电子行业：科创板电子设备系列之杭可科技

规范、专业、创新 请阅读最后一页重要免责声明 1 证券研究报告·行业研究·电子设备系列 主要财务指标（单位：百万元）  公司专注于锂电池生产线后处理系统的研发与生产。截止 5月 20 日，科创板已受理企业达 110 家，其中电子设备类公司众多，代表性的有华兴源创、福光股份、澜起科技等。本期我们介绍电子设备公司杭可科技。公司专注于锂离子电池生产线后处理系统的设计、研发、生产与销售，目前在充放电机、内阻测试仪等后处理系统核心设备的研发、生产方面拥有核心技术和能力。  我国锂电设备行业中具备建设后处理系统能力的企业稀缺。随着储能电站和新能源汽车技术的发展，我国动力和储能电池未来将保持高速增长。同时，由于全球锂电产业重心向中国转移，高端锂电产能扩张持续。锂电池生产后处理工序是生产的必备工序，目前我国锂离子电池后处理行业中大多数企业仅能被动根据客户要求提供充放电机及其他设备，很少有完整后处理系统设计、集成方面的能力和实践。  公司产品为充放电设备和内阻测试仪等设备，拥有提供系统级后处理自动生产线的能力。公司在消费电子类锂离子电池生产线后处理设备领域经验丰富，产品成熟度和稳定性高。在动力电池生产线后处理设备方面，公司具备设备集成度及自动化程度高等优势。同时，公司客户资源优质，具备为客户主动提供后处理系统整体解决方案能力。  公司业绩增速快，毛利较高但存在一定波动。近三年，公司营收和净利润均保持较快增长。毛利率方面，2016 至 2018年毛利率分别为 45.16%、49.91%和 46.66%，毛利率较高，但存在一定波动。主要由于公司消费类锂电池充放电设备领域毛利率下滑，而毛利更高的动力锂电池充放电设备销售规模暂时较小所致，未来随着动力锂电池充放电设备销售规模的扩大，公司毛利率有进一步提升的空间。  对标公司及估值：公司所处行业国外生产企业主要有日本皆藤、片冈、韩国 Koem、PNE 等。日韩等国基础机械加工能力、精细化、自动化程度较为突出。国内从事锂电设备制造企业多，但具备规模并掌握核心技术的较少，上市公司先导智能旗下子公司珠海泰坦与公司业务相近，为公司国内主要竞争对手。从行业整体估值水平看，由于行业增长较快，整体估值水平较高。 2016A 2017A 2018A 营业收入 410.22 770.98 1,109.31 （+/-） 59.01% 87.95% 43.88% 营业利润 82.64 209.51 330.02 （+/-） 42.77% 153.51% 57.52% 归属母公司净利润 89.71 180.59 286.24 （+/-） 57.98% 101.31% 58.50% EPS（元） 1.78 0.50 0.80 分析师：杨靖磊 执业证书编号：S1050518080001 电话：021-54967583 邮箱：yangjl@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 21 日 电子 科创板电子设备系列之杭可科技 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  风险提示：技术研发及迭代不及预期、新市场开拓失败、核心人员及技术流失、下游需求不及预期、市场系统性风险等。 规范、专业、创新 请阅读最后一页重要免责声明 3 华鑫证券·行业研究 目录 1. 公司概况······································································································································································· 4 2. 公司所处行业及市场空间分析 ···································································································································· 5 3. 公司产品及竞争优势···················································································································································· 7 4. 公司主要客户 ······························································································································································· 8 5. 公司财务状况分析 ······················································································································································· 9 6. 公司融资历程及募投资金用途 ···································································································································· 9 7. 对标公司分析及同类公司估值 ·································································································································· 10 8. 风险提示····································································································································································· 12 图表目录 图表 1 公司发展历程 ..............................................................................................................................