Table_MainInfo/2024 03 18 Table_InvestInfo Table_QuoteInfo-35.69%-27.69%-19.69%-11.69%-3.69%4.31%2023/2 2023/5 2023/8 2023/11 Table_ReportInfo 2024.02.03 K Cash 2023.10.23 2023.09.24 Table_AuthorInfo:Tel:(021)23219820 Email:S0850520120001:Tel:(8610)58067941 Email:S0850513110005:Tel:(021)23219244 Email:S0850511010026:Email:S0850523030002:Tel:(021)23154145 Email:S0850522120003:玥 Tel:(021)23219814 Email:S0850520070002:Tel:(021)23219382 Email:S0850512070003:Tel:(021)23183818 Email:S0850515120001+Table_Summary 90%AI 2023-2025 59%24 25 43.45 54.97 24 25 PE 28X 22X 2023 35%/23-25 30%24 25 21.06 27.30 24 25 PE 31X 24X 2024 30-35 PE 91%2022-2025 23.4%3 13 23 24 PE 9.57X 13.27X 24 15-17 PE 2022-2025 18.51%30.16%23-24 3.97 4.88 23-24 PE 22 18 2023 29-30 PE 23H1 25%24 1800 24 25 411 542 PS 0.75X 0.62X 2024 1.0-1.1 PS 24 25 13.09 16.37 2024 14-15 PE 2 Table_Summary 2023 169.55%2023-2025 15%24 25 6.73 8.43 24 25 PE 24X 19X+100%24 25 24 25 PE 20.1X 16.8X 2024 22-26 PE 15%24 25 25.1 29.2 24 25 PE 18X 15X 2024 20-25 PE 23H1 46.4%24 25 28.60 33.66 24 25 PE 10.38X 8.81X:Tel:(010)68067998 Email:S0850519030001:Tel:(010)50949926 Email:S0850517090006:Email:S0850521050003:Tel:010-58067975 Email:S0850522070002:Email:S0850522030002:Tel:(021)23185623 Email:S0850522060001:Tel:(021)23185705 Email:S0850523020001:Tel:(021)23185603 Email:S0850512050003:Tel:(021)23154652 Email:S0850519070001:Tel:(021)23185618 Email:S0850518080005:Tel:(021)23187263 Email:珅 Tel:(021)23185638 Email:Tel:(021)23154145 Email:Tel:(021)23183822 Email:ZXDWwPsPnOpOoQsRrMsNnM8OcMbRmOqQpNsOeRoOsReRnMzR9PpOrRMYmMmNwMmRrP 3“”.8 AI.12.18.24&“”.29.36.42.46“”.51.57.62 EwRZnTeWFGwgLtaTRBtPV7zkDSe1RnSOm2svFrHBRVnyWYcFc8GIjRKyA/E0VFQV 4 1.8 2.8 3.8 4.9 5/YOY.13 6.13 7%.14 8%.14 9 TOP10.14 10.15 11.15 12/YOY.19 13.19 14 2017 IVD 50%.19 15.20 16.20 17 IVD EBITDA Margin.21 18 34().21 19 2021().21 20 2019 2021.25 21 2018-2023H1 YOY.26 22.26 23 YOY.26 24.26 25.30 26.30 27 2017-2025E.31 28 2005-2020.31 29 2017-2025E.31 30 2017-2025E.31 5 31 2017-2025E.31 32 2017-2025E.31 33.34 34/YOY.37 35.37 36 2023 TOP10.37 37.38 38 2023H1.38 39.39 40.39 41.44 42 2019/2023/2024.44 43.44 44.44 45.45 46.45 47 YoY.47 48 2018-2022 2023H1.47 49 2018-2022 2023H1.48 50/YOY.52 51.52 52 vs vs.53 53 vs vs.53 54 vs vs.53 55 vs vs.53 56.55 57 OS.55 58/YOY.58 59 2022.58 60 2016.59 61 2022.59 62.59 63.59 6 64 P.59 65.59 66.63 67.63 68 2019-2023H1.64 69 2019-2023H1.64 70/.66 7 1“”.10 2“”.11 3.13 4.17 5.17 6.23 7.23 8.28 9.28 10.33 11.33 12.34 13.35 14.41 15.45 16.50 17.50 18.56 19.61 20.63 21 2023H1.64 22.65 23 2024.2.28.67 24 2024.2.28.68 8 2023 10 2019 10 1.5 2018 1-1.5-1.0-0.50.00.51.01.52.0 Wind 2023 10 VS 2019 10。:2 170.0180.0190.0200.0210.0220.0230.0240.0250.0-12 Wind 3 3,000.03,500.04,000.04,500.05,000.05,500.0 GDP Wind 9 4 Wind 通信 医药 汽车 交运 电新 电子 家电 机械中际旭创 新产业 乐歌股份 致欧科技 比亚迪 嘉友国际 华明装备 传音控股 石头科技 杰瑞股份2020 69%37%90%-38%-10%98%41%29%2021 75%30%91%-30%-11%98%58%28%2022 87%32%91%-22%-9%99%53%36%2020 69%22%245%252%162%5%92%50%75%24%2021 1%4%-15%-37%-28%-5%45%46%2%-6%2022 40%36%18%4%446%99%-14%-36%-16%42%2020 25%77%47%38%19%15%47%26%51%38%2021 26%71%40%33%13%13%48%21%48%35%2022 29%70%34%32%17%19%49%21%49%33%2020 12%43%11%10%4%11%21%7%30%21%2021 12%38%6%4%2%9%27%8%24%18%2022 13%44%7%5%4%14%21%5%18%20%2020 12%24%24%44%7%18%12%29%32%16%2021 9%19%13%17%4%14%15%32%18%13%2022 10%22%10%15%16%19%12%17%13%15%净利率ROE板块 轻工公司名称海外收入占比利润增速毛利率 10 1 23-25 59%53%23-25 25%23-25 28%2022-2025 23.4%32.0%2022-2025 18.5%30.2%2024 19%37%23-25 CAGR 19%CAGR 34%24 25 PE 28X 22X 24 25 PE 31X 24X 2024 30-35 PE 24 25 PE 13.27X 11.84X 2024 15-17 PE 23-24 PE 22 18 24 25 PS 0.75X 0.62X 2024 1.0-1.1 PS 2022 87%94%2022 32%2023 35%2020 2022 90%-91%2022 56.18%41.14%0.85%2023H1 25%2021 100 10 5 2022 41.14%2022 7 2017 IVD 50%“f lex is p o t.c o m”2023 2023H1 20.7%2023H1 EBITDA/50%2030%13 11 1 2 3 AI 11 2 2024+36.1%+25.1%2023-2025 34%23-25 15%25%20-25%15%24-25 13.4%16.96%2024 14-15 PE 24 25 PE 24X 19X 24 25 PE 20.1X 16.8X 2024 22-26 PE 24 25 PE 18X 15X 2024 20-25 PE 24 25 PE 10.38X 8.81X 2023 1.4 15%0.85 17%2023 99.24%22 23H1 46.43%2023 7 3 OPPO VIVO 23/OPPO/19.4%/12.5%/8.8%/8.1%IRobot 50%MR 2023 P 2023H1 35.28%14.82pct 80%2022 TECNO 6 itel 15 2021 6 Infinix 25 12 AI Table_MainInfox 90%2B 2022 87%94%2010 1 2022 7 AI 2021 Lightcounting 5 CAGR14%2026 176 800G META AI 2023 400G 800G 18-22 23-25 112.53 227.53 284.99 16.7%102.2%25.3%20.81 43.45 54.97 70%108.8%26.5%EPS 2.59 5.41 6.85 AI 13 1.AI 100G 200G 400G 800G 5G FTTX 5/YOY Wind 6 Wind 2B 2B 2C AR 1.1 90%50%3 2022 2023H1 2022 300308.SZ 87%87%94%300502.SZ 80%85%84%300394.SZ 58%76%58%000988.SZ 9%11%12%002281.SZ 37%41%43%54%60%59%Wind 2023H1 14 2018-2022 7%Wind 8%Wind Ofweek LightCounting 2022 TOP10 2010 WTD 2022 Coherent TOP10 Cisco Acacia Intel 9 TOP10 OFweek LightCounting 2023 400G 800G 2023 7 2024 2023 10 2021 2022 22Q4 2023 4 10 25G 50G 100G 200G 100G 400G/800G 2022 15 1.2 AI 800G 2021 Lightcounting 5 CAGR14%2026 176 AI 10 Lightcounting 2021 AI 2023Q4 META 432.41+12.22%+20.74%Microsoft Google+55%45%AI 24Q1 24Q1 2024 2023 2023 2024 AWS AI META 2024 AI AI 11-40%-20%0%20%40%60%80%100%120%140%0501001502002503003504004505002016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q4Amazon Microsoft Google Meta 2.16 1 AI 2023-2025 59%53%2 2024-2025 43.45 54.97 2 28 PE 28X 22X 3 2022 87%94%4 2022 IaaS 69%5 2022 7 6 100G 400G 7 2018 2019 400G OSFP QSFP-DD 2020 12 800G OSFP QSFP-DD 2022 4 400GDR4+100G FR1 800G OSFP 2xFR4 QSFP-DD800DR8+OFC 2022 2023 3 OFC2023 1.6T 8 9 17 1 2 3 AI 3.23-25 112.53 227.53 284.99 16.7%102.2%25.3%20.81 43.45 54.97 70%108.8%26.5%EPS 2.59 5.41 6.85 4 2022 2023E 2024E 2025E 87.46 105.37 220.36 277.83 YoY 37.44%20.47%109.14%26.08%6.66 5.33 5.33 5.33 YoY-25.71%-20.00%0.00%0.00%2.29 1.83 1.83 1.83 YoY-29.95%-20.00%0.00%0.00%96.42 112.53 227.53 284.99 YoY 25.29%16.71%102.19%25.26%(%)29.31%37.50%36.31%36.45%2022 5()EPS PE 2022 2023E 2024E 2022 2023E 2024E 002281.SZ 27.29 216.74 0.87 0.94 1.06 31 29 26 300502.SZ 57.95 411.40 1.78 0.97 1.72 33 60 34 32 44 30 2024 2 28 EPS wind Wind 4.AI 18 2-3 10 39%1995 10 2012 3600 2014 1.02 2022 9.69 2012-2022 CAGR 39%2023 35%22 707.0 2022 970 30%291 1.5%IVD 2022 192.77 165.84 108.49 59.71 90%70%70%EBITDA/50%2030%2022 89%/600 2023 10 2018 MAGLUMI X8 600T/H 2021 100 141 23-25 EPS 2.07 2.68 3.47 22.2%29.8%29.6%2024 30-35 PE 80.42-93.82/19 1./10 12-23 39%1995 2010 2023/29500 9100 151 10 2012 3600 2014 1.02 2022 9.69 2012-2022 CAGR 39%12/YOY Wind 13 0%10%20%30%40%50%60%70%80%90%100%2014 2015 2016 2017 2018 2019 2020 2021 2022()Wind 22 970 IVD Evaluate Medtech 2017 IVD 50%10 70%IVD 2022 970 30%291 2022 4.37 1.5%IVD 2022 192.77 165.84 108.49 59.71 14 2017 IVD 50%20%11%11%9%6%5%4%4%3%1%26%RocheAbbott LaboratoriesDanaherSiemens HealthineersThermo Fisher ScientificBecton DickinsonSysmexbioMerieuxOrtho-Clinical DiagnosticsEXACT Sciences Evaluate Medtech 20 1.1/+2023 2271 54.73%20.28 2023 6.49 31.55%42.10%22.61%15 0%10%20%30%40%50%60%05001000150020002500300035004000450050002019 2020 2021 2022 2023H1()(%)2020-2022 2023 8 25 16-50%0%50%100%150%200%250%300%01000020000300004000050000600002019 2020 2021 2022 2023H1(%)2020-2022 2023 8 25 1.2 90%70%EBITDA/50%2030%/600 23 10 1 70%2 12 EBITDA/50%2030%21 17 IVD EBITDA Margin 0%10%20%30%40%50%60%70%2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Bloomberg Wind 2019 2022 2.5 3 10 34 2023 10 2018 MAGLUMI X8 600T/H 2400T/H 2021 3 MAGLUMI X3 2022 10 MAGLUMI X6 450/2021 100 141 18 34()024681012142015 2016 2017 2018 2019 2020 2021 2022 2023 Bloomberg Wind 19 2021()020406080100120140160()NMPA 2.1 2024 2024 2024-25 3 23-25 33%22 23-25 25%23-25 28%2 24 25 21.06 27.30 24 25 PE 31X 24X 3 10 2012 3600 2014 1.02 2022 32%2023 35%4 2021 39%2021 100 10 5 5 70%IVD 6 90%70%EBITDA/50%2030%7 2018 MAGLUMI X8 600/2021 3 MAGLUMI X3 2022 10 MAGLUMI X6 450/2021 100 141 8/+9 IVD IVD 23 3.23-25 EPS 2.07 2.68 3.47 22.2%29.8%29.6%2024 30-35 PE 80.42-93.82/6 2021 2022 2023E 2024E 2025E 1901.1 2186.8 2983.7 3967.3 5163.3 638.1 853.7 872.7 897.9 897.9 6.2 6.5 9.7 14.6 21.8 2545.4 3047.0 3866.1 4879.8 6083.0YoY 16.0%19.7%26.9%26.2%24.7%Wind 7 EPS PE 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 292.28 7.92 9.59 11.56 13.91 37 30 25 21 61.35 1.99 2.16 2.66 3.27 31 28 23 19 4.96 5.87 7.11 8.59 34 29 24 20 Wind 20240308 EPS Wind 4.24“F l ex i S p ot”“”ODM C FlexiSpot Amazon 20 13 23-24 6.20 4.47 184%-28%PE 9.57 13.27 24 15-17 PE 21.46-24.33/“”2022 29.19 91%10.04 34.39%91%2020 2022 90%-91%Strategy Analytics 2017 840 10%2022 1500 1900 580 200 23H1 4800 25 1.2022 29.19 91%10.04 34.39%91%2020 2022 90%-91%2016 33%21%44%2023 GlobeNewswire 2028 103 7.6%2023 Strategy Analytics 2017 840 10%2021 2019-2021 2022 1500 1900 20 2019 2021 01002003004005006007008009001000 2019 2020 2021 2023 2022 1.1“f l ex i s po t.c om”DTC Direct To Customer 2023 10.51 71.29%8.48%26 21 2018-2023H1 YOY 2018-2022 Wind 22 2023 Google Analytics 1.2 580 FedEx TOP 100 2024 10-15 23 4.6 76.38%3.7 23 YOY 0%20%40%60%80%100%120%140%010000200003000040000500006000070000800002022 2023H1 YOY 2022 Wind 24 2023 2.1 27 2022-2025 23.4%32.0%2 2024 3 13 24 25 PE 13.27X 11.84X 3 2022 29.19 91%10.04 34.39%91%2020 2022 90%-91%4 5 2028 103 23H1 10.51“f l ex i s po t.c om”22 1900 23H1 12 27.58 6 200 23H1 4800 7“F l ex i S po t”“”ODM C FlexiSpot Amazon 20 13 8 9 2015 28 2016 3.23-24 5.34 4.31 6.20 4.47 183%-28%PE 9.57 13.27 24 15-17 PE 21.46-24.33/“”8 2021 2022 2023E 2024E 2025E 28.7 32.1 38.6 48.9 60.3 yoy 48%12%20%26%23%21.6 22.0 23.7 26.1 28.7 yoy 52%2%8%10%10%of 75%68%61%53%48%2.3 1.8 2.0 2.2 2.4 yoy-2%-23%11%11%11%of 8%5%5%4%4%1.7 4.9 9.3 16.8 25.2 yoy 186%90%80%50%of 6%15%24%34%42%3.1 3.5 3.6 3.8 4.0 yoy 12%5%5%5%of 11%11%9%8%7%1.9 2.2 6.2 4.5 5.0 yoy-15%18%184%-28%12%6%7%16%9%8%2021 2022 9 PE 2024E PE 2025E 603600.SH 37 9.5 7.9 603583.SH 67 17.4 13.9 52 13.4 10.9 300729.SZ 55 13.27 11.84 Wind PE Wind 2024 3 13 PE 4.29&/2018-2022 CAGR 36.00%CAGR 57.51%2020 2127.65 31%1800.54 27%2017 7%2022 16%2017 18%2022 35 2018 2022 31.65%FY22 15.96%1 2019-2022H1 3.36%-4.12%2 98%-99%3 2022 2 23-25 3.97 4.88 5.52 58.9%22.8%13.0%23-24 PE 22 18 2023 2930 PE 28.7029.69 2023 1.811.88 PS 30 1.SONGMICS VASAGLE Feandrea Cdiscount ManoMano eBay 2022 54.55-8.58%2018-2022CAGR 36.00%2.50 4.29%2018-2022CAGR 57.51%2023 Q1-3 41.36 0.42%2.86 67.14%25 Wind 26 Wind 1.Euromonitor 2017 2020 1.12%2020 6772.78 2025 8519.84 2014 6.2%2020 17.7%31 27 2017-2025E 65516811 6826 6773708773217791814685204.00.2-0.84.63.36.44.6 4.6-2-10123456701000200030004000500060007000800090002017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E%Euromonitor 28 2005-2020 1.72.22.733.53.84.24.85.46.27.38.49.210.411.517.702468101214161820%Euromonitor Euromonitor 2020 2127.65 31%1800.54 27%Statista 2017 7%2022 16%2017 18%2022 35 29 2017-2025E-4%-2%0%2%4%6%8%10%0500100015002000250030002017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E Euromonitor 30 2017-2025E 0%1%2%3%4%5%6%050010001500200025002017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E Euromonitor 31 2017-2025E 7%8%10%12%14%16%18%20%22%0%5%10%15%20%25%2017 2018 2019 2020 2021 2022 2023E 2024E 2025E Statista 32 2017-2025E 18%21%23%28%32%35%38%42%45%0%10%20%30%40%50%2017 2018 2019 2020 2021 2022 2023E 2024E 2025E Statista 32 2.1 2024&2024 76.31 4.88 2022-2025 18.51%30.16%2 23-25 3.97 4.88 5.52 58.9%22.8%13.0%23-24 PE 22 18 3 2022 56.18%41.14%0.85%4 5 Statista 2017 7%2022 16%2017 18%2022 35 2014 4.2 2022 15.7 17.9%1 Euromonitor 2021 13.58%2021 0.31%1.53%33 10 2021 Inter IKEA Systems BV 11.18%DFS Furniture Co Plc 0.70%Schmidt Groupe 0.65%Jysk Holding A/S 0.56%Maisons du Monde SAS 0.49%13.58%0.31%1.53%Euromonitor 2 Euromonitor 2021 10.79%Ashley Furniture Industries Inc 2021 5.10%Inter IKEA Systems BV 2021 3.27%La-Z-Boy Inc Dorel Industries Inc Klaussner Furniture Group 1%2019 2021 0.09%0.22%0.62%0.89%11 2021 Ashley Furniture Industries Inc 5.10%Inter IKEA Systems BV 3.27%La-Z-Boy Inc 1.18%Dorel Industries Inc 0.69%Klaussner Furniture Group 0.55%10.79%0.22%0.89%Euromonitor 6 1 2 3 34 2018 2022 31.65%FY22 15.96%33 Wind 20XX FY XX 7 1 2019-2022H1 3.36%-4.12%2 98%-99%3 2022 2 8 Cdiscount ManoMano eBay 9 3.12 2022 2023E 2024E 2025E B2C 4331 5017 5941 6973 YoY-10.1%15.8%18.4%17.4%B2B 1047 1339 1690 2107 YoY-8.4%27.9%26.2%24.6%5455 6356 7631 9080 YoY-8.6%16.5%20.1%19.0%31.7%36.5%36.7%36.8%Wind 35 13 PE 2023E PS 2023E 300866.SZ 83.05 20.6 1.9 300592.SZ 19.36 16.4 0.9 002803.SZ 15.98 15.9 0.9 17.6 1.2 Wind PE Wind 2024 03 08 Wind 4.36 2012 2021 2022 2023 55 2012-2022 CAGR 30%2023H1 644.1 25%2024 1800 2024 1800 31%20%4pct 1 6%2 BOM 3 3.5 2023/2024/2025 6190/7379/8808 301/411/542 EPS 10.35/14.13/18.62 PS 2024 3 7 2023/2024/2025 PS 0.89/0.75/0.62 2024 1.0-1.1 PS 7379-8117 253.5-278.8 37 1.1.1 23 1995 2012 2024 2 2021 2022 2023 58 2012-2022 CAGR 30%2023H1 644.1 25%34/YOY Wind 35 Wind 2024 1800 2024 1800 31%20%4pct AutoReview CleanTechnica 2023/21.0%/13.2%/3.7%/3.5%/3.5%Table_PicPe 36 2023 TOP10 AutoReview CleanTechnica 38 2023 300 24.2 334%8%2024 1 3.6 248%18%Table_PicPe 37 2022 7-2024 1 1.2 100%2023H1 20.7%2023H1 17.9%20.5%38 2023H1 Wind 1995 39 2019 3C 6%2023H1 Wh 0.26 2023H1 120 6%BOM 1 2 BOM BOM 2023 3.5 2022 2022 23.6 15.4 UAW 2023 1-8 91.2 2019 44.2 3.5 39 40 Federal Reserve Bank of Chicago 2024/2/27 1=7.2 2.1 2024 2024 19%37%23-25 CAGR 19%CAGR 34%2 40 24 25 411 542 PS 0.75X 0.62X 3 2012 2022 2012-2022 CAGR 30%2023H1 644.1 25%4 5 AutoReview CleanTechnica 2023 CR10 58.9%CR20 74.0%6 2023H1 20.7%2023H1 7 100%8 9 23 9 3.2023/2024/2025 6190/7379/8808 301/411/542 EPS 10.35/14.13/18.62 PS 2024 3 7 2023/2024/2025 PS 0.89/0.75/0.62 2024 1.0-1.1 PS 7379-8117 253.5-278.8 41 14 PS（）2022 2023E 2024E 2025E 2022 2023E 2024E 2025E TSLA.O 39928 5674 6854 8401 10320 7.04 5.83 4.75 3.87 XPEV.N 643 269 320 635 933 2.40 2.01 1.01 0.69 NIO.N 688 493 556 852 1151 1.40 1.24 0.81 0.60 LI.O 2853 453 1239 2165 3118 6.30 2.30 1.32 0.92 2242 3013 3881 4.28 2.84 1.97 1.52 Wind 2024 3 6 2023 2023 4.42 9 1 2022 48.29 42.2%45.7%2.1%2022 9.32 57.8%33.7%8.3%1 23 5392.81 110.6%24 2 7 3 23-25 10.46 13.09 16.37 EPS 1.50 1.87 2.34 2024 14-15 PE 26.23-28.10 43 1 2024 2024 95.65+36.1%13.09+25.1%2023-2025 34%2 24 PE 12.5 2024 2025 25%2024 14-15 PE 3 2022 48.29 20.40 42.2%22.09 45.7%1.01 2.1%PPP 2022 9.32 5.39 57.8%3.14 33.7%0.77 8.3%4 5 7 3 64.67 35.97 10.62 19 19 31%19 13%19 6%6 7 7 3 44 8 9 41 05001000150020002019/1 2020/1 2021/1 2022/1 2023/1 2024/1/18-23/24/42 2019/2023/2024 02004006008001000120014001 2 3 4 5 6 7 8 9 10 11 12 MA7/2019 2023 2024 MA7 43 02004006008001 2 3 4 5 6 7 8 9 10 11 12/2022 2023 2024 44 0501001502002503001 2 3 4 5 6 7 8 9 10 11 12 2022 2023 2024 45 45 05001000150020002500300035002020/122021/22021/42021/62021/82021/102021/122022/22022/42022/62022/82022/102022/122023/22023/42023/62023/82023/102023/122024/2:5#:/46 050010001500200025003000350040002020/122021/22021/42021/62021/82021/102021/122022/22022/42022/62022/82022/102022/122023/22023/42023/62023/82023/102023/122024/2:5#:/15()EPS/PE PS PB 2022 2023E 2024E 2022 2023E 2024E 2023E