一、公司简介：

泰金新能专注于高端绿色电解成套装备、钛电极及金属玻璃封接制品的研发与销售，是全球少数能提供4-6μm极薄锂电铜箔及高性能电子电路铜箔生产线整体解决方案的供应商。2025年，公司实现营收23.95亿元，归母净利润2.04亿元，业绩稳健增长。

二、主营业务：

1.电解成套装备（核心支柱）： 产品涵盖阴极辊、生箔一体机等，2024年市占率超45%，位居国内第一 。该业务技术壁垒高，且具备“耗材”属性（钛阳极需定期更换）

2. 钛电极材料： 国内贵金属钛电极复合材料的主要研发生产基地，广泛应用于环保、湿法冶金及氢能领域 。

3. 金属玻璃封接制品： 技术壁垒极高的“小而美”业务，应用于航天军工领域，解决强腐蚀环境下的密封难题 。

三、公司优势

1. 订单支撑

截至2025年9月末，电解成套装备在手订单26.22亿元，为2026年业绩提供强支撑，预计2026年上半年发货439台设备，远超原定目标303台。

2. 技术壁垒

全球最大直径3.6m阴极辊及生箔一体机可生产4-6μm极薄铜箔，技术达国际先进水平，芯片封装用1.5μm载体铜箔，通过华为等客户验证。

3. 市场地位

阴极辊国内市占率45%以上，稳居第一，铜箔钛阳极产品市占率国内第一，西北有色院控股，陕西省财政厅实控，国资背景加持。

四、公司估值

业务板块1：电解铜箔成套装备（核心主业）

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对比维度

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泰金新能

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洪田股份

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东威科技

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主营业务

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电解铜箔成套装备

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电解铜箔设备+真空镀膜设备

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PCB电镀设备+复合铜箔设备

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业务营收

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15-16亿元

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3.2亿元

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7.50亿元

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PS

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3

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7

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14

相较于洪田中端电解铜箔设备PS为7，更高端的泰金新能保守给予8倍PS，该业务板块合理估值约120亿。

业务板块2：钛电极材料

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对比维度

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泰金新能

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昆工科技

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主营业务

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贵金属钛电极复合材料

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新型节能降耗电极材料

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业务营收

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5.5-6.0亿元

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6.01亿元

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PS

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/

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4

钛电极材料给予4倍PS，估值约为24亿

业务板块3：金属玻璃封接制品

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对比维度

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泰金新能

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富士达

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主营业务

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军工特种玻璃封接材料

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射频同轴连接器、电缆组件，防务+民用

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业务营收

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约1.5-2.0亿元

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8.81亿元

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PS

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/

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8

军工特种玻璃封接材料给予8倍PS，合理估值约为10亿。

综上，采用分布式估值法，泰金新能合理市值约为120亿+24亿+10亿=154亿，相较4月1日收盘市值还存在105%上涨空间。

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