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2023 07 17 AI()S()S()S 2 AI+AI AI PCB RV 2020 RV 47.5 11.2%53%5%2021 12.1 40Cr 2022 181 2023 195 2021 15.9%2017 10.5 2021 14.7 CAGR 8.8%2022 16.2 2021 18%20%&ABB YWAZzQqNtQoPrPsRsPpQnMbRcM9PtRqQmOoNjMpPrOeRqRqPbRnMtOxNpOyRvPrMpN3 YOLE 2015-2021 3.51 7.09 12.4%74%AI GPU FPGA ASIC 2022 AI 361 AI AI PCB AI PCB Prismask 2027 PCB 983.9 AI 4 RV 002472.SZ 002896.SZ 000837.SZ 688017.SH 871601.NQ 000708.SZ 000709.SZ 600399.SH 600117.SH 600507.SH 600282.SH 688186.SH 688456.SH 688102.SH 600362.SH 002203.SZ 002171.SZ 601137.SH 601609.SH 603527.SH 600255.SH 300697.SZ 002472.SZ 603667.SH 603906.SH 600028.SH 601857.SH 300124.SZ 000970.SZ 300224.SZ 600366.SH 000795.SZ 600019.SH 603191.SH 000959.SZ/ABB 002747.SZ 002527.SZ 300124.SZ 603416.SH 002334.SZ 002979.SZ A21624.SZ 600206.SH 300747.SZ 300285.SZ 000636.SZ 002138.SZ 300408.SZ 003031.SZ 300319.SZ 600019.SH 600362.SH 601899.SH Wind 5 SUMCO SK Siltron 688126.SH TCL 002129.SZ 688233.SH 605358.SH 003026.SZ 000925.SZ 300373.SZ 600378.SH 600160.SH 002409.SZ 838402.BJ 002430.SZ 002549.SZ 002971.SZ 688106.SH 688268.SH 688596.SH 300346.SZ 301286.SZ 603026.SH Stella 603078.SH 603931.SH 300655.SZ 300398.SZ 300037.SZ 002741.SZ 002584.SZ 600160.SH 002407.SZ 600141.SH 300236.SZ 688019.SH CMP Cabot Fujimi Versum 688019.SH 300054.SZ 300666.SZ JSR DONGJIM 603650.SH 300655.SZ 002643.SZ 688199.SH 688181.SH 002409.SZ 300576.SZ 300429.SZ 300236.SZ 300346.SZ 300398.SZ 300537.SZ Photronics DNP TOPPAN 688138.SH 688401.SH 688396.SH PCB 600500.SH 603002.SH 601208.SH 605589.SH 600160.SH 600378.SH 000830.SZ LCP 002324.SZ 600143.SH 002886.SZ 600110.SH 688388.SH 301150.SZ 600176.SH 002080.SZ 603256.SH 300196.SZ 688300.SH 002409.SZ PI 688323.SH 000859.SZ Wind 61.AI 2.3.&4.5.AI 6.PCB AI PCB 7.7 Artificial Intelligence AI OFweek PixelSquid AI V R/A RAI 8 1956 60 OFweek 2011-2020 AI 1956 1957 1982 Hopfield 1986 Hinton 2006 Hinton 2012 2016 Deepmind AlphaGo 2020 AI 2023 OpenAI ChatGpt+1974-1980 AI 1987-1993 AI 1956-1974 1980-1987 1993-20112011 9 AI AI AI 云服务 5G AI 语音识别 10 IFR/2022 2022 2021 36 38%50%42%37%20%13%11 2022 513 195 217 101 2024 650 2022 163165138 13917519521023024%1%-16%1%26%11%8%10%-20%-15%-10%-5%0%5%10%15%20%25%30%0501001502002502017 2018 2019 2020 2021 2022E 2023E 2024E 669511613817221725029041%44%22%19%25%26%15%16%0%5%10%15%20%25%30%35%40%45%50%0501001502002503003502017 2018 2019 2020 2021 2022E 2023E 2024E 384353668210112014026%13%23%25%24%23%19%17%0%5%10%15%20%25%30%0204060801001201401602017 2018 2019 2020 2021 2022E 2023E 2024E 12 AI 2021 36 AI AI AI 13AI IFR 60 2021 400 10 AI AI AI 2021 175 26%2021 172 25%2021 82 25%GDP 8.8 7.3%2021 2022(GDP)121 GDP 48.3 39.9%GDP 63.9 52.8%AI 14 AI 2022 2021 36 2020 AI AI AI SLAM/15 2022-16 2022 60%30%20%10%40%35%25%40%35%25%15%0%5%10%15%20%25%30%35%40%45%12%28%30%20%10%60%17 AI AI AI 3D AI 18 19 RV 2022 RV RV 20RV RV 5000-8000/1000-5000/RV RV RV 21 RV RV 2014 RV 2020 RV 47.5 11.2%RV 53%5%2014-2020 RV 2022 RV 1821.327.643.74642.747.5051015202530354045502014 2015 2016 2017 2018 2019 202053%14%5%4%4%3%3%2%12%22 2021 12.1 2022 15.9 2025 30 2022-2025 23.6%30 2020 2021 12.115.920.12430051015202530352021 2022E 2023E 2024E 2025E37.0%35.5%9.0%7.4%21.0%24.7%6.1%7.7%4.7%4.2%4.1%4.5%18.1%16.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%2020 2021 23 RV 24 Wind GGII RV 75%2022 2022 4.46 0.34 RV 8.98/RV/Harmonic 29.67Nabtesco RV 161.6260%15%10%5%10%SPINEA 25 40Cr 2019 70%18%12%8%26 Moly PAO Vigo PAO SPI-B PAO 27&28 29 0.36-1.8 0.036 200-400 30 MIR DATABANK 2022 181 2023 195 2021 50%15.9%11.9%8.9%8.8%8.3%2018-2023 2021 1331421491691811950204060801001201401601802002018 2019 2020 2021 2022 2023E15.9%11.9%8.9%8.8%8.3%46.2%31 IC 32 I/O PLC 33 2017 10.5 2021 14.7 CAGR 8.8%2022 16.2 2020 16%2017-2022 2020 10.511.812.112.714.716.20246810121416182017 2018 2019 2020 2021 2022E16%14%12%11%7%6%6%5%23%ABB OTC 34&2021+PLC 13.0+PLC 30.1+PLC12.0+GUC 3.4+16.3+/+PLC 179.4+TRIO 30.2+SC30 42.6+MP 245.0+R-J3 374.8ABB+IRC5+PLC1982.5 35 36 37 38 74%Yole 2021 7 YOLE 2015-2021 3.51 7.09 12.4%74%39 40 Wind LTCC 41 AI 42AI AI CPU AI AI GPU FPGA ASIC AI 2020 GPU FPGA PAL GAL ASIC ASIC CPLD FPGA 13.7%36.0%20.3%30.0%CPUGPUFPGAASIC 43AI 2020-2023 AI 2017-2023 AI 2022 AI 361 AI AI 17525536149001002003004005006002020 2021 2022 2023E4864124191427850120602004006008001000120014002017 2018 2019 2020 2021 2022 2023E 44 AI Open AI 51CTO OpenAI 1960-2010 AI 2012 AI AI 2012 NLP AI AI 3 4 2012-2018 30 7 2012-2019 pfs-day 1020 OpenAI 18 2AI 45 AI 2022 2022 24%15%VR/AR AI/AI 20-4000TOPS L3-L5/4-20TOPS 1TOPS/1-8TOPS 46 CMP CMP 47AI 48 SEMI SEMI 2017 282 2022 451 9.8%SEMI 2023 495 2020 35%13%12%8%7%2020 282330 3283494044514950501001502002503003504004505002017 2018 2019 2020 2021 2022 2023E35%13%12%8%7%6%6%2%11%CMP 49 SEMI 90%200mm 8 300mm 12 2020 8 12 12 1 0n m 16/14nm 20-22nm 12 28-32nmWi-Fi FPGA ASIC 45-65nmDSP Wi-Fi GPS NFC 65-90nm MCU 8 90nm-0.1 3 m MCU MCU DSP 0.13 m-0.15 m MCU LED IC 0.18m-0.25 m MOSFET IGBT 7.3%25.5%67.2%6 8 12 502020 CR5 80%SEMI SEMI 2020 SK Siltron 80%SUMCO SK Siltron TCL 2021 25.7%20.9%15.3%11.7%9.9%16.5%SUMCO SK Siltron 200mm 300mm TCL 51 SEMI 2020 100 20 99.9999%6N 25%23%22%16%14%52 99.99%LED 53 2018 33%Stella 27%Stella 2018 PCB 33%27%8%19%11%2%54 CMP 7(CMP)CMP CMP()CMP CMP 55CMP 2020 Cabot 33%DOW 79%Cabot Fujimi Versum 2020 2020 CMP CMP CMP CMP CMP 33%13%10%9%2%33%Cabot FujimiVersum 79%5%4%2%1%9%CabotThomasWestFojiboJSR 56 PCB 2022 27%17%JSR 13%13%JSR DONGJIM 2022 30 i-PAC LCD OLED PCB PCB ArF 27%17%13%13%11%8%11%JSR DONGJIM 57 Photronics DNP Toppan Photronics DNP TOPPAN 2023 G2.5-G11 250nm 180nm/150nm 32%27%23%18%Photronics DNP Toppan 58 PCB 59PCB MOKO Technology PCB()HDI PCB HDI 60AI PCB Prismark AI PCB Prismark 2027 PCB 983.9 PCB PCB 783.6819.8887.0943.7983.902004006008001,0002023E 2024E 2025E 2026E 2027E 61 Prismark PCB R-PCB FPC HDI PCB HDI PCB PCB 2021 PCB R-PCB HDI FPC 38.6%14.7%17.6%17.5%11.6%HDI 62PCB Prismark PCB 2014 262 2021 442 2016 50%2021 1 333.152 204.953 140.124 139.435 1176 109.937 95.328 92.819 92.7810 85 Prismark PCB 2021 PCB 2712973273293514420501001502002503003504004502016 2017 2018 2019 2020 2021 63 PCB Prismark(CCL)PCB 30%-70%2022 17%13%12%2022 2021 42.1%26.1%19.1%6.5%3.5%2.7%64PCB AI PCB AI PCB 1 PTFE 2 3 4 5 PI PCB PCB PTFE PPO LCP PI 65 AI AI AI 66,300 300 300 300 20%300 10%20%300-10%10%300 10%WIND 7 7 4 67 R3/68 28F 518041 0755-83706353 C1 200023 021-61981300 168 25F 100044 010-88576597 68
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