化工行业科创板化工系列之：泰坦科技

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·工业系列 主要财务指标（单位：百万元）  泰坦科技是科创板已受理的科学研究和技术服务业企业之一。公司主要为创新研发、生产质控实验室提供科学服务一站式技术集成解决方案，具体包括科研试剂、生物耗材、分析耗材、实验仪器、智能实验设备、科研信息化、特种化学品及相关专业技术集成服务等产品与服务。  公司是国内科学服务行业的领先企业。主要客户涵盖高校、科研院所、政府机构和企业研发检测部门等，分布在生物医药、新材料、新能源、节能环保、食品日化、分析检测、智能制造等领域。公司产品和服务包含自主品牌产品和技术集成第三方品牌，主要分成三大系列：科研试剂、科研仪器及耗材、实验室建设及科研信息化服务等实验室综合服务业务，逐步形成了国内领先的全品类品牌矩阵。同时，发行人在搭建信息系统平台和智慧仓储物流体系等科学服务基础设施及建立科研产品标准体系的基础上，持续整合国内外数百个知名科学服务品牌。  营收净利快速增长。公司拥有国内领先的技术研发能力，2016-2018 年营业收入分别为 4.09、6.64 和 9.26 亿元，同比增长 62.52%和 39.36%；归母净利润分别为 1,585.94、3,855.54和 5,992.66 万元，同比增长 40.04%和 55.43%，呈现快速增长态势。公司主营业务的综合毛利率分别为 23.71%、22.19%和21.59%，主要系主营业务收入的结构变化导致，其中自主高端试剂、自主通用试剂、自主仪器耗材及实验室建设与科研信息化服务毛利率均较高，收入规模增长也较快。  对标公司估值：公司已成为国内科学服务业的领先企业，亦是国内少数既具有自主产品创新研发能力，又能自建信息化、智能化行业基础设施与标准体系，提供技术集成整体解决方案的本土企业之一。目前 A 股市场上无经营与公司业务完全相同的上市公司，细分行业的可比上市公司主要有西陇科学、百灵威科技、安谱实验、美国赛默飞、德国默克等。截止2019 年 5 月 21 日，公司同行业上市公司的平均 PE（TTM）为29.60 倍。  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 408.68 664.19 925.61 （+/-） - +62.52% +39.36% 营业利润 16.52 42.70 67.29 （+/-） - +51.20% +57.59% 归属母公司净利润 15.86 38.56 59.93 （+/-） - +40.04% +55.43% EPS（元） 0.36 0.83 1.20 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 5 月 22 日 化工 科创板化工系列之：泰坦科技 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. 公司主要产品及服务 ·························································································································································· 3 3. 科学服务行业未来的发展趋势 ·········································································································································· 5 4. 主要客户·············································································································································································· 6 二、财务数据 ···································································································································································· 7 三、股权结构 ···································································································································································· 8 四、对标公司分析及同类公司估值·································································································································· 9 五、风险提示 ·································································································································································· 10 图表 1 公司主营业务 ···················································