信息技术行业科创板信息技术系列：威胜信息

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·信息技术系列 主要财务指标（单位：百万元） 截止 4 月 22 日，科创板中下一代信息网络产业公司已达到了 6 家。本次我们主要介绍威胜信息。威胜信息是聚焦于智慧公用事业领域的物联网综合应用解决方案提供商。公司致力于以物联网技术重塑电、水、气、热等能源的管理方式，以提供智慧能源管理完整解决方案为核心，并逐步向智慧消防、智慧路灯等领域拓展，是国内最早专业从事智慧公用事业的厂商之一。  物流网进入快速增长期。根据 IDC 的数据统计，2014 年行业整体收入为 2.3 万亿美元。随着终端连接的广泛化、服务的平台化及数据分析的延伸化，物联网整体解决方案在各个应用领域持续渗透，行业增长将继续维持在较高水平，预 2020 年行业规模将达到 7.1 万亿美元，2014-2020 年复合年增长率高达 20.7%。根据赛迪顾问预测，2017 年中国物联网产业规模达到 11,731 亿元人民币。预计到 2020 年行业规模将达到 22,079亿元人民币，预计 2016-2020 年的年复合增长率达 24.1%。  公司注重研发。公司研发人员占比显著高于同行业，公司2018 年研发人员占比为 46.40%。从 16 和 17 年同行业研发人员占比来看，公司较其他公司研发人员占比均高出 10 个百分比以上。研发费用金额绝对值高于同行业上市公司平均水平。受益于公司对研发的重视，公司专利也明显优于同行业上市公司。  募投项目。本次拟公开发行不超过 15,000 万股 A 股普通股股票（不考虑超额配售选择权），本次发行募集 6.05 亿元将投资于“物联网感知层监测设备扩产及技改项目”、“物联网感知层流体传感设备扩产及技改项目”、“物联网网络层产品扩产及技改项目”、“物联网综合研发中心项目”与“补充营运资金项目”。  对标公司估值：我们选取了同行业上市公司分别是：新联电子、光一科技和友讯达。截止 2019 年 4 月 22 日，同行业上市公司（剔除亏损及估值明显偏高）的平均 PE（TTM）为 24倍，估值较为合理。  风险提示：行业竞争加剧、核心技术人员流失及新产品不符合市场需求等。 2016A 2017A 2018A 营业收入 680 995 1,039 （+/-） 0.0% 46.3% 4.4% 营业利润 76 168 200 （+/-） 0.0% 120.7% 19.1% 归属母公司净利润 81 149 177 （+/-） 0.0% 85.1% 18.8% EPS（元） 0.30 0.33 0.39 分析师：汤 峰 执业证书编号：S1050513090001 电话：021-54967580 邮箱：tangfeng@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 4 月 24 日 信息技术 科创板信息技术系列：威胜信息 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) 物流网进入快速增长期 ········································································································································ 4 3) 我国物流网产业规模不断提升 ···························································································································· 4 4) 公司行业地位 ························································································································································ 5 5) 公司注重研发 ························································································································································ 6 二、 主要客户 ································································································································································ 6 三、 公司财务数据 ························································································································································ 7 四、 公司股权结构 ························································································································································ 7 五、 募投项目 ···················································································································································