资源描述
2022-2023 C O N T E N T S Part 1 Part 2 Part 3 Part 4 3 CRO EDA BI 2021 9 3 PE Price Earnings Ratio P/E PER TTM 12 Trailing Twelve Months 12 TTM 12 4 CR3 concentration ratio CV CV CV EDA Electronic design automation CAD VLSI IC 18(lntel)(Gordon moore)4 Part 1 2011 9 2013 7 1.5 4600 99%4 11.7 4762 6 861 2025 6 1 2 3 2 10%3 70%3 1 15%2 15 2/()/1 2 3%2 0.5-1 2 6%3 8000 3000 50%7 2021 4 50-100 2019 225.7%32.1 A 148.6 22 36.5x 8 9 2021.9.2 2021.9.3 2021.9.10 2021.9.17 2021.9.25 2021.10.9 2021.10.30 2021.11.15 2013 2021 12 2016 2020 2021 9 3 10+ROE/2500 RO 8%/1 12 1 1 12 2 3 5 5 20 2021 9 5 2020-2021 11/2020/7/3 7 25.2021/1/23 2021-2025 100()1000 2021/6/1 2021/9/3 2021/9/17()100-50 150-100 2021/11/9()2020-2021 Part 2 13 391 4169 89 109 17 361 2018 4922 A 361 391 4169 146 14 36 36 10%10%12 71%80%80%76%78%67%60%70%80%90%2021 132%506%10%12 36 IPO+&15 2021 9 1%15%10%3%1 1 11 3 6 5 A 2021.1-2021.8 2021.9-2022.1 IPO 16 Choice 2559.75 279.98 2018 3025.8 33.40%18.21%373.49 2019 3650.59 3354.11 35.23%27.40%25.13%20.65%475.82 446.35 2020 2021Q1-Q3 YOY YOY 490.95 34.47%403.81 438.72 422.42 32.41%22.19%20.73%8.65%11.90%38.4 46.36 56.64 46.44 2018 2019 2020 2021Q1-Q3 YOY YOY 2020Q4-2021Q3 12.50%11.31%12.27%6.31%31.07%26.85%34.88%26.93%ROE 11.91%13.54%12.27%10.68%2021 ROE&17 Choice 86.97 100.00 80.00 60.00 40.00 20.00 0.00 70.70 61.47 39.76 2021.1 2021.2 2021.3 2021.4 2021.5 2021.6 2021.7 2021.8 2021.9 2021.102021.112021.12 59.15 49.12 75.63 52.37 79.04 83.81 56.62 24.05 33.00 22.29 25.62 51.73 31.69 54.72 93.08 173.65 121.23 70.32 45.90 63.01 41.41 54.80 258.80 57.97 136.96 74.05 72.85 101.07 A 2021 2021Q4 2021 12 PE-TTM 2021 PE-TTM 2021 12 PE-TTM 18 Choice 45 45 41 32 20 18 17 12 10 9 4 3 1 1 1 1 1 1 30%7%10%37%3%13%41%9%7%18%14%11%4%50%15%28%4%22%11%11%53%2%7%2%32%5%52%2%82 19 24.30%27.80%30%25.30%22.00%25.90%1.40%1.70%1.60%2.70%3.00%2.10%30.30%10.50%15%17.30%10.10%16.50%0.00%10.00%20.00%30.00%40.00%50.00%2016 2017 2020 5 CAGR 2018 2019 44.4%44.4%=25.9%+2.1%+16.5%5+2016 2020 107 338 5 CAGR 25.9%A Top3 CAGR 44.4%60.00%S 20 8.03 pct.1983-1997 64.64 pct.11.3 pct.2009-2014 55.06 pct.8-15%70%0%20%40%60%S ERP S 9.82%14.45%ERP 100%1976-1983 2004-2009 80%74.64%69.51%Adaptive Technologies and Business Integration 80%60%40%20%0%11%19%20%CRO 37.5%40%EDA 30%BI 44%2021 10%10-70%70%21 30-70%30.7%40.90%20.90%21.10%40.40%36.40%9.70%7.40%23.40%23.40%19.90%19.60%18.80%19.10%2011Q4 2019Q4 2020Q4 2011-2019 9.7%40.4%iPhone 40%CR3 80%60%40%20%0%2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 22 0%10%20%30%40%50%60%70%80%90%100%0%10%20%30%40%50%60%70%80%CR3 EDA CRO BI+40%EDA BI CRO vs Part 24 2025 8%11%40%90%50%2021 GWh 31.20%23.80%13.30%5.40%7.90%1.50%1.00%6.40%2.00%2.90%4.60%LG SKI SDI AESC PEVE 2016-2021 2021-2025E CAGR 47.58%CAGR 48.51%1396 1089 801 576 287 41 25 mm km VDA L1.5 355/CTP EV A00 LFP 200-300 NCM/NMX 200-400 EV A0/A LFP 200-400 NCM/NMX 200-500 MEB L2.2 590/CTP EV A0/A/B LFP 250-500 NCM/NMX 300-600 LFP 300-400 L4 LCPT EV A00 NCM/NMX 350-450 EV A0/A LFP 450-600 NCM/NMX 550-800 L6/L6*2 LFP 550-700 EV B/C NCM/NMX 650-850 2018 PACK BMS 2022 PSA 2025 51GWh 4GWh 91GWh 20GWh 20GWh 1 100 2 3GWH 20 20GWh 4 3 8 6 15 15 20 2025 20 2025 2024 2023 2023 2021 2020 91 2019 GWh 26 40%2016-2020 5%19%2025 24%2020 8%NEXTracker 30%2020 GW 2020-2025E CAGR 13.35%191 147 112 91 64 44 2020 2021 2022E 2023E 2024E 2025E 28%9%8%5%6%20%NEXTracker Array PV Hardware STI Norland 7%17%Gamechange Soltec 27 2009 BIPV 2013 2020 8 BIOSAR BESTER ADANI 6.4GW 6.4GW/IPO 2.8GW 2022 Adani 3GW 2022-2023 NexTracker Soltec Nclave 2017-2021Q3&2 NX-Gemini SF7 SP160 5.30%3.57%3.61%3.15%3.10%1.13 0.83 0.91 0.64 0.51 2017 2018 2019 2020 2021Q1-Q3/18m/s-60 50 60 50/60 20%-17%20%BIPV BIPV/CRO 28 pharmaproject 2020-2024 CRO 35.2%42.3%2020 CRO 37.5%CRO 50%CR3 20%16%CRO Biotech CRO CRO CRO 2020 CRO CRO 2016-2022E CAGR 10.22%165 179 199 223 248 273 299 326 13.33%11.29%10.22%8.81%6.77%49.58%IQVIA Covance Syneos PPD ICON CRO CRO Contract Research Organization CRO CRO CRO CRO CRO CMO/CDMO CSO 1.89 28.61%0.85 45.48%1.23 53.81%49.69%1.22 2018 2021H1 2019 2020 29 CRO 2004 2019 70%+2014-2020 2022 2 15.7 1.9 CRO CRO I-IV IQVIA Covance PPD ICON 2017-2020&1107.71 4.44%5.08%1651.57 6.27%2818.79 4696.45 7.05%2017 2018 2019 2020 30 AN 90%wind 2020 2019 55%25%2020 16%38%+32%9%8%8%6%3%3%5%5%5%16%+2020 7.65 8.42 9.26 10.37 10.69 20.00 40.00 2016 2017 2018 2019 2020 2025E 2030E 2020-2025E CAGR 13.35%2025E-2030E CAGR 14.11%31 2008 2019 99%IPO 1000/T700 2020 3 2021 8 20 1500 ZT7 T700S T700S/ZT7/0 90 0 90 ZT7 CV 6.34 4.29 3.02 1.96 0.7 1.05 1.78 1.11 ZT7H T700SC T300B NCF CV CV ZT7-3K/12K T700 T700 T700 ZT8-6K/12K T800H ZT9-6K/12K T1000/T1100 T1000/T1100 ZM40J-6K/12K M40J ZM55J M55J ZM60J M60J 85.23 92.87 97.04 102.73 7 114.6 125.68 229.78 2016 2017 2018 2019 2020 2021 2028E EDA 32 EDA EDA EDA SEMI EDA 100%EDA 2.6%0.9%EDA 50%10-15%Cadence Synopsys 50%2020 EDA EDA EDA EDA EDA&PDK EDA EDA 32%29%17%5%6%2%2%3%4%Cadence Synopsys Siemens EDA Ansys Keysight 2016-2021 CAGR 8.15%2021-2028E CAGR 9.05%33 EDA EDA 50%TCL IPO EDA EDA 5nm 28nm 5nm 5nm 5nm 28nm 5nm 28nm 5nm 28nm 5nm 28nm EDA 1.83 49.81%0.75 1.35 52.50%44.22%63.67%1.16 2018 2019 2020 2021Q1-Q2 2018-2020&EDA EDA EDA EDA EDA EDA/IP BI 34 BI Business Intelligence BI 44.44%BI 6.48%6-18 2020 20%SAP BI BI BI BI BI 2020 BI BI BI BI 15.70%9.40%8.40%5.30%4.40%4.30%52.50%Microsoft SAP IBM SAS 2019-2025E CAGR 19.56%90.73 75.45 65.56 54.02 45.01 36.77 31.07 2019 2020 2021 2022E 2023E 2024E 2025E 35 BI 2006 BI 18000 500 314 500 245 100 69 3 FineReport FineBI 12 OA ERP MES CRM EHR SCM PDM EAM PC APP/H5/NOSQL PC APP/H5 OLAP/Spider/-IT-MODEL 1 IT-MODEL 2 FineReport FineBI SaaS FineBI IT Spider+36 10+600+/70000+300+40%PDCA 110 141 148 139 164 224 311 2016 2017 2018 2019 2020 2021 2025E 37 187 918 228 2020 CR5 51%2020 2016-2021 CAGR 8.15%2021-2025E CAGR 9.05%IC 11%11%10%10%9%6%3%40%38 1995/2015 2020 100%2008 2009 2011 2013 2014 AGV AGV 947.98 1313.89 1390.69 1205.80 11.59%13.82%10.14%13.73%2018 2019 2020 2021Q1-Q3 2018-2021Q3 Part 4 40 1.2.3.41 1.2.3.2022/THANKS
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