20230313_招商证券_通信行业证券研究报告：运营商系列_27页.pdf

|2023 03 13 TMT/“”“5G”“”“”5G 1 2 3 PCB 4 5 6 7 5G 8 IPTV 2022 5.9 IPTV 1 2 3 4 IPTV 5 IDC&1 IDC 2 IDC 3 IDC 4 IDC 5 PCB 6 7 8 9&10 11 12 13 14 15 16 17%181 3.7 27067 3.3 18918 2.7%1m 6m 12m-0.8-2.5 2.3 5.1 1 3 2023-03-02 2 2 2023-03-02 3 3 2023-02-26 S1090522060001-30-20-1001020Mar/22 Jul/22 Oct/22 Feb/23(%)通信 沪深300 5 2 21EPS 22EPS 23EPS 22PE 23PE PB 98.34 5.43 5.86 6.42 16.8 15.3 1.7 7.26 0.28 0.32 0.35 22.9 20.5 1.6 6.05 0.20 0.23 0.27 26.4 22.7 1.2 34.01 1.44 1.71 2.04 19.9 16.7 2.7 27.98 0.75 0.82 0.98 34.2 28.6 2.6 54.90 0.91 1.04 1.30 52.8 42.3 11.9 65.74-0.01 1.23 1.94 53.6 33.9 18.6 15.01 0.21 0.23 0.30 66.5 50.7 6.6 34.76 1.09 1.54 1.84 22.5 18.9 2.4 40.19 0.78 1.01 1.34 39.8 30.0 6.4 28.85 0.37 0.43 0.60 66.6 47.7 3.5 ZXBYwPmRmPoPqOsRrMpQpObRcM6MoMqQnPmPeRqQsRjMoPrN6MrRvNuOtOqRxNoOnR 3.5 1.5 2.6 1.6 2.7 3.7 4.8 5 5G.9 IPTV.10 1.10 2.11 1.11 2.12 3.12 4 IPTV.13 5.14.15 1.15 2.16 1 IDC.16 2 IDC.19 3.22.24 1 2022H1.5 2.5 3.6 4 2022H1.10 4 5.10 6.11 7 2022H1.15 8.15 9.16 10.25 1.6 2.7 3.8 4.8 5 5G.9 6.11 7.12 8.12 9 IPTV.13 10.14 11 IDC.16 12 IDC.17 13 IDC.18 14 IDC.19 15.20 16&.20 17.21 18 IDC.22 19.23 20.23 21.24 22.24 5 1,5G 5G 4G 5G 4G 5G SIM VR/AR 2022 H1 60.06%193 IP 5G 2022 H3 2 8.4 5G 2.0 2022 H1 44.72%5G 5G 5G 5G 2022 H1 52.73%1 2022H1 2 5G 1 2 3 PCB 4 5 6 60.06%44.72%52.73%0%10%20%30%40%50%60%70%中国移动 中国联通 中国电信 6 7 5G 8 3 Wind 2 1 PCB 1()()ROE 925.6:65%;:24%;:11%66.9 37%7%14%6368:44%;:38%;:16%1137 18%ICT 228.2:67%;LCM:15%;:11%;LED:8%15.8 17%7%13%20.3:63%;:26%;:8%;:3%1.0 21%5%-6%7 16.2:68%;:21%;:9%;:2%2.5 24%15%10%11.2:59%;:16%;:13%;:9%;:4%0.7 20%6%2%8.2:31%;:24%;:18%;:13%;:10%;:3%-0.3 7%-3%-54%104.9:63%;:17%;:14%;:4%;:2%11.8 26%11%19%PCB 57.6:65%;:23%;:7%;:5%9.2 30%16%16%41.5 PCB:75%;IC:13%;:8%;:3%4.9 30%12%18%136.8 82%18%12.7 22%9%25%2022 2021 2021 2 2()()ROE 921.7:86%;DAS:5%;:5%;3%87.9 9%4%3 8 3()()ROE 60.9:66%;:18%;:14%;IDC:2%3.4 19%6%10%2.2:46%;:15%;:11%;IDC:10%;:8%;:7%;:3%-0.5 10%-22%-51%6.5:39%;:32%;:23%;:7%0.5 20%8%-46%8.0 5G:53%;:31%;:16%0.2 13%2%2%3.4:53%;:46%;:1%;0.2 22%6%4%692.5:51%;:31%;:18%19.6 11%3%8%4(EDI 4()()ROE 678.2:90%;:9%7.0 3%1%16%9()()ROE 28.3:42%;:15%;:13%;:13%;:8%;:8%-1.0 7%-4%-8%10.7:55%;:38%;:5%;:2%;5G:1%-0.6 21%-6%-1%38.8 3G-IT:67%;:15%;-:15%;:3%2.1 7%5%0%35.1:69%;:22%;:6%;:2%0.7 14%2%1%6.5:39%;:32%;:23%;:7%0.5 20%8%-46%3.0:42%;:39%;:7%;:13%0.1 55%2%11%5 5G 5G RCS,),App 5 5G()()ROE 24.8:91%;:9%0.1 11%0%-5%B2C 10 IPTV 1+HDICT 2022 H1 13.93%5G 5G Wi-Fi FTTR 8,000 APP 2022 H1 14.29%+WiFi+2022 H1 27.06%4 2022H1 5 2022 2022 5.9 CATV 1 2 3 4 CATV 5 13.93%14.29%27.06%0%5%10%15%20%25%30%中国移动 中国联通 中国电信 11 6 Wind 2 1 4K WiFi WiFi 4K IPTV 6()()ROE 215.3:66%,:23%,:12%3.1 22%1%3%23.4:94%,:5%,:1%2.1 21%9%9%32.5:45%,:26%,:25%,IoT:3%,5G:1%1.8 12%6%22%12 2.OLT ONU ODN OLT ONU OLT ONU OLT OLT OLT 7()()ROE 215.3:66%,:23%,:12%3.1 22%1%3%10.1 98%;:2%1.2 19%12%14%28.4:38%,:33%,:16%,:13%0.7 15%3%4%,6.9:86%,:8%,:6%0.2 27%2%-20%14.6:51%,:22%,:14%,:9%,:2%,:2%0.5 40%3%-36%8.6 ODN:40%,:36%,:12%,:10%,:2%-0.3 17%-4%1%3 8()()ROE 13()()ROE 292:24%,:22%,:21%,:16%,:11%,:5%,:1%25.3 19%9%1%ICT 346.5:42%,:17%,:15%,:14%,:7%,:5%15.3 16%4%7%102.4:42%,:31%,:27%8.6 23%8%8%18.4:50%,:29%,PCB:18%,:3%0.5 17%3%2%29.9:32%,:29%,:25%,:9%,:2%,:2%1.1 14%4%-28%30.9:34%,:33%,:30%,:4%0.9 12%3%4%24.4:33%,:31%,:14%,:12%,:6%,:4%0.8 17%3%-26%3.1:96%,:4%0.2 33%7%9%4 IPTV IPTV 9 IPTV()()ROE 14()()ROE 90.3:84%;:14%;:2%;:1%7.0 18%8%10%2C 2.5:60%,:29%,:10%-0.4 27%-17%4%5G 32.5:45%,:26%,:25%,IoT:3%,5G:1%1.8 12%6%22%4.2:49%,:28%,:13%,:9%,:1%,:1%0.1 27%2%5%5 RG KSR IT TUV SGS UL TLC 10()()ROE 18.4:50%,:29%,PCB:18%,:3%0.5 17%3%2%5.9:43%,:32%,:20.23%,:3%,5G:2%0.3 25%4%1%12.6:69%,:15%,:8%,:6%,:2%1 15%8%11%6:68%,:29%,:2%0.5 15%7%8%15 1“”“”“”IP 20 5G 5G+AICDE15 5G 5G 2022 H1 26.03%PaaS IaaS 2021 26 48.7%3 2021 60 43%IT 200 8000 2021 60 2022 H1 26.60%5G 5G 2021 989 19.4%5G 2022 H1 22.92%7 2022H1 8 IDC IDC&1 IDC 2 IDC 3 IDC 4 IDC 5 PCB 6 7 8 9&10 26.03%26.60%22.92%21%22%23%24%25%26%27%中国移动 中国联通 中国电信 16 11 12 13 14 15 16 17 9 Wind 2 1 IDC IDC IDC IDC CDN IDC 11 IDC()()ROE 17()()ROE 765.3:70%;:29%;:1%153.0 37%20%22%IDC 198.9:35%;:14%;:6%;:44%82.1 53%41%-2%(90%)IDC 54.7:69%;IDC:30%;:1%3.7 18%7%8%10.9 IDC 99%IDC 1%0.7 27%7%4%82.7 IDC:89%;:11%11.1 29%13%10%IDC CDN 76.5:96%;:4%0.3 2%0%-4%/692.2:99%;IT:1%-113.6 21%-16%-5%IDC IDC IDC Internet Data Center IDC UPS 12 IDC()()ROE 18()()ROE 60.9:50%;-:36%;:12%;-IDC:3%3.4 19%6%10%AIops 244.8:34%;:21%;:15%;:14%;:13%;ICT:2%11.2 15%5%27%ICT 164.8 5G:78%;5G:19%;:3%;:1%6.7 18%4%11%5G 38.6:24%;IT:18%;:15%;RFID:14%;:11%;:7%;:12%-2.0 32%-5%-81%IDC IDC IDC UPS IDC UPS 13 IDC()()ROE 148.5:43%;:42%;:6%;:3%;:6%11.7 30%8%13%155.6:24.36%;:24.36%;:24.32%;:18.96%;:8.00%13.7 28%9%12%19()()ROE 73.2:88%;:12%3.2 19%4%5%41.2:50%;:44%;:4%;:2%2.1 0%0%0%142.2:38%;:33%;:6%;:5%;:5%;:2%;:2%;:9%0.1 20%0%7%IDC IDC UPS IDC UPS UPS UPS IDC UPS 14 IDC()()ROE 274.0:67%;:25%;:3%;:2%;:1%;:1%44.7 31%16%13%364.3 IDC:34%;:26%;:20%;:19%;:2%28.8 31%8%13%172.2:56%;:26%;:11%;:6%;:1%5.6 14%3%-6%IDC 2 IDC 20 15()()ROE 925.6:65%;:24%;:11%66.9 37%7%14%ICT 5389.0 ICT:64%;IT:42%;:-6%164.0 21%5%7%ICT 738.7:84%;:9%;:7%65.4 24%9%10%5276.7:99%;IT:1%154.6 12%3%14%IDC 160.0:54%;PC:33%;:13%10.3 29%7%3%38.2 7000-7200:53%;3000-3200:16%;7000-7100:12%;8000-8100:10%;5000-5200:8%9.2 54%24%6%48.4:51%;:24%;:24%7.3 49%15%19%IDC 124.5:78%;:16%;:6%24.4 37%20%16%IDC 65.8:73%;:13%;:6%13.6 36%21%14%IDC 16&()()ROE 21&5389.0 ICT:64%;IT:42%;:-6%164.0 21%5%7%1081.9:61%;:18%;:5%;:16%55.1 35%8%12%IDC 75.1:31%;:15%;SMB:11%;:43%5.1 37%7%35%SMB 17()()ROE 89.0:85%;:14%;:2%27.7 50%31%17%49.4:54%;:30%;:11%;:5%9.0 37%18%9%10.1:98%;:2%1.2 19%12%14%686.5:97%;:3%85.3 28%12%9%1201.1:48%;:27%;:19%;:5%;:1%90.6 19%7%12%800G 528.1:53%;:47%49.2 22%9%11%241.5:98%;PON:1%;:1%76.2 35%32%18%PON 22 89.0:85%;:14%;:2%27.7 50%31%17%112.3:55%;:14%;:13%;:12%;:6%6.8 20%6%2%283.7:38%;:33%;:16%;:13%7.4 15%3%4%70.4:97%;:1%;:3%15.0 33%21%6%MPO()172.2:56%;:26%;:11%;:6%;:1%5.6 14%3%-6%528.1:53%;:47%49.2 22%9%11%19.3:99%;:1%7.4 63%38%17%IDM 2.5G 25G 68.5:46%;:27%;:26%;:2%6.7 25%10%4%PLC AWG DFB IDC MPO DAC AOC 18 IDC()()ROE 70.4:97%;:1%;:3%15.0 33%21%6%MPO()126.0:79%;:8%;:8%;:5%10.1 15%8%11%AOC 3 23 MVNO IoT 19()()ROE 61.3 AIoT:72%;:22%;:5%6.3 43%10%11%4.0:24%;:20%;:17%;:17%;:14%;:8%0.5 38%11%8%21.0:94%;:4%;:2%-5.5 44%-26%-8%IT OSS 20()()ROE 356.0:65%;:27%;:8%178.1 62%50%28%66.7:70.12%;:29.23%;:0.66%6.5 49%10%1%+25.3:81%;:16%;:4%-4.1 27%-16%4%27.1:99%;:1%2.2 50%8%8%51.4:94%;:4%;:1%;:1%5.3 40%10%-16%117.2:56%;:42%;:1%;:1%-43.2 53%-37%3%24 IIoT 21()()ROE 58.1:71%;:19%;:7%;:2%-5.7 40%-10%1%22.0:71%;:12%;:10%;:3%;:3%6.2 59%28%9%28.5:57%;:26%;:15%;:3%5.1 48%18%15%+22()()ROE 26.2:46%;:23%;:10%;:8%-10.1 74%-39%3%46.3:63%;:36%;:1%4.5 44%10%5%25 10 Wind 26 2022 2022 6-12 A 300 500 20%5-20%5%5%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