资源描述
S0010522070003 S0010522110003 S00101221200072023年2 月27日 1 2 3 ZXAZzQnQmPoPtNnOqNrOpO9PbP7NmOrRpNmPlOrRtRfQnPzRbRpOqQNZnPrMMYtPpQ 31.1 Wright Bourne,2016 2016 2020 Toward New-generation Intelligent Manufacturing 1 41.2 VS 1 2 3 2 VS 51.3 2015 2025 2021 12 2025 3 MES 2001 MES ERP 2002-2007 MES ERP MES ERP MES ERP 2008-2011 MES 2012-2014 2015 61.4.1 2021 69%15%7%9%2021 4 2019-2021 85%12%2%1%75%14%6%5%69%15%7%9%0%10%20%30%40%50%60%70%80%90%2019 2020 2021 5 TOP 10 0%20%40%60%80%100%2021 71.4.1 2020 2021 2020 9.65%5.00%2021 6 2020-2021 2021 2020 2021 2020 73.65%83.30%-9.65%59.81%67.00%-7.19%12.85%10.70%2.15%17.62%14.80%2.82%5.90%3.40%2.50%10.81%9.60%1.21%7.60%2.60%5.00%11.75%8.60%3.15%2021 2020 2021 2020 52.70%59.80%-7.10%69.18%76.50%-7.32%21.67%16.50%5.17%14.58%11.70%2.88%12.73%12.00%0.73%6.62%6.40%0.22%12.90%11.70%1.20%9.62%5.40%4.22%8 2021 2021 57.98%2020 50%24.04%2020 19%22.06%1.4.2 7 2020 2021 2021 9 2021 2021 28.43%30%10.42%2020 1.4.3 8 2020 2021 2021 10 2015-2021 46 342 CAGR 40%2025 500 1.4.4 9 2015-2021 466498 9916521734239.13%53.13%1.02%66.67%31.52%57.60%0%10%20%30%40%50%60%70%0501001502002503003504002015 2016 2017 2018 2019 2020 2021 YoY%11 5G 4.0 2015 1.5 10 2015 2015.05 2025 2025 2016.12 2016 2020 2025 2017.11(2018-2020)2019.11 15 2025 2021.12 18 2025 2035 2022.05 11 2022-2025 1 2 3 13 2 11-4th 3rd 2nd IT 1st 14 2008 2014 12 2014 3 2015 6 2.1 12 2.0 15 2013 4 4.0 4.0 CPS 2015 3 4.0 4.0 4.0 2008 4.0 4.0 CPS 2.2 4.0 13 4.0IMS 4.0 16 2020 65 28.52%2016 2016-2020 ICT 5.0 2.3 14 1970-2021 65%Wind 17+2.3&15 Ofweek 182.4 16 1 2 ICT 3 4.0+ICT 192.5 17 2004-2021 GDP Wind 2004-2021 GDP 31.98%27.44%GDP 2021 GDP 85697 1.27 GDP 1.5 20%22%24%26%28%30%32%34%200420052006200720082009201020112012201320142015201620172018201920202021 GDP%Wind 18 2004-2021 GDP 01000020000300004000050000600007000080000900002004200520062007200820092010201120122013201420152016201720182019202020212022 GDP/1 2 3 213.1 19 3D 3D SCADA RFID 223.2.1 20 2022/2021 55%25%233.2.1 21 2015-2022 22 2015-2022 3.30 7.24 13.11 14.77 18.69 23.71 36.60 44.31 119.50%80.98%12.67%26.58%26.81%54.40%21.04%0%20%40%60%80%100%120%140%0.005.0010.0015.0020.0025.0030.0035.0040.0045.0050.002015 2016 2017 2018 2019 2020 2021 2022 YoY%6.528.50 13.60 15.64 15.31 16.97 26.13 30.30 30.37%60.00%15.00%-2.11%10.84%53.98%15.96%-10%0%10%20%30%40%50%60%70%051015202530352015 2016 2017 2018 2019 2020 2021 2022E YoY%GGII 2015-2022 3.30 44.31 CAGR 45%GGII 2021 26.13 2022 30.30 243.2.1+2024 230 115 2017 28%2024 50%23 2017-2024 24 2017-2024 163165138 13917519521023024%1%-17%1%26%11%8%10%-20%-10%0%10%20%30%0501001502002502017 2018 2019 2020 2021 2022E 2023E 2024E YoY%4650556575879911521.6%7.1%11.5%18.1%15.6%15.2%14.0%16.2%0%5%10%15%20%25%0204060801001201402017 2018 2019 2020 2021 2022E 2023E 2024E YoY%IFR IFR 253.2.2 25 2019-2022 Q1-Q3 Wind 2019 2020 2021 2022Q1-Q3 14.21 25.10 30.20 25.42-2.71%58.74%20.33%10.45%0.66 1.28 1.22 1.20-35.04%103.97%-4.75%36.89%36.01%34.13%32.54%33.37%6.20%6.04%5.19%5.04%12.68 11.34 11.47 9.87-3.49%-10.59%1.19%15.65%-0.43-1.69-1.93-0.91-93.04%-295.91%-14.46%-6.56%17.03%12.26%11.32%12.29%-4.20%-15.04%-16.81%-9.47%4.09 5.94 5.42 3.17 2.80%45.29%-8.74%-29.17%0.21 0.74 0.60 0.34-29.65%259.83%-19.18%-26.29%20.72%22.07%21.36%18.48%5.03%12.46%11.04%10.81%1.01 2.06 3.49 2.24 26.08%105.05%68.95%44.08%0.27 0.53 0.76 0.50 35.52%98.75%44.03%83.28%60.49%52.46%44.61%49.56%26.51%25.70%21.91%22.14%35.34 39.57 42.64 24.04 0.54%11.97%7.76%-22.38%0.54 0.87 1.50-0.43 120.56%61.96%73.02%-133.66%20.73%19.49%19.69%17.90%1.71%2.35%3.97%-1.80%002527.SZ 688290.SH 002747.SZ 688165.SH U688255.SH SCARA SCARA 2021 66.8%SCARA 23.0%263.2.3 26 2019-2022 Q1-Q3 Wind 35%25%10%70%2019 2020 2021 2022Q1-Q3 73.90 115.11 179.43 162.41 25.81%55.76%55.87%21.67%9.52 21.00 35.73 30.85-18.42%120.62%70.15%23.79%37.65%38.96%35.82%35.97%13.67%18.95%20.51%19.13%32.36 36.64 53.91 48.25 2.70%13.24%47.13%18.68%0.78 0.51 3.26 4.09-59.88%-34.59%536.98%80.76%17.96%17.37%19.53%20.51%2.32%2.20%6.57%8.64%1.86 2.17 4.43 3.44-15.32%16.47%104.77%7.83%0.58 0.82 1.89 1.28-10.13%40.31%130.56%-9.82%49.37%47.18%52.52%51.17%31.07%37.54%42.87%37.29%002472.SZ 688017.SH 300124.SZ 273.2.4 27 2019-2022 Q1-Q3 Wind 3C 2019 2020 2021 2022Q1-Q3 16.60 27.55 32.93 32.89YoY%38.58%65.95%19.50%43.66%1.87 5.20 0.65 1.40YoY%8.58%178.56%-87.42%5.71%34.04%49.32%24.54%20.37%11.33%18.66%2.06%4.29%17.37 16.18 17.22 10.19YoY%-27.11%-6.84%6.46%-13.59%0.41 0.06-5.88-4.92YoY%-65.99%-86.06%/-460.22%20.94%15.59%11.71%8.77%2.78%0.58%-35.08%-52.33%000584.SZ/300607.SZ 283.2.5 28 ifind 2023-02-24 EPS 2022 EPS+2022E 2023E 2024E 2022E 2023E 2024E300124.SZ 1950 73.36 1.59 2.08 2.75 46.01 35.23 26.72 002472.SZ 233 27.45 0.69 0.99 1.32 39.86 27.84 20.87 688017.SH 219 130.02 0.94 2.15 2.64 138.32 60.53 49.23 002747.SZ 215 24.73 0.21 0.35 0.50 115.13 70.66 49.39 688165.SH 48 9.24-688255.SH 33 42.46-688290.SH 67 80.98 1.47 2.11 2.99 54.94 38.42 27.05 002527.SZ 47 7.10-300607.SZ 67 15.78 0.42 0.61 0.76 37.87 26.06 20.70 000584.SZ 69 9.09-29 29 2017-2022 2020 2473 2021 2687 2022 2957 53%3.3.1 30303347327024732687295705001,0001,5002,0002,5003,0003,5004,0002017 2018 2019 2020 2021 2022E 30 53%29%17%2%30 31/2025 2022 9 ETF 3.3.2 31 32 2020-2021 2018 33%2021 27%0%20%40%60%80%100%120%2018 2019 2020 2021%VDM 3.3.2 32 2021 2011 86 33 0102030405060708090100 Wind 3.3.2 33 34 Wind 3.3.3 2019 2020 2021 2022Q1-Q3 11.65 16.32 27.30 23.67-8.46%40.12%67.30%17.81%0.77 1.38 3.71 3.90-24.42%80.17%168.46%48.29%22.13%24.03%25.72%25.70%6.59%8.47%13.59%16.47%1.42 1.98 2.54 2.07 38.01%39.62%27.99%28.50%0.42 0.35 0.73 0.33 213.07%-17.02%106.81%-28.49%44.21%42.15%43.14%41.71%30.02%17.70%28.72%16.08%9.70 11.65 17.13 13.47 0.28%20.02%47.06%5.48%0.62 1.04 1.69 1.90-0.03%67.12%62.06%65.12%26.92%25.09%25.27%27.60%6.41%8.93%9.84%14.08%601882.SH 688305.SH 688697.SH 34 353.3.4 2022E 2023E 2024E 2022E 2023E 2024E601882.SH 158 30.33 0.98 1.20 1.50 30.88 25.18 20.26 688305.SH 81 87.01 0.66 1.41 1.97 131.83 61.56 44.08 688697.SH 98 30.07 0.80 1.04 1.29 37.82 28.84 23.40 ifind 2023-02-24 EPS 2022 EPS 35 36 3.4.1 363.4.2 373.4.3 2022 2816142116561830186520572530281616.54%10.51%1.91%10.29%22.99%11.30%0%5%10%15%20%25%0500100015002000250030002016 2017 2018 2019 2020 2021 2022E YoY%112.26 123.76 118.48 131.20 158.48 0204060801001201401601802017 2018 2019 2020 2021 2021 2016-2021 1421 2530 12.2%2022 2816 PLC PLC 37 2016-2022 2021 38 2017-2021 PLC 383.4.4 PLC DCS 39 Wind 2019 2020 2021 2022Q1-Q3 73.90 115.11 179.43 162.41 25.81%55.76%55.87%21.67%9.52 21.00 35.73 30.85-18.42%120.62%70.15%23.79%37.65%38.96%35.82%35.97%13.67%18.95%20.51%19.13%25.37 31.59 45.19 42.27 18.91%24.51%43.08%44.63%3.65 4.23 5.82 4.74 28.33%15.81%37.42%42.45%48.10%45.56%39.30%36.14%14.62%13.60%13.04%11.36%22.42 22.86 30.09 28.99 0.63%1.98%31.59%35.99%-2.98 1.36 1.82 1.62-232.76%145.58%34.40%-0.85%35.70%36.11%32.70%30.30%-19.62%3.42%5.30%4.87%300124.SZ 688777.SH 002334.SZ 393.4.5 40 ifind 2023-02-24 EPS 2022 EPS 2022E 2023E 2024E 2022E 2023E 2024E300124.SZ 1950 73.36 1.59 2.08 2.75 46.01 35.23 26.72 688777.SH 475 95.16 1.60 2.12 2.79 59.48 44.85 34.08 002334.SZ 88 11.29 0.30 0.48 0.64 37.58 23.46 17.68 403.5.1 41 AGV WMS WCS 413.5.2 42 2026 2665 49.17%AGV 29.04%2017 712.5 2021 1145.5 CAGR 12.6%2021-2026 CAGR 18.4%43 2017-2026 29.04%27.72%26.73%19.80%11.88%11.88%49.17%0.00%20.00%40.00%60.00%AGV%423.5.3 44 Wind 2019 2020 2021 2022Q1-Q3 30.87 40.77 58.87 46.80 20.94%32.06%44.39%10.00%2.42 2.42 3.00 2.90 28.61%0.05%23.85%23.00%23.47%23.09%19.45%18.58%8.01%5.88%4.99%6.14%7.12 9.30 15.98 16.90 71.19%30.51%71.87%89.00%0.48 0.60 0.92 1.90 160.79%27.31%51.52%229.00%28.96%29.41%24.31%30.00%6.67%6.51%5.74%11.00%15.47 16.19 19.15 10.60 1.75%4.70%18.23%-2.00%0.79 0.94 0.97 0.60 24.95%18.28%3.83%41.00%24.51%24.69%22.19%27.00%5.11%5.78%5.07%5.00%7.36 10.35 13.00 7.60 5.47%40.50%25.64%-5.00%0.91 1.04 0.71 0.60 41.96%14.38%-31.11%-10.00%31.64%29.27%24.51%24.98%12.33%10.60%5.59%7.20%3.00 4.00 5.40 2.50 55.00%34.00%34.00%54.00%0.22 0.50 0.70 0.20 397.00%149.00%27.00%2772.00%29.00%31.00%29.00%26.00%7.00%13.00%13.00%10.00%3.95 4.52 6.04 6.10 13.46%14.26%33.66%140.00%0.73 0.84 0.81 0.40 105.10%14.19%-3.87%625.00%40.55%43.63%34.52%25.07%18.55%18.54%13.33%7.27%4.60 8.80 12.80 6.80 25.00%90.00%45.00%55.00%0.10 0.60 0.90-0.20-20.00%383.00%41.00%-71.00%25.00%24.00%21.00%18.00%3.00%7.00%7.00%-2.00%688455.SH603611.SH300532.SZ301311.SZ300486.SZ688251.SH688557.SH 433.5.4 45 ifind 2023-02-24 EPS 2022E 2023E 2024E 2022E 2023E 2024E688557.SH 25 34.53 1.40 1.78 2.33 24.73 19.44 14.84 300532.SZ 54 17.55 0.79 1.20 1.74 22.22 14.60 10.07 603066.SH 34 11.46-603611.SH 59 21.90 1.49 1.97 2.59 14.70 11.12 8.46 300486.SZ 37 9.00 0.22 0.31 0.40 40.91 29.03 22.50 688455.SH 27 14.98 0.64 0.89 1.18 23.41 16.83 12.69 301311.SZ 50 20.64-688251.SH 20 33.11-441 2 3 4 45 6 A 300 500 6 5%;6-5%5%;6 5%;6-12 15%6-12 5%15%6-12-5%5%6-12 5%6-12 15%46 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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