科创板计算机行业系列之：中科星图

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·行业研究·计算机系列 主要财务指标（单位：百万元）  科创板已受理企业已达 81 家。截止 4 月 17 日，科创板已受理企业达 81 家。归类于互联网与云计算、大数据服务行业的一共有四家，分别是中科星图、木瓜移动、优刻得和卓易科技。中科星图是国内最早从事数字地球产品研发与产业化的企业，在国内数字地球行业具有领先地位。  公司是国内数字地球平台领域的先行者。经过十余年的数字地球理论和研发积累，公司已经攻克云计算、大数据、空天大数据智能处理等核心技术，推出了第五代 GEOVIS 数字地球产品，在国防、政府、企业、大众等各大应用领域拥有成熟的应用解决方案，得到了市场及客户的高度认可，树立了良好的公司品牌和信誉。公司的主要产品包括 GEOVIS 数字地球基础平台产品和 GEOVIS 数字地球应用平台产品，主营业务收入可分为 GEOVIS 技术开发与服务、GEOVIS 软件销售与数据服务、GEOVIS 一体机销售及系统集成。  公司营收净利快速增长，毛利率稳步提升。2016-2018 年，公司营业收入分别为 8,434、22,635 和 35,658 万元，同比增长 168.4%和 57.5%；净利润分别为 1,487、3,904 和 8,696 万元，同比增长 162.6%和 122.7%。综合毛利率分别为 53.1%、46.7%和 55.6%，主要是 2018 年高毛利率的 GEOVIS 软件销售与数据服务业务大幅增长。  对标公司估值：公司主营业务是面向国防、政府、企业、大众等用户提供数字地球产品和技术开发服务，军方机构、政府部门客户占比较高，业务所处行业涵盖了软件行业和地理信息产业领域。目前在细分领域中不存在与公司完全可比的上市公司，主要从与公司业务范围和客户特征存在部分重叠和相似性的角度出发，我们综合选取了超图软件（300036）、数字政通（300075）、久远银海（002777）、四维图新（002405）、顶点软件（603383）、新晨科技（300542）和宇信科技（300674）。数字地球应用的行业整体增速较快，行业壁垒较高，上市公司数量极少，市场有望给予高估值。  风险提示：景气度下行风险、技术更新换代风险、研发进度不达预期等等。 2016A 2017A 2018A 营业收入 84.34 226.35 356.58 （+/-） - +168.37% +57.54% 营业利润 15.74 42.52 93.94 （+/-） - +170.19% +120.91% 归属母公司净利润 14.87 39.04 86.96 （+/-） - +162.53% +122.60% EPS（元） - - 0.53 分析师：万蓉 执业证书编号：S1050511020001 电话：021-54967577 邮箱：wanrong@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 18 日 计算机 科创板计算机系列之：中科星图 规范、专业、创新 请阅读最后一页重要免责声明 2 华鑫证券·行业研究 目录 一、公司概况 ···································································································································································· 3 1. 公司简介·············································································································································································· 3 2. 数字地球行业应用发展进入快车道 ·································································································································· 3 3. 我国地理信息/卫星导航产业正在进入高速发展期 ········································································································ 5 4. 公司产品和经营模式 ·························································································································································· 5 4.1 GEOVIS 数字地球基础平台产品 ········································································································································ 5 4.2 GEOVIS 数字地球应用平台产品 ········································································································································ 6 4.3 GEOVIS 数字地球技术开发服务 ········································································································································ 7 4.4 主要经营模式 ···································································································································································· 7 5. 在战略新兴产业培育和传统产业优化升级方面成效明显 ·································································