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|2023 02 15 C-U 688515.SH 2017 2022 2.99 2021 2022H1 965.28 2022H1 47.00%2022H1 5G Wifi 6 2025 300 IC 2022/2023/2024 4.08/7.36/9.45 60.5%/80.4%/28.4%2022/2023/2024 0.02/0.38/0.94 491.6%/2000.2%/147.1%2022/2023/2024 PS 46.4/25.7/20.0 x 2020A 2021A 2022E 2023E 2024E 13 254 408 736 945 yoy%876.5 1861.9 60.5 80.4 28.4-40 0 2 38 94 yoy%-46.9 98.9 491.6 2000.2 147.1 EPS/-0.50-0.01 0.02 0.48 1.17%-74.3-0.2 0.6 1.8 4.2 P/E-10496.5 499.8 202.3 P/B 350.0 68.5 68.1 8.8 8.4 Wind 2023 2 14 2 14()237.60()19,008.00()80.00(%)22.77 30()6.92 S0680518120002 S0680520010001-14%-9%-5%0%5%2023-02C-U 300 2023 02 15 P.2 2020A 2021A 2022E 2023E 2024E 2020A 2021A 2022E 2023E 2024E 151 493 740 2476 2474 13 254 408 736 945 63 56 243 1719 1724 10 167 238 411 501 0 59 36 135 84 0 0 0 4 6 2 1 4 5 6 4 7 12 21 25 44 59 106 193 191 11 21 40 68 84 17 115 149 221 265 32 66 112 202 262 25 203 203 203 203 0 1 10 3-15 7 60 62 66 114 0 0-2-4-7 0 0 0 0 0 3 7 5 6 5 3 10 9 8 46 0 0 0 0 0 1 30 34 38 44 1 2 0 0 0 4 20 19 19 24 0 0 0 0 0 159 553 803 2541 2588-40 0 2 38 94 103 263 491 352 305 0 0 0 0 0 0 0 235 0 0 0 0 0 0 0 3 22 14 48 27-40 0 2 38 94 100 241 243 304 277 0 0 0 0 0 1 12 12 12 12-40 0 2 38 94 0 0 0 0 0 0 0 0 0 0 1 12 12 12 12-40 0 2 38 94 104 276 503 364 317 EBITDA-41 5 10 35 75 0 0 0 0 0 EPS/-0.50-0.01 0.02 0.48 1.17 7 60 80 100 100 144 226 226 2046 2046-96-9-7 31 125 2020A 2021A 2022E 2023E 2024E 54 277 299 2177 2271 159 553 803 2541 2588%876.5 1861.9 60.5 80.4 28.4%-46.4 98.9 512.1 2017.1 147.2%-46.9 98.9 491.6 2000.2 147.1%25.4 34.1 41.5 44.2 46.9%-311.8-0.2 0.4 5.2 9.9 2020A 2021A 2022E 2023E 2024E ROE%-74.3-0.2 0.6 1.8 4.2 4 0-48-118 46 ROIC%-74.1-0.4 1.3 1.4 3.0-40 0 2 38 94 1 7 4 4 7%65.8 49.9 62.7 14.3 12.2 0 1 10 3-15%-113.5-14.7 1.5-79.1-76.0-1-2 0 0 0 1.5 1.9 1.5 7.0 8.1 43-11-64-164-40 0.9 1.2 1.0 5.9 6.6 2 6 0 0 0-1-223-7-8-56 0.1 0.7 0.6 0.4 0.4 7 50 3 3 48 23.3 8.6 8.6 8.6 8.6 5-174 0 0 0 5.7 13.3 13.3 13.3 13.3 11-346-4-4-8 33 216 7 1837 15-0.50-0.01 0.02 0.48 1.17 0 0 0 0 0 0.05 0.00-0.60-1.48 0.57 0 0 0 0 0 0.68 3.47 3.49 26.96 28.14 3 53 20 20 0 31 83 0 1820 0 P/E-470.8-41100.3 10496.5 499.8 202.3-2 80-13-3 15 P/B 350.0 68.5 68.1 8.8 8.4 36-7-48 1710 6 EV/EBITDA-466.5 3528.9 1803.0 492.5 226.7 Wind 2023 2 14 2023 02 15 P.3.5 1.1.5 1.2.6 1.3.8.10 2.1.10 2.2.13.21 3.1.21 3.2.22 3.3+.26.29.32 1.5 2.5 3.6 4.6 5.7 6.7 7.8 8.8 9.8 10.8 11.9 12.9 13.9 14.10 15.11 16.11 17 OSI.11 18.12 19.13 20 AIoT ZB.14 21 wifi 6.14 22.15 23$M.16 24.16 25%.16 26%.16 27 ECU.17 28 DCU.17 2023 02 15 P.4 29.17 30.18 31 2022.18 32.19 33.19 34%.20 35.21 36.21 37.22 38.22 39.22 40.23 41.23 42.24 43.25 44.26 45.27 46.28 47.30 48.31 2023 02 15 P.5 1.1 2017 1 2 10/100/1000Mbps 10/100/1000Mbps 100 Mbps 2023 02 15 P.6 3 1.2 16.55%12.24%49.34%100%9.29%4 2023 02 15 P.7 4 2 5-7 6 2023 02 15 P.8 1.3 2019 2020 2021 2022 2.99 2021 7 8 wind 2022H1 965.28 2022H1 2022H2 2022 9 10 wind 00.511.522.533.52019 2020 2021 2022.Q1-Q3 0500010000150002000025000300002020 2021 2022H1-5000-4000-3000-2000-10000100020002019 2020 2021 2022H1 5,438.960%20%40%60%80%100%120%140%010002000300040005000600070002019 2020 2021 2022H1%2023 02 15 P.9 2020 2022H1 45.05%2022H1 11 12 wind 1107.52 1487.04 2915.84 2411.03 835.09%114.82%11.48%12.57%2019 2020 2021 13 2019 2020 2021 2022H1 235.17 374.12 662.78 861.3 877.03 1,118.05 2,122.11 1,615.44-4.68-5.13 130.95-65.71 1,107.52 1,487.04 2,915.84 2,411.03%2019 2020 2021 2022H1 177.32 28.89 2.61 4.49 661.30 86.33 8.35 8.42-3.53-0.40 0.52-0.34 835.09 114.82 11.48 12.57 0%10%20%30%40%50%2019 2020 2021 2022H1-10%0%10%20%30%40%50%60%70%2019 2020 2021 2022H1 2023 02 15 P.10 2.1 Ethernet IEEE 40 14 EPON OTN 5G Ethernet Alliance 2020 2021 1 5 15 7000/IEEE 802.3cg 10Mb/s 2010 10GbE 25GbE 50GbE 100 200 400 GbE PoE 2023 02 15 P.11 15 1973 30 10M 100M 1000M 10GE 40GE 100GE 6 10 2.5GE 5GE 25GE 50GE 200GE 400GE 16 OSI MAC PHY OSI PHY MAC 17 OSI MAC MAC PHY PHY 2023 02 15 P.12 MAC 1 MAC MII/RGMII/SGMII MAC 2 MAC 18 SerDes ADC/DAC PLL 2023 02 15 P.13 19 2.2 IDC Data Age 2025 2018 33ZB 2025 175ZB ZB wind SerDes MII/RGMII/SGMII 0204060801001201401601802002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ZB 2023 02 15 P.14 IDC AloT 2019 2260 2022 4820 CAGR 28.65%2019 13.6ZB 2025 79.4ZB CAGR 34.91%20 AIoT ZB IDC 5G WIFI 6 5G 5G 5G CSDN WIFI 6 2022 221 2029 635 CAGR 15.9%AP AC 5G WIFI6 21 wifi 6 CSDN 2022-2025 25%2025 2023 02 15 P.15 300 1&1 WiFi 6 5G 2 IPv6 3 2017-2021 31.9 40 2024 2021 16.25%46.5 22 WLAN IDC 2022 23.9%100 2020 25.1 2025 35.5-4%-2%0%2%4%6%8%10%12%14%16%18%202530354045502017 2018 2019 2020 2021 2022E 2023E 2024E%2023 02 15 P.16 23$M 24 IDC 2 ADAS 25%26%CAN ECU 20-30 100 2.5 E/E 10%15%20%25%30%35%40%45%50%2000 2010 2020 2030E%0%10%20%30%40%50%60%70%2023 02 15 P.17 27 ECU 28 DCU ECU ECU 29 LVDS 80%30%ADAS 2023 02 15 P.18 30 Ethernet Alliance Aquantia ADAS PHY ADAS PHY 100 2021-2025 PHY 10 2025 2.9 31 2022 2021 3 LED Grand View Research 1020304050607080901 2 3 4 5 6 7 8 9 10 11 2023 02 15 P.19 2017 3.15 2022 3.37 32 Grand View Research Frost&Sullivan 2017 168 2021 220 6.97%2022 233 33 Frost&Sullivan 4 2016-2021 1421 2530 CAGR 12.2%2022 2816 3.263.373.13.153.23.253.33.353.42017 2018 2019.2022E 0%1%2%3%4%5%6%7%8%9%10%1001502002502017 2018 2019 2020 2021 2022E%2023 02 15 P.20 34%0%5%10%15%20%25%0500100015002000250030002016 2017 2018 2019 2020 2021 2022E%2023 02 15 P.21 3.1 1 91%2021 2.4 2021 120 35 36 2 28.00%22.30%19.00%13.50%8.20%5.80%3.20%28.60%23.40%17.70%10.80%6.70%5.10%7.70%2023 02 15 P.22 37 38 A IC 2021 39 2021 2021 2021 274.50 67.36 13,675 44.62-4.21 5,365 1055.04 168.53 183.44 77.69 13,264 335.66 90.43 23,351 54.38 3.49 3,737 2.54-46.25 24 3.2 SerDes ADC/DAC PLL AFE DSP SerDes ADC/DAC 38.50%18.40%17.30%15.50%9.40%0.90%36.40%25.30%17.80%10.60%9.30%0.60%2023 02 15 P.23 40 SerDes SerDes 1.255G 10G SerDes FR4 40 4 PCIE ADC ADC 125M800MHz 12bit 125M200MHz ADC 400800MHz ADC DAC DAC 500M3.2GHz 12bit 500M800MHz DAC 1.63.2GHz DAC RMS 100fs ADC DAC 12bit 28nm 2 5G 100 400M 600 100M 1000M 2.5G 5G 10G 41 100M 1000M 2.5G 2022H2 5G/10G-YT8521S 2021 61.67%88e1512 KSZ9031 2023 02 15 P.24 42 YT8521S 88e1512 KSZ9031 JL2xx1 QFN48 QFN56 QFN48 QFN48/QFN40 6x6 8x8 7x7 MAC RGMII/SGMII RGMII/SGMII RGMII RGMII/SGMII/SGMII RGMII GMII MAC IO 1.8/2.5/3.3V 1.8/2.5/3.3V 1.8/2.5/3.3V 1.5/1.8/2.5/3.3V ESDHBM 6kV-ESD HBM MDI 8kV-ESD CDM 1500V-800mW 576mW 621mW 130 120/400/YT8010 2021 100%TJA1100 BCM89811 2023 02 15 P.25 43 YT8010 TJA1100 BCM89811 AECQ100 Grade 1 Grade 1 Grade 1 AEC Q100 QFN36 QFN36 QFN36 6x6mm 6x6mm 6x6mm MAC MII/RMII/RGMII MII/RMII/RGMII MII/RMII/RGMII RGMII GMII MAC IO 2.5/3.3V 2.5/3.3V 2.5/3.3V ESD HBM 6kV 2kV 6kV ESD HBM MDI 8kV 6kV ESD CDM 1kV 500V 750V 220mW 660mW 200mW 300/-YT8011 750MSPS ADC 3GSPS DAC YT8011 RTL9010 88Q2120 YT8011 ESD 2023 02 15 P.26 44 YT8011 RTL9010 88Q2120 AEC Q100 Grade 1 Grade 1 Grade 1 150 QFN48 QFN48 QFN48 6x6 mm 6x6 mm 7x7 mm MAC SGMII/RGMII SGMII/RGMII SGMII/RGMII MAC IO 1.5/1.8/2.5/3.3V 1.8/2.5/3.3V 1.8/2.5/3.3V ESD HBM 6kV 6kV 2kV ESD HBM MDI 8kV 6kV ESD CDM 2kV 750V 750V 450mW 560mW 538mW 60 40 40/3.3+IC SOC 2023 02 15 P.27 45/PHY PAD 3.5W SerDes PCB 1 1 2 3 FEXT 400mW AEC-Q100 1000M-40 125 ESD 2.5G 2.5G 2.5G 130 WIFI6 10G PON 5G 2.5G 130 100 FPGA 4 LDPC 10G FPGA 5+2 5+2 5 PHY 2 2.5G SerDes PCIE DMA PCIE windows linux SerDes PCIE PHY 28G GE MAC SerDes CPU-40 125 ESD 13 13 2023 02 15 P.28 46 29,209.19 29,000.00 39,146.02 39,000.00 27,059.74 27,000.00 35,000.00 35,000.00 130,414.95 130,000.00 SoC 2023 02 15 P.29 1 2 3 2022H1 2022/2023/2024 27.41%/27.39%/27.68%2022/2023/2024 9.86%/9.22%/8.91%2022/2023/2024 2.61%/0.49%/-1.76%2023 02 15 P.30 47 2021A 2022E 2023E 2024E 142.73 251.59 443.32 532.99%2072.99%76.27%76.21%20.23%36.12%42.61%45.35%47.29%88.28 113.32 197.64 243.15%1934.23%28.37%74.41%23.03%23.72%29.91%34.25%38.16%0.98 5.71 31.84 80.64%89190.91%481.35%457.62%153.27%45.48%40.09%45.22%52.01%12.06 16.66 30.11 45.68%952.22%38.10%80.73%51.71%35.08%42.12%44.33%46.68%244.05 387.28 705.91 908.46%1924.40%58.69%82.27%28.69%31.62%38.19%41.56%45.28%4.80 9.19 11.79 13.03%436.32%91.33%28.29%10.52%88.20%85.00%82.00%80.00%5.24 11.28 17.98 23.30%0.00%115.46%59.40%29.59%100.00%99.00%97.00%95.00%254.09 407.75 735.68 944.79%60.48%80.42%28.42%34.10%41.54%43.27%46.64%26.08%27.41%27.39%27.68%8.35%9.86%9.22%8.91%0.52%2.61%0.49%-1.76%-0.46 1.81 38.03 93.97 wind 2022/2023/2024 4.07/7.36/9.45 60.5%/80.4%/28.4%2022/2023/2024 0.02/0.38/0.94 491.6%/2000.2%/147.1%2022/2023/2024 PS 46.4/25.7/20.0 x PS/IC PS PHY 2023 02 15 P.31 48 PS X 2022E 2023E 2024E 2022E 2023E 2024E 688008.SH 713.5 40.4 59.1 83.6 17.7 12.1 8.5 300661.SZ 615.6 32.3 42.4 55.2 19.0 14.5 11.1 688052.SH 321.7 17.3 25.2 34.5 18.6 12.8 9.3 300782.SZ 694.7 39.1 47.8 58.6 17.8 14.5 11.9 586.4 32.3 43.6 58.0 18.3 13.5 10.2 688515.SH 190.1 4.1 7.4 9.5 46.4 25.7 20.0 wind wind 2023/02/14 2023 02 15 P.32 IC 2023 02 15 P.33“”,“”“”6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%26 3 100032 010-57671718 868 One56 1 10 200120 021-38124100 1115 330038 0791-86281485 100 24 518033
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