20230225-开源证券-康冠科技-001308.SZ-公司信息更新报告_股权激励绑定核心人才_持续成长信心十足_4页_432kb.pdf
/1/4 001308.SZ 2023 02 25 2023/2/24()36.90()70.33/26.84()193.07()20.37()5.23()0.55 3(%)236.29 2022 yoy+65.99%-+70.13%Q4-2023.1.3 Q3 yoy+39.58%-2022.10.24 Q3+-2022.10.11 S0790522080008 2 23 2023 1 1939.71 5.23 3.71%2 1214 1209 97.56%3.62%2022-2024 15.5/19/24 yoy68.2%/22.7%/26.2%EPS 2.97/3.64/4.59 PE 12.4/10.1/8“”1 29.65/2 2022 2023-2025 15%30%50%12%24%40%2022Q4/2023Q1 5-10%20%-30%2023 1 Omdia 2023Q2 19%ODM LG local king 2 2023Q2 3/2020A 2021A 2022E 2023E 2024E()7,414 11,889 13,886 17,064 20,925 YOY(%)5.4 60.4 16.8 22.9 22.6()485 923 1,552 1,904 2,404 YOY(%)-8.7 90.4 68.2 22.7 26.2(%)15.6 15.4 19.5 19.7 20.2(%)6.5 7.8 11.2 11.2 11.5 ROE(%)24.1 34.4 39.1 33.4 30.7 EPS(/)0.93 1.76 2.97 3.64 4.59 P/E()39.8 20.9 12.4 10.1 8.0 P/B()9.6 7.2 4.9 3.4 2.5-60%-40%-20%0%20%2022-02 2022-06 2022-10 300 2/4()2020A 2021A 2022E 2023E 2024E()2020A 2021A 2022E 2023E 2024E 3970 4516 7078 9014 11818 7414 11889 13886 17064 20925 542 951 2353 3803 4913 6255 10062 11177 13700 16695 1117 1721 1925 2342 3017 27 33 53 56 71 91 120 169 157 260 149 203 319 358 441 98 31 153 50 212 145 178 264 278 345 1660 1658 2315 2553 3304 322 476 611 708 873 462 37 162 109 111 80 17-169-32-48 824 861 895 967 1045-15-29-32-40-48 0 0 0 0 0 76 105 78 87 90 604 676 703 768 848 7 8 5 7 7 54 52 60 69 69 7 8 8 8 8 166 133 133 130 128 0 0 0 0 0 4795 5377 7973 9981 12863 505 976 1672 2027 2568 2737 2647 3959 4238 4978 18 11 14 15 15 663 227 406 411 427 6 9 8 8 8 1572 1899 2534 2598 3752 517 978 1679 2033 2575 503 521 1019 1229 800 32 54 126 128 170 44 42 42 42 42 485 924 1553 1905 2405 0 0 0 0 0 0 0 1 1 1 44 42 42 42 42 485 923 1552 1904 2404 2781 2689 4001 4280 5020 EBITDA 599 1038 1715 2043 2559 3 5 5 6 7 EPS()0.93 1.76 2.97 3.64 4.59 360 360 468 468 468 526 526 418 418 418 2020A 2021A 2022E 2023E 2024E 1125 1798 3237 4969 7099 2011 2684 3966 5695 7835(%)5.4 60.4 16.8 22.9 22.6 4795 5377 7973 9981 12863(%)-12.9 93.4 71.4 21.2 26.7(%)-8.7 90.4 68.2 22.7 26.2(%)15.6 15.4 19.5 19.7 20.2(%)6.5 7.8 11.2 11.2 11.5()2020A 2021A 2022E 2023E 2024E ROE(%)24.1 34.4 39.1 33.4 30.7 360 678 1411 1722 1462 ROIC(%)28.3 46.6 76.0 80.3 69.1 485 924 1553 1905 2405 58 75 66 77 90(%)58.0 50.0 50.2 42.9 39.0 80 17-169-32-48(%)6.2-26.8-48.9-59.4-57.2-7-8-8-8-8 1.5 1.7 1.8 2.1 2.4-163-381-6-182-933 0.8 1.1 1.1 1.5 1.6-93 53-25-37-43-218 267-87-133-153 1.7 2.3 2.1 1.9 1.8 119 127 97 150 167 7.0 8.5 7.8 8.1 8.0-112 391 0 0 0 5.9 7.9 6.9 7.4 7.1 14 3 10 17 14-182-516 78-138-200()0.93 1.76 2.97 3.64 4.59 315-436 179 5 16()0.69 1.30 2.70 3.29 2.79 0 0 0 0 0()3.84 5.13 7.58 10.88 14.98 0 0 108 0 0 2 0-108 0 0 P/E 39.8 20.9 12.4 10.1 8.0-499-80-101-143-215 P/B 9.6 7.2 4.9 3.4 2.5-90 427 1402 1450 1110 EV/EBITDA 28.5 15.9 8.9 6.8 5.0 3/4 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20%outperform 5%20%Neutral 5%5%underperform 5%overweight Neutral underperform 612 A 300 500 4/4 1788 1 10 200120 2030 1 45 518000 18 C2 9 100044 1 B 5 710065