20240512_天风证券_非金属新材料行业：Q1折叠手机依旧高增持续关注显示材料机会_22页.pdf
1|2024 05 12 SAC S1110520120003 SAC S1110523120001 SAC S1110522120001Q1 21 T300 T700 2022 1800 1.45 2.85 3/2 UTG 3-5 CCL3 2024 WUDWxOsPtQmNqOmPmRtMrQ9PdN9PtRpPmOmQkPmMqNlOnMoN9PmMxPMYtOrNwMmMwO3 wind wind 2024/05/10 24 25688295.SH 中复神鹰 246.6 27.4 2.7%71.0 47.7300699.SZ 光威复材 225.5 27.1 4.1%22.8 19.3836077.BJ 吉林碳谷 66.9 11.4-2.7%17.7 16.1002088.SZ 鲁阳节能 71.9 14.2 7.2%11.9 10.4600552.SH 凯盛科技 100.7 10.7-2.6%45.9 31.3300632.SZ 光莆股份 30.5 10.0-0.5%-301387.SZ 光大同创 30.7 40.4-5.9%13.5 10.1600458.SH 时代新材 98.5 12.0 0.5%14.8 11.1603330.SH 天洋新材 24.8 5.7 5.7%0.0 7.2001269.SZ 欧晶科技 75.6 39.3 0.0%18.8 12.0色 浆&显 示 材 料 300522.SZ 世名科技 39.8 12.4-1.1%21.1 11.3688157.SH 松井股份 38.7 34.6 5.3%27.9 19.3688571.SH 杭华股份 27.8 6.7-0.7%-688129.SH 东来技术 17.8 14.8 4.6%-603062.SH 麦加芯彩 42.0 38.9 5.5%15.8 12.5600529.SH 山东药玻 190.7 28.7 2.0%18.9 15.9002632.SZ 道明光学 47.8 7.7 2.8%-300057.SZ 万顺新材 44.2 4.9 4.5%-其他市值（亿元）股价 近一周涨跌幅PE碳 纤 维&陶 纤消费电子新能源涂料油墨4+2.7%300+1%+3.9%+0.3%OLED+0.5%+0.6%+9.5%69%+61%+51.2%+39.8%+19.3%+17.7%wind 5 2024/05/11 2024/05/11 wind 61.0%51.2%39.8%19.3%17.7%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%-50.0%0.0%50.0%100.0%150.0%2020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-092023-112024-012024-03()OLED()sDiFFcBXFu1NlW8jFEamnJKvZxvDHl7CnYBIQwX/6MMRFUnTdNPT0/+5ycCCiwdN-Part156 2024.5.6-2024.5.9 96.25/1 T700-12K 140/kg 0/kg 0/kg-5.0/kg-5.0/kg-50/kg2 T300-24/25K 80/kg 0/kg 3.0/kg 3.0/kg 3.0/kg-30.0/kg3 T300-48/50K 75.0/kg 0/kg 3.0/kg 3.0/kg 3.0/kg-22.5/kg T700-12K/kg T300-48/50K/kg 40901401902402904060801001201401607 10650/150/10729/71/T300 0.14/1 10.6/kg-0.2/kg 0.30/kg 1.35/kg 1.00/kg 0.70/kg2 T300-12K 38/kg 0/kg 0/kg 0/kg3 T300-24K 36/kg 0/kg 0/kg 0/kg&/kg Wind/kg 35.035.536.036.537.037.538.038.52024/5/92024/3/222024/2/22023/12/152023/11/022023/10/262023/10/192023/10/122023/10/052023/09/282023/09/212023/09/142023/09/072023/08/312023/08/242023/08/172023/08/102023/08/032023/07/272023/07/202023/07/132023/07/062023/06/29原丝T300(12K)原丝T300(24K)051015202520-0120-0420-0720-1021-0121-0421-0721-1022-0122-0422-0722-1023-0123-0423-0723-1024-0124-048 1 T700-12K 118.8/kg 0.4/kg-0.7/kg-7.7/kg-7.2/kg-51.4/kg2 T300-48/50K 53.8/kg 0.4/kg 2.3/kg 0.3/kg 0.8/kg-23.9/kg T700-12K/kg T300-48/50K/kg 40506070809010011012013040901401902402909 1 25.4/kg 0.2/kg-0.4/kg-1.4/kg2 8.0/kg 0/kg 3.0/kg 3.0/kg/kg T300-24/25K T300-24/25K/kg 0.05.010.015.020.025.030.02023/07/262023/08/052023/08/152023/08/252023/09/042023/09/142023/09/242023/10/042023/10/142023/10/242023/11/032023/11/132023/11/232023/12/032023/12/132023/12/232024/01/022024/01/122024/01/222024/02/012024/02/112024/02/212024/03/022024/03/122024/03/222024/04/012024/04/112024/04/212024/05/01 0%20%40%60%80%100%101 4 28 2024 2024 4.48 21.1%4178.57 68.12%1532.15 86.97%2024 5.12 8.11%1.57 8.24%1.26 19.58%2 4 25 5.6 10.2 20 4 1 3 2600 3 4 23 100%8,958.83 114 4 29 2024 2.02 33.09%-0.55 5 6 5 9 2 7 M55X 5.18 GPa 544GPa 0.95%1 M46X 5.0GPa 437GPa-Part21213 1.5 9 2.0mm 18.25/4 30 3.2mm 26.25/4 30 529 108310/25.75%20.18 2.92 2.72/0102030405020/0420/0620/0820/1020/1221/0221/0421/0621/0821/1021/1222/0222/0422/0622/0822/1022/1223/0223/0423/0623/0823/1023/1224/0224/043.2mm 2.0mm 051015202530350204060801001201401602018/32018/62018/92018/122019/32019/62019/92019/122020/32020/62020/92020/122021/32021/62021/92021/122022/32022/62022/92022/122023/32023/62023/92023/122024/3()14 2.5 5 3.EVA 5.1 4 5 4.SMM SMM 050000100000150000200000250000300000350000400000450000May-23Jun-23Jun-23Jul-23Aug-23Sep-23Sep-23Oct-23Nov-23Nov-23Dec-23Jan-24Jan-24Feb-24Mar-24Mar-24Apr-24石 英 砂 价格（元/吨）内层用（元/吨）中层用（元/吨）外层用（元/吨）0510152016-Dec-2216-Jan-2316-Feb-2316-Mar-2316-Apr-2316-May-2316-Jun-2316-Jul-2316-Aug-2316-Sep-2316-Oct-2316-Nov-2316-Dec-2316-Jan-2416-Feb-2416-Mar-2416-Apr-24光 伏 胶 膜（元/m2）EVA()/EVA()/POE/15 2023 44.13GW 17.27%12 2.85GW-81.16%24 1-3 25.39GW 15GW 2024 1-4 198 20.8%15.28%14.07%2022 2024 2024M1-4 MW 010002000300040005000600070008000 MW-200%-100%0%100%200%300%400%500%05101520253035404550Mar-20May-20Jul-20Sep-20Nov-20Feb-21Apr-21Jun-21Aug-21Oct-21Dec-21Mar-22May-22Jul-22Sep-22Nov-22Feb-23Apr-23Jun-23Aug-23Oct-23Dec-23Mar-24 GW 161 5 9 GWEC 2023 2023 GWEC 2023 30 120.7GW 2023 81.6 GW 2 15 8000 2.5 48.47%3 5 10 10MW 4 500MW 5 200 90 8.8 1875.7761 176 5 7 ISFH HBC 27.30%7 App 8 5 8-Part31819 DSCC TrendForce 2023 1,590 25%1.4%2024 1,770 11%1.5%2025 2%IDC 2024 186 83%vivo 2023 700.7 114.5%IDC-100%0%100%200%300%400%500%600%700%800%012345678出货量 出货 量同 比-50%0%50%100%150%200%250%300%350%400%00.511.522.53其中：中 国市场 出货量同 比20 1 2024 Unity TCL Unity 35.6 6480*960 750cd/m2 95%NTSC TCL Mini LED+LTPS 1440 700,000:12 4 29 TECH EXTENSION Co.TEX TECH EXTENSION TAIWANCO TEX-T BBCube Bumpless Build Cube 3D 20253 5 7 iPad Pro M4 Mini LED OLED 8999 iPad Pro OLED OLED XDR OLED 1000 1600 XDR XDR 4 OLED S95D S90D S85D S85D 55 65 77 OLED 5 21 6 300 6 300 20%10%-20%-10%-10%-10%5%-5%-5%-5%/THANKS22
