纳微科技:技术为帆、产品为桨,国产色谱填料龙头扬帆远航

（以下内容从天风证券《纳微科技:技术为帆、产品为桨,国产色谱填料龙头扬帆远航》研报附件原文摘录）
　　Suzhou Nanomicro Technology (688690 CH) 六技术为帆、产品为桨，国产色谱填料龙头扬帆远航 Initiating coverage: advanced technology and products drive growth for domestic chromatographic filler leader TP:RMB103 ACCUMULATE （initiate） 投资要点/Investment Thesis 投资要点/Investment Thesis 公司专注于高性能纳米微球材料的“研、产、销”，经过十余年潜心耕耘，已掌握全球领先的微球精准制备技术，是全球少数几家可以同时规模化制备无机和有机高性能纳米微球材料的公司之一。当前全球生物医药市场快速扩容，叠加国际贸易环境不确定性催生的进口替代需求，公司作为国产色谱填料龙头，强化创新技术赋能，深化多元产品驱动，拥有优质客户资源，积极推进国际化进程。我们认为公司在市场旺盛需求的助推下，依托领先技术与产品优势，未来有望占领更多市场份额。 Nanomicro Tech focuses on the research, production and marketing of high-performance nano-microsphere materials, having mastered micro-sphere precision preparation technology after more than 10 years of development. Amid rapid expansion of the global biomedical market and import substitution demand, driven by uncertainties in the international trade environment, we believe that Nanomicro Tech is well positioned. 政策环境方面，高性能微球材料的制备与应用是“卡脖子”技术之一，国家持续推出利好政策，为新材料企业发展奠定良好环境。行业需求方面，人才聚集、资本助力等因素驱动生物医药市场快速扩容，降低生产成本、提升产品质量的需求推动传统药企产业升级，带来色谱填料的需求增长。进口替代方面，在当前国际形势日趋复杂、国内药企成本管控压力增大的时代背景下，关键材料的安全供应愈发受到重视，国产填料厂商凭借性价比高、供应稳定等优势，逐步抢占市场份额，稳步实现进口替代。 Favorable policies: the preparation and application of high-performance microsphere materials is a key technology and China’s policies continue to shape a conducive environment for the development of new materials companies. Industry demand, talents and capital support would help drive the rapid expansion of the biomedical market, reduce production cost, improve product quality, aid the industrial upgrading of traditional pharmaceutical companies, and bring about demand growth for chromatographic fillers. 盈利预测与估值/Valuation 我们预计公司2021-2023年营业收入为3.46/5.22/7.60亿元；归母净利润为1.30/2.00/3.09亿元；对应EPS为0.32/0.50/0.77元。我们看好公司未来将于市场中占据重要地位，参考可比公司估值，给予公司2021年4.08倍PEG，目标价103元。首次覆盖，给予“增持”评级。 We expect revenue of RMB346m/522m/760m in 2021/22/23E and net profit of RMB130m/200m/309m, corresponding to EPS of RMB0.32/0.50/0.77. We are optimistic that Nanomicro Tech will occupy a key market position in the future. Relative to peer valuations, we assign to Nanomicro a 4.08x PEG in 2021E, with our target price at RMB103. We initiate with an ACCUMULATE call. 风险提示：新产品推出不及预期风险；客户拓展不及预期风险；部分原材料向单一供应商采购风险；医药政策变化风险；产品质量控制风险。 Risks include: new product launches falling below expectations; customer expansion falling below expectations; uncertainties related to the purchase of some raw materials from suppliers; changes in pharmaceutical policies; and product quality control risks. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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