金富科技-003018-A股公司研究报告：液冷并表&包装修复利润预增-260728（19页）.pdf

1、 识别风险 价值发现|2026/07/28 Table_Title 003018.SZ 液冷并表&包装修复，利润预增 Table_Invest 当前价格 38.12 合理价值 38.2 Table_Summary 202620260.90-1.0081.41%-101.57%0.91-1.01103.46%-125.87%0.2885-0.3205 2026451%41 26-280.76/1.28/1.77/202650PE38.20/“”Table_BaseInfo 总股本/流通股本(百万股)313.95/284.51 总市值/流通市值(百万元)11967.77/10845.58 一年内最

2、高/最低(元)77.62/11.45 30 日日均成交量/成交额(百万)10.19/560.59 近 3 个月/6 个月涨跌幅(%)-17.00/152.62 Table_Author SAC 执证号：S0260520110002 SFC CE No.BWW545 Table_DocReport Table_Finance :2024A 2025A 2026E 2027E 2028E 892 760 1,634 2,697 3,506%15.4%-14.8%115.0%65.0%30.0%EBITDA 257 225 404 616 807 141 101 240 402 556%27.1%-

3、28.6%137.8%67.8%38.1%EPS/0.54 0.39 0.76 1.28 1.77 P/E 17.4 44.9 49.9 29.7 21.5 ROE%8.9%6.3%13.6%20.5%24.9%EV/EBITDA 9.3 19.9 30.0 19.9 15.1 -10%100%211%321%432%542%07/2509/2511/2501/2603/2605/2607/26300 3336653|.4（一）塑料防盗瓶盖行业龙头，布局液冷业务打开第二成长曲线.4（二）经营短期承压，折旧摊销和需求波动构成双重压力.4 .7（一）全球包装市场规模持续扩容，亚太地区引领增量.7（

4、二）政策红利促进内需复苏，国内包装市场有望持续扩容.8.10（一）深度绑定头部品牌，客户资源优质稳定.10（二）技术研发积累深厚，产品创新能力突出.10（三）外延并购切入液冷散热赛道，打开全新增长空间.11 .13 .15（一）行业竞争加剧风险.15（二）客户集中度较高风险.15（三）原材料价格波动风险.15（四）收购整合风险.15（五）环保政策趋严风险.15|图图 1：金富科技发展历程：金富科技发展历程.4 2 .5 3 .5 4 .5 5 2025%.5 6 .6 7%.6 8%.6 9%.6 10 .7 11 .7 12 2025%.7 13 .7 14 .8 15 .8 16 .10

5、17 .10 18 2025.11 19 .11 20 .12 21 .12 1.8 2.12 3.13 4.14|003018.SZ20012020 200130202651%3025 2925 T2925 PC 4.5L 38 1881 2622 55%1 2026iFinD20257.60-14.80%1.01-28.56%20261.92+13.62%0.21-19.34%|2 3 iFind iFind iFinD20256.84-17.02%28.16%0.800.77+11.87%37.44%1.752022201720254.376.845.74%20248.240.290.7

6、712.73%4 5 2025%iFind iFind iFinD20257.43-12.05%97.76%94.70%3.070.17-64.07%2.24%“”202560%3.711.3634.2%148.3%-20%-15%-10%-5%0%5%10%15%20%25%30%35%0.00001.00002.00003.00004.00005.00006.00007.00008.00009.000010.0000营收（亿元）同比增速（%）-60%-40%-20%0%20%40%60%80%0.00000.20000.40000.60000.80001.00001.20001.40001