|2023 03 08/L2 1 2025 L2 65%2 2025 56 219 1 2 3 21EPS 22EPS 23EPS 22PE 23PE PB 7.44 0.44 0.51 0.62 14.6 12.0 2.3 91.2 1.56 2.80 4.11 32.5 22.2 6.9-8.87 0.08-2.1-18.9 0.72-3.8-21.1 0.00 0.10 0.52 205.4 40.3 6.4-wind%175 3.6 33904 4.0 29832 4.2%1m 6m 12m-2.4-2.6-2.2 4.4 1 2023-02-28 2 2022-12-29 3 2022-12-29 S1090517030002 S1090511040037 S1090522060001-30-20-100102030Mar/22 Jun/22 Oct/22 Feb/23(%)金属及材料 沪深300 2.6 1.6 2.8 3.8.10 1 L2.10 2.12.16 1.16 1.16 2.16 3.17 2.17 1 Prysmian.18 2 Nexans.19 3.19 4 LEONI.20 5 Furukawa.21.22 1.22 2.22 3.24 4.25 5.26 6.27.29 0YAZzQsPoNmNpRpMrMoRpO8OdN7NsQoOnPtQiNrRmPiNnNyR7NpOqNNZoMzRMYoMrR 3 1.6 2.6 3.7 4.7 5.7 6.8 7.8 8.8 9.9 10.9 11.9 12.9 13.10 14.10 15.11 16.12 17.12 18.12 19.12 20.13 21.16 22.17 23.17 24.17 25 2021.17 26.17 27 2021.18 28.18 29.18 30.19 31.19 32.19 4 33.19 34.20 35.20 36.20 37.20 38.21 39.21 40.22 41.22 42.22 43.23 44.25 45%.25 46.25 47.26 48 2021.26 49.26 50.26 51.26 52.26 53.27 54.28 55.28 56 PEBand.29 57 PBBand.29 1.6 2.7 3.11 4.13 5.14 6.14 5 7.14 8.15 9.18 10.23 11.24 12.27 6 1 1 60V 60V 125 125 1 2 75%-80%7 3 0.5 0.75 1.0 1.5 2.0 2.5 4.0 6.0 0.5 0.75 1.0 1.5 4 5 2 mm2 A mV mm2 A mV 0.05 5 3 10.00 50 25 0.75 10 5 16.00 60 15 1.00 15 8 25.00 70 18 1.50 20 11 35.00 80 20 2.50 30 16 50.00 90 23 4.00 35 18 70.00 100 25 6.00 40 20 QC/T29106-2002 8 2 DC60V AC25V DC 60V 600V 6 7 600 600A 8 OFweek 3 9 9 10 11 12 10 1 L2 13-+14 6 2020 3 11 6 L0 L1-L2 Advanced Driving Assistance System ADAS L3-L5 L5 L4 3 L0 L1 L2 L3 L4 L5 2020 11 2.0 2025 L2 L3 50%C-V2X 50%2035 15 2.0 2025 1300 L2 L3“+”L0 L1-L2 L4 A B AVP 12 L5 ICV 2021 L1 74%2020 17pct 2022 82%2026 94%L2 65%2025 1299.7 3 CAGR 60%16 17 ICV Global intelligient driving forcast-2022 18 19 2 HSD ADAS ADAS ECU 4GLTE 5G V2X GPS,USB 2.0 57%42%40%35%31%28%34.0%40%35%34%32%30%9.0%18%25%30%34%37%1%3%5%0%20%40%60%80%100%2020 2021 2022E 2023E 2024E 2025EL0 L1 L2 L3及以上43%26%18%13%9%7%6%36%45%46%45%42%38%27%20%29%36%41%47%54%65%0%0%0%1%1%1%2%0%20%40%60%80%100%2020 2021 2022E 2023E 2024E 2025E 2026EL0 L1 L2 L3及以上-10%0%10%20%30%40%50%60%050100150200250300中国智能驾驶市场规模（亿元）增长率0%20%40%60%80%100%050010001500全球智能驾驶市场规模 CAGR 13 IEEE OPEN 100 Mbits/s 1 Gbits/s 3 5 10 Gbits/s+20 1.5-2km L3 L4 2km 4 3cm 3D 3D RTK 14 5 L1 L2 L3 L4 L5 8 8 12 12 12 0 1-3 5 6 8 1 5 8 10 12-1 3 5 9 14-16 26 31 37 6 ES8 L2 25 1 3 5 0 5 12 G3 L2+25 1 8 0 3 12 A8 L3 24 1 5 1 4 5 12 AionLX L3 23 1 5 0 5 12 GLC L2 22 1 4 0 5 12 S01 L2+22 1 7 0 1 12 U5 L2+22 1 6 0 3 12 Model3 L2+21 1 3 5 0 1 160m 12 MarvelX L2 21 2 4 0 3 12 EX6Plus L2 21 1 5 0 3 12 U L2+21 1 7 0 1 12 05 L2+20 1 4 0 3 12 2025 200 40%2023-2025 3%500 1000 2025 217 553 CAGR 9%7%L0 L1 L2 L3 ASP 50 150 350 500 ICV 2025 63 219 CAGR 14%11%7 2020 2021 2022E 2023E 2024E 2025E 2531 2628 2686 2767 2850 2936 137 352 689 850 1100 1400 133 149 169 181 198 217 L0 57%42%40%35%31%28%L0 7 6 5 5 4 4 L1 34%40%35%34%32%30%L1 13 16 14 14 14 13 L2 9%18%25%30%34%37%L2 8 17 24 29 34 38 L3 0%0%0%1%3%5%L3 0 0 0 1 4 7 28 38 43 49 56 63%21%25%25%27%29%29%EV Volume 15 8 2020 2021 2022E 2023E 2024E 2025E 7705 8038 7839 8074 8317 8566 324 675 1082 1450 1900 2500 401 436 446 476 511 553 L0 48%26%18%13%9%7%L0 16.7 10.6 7.1 5.4 3.8 2.9 L1 36%45%46%45%42%38%L1 42.0 54.3 53.5 54.3 53.0 48.6 L2 20%29%36%41%47%54%L2 54.3 80.3 99.5 116.8 138.1 161.9 L3 0%0%0%1%1%1%L3 0.2 0.4 1.0 2.0 4.4 5.8 113 146 161 179 199 219%28%33%36%37%39%40%Marklines EV Volume ICV Global intelligent driving forecast-2022 16 1 1 21 2 1 2 PVC 17 22 23 24 3 2021 96%80%2021 7.1 0.9 3.9 24.7 25 2021 26 2 80%16%1%3%原材料铜 其他原材料 人工成本 制造费用0510152025300.02.04.06.08.02016 2017 2018 2019 2020 2021应收账款 应付账款应收账款周转率（右）应付账款周转率（右）18 2021 CR3 71%30%24%17%6%5%50%60%30%9+27 2021 1 Prysmian Draka Prestolite Automotive V2V V21 28 29 wind wind 30%24%17%6%5%4%3%1%10%矢崎 住友 安波福 莱尼 李尔 古河 藤仓 裕罗 其他-10%0%10%20%30%0204060801001201402017 2018 2019 2020 2021营业总收入 YOY6%7%8%0510152025302019 2020 2021 2022Q3工业和网络组件部销售额 工业和网络组件部利润率 19 2 Nexans Alcatel 25 30 31 3 32 33 0%2%4%6%8%10%2017 2018 2019 2020 2021营业利润率 行业和解决方案部利润率-40%-20%0%20%40%60%80%100%050010001500200025002017 2018 2019 2020 2021 2022E营业总收入 YOY 20 34 4 LEONI WCS Wiring Cable Systems WSD Wiring Systems Division 1917 Merida 5 WCS 2021 1 3 2022 5 Stark Corporation Stark 35 36 37 03006009002020H1 2020H2 2021H1 2021H2 2022H1E 2022H2E自动驾驶电线及线束销售净额-40-2002040602017 2018 2019 2020 2021 2022E营业总收入 净现金流-5%0%5%10%051015202530352017 2018 2019 2020 2021电线电缆解决方案部销售额 电线电缆解决方案部毛利率 21 5 Furukawa 1884 130 38 39-80%-60%-40%-20%0%20%40%60%01002003004005002018.3 2019.3 2020.3 2021.3 2022.3营业收入 YOY-100-500501001502018.3 2019.3 2020.3 2021.3 2022.3电子与汽车分部收入 22 1 20 90 ISO 25%5%1600 300,000 1700 80 IATF 16949 ISO 14001 OHSAS 18001 40 2 1981 2013 4328 100%UL PSE KC TUV DEKRA VDE CQC CCC F-Mark Z-Mark ISO9001 ISO14001 IATF16949 41 42-40%0%40%80%051015202017 2018 2019 2020 2021 2022H1营业收入 同比-80%-40%0%40%80%120%160%00.511.52017 2018 2019 2020 2021 2022H1净利润 同比 23 43 SFP QSFP SAS 10 EV CQC&DEKRA&UL:CQC1103-1105,K175-2,GBT33594,UL62:-25-+70 C:450V/750V/1000V:-40+105 C AC 450V/750V DC 1000V 7000(11)XLPE(LSHF)MHL3.0 80 C 30V UL 758 MHL3.0 UL VW-1 MHL HDMI2.1 80 C 30V UL 758 HDMl 1.4 HDMI2.0,HDMI2.1 AV SATA3.2 80 C 30V UL758 MHL3.0 UL VW-1 USB3.1:80 C:30V SFP 2 4:80 C:30V:UL 758,UL13,IEEE802.3bj:VW-1,CL2,FT4,IEC60332-3-24:80 C:30V:UL 13 CL2 FT4,IEC60332-3-24 QSFP 8:80 C:30V:UL 758,MHL3.0 UL VW-1 QSFP SFP 40Gbps XFP 0%5%10%15%20%25%2017 2018 2019 2020 2021 2022H1电线业务毛利率 沃尔香港贸易净利率 24 SAS:80 C:30V:UL 758:H&VW-1:80 C:300V 80 C 300V 80 C 300V 450/750 V 300/500 V LiYCY:UL 4703,2pfg/1169,EN50618 3 1986 8 30 USB LVDS HDMI 11 PVC PP XLPE CAN-BUS GPS USB 25 PVC PP XLPE 44 45%46 4/PCB/EV 6.79.610.38.812.221.605101520252016 2017 2018 2019 2020 2021总营收 汽车线缆收入0.05.010.015.020.00.05.010.015.020.025.02016 2017 2018 2019 2020 2021汽车线缆毛利 汽车线缆毛利率 26 47 48 2021 wind wind 49 50 wind wind 5 51 52 wind wind RG174 RTK031 Fakra GPS HSD Al-mylar-40%-20%0%20%40%60%0510152025302017 2018 2019 2020 2021营业总收入 YOY49%28%17%3%2%通信电缆及光纤光缆 通信组件及连接器PCB系列 卫星及无线通讯产 品其他0%5%10%15%20%02468101214162017 2018 2019 2020 2021同轴电缆营业收入 同轴电缆毛利率-20%0%20%40%02468101214162017 2018 2019 2020 2021营业总收入 YOY0%5%10%15%20%0.000.501.001.502.002.502017 2018 2019 2020 2021毛利 毛利率 27 EMC 12 LongCar 015 LongCar 015 Fakra 360 LongCar179 LongCar 179 Fakra LongCar 58 LL LongCar 58 LL LongCar 174 LL LongCar 174 LL Fakra LongCar 174 LongCar 174 LL LongCar 031 LongCar 031 Fakra 360 LongCar 174 LongCar 174 Fakra LongCar HSD LongCar HSD EMC LongCar SPE 10G/25G/50G ADAS LongCar SPE 100M LongCar SPE 1G LongCar SPE 100M 6 Formel Q A VW60330 A 53 28 T 54 55 wind wind-20%0%20%40%60%80%01020304050602017 2018 2019 2020 2021 2022E 2023E营业总收入 YOY0%5%10%15%20%05101520252017 2018 2019 2020 2021汽车线束收入 汽车线束毛利率 29 1 2 3 56 PEBand 57 PBBand 10 x15x20 x25x35x05001000150020002500300035004000Mar/21 Sep/21 Mar/22 Sep/221.5x2.3x3.0 x3.8x4.5x050010001500200025003000Mar/21 Sep/21 Mar/22 Sep/22 30 10 wind 1998 7 2006 11 2008 Starmine-2010 2014 2015 2016 2017 2022 11 2017 2021 6-12 A 300 500 20%5-20%5%5%前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告