化工行业科创板新材料系列之三：安集科技

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·行业研究·新材料系列 主要财务指标（单位：百万元） 材料工业是国民经济的基础产业，新材料是材料工业发展的先导，是重要的战略性新兴产业。引领材料工业升级换代，对支撑战略新兴产业、保障国家重大工程建设、促进传统产业转型升级具有重大战略意义。本次系列将聚焦安集科技，安集科技主营业务为关键半导体材料的研发和产业化，主要客户为中国大陆领先的芯片制造商。  公司是国内高端半导体材料供应商。公司成功打破国外厂商对集成电路领域化学机械抛光液的垄断，实现进口替代。目前，公司化学机械抛光液已在130-28nm技术节点实现规模化销售，主要应用于国内8英寸和12英寸主流晶圆生产线；14nm技术节点产品已进入客户认证阶段，10-7nm技术节点产品正在研发中。  产业政策大力扶持，中国半导体产业快速发展。根据中国半导体行业协会数据，2018年中国集成电路产业销售额达到6,532亿元，同比增长20.7%，预计2020年国内集成电路产业规模将达到9,825.4亿元，年均复合增速为22.65%。受国家产业政策和资金的大力扶持，中国半导体产业将迎来快速发展时期。  产品安全可靠，客户资源优质。目前，公司主要客户为全球和国内领先的中国集成电路制造厂商，包括中芯国际、长江存储、台积电等。2018年，公司前五名客户销售金额占总营收的比重为84.03%，其中公司第一大客户中芯国际占总营收的比重为59.7%。  对标公司估值：公司产品的主要竞争对手为美国和日本企业，行业龙头公司为美国的Cabot Microelectronics（卡伯特微电子），2017年卡伯特微电子全球抛光液市场占有率约为35%。就国内而言，其化学机械抛光液细分领域无可比公司，半导体材料领域国内优质上市公司有上海新阳和江丰电子。从同类可比公司估值来看，海外市场发展较为成熟，行业龙头卡伯特微电子PE（TTM）为28.1倍。国内半导体材料企业盈利能力较弱但发展空间较大，往往给予较高的估值。  风险提示：半导体行业发展不及预期、产品被更新替代、产品认证失败、市场系统性风险等。 2016A 2017A 2018A 营业收入 196.64 232.43 247.85 （+/-） - 18.2% 6.6% 营业利润 33.41 39.57 48.11 （+/-） - 18.4% 21.6% 归属母公司净利润 37.1 39.74 44.96 （+/-） - 7.1% 13.1% EPS（元） - 1.00 1.13 分析师：徐鹏 执业证书编号：S1050516020001 联系人：谢玉磊 电话：021-54967579 邮箱：xieyl@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4月16日 化工 科创板新材料系列之三：安集科技 规范、专业、创新 请阅读最后一页重要免责声明2 华鑫证券·行业研究 目 录 一、公司概况 ···································································································································································· 3 1.公司简介 ··············································································································································································· 3 2.公司股权结构及融资历程 ···················································································································································· 4 二、半导体材料领先企业，充分受益进口替代··············································································································· 5 1.打破国外垄断，国内高端半导体材料供应商 ···················································································································· 5 2.多次参与国家专项项目，掌握核心技术 ···························································································································· 5 3.产业政策大力扶持，中国半导体产业快速发展 ················································································································ 6 4.半导体材料进口替代，公司前景广阔 ································································································································ 7 5.产品安全可靠，客户资源优质 ············································································································································ 7 三、财务数据 ···································································································································································· 8 四、募投项目 ···································································································································································· 8 五、同类公司估值情况····················································································································································· 9 六、风险提示 ···································································································································································· 9 图表 1 CMP工作原理图 ..................................................................................... 3 图表 2 光刻工艺流程示意图 ................................................................................. 4 图表 3 公司股权结构图 ..................................................................................... 4 图表 4 公司股权转让及增资情况 ............................................................................. 5 图表 5 公司化学机械抛光液全球市场占有率情况 ............................................................... 5 图表 6 公司核心技术一览 ................................................................................... 6 图表 7 1986-2018年全球半导体分地区市场规模(亿美元） ....................................................... 6 图表 8 中国IC市场和中国IC产值趋势（亿美元） ............................................................. 7 图表 9 2018年公司前五大客户销售情况 ...................................................................... 7 图表 10 2018年公司营业收入划分（按产品） ................................................................. 8 图表 11 公司近三年来营业收入和净利润 ...................................................................... 8 图表 12 公司募集资金用途 .................................................................................. 8 图表 13 主要竞争对手及同类公司估值情况 .................................................................... 9 规范、专业、创新 请阅读最后一页重要免责声明3 华鑫证券·行业研究 一、公司概况 1.公司简介 安集科技成立于2006年2月，注册资本3983.13万元，公司主营业务为关键半导体材料的研发和产业化，产品包括不同系列的化学机械抛光液和光刻胶去除剂，主要应用于集成电路制造和先进封装领域。目前，公司已成为中芯国际、长江存储等中国大陆领先芯片制造商的主流供应商，并成为台湾地区台积电、联电等全球领先芯片制造商的合格供应商；同时，公司与英特尔等全球知名芯片企业密切合作，积极拓展全球市场