锂电铜箔的黄金时代.pdf

1 / 49 - - - - (1) - (2) (3) (1) (2) (3) PCB (4) 2 - - 3 - - - - (1) “ ” (2) (3) -27% 0% 27% 55% 82% 110% 137% 2020-09 2021-01 2021-05 3002 / 49 . . . . . . . . . . . . . . - . - . . . . . . . . . . . . . . . . . . . . . . . . . .3 / 49 . . . . . . . . . . . - . . . - . . . . . - . - . - . - . . . - . - . - . . - . - . - . . - . - . . . . . - . . . .4 / 49 . . . . . . . . . - . . . . . . . . - . . . . . . . .5 / 49 1 1.1 1 - - - - -6 / 49 1 2019 32% 2 - - 27 / 49 3 2020 13% 4 2020 8% 5 +8 / 49 6 2021 7 1.2 8 Know-how9 / 49 3 -10 / 49 1.3 4 911 / 49 5 8m 6m 4.5m 8m - 3.36% 5.73% 1.4 -12 / 49 10 8 m13 / 49 6 2021-2023 2019 2020 2021E 2022E 2023E Gwh 123.87 130.62 215.23 340.20 498.32 Gwh 114.93 163.98 263.20 381.85 497.35 Gwh 238.80 294.60 478.43 722.05 995.67 4.5 m 0.00% 1.28% 5.95% 11.99% 24.56% 6 m 27.57% 38.32% 59.47% 63.96% 57.31% 8 m 72.43% 60.40% 34.58% 24.04% 18.12% 4.5 m 0.00% 0.00% 0.00% 4.15% 8.56% 6 m 0.00% 6.68% 15.50% 33.21% 51.36% 8 m 100.00% 93.32% 84.50% 62.64% 40.08% 4.5 m 0.00% 0.57% 2.68% 7.85% 16.57% 6 m 14.30% 20.71% 35.28% 47.70% 54.34% 8 m 85.70% 78.72% 62.04% 44.46% 29.0914 / 49 2 2.1 8 8 11 202015 / 49 7 FURUKAWA ( m 6 m 9 m 12 m 18 m 35 m 70 m 105 m - - - - - - - - - - - - - - 8 2020 10 2020 Gwh % LG SDI SKI - - -16 / 49 12 2015-2020 6 m 4.5 m - 13 201817 / 49 9 -18 / 49 2.2 14 2020 65% -19 / 49 10 7.53 / 15 2018-202020 / 49 2.3 16 2.3.1 17 1821 / 49 - - 7 76% 5 11 250 1922 / 49 - - - 12 2.3.2 ,23 / 49 - 13 6m 7-8m 8m 2.3.3 - -24 / 49 20 2015-2020 21 2015-2020 2.3.4 2 - - 14 10 5-6 1 2 3 4 5 6 - - - - - - - - - - 0.00 1.50 3.00 4.50 8.00 10.00 2.425 / 49 2.4.1 2021-2023 24.11% 2021 50.07 - - -26 / 49 15 2023 77.13 / 2020 2021E 2022E 2023E 24.85 30.70 41.90 54.11 77.10 5.15 5.35 5.85 6.05 14.80 30.00 36.05 47.75 60.16 91.90 42.86 50.07 63.67 77.13 114.88 16 2023 74.03 / 2020 2021E 2022E 2023E = + 20% 40% 60% 80% 10027 / 49 2.4.2 2021-2023 54.37% - 2021-2023 6 m 9.35 14.85 22.28 54.37% 17 2023 22.28 / 6m 2020 2021E 2022E 2023E 13.95 17.00 22.85 29.71 - - 6 m % 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 6 m - 6.80 12.57 20.80 4.88 9.35 14.85 22.28 - 11.05 17.14 23.7728 / 49 3 22 2021-202529 / 49 3.1 3.1.1 - 23 2021-2023 - 24 2.0 203530 / 49 3.1.2 - 25 2021 3.1.3 3.231 / 49 5 3C 5G - - - 26 5G 2021-2023 27 2021-202332 / 49 3.3 28 2021-2025 CAGR 56% 29 2020 8933 / 49 3.4 3 35.43% - - - -34 / 49 18 2023 65.50 / 2019 2020 2021E 2022E 2023E - - - - - - - - - ( 19.10 23.11 35.72 50.71 65.50 YOY - 20.99% 54.54% 41.99% 29.1635 / 49 - 4 2021 4.1 3 - 30 2021-202336 / 49 31 2021-2023 32 2021-2023 4.2 2021 - 8 m37 / 49 33 2021 34 2021-2023 35 2021-202338 / 49 - 5 5.1 5.1.1 36 2020 37 202039 / 49 5.1.2 5.2 5.2.1 3840 / 49 5.2.2 - 19 8 m 5000 208 % 0.32% 6 m 5000 155 % 0.29% 4.5 m 5000 120 % 0.25% 5.2.341 / 49 20 8 m / 8 m 6 m 4.5 m 4.0 4565 3410 2640 4.5 4773 3565 2760 5.0 4980 3720 2880 5.5 5188 3875 3000 6.0 5395 4030 3120 6.5 5603 4185 3240 7.0 5810 4340 3360 7.5 6018 4495 3480 8.0 6225 4650 3600 8.5 6433 4805 3720 9.0 6640 4960 384042 / 49 39 6 m 8 m 6 6.1 -43 / 49 40 2018-2020 8.7 5000 1.5 2 1.5 4144 / 49 6.2 42 2020 -45 / 49 43 6.3 2025 6.5 / 1.5 546 / 49 44 6.4 4547 / 49 16 / 46 47 21 / EPS / PE 2020A 2021E 2022E 2023E 2020A 2021E 2022E 2023E - - - - - - - - 748 / 4949 / 49