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# 增持 （维持）
所属行业：机械设备当前价格(元)：82.42
# 证券分析师
倪正洋资格编号：S0120521020003邮箱：nizy@tebon.com.cn
# 研究助理
杨云逍邮箱：yangyx $@$ tebon.com.cn
![](images/8eee046d40bf49005febe755a13a1e37800e13143df96f73a4b4869242d02c78.jpg)
市场表现
<table><tr><th>沪深300对比</th><th>1M</th><th>2M</th><th>3M</th></tr><tr><td>绝对涨幅(\%)</td><td>7.18</td><td>32.88</td><td>80.86</td></tr><tr><td>相对涨幅(\%)</td><td>8.10</td><td>25.93</td><td>78.39</td></tr></table>
资料来源：德邦研究所，聚源数据
# 相关研究
1.《高测股份（688556)：光伏金刚线及硅片切割代工业务推动公司22Q1业绩大超预期》，2022.4.29
2.《光伏设备：光伏高效电池扩产提速，关键设备商各领风骚》，2022.4.10
3.《高测股份（688556.SH)：再签建湖10GW硅片切割代工产能，强化代工业务成长逻辑》，2022.4.7
4.《高测股份（688556.SH)：签订晶澳曲靖2.2亿元切割设备合同，看好22年代工业绩释放+HJT切割工艺进步》，2022.3.9
5.《高测股份（688556.SH)：21年业绩预告超市场预期，关注切片代工利润释放》，2022.1.24
# 高测股份 （688556.SH）：扩产4000万公里金刚线，强化光伏硅片切割三元布局
# 投资要点
事件：公司拟与壶关县人民政府签署的《壶关年产12000万千米金刚线项目投资协议书》，项目一期计划建设年产4,000万千米金刚线产能，预计一期总投资额约6.66亿元；后续年产8,000万千米金刚线项目尚未具体约定，存在较大不确定性。
顺应下游需求扩张，金刚线产能快速扩产，保证公司内供+外销。光伏金刚线需求22年提升源于两方面：1）2022年光伏产业链景气度高涨，1-5月光伏装机同比$+24.4\%$ ，带动产业链各环节开工率提升，硅片前期扩产产能逐步落地，金刚线需求释放；2）由于多晶硅料价格持续维持高位，细线化、薄片化趋势加速，其中细线化要求金刚线线径由40线、38线向36线、35线进步，带动单GW切割线耗不断提升。目前36线单GW切割线耗约50万公里，较38线提升约 $30\%$ 。公司于2021年对金刚线进行“1机12线”技改，技改完成后，公司22年1季度产能712万公里，年化产能超2500万公里。公司目前切片代工产能约47GW，对应远期金刚线产能超2300万公里。本次扩产再一次扩充公司金刚线产能，强化金刚线产能内供 $^+$ 外销布局。
依托壶关低成本电价提升金刚线盈利能力，顺应硅料节约持续推动细线化布局。公司在山西长治金刚线生产厂区采购电力的平均单价较青岛金刚线生产厂区采购电力的平均单价低，2020年度公司陆续将青岛的金刚线生产线搬迁到山西长治壶关厂区，随着山西长治金刚线生产厂区金刚线产量增加，公司采购电力的平均单价呈下降趋势。目前公司电力采购单价从2019年0.8元/kwh降低到2022年Q1的0.39元/kwh，壶关后续拓展有望进一步降低公司金刚线电价成本。金刚线线径越细，锯缝越小，切割时产生的锯缝硅料损失越少，同样一根硅棒可切割加工出的硅片数量越多，制造硅片所需的硅材料越少。相同切割工艺下，金刚线越细，固结在钢线基体上的金刚石微粉颗粒越小，切割加工时对硅片的表面损伤越小，硅片表面质量越好，硅片TT√等质量指标表现也就越好。金刚线母线直径已由2016年的80um降至2022年上半年的36、38、40um，此外高线速、柔性化和智能化等均是金刚线及切片技术进步方向，公司在薄片、细线化、高线速、柔性智能化方面均有领先布局，推动切割工艺持续进步。
切割工艺的持续进步领先，是保障公司利润释放的核心壁垒。公司光伏硅片切割三元布局包括硅片切割及机加工设备、硅片切割耗材（金刚线）以及切割代工业务。公司2021年依托前期设备+耗材布局切割代工业务，目前已公布47GW产能（乐山5GW示范基地、乐山20GW大硅片及配套项目、建湖一期10GW项目，建湖二期12GW项目），客户包括通威、京运通、美科及建湖周边电池企业。22年底公司有望实现超20GW切割代工产能，且当前终端客户主要为下游电池企业。客户选择切割代工模式的核心在于凭借高测的专业化服务实现快速上产，同时可获得较自建硅片切割产能或购买硅片更多的超额利润。超额利润的核心在于高测股份的切割代工技术领先，可实现更多的硅片切割红利，并与客户共享。未来随着金刚线扩产和切割技术进步，公司光伏硅片切割代工利润弹性有望持续释放。
盈利预测与投资建议：预计公司2022-2024年归母净利润4.7、7.2、9.3亿元，对应PE30、20、15倍，维持“增持”评级。
风险提示：硅片扩产不及预期，公司代工业务利润波动风险，市场竞争加剧。
<table><tr><th>股票数据</th></tr><tr><td>总股本(百万股):</td></tr><tr><td>流通A股(百万股):</td></tr><tr><td>52周内股价区间(元):</td></tr><tr><td>总市值(百万元):</td></tr><tr><td>总资产(百万元):</td></tr><tr><td>每股净资产(元):</td></tr></table>
资料来源：公司公告
<table><tr><th>主要财务数据及预测</th><th colspan='5'></th></tr><tr><td></td><td>2020</td><td>2021</td><td>2022E</td><td>2023E</td><td>2024E</td></tr><tr><td>营业收入(百万元)</td><td>746</td><td>1,567</td><td>3,684</td><td>5,056</td><td>5,752</td></tr><tr><td>( +/-YOY(\%)</td><td>4.5\%</td><td>110.0\%</td><td>135.1\%</td><td>37.2\%</td><td>13.8\%</td></tr><tr><td>净利润(百万元)</td><td>59</td><td>173</td><td>471</td><td>717</td><td>933</td></tr><tr><td>( +/-YOY(\%)</td><td colspan='2'>83.8\%</td><td>193.4\%</td><td>52.2\%</td><td>30.1\%</td></tr><tr><td>全面摊薄EPS(元)</td><td>0.43</td><td>1.07</td><td>2.91</td><td>4.43</td><td>5.77</td></tr><tr><td>毛利率(\%)</td><td>35.3\%</td><td>33.7\%</td><td>35.0\%</td><td>36.0\%</td><td>38.0\%</td></tr><tr><td>净资产收益率(\%)</td><td>6.0\%</td><td>15.0\%</td><td>27.9\%</td><td>28.8\%</td><td>26.5\%</td></tr></table>
资料来源：公司年报（2020-2021)，德邦研究所备注：净利润为归属母公司所有者的净利润
财务报表分析和预测
![](images/f76d8f1a57d010f772ae470705d2f8e5124e38c653b47227e1f39aca76ffaffc.jpg)
备注：表中计算估值指标的收盘价日期为7月19日资料来源：公司年报（2020-2021)，德邦研究所
# 信息披露
# 分析师与研究助理简介
倪正洋，2021年加入德邦证券，任研究所大制造组组长、机械行业首席分析师，拥有5年机械研究经验，1年高端装备产业经验，南京大学材料学学士、上海交通大学材料学硕士。2020年获得iFinD机械行业最具人气分析师，所在团队曾获机械行业2019年新财富第三名，2017年新财富第二名，2017年金牛奖第二名，2016年新财富第四名。
# 分析师声明
本人具有中国证券业协会授予的证券投资咨询执业资格，以勤勉的职业态度，独立、客观地出具本报告。本报告所采用的数据和信息均来自市场公开信息，本人不保证该等信息的准确性或完整性。分析逻辑基于作者的职业理解，清晰准确地反映了作者的研究观点，结论不受任何第三方的授意或影响，特此声明。
投资评级说明
![](images/9a0dcfbff06175f88d4435b357b72609380655bcf3657717a126f2995ab3d651.jpg)
# 法律声明
本报告仅供德邦证券股份有限公司（以下简称“本公司”）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引时口门领入贝口门贝口。
本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。
市场有风险，投资需谨慎。本报告所载的信息、材料及结论只提供特定客户作参考，不构成投资建议，也没有考虑到个别客户特殊的投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。在法律许可的情况下，德邦证券及其所属关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。本报告仅向特定客户传送，未经德邦证券研究所书面授权，本研究报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件或复制品，或再次分发给任何其他人，或以任何侵犯本公司版权的其他方式使用。所有本报告中使用的商标、服务标记及标记均为本公司的商标、服务标记及标记。如欲引用或转载本文内容，务必联络德邦证券研究所并获得许可，并需注明出处为德邦证券研究所，且不得对本文进行有原意的引用和删改。
根据中国证监会核发的经营证券业务许可，德邦证券股份有限公司的经营范围包括证券投资咨询业务。
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[
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"text": "增持 （维持）",
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"text": "所属行业：机械设备当前价格(元)：82.42",
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"text": "证券分析师",
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"text": "倪正洋资格编号：S0120521020003邮箱：nizy@tebon.com.cn",
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"text": "研究助理",
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"text": "杨云逍邮箱：yangyx $@$ tebon.com.cn",
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"img_path": "images/8eee046d40bf49005febe755a13a1e37800e13143df96f73a4b4869242d02c78.jpg",
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"市场表现"
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"资料来源：德邦研究所，聚源数据"
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"table_body": "\n\n<table><tr><th>沪深300对比</th><th>1M</th><th>2M</th><th>3M</th></tr><tr><td>绝对涨幅(\\%)</td><td>7.18</td><td>32.88</td><td>80.86</td></tr><tr><td>相对涨幅(\\%)</td><td>8.10</td><td>25.93</td><td>78.39</td></tr></table>\n\n",
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"text": "相关研究",
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"text": "1.《高测股份（688556)：光伏金刚线及硅片切割代工业务推动公司22Q1业绩大超预期》，2022.4.29",
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},
{
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"text": "2.《光伏设备：光伏高效电池扩产提速，关键设备商各领风骚》，2022.4.10",
"page_idx": 0
},
{
"type": "text",
"text": "3.《高测股份（688556.SH)：再签建湖10GW硅片切割代工产能，强化代工业务成长逻辑》，2022.4.7",
"page_idx": 0
},
{
"type": "text",
"text": "4.《高测股份（688556.SH)：签订晶澳曲靖2.2亿元切割设备合同，看好22年代工业绩释放+HJT切割工艺进步》，2022.3.9",
"page_idx": 0
},
{
"type": "text",
"text": "5.《高测股份（688556.SH)：21年业绩预告超市场预期，关注切片代工利润释放》，2022.1.24",
"page_idx": 0
},
{
"type": "text",
"text": "高测股份 （688556.SH）：扩产4000万公里金刚线，强化光伏硅片切割三元布局",
"text_level": 1,
"page_idx": 0
},
{
"type": "text",
"text": "投资要点",
"text_level": 1,
"page_idx": 0
},
{
"type": "text",
"text": "事件：公司拟与壶关县人民政府签署的《壶关年产12000万千米金刚线项目投资协议书》，项目一期计划建设年产4,000万千米金刚线产能，预计一期总投资额约6.66亿元；后续年产8,000万千米金刚线项目尚未具体约定，存在较大不确定性。",
"page_idx": 0
},
{
"type": "text",
"text": "顺应下游需求扩张，金刚线产能快速扩产，保证公司内供+外销。光伏金刚线需求22年提升源于两方面：1）2022年光伏产业链景气度高涨，1-5月光伏装机同比$+24.4\\%$ ，带动产业链各环节开工率提升，硅片前期扩产产能逐步落地，金刚线需求释放；2）由于多晶硅料价格持续维持高位，细线化、薄片化趋势加速，其中细线化要求金刚线线径由40线、38线向36线、35线进步，带动单GW切割线耗不断提升。目前36线单GW切割线耗约50万公里，较38线提升约 $30\\%$ 。公司于2021年对金刚线进行“1机12线”技改，技改完成后，公司22年1季度产能712万公里，年化产能超2500万公里。公司目前切片代工产能约47GW，对应远期金刚线产能超2300万公里。本次扩产再一次扩充公司金刚线产能，强化金刚线产能内供 $^+$ 外销布局。",
"page_idx": 0
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{
"type": "text",
"text": "依托壶关低成本电价提升金刚线盈利能力，顺应硅料节约持续推动细线化布局。公司在山西长治金刚线生产厂区采购电力的平均单价较青岛金刚线生产厂区采购电力的平均单价低，2020年度公司陆续将青岛的金刚线生产线搬迁到山西长治壶关厂区，随着山西长治金刚线生产厂区金刚线产量增加，公司采购电力的平均单价呈下降趋势。目前公司电力采购单价从2019年0.8元/kwh降低到2022年Q1的0.39元/kwh，壶关后续拓展有望进一步降低公司金刚线电价成本。金刚线线径越细，锯缝越小，切割时产生的锯缝硅料损失越少，同样一根硅棒可切割加工出的硅片数量越多，制造硅片所需的硅材料越少。相同切割工艺下，金刚线越细，固结在钢线基体上的金刚石微粉颗粒越小，切割加工时对硅片的表面损伤越小，硅片表面质量越好，硅片TT√等质量指标表现也就越好。金刚线母线直径已由2016年的80um降至2022年上半年的36、38、40um，此外高线速、柔性化和智能化等均是金刚线及切片技术进步方向，公司在薄片、细线化、高线速、柔性智能化方面均有领先布局，推动切割工艺持续进步。",
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"text": "切割工艺的持续进步领先，是保障公司利润释放的核心壁垒。公司光伏硅片切割三元布局包括硅片切割及机加工设备、硅片切割耗材（金刚线）以及切割代工业务。公司2021年依托前期设备+耗材布局切割代工业务，目前已公布47GW产能（乐山5GW示范基地、乐山20GW大硅片及配套项目、建湖一期10GW项目，建湖二期12GW项目），客户包括通威、京运通、美科及建湖周边电池企业。22年底公司有望实现超20GW切割代工产能，且当前终端客户主要为下游电池企业。客户选择切割代工模式的核心在于凭借高测的专业化服务实现快速上产，同时可获得较自建硅片切割产能或购买硅片更多的超额利润。超额利润的核心在于高测股份的切割代工技术领先，可实现更多的硅片切割红利，并与客户共享。未来随着金刚线扩产和切割技术进步，公司光伏硅片切割代工利润弹性有望持续释放。",
"page_idx": 0
},
{
"type": "text",
"text": "盈利预测与投资建议：预计公司2022-2024年归母净利润4.7、7.2、9.3亿元，对应PE30、20、15倍，维持“增持”评级。",
"page_idx": 0
},
{
"type": "text",
"text": "风险提示：硅片扩产不及预期，公司代工业务利润波动风险，市场竞争加剧。",
"page_idx": 0
},
{
"type": "table",
"img_path": "images/c1139f07a1ca46fe2fee99e578c4ba86390f649af386c9923496b20c17c88272.jpg",
"table_caption": [],
"table_footnote": [
"资料来源：公司公告"
],
"table_body": "\n\n<table><tr><th>股票数据</th></tr><tr><td>总股本(百万股):</td></tr><tr><td>流通A股(百万股):</td></tr><tr><td>52周内股价区间(元):</td></tr><tr><td>总市值(百万元):</td></tr><tr><td>总资产(百万元):</td></tr><tr><td>每股净资产(元):</td></tr></table>\n\n",
"page_idx": 1
},
{
"type": "table",
"img_path": "images/2ce87d53ab11a2279ee29cc08209fa34d1706df1f6b31e49859a4c149b2527d5.jpg",
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""
],
"table_footnote": [
"资料来源：公司年报（2020-2021)，德邦研究所备注：净利润为归属母公司所有者的净利润"
],
"table_body": "\n\n<table><tr><th>主要财务数据及预测</th><th colspan='5'></th></tr><tr><td></td><td>2020</td><td>2021</td><td>2022E</td><td>2023E</td><td>2024E</td></tr><tr><td>营业收入(百万元)</td><td>746</td><td>1,567</td><td>3,684</td><td>5,056</td><td>5,752</td></tr><tr><td>( +/-YOY(\\%)</td><td>4.5\\%</td><td>110.0\\%</td><td>135.1\\%</td><td>37.2\\%</td><td>13.8\\%</td></tr><tr><td>净利润(百万元)</td><td>59</td><td>173</td><td>471</td><td>717</td><td>933</td></tr><tr><td>( +/-YOY(\\%)</td><td colspan='2'>83.8\\%</td><td>193.4\\%</td><td>52.2\\%</td><td>30.1\\%</td></tr><tr><td>全面摊薄EPS(元)</td><td>0.43</td><td>1.07</td><td>2.91</td><td>4.43</td><td>5.77</td></tr><tr><td>毛利率(\\%)</td><td>35.3\\%</td><td>33.7\\%</td><td>35.0\\%</td><td>36.0\\%</td><td>38.0\\%</td></tr><tr><td>净资产收益率(\\%)</td><td>6.0\\%</td><td>15.0\\%</td><td>27.9\\%</td><td>28.8\\%</td><td>26.5\\%</td></tr></table>\n\n",
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"img_path": "images/f76d8f1a57d010f772ae470705d2f8e5124e38c653b47227e1f39aca76ffaffc.jpg",
"table_caption": [
"财务报表分析和预测"
],
"table_footnote": [
"备注：表中计算估值指标的收盘价日期为7月19日资料来源：公司年报（2020-2021)，德邦研究所"
],
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},
{
"type": "text",
"text": "信息披露",
"text_level": 1,
"page_idx": 3
},
{
"type": "text",
"text": "分析师与研究助理简介",
"text_level": 1,
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},
{
"type": "text",
"text": "倪正洋，2021年加入德邦证券，任研究所大制造组组长、机械行业首席分析师，拥有5年机械研究经验，1年高端装备产业经验，南京大学材料学学士、上海交通大学材料学硕士。2020年获得iFinD机械行业最具人气分析师，所在团队曾获机械行业2019年新财富第三名，2017年新财富第二名，2017年金牛奖第二名，2016年新财富第四名。",
"page_idx": 3
},
{
"type": "text",
"text": "分析师声明",
"text_level": 1,
"page_idx": 3
},
{
"type": "text",
"text": "本人具有中国证券业协会授予的证券投资咨询执业资格，以勤勉的职业态度，独立、客观地出具本报告。本报告所采用的数据和信息均来自市场公开信息，本人不保证该等信息的准确性或完整性。分析逻辑基于作者的职业理解，清晰准确地反映了作者的研究观点，结论不受任何第三方的授意或影响，特此声明。",
"page_idx": 3
},
{
"type": "table",
"img_path": "images/9a0dcfbff06175f88d4435b357b72609380655bcf3657717a126f2995ab3d651.jpg",
"table_caption": [
"投资评级说明"
],
"table_footnote": [],
"page_idx": 3
},
{
"type": "text",
"text": "法律声明",
"text_level": 1,
"page_idx": 3
},
{
"type": "text",
"text": "本报告仅供德邦证券股份有限公司（以下简称“本公司”）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引时口门领入贝口门贝口。",
"page_idx": 3
},
{
"type": "text",
"text": "本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。 \n市场有风险，投资需谨慎。本报告所载的信息、材料及结论只提供特定客户作参考，不构成投资建议，也没有考虑到个别客户特殊的投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。在法律许可的情况下，德邦证券及其所属关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。本报告仅向特定客户传送，未经德邦证券研究所书面授权，本研究报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件或复制品，或再次分发给任何其他人，或以任何侵犯本公司版权的其他方式使用。所有本报告中使用的商标、服务标记及标记均为本公司的商标、服务标记及标记。如欲引用或转载本文内容，务必联络德邦证券研究所并获得许可，并需注明出处为德邦证券研究所，且不得对本文进行有原意的引用和删改。",
"page_idx": 3
},
{
"type": "text",
"text": "根据中国证监会核发的经营证券业务许可，德邦证券股份有限公司的经营范围包括证券投资咨询业务。",
"page_idx": 3
}
]
\ No newline at end of file
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822.0,
1574.0,
850.0,
595.0,
850.0
],
"score": 1.0,
"text": "线化要求金刚线线径由40线、38线向36线、35线进步，带动单GW切割线耗"
},
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1432.0,
860.0,
1432.0,
887.0,
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"score": 1.0,
"text": "不断提升。目前36线单GW切割线耗约50万公里，较38线提升约"
},
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"poly": [
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"text": "。公司"
},
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"score": 1.0,
"text": "于2021年对金刚线进行“1机12线”技改，技改完成后，公司22年1季度产能"
},
{
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"poly": [
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"score": 1.0,
"text": "712万公里，年化产能超2500万公里。公司目前切片代工产能约47GW，对应远"
},
{
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"poly": [
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967.0,
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"score": 1.0,
"text": "期金刚线产能超2300万公里。本次扩产再一次扩充公司金刚线产能，强化金刚线"
},
{
"category_id": 15,
"poly": [
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"score": 1.0,
"text": "产能内供"
},
{
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"poly": [
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"score": 1.0,
"text": "外销布局。"
},
{
"category_id": 15,
"poly": [
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1561.0,
1072.0,
1561.0,
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"score": 1.0,
"text": "依托壶关低成本电价提升金刚线盈利能力，顺应硅料节约持续推动细线化布局。"
},
{
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"score": 0.99,
"text": "公司在山西长治金刚线生产厂区采购电力的平均单价较青岛金刚线生产厂区采购"
},
{
"category_id": 15,
"poly": [
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1145.0,
1574.0,
1173.0,
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"score": 1.0,
"text": "电力的平均单价低，2020年度公司陆续将青岛的金刚线生产线搬迁到山西长治壶"
},
{
"category_id": 15,
"poly": [
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1181.0,
1574.0,
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"score": 1.0,
"text": "关厂区，随着山西长治金刚线生产厂区金刚线产量增加，公司采购电力的平均单"
},
{
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1575.0,
1217.0,
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"score": 1.0,
"text": "价呈下降趋势。目前公司电力采购单价从2019年0.8元/kwh降低到2022年Q1"
},
{
"category_id": 15,
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"score": 0.99,
"text": "的0.39元/kwh，壶关后续拓展有望进一步降低公司金刚线电价成本。金刚线线径"
},
{
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"poly": [
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1288.0,
1576.0,
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"score": 1.0,
"text": "越细，锯缝越小，切割时产生的锯缝硅料损失越少，同样一根硅棒可切割加工出的"
},
{
"category_id": 15,
"poly": [
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1323.0,
1575.0,
1323.0,
1575.0,
1353.0,
592.0,
1353.0
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"score": 1.0,
"text": "硅片数量越多，制造硅片所需的硅材料越少。相同切割工艺下，金刚线越细，固结"
},
{
"category_id": 15,
"poly": [
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1360.0,
1571.0,
1360.0,
1571.0,
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594.0,
1388.0
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"score": 1.0,
"text": "在钢线基体上的金刚石微粉颗粒越小，切割加工时对硅片的表面损伤越小，硅片"
},
{
"category_id": 15,
"poly": [
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1399.0,
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"score": 0.99,
"text": "表面质量越好，硅片TT√等质量指标表现也就越好。金刚线母线直径已由2016"
},
{
"category_id": 15,
"poly": [
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1433.0,
1574.0,
1433.0,
1574.0,
1461.0,
592.0,
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"score": 1.0,
"text": "年的80um降至2022年上半年的36、38、40um，此外高线速、柔性化和智能化"
},
{
"category_id": 15,
"poly": [
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1469.0,
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"score": 1.0,
"text": "等均是金刚线及切片技术进步方向，公司在薄片、细线化、高线速、柔性智能化方"
},
{
"category_id": 15,
"poly": [
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1505.0,
1107.0,
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595.0,
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],
"score": 1.0,
"text": "面均有领先布局，推动切割工艺持续进步。"
},
{
"category_id": 15,
"poly": [
592.0,
1571.0,
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1571.0,
1576.0,
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"score": 1.0,
"text": "切割工艺的持续进步领先，是保障公司利润释放的核心壁垒。公司光伏硅片切割"
},
{
"category_id": 15,
"poly": [
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1613.0,
1573.0,
1637.0,
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1637.0
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"score": 1.0,
"text": "三元布局包括硅片切割及机加工设备、硅片切割耗材（金刚线）以及切割代工业"
},
{
"category_id": 15,
"poly": [
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"score": 1.0,
"text": "务。公司2021年依托前期设备+耗材布局切割代工业务，目前已公布47GW产能"
},
{
"category_id": 15,
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"score": 1.0,
"text": "（乐山5GW示范基地、乐山20GW大硅片及配套项目、建湖一期10GW项目，"
},
{
"category_id": 15,
"poly": [
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"score": 0.99,
"text": "建湖二期12GW项目），客户包括通威、京运通、美科及建湖周边电池企业。22年"
},
{
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"poly": [
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1755.0,
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"score": 1.0,
"text": "底公司有望实现超20GW切割代工产能，且当前终端客户主要为下游电池企业。"
},
{
"category_id": 15,
"poly": [
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"score": 1.0,
"text": "客户选择切割代工模式的核心在于凭借高测的专业化服务实现快速上产，同时可"
},
{
"category_id": 15,
"poly": [
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1829.0,
1573.0,
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"score": 1.0,
"text": "获得较自建硅片切割产能或购买硅片更多的超额利润。超额利润的核心在于高测"
},
{
"category_id": 15,
"poly": [
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1863.0,
1572.0,
1863.0,
1572.0,
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"score": 1.0,
"text": "股份的切割代工技术领先，可实现更多的硅片切割红利，并与客户共享。未来随着"
},
{
"category_id": 15,
"poly": [
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1898.0,
1523.0,
1898.0,
1523.0,
1925.0,
593.0,
1925.0
],
"score": 1.0,
"text": "金刚线扩产和切割技术进步，公司光伏硅片切割代工利润弹性有望持续释放。"
},
{
"category_id": 15,
"poly": [
593.0,
536.0,
1574.0,
536.0,
1574.0,
567.0,
593.0,
567.0
],
"score": 1.0,
"text": "事件：公司拟与壶关县人民政府签署的《壶关年产12000万千米金刚线项目投资"
},
{
"category_id": 15,
"poly": [
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575.0,
1574.0,
575.0,
1574.0,
602.0,
596.0,
602.0
],
"score": 1.0,
"text": "协议书》，项目一期计划建设年产4,000万千米金刚线产能，预计一期总投资额约"
},
{
"category_id": 15,
"poly": [
592.0,
608.0,
1575.0,
608.0,
1575.0,
640.0,
592.0,
640.0
],
"score": 1.0,
"text": "6.66亿元；后续年产8,000万千米金刚线项目尚未具体约定，存在较大不确定性。"
},
{
"category_id": 15,
"poly": [
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1780.0,
526.0,
1780.0,
526.0,
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69.0,
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],
"score": 0.99,
"text": "5.《高测股份（688556.SH)：21年业"
},
{
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"poly": [
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525.0,
1817.0,
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72.0,
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],
"score": 1.0,
"text": "绩预告超市场预期，关注切片代工利"
},
{
"category_id": 15,
"poly": [
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320.0,
1850.0,
320.0,
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],
"score": 1.0,
"text": "润释放》，2022.1.24"
},
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"poly": [
65.0,
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153.0,
650.0,
153.0,
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],
"score": 1.0,
"text": "杨云逍"
},
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"poly": [
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686.0,
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"score": 1.0,
"text": "邮箱：yangyx"
},
{
"category_id": 15,
"poly": [
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686.0,
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"score": 1.0,
"text": "tebon.com.cn"
},
{
"category_id": 15,
"poly": [
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332.0
],
"score": 1.0,
"text": "高测股份"
},
{
"category_id": 15,
"poly": [
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282.0,
1566.0,
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"score": 0.97,
"text": "（688556.SH）：扩产4000万公"
},
{
"category_id": 15,
"poly": [
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350.0,
1535.0,
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401.0
],
"score": 1.0,
"text": "里金刚线，强化光伏硅片切割三元布局"
},
{
"category_id": 15,
"poly": [
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],
"score": 0.98,
"text": "1.《高测股份（688556)：光伏金刚线"
},
{
"category_id": 15,
"poly": [
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527.0,
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527.0,
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71.0,
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],
"score": 1.0,
"text": "及硅片切割代工业务推动公司22Q1"
},
{
"category_id": 15,
"poly": [
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"score": 1.0,
"text": "业绩大超预期》，2022.4.29"
},
{
"category_id": 15,
"poly": [
69.0,
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1634.0,
528.0,
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69.0,
1664.0
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"score": 1.0,
"text": "4.《高测股份（688556.SH)：签订晶"
},
{
"category_id": 15,
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"score": 1.0,
"text": "澳曲靖2.2亿元切割设备合同，看好"
},
{
"category_id": 15,
"poly": [
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1708.0,
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70.0,
1734.0
],
"score": 1.0,
"text": "22年代工业绩释放+HJT切割工艺进"
},
{
"category_id": 15,
"poly": [
72.0,
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1743.0,
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72.0,
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],
"score": 1.0,
"text": "步》，2022.3.9"
},
{
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"poly": [
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1521.0,
2075.0,
1521.0,
2101.0,
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"score": 1.0,
"text": "风险提示：硅片扩产不及预期，公司代工业务利润波动风险，市场竞争加剧。"
},
{
"category_id": 15,
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"score": 1.0,
"text": "盈利预测与投资建议：预计公司2022-2024年归母净利润4.7、7.2、9.3亿元，"
},
{
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2002.0,
1148.0,
2034.0,
592.0,
2034.0
],
"score": 1.0,
"text": "对应PE30、20、15倍，维持“增持”评级。"
},
{
"category_id": 15,
"poly": [
237.0,
126.0,
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126.0,
416.0,
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171.0
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"score": 1.0,
"text": "德邦证券"
},
{
"category_id": 15,
"poly": [
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"score": 0.94,
"text": "Topsperity Securities"
},
{
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],
"score": 1.0,
"text": "请务必阅读正文之后的信息披露和法律声明"
},
{
"category_id": 15,
"poly": [
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"score": 1.0,
"text": "所属行业：机械设备"
},
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"poly": [
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"score": 1.0,
"text": "当前价格(元)：82.42"
},
{
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"poly": [
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"score": 1.0,
"text": "相关研究"
},
{
"category_id": 15,
"poly": [
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114.0,
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"score": 0.99,
"text": "证券研究报告丨公司点评"
},
{
"category_id": 15,
"poly": [
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"score": 1.0,
"text": "高测股份(688556.SH)"
},
{
"category_id": 15,
"poly": [
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1566.0,
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],
"score": 1.0,
"text": "2022年07月19日"
},
{
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"poly": [
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"score": 1.0,
"text": "倪正洋"
},
{
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"poly": [
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],
"score": 1.0,
"text": "资格编号：S0120521020003"
},
{
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"poly": [
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],
"score": 1.0,
"text": "邮箱：nizy@tebon.com.cn"
},
{
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"poly": [
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"score": 1.0,
"text": "证券分析师"
},
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"text": "备注：净利润为归属母公司所有者的净利润"
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"text": "公司点评高测股份（688556.SH)"
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"text": "请务必阅读正文之后的信息披露和法律声明"
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"text": "主要财务数据及预测"
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"text": "本人具有中国证券业协会授予的证券投资咨询执业资格，以勤勉的职业态度，独立、客观地出具本报告。本报告所采用的数据和信"
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"text": "息均来自市场公开信息，本人不保证该等信息的准确性或完整性。分析逻辑基于作者的职业理解，清晰准确地反映了作者的研究观"
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"text": "点，结论不受任何第三方的授意或影响，特此声明。"
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"text": "法律声明"
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"text": "倪正洋，2021年加入德邦证券，任研究所大制造组组长、机械行业首席分析师，拥有5年机械研究经验，1年高端装备产业经验，南"
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"text": "京大学材料学学士、上海交通大学材料学硕士。2020年获得iFinD机械行业最具人气分析师，所在团队曾获机械行业2019年新财富"
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"text": "第三名，2017年新财富第二名，2017年金牛奖第二名，2016年新财富第四名。"
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"text": "4 / 4"
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"text": "分析师声明"
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"text": "公司点评高测股份（688556.SH)"
},
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"text": "信息披露"
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"text": "请务必阅读正文之后的信息披露和法律声明"
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"text": "本报告仅供德邦证券股份有限公司（以下简称“本公司”）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况"
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"text": "下，本报告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，本公司不对任何人因使用本报告中的任何内容"
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"text": "所引致的任何损失负任何责任。"
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"text": "根据中国证监会核发的经营证券业务许可，德邦证券股份有限公司的经营范围包括证券投资咨询业务。"
},
{
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1550.0,
1537.0,
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"score": 1.0,
"text": "本报告仅向特定客户传送，未经德邦证券研究所书面授权，本研究报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件"
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"text": "或复制品，或再次分发给任何其他人，或以任何侵犯本公司版权的其他方式使用。所有本报告中使用的商标、服务标记及标记均为"
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"text": "本公司的商标、服务标记及标记。如欲引用或转载本文内容，务必联络德邦证券研究所并获得许可，并需注明出处为德邦证券研究"
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"text": "所，且不得对本文进行有原意的引用和删改。"
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"text": "本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可"
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"text": "能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。"
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"text": "市场有风险，投资需谨慎。本报告所载的信息、材料及结论只提供特定客户作参考，不构成投资建议，也没有考虑到个别客户特殊"
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"text": "的投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。在法律许可的情况下，德邦证券及其"
},
{
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"score": 1.0,
"text": "所属关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。"
},
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"text": "投资评级说明"
},
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"text": "所引时口门领入贝口门贝口。"
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"text": "本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可"
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"score": 1.0,
"text": "能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。"
},
{
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"text": "市场有风险，投资需谨慎。本报告所载的信息、材料及结论只提供特定客户作参考，不构成投资建议，也没有考虑到个别客户特殊"
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"text": "的投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。在法律许可的情况下，德邦证券及其"
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"text": "所属关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。"
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"text": "本报告仅向特定客户传送，未经德邦证券研究所书面授权，本研究报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件"
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\ No newline at end of file
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