化工新材料行业2021年度投资策略：双循环新格局下，国产替代和军工材料迎历史性机遇.pdf
2021 S0790520020002 jinyitengkysec S0790120080059 zhangxiaofengkysec 2020 12 5 S0790119120025 zhangweihangkysec S0790120010015 gongdaolinkysec S0790120030003 jijinkysec 1. 2021 5G 2. 2020 1.268 6.6% 3. OLED OLED DSCC 2021 OLED 50% OLED OLED IT 2018 2019 OLED 4. 5G IoT 2020 59 31 1.1 4600 2021 5. 1 2 3 目 录 CONTENTS 2021 OLED 4 5 1.1 1 1970s 2000s 1980s 1990s 2010s 2020s 1975 10 9 + / PC + 1988 10 6 + PC + DRAM + + + + IC / /PC / / / / / / / TET-LCD 94% 60%+ G3.5 OLED OLED 99% LCD 27% LCD 40%+ LCD + 1.2 Q3 2020 6.84% 48.33% 56.71% 1 2020Q3 Wind 2019Q1 2019Q2 1.2 Wind 2 2020.12.2 Wind 2021 25.5 52.2 40.1 PEG 0.6 1.7 1.3 1 2 3 目 录 CONTENTS 2021 OLED 4 5 2.1 2 0% 4% 8% 12% 16% 20% 0 2000 4000 6000 8000 10000 12000 14000 ( ) YoY 3 2020 6.8% -0.2% 6.6% -5% 0% 5% 10% 15% 20% - 4 GDP 5 0% 2% 4% 6% 2223.7 182.1 0 500 1000 1500 2000 2500 3000 2020 6.6% 1.27 IMF GDP 1.2% -0.2% 6.8 SIPRI GDP 1.9% 3% 4% 2,223.7 720.4 446.3 182.1 8.2% 2.1 6 2010-2017 2010-2017 2017 41.1% 2010 7.85 2015-2017 2010-2020 50% 40% 7 2015-2017 33% 34% 36% 37% 39% 40% 41% 41% 0% 20% 40% 60% 80% 100% 2010 2011 2012 2013 2014 2015 2016 2017 -15% -5% 5% 15% 25% 2011 2012 2013 2014 2015 2016 2017 8 50% 9 40% 20% 30% 40% 50% 60% 70% 0 500 1000 1500 2000 2500 3000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 C41 , 40% , 22% , 13% , 8% , 6% , 5% , 4% , 2% 2020 2020 2.1 10 World Air Forces 2020 2019 3,210 1.3 4,163 -20 -31 -20 -10 -19 7 12 2019 003 075 055 11 0 1000 2000 3000 4000 5000 6000 2014 2015 2016 2017 2018 2019 2027E 0 2000 4000 6000 8000 10000 0 500 1000 1500 2000 2500 2014 2015 2016 2017 World Air Forces 2020 3 1 * 2 World Air Forces 2020 World Air Forces 2017 2.2 4 2035 12 13 2.3 300 500 2012 3.19 2019 6.60 10.93% 2019 7.9% 2019 1.17 9.3% 2020 2020-2039 20 50 8,725 1.3 2019 8.97 14 2019 7.9% 15 2019 9.3% 0% 4% 8% 12% 16% 0 2 4 6 8 2015 2016 2017 2018 2019 YoY 0% 5% 10% 15% 20% 0 4000 8000 12000 16000 2015 2016 2017 2018 2019 YoY 2.3
