20231219_招商证券_有色金属行业2024年度投资策略：底部确立上行开启_38页.pdf

|2023 12 19 2024/8%2021 2024 2024 2.8%8 1000 2-4 2022 14-28%2022-2026 CAGR 32%206%75%22EPS 23EPS 23PE PB 000657.SZ 11.9 0.38 0.34 25.4 2.1 000933.SZ 34.3 3.36 2.46 6.2 1.9 000960.SZ 22.7 0.82 1.03 13.4 1.3 000975.SZ 40.7 0.40 0.57 25.7 3.6 300811.SZ 10.5 0.97 1.27 41.8 5.8 600114.SH 8.3 0.25 0.36 37.3 3.3 600547.SH 98.4 0.28 0.47 47.0 4.1 600988.SH 23.3 0.27 0.47 30.0 4.1 601137.SH 11.8 0.69 1.37 11.0 1.8 601899.SH 308.0 0.76 0.87 13.4 3.0%225 4.4 3459.6 4.5 3130.0 4.7%1m 6m 12m-5.5-9.2-22.3 1.8 5.7-6.9 1 2024 2023-12-04 2 2023-10-20 3 2023-10-09 S1090517030002 S1090519040002 S1090523060003 S1090522090001-30-20-1001020Dec/22 Apr/23 Aug/23 Nov/23(%)金属及材料 沪深300 2.6.12.16.18.21 六、钨：供 给紧 张，需求 有望边 际改 善.24.28.29.32.34.37 0YCXwPrMoNpOsMpMmRsNoP6McM7NoMmMtRnOfQrQpNjMoMqQaQmNrRMYmOqMuOnPsQ 3 1 2022 2023.12.1.6 2 2023 2023.12.1.6 3 2022 2023.12.1.6 4/2023.12.1 7 5 GDP.7 6.7 7.8 8.8 9 9.1%.8 10.8 11.9 12.9 13.9 14.9 15.9 16.10 17.10 18.10 19.11 20 2023/.12 21.12 22 CPI.13 23 PCE.13 24 12.13 25/.13 26/.13 27/.14 28.15 29 TC/.16 30.16 4 31.17 32.18 33(%).18 34.19 35 LME.19 36.20 37/.20 38.21 39.21 40.22 41.22 42.22 43.22 44.23 45.23 46.23 47.23 48 2015-2023.24 49 2022.24 50.26 51.26 52.26 53.26 54.27 55.27 56 Optimus.28 57.28 58 2018-2023 Q3().30 59 2018-2023 Q3().30 60 2018-2023 H1.30 61 2018-2023 Q3.30 62 2018-2023 Q3().31 5 63 2018-2023 Q3().31 64 2018-2023 Q3().31 65 2018-2023 Q3().31 66.32 67.34 68 GW.35 69 GW.35 70.35 71.36 72.36 73.36 74 2022.36 75.36 76%.36 1.12 2 2020-2025&16 3.17 4 2024/.18 5 2023-2027/.19 6/.20 7.24 8.25 9.25 10.29 11.29 12.32 13.33 14.33 15.34 16 2022.34 6 1 2023 8%6pct 19%39%1 2022 2023.12.1 2 2023 2023.12.1 wind wind 3 2022 2023.12.1 wind 16%15%3%44%74%35%4%12.1/7 4/2023.12.1 wind 2 23 21 5 GDP 6 wind wind 21 铜 铝 铅 锌 锡 镍 黄金 白银 钨精矿 钼精矿 海绵钛 碳酸锂 钴 镁 镁锭最新价 68,460 18,650 15,770 20,795 195,460 131,210 475 6,167 121,098 3,008 53,000 14 212,000 22,440 22,443昨日涨幅 0%0%0%-1%0%-1%0%0%0%0%0%0%0%0%0%最近一周 1%-1%-4%-2%-2%0%2%5%0%7%-7%-2%-12%0%0%最近一个月 2%-3%-5%-5%-7%-8%0%7%1%-6%-2%-17%-19%-2%-2%最近三个月 2%-5%-6%-6%-10%-15%3%7%0%-21%-8%-21%-18%-14%-14%年初至今 3%0%0%-14%-6%-44%16%15%4%-30%-37%-74%-35%-3%-56%2023 年初至今 68,134 18,724 15,801 21,686 213,189 172,938 447 5,525 119,664 3,938 67,924 28 279,184 23,867 23,8672022 年均价 67,313 20,028 15,279 25,107 251,820 192,879 392 4,721 114,098 2,797 82,986 48 430,241 32,940 32,9402021 均价 68,225 18,968 15,248 22,293 225,780 137,286 374 5,209 101,860 2,011 72,718 12 377,156 27,401 27,4012020 均价 48,690 14,114 14,711 18,199 140,953 109,238 387 4,667 83,411 1,459 69,918 4 267,152 14,674 14,6742019 均价 47,644 13,914 16,623 20,196 142,278 110,457 312 3,886 87,747 1,776 73,041 7 279,900 16,987 16,9872018 均价 50,606 14,243 19,052 23,378 145,888 103,562 270 3,602 106,325 1,724 62,260 12 537,341 17,455 17,4552023 年均价同比 1%-7%3%-14%-15%-10%14%17%5%41%-18%-42%-35%-28%-28%2022 年均价同比-1%6%0%13%12%40%5%-9%12%39%14%295%14%20%20%2021 均价同比 40%34%4%22%60%26%-3%12%22%38%4%173%41%87%87%2020 均价同比 2%1%-11%-10%-1%-1%24%20%-5%-18%-4%-39%-5%-14%-14%2019 均价同比-6%-2%-13%-14%-2%7%15%8%-17%3%17%-39%-48%-3%-3%2018 均价同比 40%34%4%22%60%26%-3%12%22%38%4%173%41%87%87%8 7 8 wind wind 10 2396 9.1%2023 2022 8-2023 7 1 20.6%23Q3/+46%/+39%/+21%9 9.1%10 wind wind 10 8.7%1-10 5.5 19%1-10 7.9-23%9.3-7.8%9 11 wind 3 5 3.6%4.9%12 13 wind wind 14 15 wind wind 10 4 2019 20 21 22 10 16 17 wind wind 21 18 wind 11 19 12 22 1820/11 28 2026/11.3%10 22 1.57%55bp 2.12%10 20 2023/21 wind wind 10 40bp 1800/2000/10 7 10 10.9-10.13 100/11 100 3 CME FedWatch 12 15 2024 1 90%24 3 70%6 1.5%1 325-350 350-375 375-400 400-425 425-450 450-475 475-500 500-525 525-550 2024-01-31 10.33%89.67%2024-03-20 6.82%62.69%30.49%2024-05-01 5.63%52.94%36.11%5.32%2024-06-12 5.11%48.55%37.67%8.18%0.49%2024-07-31 4.33%41.92%39.33%12.68%1.67%0.08%2024-09-18 3.81%37.41%39.64%15.88%2.99%0.27%0.01%2024-11-07 2.50%25.90%38.88%24.01%7.40%1.20%0.10%0.00%2024-12-18 2.01%21.28%36.31%26.95%10.68%2.42%0.31%0.02%0.00%iFind 12 15 1.01.21.41.61.82.02.22.42.61800185019001950200020502100伦敦现货黄金 10年期美债实际收益率0.001.002.003.004.005.0010 年期美债实际收益率 美国:国债收益率:10年预期通胀率：10年 13 22 CPI 23 PCE wind wind 24 12 iFind A 25/26/wind 11 29 wind 11 29 Q3 7-8 01020304050607080901002000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024162025 26 283351 53741440204060801001201401600.250.34 0.370.760.830.97 1.00 1.011.562.512.632.873.99012345 14 27/wind 11 14 2022 174 7.1 2023 7.2-7.5 2026 70%+12 240 2026 15 300 2028 22 500 28 600 242 228 229 269 277 288 273 299 0.050.0100.0150.0200.0250.0300.0350.02018 2019 2020 2021 2022 2023Q1 2023Q2 2023Q3 15 28 6.1 6.1 7.2 7.1 7.1 12.0 15.0 22280.05.010.015.020.025.030.02019 2020 2021 2022 2023E 2025E 2026E 2028E 2030E 16 2023 2024 H TC 2011 10 2014 7-10 SMM 2024 2024 SMM 2024&136 76 3.9%Cobre Panama 35 11 23 2024 ICSG 2023 1-9 1642 28 1.7%29 TC/30 SMM ICSG 2 2020-2025&2020 2021 2022 2023E 2024E 2025E 0 0 0 0 0 27 45 40 21.8 0.2 20 0 0 16 99 10 80 100 Grasberg Mine 91.8 238.9 104.9 0 80-50 Oyu Tolgoi 3.5 13-33 35 120 50 Cobre Panama 58 125.5 19.5 20 30 10 Chuquicamata 20.4-81.4-44.8-40 40 30 QB 2 0 0 0 100 180 30 Salvador 4.7-3.4-13-6.9 20 0 Mirador 27 44 35 5 0 90 20304050607080901001,321 1,604 2,195 1614164205001,0001,5002,0002,500200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222022.1-92023.1-9 17 Las Bambas-71.5-21.5-34.4 39.9 52.8 23.5 Quellaveco 0 0 102.3 247.7 20 0 Boseto 0 10 20 0 20 10 Kamoa-Kakula 0 94.9 238.6 76.5 120 40 Udokan 0 0 0 0 50 30 Aktogay-11.8 3 94.7 51.1 0 0-77.4 436.9 221.2 431.9 525.2 456.3 89.7 915.9 831.8 970.4 1,358 846.8 SMM 50%BNN 5840 6370 2024 31 LME SHFE COMEX SMM wind 3 EPS PE PB ROE 2022 2023E 2024E 2022 2023E 2024E 2022 2023E 2024E(MRQ)(TTM)601899 0.76 0.87 1.06 28%14%21%16 14 11 3.0 18.9 3,146 600362 1.73 1.83 1.78 6%6%-2%10 10 10 0.7 7.7 603 000878 1.03 1.08 1.16 179%20%7%12 10 9 1.5 13.2 211 000630 0.26 0.29 0.32-12%36%10%14 10 9 1.2 10.6 383 601168 1.45 1.33 1.58 18%-8%19%9 10 8 2.0 21.6 304 000923 1.02 1.38 1.88-49%36%36%16 12 9 1.2 10.1 105 603979 1.02 1.67 2.91 29%65%75%35 21 12 3.1 12.6 211 603993 0.28 0.36 0.50 19%27%40%18 14 10 2.0 5.9 1,067 wind 0200000400000600000800000100000012000001400000160000018000002000-01-01 2005-01-01 2010-01-01 2015-01-01 2020-01-01中国保税库铜库存 SHFE 完税 COMEX LME 18 2024 2023 11 SMM 117 ALD 2024 130 38 2024 4400 4543 97%2024 4270-4290 2024 2023 2024 32 33(%)SMM SMM 4 2024/2024Q1 2024Q2 2024Q3 2024Q4 2024 2024 203 20 33 53 193 10 15 25 10.65 14.5 10 50 10 2 8 10 10 35 11 42 17 25 42 17 35 12 0 140 190 925.15 20 0 47 75 8 130 38 ALD IAI 2023 1-10 5859.2 121 2396.8 14.4 2023 2022 2023 32003400360038004000420044001 2 3 4 5 6 7 8 9 10 11 12 2020 年 2021年 2022年 2023 年788082848688909294961 2 3 4 5 6 7 8 9 10 11 12 2020年 2021年 2022 年 2023年 19 10.5 2024 SMM 2024 150 5 2023-2027/2023 2024 2025 2026 2027 Balco-Korba 20 21.4 Kaltara-25 25 Bintan-25 25 Tsingshan-25 25 Salco Asalouyeh 6 9 15 Dak Nong 20 GALTCO 30 25 25 51 75.4 95 ATK 2024 2024 2023 12 14 SMM 48.3 7.7 48.2 11 11 2024 34 35 LME SMM LME 2023 2023 2024 2023 0501001502002500.020.040.060.080.0100.00.0100.0200.0300.0400.0500.0600.0总库存:LME铝（万吨）库存消费比（库存天数）-右 20 36 37/ALD ALD(H)6/2022/PB(MRQ)ROE(TTM)2022PE 2023PE 2024PE 2025PE 1378 518 5.9 4.6 4.3 4.1 646 617 604 1.19 000807 415 9.1 10.2 7.5 6.3 305 256 260 0.62 1.7 14 601600 940 22.4 13.3 10.7 8.9 751 426 688 0.45 1.6 8 002532 280 10.5 10.6 8.3 7.0 120 120 116 0.43 1.2 8 000933 347 4.6 6.0 5.2 4.8 170 119 164 0.34 1.9 33 600219 340 9.7 9.1 8.8 7.6 49 49 82 0.15 0.7 6 600595 136 12.9 11.7 7.3 6.1 75 63 20 0.46 1.0 5 000612 68 22.6 11.4 8.6 6.8 37 37 36 0.54 1.2 5 601388 59 15.5 12.5 7.2 5.5 26 26 26 0.44 1.4 5 600888 99 6.4 7.0 6.2 5.7 26 26 26 0.26 1.1 16 wind 21 1 ITA 2022 49%17%12%7%15%85%2023 3 9 495.66 0.34%14 2022 2023 CPIA 2023 280-330GW 52%ITA 1MW 105kg 2022-2025 CAGR 29%38 39 iFinD iFinD 2 2023 2023 8 2023 12 15 8686 7 28 26.38%-30%-15%0%15%30%45%半导体销售额（全球，当月同比）-50%0%50%100%150%02000400060008000100002013 2014 2015 2016 2017 2018 2019 2020 2021 2022光伏新增装机容量（万kW）同比增速 22 40 41 3 2022 66.7 5082 2022 7.7 73 2023 26.48 1.4%5.9 5.4%42 43 iFinD iFinD 4 100 105 2023 4,423 41.0%2.4 35.7%9,927 33.1%020004000600080001000012000140001 9 17 25 33 41 49（吨）周2021 2022 202305000100001500020000250001 2 3 4 5 6 7 8 9 10 11 12（吨）月2021 2022 2023-30-20-10010203001002003004005006002018 2019 2020 2021 2022 2023 营业总收入（亿元）同比增长率（%，右轴）-100-500501001502002503003500510152025302018 2019 2020 2021 2022 2023 归母净利润（亿元）同比增长率（%，右轴）23 44 45 iFinD iFinD 5 9 46 47 iFinD iFinD-100-5005010015020005101520252018 2019 2020 2021 2022 2023 营业总收入（亿元）同比增长率（%，右轴）-150-100-500501001502002503000.00.51.01.52.02.53.02018 2019 2020 2021 2022 2023 归母净利润（亿元）同比增长率（%，右轴）-100-500501001500510152025302018 2019 2020 2021 2022 2023 营业总收入（亿元）同比增长率（%，右轴）-400-300-200-1000100200300-3-2-101234562018 2019 2020 2021 2022 2023 归母净利润（亿元）同比增长率（%，右轴）24 六、钨：供 给紧张，需 求有 望边际 改善 1 47.37%84.42%2002 2023 11.1 2022 1.83%48 2015-2023 49 2022 USGS USGS 1.64 2.56 7 6000 3200 48 3460 1719 1617+102 2055+120 2 0246810120246810122015 2016 2017 2018 2019 2020 2021 2022 2023主采（万吨）综合利用（万吨）总计同比（%）050001000015000200002500030000350004000045000 钨精矿主采指标（吨）钨精矿综合利用指标（吨）25 1 2022 58.00%2022 51%2023 1%5%2025 2030+678.14 975.95 CAGR 6.95%8 2022 2023E 2025E 2030E 464.00 468.64 516.68 659.42 338.00 342.11 387.51 527.54 72.84%73%75%80%126.00 126.53 129.17 131.88 232 239.48 290.63 448.41(/68.64%70%75%85%+570 581.58 678.14 975.95 2022 2 2025 2030 25.7 72.5 CAGR 42.8%9 2022 2025E 2030E GW 357 510.48 926.46/W 0.34 0.37 0.4 km 1.21 1.89 3.71 10%50%85%km 0.12 0.95 3.15/km 35 27 23 4.2 25.7 72.5 26 3 2022 1.4 25%1.3 23%PCB 21%2022 2.6 3/7 50 51 iFinD iFinD 4 6 8 9.46 1.76 1.28 15,000/13,100/2,500/2022 2,000/1,000/2023 52 53 iFinD iFinD-10-505101520250501001502018 2019 2020 2021 2022 2023营业总收入（亿元）同比增长率（%，右轴）-5005010015001234562018 2019 2020 2021 2022 2023 归母净利润（亿元）同比增长率（%，右轴）-10010203040051015202530352018 2019 2020 2021 2022 2023 营业总收入（亿元）同比增长率（%，右轴）-800-600-400-2000200400-4-3-2-101232018 2019 2020 2021 2022 2023 归母净利润（亿元）同比增长率（%，右轴）27 5 2023 546 214%470 80%40 10 200 3,000 170 10.5 1000 7.5 2000 54 55 iFinD iFinD-40-2002040608001002003004005006002018 2019 2020 2021 2022 2023 营业总收入（亿元）同比增长率（%，右轴）-100-5005010015002468101214162018 2019 2020 2021 2022 2023 归母净利润（亿元）同比增长率（%，右轴）28 3C Optimus Optimus 28 12 50-100g/1 2-4 1000 2-4 2022 14-28%56 Optimus 57 Tesla WIND-3.0-2.0-1.00.01.02.03.04.0 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 29 UPS 26 8.78 26.35 26%26 1.9 5.7 44%AC/DC DC/DC OBC 26 7.06 35.31 51%PFC 26 2.21 11.05 135%PFC 26 7.1 18.45 16%UPS UPS DC-DC PFC 26 5.18 20.74 20%2026 32 118 2022-2026 CAGR 32%10 2021 2022 2023E 2024E 2025E 2026E 2022-2026 CAGR 2.44 3.27 5.53 6.72 7.58 8.78 28%0.20 0.42 0.60 1.00 1.50 1.90 46%0.82 1.32 2.18 3.51 5.21 7.06 52%0.04 0.07 0.24 0.59 1.22 2.21 137%3.35 3.95 4.63 5.35 6.11 7.10 16%UPS 2.00 2.50 3.00 3.60 4.32 5.18 20%8.84 11.53 16.19 20.77 25.94 32.24 29%BNEF IEA 11 2021 2022 2023E 2024E 2025E 2026E 2022-2026 CAGR 7.80 10.46 17.15 20.83 23.49 26.35 26%0.65 1.34 1.86 3.10 4.65 5.70 44%4.26 6.87 11.14 17.92 26.07 35.31 51%0.20 0.37 1.22 3.01 6.08 11.05 135%8.70 10.26 12.04 13.91 15.89 18.45 16%UPS 8.00 10.00 12.00 14.40 17.28 20.74 20%29.61 39.30 55.41 73.17 93.46 117.60 32%BNEF IEA 30 1 24%&44%21%1 4 5kHz2MHz 21 22 NPC NPV 23 4.5 24 6.3 GPU CPU ASIC FPGA AI FA075A FA1005 500/1000-1500/58 2018-2023 Q3()59 2018-2023 Q3()wind wind 60 2018-2023 H1 61 2018-2023 Q3 wind wind 0%10%20%30%40%50%-2.0 4.0 6.0 8.0 10.0 12.02018 2019 2020 2021 2022 2023Q1-Q3营业收入 YOY-10%0%10%20%30%40%50%60%70%0.00.51.01.52.02.52018 2019 2020 2021 2022 2023Q1-Q3归属母公司股东的 净利润 YOY97%97%97%97%96%94%1%0%0%1%2%4%1%2%2%2%2%2%1%1%1%1%0%0%85%90%95%100%2018 2019 2020 2021 2022 2023H1合金软磁粉芯 电感元件 合金软磁粉 其他0%10%20%30%40%50%2018 2019 2020 2021 2022 2023Q1-Q3毛利率 净利率 31 2 P&S MIM SMC SMC 17%&23%KH-HP 30%6 10 MIM MIM MIM+9 2.82 15%P&S 27%12%62 2018-2023 Q3()63 2018-2023 Q3()wind wind 64 2018-2023 Q3()65 2018-2023 Q3()wind wind 0%10%20%30%40%50%60%0.05.010.015.020.025.030.035.040.02018 2019 2020 2021 2022 2023Q1-Q3营业收入 YOY-100%0%100%200%300%400%500%0.00.51.01.52.02.53.03.52018 2019 2020 2021 2022 2023Q1-Q3归母净利润 YOY89%80%49%52%49%50%11%12%9%14%19%28%0%8%39%33%31%22%0%0%2%1%1%1%0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022 2023H1粉末冶金制品 软磁材料 金属注射成形 其他业务0%10%20%30%40%2018 2019 2020 2021 2022 2023Q1-Q3毛利率 净利率 32 CR5 74%9 2021 13.99 2.6 2.43 2.0 1.78 1.57 66 40 2022 24.14 2022 17.5 2022 72.5%2023 2023 9 25.7 8 3 5.5 40 12 2021/2022/2023.09 2.6 3.0 3.0 6 2.43 2.0 2.5 5.5 2.0 2.3 3.0 1.78 2.5 3.0 1.57 2.5 2.5 1.48 3.58 4.0 5-1.5 1.5 3 1.0 3.5 2.0 5 0.84 1.56 2.5 0.29 0.4 0.4 1.2-0.8 0.8-0.2 0.2-0.3 0.3 13.99 24.14 25.70 40 iPhone15Pro iPhone15ProMax 240 221 8.64%GalaxyS23Ultra 12 19%17%14%13%11%11%7%6%2%新疆湘晟 攀钢集团 双瑞万基朝阳金达 贵州遵钛 龙佰集团新立钛业朝阳百盛 宝钛华神 盛丰钛业 33 13 iPhone 15 Pro Max iPhone 14 Pro Max Galaxy S23 Ultra 221 240 233 Mysteel 2023 10000 Omida 2023 iPhone15 7500 iPhone15Pro 2050 iPhone15ProMax 2850 iPhone 65%iPhone15Pro-2 Mysteel OPPO 14 2023E 2025E 1.70%1.70%1.70%1.70%65%65%100%100%10000 10343 15912 31824 20%20%20%20%-0%10.0%23.1%23.1%0 6365 14703 29406 10000 16708 30615 61230 Mysteel IDC Omida TechInsights 2025 1.7/3.1/6.1 206%75%2.2/22Q4 34 1+5G 35%50%67 wind 2022 21.15 10.6 3.45 3.3 3.8 2023 5 3 2 11 14 15 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E 7.0 8.0 8.0 7.2 8.6 9.5 10.6 11.2 11.8 12.1 1.8 2.0 2.0 2.2 2.5 2.8 3.5 3.5 3.7 4.2 2.1 2.2 2.4 2.3 2.5 2.95 3.3 3.3 3.3 3.3 2.0 2.0 2.0 2.5 3.5 3.8 3.8 8.8 8.8 8.8 12.9 14.2 14.4 14.2 17.1 19.1 21.2 26.7 27.7 28.5 16 2022 3 36 10.7-0.2-0.2 0.4 0.6 0.8 1.02016 2017 2018 2019 2020 2021 2022鑫科材料 铜基合金 博威合金 铜合金众源新材 铜带 楚江新材 铜基材料金田铜业 铜及铜产品 兴业合金 高精度铜板带 35 2 18 3.99 2021-0.8 2022 24 201 1GW 2023 68 GW 69 GW wind wind 70 wind 2 CT DR-200%-100%0%100%200%300%400%500%0.00.20.40.60.81.01.21.4光伏产品 YoY0%40%80%120%0.00.51.01.52.02.5产能（GW）：光伏产品 产能利用率-200%-100%0%100%200%300%400%500%(2.0)(1.0)0.01.02.03.04.0净利润（亿元）YoY 36 CT DR 71 72 wind wind 73 74 2022 wind wind 75 76%wind wind 7103 2023 100 1000 0%5%10%15%20%25%30%35%40%45%0.02.04.06.08.010.012.02018 2019 2020 2021 2022 2023Q1-3营业收入 YoY-100%-50%0%50%100%150%00.20.40.60.812018 2019 2020 2021 2022 2023Q1-3归母净利润 扣非归母净利润归母净利润YoY 扣非归母净利润YoY0246810122017 2018 2019 2020 2021 2022高强高导铜合金材料及制品 中高压电接触材料及制品 高性能金属铬粉医疗影像零组件 主营其他 其他业务收入44%26%5%4%14%7%高强高导铜合金材料及制品 中高压电接触材料及制品高性能金属铬粉 医疗影像零组件主营其他 其他业务收入0.000.501.001.502.002017 2018 2019 2020 2021 2022高强高导铜合金材料及制品 中高压电接触材料及制品高性能金属铬粉 医疗影像零组件主营其他 其他业务收入0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%2017 2018 2019 2020 2021 2022高强高导铜合金材料及制品 中高压电接触材料及制品高性能金属铬粉 医疗影像零组件 37 400G 800G 1.6T 1.6T Finisar 2023 200 CT DR CT GE Siemens Philips 49.4%CT DR 2023 2-3 21 2000 GFE 1 2 3 4 38 6-12 A 300 500 20%5-20%5%5%