20230411_华创证券_复合集流体行业证券研究报告：从0到1当前设备更受益材料百家争鸣、潜在弹性高_35页.pdf

2009 1210 2023 04 11 0 1 25/12%/5%152 22-25 CAGR 245%109.1 22-25 CAGR 230%VS 2022 11 3C+20 S0360522080001%()288 0.04()60,414.68 6.29()49,403.87 6.78%1M 6M 12M-2.5%-0.5%-3.9%-6.0%-10.8%-0.9%20230403-20230409 3 2023-04-10 20230403-20230409 2023 2023-04-09 3 4 2023-04-06-16%1%18%35%22/04 22/06 22/09 22/11 23/01 23/042022-04-112023-04-10 300 2009 1210 0-1 1-10 0-1+PP PET 2 2 0YDWzQtOnOoPsMmPrMpQnMaQbP8OtRoOnPmPlOpPrNlOqRnP9PmMxPvPoNsQNZtPqQ 2009 1210 3.7.7.8.9 1.9 2.9 3.9 23 25 150.12.13.13 1.13 2+.14 3.15.16:.17 1.17 2.18:PET PP.19.20.22:.22:.23 1.23 2.24 3.24 4.25.25.27 LCD.27.27 PCB.28.28.29 2009 1210 4.30.31 2009 1210 5 1.7 2.7 3.7 4.7 5 PET.8 6 GWh.8 7 GWh.8 8 PET.9 9.9 10 GWh.10 11.10 12.10 13.11 14.12 15.13 16.13 17.14 18.14 19 PET.15 20.15 21.16 22.16 23.16 24.17 25.17 26.17 27.17 28.17 29.18 30.18 31.18 32.18 33.19 2009 1210 6 34.19 35.20 36.20 37.20 38.21 39.22 40.22 41.22 42.23 43.23 44.24 45.24 46.24 47 ITO.24 48 PCB.25 49.25 50 10GWh.26 51.26 52 2022.27 53 2019-2022Q3.27 54 2022.28 55 2019-2022Q3.28 56 2021.28 57 2019-2022Q3.28 58 2021.29 59 2019-2022Q3.29 60 2022.29 61 2019-2022Q3.29 62 2022H1.30 63 2019-2022H1.30 2009 1210 7 PP PET PI 8m PET 6 m 1.2m 6m PET 4m 1m 1 2 3 4 2009 1210 8 5 PET PET g/cm3 1.38 2.7 8.96 PET-49%-85%/2.60 1.62 6.00 PET 57%-60%/3.59 4.37 53.76 PET-18%-93%WIND 2022 11 11 8m 8 m 6m 6.5m+3C 6 GWh 6 m PET 12 m PET/GWh 35.68 11.89 5.83 0.97 PET/GWh 1.79 2.39/GWh 35.68 13.69 5.83 3.36/GWh 690.27 668.3 690.27 687.8 5.17%2.05%0.84%0.49%-3.19%-0.36%wind 20wh/kg 7 GWh 6 m PET 12 m PET/GWh 594.7 198.2 360.0 60.0 PET/GWh 69.0 92.0/GWh 594.7 267.2 360.0 152.0/GWh 3846.2 3518.7 3846.2 3638.2 15.46%7.59%9.36%4.18%PET-8.51%-5.41%wind 2009 1210 9 1 R=L/S L S 6.5 m 4.5 mPET+1 m 6 m 8 PET 6.5 m 4.5 m 6 m m 2 4.5 6 PET W/(m*K)401 0.24 m 1.75*10-8 1014 2 PET PET 9 PET PET 3 2.4 5 GWh 600 GWh 0.3/GWh 1.4-1.8 11.5 GWh 1000 GWh 0.72/GWh 2.4 2009 1210 10 10 GWh 11 PET/PP 20 30nm/min 6/1000/GWh 6 m 3.2/3.8/4.1/12 WIND 0.000.100.200.300.400.500.600.700.80电解铜箔 复合铜箔 GWh 2009 1210 11 3/1500/1200/12 7m/min 1.2m 87%85%8%68%4.2/20 15m/min 1.3m 83%2.7/13 wind 2009 1210 12 23 25 150 25 2441GWh 1000/GWh PET+23 22-25 0.6%/1.5%/2.5%/5%0.5%/2.0%/5.0%/12.0%22/2.6/4.6/23-25 3%25/12.2/29.3 29.0/123.0 22-25 169%/282%22 1200/GWh/3000/3600/GWh 400/GWh 22-25 10%25/6.9/45.5/45.5/11.1 133%/248%/248%/224%14 SNEresearch 2009 1210 13 1 15+-16 2009 1210 14 2+1 m-17 PCB BMS+10-40nm 1 m 嵙 18 2009 1210 15 19 PET 嵙+BMS+20+3 5-15nm 1000nm-20-30 2009 1210 16 21 22 ZL202211050705.5 23 2009 1210 17 24:1 PVD Ar+25 26 27 28 2009 1210 18 29 30 1 2 3 31 32 2 100-300/2900/2009 1210 19 33:PET PP PET PP PET PP PI PET PI PP PET 34/PET 265 1.38 2.61 3.60 PP 176 0.91 0.86 0.78 PI 500 1.38 60 PE 135 0.93 0.91 0.85 PVC 120150 1.4 0.609 0.85 PS 240 1.05 1.15 1.21 PPS 285 1.36 7.59 10.32 WIND 0500100015002000250030003500 2009 1210 20 35 PET PP PI/+36 37 2009 1210 21 38 2009 1210 22:+0 1 17 22 1 2.5 5 39 2017 2021 4.5um 2022 5 2.5 5 40 41 2009 1210 23 42 昇 昇 昇 sonics:1 10+ITO()PCB 43 LED+23Q2 PET+23.5+22.10+23Q4 10 1+500+PET+2009 1210 24 2 PET 44 45 ITO SiO2 ITO ITO ITO ITO Indium Tin Oxides 46 47 ITO OLEDindustry OLEDindustry 3 PCB()()2009 1210 25 48 PCB 4 6.5 m 4.5 m+1 m 6 m+6 m+6 m 4 m PET 49+4.5 mPET+1m 10GWh 1 1.15/1/3.0/3.0/0.4 20%/20%/22%2009 1210 26 0.6/0.6/0.09 PET 0.2/0.04 10/15%0.01 0.2/20%0.04 1.2/2%0.02 50 10GWh 10GWh 复合铜 箔电池需求量 单位 单 价或单位投 资假设 单位 10GWh 需求 对应 价值量（亿元）净 利率假设 10GWh 对应：单位净利（亿元）10000 4.6/4.6 25%1.15 20 1500/3.0 20%0.60 30 1000/3.0 20%0.60 10 GWh 400/GWh 0.4 22%0.09 PET 10000 0.2/0.2 20%0.04 10000 0.2/0.2 20%0.04 71.68 10/0.1 15%0.01 1738 6.9/1.2 2%0.02 22 22 21 51 WIND 51%2009 1210 27 LCD LED LED LED 2022 7.39 9.85%-1.15 22.72%-1.18 23.91%A 2021 22 7 60 23 1 62 23 1.5 52 2022 53 2019-2022Q3 WIND WIND 4.25 23 1.3 23 7.95 19-21 7.1%47.8%22 5 23 3 11.7 2022 21 37.97%3.05 7.86%2022 8 30 3 500+LED,355.3,122.3,11.9-1400%-1200%-1000%-800%-600%-400%-200%0%200%-50005001,0001,5002,0002019 2020 2021 2022Q1-3 2009 1210 28 54 2022 55 2019-2022Q3 WIND WIND PCB PCB 2022 6.82 20.98%1.45 31.56%1.35 26.53%2.13 L D 10 5 40 22 12 24 56 2021 57 2019-2022Q3 WIND WIND 22 2022 4 99%2022 6 4.25 51%,1,014.3,389.3,3.6-100%-50%0%50%100%150%200%250%05001,0001,5002,0002,5002019 2020 2021 2022Q1-3 PCB,662.0,73.8,56.5,9.7,2.7 0%10%20%30%40%50%60%70%80%90%01002003004005006007008009002019 2020 2021 2022Q1-3 2009 1210 29 2022 7 26 1.21 0.64 100%443 3,772 9,375 100%70%75%+10 1um 90%1300mm 58 2021 59 2019-2022Q3 WIND WIND 2022 3.88 43.64%0.85 80.31%2017 GWh 2 60 2022 61 2019-2022Q3 WIND WIND(),503.0,256.1,177.1,119.9,76.6,31.1,10.9-1000%-800%-600%-400%-200%0%200%-50005001000150020002019 2020 2021 2022Q1-3,159.7,39.7,28.0,5.9,4.8,4.5-200%-100%0%100%200%300%400%500%600%700%800%900%0501001502002503003504004502019 2020 2021 2022Q1-3 2009 1210 30 2006 17 2021 8 2022 3.06 0.3 0.46 1 m 0.5-30m/min 3.0 4.5 m 600 1650mm PET/PP 20000 PVD-PVD 62 2022H1 63 2019-2022H1 WIND WIND,232.8,38.5,35.5 0%20%40%60%80%100%120%140%160%01002003004005006002019 2020 2021 2022H1 2009 1210 31 2009 1210 32/2022 5 2 2022 2022 2 2022 1 2 2022 2022 2022 2009 1210 33 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82756803 0755-82871425 0755-83024576 0755-82871425 021-20572536 021-20572551 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572560 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 34(300)6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522 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