中航证券研究所发布股市有风险 入市需谨慎联联联联联联联联联联联联联联联联联联联联联2联联联联联联联联联联联联联联联联联联联联联www.avicsec.com联联联联联010-59219558 联联联010-59562637
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宏柏新材（605366）首次评级2026年07 月17 日7.89目标价(元)：公司基本数据总股本(百万股)772.836,097.61流通股本(百万股)772.836,097.61
12 月最高/最低价(元)
14.90/5.76资产负债率(%)27.62每股净资产(元)3.45市盈率(TTM)-36.25市净率(PB)2.29净资产收益率(%)-1.05股价走势图作者曾帅分析师SAC 执业证书：S0640522050001联系电话：相关研究报告主业企稳，切入硅基新材料领域打开增长天花板◆ 营收小幅增长，业绩筑底扎实2025 联联联联联联联13.9 联联联联联-5.9% 联联联联联联-1.46 联联联联联联联联联联联联联联3.5% 联联联-7.0pcts联联联联-10.8% 联联联-8.7pcts联联联联联联25Q4 联联3.42 联联联联联-17.2% 联联联联联联-0.73 联联联联联联联联联联联联联联联联0.01% 联联联-10.7pcts联联联联-22.5% 联联联-18.4pcts联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联26Q1 联联联联联联联联联联联联联联联3.91 联联联联联+14.3% 联联联联联联-0.28 联联联联联联联联联联联联联2.2% 联联联+2.2pcts联联联联-8.7% 联联联+13.8pcts联联联联联联联联联联2026H1 联联联联联联联联联-0.33 联联~-0.22 联联联联联联联联联Q2 联联联联联联联联联联联联联联联联联联联◆ 主业整体筑底，产品价格有所回升联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联+联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联2025 联联联联联联联联联联联联联联11.59 联联联联联联联83.35% 联联联联4.91% 联联联-6.3pcts联联联2026 联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联◆ 积极布局三大新材料业务，打开增长天花板。联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联1联联联联联联联联联联联联CVD联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联2联联联联联联联联联联联联联联联联联联联联联联联联联联2联联/联联联9N 联联联联联联联联联联联联2027 联联联联联联联Ai 联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联3联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联5000 联/联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联◆ 投资建议与盈利预测联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联Ai联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联-30%-10%10%30%50%70%90%110%25-0725-1025-1226-0226-0526-07联联联联联联联联联联300[证券研究报告]中航证券研究所发布联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联2026~202 8 联联联联联联联联0.01联3.27 联6.28 联联联联联PE 联联联联5369联19 联10 联联◆ 风险提示联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联财务数据与估值2026E2027E2028E营业收入（百万元）1477.481390.121526.882480.023411.87增长率（%）6.68(5.91)9.8462.4237.57归母净利润（百万元）(30.87)(145.78)1.14327.19628.21增长率（%）(147.51)(372.29)100.7828711.2092.01毛利率（%）10.523.5013.3127.3432.53每股收益（元）(0.04)(0.19)0.000.420.81市盈率PE(197.54)(41.83)5369.4118.649.71市净率PB3.073.123.122.722.19净资产收益率ROE（%）(1.47)(7.15)0.0614.0621.84联联联联联iF in D 联联联联联联联联[证券研究报告]中航证券研究所发布表1 公司分业务拆分（亿元）2026E2027E2028E硅烷偶联剂营收11.5912.7613.6814.17增速-6.3%10.1%7.2%3.6%毛利率4.9%14.5%14.5%17.0%毛利润0.571.851.982.41气相白炭黑营收1.561.721.892.08增速-15.5%10.0%10.0%10.0%毛利率-1.9%5.5%5.0%5.0%毛利润(0.03)0.090.090.10新业务汇总营收8.4017.00增速102.4%毛利率55%50%毛利润4.628.50其他营收0.750.790.830.87增速2.0%5.0%5.0%5.0%毛利率-7%11%10%10%毛利润(0.05)0.090.080.09合计营收13.9015.2724.8034.12增速-5.9%9.8%62.4%37.6%毛利率3.5%13.3%27.3%32.5%毛利润0.492.036.7811.10联联联联联iFind联联联联联联联联[证券研究报告]中航证券研究所发布财务报表与财务指标（单位：百万元）资产负债表利润表会计年度2026E2027E2028E会计年度2026E2027E2028E货币资金887.11929.71551.24578.71931.77营业收入1477.481390.121526.882480.023411.87应收票据及账款421.49416.27465.72756.431040.66营业成本1322.061341.481323.721801.922301.92预付账款12.9615.2314.3423.3032.05税金及附加11.1011.5611.4618.6225.62其他应收款1.121.371.292.092.88销售费用27.7630.9216.8026.0435.14存货237.73221.31218.38297.27379.76管理费用89.7684.8089.32146.32194.48其他流动资产486.64325.84332.62379.85426.03研发费用44.8846.2943.5271.9292.12流动资产总计2047.041909.721583.592037.662813.15财务费用31.8334.5045.9626.0510.63长期股权投资0.000.000.000.000.00资产减值损失-6.78-33.95-6.11-12.40-17.06固定资产1719.691582.911465.621300.001086.05信用减值损失-1.00-2.42-0.76-2.48-3.41在建工程56.2350.8842.4033.9225.44其他经营损益-0.00-0.00-0.00-0.00-0.00无形资产196.29606.29495.85385.42274.99投资收益1.164.862.062.062.06长期待摊费用14.0412.536.260.000.00公允价值变动损益8.105.200.000.000.00其他非流动资产63.8783.9284.2984.2984.29资产处置收益-13.57-0.98-3.96-3.96-3.96非流动资产合计2050.122336.522094.431803.631470.77其他收益20.498.2015.0115.0115.01资产总计4097.174246.243678.013841.294283.92营业利润-41.51-178.522.35387.38744.62短期借款237.33256.980.000.000.00营业外收入1.010.383.243.243.24应付票据及账款440.20314.18310.02422.02539.12营业外支出1.391.672.342.342.34其他流动负债230.37182.88182.55252.39323.81其他非经营损益0.000.000.000.000.00流动负债合计907.90754.04492.58674.41862.93利润总额-41.89-179.823.25388.28745.52长期借款1027.351039.61731.83424.13123.04所得税-11.02-30.182.1058.24111.83其他非流动负债60.6070.0570.0570.0570.05净利润-30.87-149.641.15330.04633.69非流动负债合计1087.951109.66801.88494.17193.09少数股东损益-0.00-3.860.012.855.47负债合计1995.851863.691294.461168.581056.03归属母公司净利润-30.87-145.781.14327.19628.21股本634.99650.16650.16650.16650.16EBITDA160.9358.87591.671005.131389.00资本公积692.17771.78771.78771.78771.78NOPLAT-12.80-131.1243.27355.25645.78留存收益774.16617.18618.17904.471454.18EPS(元)-0.04-0.190.000.420.81归属母公司权益2101.322039.122040.112326.412876.13少数股东权益-0.00343.43343.44346.29351.77主要财务比率股东权益合计2101.322382.552383.552672.713227.89会计年度2026E2027E2028E负债和股东权益4097.174246.243678.013841.294283.92成长能力营收增长率6.68%-5.91%9.84%62.42%37.57%现金流量表营业利润增长率-189.14%-330.12%101.32%16384.97%92.22%会计年度2026E2027E2028EEBIT 增长率-115.69%-1344.80%133.86%742.09%82.50%税后经营利润-30.87-149.64-10.77318.12621.78EBITDA 增长率-18.22%-63.42%905.07%69.88%38.19%折旧与摊销170.99204.19542.47590.80632.86归母净利润增长率-147.51%-372.29%100.78%28711.20%92.01%财务费用31.8334.5045.9626.0510.63经营现金流增长率41.97%-135.89%640.28%31.64%48.31%投资损失-1.16-4.86-2.06-2.06-2.06盈利能力营运资金变动111.98-193.58-56.81-244.77-233.91毛利率10.52%3.50%13.31%27.34%32.53%其他经营现金流-6.1510.1117.6017.9717.97净利率-2.09%-10.76%0.08%13.31%18.57%经营性现金净流276.63-99.28536.39706.121047.27营业利润率-2.81%-12.84%0.15%15.62%21.82%资本支出106.64409.86300.00300.00300.00ROE-1.47%-7.15%0.06%14.06%21.84%长期投资-448.21190.000.000.000.00ROA-0.75%-3.43%0.03%8.52%14.66%其他投资现金流9.1610.66-4.00-4.00-4.00ROIC-0.50%-6.04%1.64%14.44%25.74%投资性现金净流-545.69-209.20-304.00-304.00-304.00估值倍数短期借款217.3119.65-256.980.000.00P/E-197.54-41.835369.4118.649.71长期借款463.5712.26-307.78-307.71-301.08P/S4.134.393.992.461.79普通股增加22.6815.170.000.000.00P/B3.073.123.122.722.19资本公积增加89.6579.610.000.000.00股息率0.00%0.00%0.00%0.67%1.29%其他筹资现金流94.20242.31-46.10-66.94-89.13EV/EBIT-349.04-31.82132.4615.167.57筹资性现金净流887.41369.00-610.85-374.65-390.21EV/EBITDA21.8178.5411.026.254.12现金流量净额623.0165.14-378.4727.47353.06EV/NOPLAT-274.34-35.26150.6217.688.87数据来源：iFinD，中航证券研究所[证券研究报告]中航证券研究所发布公司的投资评级如下：买入：联联联联联联联联联联联联联联300 联联联联10% 联联联增持：联联联联联联联联联联联联联联300 联联联联5%~10%联联联持有：联联联联联联联联联联联联联联 300 联联联联-10%~+5%联联联卖出：联联联联联联联联联联联联联联300 联联联联10% 联联联行业的投资评级如下：增持：联联联联联联联联联联联联联联联联联300 联联联中性：联联联联联联联联联联联联联联联联300 联联联联联减持：联联联联联联联联联联联联联联联联联300 联联联研究团队介绍汇总：联联联联联联联联联联联联联联联联联联联8 联联联联联联联联联联联联联联2017 联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联联销售团队：联S0640125020003