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Table_IndustryInfo 2023 03 10()Table_Author S1250522040001 010-57758531 13651914586 Table_QuotePic T able_BaseData 129 28,076.95 25,377.12 TTM 15.0 300 TTM 11.8 T able_Report 1.(2023-02-20)Table_Summary+2022-2025 CAGR+24.8%2022-2025 CAGR+46.1%2022-2025 CAGR+8.6%2021 95.9%300748.SZ 2022-2025 CAGR+5.1%2025 40 2022-2025 CAGR+11.5%2025 24.5 002056.SZ 002057.SZ 300835.SZ 2022-2025 CAGR+43%2022-2025 PM MIM SMC 600114.SH+600330.SH 603191.SH 688190.SH MLCC 605376.SH 688786.SH-24%-18%-12%-6%1%7%22/3 22/5 22/7 22/9 22/11 23/1 23/3有色金属 沪深300 1.1 2.3 2.1.3 2.2.4 2.3.7 3.8 3.1 2022-2025 CAGR+5.1%.9 3.2 2022-2025 CAGR+11.5%.11 4.12 4.1.14 4.2.16 5.20 5.1.20 5.2.24 5.3 MLCC.26 6.28 6.1.28 6.2.28 6.3.29 6.4.30 6.5.31 6.6.31 6.7.32 6.8.33 6.9 MLCC.34 6.10.35 7.35 YWBYzQmRoNrQrPmPmRsNpObRbP6MsQqQmOpMfQoOnOjMpOmRbRrQnMvPtRvNuOrRwO 1.1 2.2 3 2021.2 4 2021.2 5 2016-2021.3 6 2022E-2027E.3 7 2015-2021 CAGR 16.8%.3 8 2018.4 9 2021.4 10.8 11 2015-2021.9 12 2021.9 13 2016-2022.9 14 2023-2025E.9 15 2017-2022.10 16 2023-2025E.10 17 2017-2022.10 18 2023-2025E.10 19.11 20 2017-2022.12 21 2023-2025E.12 22.13 23 2016-2021.14 24 2021.14 25 2019-2025E.14 26 2021.14 27 2016-2021.15 28.15 29 2016-2022.15 30 2023-2025E.15 31 2022 285.3.16 32.17 33 2017-2022E.17 34 2017-2021.17 35 GW.18 36 GW.18 37 2016-2022.19 38 2023-2025.19 39 2016-2021.20 40 2016-2021.20 41 2016-2021.21 42 2016-2021.21 43 2019-2025E.22 44 2019-2025E.22 45 2015-2022.23 46 2015-2022.23 47.24 48 2015-2021.25 49 2018-2021.25 50 2018-2021.25 51 2016-2027E.26 52 2016-2027E.26 53 2016-2020 11.7%.26 54.27 55.27 56 2025 MLCC 1490.27 57 2018-2022Q3.28 58 2018-2022Q3.28 59 2018-2022.29 60 2018-2022.29 61 2018-2022Q3.30 62 2018-2022Q3.30 63 2018-2022Q3.30 64 2018-2022Q3.30 65 2018-2022Q3.31 66 2018-2022Q3.31 67 2018-2022Q3.32 68 2018-2022Q3.32 69 2018-2022Q3.33 70 2018-2022Q3.33 71 2018-2022Q3.34 72 2018-2022Q3.34 73 2018-2022Q3.34 74 2018-2022Q3.34 75 2018-2022Q3.35 76 2018-2022Q3.35 1.4 2.5 3.5 4.6 5.6 6.7 7.8 8.11 9.12 10.13 11.16 12 2022-2025.18 13.20 14.21 15 2021-2024E.23 16.24 1 1 21 21 1 2022 2 2 2021 31%20%2021 60%3 2021 4 2021 2027 190 2016-2021 2021 136 4.6%2022-2027 CAGR+5.1%2027 190 3 5 2016-2021 6 2022E-2027E 2 2.1 2013-2014 8 2014 7 2015-2021 CAGR 16.8%CAGR 7.9%2022 22.5 7 2015-2021 CAGR 16.8%Wind Frost&Sullivan 2021 5.3 95.9%2021 69.6 17000 4 Frost&Sullivan 70%2021 5.3 6 5.1 95.9%2021 25.5%1 2018 2019 2020 2021-8702 18.8%13600 25.5%4801 15.3%6632 18.2%9613 20.8%10325 19.3%4160 13.3%5530 15.2%6671 14.4%10921 20.5%3391 10.8%4363 12.0%5340 11.6%5636 10.6%4028 12.8%3981 10.9%4556 9.9%8148 15.3%1144 1.2%1252 3.4%1522 3.3%2600 4.9%31400 36400 46200 53400 2.2 Frost&Sullivan 15%-20%2021 20%15%2018 14%10%8 2018 9 2021 5 2.5-3.5Kg 3 kg 2022-2025 CAGR 31.9%CAGR 46.1%2 2019A 2020A 2021A 2022A 2023E 2024E 2025E()224 324 660 1082 1300 1600 2000 kg/3 3 3 3 3 3 3 6717 9732 19800 32460 39000 48000 60000 YOY 44.9%103.5%63.9%20.1%23.1%25.0%()123.9 136.5 352.1 705.8 988.1 1284.6 1605.7 kg/3 3 3 3 3 3 3 3717.1 4094.8 10563 21174 29643 38536 48170 YOY 10.2%158.0%100.5%40.0%30.0%25.0%Wind EVT ank 1MW 0.67 55%2025 39767 2022-2025 CAGR 10.2%2025 19088 2022-2025 CAGR 8.6%3 2019A 2020A 2021A 2022E 2023E 2024E 2025E GW 53.2 96.7 93.6 83.6 98.1 115.2 107.9 37%40%43%46%49%52%55%/MW 0.67 0.67 0.67 0.67 0.67 0.67 0.67 13188 25916 26966 25752 32202 40136 39767 YOY 96.50%4.05%-4.50%25.05%24.64%-0.92%GW 25.7 54.0 47.6 37.6 45.1 54.1 51.8 37%40%43%46%49%52%55%/MW 0.67 0.67 0.67 0.67 0.67 0.67 0.67 6381 14472 13705 11588 14813 18864 19088 YOY 126.80%-5.30%-15.44%27.83%27.35%1.19%GWEC 6 0.1kg 2025 70%80%2022-2025 0.1kg/80%2023 2022-2025 CAGR 16%4 2021A 2022E 2023E 2024E 2025E 10708 12773 13540 14352 15213 55.0%60.0%65.0%68.0%70.0%kg/0.1 0.1 0.1 0.1 0.1 5889 7664 8801 9759 10649 7362 9580 11001 12199 13311 YOY 36.4%30.1%14.8%10.9%9.1%Wind 2022-2025 CAGR 24.8%EPS 0.15kg/2021 EPS 82%2021 EPS 1784 90%EPS 2023-2025 CAGR 8.9%25kg 2023-2025 CAGR 19.8%6kg 2023-2025 CAGR 19.4%5 2019A 2020A 2021A 2022E 2023E 2024E 2025E 25333 38006 49190 61495 82646 101838 119140 YOY 50.0%29.4%25.0%34.4%23.2%17.0%3717 4095 10563 21174 29644 38537 48171 YOY 10.2%158.0%100.5%40.0%30.0%25.0%6381 14472 13705 11588 14813 18864 19088 YOY 142.8%-10.7%24.8%0.8%10.1%19.8%3119 4318 5889 7664 8801 9759 10649 YOY 38.5%36.4%30.1%14.8%10.9%9.1%2448 2396 2301 2357 2415 2474 2704 EPS 70.70%75.90%82%86%88%90%93%EPS kg/0.15 0.15 0.15 0.15 0.15 0.15 0.15 2596 2728 2830 3023 3184 3347 3772 YOY 5.1%3.7%6.8%5.3%5.1%12.7%147876 214888 318105 401670 524882 628568 752736 kg/25 25 25 25 25 25 25 7 2019A 2020A 2021A 2022E 2023E 2024E 2025E 3697 5372 7953 10042 13122 15714 18818 YOY 45.3%48.0%26.3%30.7%19.8%19.8%101.10 119.40 138.90 133.40 218 260 311 96%98%99%100%100%100%100%kg/6 6 6 6 6 6 6 5823 7021 8251 8004 13083 15617 18641 YOY 20.6%17.5%-3.0%63.5%19.4%19.4%Wind 2.3 5 14 10 2022 2/2022 2025 40000/6 2021/2022E 2023E 2024E 20000 5000 3 22754 31575 35329 3263 3 1 10000 2 15000 8000 2 23000 29000 36000 3000 1/3000 3 12000 3 2000 3 12000 7000 7000 2 18000 19000 29000 15000 2024 15000 3 16000 6000 3 18100 19300 20300 2000 1 2028 18000 8 6000 1500 2 8000 10000 11000 5000 2 69000 14 97763 91492 103875 103875 8 3 10 Co Ni 7 Bhmax 3.5 40 0.17-5.2 33-50 T 0.32-0.43 1.17-1.47 450 310-400 250 150 Hv 480-580 500-700 rec 1.05-1.2 1.02-1.08 cm 104 120-160 9 2015-2021 50 2018 54.5 2021 51.6 2.4%37.1%18.2%15.1%11 2015-2021 12 2021 3.1 2022-2025 CAGR+5.1%2022-2025 CAGR+3%2020-2022 2022 19258 0.1%2017-2022 CAGR 2.9%2022 2025 4%2025 21663 13 2016-2022 14 2023-2025E Wind Wind 10 2022-2025 CAGR+6.5%2018 2019 7320.4 2020 8426.1 15.1%2017-2022 CAGR-2.4%2025 1 2022-2025 CAGR 6.5%15 2017-2022 16 2023-2025E Wind 2022-2025 CAGR+6%2022 7639.6 3.7%2017-2022 CAGR+3%2025 9300 2022-2025 CAGR+6%17 2017-2022 18 2023-2025E Wind 2022-2025 CAGR+5.1%2025 40 0.6 2 0.5kg 2025 13 20 4.7 40 2022-2025 CAGR+5.1%11 8 2021 2022 2023E 2024E 2025E 19267.72 19258.05 20028.37 20829.50 21662.68-0.1%4%4%4%kg/0.6 0.6 0.6 0.6 0.6 11.56 11.55 12.02 12.50 13.00 7781.85 7345.13 8140.79 9022.63 10000.00-5.61%10.83%10.83%10.83%kg/2 2 2 2 2 15.56 14.69 16.28 18.05 20.00 7363.67 7639.58 8157.19 8709.87 9300.00 3.75%6.78%6.78%6.78%kg/0.5 0.5 0.5 0.5 0.5 3.68 3.82 4.08 4.35 4.65 30.81 30.06 32.38 34.90 37.65-2.41%7.69%7.79%7.88%3.2 2022-2025 CAGR+11.5%19 12 2025 3500 2022-2025 CAGR+11.5%2022 2333.7 2.9%IDC 2025 3500 2022-2025 CAGR+11.5%20 2017-2022 21 2023-2025E Wind IDC 2022-2025 CAGR+11.5%2025 24.5 68kg 7kg 2025 24.5 2022-2025 CAGR+11.5%9 2021 2022 2023E 2024E 2025E 2267.95 2333.70 2671.28 3057.69 3500.00 2.90%14.47%14.47%14.47%kg/7 7 7 7 7 15.88 16.34 18.70 21.40 24.50 IDC 4 19 5G UPS 4G 5G 13 22 1 2 3 4 10 Mn Zn T 2.03 0.5 0.55 1.56 1.25 1.4()103 105 5000 80000 10-75 u cm 50 80 107 120 130 90 11 750 200 400 410 570 700,14 2016-2021 2021 22,60%22%19%17%23 2016-2021 24 2021 UPS 2021 10.3 36.1 2025 20.1 75.2 UPS 25 2019-2025E 26 2021 4.1 15 2021 85.5 10.6%report linker data 2022 27%2021 95.8 122.6 30%2026 347.7 2019 20%2021 35%2025 45%27 2016-2021 28 2025 1300 2022 687.3 96%2025 1300 29 2016-2022 30 2023-2025E Wind IDC 16 2025 1.8 2022-2025 CAGR+23.8%0.8-2kg 1.4kg 2025 1.8 2022-2025 CAGR+23.8%11 2021 2022 2023E 2024E 2025E 350 687 860 1040 1300 95.95%22.86%20.93%25.00%kg 1.4 1.4 1.4 1.4 1.4 0.49 0.96 1.20 1.46 1.82 IDC 4.2 SMC 2018 41.5 7.3%BCC Research 2016 2022 8.1%2022 285.3 31 2022 285.3 BCC Research Boost 17 50Hz 32 2021 183GW BNEF 2016 2017 2021 183GW 27.0%Rethink Energy 2022 222GW 2021 2020 66.5%69.6%33 2017-2022E 34 2017-2021 BNEF Rethink Energy CPIA 18 IEA 2025 625GW 176GW 35 GW 36 GW IEA Wind IEA Wind 2022-2025 CAGR+43%2022-2025 GW 200 2023-2025 7.6/9.7/13.8 60%2023 39.5%12 2022-2025 2021 2022E 2023E 2024E 2025E GW 53 87 120 150 200 YoY 64%38%25%33%30.0%30.7%31.0%31.5%32.0%GW 177 283 387 476 625 YOY 60%37%23%31%GW 221 354 484 595 781 66%68%70%72%75%/GW 200 200 200 200 200 2.9 4.8 6.8 8.6 11.7 GW 32 48 68 92 176 YoY 50%42%35%91%GW 19 29 41 55 106/GW 200 200 200 200 200 0.4 0.6 0.8 1.1 2.1 3.3 5.4 7.6 9.7 13.8 YOY 63.8%40.7%27.4%43.1%19 2021 2022E 2023E 2024E 2025E 1.75 2.5 3.5 4.2 0.2 0.3 0.5 0.9%41.2%36.9%41.4%36.9%0.8 2.5 3.9 4.2 0.3 0.5 0.6 1.2%23.3%39.5%46.6%39.0%0.36 0.76 0.76 0.76%7.6%10.0%7.9%5.5%0.5 1.0 1.0 1.0%10.6%13.2%10.3%7.2%0.4 0.5 0.5 0.5%8.5%6.6%5.2%3.6%4.31 8.06 10.76 12.76 YOY 87.0%33.5%18.6%-1.1 0.5 1.1-1.1 IEA 2025 526.6 2022 1310 180 340 2025/430.9/95.7 526.6 37 2016-2022 38 2023-2025 wind wind 2025 0.7 0.5-2kg 1.25kg 2025 0.66 2022-2025 CAGR+61.6%20 13 2021 2022 2023E 2024E 2025E 33.96 65.00 80.15 118.15 430.88 59.64 193.00 81.50 88.12 95.70 93.6 258.0 161.7 206.3 526.6 kg 1.25 1.25 1.25 1.25 1.25 0.12 0.32 0.20 0.26 0.66 wind 5 5.1 2021 1253 14.3%2021 195 8.3%2021 1138.2 180.1 2016 2021 90.8%92.4%39 2016-2021 40 2016-2021 2021 118.9 28.6%2021 61.2 6.1%2021 66.0%70%21 41 2016-2021 42 2016-2021 5.1.1 2024 2024 2024 116 2021 26 2021 20 2023 9 2019 11 2024 12 16 8 12 2-3 2024 6 5-6 2025 2021 10 2022 8 10 2024 20 2022-2025 213 236 264 272 2021 92%2022-2025 98%98%99%99%209 231 261 269 14 2021 2022E 2023E 2024E 2025E 90 100 108 116 116 20 20 29 29 29-8 8 8 16 10 10 13 18 18 10 10 13 20 20 6 6 6 14 14 5 5 5 5 5 5 5 5 5 5 22 2021 2022E 2023E 2024E 2025E 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 195 213 236 264 272 92%98%98%99%99%179 209 231 261 269 5.1.2 2025 800GW CWEA 2025 500GW 43 2019-2025E 44 2019-2025E CWEA 2022 7208 22.8%5012 2%2022 2022 5012 2021 130 2.7%2023 5200 23 45 2015-2022 46 2015-2022 CWEA 1 2022-2025 3.0%3.0%2.7%2.5%2 30 8.4/3 2023-2025 10%2022-2024 193 239 278 15 2021-2024E 2021 2022E 2023E 2024E 5054 3890 4007 3715 36 28 29 26 1586 379 383 388 11 3 3 3 5313 7500 12000 15000 52 83 117 147 4757 3000 3600 4320 46 29 35 42 490 519 592 677 4 4 4 5 337 377 403 432 2 3 3 3 8 8 8 8 33 36 40 43 192 193 239 278 24 2022-2024/15-7-16 2023-2024 16 2021 2022E 2023E 2024E 192 193 239 278 179 209 231 261/+/-,-12 15-7-16 5.2 106 0.03mm 47 2021 10.3 6%25 48 2015-2021 2021 12.6 2.3,18.8%49 2018-2021 50 2018-2021 2020 12 2021-2023 2021 6 2023 10%75%60%-80%QY research 2021 2027 2027 26 200 2021 2027 2027 1100 51 2016-2027E 52 2016-2027E QY research QY research 5.3 MLCC 1mm 2016 47.2 2020 73.6 11.7%5G 53 2016-2020 11.7%MLCC Multi-layer Ceramic Capacitors 27 54 55 MLCC MLCC MLCC 2021 MLCC 1148 2025 1490 2022-2025 CAGR 6.7%MLCC 56 2025 MLCC 1490 28 6 6.1 3C 2021 6064 2022 23000/8000/6 2025 40000/2022-2024 10.3/12.8/16.4 PE 26/21/17 2023 30 PE 45.60 57 2018-2022Q3 58 2018-2022Q3 Wind Wind 6.2 1 2 80%TOPCon P-IBC P N 3 2022 1.5 2.2 29/22/16.5/5.5/2.5 2022 11 20GW 22/23/24 9/14/15GW 6GWh 22/23/24 7/8.5/8.5GWh 59 2018-2022 60 2018-2022 Wind Wind 6.3 20 50%40%6500 863 3 55000 23 1 23 6.5 22 5 2 8-10 23 4000 30 61 2018-2022Q3 62 2018-2022Q3 Wind Wind 6.4 4 TDK 5.5 TDK 6 4.5 2022 4 2023 5 2024 6 5000 4000 22 6000 3000 63 2018-2022Q3 64 2018-2022Q3 Wind Wind 31 6.5 1 2030 17.4 2021-2030 CAGR 15.9%2 2025 2021 0.42 0.66 2021-2025 CAGR 12.0%6 4 6 6 2022-2024 2.0/3.2/4.2 PE 28/17/13 2023 21 PE 10.83 65 2018-2022Q3 66 2018-2022Q3 Wind Wind 6.6 TDK-4 C C 20%C 400kb 800kg 32 6(LT)(LN)6 5G 5G 67 2018-2022Q3 68 2018-2022Q3 Wind Wind 6.7 2021 8.45 45.23%8 2023 13.5 12.5 2024 8 2024 CGO 10 HIB 6.5 2022/2023/2024 2.9/3.8/5.6 PE 26/21/13 2023 30 PE 33.30 33 69 2018-2022Q3 70 2018-2022Q3 Wind Wind 6.8 60%-80%SH15 S13 5000 2012 142mm 142mm 1418 m 14 2022 22 6 8 15000/6 9 2020 2216 8%18.4%2021 5036 2020 127%34 71 2018-2022Q3 72 2018-2022Q3 Wind Wind 6.9 MLCC MLCC 5G MLCC MLCC 92 86 1720 IPO 73 2018-2022Q3 74 2018-2022Q3 Wind Wind 35 6.10 40%-50%70%2010 5000 6000 2023 2000 2022 4000 2000 2000 75 2018-2022Q3 76 2018-2022Q3 Wind Wind 7 1 2 3 6 6 A 300 500 6 20%6 10%20%6-10%10%6-20%-10%6-20%6 5%6-5%5%6-5%2017 7 1 166 20 200120 35 A 8 100033 6023 4 518040 32 400025 T able_SalesPerson 021-68415309 18621310081 15642960315 15642960315 17751018376 17751018376 18502146429 18502146429 13127920536 13127920536 18616243268 18616243268 18957157330 18957157330 17863111858 17863111858 18801732511 18801732511 13122900886 13122900886 13262983309 13262983309 18601139362 18601139362 18601241803 18601241803 18810922935 18810922935 15652285702 15652285702 18800123955 18800123955 18040060359 18040060359 18500981866 18500981866 13667084989 13667084989 18825189744 18825189744 17628609919 17628609919 13642639789 13642639789 18208801355 18208801355 15808001926 15808001926 15559989681 15559989681 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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