资源描述
2023 2 7 S0930517100002 S0930522050001 22Q4 TI ADI 23 Q1 A 22 23+13 3 22+23 H1 23+2 23 1ZAZxOqNtQnMoQoNsPoRnM9PaO7NnPrRtRoNkPnNtRfQqQxP6MnMnRMYrQuNMYmRnQ A 22 Q4+4 1.1 22 22Q4 23Q1 22Q4 23Q1 43.5 41.7-45.3-11.31%/-6.85%EPS 1.77 1.64-1.9-24.68%/-16.9%ADI 22Q4 Q1/Q2 23Q1 31.5 30.5-32.5+17.3%/-3%EPS 2.6 2.5-2.7 22Q4 ADG AMS-3%/MDG 23Q1 42+18.4%/-5.1%23 168-178+7.3%22Q4 23Q1 30-4.3%/-9.4%3 8%12%Wind Bloomberg 23 Q1 23 1 22 5 23H1 23H1 1.2 22Q4 TI 1 22Q4 15%2 10%3 4 20%5 20%1 22Q4 2 23Q1 Q4 Q1 ADI 1 16.6 51%+40%2 6.7 21%+49%BMS GMSL A2B 3 5 15%+42%4 4.1 13%+19%1 FY23Q1 2 die 4-8 1 ADG+37.2%2 AMS MEMS+7.1%MEMS 3 MDG IC+37.5%1 23 70%30%2 1 18.1+17%2 6.05-8%3 4.08+9%4 4.94+8%1 23Q1+10%/-30%/-20%-40%/-40%2 xEV Seeking Alpha 2 2023 2 4 6 1.3 22Q4 40 8-52 Q2 Q3 32 80%Q2 5%22Q1-Q3 3 A 22 Q4+8 2.1 22+4 22 2023 2 7 22 13 3 22 22Q4 22Q4 Wind 22E 23E 24E Wind 22 22 22Q4E 22Q2 22H1 9 2.2 A 22Q3 22Q4-23Q1 1 22Q3 152.8+56.59+13.1+22Q4 23H1 99.06 104.60 86.10 96.21 100.03 136.10 139.70 152.80 02040608010012014016018020Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 127.48 123.68 117.75 121.57 119.19 119.13 116.20 144.65%-2%-3%-5%3%-2%0%-2%24%168.11-123.43-138.70 139.15 128.72 147.32%-0%-7%14%99.40 106.91 81.93 75.27 74.80 70.45 66.27 76.52%6%8%-23%-8%-1%-6%-6%15%184.23 388.77 118.08 127.65 92.52 210.58 178.39 186.94%-50%111%-70%8%-28%128%-15%5%126.09 96.42 97.51 108.46 111.66 154.43 140.89 195.69%-24%1%11%3%38%-9%39%87.39 98.14 76.60 86.43 95.31 136.28 143.23 155.14%-8%12%-22%13%10%43%5%8%72.50-56.73 55.35 96.50 126.60 142.59 153.60%-2%74%31%13%8%83.93-47.22-60.12-103.45 119.94%-16%138.58 139.77 105.75 151.44 176.79 194.64 258.47 322.43%-24%1%-24%43%17%10%33%25%176.43-114.63 124.13 138.61 160.97 178.84 181.06%-8%12%16%11%1%56.98 56.68 51.56 55.86 81.52 183.75 183.49 157.46%-19%-1%-9%8%46%125%0%-14%95.56-85.21-91.64-114.93 104.28%-9%125.96-129.63-99.10-98.27 98.22%-0%95.09 85.82 76.49 75.68 75.03 97.28 105.68 125.14%-12%-10%-11%-1%-1%30%9%18%88.61 75.94 66.49 108.93 148.23 165.47 261.10 255.39%-26%-14%-12%64%36%12%58%-2%86.47 66.36 68.71 77.41 83.75 81.14 108.39 136.84%3%-23%4%13%8%-3%34%26%44.21-45.57-56.69 112.88 130.27 144.32%-99%15%11%133.42-91.03-115.48 207.66 237.88 292.81%-80%15%23%121.90-151.75-232.33 292.87 307.17 465.04%-26%5%51%161.43 212.01 197.74 226.55 227.12 323.74 339.62 321.24%3%31%-7%15%0%43%5%-5%35.51-41.67 44.91 38.45 53.87 57.56 50.34%-8%-14%40%7%-13%99.06 104.60 86.10 96.21 100.03 136.10 139.70 152.80%-17%6%-18%12%4%36%3%9%5 A wind A 22 Q4+1)+2)11 IDC 2023 2.8%22Q4 23 IDC 2022Q4 3 18.3%2022 12.1-11.3%2022 11 2323.8 34%IDC 22Q4 Q4 23 IDC 2 3 3.1 23-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%0501001502002503003504002021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 YoY%-100%-50%0%50%100%150%200%250%300%0500100015002000250030003500400045001 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 2021 2022%12 3.2 Wind 2022 6,000 8,000 22 9 1.5 1.52 2022 4 99.06 104.60 86.10 96.21 100.03 136.10 139.70 152.80 05010015020020Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 1 22Q3-Q4 23H1 23 H1 2 A 23 H1 13 3.3 2020 12%2017 16 800 21 2100 16 4.5 21 22.4+0%2%4%6%8%10%12%14%16%2017 2018 2019 2020 2021 2022 E%5 0500100015002000250005101520252016 2017 2018 2019 2020 2021 6 14 3.4 7 2020 2-2023 2 PE TTM 2023 2 3 PE TTM 57.3X 40%-1 22-22 10 23 IDC/TrendForce 23+wind A 22 Q4+1)+2)16 2019 22.5%2022 24.7%iHS Melexis A E A 100 A 350 B 160 400 E 650 3.5 iHS Melexis 9 8 2018-2022 11.0%36.6%7.5%23.0%20.6%1.3%11.0%37.0%7.3%22.5%20.9%1.3%10.8%37.5%6.5%24.7%19.5%1.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%/2018 2019 2022E IC insights 17 3.6 IC AEC-Q100 20-22 LDO LED 23 6 A 22 Q4+19()P/E(x)21A 22E 23E 24E 21A 22E 23E 24E 656 6.99 10.01 12.83 16.67 94 66 51 39 64 1.59 2.74 3.67 4.67 40 23 17 14 91 6.77-1.90 1.81 3.63 13 N/A 50 25 196 2.88-0.55 4.19 6.27 68 N/A 47 31 92 2.01 0.90 2.06 3.00 46 103 45 31 63 0.92 1.62 2.62 3.59 68 39 24 18 122 1.65 2.11 3.03 4.38 74 58 40 28 76 1.25 2.03 3.01 4.22 61 N/A 25 18 1 2 7 4/Wind Wind 2023 2 3 A 22 Q4+5 ADI TI 21 S0930517100002 021-52523849 S0930518070005 021-52523856 021-52523587 S0930522110003 021-52523805 S0930522100002 021-52523587 S0930522040001 021-52523818 S0930518070005 021-52523869 S0930522090003 021-52523818 S0930522050001 021-52523805 021-52523818 6-12 15%6-12 5%15%6-12-5%5%6-12 5%15%6-12 15%A 300 1996 招商基金 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
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