机械行业：科创板询价报告之柏楚电子

规范、专业、创新 请阅读最后一页重要免责声明 1 华鑫证券·科创板询价报告 证券研究报告 主要财务指标（单位：百万元） 公司是一家从事激光切割控制系统的研发、生产和销售的高新技术企业和重点软件企业，是国家首批从事光纤激光切割成套控制系统开发的民营企业，致力于为激光加工提供稳定、高效的自动化控制解决方案，推动中国工业自动化的发展。公司主营业务系为各类激光切割设备制造商提供以激光切割控制系统为核心的各类自动化产品。  国内激光需求将超240亿元。全球激光设备需求快速增长近年来全球工业激光器需求的提升主要源于传统激光加工设备的存量替换和新兴市场的新增需求。随着激光设备新兴市场应用的进一步扩大，工业激光器的规模将持续增长，预计2018-2023年全球工业激光器年均复合增长率为8.5%，2023 年整体市场规模可达76.73亿美元。随着皮秒、飞秒等激光技术的逐步成熟和产业化，激光将更广泛地应用于全面屏、陶瓷、金属、合金等材料的精密加工，支撑我国消费电子、新能源、高端制造等产业的发展。预计到2023年，我国工业激光器总体市场规模可达241.92亿元。  国内市场公司占据重要地位。公司具备基于客户的整机方案提供二次开发与自动化方案设计的能力。公司目前的配套合作伙伴包括大族激光、华工法利莱、百超迪能、宏山激光、庆源激光、嘉泰激光等300多家激光设备制造商。公司从研发到量产的技术突破打破了原本由外资供货商垄断的市场格局，在国内大量激光设备制造厂商自行组装生产设备的大背景下，公司的市场保有量逐年上升。  我们预测公司2019-2021年实现归属母公司所有者净利润分别为1.55亿元、1.96亿元和2.17亿元，按照发行后1亿股计算，公司EPS分别为1.55元、1.96元和2.17元。随着国内激光设备需求持续增长，公司是国内机器视觉的领军企业之一，有望长期受益于行业的发展，公司业绩增长也具备持续性，因此我们建议采用PE相对估值法，选取的对比公司2019年平均市盈率为26.60倍，对应公司的股价应为40.96元/股，对应公司总市值为40.96亿元，建议公司询价区间为34.82-45.27元/股。  风险提示：1）技术流失风险；2）高端市场开拓失败风险。 2018A 2019E 2020E 2021E 营业收入 245 275 311 338 （+/-） 16.6% 12.3% 12.9% 8.6% 营业利润 151 172 217 241 （+/-） 0.1% 13.4% 26.6% 11.0% 归属母公司净利润 139 155 196 217 （+/-） 6.2% 11.5% 25.9% 10.8% EPS（元） 1.86 1.55 1.96 2.17 资料来源：Wind，华鑫证券研发部 分析师：魏旭锟 执业证书编号：S1050518050001 电话：021-54967800 邮箱：weixk@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：（8621）64339000 网址：http://www.cfsc.com.cn 2019 年 7 月 17 日 机械 科创板询价报告之柏楚电子 建议公司询价区间: 34.82-45.27 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 ···································································································································································· 4 1.公司简介 ··············································································································································································· 4 2.公司融资历程及股权构成情况 ············································································································································ 5 二、未来五年，机器视觉需求将保持快速增长··············································································································· 6 1.激光器应用广泛，全球需求达 124 亿美元 ························································································································ 6 2.中国工业激光设备行业市场需求旺盛 ································································································································ 7 3.中国工业激光设备行业市场需求旺盛 ································································································································ 8 三、公司是国内低功率激光领域三强之一 ···················································································································· 10 四、公司财务状况优良··················································································································································· 10 1.近三年公司收入和利润保持快速增长 ······························································································································ 10 2.盈利能力高