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2023 01 10(688112.SH)请 通 过 合 法 途径获 取本公 司研究 报告，如经由 未经许 可的渠 道获得 研究报 告，请 慎重 使用并 注意阅 读研究 报告尾 页的声 明内容。88.21/22.34%,()107 A()30 B/H()94 A()26()13.56(%)6.8 S1060520070001 FUQIANG S1060519090004 XUYONG S1060121070070 XUBIYUN 2002 2022H1 279 159 100 2019-2022 1.90 2.21 3.04 2.67 0.35 0.54 0.81 1.01 Frost&Sullivan 2025 1257 2019 2025 5.3%2025 467 2019-2025 6.5%ADC DAC FPGA Frost&Sullivan 2019 Keysight Rohde&Schwarz Anritsu Tektronix LeCroy 48.7%35.5 25.9%2019 43.1%2020A 2021A 2022E 2023E 2024E()221 304 394 515 681 YOY(%)16.5 37.6 29.6 30.9 32.1()54 81 135 171 222 YOY(%)51.6 50.9 67.1 26.5 29.6(%)57.1 56.5 56.4 56.2 56.0(%)24.3 26.7 34.4 33.3 32.6 ROE(%)33.5 5.8 9.0 10.5 12.3 EPS(/)0.50 0.76 1.27 1.61 2.08 P/E()175.2 116.1 69.5 54.9 42.4 P/B()58.7 6.8 6.3 5.8 5.2 证券研究报告 2/22+2022-2024 1.35 1.71 2.22 EPS 1.27 1.61 2.08 1 9 PE 69.5 54.9 42.4 1 2 3 3/22.5 1.1.5 1.2.6 1.3.8.9 2.1.9 2.2 Keysight.11 2.3+.12+.14 3.1.14 3.2.15 3.3+.16.18 4.1.18 4.2.19 4.3.20.20 4/22 1.5 2.6 3 2022Q3.6 4.7 5 2018-2022Q3.7 6 2018-2022Q3.7 7 2022H1.8 8 2022H1.8 9 2018-2022Q3.8 10 2018-2022Q3.8 11 2018-2022Q3.9 12 2018-2022Q3.9 13.9 14.10 15.10 16 2025.10 17.11 18.11 19 2019.12 20 2019.12 21.12 22.13 23.14 24.15 25 2018-2022H1.16 26.16 27.16 28 2018-2022H1.17 29+.17 30.17 31 2022.18 32 SDS6000 Pro.18 33.19 34.19 5/22 1.1 2002 LOGO SIGLENT 2022 3 26.5GHz SNA5000A 1/6/22 2 CEO 22.34%3 2022Q3 22.34%19.46%15.85%()6.60%()5.25%3.74%-()1.75%13 1.18%-0.97%-0.89%-1.2/7/22 5%10%15%20%25%2018 2019 2020 2021 2022Q1-Q3 4 1997 8 2000 12 2001 2 2001 11 2001 12 2002 4 2002 5 2005 10 2005 11 2007 5 2007 6 1997 7 2000 7 TCL 2000 9 2003 3 2003 4 2004 7 2004 8 2007 5 2007 6 2000 7 2003 1 2003 2 2008 9 2008 10 2005 7 2009 8 2009 8 2022H1 279 159 5 2018-2022Q3 6 2018-2022Q3 0%5%10%15%20%25%30%35%40%45%0.000.050.100.150.200.250.300.350.402018 2019 2020 2021 2022Q1-Q3 8/22 0%5%10%15%20%25%30%35%40%0.00.51.01.52.02.53.03.52018 2019 2020 2021 2022Q1-Q3 0%10%20%30%40%50%60%70%0%20%40%60%80%100%120%2018 2019 2020 2021 2022Q1-Q3 7 2022H1 8 2022H1 159 51 29 40 279 1.3 5G 2018-2022 1.54/1.90/2.21/3.04/2.67 26.04%/23.00%/16.49%/37.60%/28.21%0.29/0.35/0.54/0.81/1.01 46.92%/22.53%/51.60%/50.92%/66.24%9 2018-2022Q3 10 2018-2022Q3 2022 57.60%37.62%18.55%75.00%6.45%9/22 11 2018-2022Q3 12 2018-2022Q3 Wind Wind 2.1 13 40%50%60%70%80%2018 2019 2020 2021 2022Q1-Q3-10%0%10%20%30%40%50%2018 2019 2020 2021 2022Q1-Q3 10/22 14 2019 Frost&Sullivan 2025 1257 2019 2025 5.3%2025 467 2019-2025 6.5%2025 39%/15%/11%/10%/5%/5%/6%/8%15 16 2025 Frost&Sullivan Frost&Sullivan-10%0%10%20%30%40%50%02004006008001000120014002015 2016 2017 2018 2019 2025E()()YoY YoY39%15%11%10%5%5%6%8%1%&11/22 2.2 Keysight T exas Instruments ADC/DAC FGPA 17 Texas Instruments ADC DAC FPGA Frost&Sullivan 2019 Keysight Rohde&Schwarz Anritsu T ektronix LeCroy 48.7%35.5 25.9%2019 43.1%18 公司名称 成立时间 国别 公司简介 营收规模 及增长率（2021 财年）主要产品 Keysight 1939 100 49.4 YoY+12%Rohde&Schwarz 1933 24.9 YoY-11.6%12/22 Anritsu 1895 110-/IP Tektronix 1964 2016/52.5 YoY+13.38%LeCroy 1964-19 2019 20 2019 Frost&Sullivan Frost&Sullivan 2.3+ADC/DAC FPGA 21 2022 9 2000 3.2%10 2.5%0.7%2022 13/22 12 31 2022 9 9 18 2022 9 1.7 2022 12 31 2022 2 2022 2021 12 2021 7 5G 2021-2023 5G 2021 7 2021 3 22 2022Q1-Q3 1998 100 4.14 YoY+25.84%2007 2.67 YoY+28.21%14/22 2010 1.24 YoY+36.94%5G Massive MIMO 2015-+3.1 23 1 Kunpeng 1 2 4GHz 2 Apollo II 1 2 20GHz 3 Nezha 1 4GHz 2 4GHz 4 Flora 1 2 1GHz 10kHz-135dBc/Hz,5 ADC Dippers 1 ADC ADC 4GHz ADC 10GSa/s ADC 15/22 2 TI SAR 3 TI ADI 6 Moye 1 2 40GHz/8 24 CNAS 2015 EDNChina8 EDN China 2017 2018 2020 2021 2017 SDG5000/SDG2000X/SDS1202X-E SDS5000X R&D 100 2017 ACE Awards 2017-2022 11 SDS6000L 2GHz 8 2022 2022 12 SNA5000A 2022 IoT-3 8 10 11 3.2 16/22 25 2018-2022H1 100 2019 2014/11 26 27 3.3+0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022H1 17/22+28 2018-2022H1 29+30 1 4GHz SIP 2 ADC ADC 10GSa/s ADC 20GSa/s 3-135dBc/Hz1GHz offset 10KHz 4 40GHz 5 0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022H1 芯片算法模块 18/22 FPGA 6 n=4 7 5G NR 5G 2022 2022 3 2GHz 8 SDS6000L 26.5GHz SNA5000A 2020 9 SDS6000 Pro 2GHz 12bit 2GHz 12-bit ADC 31 2022 32 SDS6000 Pro 1 7 12-bit SDS2000X HD 3 22 8 2GHz SDS6000L 3 22 26.5GHz SNA5000A 11 1 40GHz SSG6000A 11 1 9kHz-7.5GHz SHA800A 11 28 SPS6000X 12 12 26.5GHz SNA6000A 12 28 4GHz 12bit 12 28 8G 4.1/+2022-2024 3.94/5.15/6.81 29.58%/30.86%/32.11%1.35/1.71/2.22/2022-2024 19/22 3.14/4.05/5.27 28.00%/29.00%/30.00%58%2022-2024 0.67/0.87/1.15 30.00%/31.00%/32.00%52.00%33 2021A 2022E 2023E 2024E 3.04 3.94 5.15 6.81 37.60%29.58%30.86%32.11%0.81 1.35 1.71 2.22 50.92%67.09%26.51%29.63%56.48%56.39%56.19%55.96%2.45 3.14 4.05 5.27-28.00%29.00%30.00%57.92%58.00%58.00%58.00%0.51 0.67 0.87 1.15 34.86%30.00%31.00%32.00%51.81%52.00%52.00%52.00%Wind 4.2 Wind 1 9 2022-2024 76.6 45.5 32.1 1 9 2022-2024 PE 69.5 54.9 42.4+34 01.09 EPS（元）PE 2022E 2023E 2024E 2022E 2023E 2024E 688337 普源精电 96.26 116.8 0.72 1.41 2.07 134.3 68.4 46.5 688283 坤恒顺维 62.85 52.8 0.94 1.36 1.92 67.1 46.1 32.8 833509 同惠电子 13.59 14.8 0.48 0.62 0.80 28.4 21.9 16.9 平均 61.4-76.6 45.5 32.1 688112 鼎阳科技 88.21 94.09 1.27 1.61 2.08 69.5 54.9 42.4 Wind 2022-2024 EPS wind 2023 01 09 20/22 4.3/+2022-2024 1.35 1.71 2.22 EPS 1.27 1.61 2.08 1 9 PE 69.5 54.9 42.4 1 ADC DAC FPGA IC FPGA FPGA 2 3 ADC 4GHz 21/22 2021A 2022E 2023E 2024E 1446 1576 1742 1958 1282 1394 1502 1641 48 54 71 93 2 4 5 7 3 5 7 9 100 110 145 193 11 9 12 15 24 20 17 14 0 0 0 0 19 16 13 10 0 0 0 0 5 4 4 4 1470 1596 1759 1972 68 88 116 154 0 0 0 0 41 52 69 91 27 36 47 63 10 9 8 6 6 4 3 2 5 5 5 5 78 97 124 160 0 0 0 0 107 107 107 107 1136 1136 1136 1136 149 256 392 569 1391 1499 1635 1812 1470 1596 1759 1972 2021A 2022E 2023E 2024E 33 137 141 180 81 135 171 222 3 3 3 3 2-4-5-5 0-0-0-0-57 2-29-40 5 1 1 1-7-1-1-1 5 0-0 0 0 0 0 0-12-1-1-1 1147-25-32-42 0 0 0 0 6-1-1-1 1141-23-30-40 1167 112 109 138 iFinD 2021A 2022E 2023E 2024E 304 394 515 681 132 172 226 300 2 3 4 6 38 31 41 54 8 20 26 34 38 26 36 48 2-4-5-5-0-1-1-2-1-1-1-2 8 7 7 7 0 0 0 0 0 0 0 0 0 0 0 0 90 151 191 248 0 0 0 0 0 0 0 0 90 151 191 248 9 16 20 26 81 135 171 222 0 0 0 0 81 135 171 222 EBITDA 95 150 190 245 EPS 0.76 1.27 1.61 2.08 2021A 2022E 2023E 2024E(%)37.6 29.6 30.9 32.1(%)46.2 67.4 26.5 29.6(%)50.9 67.1 26.5 29.6(%)56.5 56.4 56.2 56.0(%)26.7 34.4 33.3 32.6 ROE(%)5.8 9.0 10.5 12.3 ROIC(%)114.5 90.2 112.1 116.2(%)5.3 6.1 7.0 8.1(%)-91.7-92.7-91.7-90.5 21.2 17.8 15.0 12.7 19.5 16.4 13.6 11.3 0.2 0.2 0.3 0.3 6.3 7.3 7.3 7.3 3.23 3.28 3.28 3.28()0.76 1.27 1.61 2.08()0.31 1.29 1.32 1.69()13.04 14.05 15.33 16.98 P/E 116.1 69.5 54.9 42.4 P/B 6.8 6.3 5.8 5.2 EV/EBITDA 97 54 42 32 :6 20%6 10%20%6 10%6 10%:6 5%6 5%6 5%2023 4008866338 5023 B 25 518033 1333 26 200120 9 16 100033
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