景旺电子-公司首次覆盖报告-汽车和服务器PCB高速成长消费类中高端需求稳步提升-241116（28页）.pdf

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2、3060001+,%+,% 01230123789789&()*%&()*%S0010524070001+,%+,% ,-./%,-./%l:;=:;?PCBABCDEFGHIJKLMNABCDEFGHIJKLMN%&O 1993 PQRSTEUVWXYZ?lmnopq%&rjstuvw+xdvwyzd|d|r dd 6 efE 13 EVW 17,000“”qZBCDE%&rVWR 11 EB FAE q2023 PE%&p 107.57 8ErpVW-“10 Ejs PCB“q:;Ujkf-opEBZq l PCBp-ECp-EC 2024 PPEdEPCB pEZgEPq2024PPF0

3、CXZVq2024 PUZPqPrismark PCB Zu0XuE 2023 PZ 265!8Q 2028 PZ 325!8E#PPH$%5.4%E&/F(XZ)E*gF(CZ PCB+,2024 PZ 97.81!-2028 PZ 142.21!E2023-2028 PZ CAGR H11.6%EU.CAGR Z 5.4%ZZ 2/q l AI01)E01234N01)E01234NPCBXX 5 Omdia ZF67E89gFA:;01Z?ABECrDpEABq PCB fFG)01HI3JK2EfFeLMNOr 3-5 PEQPNOr 2-3 PqQR301.SrTUV$dFUVWXd

4、YZG-E PCB fFG_C-q5vHamZbcd67EEIZ01EEIZfFefEgCZ PCB ZFEIEgCZhghi.Qj01ZEIg23u_CZDq l IJNg;EklmIJNg;EklmPCBpp JJPCBfnQopTONJqr$-EsNJfnQopTONJqr$-Eszz|uE%JPCBnZEnZE|uZ BMS|uoGZqrNJy-ET FPC|uZ PCB nxyq QONgqr$-E.tJ_=QONgqr$-E.tJ_E JfFFyEkE JPCBSS48oE O|uoE O|u-40%-30%-20%-10%0%10%20%30%40%50%11/232/245/2

5、48/2411/24景旺电沪深300Table_CompanyRptType1 :;=:;Z“/ZHDIE&(%E&(%48ZZ3/E/EL3SOSO|uZ|uZLIDARZZHDI(F”!8ETJ(F”!8ETJPCBfnyZoGTqfnyZoGTq l AI?4N=-?4N=-=XEQjeQ AI g;ef$E E KZZEH:FVqIDC EAIPC rjPC lZ.rTP-E 2027 P 85%EQ PC oq l%&2024/2025/2026 P0p 125.49 8E146.96 8E167.60 80 12.19 8E15.26 8g 18.23 8E0I.30.2%E25.

6、2%E19.4%qgC2024/2025/2026 P PE 0 19.89/15.89/13.30/q!#$q l 77 AI E_NE%&bcE_NEPCB pEPCB AaQo Table_Profit l GG “:88-./012-./012 2023A 2024E 2025E 2026E MN5O 10757 3 312549 3 314696 3 316760 3 35OPH8%:2.3%3 316.7%3 317.1%3 314.0%3 3QRSTUVWX 936 3 31219 3 31526 3 31823 3 3VWXPH8%:-12.2%3 330.2%3 325.2%