20230220-国海证券-扬杰科技-300373.SZ-公告点评报告_内生外延强化产能优势_周期复苏经营节奏持续向上_5页_384kb.pdf

2023 02 20()S0350522100001 T ab l e_T i t l e 3 0 0 3 7 3 300 2023/02/20 1M 3M 12M-5.0%-6.2%-5.3%300-1.1%8.7%-11.1%2023/02/20 55.81 52 46.50-86.88 28,617.85 28,563.87 51,277.28 51,180.55 251.79%1.39:2023 2 17 30%2.93 70%:I D M+70%IDM+MOS IGBT 2019 4 2/MOS SiC 2022 1992 2022 1.39 2020 YJ+MCC 2022 2023 2022-2024 61.29/82.02/106.67 11.52/14.54/18.15 EPS 2.25/2.83/3.54 PE 25X/20X/16X-0.2429-0.10680.02920.16530.30140.437422/2 22/3 22/4 22/5 22/7 22/8 22/9 22/1022/1122/12 23/1 23/2 300 2 Table_Forcast1 2021A 2022E 2023E 2024E 4397 6129 8202 10667(%)68 39 34 30 768 1152 1454 1815(%)103 50 26 25 1.50 2.25 2.83 3.54 ROE(%)15 19 19 19 P/E 44.49 24.83 19.69 15.77 P/B 6.77 4.67 3.78 3.05 P/S 7.83 4.67 3.49 2.68 EV/EBITDA 29.40 15.71 12.04 9.07 Wind 3 Table_Forcast 300373 5 5.8 1 2 0 2 3/0 2/2 0 2021A 2022E 2023E 2024E 2021A 2022E 2023E 2024E ROE 15%19%19%19%EPS 1.51 2.25 2.83 3.54 35%36%35%34%BVPS 9.92 11.94 14.78 18.32 8%9%8%8%17%19%18%17%P/E 44.49 24.83 19.69 15.77 P/B 6.77 4.67 3.78 3.05 68%39%34%30%P/S 7.83 4.67 3.49 2.68 103%50%26%25%2021A 2022E 2023E 2024E 0.59 0.70 0.74 0.78 4397 6129 8202 10667 4.31 4.04 4.40 4.20 2853 3896 5344 7016 4.41 6.52 4.79 5.41 14 20 26 35 146 202 262 320 29%28%29%29%228 319 410 512 2.16 2.33 2.27 2.36-5 5 5 5 1.58 1.85 1.65 1.79/-242 319 410 533 956 1431 1788 2217 2021A 2022E 2023E 2024E-13-9-10-11 1648 2070 2491 3311 943 1422 1778 2206 1026 1615 1905 2666 118 206 256 317 997 941 1711 1971 826 1216 1522 1890 354 397 563 688 57 63 68 74 4025 5023 6671 8636 768 1 1 5 2 1454 1815 1349 2061 2939 3711 1015 690 469 319 2021A 2022E 2023E 2024E 901 910 918 932 715 1 1 8 8 1457 2034 103 103 103 103 768 1152 1454 1815 7394 8787 1 1 1 0 0 1370 1 57 63 68 74 422 442 462 482 245 319 450 584 1179 1392 2022 2577-4 0 0 0 0 9 4 7-419-330-486-485 261 308 454 587-1658-369-851-1231 1862 2152 2942 3654-1166-709-1110-1211 100 100 100 100-73 300 200 0 199 199 199 199-419 40 59-20 299 299 299 299 1707-97 15 15 2160 2450 3241 3952 392 20 20 20 512 513 513 513 1491 0 0 0 5233 6337 7859 9749-176-117-5-5 7394 8787 1 1 1 0 0 13701 759 723 621 819 Wind S0350522100001 2 TMT 2021 2022 2022,300 300 300 300 20%300 10%20%300-10%10%300 10%R3/