9图表8：昊华科技归母净利润与增速...........................................................................................................................9图表9：昊华科技分板块营业收入..............................................................................................................................9图表10：昊华科技分板块毛利结构............................................................................................................................9图表11：昊华科技各业务板块毛利率对比..................................................................................................................9图表12：昊华科技毛利率、净利率和ROE.......................................................