科创板询价报告之华特气体

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·科创板询价报告 证券研究报告 主要财务指标（单位：百万元） 公司是一家致力于特种气体国产化，并率先打破极大规模集成电路、新型显示面板等尖端领域气体材料进口制约的民族气体厂商，主营业务以特种气体的研发、生产及销售为核心，辅以普通工业气体和相关气体设备与工程业务，提供气体一站式综合应用解决方案。  特种气体需求广阔。特种气体作为关键性材料，广泛应用于集成电路、显示面板、光伏能源、光纤光缆、新能源汽车、航空航天、环保、医疗等领域。根据卓创资讯统计，2010-2017年中国特种气体市场平均增速达15.48%，2017年中国的特种气体市场规模达到约 178 亿元，且预期此后5年仍将以平均超过15%的年增长率高速增长，到2022年中国特种气体市场规模将达到411亿元，特种气体将为中国新兴产业的发展注入新动力。而在全球范围内，特种气体同样保持了较高的增速，2017年全球特种气体市场规模达241亿美元，较2016年同比增长11.55%，特种气体市场空间广阔。  突破国外垄断，公司覆盖国内80%集成电路客户。经过近二十年的持续研发，公司已掌握特种气体从生产制备、存储、检测到应用服务全流程涉及的关键技术，研发出了近20个进口替代产品，并实现了规模化生产，其中Ar/F/Ne混合气、Kr/Ne混合气、Ar/Ne 混合气、Kr/F/Ne混合气4种光刻气产品，2017 年在国内市场占有率达到60%，位于国内第一。目前，公司的产品已得到了市场的广泛认可，并成功应用于集成电路、显示面板、光伏能源、光纤光缆等国家新兴产业，积累了中芯国际、华虹宏力等国内知名半导体厂商，在极大规模集成电路、新型显示面板等尖端领域由液化空气集团、林德集团、空气化工集团、普莱克斯集团、大阳日酸集团、日本昭和电工等国外气体公司寡头垄断的情况下，公司成功实现了对国内 8寸以上集成电路制造厂商超过80%的客户覆盖率。  我们预测公司2019-2021年实现归属母公司所有者净利润分别为1.01亿元、1.15亿元和1.30亿元，按照发行后12,000万股计算，公司EPS分别为0.84元、0.96元和1.09元。随着国内半导体产业蓬勃兴起，国内特种气体需求将快速增长，公司是特种气体的领军企业，有望长期受益于行业的发展，公司业绩增长也具备持续性。我们选取的对比公司2019年平均市盈率为43.21倍，对应公司总市值为51.85亿元，股价应为36.30元/股，建议询价区间为30.85-40.11元/股。  风险提示：1）产品价格波动的风险；2）原材料价格波动的风险。 2018A 2019E 2020E 2021E 营业收入 818 912 1,039 1,172 （+/-） 3.9% 11.5% 13.9% 12.9% 营业利润 82 116 134 151 （+/-） 41.5% 41.8% 14.8% 13.2% 归属母公司净利润 68 101 115 130 （+/-） 39.9% 48.6% 14.5% 13.0% EPS（元） 0.75 0.84 0.96 1.09 资料来源：Wind，华鑫证券研发部 分析师：魏旭锟 执业证书编号：S1050518050001 电话：021-54967800 邮箱：weixk@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9日 机械 科创板询价报告之华特气体（688268） 建议询价区间：[30.85，40.11]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·科创板询价报告 目 录 一、公司概况 ···································································································································································· 3 1.公司简介 ··············································································································································································· 3 2.公司融资历程及股权构成情况 ············································································································································ 4 二、我国特种气体需求将保持快速增长 ·························································································································· 5 1.我国产业升级拉动特种气体需求 ········································································································································ 5 2.国内特种气体需求有望持续快速增长 ································································································································ 5 3.行业竞争将逐步趋向于综合服务能力的竞争 ···················································································································· 6 三、突破国外垄断，公司覆盖国内80%集成电路客户 ··································································································· 6 四、公司财务状况优良····················································································································································· 7 1.收入和利润快速增长 ···························································································································································· 7 2.盈利基本稳定 ········································································································································································ 7 3.经营性现金流有待改善 ························································································································································ 8 五、公司募投项目概况····················································································································································· 8 六、公司主要竞争对手及同类公司估值 ·························································································································· 9 1.同行业重点公司 ···································································································································································· 9 2.同行业重点公司估值比较 ·················································································································································· 10 七、公司估值及询价建议 ··············································································································································· 10 1. 假设条件············································································································································································ 10 2. 公司估值与询价建议 ························································································································································ 11 八、风险提示 ·································································································································································· 11 规范、专业、创新 请阅读最后一页重要免责声明3 华鑫证券·科创板询价报告 一、公司概况 1.公司简介 公司是一家致力于特种气体国产化