20240317_海通证券_基础化工行业新材料专题研究：特种工程塑料PEEK_32页.pdf
S0850515040001 2024 3 17 4 PEEK 1.PEEK 2.PEEK 3.4.2 WUCXxOsPtQqRoQtQtOrOpObRaO9PsQnNnPtPiNrRsRiNpOxObRqQvMvPqQqPNZtRnRPEEK PEEK 3D PEEK PEEK 3 20 60 1960 1978 PEEK 20 10 4 cXj8OjFjEGrYWUa5Do3f/LzkDSe1RnSOm2svFrHBRVkmWvXq41n/1ZY4o5zIwvvo PEEK PEEK PEEK PEEK Ensinger Quadrant 5 PEEK PEEK PEEK PEEK PEEK PEEK PEEK PEEK PEEK PEEK GB/T20878-2007 GB24511-2009 6 PEEK PEEK 3D PEEK PEEK 3D 7 PEEK PEEK EVE Digit 1X technologies ADT commercial EVE Digit 2025 2023 5 GGII 2026 3.5%20 2030 200 2030 50 PEEK 8 2012 PEEK 3590 2019 5835 7.19%2019-2022 PEEK 9.0%2022 PEEK 7560 Emergen Research PEEK 2019 7.21 2027 12.26 6.8%PEEK PEEK PEEK PEEK PEEK PEEK PEEK PEEK PEEK 2020 5 9 PEEK PEEK PEEK 2012-2020 PEEK 2012 80 2021 1980 42.84%PEEK PEEK PEEK 2020 5 2022-2027 PEEK 10 2012-2021 PEEK 2018 62%2025 85%2018 38%2017 4 5 30%PEEK PEEK 11 2020 PEEK PEEK 7150/60%PEEK 2,500/PEEK PEEK PEEK 1800/PEEK 1000/PEEK 2021 PEEK 622.74 8.07%PEEK 12 2021 PEEK PEEK PEEK 13 PEEK 14 1.PEEK 2.PEEK 3.4.2008 7 25 2022 50.95%21.25%11.67%2023 3.30 19.06%0.70 2.40%2022 2023 wind 50.94%21.25%11.67%16.14%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%60.00%0.000.501.001.502.002.503.003.504.004.502019 2020 2021 2022 2023Q3营业收入（亿元，左轴）扣非 归母 净利 润（亿 元，左轴）营业收入 同比（%，右 轴）扣非 归母 净利 润 同比（%，右轴）15 2022 DFBP 4000 DFBP PEEK 1 PEEK 0.8 DFBP SOLVAY VICTREX EVONIK PEEK PEEK 8000 2500 DFBP 2023 12 26 DFBP 4000 2022 DFBP 16 2000 8 2022 91.84%3.20%4.95%2023 9.18 22.00%-0.38 130.87%2022 91.85%3.20%4.95%-1000.00%-800.00%-600.00%-400.00%-200.00%0.00%200.00%400.00%-4.00-2.000.002.004.006.008.0010.0012.0014.0016.0018.002019 2020 2021 2022 2023Q3营业收入（亿元，左轴）扣非归母 净利润（亿元，左轴）营业收入 同比（%，右 轴）扣非归母 净利润 同比（%，右轴）2022 2023 wind 17 DFBP 5000 5000-DFBP 2023 5 DFBP PEEK PEEK-99.90%-2,3,4,5-2,3,5,6-DFBP-DFBP 2020 A 2023 18 PEEK 2006 12 22 PEEK 2022 76.31%23.36%PEEK 0.33%2023 2.92 17.62%0.55 2.42%688716 1%76.31%23.36%PEEK 0.33%-60.00%-40.00%-20.00%0.00%20.00%40.00%60.00%80.00%100.00%120.00%140.00%0.000.501.001.502.002.503.002019 2020 2021 2022 2023Q3营业收入（亿元，左轴）扣非归母净利润（亿元，左轴）营业收入同比（%，右轴）扣非归母净利润同比（%，右轴）2022 2023 wind 19 2022 PEEK PEEK REACH RoHS EU10/2011 UL FDA 4 PEEK 1000/2 5000L PEEK PEEK 2021 PEEK 8.07%3D PEEK PEEK PEEK 20 GB/T20878-2007 GB24511-2009 E 2001 12 28 2022 39.92%28.90%21.31%2023 11.07 1.81%0.15 27.47%-100.00%-50.00%0.00%50.00%100.00%150.00%200.00%250.00%0.002.004.006.008.0010.0012.0014.0016.0018.002019 2020 2021 2022 2023Q3营业收入（亿元，左轴）扣非归母 净利润（亿元，左轴）营业收入 同比（%，右 轴）扣非归母 净利润 同比（%，右轴）39.92%28.90%21.31%9.87%2022 2023 wind 21 2022 PEEK 5G E-PTFE PPS PEEK 1000/PEEK 2021 22 1993 4 23 2022 54.56%28.39%14.93%2023 5.80 23.96%0.59 29.34%54.55%28.39%14.93%2.13%2022 2023 wind 23 2022-140.00%-40.00%60.00%160.00%260.00%360.00%460.00%560.00%660.00%-1.000.001.002.003.004.005.002019 2020 2021 2022 2023Q3营业 收入（亿 元，左 轴）扣非归母 净利润（亿元，左轴）营业 收入 同比（%，右 轴）扣非归母 净利润 同比（%，右轴）PEEK PEEK PEEK 2019 PEEK PEEK 24 2002 12 25 2022 39.97%53.40%6.63%2023 22.55 34.04%0.22 105.07%39.97%53.40%6.63%-250.00%-200.00%-150.00%-100.00%-50.00%0.00%50.00%100.00%150.00%200.00%-5.000.005.0010.0015.0020.0025.0030.0035.002019 2020 2021 2022 2023Q3营业收入（亿元，左轴）扣非归母 净利润（亿元，左轴）营业收入 同比（%，右 轴）扣非归母 净利润 同比（%，右轴）2022 2023 wind 25 2022 PEEK PEEK PPS PPS PEI PA6 PA6 PA6 ABS+PC UV-PC PC PC POM POM HDPE ABS PP ABS ABS 2023 10 26 2022 2021 26 27 1.PEEK 2.PEEK 3.4.wind 1 EPS/PE 2022 2023E 2024E 2022 2023E 2024E 301076.SZ 35.33 25.12 1.03 0.94 1.37 24.31 26.70 18.33 002915.SZ 43.98 12.57 0.56-22.30-688716.SH 34.31 28.62 0.61 0.40 0.70 46.71 72.33 41.14 002886.SZ 39.74 14.25 0.06-221.27-832469.BJ 14.00 13.25 0.56 0.97 1.22 23.84 13.62 10.85 300538.SZ 26.96 13.98 0.08 0.17 0.41 166.43 80.76 33.70 17.97 0.49 0.62 0.93 84.14 48.35 26.01 2024 3 5 EPS wind wind 28 29 1.PEEK 2.PEEK 3.4.30 SAC S0850515040001 0755-82764281 Email 31 SAC S0850517110003 021-23154130 Email SAC S0850522080002 021-23219646 Email SAC S0850518030001 021-23219431 Email SAC S0850519110003 021-23219392 Email 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%32
