计算机行业：科创板询价报告之晶丰明源

规范、专业、创新 请阅读最后一页重要免责声明 1 证券研证券研报告证券研究报告 主要财务指标（单位：百万元）  晶丰明源是国内领先的模拟和混合信息集成电路设计企业之一。自成立以来一直专注于集成电路行业技术的研发升级、持续保持产品技术创新。公司以 LED 照明驱动芯片的研发与销售起家。2015 年起，公司开始着手布局电机驱动芯片的研发与销售。公司产品包括 LED 照明驱动芯片、电机驱动芯片。其中 LED 照明驱动芯片包括通用 LED 照明驱动芯片、智能 LED 照明驱动芯片。  政策频出凸显集成电路地位，大基金二期将加大对设计的投资。政策端，近年来国家频繁发布鼓励集成电路发展的政策，意在从实际情况出发，出台配套措施来鼓励国内集成电路完成自主可控的升级。资金端，大基金全面发力解决资金短缺问题。大基金一期规模为 1387.2 亿元，所撬动的社会资金规模在5145 亿元，合计约 6541 亿元资金投入集成电路行业。大基金二期将会适当加大对集成电路设计行业的投资，围绕国家战略和新兴行业，如智能汽车、智能电网、人工智能、物联网、5G等领域进行投资规划。据前瞻产业研究院预计，大基金二期筹资设立方案总规模为 1500-2000 亿元。按照 1：3 的撬动比，所撬动的社会资金规模将达到 4500 亿-6000 亿元。  公司已成为国际领先的 LED 照明驱动芯片设计企业之一。多次引领细分行业技术革新。公司于行业内率先实现具有领先性的单芯片技术以及无 VCC 电容技术，契合下游 LED 照明制造厂商成本优化的需求。近年来，随着智能化趋势日益显著，公司已较早取得了相关智能 LED 照明驱动专利技术的储备，具有一定的行业前瞻性。同时，在智能电源管理技术方面，公司研发成功了超长待机功耗电源管理技术。  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 9.06 亿元、10.64 亿元、12.43 亿元；预测公司2019-2021 年实现归属于母公司净利润分别为 0.99 亿元、1.16亿元、1.38 亿元。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，随着 LED 驱动芯片行业逐步趋于成熟，其面临行业竞争逐渐加剧。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平均值作为公司的合理估值根据，即公司的合理估值中枢为 56.60 元/股，对应2018A 2019E 2020E 2021E 营业收入 767 906 1,064 1,243 （+/-） 10.4% 18.2% 17.4% 16.8% 营业利润 85 103 121 145 （+/-） 4.6% 21.0% 17.3% 19.9% 归属母公司净利润 81 99 116 138 （+/-） 6.9% 21.3% 17.2% 19.7% EPS（元） 1.76 1.60 1.88 2.25 资料来源：Wind，华鑫证券研发部 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：（8621）64339000 网址：http://www.cfsc.com.cn 2019 年 9 月 20 日 计算机 科创板询价报告之晶丰明源 建议询价区间：[49.21，63.97]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 PE 为 35.37 倍，对应市值为 35.01 亿元（IPO 摊薄后），建议询价区间为[49.21，63.97]元/股。  风险提示：LED 照明驱动芯片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。 规范、专业、创新 请阅读最后一页重要免责声明 3 华鑫证券·科创板询价报告 目录 一、国内领先的 LED 照明驱动芯片设计公司 ·················································································································· 4 1.公司简介········································································································································································ 4 2.政策与技术共振，我国集成电路产业进入高速发展阶段 ··························································································· 5 3.主要客户······································································································································································ 11 二、财务数据 ·································································································································································· 11 三、股权结构及融资历程 ··············································································································································· 13 四、对标公司分析及同类公司估值································································································································ 14 五、公司估值及询价建议 ··············································································································································· 16 1.假设条件········································