科创板询价报告
规范、专业、创新 请阅读最后一页重要免责声明1 证券研究报告·科创板询价报告 证券研究报告·个股报告 华鑫证券·公司研究 证券研究报告·科创板询价报告 主要财务指标（单位：百万元） 聚辰股份于2010年成立于上海张江高科技园区，是一家集成电路芯片设计企业，主要产品包括EEPROM、音圈马达驱动芯片和智能卡芯片，应用于智能手机、液晶面板、蓝牙模块、通讯、计算机及周边、医疗仪器、白色家电、汽车电子、工业控制等领域。 全球智能手机摄像头EEPROM芯片龙头企业。公司是业内少数同时具备工业级EEPROM产品和汽车级EEPROM产品研发设计能力的企业之一。根据赛迪顾问统计数据，2018年公司为全球排名第三的EEPROM产品供应商，占有全球约8.17%的市场份额，国内排名第一。公司是全球排名第一的智能手机摄像头EEPROM产品供应商，占有全球约42.72%的市场份额，公司已与舜宇、欧菲、丘钛、信利、立景、富士康等行业领先的智能手机摄像头模组厂商形成了长期稳定的合作关系。 智能手机摄像头和汽车电子驱动EEPROM市场增长。5G商用带动智能手机存量替换、双摄和多摄渗透率提升，以及摄像头模组升级、汽车智能网联和电动化趋势的不断发展，进一步拉动了EEPROM市场规模增长。同时，公司对现有混合信号类产品线进行横向扩展，积极开拓NOR Flash、音频功放芯片和电机驱动芯片等新产品线，培育新的增长点。 公司估值与询价建议：我们预计公司2019-2021年实现营业收入分别为5.09、6.18和7.40亿元；实现归属于母公司净利润分别为9,218、10,390和12,118万元。我们采用PE法给予公司估值为37.27元/股，采用DCF法给予公司估值为27.62元/股。长期来看，由于注册制的推进，我们预计科创板市场的估值将更为理性。综合考虑两种估值方法，我们采用PE估值法和DCF估值法的平均值作为公司的最终估值，即公司的合理估值中枢为32.45元/股，对应总市值39.21亿元。以30%的询价区间计算，建议询价区间[28.22，36.68]元/股。 风险提示：下游EEPROM等产品需求不及预期，公司新技术研发进度跟不上竞争对手、新产品开拓进度不及预期等。 2018A 2019E 2020E 2021E 营业收入 432 509 618 740 （+/-） 25.7% 17.8% 21.4% 19.8% 营业利润 85 103 117 137 （+/-） 156.5% 20.6% 14.1% 16.8% 归属母公司净利润 76 92 104 121 （+/-） 205.9% 21.1% 12.7% 16.6% EPS（元） 0.84 0.76 0.86 1.00 资料来源：Wind，华鑫证券研发部 分析师：徐鹏 执业证书编号：S1050516020001 电话：021-54967573 邮箱：xupeng@cfsc.com.cn 华鑫证券有限责任公司 地址：上海市徐汇区肇嘉浜路750号 邮编：200030 电话：（8621）64339000 网址：http://www.cfsc.com.cn 2019年12月09日 电子 科创板询价报告之聚辰股份（688123） 建议询价区间：[28.22，36.68]元/股 规范、专业、创新 请阅读最后一页重要免责声明2 华鑫证券·公司研究 目录 一、 公司概况 ································································································································································ 3 1.公司简介 ··············································································································································································· 3 2. EEPROM市场稳步增长 ························································································································································ 5 3.主要客户 ··············································································································································································· 6 二、财务数据 ···································································································································································· 6 三、公司股权结构及募投项目 ········································································································································· 8 四、公司估值及询价建议 ················································································································································· 9 1. 假设条件及盈利预测 ·························································································································································· 9 2. PE相对估值······································································································································································· 9 3、绝对估值DCF法分析 ······················································································································································ 10 4、询价建议··········································································································································································· 10 五、风险提示 ·································································································································································· 11 图表1 EEPROM示意图 ................................................................................................................................................ 3 图表2镜头驱动芯片示意图 ...................................................................................................................................... 3 图表3公司各系列EEPROM产品介绍及应用领域 ................................................................................................ 3 图表4主营产品的重点应用领域 .............................................................................................................................. 3 图表5 2018年EEPROM主要厂商市场份额 ........................................................................................................... 4 图表6 2018年智能手机摄像头EEPROM主要厂商市场份额 ............................................................................... 4 图表7 2014-2023年中国存储芯片行业市场规模及预测 ........................................................................................ 5 图表8 2016-2023年全球后置单摄/双摄/多摄智能手机占比及预测 ...................................................................... 5 图表9 2014-2023年全球EEPROM市场规模及预测 .............................................................................................. 6 图表10 2018年公司前五大客户 ............................................................................................................................... 6 图表11公司营收及净利润(2016-2019H1) ..............................................................
