计算机行业：科创板软件系列之罗克佳华

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·大数据系列 主要财务指标（单位：百万元） 截止 6 月 27 日，科创板已受理企业达 141 家，其中大数据公司占 2 席，即博拉网络和罗克佳华。本期我们主要介绍罗克佳华。公司是一家致力于科技创新，集物联网智能制造、数据采集、数据融合、智能分析为一体的物联网大数据服务企业，聚焦智慧环保领域，拓展智慧城市应用。公司拥有以自主知识产权的智能传感器、云链数据库、物联网 IoT 平台及人工智能 AI 算法为核心的技术软实力，并自主建设数据中心作为承载，软硬结合，旨在建立全产业链的物联网大数据服务平台。  目前，智慧环保和智慧城市产业正处于一个上升期。经过近几年的物联网基础建设，不论是环保还是城市管理，都已经建设了很多感知设备。目前需要将这些数据融合共享，形成智慧化的应用。新的应用场景需求将不断涌现，催生垂直领域新产业发展，并进一步激活物联网大数据行业的市场。随着数据接入、数据融合及智能化应用的需求一步步提升，相关市场也会全面打开，从而为物联网大数据行业提供良好的生长土壤，促进行业的蓬勃发展。  公司为政企客户提供物联网解决方案和物联网大数据服务。在智慧环保领域，公司通过技术创新，建立了全国大气污染治理领域的“通州模式”，为 38 个城市提供智慧环保服务，并不断拓展到全国 117 个大气污染重点治理城市及周边城市。在智慧城市领域，公司在建筑智能化方面打造了太原南站、武宿机场航站楼、中非班吉酒店、山西国际物联网产业园区等多个大型综合一体化标杆项目；在智慧城市大数据服务方面，公司为北京市通州区公安局、聊城市东昌府区经信委、住建局、城管局等十余个部委提供服务。  对标公司估值。公司面向物联网全产业链的应用，聚焦智慧环保领域的物联网大数据应用，继而拓展在智慧城市领域的大数据应用，目前不存在与公司业务模式完全可比的上市公司。在广义范围的智慧城市应用领域，按照从事物联网或大数据相关服务业务为标准，选取比照的公司。分别是：易华录、南威软件、太极股份、数字政通。截止 2019 年 6 月 27 日，公司同行业上市公司的平均 PE（TTM）为 38.2 倍，智慧城市受益政策大力支持、需求旺盛、行业处于上升期，市场给予了较2016A 2017A 2018A 营业收入 306 332 389 （+/-） - 8.41% 17.08% 营业利润 26 38 73 （+/-） - 45.74% 91.17% 归属母公司净利润 30 36 64 （+/-） - 20.08% 77.82% EPS（元） 0.52 0.62 1.10 资料来源：Wind，华鑫证券研发部 分析师：于芳 执业证书编号：S1050515070001 电话：021-54967582 邮箱：yufang@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 27 日 计算机 科创板软件系列之罗克佳华 规范、专业、创新 请阅读最后一页重要免责声明 2 华鑫证券·科创板专题 高的估值溢价。  风险提示：应收账款金额较大风险、客户集中度风险、人才流失风险、市场竞争风险风险、经济增长不及预期风险等。 规范、专业、创新 请阅读最后一页重要免责声明 3 华鑫证券·科创板专题 目录 一、公司概况 ···································································································································································· 4 1.公司简介 ··············································································································································································· 4 2.行业市场快速发展 ································································································································································ 5 3.主要客户 ··············································································································································································· 6 二、财务数据分析 ···························································································································································· 7 三、股权结构及募资情况 ················································································································································· 8 四、可比公司估值分析····················································································································································· 9 五、风险提示 ···································································································································································· 9 图表 1 公司大数据服务平台 .............................................................................................................