20230720_华安证券_基础化工行业证券研究报告：COC材料产业化加速国产替代空间广阔_23页.pdf

300 COC 2025 4.2 COC 2025 2 0.5 COC/COP 2025 1.2 0.5 COC COC-32%-23%-13%-4%5%15%7/22 10/22 1/23 4/23 7/23 300 行业研 究 敬请参阅末页重要声明及评级说明 2/23 证券研究报告 EPS PE 2022A 2023E 2024E 2022A 2023E 2024E YWBYyRqNtQqRqOoNtOqPrQ8OaOaQnPpPpNpMkPpPqPkPnPrQ6MqRqOMYrQqRuOqNpQ 行业研 究 敬请参阅末页重要声明及评级说明 3/23 证券研究报告 1 COC.5 2.6 3.10 4 COC.18 5.20.22 行业研 究 4/23 1 COC.2 COC.3 2021 COC/COP.4 2025 COC/COP.5.6.7 COC.8 COC.9 COC.10 COC.11.12.13 COC.14 COC.15 COC.16 COC.17.18.19.20.21.22.23/.24.25.26 COC.27.28.29 COC.30.31.32.行业研 究 5/23 1 COC COC“”COC 1 COC 2 COC COC COC 行业研 究 6/23 3 2021 COC/COP 4 2025 COC/COP 2 5 6 53.20%25.30%15.10%6.30%55.40%23.60%14.70%6.30%光学包装医疗其他AP AP 行业研 究 7/23 7 COC APL5014CL APL5016SL APL6509T APL6011T APL6013T APL6015T PC PMMA PS-1.04 1.04 1.02 1.03 1.04 1.04 1.2 1.18 1.05 HDT(1.82MPa)119 139 70 95 115 135 125 75 80 MPa 57 49 60 60 60 60 65 65 45%3 2 60 3 3 3 110 2 3 MPa 3300 3400 2500 2700 3000 3200 2400 3000 3100 MPa 85 68 100 110 110 110 90 110 80 IZOD()J/m 16 11 35 25 25 25 650 20 20-120-125 70 80 80%0.01 0.01 0.01 0.01 0.01 0.01 0.2 0.3 0.03 8 COC 行业研 究 8/23 9 COC 10 COC 11 01020304050602019 2020 2021 2022 2023E全球智能 手机数 量（亿）全球镜头 模组数 量（亿）行业研 究 9/23 COC 12 14pro promax 4 6.5 14plus 2 6.0 14 2 6.0 13pro promax 3 6.3 13 mini 2 6.0 12pro promax 3 6.0 12 mini 2 6.0 11pro promax 3 5.7 11 2 5.5 xs xsmax 2 6.0 xr 1 6.0 x 2 6.0 8plus 2 6.0 8 1 6.0 7plus 2 6.0 7 1 6.0 6/6s/6plus/6splus 1 5.0 COC HUD 行业研 究 10/23 13 COC 14 COC 3 COC/COP 行业研 究 11/23 15 COC 16 COC 17/TOPAS Gerresheimer COP mRNA/APEL/TOPAS Barex Aclar PTP TOPAS TOPAS Plastikos TOPAS Insulet 行业研 究 12/23(UV DMSO DNA TOPAS ThinXXS)COC 18 B20230000509 COP 0.5ml-20ml 2023/7/7 B20210000226/PET/COC Huhtamaki Flexible Packaging Germany GmbH&Co.KG;Huhtamaki Flexible Packaging Germany GmbH&Co.KG;2023/6/29 B20220000044 COP;0.5mL,1mL 2023/6/7 B20180002288 COC SCHOTT Pharma Schweiz AG;SCHOTT Pharma Schweiz AG;/2023/6/2 B20220000503;2ml-250ml 2023/2/21 B20220000628/;2023/2/21 B20170000768 COP;0.5ml 0.8ml 1ml 1ml 1.5ml 2.25ml 3ml 5ml 10ml 20ml 50ml 100ml 2022/9/23 B20220000488 COP;0.5-100ml 2022/9/6 B20180002288 COC SCHOTTSchweizAG;SCHOTTSchweizAG;/2022/8/19 B20210000248;/2022/7/29 B20220000044 COP;/2022/4/1 B20170000957;2022/3/25 B20210000629 BectonDickinsonFranceSAS,BDMedical-PharmaceuticalSystems,BDM-PSCampus;BectonDickinsonFranceSAS,BDMedicalPharmaceuticalSystems,BDM-50ml 2022/2/25 行业研 究 13/23 PSManufacturing;B20210001013/;2022/1/28 B20200000343 COP;/2022/1/7 B20200000178 COP;/2022/1/7 B20210000226/PET/COC HuhtamakiFlexiblePackagingGermanyGmbH&Co.KG;HuhtamakiFlexiblePackagingGermanyGmbH&Co.KG;2021/9/18 B20210000393 COP;D&D;2.0mL 0.5mL 2021/9/18 B20210000033;0.5ml 0.8m l 1.0ml 1.0 ml 1.5ml 2.25m l 3ml 2021/2/25 B20200000686/;0.040mm-0.150mm 2021/2/20 B20190002110;1ml 2020/3/5 B20190001419 COP;1ml-500ml 2020/1/19 B20190001618;2019/9/18 B20180001378;1-250ml 2018/12/7 mRNA 行业研 究 14/23 1 19 2 01000200030004000500060002017 2018 2019 2020 2021 2022 行业研 究 15/23 20 21 22 23/3 050010001500200025003000350040004500 050010001500200025003000350040004500 2017 2018 20190123456782017 2018 2019 行业研 究 16/23 24 25 2021Q1 2021 Q1 26 COC 2020 2021 2022 2023E 2024E 2025E(/(/COC CAGR 25%0501001502002503003504002014201520162017201820192020202120222023E2024E2025E2026E2027E2028E2029E2030E2.31.91.11.32.12.230.600.511.522.533.52014 2015 2016 2017 2018 2019 2020 2021 行业研 究 17/23 27 28 行业研 究 18/23 4 COC COC 行业研 究 19/23 29 COC COC 30 COC TOPAS 3 0.01%91%1 Tg 178 PE 行业研 究 20/23 COP ZEONOR 4.2 PC LCD TV 0.01%92%1 Tg 100-163 LCD ZEONEX 0.01%92%1 Tg 120-160 COC APEL 0.9 AR DVD COC JSR ARTON 0.5 LED DVD/CD 8.6 5 5.1 行业研 究 21/23 31-COC CN115785443A 2022.12 5-2,3-3,6-1,2,3,6-Grubbs1st/Grubbs2nd CN113321768A 2021.7(1)-CN106008766A D-A CN113354775A 2021.7 2022.11(2)CN106008766A D-A CN113354776A 2021.7 2022.11 2-CN105968238A D-A CN113321767A 2021.7 1-CN105968238A D-A CN112661640A 2020.12 2 COP CN110776618A 2019.11 A B/CN110669207A 2019.11 A()B()C()/CN106008766A 2016.6 1-2:2-1 CN105968238A 2016.6/CN104262074A 2014.8+CN112592248A 2020.12()/CN115739007A 2022.12 10-40 2-50 CN115779858A 2022.12 0-120 1-8 0.5-10 行业研 究 22/23 0.5-10 1-10 5.2 32 PE 2023/7/18 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 603722.SH 600143.SH 行业研 究 23/23 33 34 35 6 A 300 500