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S0850515040001 2024 3 14 3 OpenAI Sora”2 16 OpenAI AI Sora Sora DALL-E 3 Sora 2048 2048 AI OpenAI Sora”2 0YEVwPmRnOmNrPtQrMqPrQ8O9RaQmOpPoMmQkPmMmPiNoPnQ7NrRzRxNsPpRuOrMmP 1994 12 26 2022 35.74%25.45%21.30%12.22%3.11%2023 28.26 4.37%3.06 10.95%2022 2023 35.74%25.45%21.30%12.22%3.11%2.19%2022 3-100.00%0.00%100.00%200.00%300.00%400.00%500.00%0.005.0010.0015.0020.0025.0030.0035.0040.002019 2020 2021 2022 2023 1-3Q营业收入（亿元，左轴）扣非归母净利润（亿元，左轴）营业收入同比（%，右轴）扣非归母净利润同比（%，右轴）AI Open AI Nvidia AI OAM UBB 3700 1200 PCB 4 1994 1 24 2022 87.59%6.91%2023 2023 90.82 5.37%7.97 13.27%87.59%6.91%5.50%2022 5 2022 2023 2023-40.00%-20.00%0.00%20.00%40.00%60.00%80.00%100.00%0.0020.0040.0060.0080.00100.00120.002019 2020 2021 2022 2023E营业收入（亿元，左轴）扣非归母 净利润（亿元，左轴）营业收入 同比（%，右 轴）扣非归母 净利润 同比（%，右轴）PPO 2023 5G/6G PCB PPE/PPO AI IoT ChatGPT OpenAI PCB PPO PPO 2020 2023 2025 AI CPU PPO 2416 5672 9251 PPO 6 2002 4 28 2022 53.49%35.02%11.33%2023 2023 7.12 7.51%1.74 7.57%53.49%35.02%11.33%0.16%2022 7 2022 2023-40.00%-20.00%0.00%20.00%40.00%60.00%80.00%100.00%0.0020.0040.0060.0080.00100.00120.002019 2020 2021 2022 2023E营业收入（亿元，左轴）扣非归母 净利润（亿元，左轴）营业收入 同比（%，右 轴）扣非归母 净利润 同比（%，右轴）AI 5G AI(ABF)CCL 8 1995 9 28 2022 67.53%31.98%2023 17.09 28.38%0.62 88.08%2022 9 2022 2023-100.00%-50.00%0.00%50.00%100.00%150.00%200.00%0.005.0010.0015.0020.0025.0030.0035.0040.0045.0050.002019 2020 2021 2022 2023 1-3Q营业 收入（亿 元，左 轴）扣非 归母 净利 润（亿 元，左轴）营业收入 同比（%，右 轴）扣非归母 净利润 同比（%，右轴）/31.98%31.35%21.14%8.24%6.72%0.58%5G AI GA-886N,GA-886,GA-686 PCB Intel PCB M4 M6 M7 5G 2022 5G 10 PCB 2022 11 2000 12 6 2022 62.81%36.30%2023 8.54 7.85%0.61 14.52%62.81%36.30%0.89%12 2022 2022 2023-40.00%-20.00%0.00%20.00%40.00%60.00%80.00%0.002.004.006.008.0010.0012.0014.002019 2020 2021 2022 2023 1-3Q营业收入（亿元，左轴）扣非归母 净利润（亿元，左轴）营业收入 同比（%，右 轴）扣非归母 净利润 同比（%，右轴）1/2 3 13 2009 12 14 PCB Mini LED Mini LED 2022 41.17%35.12%2023 12.54 17.01%-0.20 40.67%41.17%35.12%23.71%2022 14 2022 2023-1000.00%-800.00%-600.00%-400.00%-200.00%0.00%200.00%-5.000.005.0010.0015.002019 2020 2021 2022 2023 1-3Q营业收入（亿元，左轴）扣非归母 净利润（亿元，左轴）营业收入 同比（%，右 轴）扣非归母 净利润 同比（%，右轴）Mini LED AI/ML(/)15 1999 10 19 2022 80.49%9.41%5.34%2023 5.90 1.60%-0.09 122.83%2022 16 2022 2023-150.00%-100.00%-50.00%0.00%50.00%-2.000.002.004.006.008.0010.0012.002019 2020 2021 2022 2023 1-3Q营业收入（亿元，左轴）扣非归母 净利润（亿元，左轴）营业收入 同比（%，右 轴）扣非归母 净利润 同比（%，右轴）80.49%9.41%3.60%5.34%1.16%100%AI 2024 2 6 100%AI AIGC AI AIGC AI AI AIGC 17 wind EPS/PE 2022 2023E 2024E 2022 2023E 2024E 300727.SZ 35.12 27.50 0.71 0.61 0.89 38.71 44.74 30.94 605589.SH 173.88 22.17 0.90 1.32 1.71 24.67 16.83 12.99 603773.SH 57.26 33.41-1.89-0.04 0.91-17.70-747.43 36.86 300067.SZ 54.83 4.75 0.03-159.40-601208.SH 98.56 10.74 0.45 0.45 0.65 23.73 23.67 16.43 688300.SH 89.60 48.24 1.51 1.36 1.71 31.95 35.36 28.26 603002.SH 63.62 5.61 0.62 0.08 0.16 9.11 73.14 35.94 21.77 0.33 0.63 1.00 38.55-92.28 26.90 2024 3 13 EPS wind wind 18 19 SAC S0850515040001 0755-82764281 Email SAC S0850517110003 021-23154130 Email SAC S0850522080002 021-23219646 Email SAC S0850518030001 021-23219431 Email SAC S0850519110003 021-23219392 Email 20 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%21
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