电子行业：产业布局与技术趋势并重关注半导体与5G机会-20190702-东北证券-53页.pdf

/5G 196251922.98%5G201930.315G 5G5GPCBPCB5G5GVR/AR5G 628 EPS PE 2018A 2019E 2020E 2018A 2019E 2020E 101.92 2.49 2.7 3.61 40.93 37.75 28.23 13.62 0.33 0.43 0.55 41.27 31.67 24.76 24.79 0.66 0.93 1.23 37.56 26.66 20.15 8.89 0.27 0.37 0.51 32.93 24.03 17.43 69.25 0.51 0.84 1.25 135.78 82.44 55.40 16.60 0.13 0.21 0.29 127.69 79.05 57.55 138.8 1.63 3.38 4.01 85.15 41.07 34.61 54.91 0.30 0.81 1.18 183.03 67.79 46.53 86.70 1.42 1.68 2.22 61.06 51.61 39.05 19.45 0.76 0.81 0.98 25.59 24.01 19.85 17.58 0.59 0.71 0.89 29.80 21.70 19.75 80.7 2.27 2.97 3.75 35.55 27.17 21.52 -28%-18%-8%2%12%2018/72018/82018/92018/102018/112018/122019/12019/22019/32019/42019/52019/6%1M 3M 12M 3.03%-7.98%-3.95%-1.14%-10.59%-15.69%286 31541 21414 35.71 2.31 20576 600%55.15 2019-05-19 2019-04-03 S0550518060004 01058034600 :S0550118040029 17820390636 wang_ S0550119060026 18898835026 /2019-07-02 2/53 1.2019.41.1.41.2.41.3.51.4.19.61.4.1.61.4.2.220“”.71.4.3.5G5G.92.102.1.102.2.6.112.3.122.3.1.122.3.2.142.3.3.152.4.“”.152.4.1.152.4.2.162.4.3.172.4.4.182.5.202.6.A.202.6.1.202.6.2.222.6.3.IDM.232.6.4.252.6.5.CMP“”.262.6.6.283.5GPCB5G.293.1.PCB.293.1.1.PCB.293.1.2.303.1.3.PCB.323.2.5G5G.323.2.1.5G.323.2.2.383.3.413.3.1.PCB.41 3/53 3.3.2.PCB.433.3.3.443.3.4.VR/AR.453.3.5.463.3.6.5G.483.3.7.494.515.51 4/53 1.2019 1.1.1962522.98%95G201930.31 12019A Wind 22019A Wind 1.2.518 5/53 30 32019 Wind 42019 Wind 1.3.20192018 12019Q1TOP10 TOP10()%6/53 143.94 4.10 5.08 139.13 5.61 13.65 33.26 2.27 5.56 28.89 0.71 9.06 27.32 1.44 12.38 25.15 1.03 12.59 21.71 0.31 8.57 21.09 0.17 20.63 18.94 0.91 5.53 18.56 0.18 8.81 Wind 22018Q4TOP10 TOP10()143.29 5.56 7.03 86.78 6.17 15.02 56.71 5.01 12.30 42.05 1.25 15.96 39.58 2.34 14.21 32.85 3.57 13.40 27.66 2.45 21.08 26.29 1.22 15.02 25.18 2.20 12.02 23.14 0.29 35.13 Wind 1.4.19 1.4.1.2019 128FBI 12923 7/53 28“5G”5G 515“”52090390 20191245G5G50005GCPEProAAU5G50%23%5G50005GR14V2X5G224MateX3269P30P30P30ProFreeLaceFreeBudsLite12000mAh40WWatchGTP30Pro45176218108107nmSoCNPUAI32280855730 1.4.2.220“”11 2018115“”123 2019130 8/53 6 213 22021 31 33 318 322327 44 416 4222 4246 426 430 511 527 530 531 9/53 63 65133706864 61132 613 6252127887124124.26 1.4.3.5G5G 2019665G5G5G5G“”5G 4G5G5G5G5GARVR5GAPP 5G5G 5G5G 5G5G 5G5G5G 10/53 2.2.1.201982%47.54%45.41%2019TTM1007051.72 5 Wind 6 Wind 11/53 2.2.6 integrated circuit“IC”GeSi205060 80%“”5G 72014-2018 82014-2019 20186201910,530 32018IC 2018 12/53 1 217.54 2 164.50 3 117.16 4 78.94 5 75.73 6 AMD 64.75 7 29.31 8 29.04 9 Novatek 18.18 10 Realtek 15.19 DIGITIMES Research 2018ICICIC 42018IC 2018 1 501.18 2 111 3 100 4 61.4 5 60.13 6 42.34 7 35.10 8 35.10 9 35 10 30 2.3.2.3.1.13/53 9 SEMI LED LED LED ,10 SEMI 14/53 2.3.2.5G2011-201713.11%20172,458.120203,103.5 2025+5G 11 12 SEMI SEMI 13 15/53 SEMI 2.3.3.SiGaAsGaNSiCZnO Si SiCGaNSiCGaN 14 2.4.“”2.4.1./16/53 15 2.4.2.2013-2017201746976 16()172016 -4%-2%0%2%4%6%42043044045046047020132014201520162017 22%16%16%15%11%7%13%SEMI SEMI 20177620188520221209%17/53 18 SEMI201851910.6%15.9%3.0%19 2016-2018 2.4.3.18/53/20 80%24%16%20%21%6%9%5%24%16%20%/4%8%8%80%SEMI 2.4.4.2018 19/53 SEMI20186219.6%20194%2020 22 010020030040050060070080020162017201820192020 SEMI SEMI20172020622642%23 SEMI 16%13%20/53 20141,387 7/5nm2019SEMI20194%2020 2.5.629141298081761 2.6.A 2.6.1.(MFC)TFTTFT-LCDLEDMEMS 21/53 24 2014-20182014-201520152019 25%26%Wind Wind 2014-201830%2014-20188%22/53 27%28%Wind Wind 2.6.2.OPPOvivoAmazonSamsungNokiaDellHPLGASUSacerTOSHIBAPanasonicIoT“”29 2014201820192020 23/53 20182017 30%31%Wind Wind 45%45%-70%20%2018 32%33%Wind Wind 2.6.3.IDM LED()IDM(),“”“01”“02”“910”24/53 34 2014201820192020201520142015201820192020 35%36%Wind Wind 2014-201820%-30%2014-20182%-10%25/53 37%38%Wind Wind 2.6.4.3FablessCPUDDR4“1+9”DDR2DDR4/39 20162018201720182016201820172018100%26/53 40%41%Wind Wind 2016201850%-70%201842%42%43%Wind Wind 2.6.5.CMP“”27/53 44 CMP 2016-20182016-2018 45%46%Wind Wind 50%2016201755%201851%17%2016201818%28/53 47%48%Wind Wind 2.6.6.LED1)IC(CCPICP)(TSV)2)LEDMOCVD651475MOCVDLED 49 2016-2018 29/53 50%51%Wind Wind 2016-201842.5%38.6%35.5%201639.2%20185.5%52%53%Wind Wind 3.5GPCB5G 3.1.PCB 3.1.1.PCB PCB PCB PCB PCB 30/53 54PCB PCB 2016 PCB 67.70%20092016 PCB 22.18%3.76%27.30%9.09%PCB PCB 55PCB Prismark 3.1.2.2009 3G 31/53 20144G5G4G4G 56 20205G2018-2019N+X/20205GSA165G20192020SA5G20195G2020 55G 2017 4-57 2018 20 2019 2020 5G 2017 5G 2018 5G5G4-65G 2019 5G 2020 5G 2017 5G 2018 4G5G5G5G 2019 4G5G5G5G 2020 5G 32/53 5G4G1.520184G5005G7505G4G19/20/2130/80/1601.3PCB39/104/208 2008 2014 57 Garter 3.1.3.PCB PCB5GPCB2019202139/104/208PCB2018184PCBPCBPCB 3.2.5G5G 3.2.1.5G 5G5G3G/4G3G/4G5GIMT-20205G 2016115G20175G201820195G20205G 30GHz300GHz10mm1mm 33/53 24GHz-100GHz5G5%,60GHz20dB/km18.4dB/km13dB/km 585G 59 5G LCP80LCPiPhone XLCPLCP 60iPhoneLCP 5G 34/53 PIPI40.004-0.007LCP2.4G3db1000S21 LCPLCP2.9-3.160.002-0.00452.4GLCP24210 61LCPPIPI 4G5G4G 415G502G/3G/4G/5G 913G1.25LTE7.55G122022201550163 SAWBAW 35/53 CABAW SAWSAWSAW1GHz2.5GHzSAWSAW 62SAW 632017SAW BAWBulk Acoustic WaveFilter1.5GHzSAWBAWBAWBAWMEMS2GHz2um 64BAW 652017BAW SAWBAWBAWBAW 36/53 SAW/BAWSkyworksQorvoAvagoIDMBAWSAW/PA SAWTDK-EPCOS70%BAWQorvo90%SAWSAWBAW RCLPaumanok5GRCL20172382020286RCL90%R9%934%RohmKOAVishay10%2012 13.48 2%201915.492%66 672017 Yageo C66%37/53 MLCCMLCCSEMCOTDK31%5GMLCCiPhoneMLCCiPhone177iPhone X1100iPhone 68MLCC 692017MLCC Yageo (L)TDK13.8%13.4%13.2%MicroMarket Monitor201427201937.5201420196.2 70 712017 MicroMarket Monitor 38/53 5G 3.2.2.2D3DTOFRGBOppoVivoTOF 2016-20223D160%723D 3DiPhone XA113 39/53 733D 743D TOF“”3D3DTOFTOF 75TOF 76TOF TOFTOF 6TOF ToF 40/53 U 3D 3D TOF3DTOFTOFARProject TangoTOFPhab2 ProTOF 2018OPPOVIVOTOF2019P30 PROMVTOFTOF5G3DTOFVIVO NEXTOFOPPO 77Phab 2 Pro 78P30 PRO 5G5GeMBB(URLLC)5GADASADAS 41/53 5GADAS 79ADAS ADASStrategy Analytics2021250500ADASADAS 201820171142025240.9201820259.7ADAS 3.3.3.3.1.PCB 1984732017“”“3-In-One”42/53 80 20133G4G201520131.6820186.9860%5G 81 82 Wind Wind 20%-25%2013-2015201722.40%201923.54%25%201520177.89%20136.32%20198.63%43/53 83 84 Wind Wind 3.3.2.PCB 19924201008,HDI 852018 Wind 20185.17257%18Q416.481.8732%350%44/53 86 87 Wind Wind 3.3.3.“”2004524201091500247550%144FPC 88 2013“”PC 45/53 201749.32%PC201345.90%201458.90%2015201835%2017201865.86%57.06%20167.23%2014201585.43%71.18%201746.18%21.11%201827.2361.05%89 90 Wind Wind 3.3.4.VR/AR 2001620085/46/53 91 2008-201742.15%20182018237.516.99%8.6859.44%2018328.68%36.97%2019 92 93 Wind Wind 3.3.5.MLCC5G5G 47/53 SAW 94 201420188%-20%201837.519.82%5G20172%95%96%Wind Wind 201854.26%5.6pct13.1921.72%48/53 97%98%Wind Wind 3.3.6.5G 20176.7%NTCLCNFC5GRCL 99 201823.6218.84%2016201720%20172018 49/53 100%101%Wind Wind 201834.64%1.2pct4.7940.23%2017201835%102%103%Wind Wind 3.3.7.(/)()()201810kk0.52018ASP 50/53 104 2018259.8915.97%20172018ASP24.9114.15%105%106%Wind Wind 201818.95%2.5pct15%ASP 51/53 107%108%Wind Wind 4.5.52/53 201620172016 2018 2018 2019 “”R3ABAAABS “”615%65%15%6-5%5%65%15%615%6 6 6 53/53 http:/400-600-0686 6666 130119 28D 100033 729 200127 1224D 518000 021-20361121 13564972909 021-20361229 17717370432 021-20361258 18221628116 021-20361267 13956071185 chen_ 021-20361258 13120758587 L 021-20361121 18516562656 021-20361112 18801903156 010-58034553 18515018255 010-58034557 18501954588 010-58034555 13701194494 010-58034563 18501944669 010-58034565 18601018177 010-58034561 18600646766 0755-33975865 18938029743 liu_ 0755-33975865 15989508876 0755-33975865 13662669201 0755-33975865 18682251183 0755-33975865 18516772531 扫码关注：金融干货精选获取更多干货资料