新材料行业深度报告精品.docx

新材料行业深度报告表4: 2021年OLED材料板块应收账款同比增长13.04%数据来源：Wind、开源证券研究所2021应收减款（亿元）同比应收账款周转天数（天）同比2022Q12021同比2022Q1同比万泗股份3.85-30.19%5.6927.01%38.66-34.17%31.30-45.23%强力新材1.9344.15%1.9021.82%56.67-1.79%63.3211.19%濮阳惠成2.2864.46%2.3925.06%47.27-3.27%55.857.51%应收账款（亿元）应收眯款周转天数（天）2021同比2022Q1同比2021同比2022Q1同比激智科技7.0323.11%7.3935.58%119.09-14.25%125.79-4.50%奥来德0.9856.96%1.2044.35%71.141.77%47.77-5.66%瑞联新材3.0730.28%3.029.31%64.02-4.35%64.53-13.80%合计19.1313.04%21.5927.03%66.14-10.01%64.76-8.20%现金流:2021年OLED材料板块经营性现金净流量合计15.53亿 元，同比增长20.13% ;销售商品、提供劳务收到的现金与营业收入 的比值为96.67% ,同比增加6.33pctso 2022Q1 ,板块经营性现金 净流量合计3.22亿元，同比下降8.56% ；销售商品、提供劳务收到 的现金与营业收入的比值为96.60% ,同比下降1.35pctso表5: 2021年OLED材料板块经营性现金净流量同比增长20.13%经营性现金净流量（亿元）销售商品、提供劳务收到的现金/营业收入2021同比2022Q1同比2021同比(pets)2022Q1同比(pets) 1万润股份10.4587.01%2.3438.88%111.96%15.41120.59%-10.92强力新材1.05-50.12%0.06-70.82%82.02%5.1689.22%4.10濮阳惠成0.8648.05%0.39311.80%71.11%0.2372.06%6.62激智科技-0.03-102.03%0.48346.13%98.44%-0.5393.70%-8.78奥来德1.4116.98%0.03103.89%98.37%-25.9933.16%19.77璃联新材1.79-6.56%-0.07-112.65%83.64%4.4779.86%-2.01合计15.5320.13%3.22-8.56%96.67%6.3396.60%-1.35数据来源：Wind、开源证券研究所资本支出：2021年OLED材料板块资本性支出合计21.14亿元，同比增长61.42% ,年末在建工程总额为16.88亿元，同比增长 0.59%o2022Ql板块资本性支出合计6.98亿元同比增长89.83% , 一季度末在建工程总额为20.14亿元,同比增长4.92%o表6: 2021年OLED材料板块资本性支出同比增长61.42%OLED屏在手机等小尺寸应用领域的渗透趋势不断增强同时随着大 尺寸OLED生产技术的成熟以及终端价格的下降，OLED电视有望 得到大范围推广。此外，车载显示、照明等新兴应用也或将成为未来 重要的需求增长点。我们认为受益于OLED在各领域的持续渗透， OLED材料板块有望维持高速增长。受益标的瑞联新材、濮阳惠成、 万润股份。资本性支出（亿元）在建工程（亿元）2021同比2022Q1同比2021同比2022Q1同比万泗股份7.3210.98%2.5567.84%5.13-47.33%6.06-41.79%强力新材3.7985.96%1.6682.66%4.4839.63%5.0123.29%濮阳惠成1.89120.60%0.4193.46%0.07-85.94%0.28-57.04%激智科技1.59165.75%0.39222.11%1.25161.17%1.46214.64%奥来德2.5155.03%0.5739.31%4.11115.53%4.5098.74%瑞联新材4.06189.70%1.40175.99%1.8497.74%2.83111.48%合计21.1461.42%6.9889.83%16.880.59%20.144.92%数据来源：Wind、开源证券研究所2.2、 半导体材料：现金流有所改善，高资本支出保障未来成长 营收与利润：2021年半导体材料板块实现营收1807.58亿元, 同比增长45.17% ,实现归母净利润170.42亿元，同比增长 82.71%o2022Ql板块实现营收497.10亿元同比增长36.59%, 环比下降2.34% ；实现归母净利润58.16亿元，同比增长80.52% , 环比增长44.39%。10表7: 2021年半导体材料板块归母净利润同比增长82.71%2021营业收入（亿元）环比归母净利润（亿元）同比2022Q1同比2021同比2022Q1同比环比康强电子21.9541.71%4.41-6.85%-17.34%1.81106.11%0.3032.71%-47.01%中环股份411.05115.70%133.6879.13%11.25%40.30270.03%13.11142.08%3.36%多氯多78.0983.95%26.54112.89%6.52%12.602490.80%7.32685.06%40.18%雅克科技37.8266.40%9.658.69%-11.47%3.35-18.98%1.4922.14%370.21%杭氧股份118.7818.53%273513.54%-6.22%11.9441.60%3.227.72%118.68%兴森科技50.4024.92%12.7218.82%-3.85%6.2119.16%2.0198.28%52.73%光华科技25.8028.09%7.6044.63%3.37%0.6272.40%0.35234.09%165.16%鼎龙股份23.5629.67%5.709.57%-19.15%2.14233.60%0.7190.12%13.42%上海新阳10.1646.47%2.4618.95%-19.34%1.04-62.05%(0.14)-609.50%-170.88%南大光电9.8465.46%4.1194.67%49.13%1.3656.55%0.8189.38%559.26%菲利华12.2441.68%3.7342.17%11.26%3.7055.44%0.9020.43%13.21%飞凯材料26.2740.94%8.6553.73%16.91%3.8667.89%1.39103.43%20.28%强力新材10.3933.77%2.7318.83%-12.10%1.1523.66%0.25-21.57%21.85%巨化股份179.8612.03%46.0828.07%-14.08%11.091062.87%2.341880.03%-72.44%有研新材160.5923.82%39.107.29%3.23%2.3940.21%1.0469.19%288.97%美华科技74.2436.92%18.5425.56%-1733%8.9137.61%2.2341.58%-11.52%三安光电125.7248.71%31.0714.35%2.20%13.1329.20%4.29-22.94%1490.41%石大胜华70.5657.67%17.715.10%-11.55%11.78353.60%4.5094.08%3.01%容大感光7.8644.45%1.71-0.48%-20.49%0.40-29.61%0.10-39.60%512.44%江化微7.9240.50%2.4455.98%-3.45%0.57-2.90%0.33253.78%15.05%晶瑞股份18.3279.21%4.5111.91%-13.91%2.01161.20%03238.81%-10.88%江丰电子15.9436.64%4.9054.29%4.08%1.07-27.55%0.3390.15%194.08%阿石创6.1072.43%1.7882.78%-1.88%0.18201.14%0.06409.65%9.31%深南电路139.4320.19%33.1621.68%-20.82%14.813.53%3.4842.83%-23.39%安集科技6.8762.57%2.3395.41%7.85%1.25-18.77%0.401830.27%41.21%数据来源：Wind、开源证券研究所2021营业收入（亿元）环比归母净利泗（亿元）同比2022Q1同比2021同比2022Q1同比环比联璃新材6.2554.55%1.7727.28%4.76%1.7355.85%0.4316.35%-2.82%云南错业5.56-16.95%1.5137.91%-15.06%0.14-38.31%0.09-43.72%723.27%华特气体13.4734.78%3.8330.68%8.83%1.2921.46%0.3941.12%48.96%石英股份9.6148.81%2.6025.16%-7.55%2.8149.37%0.87106.11%-17.30%亚光科技15.88-12.41%2.73-24.16%-48.04%(11.99)-3515.56%(0.55)-364.31%-95.49%凯美特气6.6828.68%2.0157.76%11.04%1.3992.34%0.56247.94%53.48%三孚股份15.9958.89%5.3385.10%14.17%3.36244.76%1.50183.75%69.44%神工股份4.74146.69%1.426839%13.83%2.18117.84%0.5026.66%0.77%金宏气体17.4140.05%4.4626.51%-12.16%1.67-15.34%0.390.77%-6.32%沪硅产业U24.6736.19%7.8647.09%12.42%1.4667.81%(0.15)-267.19%-133.34%格林达7.8033.60%2.4240.58%-2.24%1.4139.37%0.3926.27%0.46%立昂微25.4169.17%7.5663.86%-3.98%6.00197.24%2.38214.02%21.39%中晶科技4.3760.13%0.9612.92%-22.50%1.3151.44%0.20-41.87%14.77%合计1807.5845.17%497.1036.59%-2.34%170.4282.71%58.1680.52%44.39%毛利率与净利率：2021年半导体材料板块毛利率到达23.02% ,同比增加2.40pcts ；净利率到达9.43%，同比增加1.94pctso 2022Q1板块毛利率到达25.16%同比增加3.17 pets环比增加0.88pcts ;11净利率到达11.70% ,同比增加2.85pcts ,环比增加3.79pctso表8: 2021年半导体材料板块净利率同比增加l,94pcts毛利率净利率2021同比(pets)2022Q1同比(pets)环比(pets)2021同比（pets）2022Q1同比(pets)环比(pets)康强电子18.85%0.1017.64%-0.36-1.178.26%2.586.83%2.04-3.83中环股份21.69%2.8318.79%-1.55-6.939.80%4.099.81%2.55-0.75多氯多32.14%18.0142.57%20.441.4016.13%14.9927.59%20.116.62雅克科技25.76%-9.7631.85%4.4612.108.85%-9.331539%1.6920.44杭氧股份24.64%1.9628.76%2.546.2210.05%1.6411.77%-0.646.72兴森科技32.17%1.2429.67%-2.31-2.1612.33%-0.6015.80%6.335.85光华科技15.74%-0.1318.24%1.603.162.41%0.624.64%2.632.83鼎龙股份33.44%0.6739.00%3.867.539.06%17.8612.53%5.313.60上海新阳35.43%1.2831.12%-7.19-3.1010.24%-29.29-5.54%-6.83-11.85南大光电43.42%2.3348.07%3.217.0213.84%-0.7919.63%-0.5515.19菲利华50.79%-1.2846.67%-2.58-0.6830.25%2.6824.25%-4.380.42飞凯材料39.92%0.4441.43%1.940.4714.69%2.3616.03%3.920.45强力新材33.05%-4.4531.96%-3.893.7411.06%-0.909.17%-4.722.55巨化股份14.13%4.8720.40%9.312.726.17%5.575.09%4.76-10.77有研新材4.33%0.205.69%1.281.401.49%0.172.66%0.971.96美华科技27.18%-1.1526.99%-1.581.8912.01%0.0612.01%1.360.79三安光也22.22%-2.2521.93%-0.892.0110.44%-1.5813.80%-6.6812.92数据来源：Wind、开源证券研究所毛利率净利率环比（pets）2021同比(pets) 2022Q1同比(pets)环比(pets)2021同比(pets)2022Q1同比(pets)石大胜华31.50%14.2640.13%13.613.9216.70%10.9025.42%11.663.59容大感光27.82%-2.4725.11%-7.241.175.09%-5.366.04%-3.917.20江化微22.15%-3.672937%10.890.787.13%-3.1913.53%7.572.18晶瑞股份21.12%-0.622134%2.68-0.0210.97%3.447.10%1.380.24江丰电子25.56%-2.5329.96%0.057.696.69%-5.936.83%1.294.41阿石创17.61%-3.3713.72%-2.66-3.112.89%1.243.33%2.140.34深南电路23.71%-2.7626.79%3.354.2610.62%-1.7110.49%1.55-0.35安集科技51.08%-0.955132%3.94-0.5418.22%-18.2416.99%15.274.01联瑞新材42.46%-03838.95%-2.731.4927.67%0.2324.06%-2.26-1.88云南错业19.58%1.8025.04%6.752.462.51%-0.875.80%-8.416.59华特气体24.19%-1.7825.72%2.412.629.60%-1.0510.22%0.762.75石英股份45.63%4.8954.65%14.286.7529.25%0.1133.61%13.20-3.96亚光科技18.75%-9.0724.06%-12.1633.38-75.53%-77.47-19.98%-25.71210.25凯美特气41.95%4.5149.73%11.1410.9120.80%6.8827.95%15.287.73三孚股份33.84%12.8841.07%11.609.1020.99%113228.21%9.819.20神工股份64.07%-1.166034%-6.880.2046.10%-6.1135.24%-11.61-4.57金宏气体29.96%-6.5133.01%0.425.349.59%-6.288.71%-2.230.54沪硅产业-U15.96%2.8521.19%7.692.155.92%1.12-1.93%-3.62-8.42格林达27.48%-1.4826.54%0.85-2.0518.03%0.7516.33%-1.850.44立昂微44.90%9.6050.26%9.293.5123.63%10.1831.47%15.056.58中晶科技46.77%-1.6543.68%-6.8510.0430.06%-1.732131%-20.096.92合计23.02%2.4025.16%3.170.889.43%1.9411.70%2.853.79营运能力：2021年半导体材料板块应收账款合计259.86亿元，同比增长29.04% ;应收账款周转天数为71.98天,同比减少9天。122022Q1板块应收账款合计285.24亿元，同比增长26.66% ;应 收账款周转天数为81.56天，同比增加1天。表9: 2021年半导体材料板块应收账款同比增长29.04%应收账款（亿元）应收账款周转天数（天）2021同比2022Q1同比2021同比2022Q1同比康强电子4.3615.70%4.19-5.84%66.61-22.12%87.1011.69%中环股份30.8548.06%35.0258.69%22.64-47.16%22.17-14.29%多京多103435.83%11.1130.12%41.43-41.17%3637-38.01%雅克科技6.9311.23%6.9539.21%62.63-18.16%64.7213.79%杭乳股份153428.34%15.4532.37%41.36-19.74%50.6714.79%兴森科技15.6734.70%16.2525.78%97.50-2.14%112.909.42%光华科技7.6629.09%7.5227.81%94.850.26%89.85-11.18%鼎龙股份7.2449.41%7.2342.60%92.285.83%114.3033.19%上海新阳2.91-8.93%3.32-5.06%108.26-31.29%114.26-21.75%数据来源：Wind、开源证券研究所应收账款（亿元）应收账款周转天数（天）2021同比2022Q1同比2021同比2022Q1同比南大光电2.9846.04%4.2173.35%91.86-14.66%78.77-17.36%菲利华2.325.73%3.7028.96%66.40-27.52%72.67-16.38%飞凯材料8.1935.70%9.9852.51%97.41-5.69%94.47-6.04%强力新材1.9344.15%1.9021.82%56.67-1.79%63.3211.19%巨化股份11.1693.87%11.4773.16%16.9357.01%22.1042.72%有研新材2.920.06%8.2621.51%6.55-13.58%12.877.24%美华科技12.29-2.69%16.1810.99%60.39-20.07%69.09-16.66%三安光电24.837.90%26.67-0.81%68.50-30.91%74.58-9.74%石大胜华7.9473.81%6.9526.53%31.910.25%37.8440.83%容大感光3.3316.32%3.077.03%142.04-11.12%168.3212.21%江化微3.1068.99%3.4556.20%112.220.19%120.983.87%晶璃股份3.06-0.57%2.95-19.77%60.23-37.16%60.04-20.51%江丰电子3.6138.51%4.0232.97%70.19-3.13%70.12-12.15%阿石创1.457.31%1.5523.72%82.49-31.24%76.02-36.96%深南电路273233.05%27.4425.59%61.77-3.95%74.316.18%安集科技1.77169.18%2.04116.92%63.5427.11%73.5222.01%联瑞新材1.7138.24%1.8127.80%84.76-12.07%89.144.23%云南错业1.2118.98%1.3611.68%72.0348.15%76.89-16.62%华特气体2.6836.31%3.2643.99%62.11-11.33%69.717.44%石英股份2.0244.91%1.9611.90%63.97-23.89%68.941.09%亚光科技12.896.93%13.42-4.21%282.7317.01%433.7333.11%凯美特气0.6218.08%0.9192.14%31.01-13.67%34.26-2.94%三孚股份0.7784.16%1.83170.35%13.45-7.63%21.9828.22%神工股份0.5191.75%0.6548.41%29.57-18.77%37.03-2.15%金宏气体2.8075.79%2.8252.04%45.453.22%56.7528.87%沪硅产业U4.2723.23%4.6521.45%56.50-14.30%51.05-16.86%格林达2.5956.92%2.9157.76%97.729.64%102.2511.94%立昂微7.0630.68%7.7035.61%88.29-22.68%87.85-18.71%中晶科技1.2427.69%1.061.73%91.16-21.16%108.241.18%合计259.8629.04%285.2426.66%71.98-11.24%81.560.93%现金流：2021年半导体材料板块经营性现金净流量合计198.93亿元，同比增长40.69% ;销售商品、提供劳务收到的现金与营业收入13的比值为76.36% ,同比下降9.98pctso 2022Q1 ,板块经营性现金净流量合计21.35亿元，同比下降11.56% ;销售商品、提供劳务 收到的现金与营业收入的比值为72.20% ,同比下降3.81pctso表10: 2021年半导体材料板块经营性现金净流量同比增长40.69%经营性现金净流量（亿元）销售商品、提供劳务收到的现金/营业收入2021同比2022Q1同比2021同比(pets)2022Q1同比(pets)康强电子1.12-29.93%-0.1457.16%82.00%3.8991.12%22.50中环股份42.8249.77%9.576.52%33.83%-26.6926.84%-2.64多氟多19.755480.26%4.63453.39%83.13%14.2785.57%3.69雅克科技3.2062.87%0.70-31.89%98.13%1.45120.21%-1.97杭氧股份12.6234.57%-1.48-920.71%63.12%9.0354.70%-5.06兴森科技5.8042.20%1.19106.40%91.08%-5.33102.53%9.13光华科技0.44-64.57%-0.5045.03%87.43%-3.1597.79%8.38鼎龙股份0.03-99.20%0.72213.64%96.43%0.87110.82%4.05上海新阳1.916.56%-0.74-115232%114.52%4.9777.07%-0.96南大光电2.62105.40%-0.12-117.42%91.12%7.2371.71%-18.12菲利华2.9455.67%0.10-74.69%76.44%-5.2253.10%-15.00飞凯材料2.5549.33%-0.29-181.63%106.70%4.6092.86%-12.08强力新材1.05-50.12%0.06-70.82%82.02%5.1689.22%4.10巨化股份12.4726.16%4.0328.85%108.52%-2.10106.82%-2.15有研新材3.041153.26%-8.265.68%110.80%0.1593.88%-7.49灵华科技11.46190.07%-0.2542.56%87.51%7.8473.00%-6.17三安光电16.08-16.89%2.47-61.39%72.67%-13.6179.20%21.33石大胜华9.6020.95%5.13165.47%71.71%-7.847935%-1.53容大感光0.50152.89%0.2038.03%36.76%-2.5049.84%-9.03江化微-0.49-343.93%-0.0978.73%70.98%-8.6966.78%-7.22晶端股份1.67161.86%0.57159.17%55.81%-17.8664.65%2.65江丰电子1.03325.96%-0.67-129.88%91.22%-3.8798.35%11.47阿石创032130.27%-0.13-303.67%102.21%13.12102.37%-12.29深南电路23.4230.10%6.1045.39%89.71%-3.38106.77%3.18安集科技0.61-46.01%032176.06%8637%-11.4188.66%13.36联瑞新材1.5371.07%0.06-85.28%93.15%2.0584.58%1.44云南错业1.13-9.82%0.02-96.78%111.80%12.16101.29%-28.71华特气体0.15-85.92%-0.2342.83%88.52%0.5878.82%-10.88石英股份0.4434.76%-0.19-687.68%68.16%-5.5465.25%-2.23亚光科技-0.40-183.03%-3.25-451.42%100.44%-29.01103.09%35.30凯美特气2.5458.63%0.35-2.46%105.76%4.6397.77%-12.57三孚股份2.5541.37%-0.97-1282.86%88.32%-11.4673.52%-7.26神工股份1.8930.50%0.3080.71%104.18%9.2689.53%16.09金宏气体3.11-22.64%0.7611.56%114.71%14.96108.23%-16.84沪硅产业-U3.07-18.34%1.63229.64%93.73%0.4992.92%-1.50格林达1.12-11.27%-0.14-921.99%94.21%-3.7492.53%-1.38立昂微4.3841.15%-0.4250.45%49.04%-5.8568.48%9.39中晶科技0.860.23%03128.97%56.98%-15.0