20230310_兴业证券_机械行业证券研究报告：流程工业自动化_42页.pdf

请务必阅读正文之后的信息披露和重要声明 industryId investSuggestion(investSuggestionChange)relatedReport emailAuthor 石康 S1220517040001 assAuthor S0190522120004 summary DCS DCS 80%2021 1721 2017-2021 4%2019 68.3/99.4/40.2 2021 400 2021 40.4%2020 2pct DCS DCS 2021 DCS 111.2 2022-2027 5%-6%55.72%DCS title createTime1 2023 3 10 请务必阅读正文之后的信息披露和重要声明-2-1.-5-1.1.-5-1.2.-6-2.-9-2.1-9-2.2.-12-2.3.-17-3 DCS.-20-3.1 50%.-20-3.2.-23-4.-27-4.1.-27-4.2 DCS.-29-4.3.-32-4.4.-34-4.5 SaaS+MEMS.-36-5.-39-1.-6-2 2017-2022.-7-3 2017-2021 EU.-7-4 2021.-8-5 2021 DCS.-8-6 2021.-9-7.-9-8 2015-2021.-10-9 2015-2021.-10-10.-10-11.-11-12.-11-13.-12-14.-12-15.-13-16.-13-17.-14-18 2015-2021.-14-19 2015-2021.-14-20 2021.-15-21 TOP50.-16-22 TOP50.-16-23.-17-24.-17-25.-18-26 2016-2022.-18-27 2019.-19-0YCXxOqNtQoPrPpMsPpQpO6M9R6MpNrRpNsReRnNpMiNmNnN7NnNvMxNpNrRMYnQyR 请务必阅读正文之后的信息披露和重要声明-3-28.-19-29.-19-30 2018-2022.-19-31 2019.-20-32 DCS.-21-33 2016-2021 DCS.-21-34 DCS.-22-35 2017-2022.-24-36.-24-37 DCS.-25-38 2018-2022.-25-39 2014-2022.-26-40 2016-2021 DCS.-26-41 2011-2020.-26-42.-27-43 2021.-27-44 2018-2022.-28-45 2018-2022.-28-46.-28-47 2018-2021.-29-48 2011-2021 DCS.-30-49 2018-2021.-31-50 2018-2021.-31-51 2018-2022.-31-52 2018-2022.-31-53 3.0+.-32-54 3.0+.-32-55 2016-2021.-32-56 2021.-33-57 2017-2022.-33-58 2017-2022.-33-59 2018-2021.-34-60.-34-61.-35-62 2021.-35-63 2017-2022Q3.-35-64 2017-2022Q3.-35-65 2021.-36-66 2017-2021.-36-67 2022.-37-68 2017-2022Q3.-38-69 2017-2022Q3.-38-70 2017-2021.-38-71 2018-2022Q3.-38-72 2019-2021 3.-38-73.-39-请务必阅读正文之后的信息披露和重要声明-4-1.-5-2.-7-3.-15-4.-16-5.-18-6.-20-7 DCS.-22-8 2021-2022.-23-9 2022.-29-10.-30-11 3.-31-12.-37-13.-39-请务必阅读正文之后的信息披露和重要声明-5-1 1.1 PA,Process Automation FA,Factory Automation DCS Distributed Control System PLC Program Logic Control 1:DCS+:PLC+IBM DCS SIS 请务必阅读正文之后的信息披露和重要声明-6-DCS SIS DCS 1 2021 1.2 2021 2923 16.8%MIR 2021 2923 16.83%2017-2021 5.92%2022 3196 9.34%请务必阅读正文之后的信息披露和重要声明-7-2 2017-2022 MIR MIR OEM Original Equipment Manufacturer EU(End User)OEM 3C EU EU MIR 2021 EU 1721 10.32%2017-2021 4.04%2 OEM EU 3C 2021 3 2017-2021 EU MIR 23222500 2482 25022923319616.83%9.34%-5%0%5%10%15%20%05001000150020002500300035002017 2018 2019 2020 2021 2022E%-6%-4%-2%0%2%4%6%8%10%12%13001350140014501500155016001650170017502017 2018 2019 2020 2021EU EU%请务必阅读正文之后的信息披露和重要声明-8-2021 2021 38%35%DCS 2021 18%20%18%16%22%15%16%13%4 2021 80%DCS 2021 DCS 37.24%23.63%19.43%80.3%5 2021 DCS 2017-2021 2017-2021 20%2021-10%0%10%20%30%40%50%,37.24%,23.63%,19.43%,19.70%请务必阅读正文之后的信息披露和重要声明-9-25%6 2021 2 2.1 2019-2021 2019 7243 2021 9101 12.1%2019 2512 2021 3685 21.1%7 请务必阅读正文之后的信息披露和重要声明-10-8 2015-2021 9 2015-2021 10-20%-10%0%10%20%30%0200040006000800010000120002015 2016 2017 2018 2019 2020 2021%-30%-20%-10%0%10%20%30%40%010002000300040002015 2016 2017 2018 2019 2020 2021%请务必阅读正文之后的信息披露和重要声明-11-11 12 请务必阅读正文之后的信息披露和重要声明-12-13 14 2.2 请务必阅读正文之后的信息披露和重要声明-13-15 16 请务必阅读正文之后的信息披露和重要声明-14-17 400 2015-2021 10.5%2015 902 2021 1750 6.6%2021 392.6 18%2015-2021 10.49%18 2015-2021 19 2015-2021 902956104310901234152517500%5%10%15%20%25%05001000150020002015 2016 2017 2018 2019 2020 2021%215.8208.8232.8270.2250.9332.7392.6-10%0%10%20%30%40%01002003004005002015 2016 2017 2018 2019 2020 2021%请务必阅读正文之后的信息披露和重要声明-15-70%2021 39.26%15.87%13.17%70%20 2021 2021 0.84 12.18%2022 1.22 29.5%2022 年 1.7 3 10/10 20 16 40 40 2021 40.4%石化化工,39.26%发电,15.87%石油天然气,13.17%轻工,12.75%冶金钢铁,5.85%其他,13.10%请务必阅读正文之后的信息披露和重要声明-16-TOP50 2015 32.9%2021 40.4%134.6 2021 198.93 60%2019 21 TOP50 22 TOP50 Fisher 4 Fisher Flowserve Samson KOSO 0%20%40%60%80%01002003004002015 2016 2017 2018 2019 2020 2021%-20%-10%0%10%20%30%2016 2017 2018 2019 2020 2021%请务必阅读正文之后的信息披露和重要声明-17-2.3 23 24 200 500 Markets and Markets 2021 206 请务必阅读正文之后的信息披露和重要声明-18-2026 319 2021-2026 9.1%2016 267.5 2021 455.2 11.22%2022 492.3 25 26 2016-2022 Markets and Markets Statista 5+MEMS Micro-Electro-Mechanical System&2019 99.4 21.5%68.3 14.8%2063190501001502002503003502021 2026E 267.5298.8333.8373.9417.7455.2492.30%2%4%6%8%10%12%14%01002003004005006002016 2017 2018 2019 2020 2021 2022E%请务必阅读正文之后的信息披露和重要声明-19-2017 27 2019 28 MIR 29 40 Markets and Markets 2022 29 2022-2027 3.8%2027 35 2020 2019 40.2 9.2%2020-2022 3%2022 44 29 30 2018-2022 Markets and Markets 99.468.3 67.956.449 48.173.2020406080100120 24.4%26.0%28.0%29.5%31.4%37.5%36.7%35.4%34.6%33.5%38.1%37.3%36.6%35.9%35.1%0%20%40%60%80%100%2017 2018 2019 2020 2021 293505101520253035402022 2027E 36.65 40.20 41.41 42.65 43.93 0%2%4%6%8%10%32343638404244462018 2019 2020E 2021E 2022E%请务必阅读正文之后的信息披露和重要声明-20-2019 28.6%24.2%5.6%1.1%31 2019 6 0.04%0.04%0.05%0.075%0.025%0.025%0.035%0.05%-0.1%/10 0.1%/10-70MPa 40MPa-3 DCS 3.1 50%DCS DCS,28.6%,24.2%,5.6%,1.1%,40.5%请务必阅读正文之后的信息披露和重要声明-21-32 DCS DCS 2022-2027 5%-6%2022 2021 DCS 111.2 24.6%DCS 2016-2021 13.04%2022 2027 DCS 5%-6%2027 153.3 33 2016-2021 DCS 50%2021 DCS 55.7%0%5%10%15%20%25%30%0204060801001202016 2017 2018 2019 2020 2021%请务必阅读正文之后的信息披露和重要声明-22-ABB 2019 40.7%12.9%11.7%29.7%20.8%17.6%34 DCS 2020 DCS 2019 DCS 2019 DCS 2020 7 DCS DCS ABB,28.5%,15.9%,16.5%,8.8%,6.9%,4.9%ABB,6.0%,3.3%,3.0%,6.8%,12.90%,11.70%,40.70%,10.80%,3.50%,5.90%ABB,1.60%,0.40%,1.40%,11.10%,20.80%,17.60%,29.70%,10.00%,6.90%,8.50%ABB,2.80%,2.20%,1.60%请务必阅读正文之后的信息披露和重要声明-23-3.2 2022 1 2025 80%2022 4 2025 95%DCS DCS 8 2021-2022 2022.07 2022.04 2025 95%30 50 2022.01 2025 80%55%30 2021.12 2025 2035 2025 2021.11 2021.01 2021.06 2035 DCS 2021 5091 10.41%2022 5400 请务必阅读正文之后的信息披露和重要声明-24-35 2017-2022 DCS DCS DCS 36 Turnerwins DCS DCS 8-10 2009 2011 DCS DCS DCS-15%-10%-5%0%5%10%15%20%25%01000200030004000500060002017 2018 2019 2020 2021 2022E%请务必阅读正文之后的信息披露和重要声明-25-37 DCS DCS DCS 2022 22541.9 5.99%2022 1.3%38 2018-2022 DCS 2022 DCS EVTank 2023 2022 957.7GWh 70.3%660.8GWh 97.7%2025 2030 2211.8GWh 6080.4GWh 2022-2030 22.8%-25%-20%-15%-10%-5%0%5%10%05000100001500020000250002018 2019 2020 2021 2022%请务必阅读正文之后的信息披露和重要声明-26-39 2014-2022 EVTank DCS 2016 46.4%2021 55.7%2011 DCS 59.90%2020 76.6%DCS 40 2016-2021 DCS 41 2011-2020 2020 0%20%40%60%80%100%0200400600800100012002014 2015 2016 2017 2018 2019 2020 2021 2022 GWh%53.7%44.3%46.4%55.7%0%20%40%60%80%100%2016 2021%59.9%76.6%0.0%20.0%40.0%60.0%80.0%100.0%2011 2020 5%请务必阅读正文之后的信息披露和重要声明-27-4 4.1 1999 11 1965 2021 85.4%2021 85.40%11.20%2.47%0.46%42 43 2021 2018-2022 15.6%40.2%2022 63.5 15.74%5.41 0.43%4.96 26.28%2018-2022 15.6%40.2%,85.40%,11.20%,2.47%,0.46%,0.47%请务必阅读正文之后的信息披露和重要声明-28-44 2018-2022 45 2018-2022 2017 2018 2021 20 16 40 40 46 2018-2021 2018 7 2021 12 2018 20 2021 30.2 2018 14 2021 27 0%5%10%15%20%25%30%35%01000002000003000004000005000006000007000002018 2019 2020 2021 2022%-50%0%50%100%150%200%01000020000300004000050000600002018 2019 2020 2021 2022%请务必阅读正文之后的信息披露和重要声明-29-100 2023 47 2018-2021 2022 12 559 391.25 10.66/9 2022 1 2023 13.60%75 2 2023 7%3 2023 EV A 0 1 2024 13.80%75 2 2024 7%3 2024 EV A 0 1 2025 14.00%75 2 2025 7%3 2025 EV A 0 4.2 DCS 1999 DCS 2021 DCS 33.8%2020 5.3 DCS DCS 51.1%41.6%29.0%500003020001200005800027000030000179100500001000001500002000002500003000003500002018 2019 2020 2021 请务必阅读正文之后的信息披露和重要声明-30-48 2011-2021 DCS 10 DCS SIS BAS 2021 29.28%21.12%6.37%6.77%2021 72.08%11.43%7.87%13.0%15.2%16.6%17.1%19.9%18.9%22.2%24.7%27.0%28.5%33.8%40.7%44.2%51.1%29.7%34.0%41.6%0.0%10.0%20.0%30.0%40.0%50.0%60.0%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021%请务必阅读正文之后的信息披露和重要声明-31-49 2018-2021 50 2018-2021 2022 66.21 46.5%7.96 36.8%2018-2022 32.7%29.3%51 2018-2022 52 2018-2022“3.0+4.0”2021 32.58 34.84%3.0+5.16 89.96%3.56 35.86%2021 3.0+21.1%11“3.0”“3.0+4.0”“4.0”3.0+3.0+4.0+0%20%40%60%80%100%2018 2019 2020 2021 0%20%40%60%80%100%2018 2019 2020 2021 S2B 0%10%20%30%40%50%0102030405060702018 2019 2020 2021 2022%0%20%40%60%80%02468102018 2019 2020 2021 2022%请务必阅读正文之后的信息披露和重要声明-32-4.0 53“3.0”“3.0+4.0”“4.0”54“3.0”“3.0+4.0”“4.0”2021 BASF DCS 2021 1.84 53.8%55 2016-2021 4.3 2001 2021 87.42%0%20%40%60%80%100%0102030402017 2018 2019 2020 2021 3.0+%3.0+%0%20%40%60%80%100%2017 2018 2019 2020 2021 3.0+-30%-20%-10%0%10%20%30%40%50%60%0.00.20.40.60.81.01.21.41.61.82.02016 2017 2018 2019 2020 2021%请务必阅读正文之后的信息披露和重要声明-33-7.57%4.75%56 2021 2022 8.63 17.47%0.84 33.22%0.82 35.22%2017-2022 22.91%12.09%57 2017-2022 58 2017-2022 62%20%18%50%4S 2022 2018-2021 5000 51.84%44.63%52.53%55.44%,87.42%,7.57%,4.75%,0.25%0%5%10%15%20%25%30%35%02468102017 2018 2019 2020 2021 2022%-30%-20%-10%0%10%20%30%40%0.00.20.40.60.81.02017 2018 2019 2020 2021 2022%请务必阅读正文之后的信息披露和重要声明-34-59 2018-2021 4.4 2003 1 60 2021 58.81%30.30%6.58%4.19%51.84%44.63%52.53%55.44%35.15%36.24%37.55%31.94%0%10%20%30%40%50%60%2018 2019 2020 2021%请务必阅读正文之后的信息披露和重要声明-35-61 62 2021 2021 6.88 0.85 2017-2021 22.92%28.22%2022 7.15 43.13%0.73 8.00%63 2017-2022Q3 64 2017-2022Q3 2021 65.17%13.62%8.00%7.39%2022 1.2 29.5%,58.81%,30.30%,6.58%,4.19%,0.13%-10%0%10%20%30%40%50%60%01000020000300004000050000600007000080000%-20%0%20%40%60%80%100%120%140%0200040006000800010000%请务必阅读正文之后的信息披露和重要声明-36-65 2021 8 2021 15 2022 8 5 2022 3.02 2021 50.62%15 66 2017-2021 4.5 SaaS+MEMS 2004 2022H1 75.75%18.23%,65.17%,13.62%,8.00%,7.39%,5.69%,0.13%76334102588992311165571517660200004000060000800001000001200001400001600002017 2018 2019 2020 2021 请务必阅读正文之后的信息披露和重要声明-37-67 2022 12 ConST810 ConST811A ConST283/ConST273 ConST221/ConST211 ConST221EX/ConST820/ConST326 ConST326Ex/ConST660 ConST670 ConST60X ConST685 ConST680 ConST6801/2017 2.03 2021 3.53 2017-2021 14.88%2017 0.53 2021 0.70 7.21%40%Additel 90%10%2017-2021 36.2%38.3%39.4%38.4%38.5%,75.75%,18.23%,6.01%请务必阅读正文之后的信息披露和重要声明-38-68 2017-2022Q3 69 2017-2022Q3 70 2017-2021 210 41%2021 7692 21.8%34.0%2019-2021 67.37%71 2018-2022Q3 72 2019-2021 3 0%5%10%15%20%25%01234%-30%-20%-10%0%10%20%30%40%50%00.20.40.60.81%0%10%20%30%40%50%60%70%00.511.522.52017 2018 2019 2020 2021%9.85%11.66%15.21%14.29%12.84%0%4%8%12%16%2745.937692.2802000400060008000100002019 2020 2021 请务必阅读正文之后的信息披露和重要声明-39-SaaS Software as a Service MEMS Micro-Electro-Mechanical System 2022 1 55%SaaS MEMS 2019/73“”5 DCS 13(2023/3/9)EPS PE 2022E 2023E 2024E 2022E 2023E 2024E 603100.SH 38.22 1.37 1.66 2.00 27.90 23.00 19.12 688777.SH 99.99 1.60 2.13 2.81 62.49 46.99 35.59 300838.SZ 17.91-请务必阅读正文之后的信息披露和重要声明-40-300445.SZ 13.74 0.38 0.43 0.56 36.48 31.72 24.73 002877.SZ 10.41-EPS Wind 2022 2022 EPS 2023 Wind 请务必阅读正文之后的信息披露和重要声明-41-12 A 300 500 15%5%15%-5%5%-5%/1934 15a-6/36 15 200135 6 SK 32 01-08 100020 5001 T2 52 518035 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告