20230417_太平洋证券_化工新材料行业证券研究报告：电子化学品材料系列_59页.pdf

请务必阅读正文后的重要声明|2023 4 17&S1190522120001 S1190523010001 2 2022 10 7 BIS 2023 3 2023 3 23 80%IC Insights 2016-2021 652 1101 CAGR 11.05%49.05 115.65 15.36%KrF TFT-LCDArray 2021 6.99 ArF 30 2022 KrF ArF LG TFT LG Display 3000 TFT TFT 9840 YWBYzQmRpMqRrPtQtOrOoP7NdN8OnPrRtRsRjMpPrNjMrQuM6MqRtOwMnPpQwMrNoP 3 PCB PCB PCB 63%LCD TFT 30%-40%6.36%13.08%IC g i KrF ArF ArFi IC Insights 2016-2021 652 1101 CAGR 11.05%49.05 115.65 15.36%80%2022 2020 PCB LCD ASML 70%-95%EUV 100%4 KrF 6000 TFT-LCDArray 2022 1.77 53.48%G/I 45.45%KrF 321.85%2021 6.99 ArF ArF 2022 1.1 2 2023 2022 13.38 2.21%1.09 33.92%2022H1 1.23 0.24 G I KrF 2022 KrF ArF 2022 31.67 17.63%4.63 18.88%LG TFT 3000 TFT TFT 9840 5 6 IC IC PCB FPD PCB TFT CF LCD OLED 1 IC PCB FPD SEMI 2 7 X SEMI 65nm 20 5nm 160 8,+3,8 4,PCB PCB PCB LCD TFT ITO TFT-LCD g i KrF ArF 5 PCB 5%50%LCD 6.36%13.08%TFT-LCD 26.48%g 30%i KrF 10%ArF 2%ArFi 2%EUV 6,10 PCB PCB LCD TFT-LCD G I KrF ArF EUV PCB LCD PCB 7 PCB TrendBank 8 PCB 2020 Technavio,11PCB PCB PCB PCB 2022-2026 PCB PCB 94%PCB PCB 63%PCB/75-100 PCB 25-75 PCB,51.70%,33.50%,14.80%9,10 2018,12LCD TFT-LCD;ITO;TFT-LCD 30%-40%6.36%13.08%,63.00%,14.00%TFT-LCD,23.00%TFT DNQ Hg 365nm/436nm Hg 365nm/436nm Hg313nm/365nm/405nm Hg313nm/365nm/405nm Hg313nm/365nm/405nmOC Hg313nm/365nm/405nm 11,13 G 436nm I 365nm KrF 248nm ArF 193nm EUV 13.5nm G 436nm 6-0.5um I 365nm 6 8-0.25-0.5um KrF 248nm 8 248nm/0.13-0.25um ArF 193nm 12 193nm/130-65nm ArFi193nm 134nm 12 193nm/7-65nmEUV 13.5nm 12 EUV 7nm 12,DUV EUV pH 14 IC IC 15 LCD 27.3%PCB 23%21.9%PCB 94%2%28nm 14nm 10nm 27.80%21.90%23.00%27.30%PCB 14 2021-2026,PCB,94%LCD,3%,2%,1%13 Research and Market,16 17 5G 2019 2022 6014.90 2019-2022 CAGR 13.41%145.99 185.75 15 Wind,16 Wind,-20%-10%0%10%20%30%01,0002,0003,0004,0005,0006,0007,0002018 2019 2020 2021 2022-20%-10%0%10%20%30%0204060801001201401601802002018 2019 2020 2021 2022 200230380420292.490100117125187609010313127301002003004005006007008002018 2019 2020 2021 2024E6 8 12/17 IC insights 18 18 IC Insights 2016-2021 652 1101 CAGR 11.05%49.05 115.65 15.36%IDC 2021 6 420 6 8 12 125/131/2024 8 12 187 273/14.37%27.73%02004006008001,0001,2001,4002016 2017 2018 2019 2020 2021 2022E 19 Reportlinker,20,19 2021 93.3 2022 98.6 5.68%2019 82 Reportlinker 2019-2026 6.3%4.8%5.0%5.2%5.4%5.6%5.8%6.0%6.2%6.4%6.6%0204060801001201402019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 0%5%10%15%20%25%30%35%0204060801001202017 2018 2019 2020 2021 2022E 21 SEMI,22 SEMI,20 SEMI 2021 24.71 19.49%31.81 16.09%0%10%20%30%0510152025302016 2017 2018 2019 2020 2021 0%10%20%051015202530352015 2016 2017 2018 2019 2020 2021 23 EUV TECHCET 24 2022 SEMI 21 EUV TECHCET 2020 ArFi 38%KrF 34%G/I 16%ArF 10%EUV 1%G/I EUV 7nm 2025 EUV 10%80%27%JSR 13%17%AZEM,27%,17%JSR,13%,13%DONGJIM,11%,8%,12%16%13%12%34%33%33%10%9%8%38%39%37%1%6%10%0%20%40%60%80%100%2020 2023E 2025EG/I KrF ArF ArFi EUV 26 2022E DIGITIMES 22 G/I KrF ArF EUV KrF ArF G/I ArFi,32%JSR,18%,17%,13%,7%,7%,6%JSR,32%,26%,17%,25%,26%JSR,15%,16%,15%,8%,20%EUV,26%,21%,21%JSR,19%,8%,4%,1%25 EUV TrendBank G/I KrF ArF ArFi EUV JSR 27 wind 23 2022 10 7 BIS 2023 3 3 31 23 40 28%2022/10/7 BIS 2023/1/28 2023/3/8 2023/3/31 6 23 7 29 24 2014.6:2015.1 2025-2017 EUV 193am EUV 2016.09(2016-2020)248nm 193nm PPT 2017.05:2017.12 KrF(248nm)ArF(193nm)2019.12(2019):ArF LCD g/i:2020.07 25%:2020.09:2020.12 28()15:65()15 25%:130()10 25%2021.12 2021 2021.03 2035 2022.03 2022 2022 28 25 1950s 5G AI 2023 3 31 1950-1980 1980-2010 2010-1 1954 2 1958 3 1980 IBM KrF 15 IBM KrF 4 1980 1985 GCA 5 1990 KrF 248nm 1995 6 2011 JSR SEMATECH EUV 7 2016 JSR 248nm 8 2020 KrF ArF ArFi KTFR 1950s VLSI 1980 5G AI 26 30 IC 27 2020 PCB LCD 2021 9 71%7%1986 1989 1992 1995 1998 2001 2004 2007 2010 IC 1M 4M 16M 64M 256M 1G 4G 16G 64G/um1.2 0.8 0.5 0.35 0.25 0.18 0.13 0.1 0.07 g g i Krfi KrfKrfKrf+RET ArfArf+RET F2 PXL IPLF2+RET EPL EUV IPL EBOW 31 46%25%9%7%13%32 ASML2022 28ASML EUV 2022 ASML Nikon Canon 551 15%ArFi ASML 95%ArF ASML 87%KrF ASML 72%EUV ASML 100%2022 ASML 345 2021 36 12%EUV 40 44%EUV 1.7 2021 15%EUV EUV 33 EUV EUV 1 4222 1373 1194 545 236 197 148 JSR 129 1110 10020406080100120140160EUV ArFi ArF KrF i-line2022 2021 34 TrendBank 29 PCB LCD 1-2 IC 2-3 50 35,TrendBank 30 10%-40%1%-6%80%(PGMEA)50%-90%1%36 2020-2025,50%,35%,15%37 31 G I KrF ArF EUV 6 ArF(300-450nm)IC-(300-450nm)IC-G 436nm I 365nmG IC I-KrF KrF(248nm)m-0.25 m IC ArF ArF(193nm)65nm-130nm IC 7nm-45nm IC EUV EUV(13.5nm)7nm IC 38 I G 32 I/G 250nm 248nm 248nm PAG 90%39 PCB PCB 2021 6600/57.33%5/2021 27.51%TFT-LCDarray LED G/I KrF 40,41,33 PAC PAG PAG 2022 10 IGM Resins 2 PAG KrF ArF EUV 8 12 PAC gi 6 8 12 LED PCB PCB 2100/59.25%1000/180/54.50%23/80/31.29%28075/63.0%9 4249 50000 68%5000 49.88%9,250 2022 3 15 600 15000/29.01%1000/42 2018-2022 2023-2030,34 PGMEA PGMEA/PMA PGMEA 2021 50 2022 27.02 1.66%43,8/5/30/37.74%23/69.65%-8%-6%-4%-2%0%2%4%6%16182022242628302018 2019 2020 2021 2022PGMEA 44,35 I KrF ArF I 8 12 KrF 1 0.8-0.9 ArF/1 0.5-0.6 ArF 45,KrF ArF 80%46 36 PGMEA 2021 35%PGMEA 90%2022 12/20/5/30/23/-:5000/-80/36.75%-1.37 600/37 47 38 EUV 02 2018 I/G KrF ArF EUV TFT I 100 G 20 500 02 25 18000 5000 3500 3000 3000 6000 1000 1800 4000 LCD 8000 48 2022 Wind,49 2022 Wind,39 2020 35.54%2021 11 6 2021 8 6.99 ArF ArF ArF 2022 15.08%15.76%63%11%15%1%10%68%5%16%10%1%50 Wind,51 Wind,40 2022 25 8.32%2.98 8.87%2022 17,652 53.48%G/I 45.45%KrF 321.85%-15%-10%-5%0%5%10%15%20%0510152025302014 2015 2016 2017 2018 2019 2020 2021 2022-100%-50%0%50%100%150%200%250%300%0.00.51.01.52.02.53.03.54.04.52014 2015 2016 2017 2018 2019 2020 2021 2022 52 Wind 41 2022 23.86%24.61%-1.16%2022 68 40%TFT-LCDArray 81.14%53 Wind,-5%0%5%10%15%20%25%30%35%40%2020 2021 2022 0%5%10%15%20%25%30%35%40%2014 2015 2016 2017 2018 2019 2020 2021 2022ROE()54,42 KRF KrF 6000 TFT-LCDArray 2022 1.1 2 2023 10/2022 K-1.1 2 I 2022 7 I KrF 2022 6 KrFArF-ArF 2023-EUV-43 KrF 6000 TFT-LCDArray 2022 1.77 53.48%G/I 45.45%KrF 321.85%2021 6.99 ArF ArF 2022 1.1 2 2023 2023/2024 3.83/4.84 64.33/50.97 Wind,年结日：12 月31 日 2022 2023E 2024E 2025E营业总收入（人民币 百万）2500.05 3048.72 3786.79 4549.47增长率（%）7.74%21.95%24.21%20.14%归母净利润（人民币 百万）298.15 383.26 483.70 657.26增长率（%）-8.71%28.55%26.21%35.88%EPS（元/股）0.50 0.64 0.81 1.10市盈率（P/E）61.66 64.33 50.97 37.51 市净率（P/B）6.04 7.20 6.31 5.40 55 2022 Wind,56 2022 Wind,44 2023 2 16 2022 14.53%27.23%,26.62%,24.28%,22.91%,14.53%,7.85%,2.76%,0.95%,21.60%,23.94%,21.60%,27.23%,1.88%,2.35%,1.41%57 Wind,58 Wind,45 2022 13.38 2.21%1.09 33.92%2022 1.23 0.24-20%-10%0%10%20%30%40%50%60%70%80%90%02468101214161820()-50%0%50%100%150%200%0.00.51.01.52.02.5()59 Wind,60 Wind,46 50%2020 57.5%2021 2020 3.28 0%10%20%30%40%50%60%70%2013 2014 2015 2016 2017 2018 2019 2020 2021 0%5%10%15%20%25%30%35%40%61,47 30 G I KrF 2022 KrF ArF K-I-KrF 250nm 130nm KrF ArF-ArF-EUV-48 2022 13.38 2.21%1.09 33.92%2022H1 1.23 0.24 G I KrF 2022 KrF ArF 2022/2023 1.56/2.43 93.65/60.22 Wind,年结日：12 月31 日 2021 2022E 2023E 2024E营业总收入（人民币 百万）1832.09 2012.73 2530.82 3126.90增长率（%）79.21%9.86%25.74%23.55%归母净利润（人民币 百万）201.00 156.35 243.11 373.04增长率（%）161.20%-22.21%55.50%53.45%EPS（元/股）0.59 0.27 0.42 0.64市盈率（P/E）70.81 93.65 60.22 39.25 市净率（P/B）8.86 7.57 6.73 5.74 62 2022 Wind,63 2022 Wind,49 LCD OLED 2022 33.10%20.33%12%11%22%33%22%6%14%33%20%27%64 Wind,65 Wind,50 2022 31.67 17.63%4.63 18.88%2021-8900.68-325.29-30%-20%-10%0%10%20%30%40%50%60%70%80%0510152025303540()-100%-50%0%50%100%150%200%250%300%350%0.00.51.01.52.02.53.03.54.04.55.0()66 Wind,67 Wind,51 LG COTEM 2020 LG Cotem 2021 13.76%2022 18.29%2022 LG Display 0%10%20%30%40%50%60%2018 2019 2020 20212022 0%5%10%15%20%25%30%35%40%68 52 SK LG LG Cotem TFT LG Display 3000 TFT TFT 9840 PCB LG display 45-50%2022 1 5000t/a TFT-LCD 2022 1800 1000 5000 3000 2020 TCL 300/LTPS-TFT 2023 3000/53 2022 31.67 17.63%4.63 18.88%LG Cotem TFT 3000 TFT TFT 9840 2022/2023 5.91/8.29 53.09/37.86 Wind,年结日：12 月31 日 2021 2022E 2023E 2024E营业总收入（人民币 百万）3782.31 4456.81 5681.74 7103.19增长率（%）66.40%17.83%27.48%25.02%归母净利润（人民币 百万）334.75 591.30 829.06 1078.31增长率（%）-18.98%76.64%40.21%30.06%EPS（元/股）0.72 1.24 1.74 2.27市盈率（P/E）113.29 53.09 37.86 29.11 市净率（P/B）6.45 4.85 4.30 3.75 54 30 2022 95.98 8.76%7.03 2.30%30 2022 62.86/2 2023 6 800 IC 2022 7.1 2.61%3424 63.71%PCB LCD JSR TOK LGC SDI 2022 12,000 50,000 UVLED 7000t/a 40.9%20.09%55 1 6 300 5%6 300 5%5%6 300 5%2 6 300 15%6 300 5%15%6 300-5%5%6 300-5%-15%6 300-15%56 13910596682 18519233712 13269957563 13522888135 18811735399 13564966111 17305260759 17267491601 18846036786 18616165006 13122990430 021-58502206 13524364874 18565481133 13554982912 13527560506 17742876221 13728975701 57 58 100044 D 95397 91530000757165982D 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