20240114_招商证券_水下对抗装备行业报告：新域新质布局方向关注水声、无人装备_30页.pdf

|2024 01 14/+QYResearch 2022 20 2029 44 CAGR 12.4%47%2023 3.6 2030 8.2 12.2%,Emergen Research UUV 2020 19.6 2021-2028 15.8%2028 62.2 AUV 16.4%1 2 3 22EPS 23EPS 23PE PB 688143.SH 3.9 0.66 0.49 64.6 3.2*300810.SZ 2.7 0.11-*600764.SH 17.6 0.82 0.93 26.5 2.3-*300065.SZ 6.7-1.09 0.11 84.8 3.4-2024 1 12*wind%107 2.1 1320.8 1.8 1116.6 1.7%1m 6m 12m-11.1-22.3-9.8-6.9-7.7 8.4 1 2024 2023-12-13 2 2023Q3 2023-11-20 3 2023-11-19 S1090514080007-30-20-100102030Jan/23 May/23 Aug/23 Dec/23(%)军工 沪深300 2.5.6.7 1.10 1.10 2.11 3.14 2.15 3.17.19 1.20 1.20 2 2028 UUV 62.2.23 3.23 2.24.25 1.25 2.26 3.27 4.28.29.29 1.5 2.6 3+.6 4.7 5.8 XVDWwPrMtQrQrPmPrMoRoPaQ9RbRsQrRsQrNiNmMrQkPrQsP7NoPrRNZnOrPuOtPxO 3 6.8 7 2023-2029.9 8.9 9.10 10.11 11.11 12 UUV.11 13.12 14.13 15.13 16.14 17 QMY.15 18.16 19 Seaweb.17 20 Seaweb.17 21.18 22 iTrack UB1000A.19 23.20 24 UUV.21 25.21 26.21 27 UUV CAGR 15.8%.23 28 AUV UUV.23 29.25 30.25 31.26 32.26 33.26 34.26 35.27 36.27 37.28 4 38.28 1.8 2.9 3/.14 4 UUV.22 5 UUV.24 6.24 5 1 6 2+3+2019 7 4 8 5 6 1 AIP 9 2 60 20 10 30 24 10 15 15 20 30 35 1.5 6 1 5 10 6 100 20 30 70 600 0.75 2030 8.2 QYResearch 2022 20 2029 44 CAGR 12.4%2023-2029 47%2023 3.6 2030 8.2 12.2%22%19%7 2023-2029 8 QYResearch QYResearch 10 1 1 20 50 SOSUS 20 80 FDS ADS SURTASS MFTA IUSS 20 90 Seaweb PLUSNet DADS 9 11 10 UUV UUV 11 12 UUV 2 1 2017 3 12 5 21()()()()(),1,2,(ROV)13 45%18%22%ROV 15%13 20%14 2 2019 4 19 60 6 10 15 15-20%2012 15%-20%14 16 3 3/726 715 716 2016 701 710 715 23(STL)-15/715 726 0 1000m/2 1 Hz 50 kHz 10 4 dB/m 10 2 dB/m UUV 17 QMY,(UUV AUV),16,18 Seaweb(Seaweb)(Front Resolving Observational Network with Teleme-try FRONT)0.11.0s 100m 1998 Seaweb Seaweb(Sublink2004)2004 10 11 Seaweb Seaweb(Sublink)17 19 Seaweb 20 Seaweb 715 2015 863 715 2022 14 3.07kbps 90%3 5:(simultaneous localization and mapping SLAM)/GNSS 18,(long baseline,LBL)(short baseline,SBL)(ultra short baseline,USBL),21 1970()(20002005)2006 5 8600m 3700m 19 0.2%0.3%;DGPS 2004 1 45m 5cm 30cm 0.2ms 8000m 12000m 0.5m()22 iTrack UB1000A,20,(unmanned undersea vehicle,UUV),UUV,20,1 1/UUV GPS 23(Orca)UUV ROV AUV ROV AUV/2025 UUV UUV 4 AUV AUV 21 24 UUV UUV UUV 2016 UUV UUV Bluefin Iver REMUS,/(ISR)25 26 UUV,CR UUV,;,-X 2020 10619m,2021 10896m;,-L 2018 4,22 2019 1;,HSU001,15km,;,UUV,2023 2 23 2023 XLUUV CSSC-705 4 UUV MANTA UUV 50000kg MANTA 4.5-10kn Bluefin Bluefin-9 60.5kg Bluefin-9 Bluefin-12 Bluefin-21 UUV 0.5-5kn REMUS 37862kg REMUS-100 37kg 1006000 REMUS 1006000m 2270h UUV REMUS-100 Orca UUV 80000kg 45.36t 3000m 8.0kn 2.5 3.0kn 150nmile 10m 8t UUV ISR/MCM Nereus HROV UUV 2800kg/11000 5.56km/h AUV ROV ROV LDUUV-INP 10000kg 1.5m 13.5m 10kn 30 2019 LDUUV-INP Harpsichord-1500kg-2R-4000kg-5.8 0.9 120-2R-7m 1m 27nm 6000m 2000m UUV ISR-1.6m 24m 1.5t 60kn 1000m 18520km 3D Cephalopod-1.8m 6.75m AUSS-AUSS 533mm 21inch 17kn 14/1500kg CR-01 6000 4500 6000 45006000m 3040h.70kg 1.8 23 0.3 1500 1000 30 CSSC-705-Naval News 2 2028 UUV 62.2 Emergen Research UUV 2020 19.6 2021-2028 15.8%2028 62.2 AUV 16.4%27 UUV CAGR 15.8%28 AUV UUV Emergen Research Emergen Research CAGR UUV,CAGR 3 UUV UUV INS/DVL/GPS UUV 24 5 UUV/726 715 716 705 702 710 Wind 2,6/UUV UUV,25,(Hydra)(UFP)(FDECO),29 30 UFP 1 200 CNAS 2018-2022 2019-2020 21 2023 1.41+2.06%20 26 31 32 iFind iFind 2 2017 2019/22 12.60 14.35 2022 62.79%2022 2023 19.40-24.16%1.23-47.03%13 34 iFind iFind-60%-40%-20%0%20%40%60%80%011223342018 2019 2020 2021 2022 2023Q3营业收入（单位：亿元）同比增长率-1000%-800%-600%-400%-200%0%200%-0.6-0.4-0.200.20.40.60.812018 2019 2020 2021 2022 2023Q3归母净利润（单位：亿元）同比增长率-30%-25%-20%-15%-10%-5%0%5%10%15%20%01020304050602018 2019 2020 2021 2022 2023Q3营业收入（单位：亿元）同比增长率-60%-50%-40%-30%-20%-10%0%10%20%30%40%50%01234567892018 2019 2020 2021 2022 2023Q3归母净利润（单位：亿元）同比增长率 27 3 2011 VDR VEIS SCS UDC UDC(UDC)UDC UDC PUE 1.076 UDC 2021 5 100 56 UDC IDC 2022 2022 2022-19.72%22 7.89-1712.82%2023 4.88-20.72%0.09 32.61%2021 25 36-25%-20%-15%-10%-5%0%5%10%0123456789102018 2019 2020 2021 2022 2023Q3营业收入（单位：亿元）同比增长率-2000%-1800%-1600%-1400%-1200%-1000%-800%-600%-400%-200%0%200%-9-8-7-6-5-4-3-2-10122018 2019 2020 2021 2022 2023Q3归母净利润（单位：亿元）同比增长率 28 iFind iFind 4 1 5G 2 3 4 2019-2022 1.78 3.14 CAGR 20.83%4660.55 8076.56 CAGR 20.11%2023Q3 1.34 37.03%0.03 94.45%37 38 iFind iFind-50%-40%-30%-20%-10%0%10%20%30%40%011223342018 2019 2020 2021 2022 2023Q3营业收入（单位：亿元）同比增长率-150%-100%-50%0%50%100%150%00.10.20.30.40.50.60.70.80.92018 2019 2020 2021 2022 2023Q3归母净利润（单位：亿元）同比增长率 29 1+2 QYResearch 2022 20 2029 44 CAGR 12.4%47%2023 3.6 2030 8.2 12.2%3,Emergen Research UUV 2020 19.6 2021-2028 15.8%2028 62.2 AUV 16.4%4 1 2 3 30 6-12 A 300 500 20%5-20%5%5%