深度报告-20230212-华福证券-新莱应材-300260.SZ-科技_消费_医药_三驾马车驱动成长_26页_3mb.pdf

1 Tabl e_First Table_First|Table_ReportType Tabl e_First|Tabl e_Summary 300260.SZ+ASME BPE 2022-2024 3.55 5.10 7.57 PEG 1 2023 46 PE 103.74 Tabl e_First|Tabl e_Summary|Table_Excel 1 1,323 2,054 2,653 3,374 4,418-5%55%29.1%27.2%30.9%83 170 355 510 757 33%106%108.8%43.9%48.3%EPS/0.36 0.75 1.56 2.25 3.34 P/E 186.3 90.6 43.4 30.1 20.3 P/B 13.9 12.1 9.1 7.4 5.7 Tabl e_First|Tabl e_R eportD ate 2023 02 12 Tabl e_First|Tabl e_Rati ng()67.90 103.74 Tabl e_First|Tabl e_M arketInfo/227/153/15809/10678 6.75%57.33/107.5/30.96 Tabl e_First|Tabl e_C hart Tabl e_First|Tabl e_Author:S0210522110003 YZ Tabl e_First|Tabl e_Contacter Tabl e_First|Tabl e_Rel ateRepor t 2|1 2022-2024 7.7 10 15 37%38%40%2 2022-2024 12.72 17.24 21.70 2020-2021 2022-2024 18.69%23.08%26.07%3 2022-2024 6.1 6.5 7.48 2022 40%2023-2024 39%37%AMAT PVD CVD A+A PEG 1 2023 46 PE 103.74 3|1.5 1.1.5 1.2.6 1.3.7 1.4.9 2.10 2.1.10 2.2.11 2.3.13 2.4.14 3.16 3.1.16 3.2.17 3.3.19 4.21 4.1.21 4.2.22 5.23 6.24.4|.5|1.1.1 1991 2000 Valex 2011 2012 AMAT 2019 1992 3A Tetra Pak 2018 2013 ASME BPE 2022 6|2018 1.2 2012 AMAT CNCNA FSC ISO9000 7|1.3 50%1990-2007 2000-2008 2008 Wind 8|2022 Q1-Q3 19.9 34.64%2.75 128.60%50%-60%2021 39.74%2022 Q3 28.82%13.83%Wind Wind Wind Wind 9|1.4 2 0 2 1 12 2 1 1 9 9 1 2 0 0 0 2 0 0 6 2 0 1 1 2 0 1 8 80 1 0 0 2 0 1 6 G NB G NB G NB 2 0 2 1 12 21 8 15 Wind Wind 10|2.2.1 PC 1976 11|Wind 2022 2021 2030 1 6%8%2.2 12|IC IC 70 80%TrendForce 2022 1830 13|2.3 IC World 2020 44 20(45%)16(36%)2 2 2 1 BIS 14|1%2.4 Swagelok VAT Valex Kuze Quartz Ferrotec,Heraeus 10%Edge ring Tokai Carbon.EPP 10%Shower head 10%Pump Alcatel,Pfeiffer,Edwards,Ebara,Ulvac,Leybold,Varian 5%-10%Ceramic 5%-10%RF generator AE,MKS.Kvosan.Daihen 1%-5%Robot Brooks.Yaskawa.Kawasaki.TELRorze.Sankyo.Robostar.RND.Kostek 1%-5%MFC Brooks.MKS.Fuiikin.Horiba.CDK 1%-5%Valve Fu iikin,VAT,MKS,Swagelok,Hamlet 1%Gauge MKS,Inficon 1%O-ring Dupont 1%15|2019 2.8 SS316L EP/2021 PVD CVD 16|3.3.1 2020 46.37%Markets and Markets 2017 396.2 2022 664.5 CAGR 10.89%Markets and Markets 2600 17|2022 3.2 Dr.Ruben Rausing 1929 Akerlund&Rausing 1951 Akerlund&Rausing 10/10 100 500 1000 70 18|Tetra Pak 160 55 2021 115 808 58.1%14.0%9.6%37%28%25%1999+20%80%2000 90%Tetra Pak Tetra Pak 19|5000+3.3 KL 2018 2.6 20|2018 21|4.4.1 2021 1.89 2026 2.34 2000 SARS H1N1 2019-nCov 2016 428 2021 640 2030 1,127 COVID-19 2021 109 2030 308 COVID-19 22|2025 ASME BPE BioPlan Associates 4.2 ASME BPE ASME BPE 23|5.1 2022-2024 7.7 10 15 37%38%40%2 2022-2024 12.72 17.24 21.70 2020-2021 2022-2024 18.69%23.08%26.07%3 2022-2024 6.1 6.5 7.48 2022 40%2023-2024 39%37%2019 2020 2021 2022E 2023E 2024E 782.84 744.44 1044.02 yoy 41.12%-4.91%40.24%28.12%24.91%17.40%263.27 285.65 475.62 yoy-11.56%8.50%66.50%22.58%26.85%30.00%341.12 291.13 532.19 yoy 5.85%-14.65%82.80%30.00%31.40%34.00%1.83 2.58 1387.23 1323.05 2054.41 18.09%-4.63%55.28%27.53%26.70%24.73%2022-2024 26.52 33.74 44.18 3.54 5.10 7.57 A 24|PEG 1 2023 46 PE 103.74 6.1 2 3 4 25|Tabl e_Excel 2:260 265 337 442 2,054 2,653 3,374 4,418 507 743 923 1,179 1,546 1,886 2,343 2,976 71 86 107 136 9 14 18 22 1,033 1,354 1,699 2,095 117 141 172 225 0 0 0 0 83 93 107 136 55 70 90 117 74 92 113 141 1,926 2,518 3,157 3,969 33 28 39 45 0 0 0 0-6-2-3-6 621 743 798 875 0 0 0 0 24 44 114 234 0 0 0 0 69 64 62 61 0 0 0 0 120 120 120 120 10 11 12 10 180 187 193 202 195 408 592 877 1,014 1,158 1,288 1,492 4 4 3 4 1 0 1 1 608 735 889 1,015 198 412 594 880 495 624 780 987 28 57 83 122 1 1 2 2 170 355 511 758 154 199 253 331 0 1 1 1 20 21 21 21 170 354 510 757 133 139 148 163 EPS 0.75 1.56 2.25 3.34 1,412 1,719 2,093 2,518 210 210 210 210 0 0 0 0 42 42 42 42 253 253 253 253 55.3%29.1%27.2%30.9%EBIT 79.6%90.8%43.6%46.3%1,268 1,696 2,090 2,679 105.7%108.8%43.9%48.3%8 8 9 10 24.7%28.9%30.6%32.7%8.3%13.4%15.1%17.2%ROE 13.3%20.8%24.3%28.1%ROIC 11.7%17.5%20.7%24.5%56.6%53.6%52.8%50.7%291 480 664 924 1.4 1.5 1.5 1.6-268-321-345-395 0.6 0.7 0.7 0.7-163-251-201-285 171 129 157 207 0.7 0.7 0.8 0.8 142 29 37 56 77 83 87 84 209 228 235 229-185-233-238-317 0 0 0 0 0.75 1.56 2.25 3.34 64-3 0 0 0.77 0.29 1.37 2.24 5.60 7.49 9.22 11.82 169 127 154 125-49-156-213-299 P/E 91 43 30 20 0 93 0 0 P/B 12 9 7 6-183 111 58 87 EV/EBITDA 62 37 26 19 26|“”“”。6 300 20%6 300 10%20%6 300-10%10%6 300-20%-10%6 300-20%6 300 5%6 300-5%5%6 300-5%1436 MT 20 200120