资源描述
SAC S0850511010026 2024 1 5 MiniLed 1LCD 2 1ZEVyRrMsRpOqOnOrMsNpO7NaO6MoMpPmOnRfQpPoPfQnNvN9PnNvNMYnOsMMYnOoN 3 2023-20%-10%0%10%20%30%40%50%010002000300040005000600070008000900010000(%)%-25%-20%-15%-10%-5%0%5%10%15%20%25%0500100015002000250030003500400045005000(%)%-15%-10%-5%0%5%10%15%20%25%30%35%40%0500100015002000250030003500400045005000(%)%4-30%-20%-10%0%10%20%30%40%50%60%70%80%01000020000300004000050000600007000080000Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23:1#/YoY%-40%-20%0%20%40%01000200030004000500060007000Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23:1mm/YoY%-40%-20%0%20%40%60%0500010000150002000025000Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23:A00/YoY%Wind 2023H1 2023 5 -10%-5%0%5%10%15%20%0%2%4%6%8%10%12%14%16%18%-10%-5%0%5%10%15%20%25%0%5%10%15%20%25%-10%-5%0%5%10%15%-10%-5%0%5%10%15%20%/2023 1-10/+2%/+11%/+1%+5%/+6%/+1%6 PE 12 6.3%4.5%EPS PE X 2022 2023E 2024E 2022 2023E 2024E 000651.SZ 格 力电器 6.3%31.80 1790.8 4.35 4.89 5.30 7.3 6.5 6.0 000333.SZ 美 的集团 4.5%54.45 3824.9 4.21 4.80 5.30 12.9 11.3 10.3 600690.SH 海 尔智家 2.7%20.76 1959.4 1.56 1.79 2.04 13.3 11.6 10.2 000921.SZ 海 信家电 2.5%20.86 289.5 1.03 2.02 2.34 20.2 10.3 8.9 12 EPS wind 2024.1.3 Wind 7 8 Wind 2020 21 23Q1 2024-40%-20%0%20%40%60%80%100%120%17Q1 17Q3 18Q1 18Q3 19Q1 19Q3 20Q1 20Q3 21Q1 21Q3 22Q1 22Q3 23Q1 23Q3 9 Wind 23 22 23Q2 38%55%125%23%21%-60%-40%-20%0%20%40%60%80%100%120%140%2019 2020 2021 2022 23Q1 23Q2 23Q3 10 23 Q1-3 389 9.6%+116.3 20%2015-10%-5%0%5%10%15%20%25%0501001502002502020 2021 2022 23H1 YOY%11-15%-10%-5%0%5%10%15%0100200300400500600700800 YOY%23Q1-3 12-50%-40%-30%-20%-10%0%10%20%30%23H1 0%5%10%15%20%25%30%2020 2020 19%28%39%45%50%54%66%69%77%0%10%20%30%40%50%60%70%80%90%2014 2015 2016 2017 2018 2019 2020 2021 20220%10%20%30%40%50%60%70%2020 2021 2022 23Q1-3 13 Wind EPS wind 2024 EPS/PE 2024/1/3 2022 2023E 2024E 2022 2023E 2024E 002032.SZ 52.41 2.56 2.73 3.03 20.4 19.2 17.3 002242.SZ 12.51 0.69 0.74 0.85 18.1 16.9 14.6 002959.SZ 49.38 2.46 2.97 3.54 20.1 16.6 13.9 603868.SH 47.48 1.89 2.48 3.01 25.1 19.2 15.8 002705.sz 14.27 1.17 1.21 1.39 12.2 11.8 10.3 14 15 2000+1-2 2000+euromonitor YOY-20%-10%0%10%20%30%40%50%60%70%80%2016 2023Q3 504 3610 05001000150020002500300035004000 1.0%7.3%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%16 G P G P SKU,45%,14%,16%,24%,40%,21%,15%,7%,17%,37%,26%,11%,11%,15%2021 2022 2023Q1-Q3 17 Euromonitor 2023 10 23 150.0200.0250.0300.0350.0400.0450.02017 2018 2019 2020 2021 2022 Irobot 18%17%15%others 50%2022 iRobot,64%,10%,3%LG,2%Neato,2%,19%2016 iRobot Investor Presentation euromonitor 1 2 3 18 19 0501001502002502021-112021-122022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-1165 55 50 43 2023 2023 3158-13.1%2023 3000 2024/Wind 20 2000220024002600280030003200340036003800400020002500300035004000450050005500(0.0%1.0%2.0%3.0%4.0%5.0%05101523.01 23.02 23.03 23.04 23.05 23.06 23.07 23.08 23.09 23.10 23 11%MiniLed 1.7%3.3%21.6%16.8%1.2%2.7%5.0%23.1%21.6%1.5%0.0%5.0%10.0%15.0%20.0%25.0%OLED Miniled 8K 23Q3 6000+Miniled 22Q3-23Q3 Miniled AVC 2023Q3 6000 MiniLED SKU Miniled LCD 21 1LCD 1LCD DLP DLP 23Q3 22%1LCD 77%602-2.5%101-19%3LCD 2016-2023E 2022-23Q3-20%-10%0%10%20%30%40%50%01002003004005006007002016 2017 2018 2019 2020 2021 2022 2023E YOY%IDC Runto 22 23 48121620242832364044(40)(30)(20)(10)01020304050602015-02 2015-08 2016-03 2016-09 2017-04 2017-10 2018-05 2018-11 2019-06 2019-12 2020-07 2021-02 2021-08 2022-03 2022-09 2023-03 2023-09%PE x PE x 24 PE-40%-20%0%20%40%60%80%4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23-2.00.02.04.06.08.010.012.014.016.018.020.022.024.026.028.030.032.0 1Q21 2Q21 3Q214Q21 1Q22 2Q223Q22 4Q22 1Q232Q23 3Q23 Wind 24-15%-10%-5%0%5%10%15%20%0200400600800100012001400160018002000 YoY%-10%0%10%20%30%40%50%60%70%80%90%01020304050607080902021 2022 23Q1 23Q2 23Q3%23Q3 1161 3%23Q1-Q3 17.8 26.4 21.1 14.5%33.4%18.3%25 26（元）-15%-10%-5%0%5%10%15%0501001502002503003504002019 2020 2021 2022 23Q1-3 YoY%YoY%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%050100150200250300 YoY%23 221 124 4%1%23 185-3%26 0.00%5.00%10.00%15.00%20.00%25.00%30.00%0204060801001202018 2019 2020 2021 2022 2023Q1-3 YoY%23 76 7%5%7%11%19%31%38%-50%-30%-10%10%30%50%70%90%110%130%150%0.010.020.030.040.050.060.02018 2019 2020 2021 2022 2023M1-8%27 EPS PE Wind 23Q2 Q3 EPS/PE 2024/1/3 2022 2023E 2024E 2022 2023E 2024E 002508.sz 21.54 204.42 1.66 1.98 2.21 13.0 10.9 9.7 002035.SZ 6.25 52.98 0.17 0.59 0.68 37.0 10.5 9.1 002677.SZ 10.18 65.77 0.70 0.76 0.84 14.5 13.3 12.1 300894.SZ 16.20 66.22 0.77 0.84 0.98 21.1 19.4 16.5 605336.SH 15.30 28.15 1.16 1.18 1.31 13.1 13.0 11.7 300911.SZ 36.07 38.50 1.96 2.20 2.52 18.4 16.4 14.3 002543.SZ 9.27 68.93 0.74 1.04 1.20 12.5 8.9 7.7 28 29 Wind G20 P10 P10 Pro S7maxV S8 YOY YOY 0%5%10%15%20%25%30%35%40%0.0010.0020.0030.0040.0050.0060.0070.002019 2020 2021 2022 2023H1 2023Q1-Q3(YOY%-40%-20%0%20%40%60%80%100%120%140%160%180%0.002.004.006.008.0010.0012.0014.0016.002019 2020 2021 2022 2023H1 2023Q1-Q3 YOY(%,30 31 :SAC S0850511010026 Email SAC S0850518080005 Email SAC S0850519100003 Email 32 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%33
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