思科瑞:军用电子元器件二筛龙头,深度受益于军工信息化快速发展

（以下内容从天风证券《思科瑞:军用电子元器件二筛龙头,深度受益于军工信息化快速发展》研报附件原文摘录）
　　Chengdu Screen Micro-electronics (688053 CH) 军用电子元器件二筛龙头，深度受益于军工信息化快速发展 Initiating coverage: electronic parts second-screening test leader benefits from military informatization drive TP:RMB100.00 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 军用电子元器件可靠性服务领先者，头部民营检测机构 思科瑞聚焦国防科技工业的半导体和集成电路、电子信息领域，公司连同旗下两家全资子公司：江苏七维和西安环宇芯，已完成西南、西北、华东区域业务布局，专精于军用电子元器件可靠性检测服务，辅增晶圆测试服务。公司具体服务内容包括：军用电子元器件的测试与可靠性筛选试验、破坏性物理分析（DPA）、失效分析与可靠性管理技术支持，已发展成为我国较大规模的第三方军用电子元器件可靠性检测服务提供商之一。 Electronics reliability testing leader in China’s military and civilian markets Chengdu Screen Micro-electronics (CSM) is a major third-party provider of electronic components reliability testing services to China’s military technology sector. Wafer testing provides a supplementary business. Its key areas are semiconductor, integrated circuit and electronic data applications. Its services include military electronic component testing and reliability screening, destructive physical analysis, failure analysis, and reliability management and technical support. Together with its two wholly-owned subsidiaries Jiangsu Qiwei and Xi’an Huanyuxin, CSM has built out a large business network across southwest, northwest and eastern China. 业绩持续高速增长，募投资金助力业务延伸 2021年公司实现营收2.22亿元，同比+34.12%；实现归母净利润0.97亿元，同比+28.57%；实现扣非归母净利润0.92亿元，同比+28.65%，业绩稳定持续向好。2022年前三季度公司实现营收2.01亿元，同比+25.05%，实现归母净利润0.83亿元，同比增长13.97%。募投资金专攻检测技术能力再升级，建设多个检测试验基地，助力公司扩充产能及开拓新业务。 Fundraising to upgrade tech prowess, expand production, grow new businesses The company’s annual performance results are stable and improving: annual revenue stood at RMB222m in 2021, up 34.12% yoy, with net profit at RMB97m, up 28.57% yoy and ex-nonrecurring net profit at RMB92m, up 28.65% yoy. 22Q1-3 revenue arrived at RMB201m, up 25.05% yoy, with net profit at RMB83m, up 13.97% yoy. Up ahead, CSM is raising funds to upgrade its testing technology capability and construct several testing bases, which would help expand production capacity and develop new businesses. Order deliveries came under pressure amid pandemic resurgences in 2022, but we expect the company will resume its fast-growth trajectory in 2023E. Demand for electronic component testing is set to keep rising while China continues to informatize its defense industry. CSM is doing its part to step up R&D and innovations to keep abreast of the latest advances. We expect profitability will lift as demand rises and scale economies kick in. 依托信息化趋势，检测市场格局结构性转变 检测市场构成日益向民营企业倾斜，民营企业发展空间逐步拓展，检测市场格局发生结构性转变。随着武器装备信息化高速发展，军工电子信息化投入规模将持续增加。我们认为，国防信息化的发展提高对军用电子产品的可靠性要求，民营检测机构或将受益于需求外溢，依托增量市场获得长期增长。 Military sector informatization reshapes testing industry; civilian market rises The testing service industry is undergoing a structural shift and increasingly tilts toward the private sector as its market potential expands. With the rapid informatization of weaponry and other equipment, the investment scale of military electronics is rising with increasingly strict reliability requirements. Meanwhile, private sector testing agencies are benefiting from the spillover demand, which creates an incremental market that could drive long-term growth. 突破行业多层壁垒，凸显头部民营检测机构竞争优势 思科瑞具备完善的研发体系，形成以自主研发为主的研发模式，取得CNAS和DILAC多项认证，自行开发精确匹配客户需求的测试程序及适配器，与产业高度融合；多年业务积累突破军工客户高壁垒，拥有近400家客户，涉及国内各大主要军工集团，具备高市场认可度；业务布局辐射重点军工区域，利于及时高效响应客户需求和开拓市场。我们认为，技术自主性强、客户高度认可、布局优化或将奠定公司未来的增长基础，为进一步扩大市场份额保驾护航。 Competitive edge: tech autonomy, stable military customers, strategic footprint CSM’s sturdy R&D department is anchored on an independent research model, as attested by multiple certifications from CNAS and DILAC. It has developed proprietary screening programs and adapters that accurately match customer requirements and integrate well with those in the industry. The veteran industry player surmounted high military product barriers to earn industry recognition with nearly 400 customers from major Chinese military industry segments. Its business footprint covers key military areas. This helps the company provide timely and efficient responses to customer demand and drives market development. We believe CSM’s strong tech autonomy, wide customer recognition and optimal network are advantages that position it well for future growth and market share increases. 投资建议/Investment Ideas 盈利预测与评级：公司深耕电子元器件可靠性检测业务，随着武器装备信息化、智能化程度不断提升，二筛检测需求持续增长，公司作为头部第三方检测机构或深度受益。叠加公司募投建设多个检测基地推动产能扩张，公司中长期发展有望持续向好。在此假设下，预测公司2022-2024年实现营收2.67/4.32/6.12亿元，归母净利润为1.10/1.97/2.80亿元，对应EPS为1.10/1.97/2.80元，对应PE为65.27/36.24/25.51X，目标价格为100元/股，首次覆盖给予“买入”评级。 Valuation and risks As a leading third-party testing agency, CSM is well placed to benefit substantially from weaponry and equipment informatization and intelligentization trends, which drive up demand for secondary screening tests. Add to this production capacity expansion via fundraising to build multiple testing bases and we see the company growing in the medium to long term. In this light, we forecast revenue of RMB267m/432m/612m and net profit of RMB110m/197m/280m in 2022/23/24E, corresponding to RMB1.10/ 1.97/2.80 EPS and 65.27/36.24/25.51x PE. With our target price at RMB100, we initiate coverage of the stock with a BUY rating. 风险提示：行业竞争加剧的风险；募投项目进展与盈利能力不及预期的风险；短期内股价波动风险；发生重大质量事故的风险；国防政策与国家军用标准变动的风险；测算具有主观性的风险等。 Risks include: intensifying competition; worse-than-expected progress or profitability of fundraising projects; short-term share price volatility; major quality incidents; changes in Chinese defense policies or military standards; and subjectivity risks in our analysis. 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