计算机行业：科创板询价报告之恒安嘉新-11页】

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·科创板询价报告 主要财务指标（单位：百万元） 恒安嘉新是具有“云—网—边—端”整体解决方案的通信网安全领军企业，专注于网络空间安全综合治理领域，主营业务是向电信运营商、安全主管部门等政企客户提供基于互联网和通信网的网络信息安全综合解决方案及服务。公司产品中，网络空间安全综合治理产品主要客户为电信运营商、各省通信管理局及其他安全主管部门或其下属单位，移动互联网增值产品通过电信运营商最终提供给智能终端用户，通信网网络优化产品主要客户为电信运营商。  我国信息安全行业迎来发展的战略机遇期。随着信息技术、互联网技术与各行业的深入融合，我国信息安全事件频发，并呈现不断复杂化的趋势。我国政府对信息安全的重视程度亦进一步提高，并在法律层面强化相关要求，网络空间安全已上升为国家战略。随着“互联网+”、智慧城市、智能制造等发展规划的逐步实施，信息技术将进一步与传统产业融合，制造、交通、消费等领域对信息安全产品的需求亦将日渐兴起。  公司拥有良好的品牌形象和业界口碑。公司先后完成了“十九大”、“两会”、G20 杭州峰会、世界互联网大会、“一带一路”峰会、上合峰会、金砖国家领导人峰会、中国国际进口博览会等国家级网络安全保卫任务。同时，公司连续四届入选 CNCERT 网络安全应急服务支撑单位（国家级）。  公司估值及询价建议：公司在网络安全领域拥有行业公信力和品牌影响力，在行业内具备一定市场地位。公司业绩增长也具备持续性，我们用相对估值方法来计算公司的合理估值水平。鉴于科创板的特点及定位，我们预计公司上市之初具有充沛的流动性，因此我们选取 A 股信息安全公司启明星辰、蓝盾股份等作为可比公司。目前，可比上市公司股价对应 2019 年动态 PE 平均为 38.7 倍，由于公司规模相对 A 股同行上市公司较小，我们给予 27.86 倍 PE，合理估值为 30.65 元/股（IPO摊薄后），对应市值为 31.84 亿元，以上下 15%得到合理估值区间为{26.65,34.65}元/股。  风险提示：客户集中度风险、产品销售季节性风险、市场竞争风险风险、应收账款风险等。 2018A 2019E 2020E 2021E 营业收入 625 756 908 1,076 （+/-） 23.5% 21.0% 20.0% 18.5% 营业利润 102 120 148 155 （+/-） 132.7% 18.2% 23.0% 5.2% 归属母公司净利润 97 115 141 148 （+/-） 130.9% 18.5% 22.9% 5.2% EPS（元） 1.24 1.10 1.35 1.43 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 7 月 17 日 计算机 科创板询价报告之恒安嘉新 建议询价区间：[26.65,34.65]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·科创板询价报告 目录 一、公司概况 ···································································································································································· 3 1.公司简介 ··············································································································································································· 3 2.信息安全市场快速发展 ························································································································································ 3 3.主要客户 ··············································································································································································· 4 二、财务数据分析 ···························································································································································· 4 三、股权结构及募资情况 ················································································································································· 5 四、公司估值及询价建议 ················································································································································· 6 1.可比公司估值分析 ························································································································································ 6 2.假设条件及盈利预测： ························································································································································ 7 3.公司估值及询价建议 ·········