有色金属行业科创板新材料系列之六：联瑞新材

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·新材料系列 主要财务指标（单位：百万元） 材料工业是国民经济的基础产业，新材料是材料工业发展的先导，是重要的战略性新兴产业。引领材料工业升级换代，对支撑战略新兴产业、保障国家重大工程建设、促进传统产业转型升级具有重大战略意义。本次系列将聚焦联瑞新材，联瑞新材是国内规模领先的硅微粉生产企业，主要产品包括结晶硅微粉、熔融硅微粉和球形硅微粉。  自主研发实力强，技术研发成果显著。公司已经获得 17 项发明专利，23 项实用新型专利和 1 项外观设计专利。凭借自主研发的优势，公司产品得到国内外知名客户的认可。同时，公司设立了技术中心，配备了先进的研发设备和强大的研发队伍，能够根据客户的要求开发出符合客户需求的硅微粉产品，获得多项技术研发成果。  覆铜板销量稳定增长，带动硅微粉需求。2016 年以来，中国覆铜板行业的产量、销量和销售收入呈现高增长态势。中国电子材料行业协会覆铜板材料分会的数据显示，2017 年我国覆铜板总产量达到 5.91 亿平方米，同比增长 5.07%，总销售量和总销售额同比分别增长 0.70%和 28.50%，覆铜板行业的增长为硅微粉行业的市场增长空间提供了保障。  集成电路行业发展迅猛，硅微粉市场前景广阔。根据中国半导体行业协会发布的《中国半导体产业“十三五”发展规划研究》，我国集成电路产业到 2020 年全行业销售收入将达到9,300 亿元，年均复合增长率达 20%，其中国内集成电路封装测试业销售收入将达到 2,900 亿元，年均复合增长率达到 15%。硅微粉作为封装用环氧塑封料不可或缺的功能性填充材料，在下游集成电路行业迅速发展下，市场前景广阔。  对标公司估值：公司国际主要竞争对手包括日本龙森公司、日本电化株式会社以及日本雅都玛公司等；国内竞争对手主要是浙江华飞电子基材有限公司和凯盛科技股份有限公司。从同类可比公司估值来看，浙江华飞被收购动态 PE 估值为 16.67倍，前期公司在新三板市场上市，2018 年 8 月测算动态 PE 估值为 17.32 倍。综上所述，可比公司平均动态 PE 估值为 17 倍。  风险提示：覆铜板行业发展不及预期、产品被更新替代、市场竞争加剧导致产品毛利率下降、市场系统性风险等。 2016A 2017A 2018A 营业收入 153.63 210.96 278.11 （+/-） 25.56% 37.31% 31.83% 营业利润 28.97 47.34 67.89 （+/-） 64.83% 63.38% 43.43% 归属母公司净利润 32.71 42.25 58.37 （+/-） 79.53% 29.17% 38.15% EPS（元） 0.57 0.70 0.93 分析师：徐鹏 执业证书编号：S1050516020001 联系人：谢玉磊 电话：021-54967579 邮箱：xieyl@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 有色金属 科创板新材料系列之六：联瑞新材 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.公司股权结构及融资历程 ···················································································································································· 4 二、国内硅微粉行业龙头企业 ········································································································································· 5 1.自主研发实力强，技术研发成果显著 ································································································································ 5 2.覆铜板销量稳定增长，带动硅微粉需求 ···························································································································· 5 3.集成电路行业发展迅猛，硅微粉市场前景广阔 ················································································································ 6 三、财务数据 ···································································································································································· 7 四、募投项目 ···································································································································································· 7 五、同类公司估值情况··············································································