材料行业：科创板询价报告之长阳科技

规范、专业、创新 请阅读最后一页重要免责声明 1 证券研究报证券研究报告华鑫证券·公司研究 证券研究报告·科创板询价报告 主要财务指标（单位：百万元）  长阳科技主营产品为反射膜、背板基膜、光学基膜等特种功能膜，主要应用于液晶显示、半导体照明、新能源、半导体柔性电路板等领域。特种功能膜具有较高的门槛，公司是全球少数掌握了特种功能膜的厂商之一。  公司反射膜市占率全球第一。2017 年末公司已成为全球光学反射膜细分行业龙头企业，完成了反射膜的全面进口替代。公司反射膜的反射率达到 96%以上，品质可达国际领先企业的同类产品水平，打破了国外厂商长期以来的垄断。根据 IHS Markit 的统计及预测， 2018 年全球液晶显示用反射膜的市场容量约为 2.2 亿平米，公司的市场占有率超过 30%。  优质客户资源凸显公司技术实力。公司在韩国三星电子 VD部门全球 600 多家供应商中被选入其全球 13 家核心合作伙伴之一，成为了韩国三星电子光学膜片全球供应商。另外公司也成为韩国 LG、京东方、群创光电等国内外知名面板、终端企业和德国 Trilux、欧普照明、阳光照明、立达信等国内外知名照明企业的供应商,优质客户资源凸显公司技术实力。  公司的增长点包括：：1）继续提升反射型功能膜的市场份额，并积极开拓新的应用场景；2）在光学基膜和半导体柔性电路板用离型膜领域实现进一步进口替代；3）长期来看，公司将重点开发新型显示、半导体和 5G 场景中严重依赖进口且急需实现进口替代的关键性功能膜产品，研发和储备面向未来科技前沿的新产品。  公司估值与询价建议：我们采用PE法预测公司估值为15.51元/股，采用 DCF 法预测公司估值为 13.27 元/股。考虑到科创板具有比 A 更高的门槛，机构投资者拥有比 A 股更高的话语权，初期市场情绪较高，长期来看预计市场更为理性，估值可能逐渐向港股靠拢。综合考虑以上因素，我们采用 PE 估值法和 DCF估值法的平均值作为公司的合理估值，即公司的合理估值中枢为 14.39 元/股，以 30%的询价区间计算，建议询价区间是[12.51，16.26]元/股。  风险提示：光学膜制造行业的风险主要包括：应收账款金额较大的风险、净资产收益率下降的风险、经营季节性波动的风险、原材料集中采购的风险等。 2018A 2019E 2020E 2021E 营业收入 691 947 1,171 1,392 （+/-） 47.8% 37.0% 23.7% 18.8% 营业利润 94 167 229 297 （+/-） 279.6% 77.8% 37.3% 29.5% 归属母公司净利润 89 151 207 266 （+/-） 251.0% 70.4% 36.5% 28.6% EPS（元） 0.42 0.54 0.73 0.94 资料来源：Wind，华鑫证券研发部 分析师：徐鹏 执业证书编号：S1050516020001 邮箱：xupeng@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 10 月 17 日 材料 科创板询价报告之长阳科技 建议询价区间：[12.51，16.26]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·公司研究 目录 一、 公司概况 ································································································································································ 3 1.公司简介········································································································································································· 3 2.产业转移和进口替代促进我国光学膜制造行业的发展 ···································································································· 4 3.主要客户 ··············································································································································································· 5 二、财务数据 ···································································································································································· 5 三、公司股权结构及募投项目 ········································································································································· 7 四、公司估值及询价建议 ················································································································································· 8 1. 假设条件及盈利预测 ·························································································································································· 8 2. PE 相对估值 ·········································································································································································· 8 3、绝对估值 DCF 法分析 ·······