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2023 02 18()S0350522030001 1M 3M 12M 9.4%9.1%-2.0%300 4.2%15.0%-11.6%1 2 3-0.3288-0.2588-0.1888-0.1187-0.04870.021322/2 22/3 22/4 22/5 22/7 22/8 22/9 22/10 22/11 22/12 23/1自动化设备 沪深300 2 2 0 2 3/0 2/1 7 EPS PE 2021 2022E 2023E 2021 2022E 2023E 688308.SH 81.05 2.22 2.39 3.10 36.51 33.89 26.14 688059.SH 166.05 3.85 4.02 6.35 43.13 41.35 26.14 000657.SZ 15.35 0.49 0.57 0.80 31.33 26.93 19.19 Wind wind 1 2 3 4 5 6 7 8 9 3 1.5 1.1.5 1.2.6 1.3.8 1.4.10 2.11 2.1.11 2.2.13 2.3.14 2.4.17 3.18 3.1.18 3.2.19 3.3.20 4.21 5.22 5.1.22 5.2.23 6.25 4 1.5 2.6 3 2021 51%.9 4 2021 83%.9 5 2021 6.6.9 6.10 7 2022.11 8.11 9 2018 63%.12 10 53%.12 11.12 12 2020 30.2%.13 13 2020 43.3%.13 14.14 15.15 16 2021 28.9%.15 17 2018 42%.15 18 2020H1.15 19.18 20.18 21 4.18 22.19 23.20 24.20 25.21 26 2022H1 54.9%.23 27 2021 96.6%.24 1.7 2.8 3.10 4.16 5.16 6.17 7.19 8.23 9.24 5 1 1.1 1%-4%2016 1 6 1.2 1 2 3 2 7 PCD CBN 1 62-66HRC 50-100m/min 86-93HRA 500 1000-PCD 800 2500-5000m/min 430497 430740 CBN 1400 8 Si3N4 2 Al2O3 0.1%20%-30%Si3N4 Si3N4-Si3N4-2021 1.3 2021 51%83%Wind 2021 6.6 2021 12.8 70%9 3 20 21 51%4 2 0 21 8 3%USGS USGS 5 20 21 6.6 Wind/2020 10%20%30%50%/10%5.34%/0.79%/0.54%51%11%3%1%1%33%83%6%3%2%6%0123456789102011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 10 3 10%20%30%50%546.14 1092.27 1638.41 2730.68%5.34 10.68 16.03 26.71 80.63 161.27 241.90 403.17%0.79 1.58 2.37 3.94 55.48 110.96 166.44 277.40%0.54 1.09 1.63 2.71 1.4 4 77 2021 477 13.3%2005-2021 CAGR8.1%3-4 6 Wind 2019-30%-20%-10%0%10%20%30%40%50%2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 11 20.9%18.1%15.1%7.4%6.8%7 2 0 22 8 2019 2 2.1 2019 2018 63%53%3C 40%17%13%10%20%21%18%15%7%7%6%5%4%4%3%3%2%5%3C 12 9 20 18 6 3%63%26%2%4%3%2%10 53%11 2019 2019 64%26%2%4%3%2%54%28%5%5%5%3%53%21%6%6%6%3%0%10%20%30%40%50%60%70%硬质合金 高速钢 陶瓷 立方氮化硼 金刚石 其他第二届 第三届 第四届0%5%10%15%20%25%30%35%40%13 2.2 2018-2020 2010-2017 20%2018-2020 2020 30.2%50%2013 28.8%2020 43.3%60%1 2 2 020 3 0.2%1 3 2 02 0 4 3.3%0%5%10%15%20%25%30%35%2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/25%27%29%31%33%35%37%39%41%43%45%2013 2014 2015 2016 2017 2018 2019 2020 14 2.3 1 2 3 1 4 2012-2021 20%2016 37.2%2021 28.9%15 1 5 1 6 2 021 2 8.9%1 7 20 18 4 2%1 8 2 020 H 1 2019-20%-10%0%10%20%30%40%50%60%70%02040608010012014016020052006200720082009201020112012201320142015201620172018201920202021 20%22%24%26%28%30%32%34%36%38%40%42%31%17%10%通 过 经销商 购买 厂 家 直购 五 金 店购买 电商0%20%40%60%80%100%华锐精密 欧科亿经销 直销OEM/ODM 16 4“”“”2018 3150 2021 7000 2018 3200 2021 6300 5 2018 2019 2020 2021 3165.5 4552.0 5549.0 8096.9 3075.7 4196.3 5388.0 7711.4 3150.0 4580.0 5540.0 7000.0 100.5%99.4%100.2%115.7%207.0 256.3 303.2 455.2/6.73 6.11 5.63 5.90 3921.3 4242.8 5797.3 7958.6 3467.0 4147.5 5411.3 8233.8 3200.0 4500.0 4800.0 6300.0 122.5%94.3%120.8%126.3%211.2 255.4 309.0 481.4/6.09 6.16 5.71 5.85 17 6 4000 4000 1000 300 20 500 10 3000 500 200 50 140 1000 2.4 2022 4 18 1 9 20 Wind Wind 2 1 4 Wind 3 3.1 1-40%-20%0%20%40%60%80%0246810122010-012010-112011-092012-072013-052014-032015-012015-112016-092017-072018-052019-032020-012020-112021-092022-07-100%-50%0%50%100%150%200%05000100001500020000250002018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-09-30%-20%-10%0%10%20%30%40%50%60%2017-012017-042017-072017-102018-012018-042018-072018-102019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-10 19 2 3 4 2 2 3.2 2022 7.49 18 1.36 7 7 1 1.3 2020 4.5 4000 11.3 7 4000 4.50 7.49 4.50 20 1.99 1.53 9.77 3.3/2 3 2 4 Wind Wind 0%1%2%3%4%5%6%7%2017 2018 2019 2020 2021 0%5%10%15%20%25%2017 2018 2019 2020 2021 21 2 5 Wind=/4 2 0 2 3/0 2/1 7 EPS PE 2021 2022E 2023E 2021 2022E 2023E 688308.SH 81.05 2.22 2.39 3.10 36.51 33.89 26.14 688059.SH 166.05 3.85 4.02 6.35 43.13 41.35 26.14 000657.SZ 15.35 0.49 0.57 0.80 31.33 26.93 19.19 Wind wind-10%0%10%20%30%40%50%2017 2018 2019 2020 2021华 锐 精密 欧科亿 中 钨 高新 厦 门 钨业 22 5 5.1 2021 46%/54%2018-2021 CAGR 30%2020 4 IPO 4000 2022 6 1000 300 20 500 10 2022 2022-2024 11.06 14.20 17.59 12%28%24%2.69 3.49 4.39 21%30%26%PE33.89 26.14 20.81 23 2 6 202 2 H 1 5 4.9%Wind 8 2021A 2022E 2023E 2024E 990 1106 1420 1759(%)41 12 28 24 222 269 349 439(%)107 21 30 26 2.22 2.39 3.10 3.90 ROE(%)14.87 15.16 16.43 17.11 P/E 31.84 33.89 26.14 20.81 P/B 4.73 5.14 4.29 3.56 P/S 7.14 8.25 6.43 5.19 EV/EBITDA 22.95 24.88 19.49 15.70 Wind 5.2 2007 0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022H1数控刀具 硬 质 合 金制品 其他 24 2020 6 IPO 3000 500 200 2021 50 140 2022 2022-2024 5.84 9.24 13.36 20%58%45%1.77 2.80 4.03 9%58%44%PE41.35 26.14 18.12 2 7 20 21 9 6.6%Wind 9 2021A 2022E 2023E 2024E 485 584 924 1336(%)56 20 58 45 162 177 280 403(%)82 9 58 44 3.85 4.02 6.35 9.16 0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 25 ROE(%)18.26 16.57 20.76 23.04 P/E 41.22 41.35 26.14 18.12 P/B 7.85 6.85 5.43 4.18 P/S 14.39 12.51 7.91 5.47 EV/EBITDA 30.90 29.33 19.24 13.50 Wind 6 1 2 3 4 5 6 7 8 9 7,300 300 300 300 20%300 10%20%300-10%10%300 10%R3/
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