计算机行业科创板信息安全之二：安博通

规范、专业、创新 请阅读最后一页重要免责声明 1 华鑫证券·科创板报告 证券研究报告·信息安全系列 主要财务指标（单位：百万元） 截止 4 月 12 日，科创板已受理企业达 65 家，其中信息安全公司占 4 席，分别是恒安嘉新、安博通、安恒信息和山石网科。本期我们主要介绍安博通。公司主营业务为网络安全核心软件产品的研究、开发、销售以及相关技术服务，是国内领先的网络安全系统平台与安全服务提供商。在网络安全行业中，公司依托于自主开发的应用层可视化网络安全原创技术，为业界众多网络安全产品提供操作系统、业务组件、分析引擎、关键算法、特征库升级等软件支撑及相关的技术服务。  信息安全市场将迎来爆发机遇。随着《“十三五”国家信息化规划》逐步实施，网络安全产业特别是网络安全态势感知领域将在十三五期间迎来黄金发展期。根据赛迪顾问股份有限公司发布的《2019 中国网络安全发展白皮书》，2018 年，中国云安全市场规模达到 37.8 亿元，增长率为 44.8%。公有云的多租户共享场景将导致可信边界的弱化，威胁的增加，因此构建基于云的纵深防护体系成为应对公有云安全威胁的重要手段。在“互联网+”时代，物联网发展迅猛，正加速渗透到生产、消费、安防和社会管理等各领域，物联网设备规模呈现爆发性增长趋势，万物互联时代正在到来。物联网给我们的工作和生活带来便捷的同时，也带来了风险。物联网安全将成为万亿规模市场下的蓝海“潜力股”，2018 年中国物联网安全市场规模达到 88.2 亿元，增速达到 34.7%。  公司具有优质的客户基础。经过多年的技术研发和业务经验的积累，公司形成一支拥有丰富经验的安全核心技术专业团队，具有较强的团队研发和技术攻坚能力，能够满足客户的场景需求，提供专业化的产品和服务。经过多年发展，公司积累了一大批行业内知名客户，包括华为、新华三、星网锐捷、卫士通、启明星辰、360 网神、任子行、绿盟科技、太极股份、荣之联、中国电信系统集成、迈普通信等知名产品与解决方案厂商等。  对标公司估值。公司是网络安全系统平台与安全服务提供商。我们选取了主营业务同类的上市公司，分别是：卫士通、启明星辰、蓝盾股份、绿盟科技、浪潮信息、任子行、赛门铁克，其中，赛门铁克是美国上市公司，卫士通、启明星辰、任2016A 2017A 2018A 营业收入 106 151 195 （+/-） - 41.77% 29.58% 营业利润 9 39 70 （+/-） - 357.19% 79.95% 归属母公司净利润 10 35 60 （+/-） - 262.07% 68.63% EPS（元） 0.25 0.92 1.55 分析师：于芳 执业证书编号：S1050515070001 电话：021-54967582 邮箱：yufang@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：（86 21）64339000 网址：http://www.cfsc.com.cn 2019 年 4 月 12 日 计算机 科创板信息安全之二：安博通 规范、专业、创新 请阅读最后一页重要免责声明 2 华鑫证券·科创板专题 子行与公司建立了长期稳定的合作关系。截止 2019 年 4 月 12日，公司同行业上市公司（剔除亏损）的平均 PE（TTM）为 58.8倍，由于信息安全处于高速发展期、国家支持力度较大、行业壁垒较高，市场给予了较高的估值溢价。  风险提示：人才流失风险、市场竞争风险风险、产品销售季节性风险、经济增长不及预期风险等。 规范、专业、创新 请阅读最后一页重要免责声明 3 华鑫证券·科创板专题 目录 一、公司概况 ···································································································································································· 4 1.公司简介 ··············································································································································································· 4 2.行业市场快速发展 ································································································································································ 5 3.主要客户 ··············································································································································································· 6 二、财务数据分析 ···························································································································································· 7 三、股权结构及募资情况 ················································································································································· 8 四、可比公司估值分析····················································································································································· 9 五、风险提示 ···································································································································································