江丰电子-公司首次覆盖报告：国产溅射靶材龙头未来前景可期-20200721[22页].pdf

1、/ 1 / 22 300666.SZ 20200721 2020/7/21 () 64.36 () 75.80/36.11 () 143.67 () 109.52 () 2.23 () 1.70 3(%) 367.21 裨 S0790520070002 衰 İ 2020-2022EPS 0.36/0.46/0.59PE 177/139/109衰 PVDPVD 2020 200 2019 47.7202075.1 2022 207 豸 28-7nm 硢治 2018A 2019A 2020E 2021E 2022E () 650 825 970 1,176 1,468 YOY(%) 18.1 27

2、.0 17.6 21.2 24.8 () 59 64 81 103 131 YOY(%) -8.2 9.1 26.7 27.1 27.1 (%) 29.6 31.1 30.8 30.9 30.8 (%) 9.1 7.8 8.4 8.8 8.9 ROE(%) 9.5 9.2 10.6 12.1 13.5 EPS(/) 0.26 0.29 0.36 0.46 0.59 P/E() 244.3 223.8 176.7 139.1 109.4 P/B() 23.4 21.0 19.1 17.1 15.0 -40% 0% 40% 80% 120% 2019-07 2019-11 2020-03 300

3、2 / 22 1 . 4 1.1 塢塢 . 4 1.2 . 5 2 . 6 2.1 . 6 2.2 . 12 3 . 14 3.1 . 14 3.2 . 17 4 . 18 5 . 19 . 20 1 2005 . 4 2 . 5 3 . 5 4 2019 . 5 5 . 6 6 . 6 7 . 6 8 . 6 9 . 7 10 2020200 . 8 11 塢 . 8 12 . 9 13 . 10 14 . 10 15 . 10 16 . 11 17 GW . 11 18 200GW . 11 19 GW . 11 20 . 12 21 . 13 22 . 13 23 . 14 24 . 1

4、4 25 鲼 . 17 1 . 4 mNrOqQqPoRpNvNsNtPoRmPaQaOaQnPnNoMrRiNpPoRfQpNqP6MrRzQuOrNnQNZmPvM 3 / 22 2 . 7 3 . 8 4 . 15 5 . 15 6 . 17 7 . 18 8 貿. 18 4 / 22 1 1.1 塢塢 2005 4 2017 6 LCD 壨 12005 桢 1 AL 300mm AL G8.5 Target Plate 270.6*203.2*19.05 AVIZA Sigma Target Durasource with CboreDurasource without Cbore T

5、argetTi IMP Vectra Target 200 SIP Ti 300mm IMP TiMonlithic 300mm 14nm ( SIP Ta 300mmDurasource 300mm Ta SIP Encore Coil 300mm 16nm LCD CMP RetainerRing棨Pad 桢 5 / 22 202056 618328.3% 35.0%緶 500 2009 2 桢 1.2 20152019 2.9/0.248.3 /0.64CAGR29.8%/27.8% 1 2 LCD 2018 2017 43.33% 3 42019 Wind Wind 2.9 4.4 5

6、.5 6.5 8.3 18.7% 52.2% 24.2% 18.1% 27.0% 0% 10% 20% 30% 40% 50% 60% 0 1 2 3 4 5 6 7 8 9 YOY 0.24 0.55 0.64 0.59 0.64 24.9% 130.4% 16.6% -8.2% 9.1% -20% 0% 20% 40% 60% 80% 100% 120% 140% 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 YOY 6 / 22 201971% LCD ()2019 LCD 10%() ()201972% 5 6 Wind Wind 32%2019 31.1% 2019