深度报告-20221219-东方证券-电站锅炉不锈钢管行业报告_深蹲已过_或迎起跳_18页_957kb.pdf

|Super304H 18Cr-8Ni 2 20GW 2019 21 24%22 11 14 20-22H1 23+-21 21 1000GW 2006 15-16 Super304H 620(300881)(002318)(603878)/2022 12 19 021-63325888*6084 S0860520010002 BTB487 2.4.7.11 1000GW.14.16.16 3 1.5 2.5 3.6 4 Know-How.6 5 2017.7 6 22 Q2-Q3.7 7.8 8.8 9%.8 10 21.8 11 2005-2021.9 12.9 13.9 14.10 15 2021.10 16 22Q1-Q3 40GW GW.11 17 22Q1-Q3 50GW GW.11 18.12 19 21 23.13 20 GW.14 21.14 22“”558GW.14 23 T92.14 1.4 2.6 3.7 4.8 5.10 6.11 7.13 8.15 4 1 T23 T91 T92 Super304H HR3C T2 15CrMoG T23 T2 15CrMoG T23-1 2019 Super304H HR3C 2019 5 1 2 Super304H 2 Super304H Cr Ni Super304H TP347H TP347HFG Super304H HR3C SP2215 Sanicro25 Super304H 18Cr-8Ni 6 2 650 10 MPa 700 10 MPa%Cr Ni Co Mo W Nb Cu TP347H 100/18 10-0.8-=7 Super304H 122 73 18 9-0.4 3.0=7 HR3C 110 65 25 20-0.45-=7 SP2215 137 87 22 15-0.32-0.5 3.5 4-7 Sanicro25 165 102 22.5 25 1.50-3.6 0.5 3.0=7 6-Super304H Super304H 340H 3%Cu TP340HFG 650 TP347HFG 21%HR3C 5%Super304H TP347H TP347HFG HR3C 7-10 3 4 Know-How TP347HFG-TP347HFG-7 2019 Super304H HR3C“”“”“”360 60 2/ASME 3 1 80%ASME 100%2 S30432 w(P)0.03%0.04%3 As Sb Bi Sn Pb 4 TP310HCbN 85HRB 82HRB 5 S30432 7-10 TP310HCbN 2-7 3 TP310HCbN 6 70 60 7 4%0.2-5 2017 6 22 Q2-Q3 Salzgitter Mannesman DMV Tubacex 1.8 2009 80%DMV Tubacex 5000 0.00.51.01.52.02.5yoy-20%-0.2 0.4 0.6 0.8 1.0Q1 Q2 Q32021 2022 8 Super304H 2010 Super304H Super304H IPO 2 2010 9 2012 63%4 1.5 2016 2022 7000 1.5 3 23Q1 23Q2 1 2012 6 1.2 22 11 3“”2 1.2 2 2010 9 7 8/9%10 21-2,000 4,000 6,000 8,000 10,000 12,0002016 2017 2018 2019 2020 2021 E 0500010000150002000025000-200 400 600 8002019 2020 2021-TP347H Super304H 0102030402016 2017 2018 2019 2020 2021-0%5%10%15%20%25%30%-5 10 15 20 252018 2019 2020 2021-9 11 2005-2021 2020 2 5000 2020 2019 1.2 12 13 20%2021 Super304H 1 80%2 98%-10-50510/10152025303540 10 14 5/100%22Q1 9485 80%3.1/731 98%2.6/know-how 21:15 2021 11 22 23 06-07 22 2022 1-11 71GW 22 80GW 06-07 92 72GW 1 23 80GW 21 28GW 186%800-1000/GW 6.4-8.0 16 22Q1-Q3 40GW GW 17 22Q1-Q3 50GW GW 2020-2022 10.8 7.6 22 11#3#4 14 6 MW 2020 6 2x660MW 2X660 8.2 2020 7 2 660MW 2X660 8.1 2021 5 2 1000MW 2X1000 10.1 2021 5 2 1000MW 2X1000 10.8 2021 6 2 1000MW 2X1000 7.7 2022 4 2 1000MW 2X1000 7.6 2022 5 2 1000MW 2X1000 9.1 2022 9 2 1000MW 2X1000 11.7 2022 11 2X1000 13.9 2022 11 2 1000MW 2X1000 14.3 2022 11#3#4 2X1000 13.6 0102030405005101520253035Q1 Q2 Q3 12 23-24+23-24 24 21 4.9-5.7 9.9-10.7 2 2016-2020 80%21 2 4 IPO 18 21 23 23 21 1.7 23 1 2022 22 10 1.1 16%5-6 5.4 23 2.4 0.5 80GW 6.4-8,57%,12%,16%2021,5%,19%,19%2021,81%,19%2020 13 19 21 23 21 21 16-21 16 21 7%16-20 1%5%7-16-20 16-20 21 16-20 21-24%19%7%1%7%-18%15%11%5%7%-23%17%8%-29%18%24%14 1000GW 2021 11.1 1110GW 20 GW 21-15-16 320GW T92 10 10 T92 7.2 2021 4586 15-16 320GW 22 558GW 23 T92 T92-2021 5 330/2021 10 300/-200 400 600 800 1,000 1,2002012 2013 2014 2015 2016 2017 2018 2019 2020 2021010203040500100200300400 g/kWh)(%)0100200300400500600 15 1519 3.5 320GW 8 300/3.5 270/22 1433/0.097/22 20%650 2021()700 10PCT 57%256g/kWh 16%215g/kWh 34%700 620 640-680 650 700 Super304H 620 650 700 Super304H 650 700 HR3C/()Al 650 Super304H 1%HR3C 10%20 5 8600h 16 21 22 23 23+-21 1000GW 1000GW 2006 15-16 Super304H 620 17 Tabl e_Disclai mer 12/15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer