电子行业科创板询价报告：睿创微纳，国内非制冷红外热成像领军企业

规范、专业、创新 请阅读最后一页重要免责声明 1 华鑫证券·个股报告 证券研究报告·科创板询价报告 主要财务指标（单位：百万元） 睿创微纳是国内非制冷红外热成像领军企业之一，专业从事非制冷红外热成像与 MEMS 传感技术开发的集成电路芯片企业，致力于专用集成电路、MEMS 传感器及红外成像产品的设计与制造，为客户提供性能卓越的红外热成像、非接触测温与 MEMS 传感技术解决方案。  技术进步促进非制冷红外成像民用市场加速发展。过去的十年中，非制冷红外成像市场的主要推动力源于国防应用，随后商业应用逐渐兴起，其逐渐开始应用于民用领域。目前，驱动该市场的增长因素主要为热成像、监控、个人视觉系统（PVS）和安防市场。随着晶圆级光学元件、晶圆级封装和硅透镜等新制造工艺的引入，非制冷红外成像制造成本正在逐渐下降。与此同时，公众对红外视觉应用的认知逐渐提升，使得非制冷红外成像在民用领域迎来了发展浪潮。  红外成像技术自主可控，缩小与国际领先水平差距。红外成像行业的准入门槛较高，目前国际上仅美国、法国、以色列和中国等少数国家掌握非制冷红外芯片设计技术。公司是国内为数不多的具备探测器自主研发能力并实现量产的公司之一。在深耕红外热成像技术的同时，公司也在不断探索太赫兹成像探测技术，于 2018 年 1 月推出国内首款 VGA 面阵非制冷太赫兹成像机芯，缩小了与国际领先水平之间的差距。  公司估值及询价建议。我们预测公司 2019-2021 年实现营业收入分别为 5.09 亿元、6.19 亿元、7.33 亿元；预测公司2019-2021 年实现归属于母公司净利润分别为 1.55 亿元、1.88亿元、2.20 亿元。我们用相对估值和绝对估值两种方法来分别计算公司的合理估值。考虑到科创板具有比 A 股更高的投资门槛，机构投资者占比更高，初期市场估值也许较高，但长期来看市场估值应趋于理性。同时，未来非制冷红外成像行业在新兴市场也将逐渐成熟，可能面临行业竞争加剧的风险。综合考虑以上因素，我们审慎地采用相对估值法与绝对估值法估值结果较低值作为公司的合理估值根据，即公司的合理估值中枢为 9.35 元/股，建议询价区间为[8.50，10.20]元/股。  风险提示：行业景气度不及预期；下游需求不及预期；技术更新换代的风险；市场系统性风险；贸易摩擦的风险。 2018A 2019E 2020E 2021E 营业收入 384 509 619 733 （+/-） 146.7% 32.6% 21.4% 18.5% 营业利润 133 163 198 231 （+/-） 107.9% 22.8% 20.9% 17.0% 归属母公司净利润 125 155 188 220 （+/-） 94.5% 24.0% 20.9% 17.0% EPS（元） 0.33 0.35 0.42 0.49 分析师：徐鹏 执业证书编号：S1050516020001 联系人：杨刚 电话：021-54967705 邮箱：yanggang@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 6 月 15 日 电子 睿创微纳：国内非制冷红外热成像领军企业 建议询价区间：[8.50，10.20]元/股 规范、专业、创新 请阅读最后一页重要免责声明 2 华鑫证券·个股报告 目录 一、国内领先的非制冷红外热成像公司 ·························································································································· 3 1. 公司简介·············································································································································································· 3 2. 红外热成像行业前景广阔 ·················································································································································· 6 3. 主要客户············································································································································································ 10 二、财务数据 ·································································································································································· 10 三、股权结构及融资历程 ··············································································································································· 11 四、对标公司分析及同类公司估值································································································································ 12 五、公司估值及询价建议 ··············································································································································· 14 六、风险提示 ·································································································································································· 17 规范、专业、创新