新股報告：深藍科技控股(1950.HK)
機構：中泰國際
公司簡介
深藍科技控股是一家中國知名人工革化學品製造商，主要從事塗飾劑及合成樹脂的研發、製造及銷售。根據灼識諮詢報告，按照2018年收入計算，公司在中國人工革塗飾劑市場排名第四，市場份額約為1.9％。目前公司擁有36項專利，並正在申請5項專利註冊。
中泰觀點
中國人工革塗飾劑市場高度分散且競爭激烈：根據灼識諮詢報告，中國人工革塗飾劑市場高度分散，按照2018年收入計算，前十大參與者約佔21.2％的市場份額。表面處理劑以及着色劑的銷售額2018年至2023年，將分別按約5.6％及5.7％的複合年增長率增長，未來行業增速較為緩慢。
經營業績方面：2016至2018財年及截止2019年9月30日，公司營業收入分別為人民幣1.5億元、1.6億元、1.7億元及1.3億元，公司產品主要向中國客户銷售佔總收入近98%，塗飾劑銷售所得收入是公司收入的主要部分，分別佔總收入約91.1%、88.4%、86.6%及85.5%；毛利率分別為36.5%、32.2%、30.3%及34.9%；公司主要原材料包括聚合物、溶劑、染料及輔助材料，分別佔總銷售成本約82.2%、85.2%、86.3%及84.4%。此外近3年的國際原油平均價格以27.7%複合增長率增長，而公司並無與任何現有原材料供應商訂立任何長期協議，因此原材料成本波動或對公司業績帶來負面影響；公司的銷售的絕大部分為信貸銷售，貿易應收款項結餘分別約為4,510萬元、5,270萬元、4,660萬元及7,230萬元，若客户未能按時向公司付款，公司現金流的正常運轉和回款承壓；淨利率分別為16.8%、22.2%、18.4%及11.7%。
估值方面：按全球公開發售後的10億股本計算，公司市值為5-6億港元，低於港股同業平均水平。18年公司市盈率約為13.9-16.7倍，高於行業平均水平；市淨率約為1.92-2.14倍，高於行業平均。盈利能力方面，18年的ROE、ROA分別為24.2%和17.5%，高於行業平均。保薦人18年5個項目，4漲1跌，而19年僅有一個項目，首日破發。此外近期化工產品行業兩隻新股首日也都破發。考慮公司估值過高且未來行業增速放緩，因此我們給予其50分，評級為“不申購”。
風險提示：（1）原材料成本上升風險、（2）市場競爭風險
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