20230227-华创证券-通信行业周报_数字基础设施建设持续高景气_长期看好产业链发展_16页_1mb (1).pdf

2009 1210 2023 02 27 20230220-20230226 2.92%300 0.66%2.26%-0.83%3.75%15.90%300 4.89%11.01%3.50%12.40%PE-TTM 27.92 300 PE-TTM 11.87 PE-TTM 38.24+16.0%+14.7%+11.7%+11.0%+10.9%-10.6%*ST-6.2%-4.5%-4.3%-4.2%ChatGPT AI 110 ICT AI T/R 6G Gbps 26 ITU 2020 9 GW 12992 T/R 4 Autopilot HW4.0 4D 4D 0755-82755859 S0360517100004%()128 0.02()34,056.56 3.63()11,950.37 1.67%1M 6M 12M 6.1%7.2%-1.6%8.9%7.7%8.8%20221205-20221211 2022-12-11 20221128-20221202 2022-12-04 20221121-20221125 5G+2022-11-27-27%-18%-8%1%22/02 22/05 22/07 22/10 22/12 23/022022-02-282023-02-24 300 20230220-20230226 2009 1210 2 2023/2/20-2023/2/24.4.4.5.6.6+.7+.7+.8+.8+.8.9.9.9.10.11.11.12 20230220-20230226 2009 1210 3 1 300 2014/12/31.4 2.4 3 300 PE-TTM.5 4.5 5 5G.9 6.9 7.9 8 5G.10 9.10 10.10 11.11 12.11 13.12 20230220-20230226 2009 1210 4 2023/2/20-2023/2/24 2.92%300 0.66%2.26%-0.83%3.75%15.90%300 4.89%11.01%3.50%12.40%1 300 2014/12/31 wind 2 wind PE-TTM 27.92 300 PE-TTM 11.87 PE-TTM 38.24 7.13%14.92%65.04%-40%-20%0%20%40%60%80%100%120%140%160%180%2015-01-092015-03-092015-05-092015-07-092015-09-092015-11-092016-01-092016-03-092016-05-092016-07-092016-09-092016-11-092017-01-092017-03-092017-05-092017-07-092017-09-092017-11-092018-01-092018-03-092018-05-092018-07-092018-09-092018-11-092019-01-092019-03-092019-05-092019-07-092019-09-092019-11-092020-01-092020-03-092020-05-092020-07-092020-09-092020-11-092021-01-092021-03-092021-05-092021-07-092021-09-092021-11-092022-01-092022-03-092022-05-092022-07-092022-09-092022-11-092023-01-09通信行业(申万)沪深300 创业板指数-5%0%5%10%15%20%钢铁家用电器轻工制造国防军工通信农林牧渔建筑装饰机械设备建筑材料纺织服装计算机综合有色金属汽车非银金融银行房地产化工公用事业电气设备交通运输电子商业贸易休闲服务采掘医药生物传媒食品饮料周涨跌幅 年涨跌幅 20230220-20230226 2009 1210 5 3 300 PE-TTM wind+16.0%+14.7%+11.7%+11.0%+10.9%-10.6%*ST-6.2%-4.5%-4.3%-4.2%4%603083.SH 16.0%301205.SZ-10.6%301191.SZ 14.7%002089.SZ*ST-6.2%002929.SZ 11.7%600355.SH-4.5%688418.SH 11.0%603236.SH-4.3%002544.SZ 10.9%002792.SZ-4.2%300394.SZ 9.9%600462.SH ST-3.2%603220.SH 8.4%003031.SZ-2.9%688100.SH 8.3%300628.SZ-2.6%300913.SZ 7.7%300565.SZ-2.5%688387.SH-U 7.6%000889.SZ ST-2.5%wind 27.9211.8738.24020406080100120140通信行业(申万)沪深300 创业板指数 20230220-20230226 2009 1210 6 DellOro 2022 C114 DellOro Group MCN MEC 2022 2023 2022 5G SA eMBB 39 2022 MEC 2022 2022 5G DellOro 2022 7%C114 DellOro Group 2022 2%30 2022 7%5G E 2022 2022 E/V 40%2022 2022 2023 5%2022 2022 1%2022 Top 3 Counterpoint Research 2022 eSIM C114 Counterpoint Research 2022 eSIM CORE Thales G+D IDEMIA eSIM 2022 eSIM 260/MNOs/MVNOs eSIM 30%eSIM GSMA RSP Counterpoint Research 25 eSIM Thales G+D IDEMIA Truphone WORKZ Oasis V ALID Kigen Invigo 10 Eastcompace Invigo Nordic eSIM TEAL 10T 20230220-20230226 2009 1210 7+23+26 C114 2023 2 23 19 49 26 26 26 Gbps Ka C114 2023 2023 5000 2030 SpaceX(Starlink)(Project Kuiper)OneWeb 2022 145;50 2023 800 StarLink 2027 3950 1690 20230220-20230226 2009 1210 8 7000+4D HW4.0 HW4.0 4D Arbe Phoenix 4D+3 1,80 35 4000 2200 773 2.2 136 2022 5 11 2 19 2 20 5 33 2022 500+C114 2 24 ChatGPT ChatGPT 20230220-20230226 2009 1210 9 2022 12 231.2 5G 10G PON 1523 9175 2.7 5 5G 6 2023 1 9.76 50.3 5G 6.22 847 3.92 113 5G 2.73 503 8.73 1100 5G 2.16 307 7 2022 2 96.1115.9142.5155.9185.4222231.20501001502002502021-042021-052021-062021-072021-082021-092021-102021-112021-122022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-12020040060080010001200140016002021-042021-052021-062021-072021-082021-092021-102021-112021-122022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-1201,0002,0003,0004,0005,0006,0007,0008,0009,00010,000千兆用户数（万户）千兆端口数（万个）-10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000中国移动 中国电信 中国联通 20230220-20230226 2009 1210 10 8 5G 2023 1 2.75 253 1.82 97 9 2022 2 2022 12 3.46 6.6%10-5,000 5,000 15,000 25,000 35,000 45,000 55,000 65,0002019-122020-012020-022020-032020-042020-052020-062020-072020-082020-092020-102020-112020-122021-012021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-122022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-01中国移动 中国电信 中国联通-5,000 10,000 15,000 20,000 25,000 30,0002016-022016-042016-062016-082016-102016-122017-022017-042017-062017-082017-102017-122018-022018-042018-062018-082018-102018-122019-022019-042019-062019-082019-102019-122020-022020-042020-062020-082020-102020-122021-022021-042021-062021-082021-102021-122022-022022-042022-062022-082022-102022-12中国移动 中国电信 中国联通-40%-20%0%20%40%60%80%100%120%05,00010,00015,00020,00025,00030,00035,00040,0002004-012004-072005-012005-072006-012006-072007-012007-072008-012008-072009-012009-072010-012010-072011-012011-072012-012012-072013-012013-072014-012014-072015-012015-072016-012016-072017-012017-072018-012018-072019-012019-072020-012020-072021-012021-072022-012022-07产量:光缆:累计值（万芯公里）产量:光缆:累计同比 20230220-20230226 2009 1210 11 11/688618.SH 2023/2/20 45,000.00 0.09%34 95.83 603421.SH 2023/2/20 370,000.00 0.06%10.23 10.28 002089.SZ 2023/2/20-22 1,500,000.00 0.11%0.91 0.90 603598.SH 2023/2/22 80,000.00 0.03%9.65 9.51 300366.SZ 2023/2/22 1,238,900.00 0.20%12.08 12.60 002439.SZ 2023/2/22 763,700.00 0.08%29.12 29.45 603598.SH 2023/2/22 8,000,000.00 2.99%-9.51 002841.SZ 2023/2/22 2,421,475.00 0.35%-70.25 002841.SZ 2023/2/22 5,539,475.00 0.79%-70.25 002771.SZ 2023/2/25 8,000,000.00 3.81%-13.31 002771.SZ 2023/2/25 3,756,032.00 1.79%-13.31 603633.SH 2023/2/24 732,797.00 0.22%-13.47 603633.SH 2023/2/24 131,534.00 0.04%-13.47 603042.SH 2023/2/25 900,000.00 0.56%-10.82 300762.SZ 2023/2/22 32,040,100.00 5.10%-13.52 wind 12()300250.SZ 2023/2/23 261.76 1.19%18.03 300319.SZ 2023/2/24 13.45 0.02%9.88 000851.SZ 2023/2/24 3,245.97 2.80%6.19 603083.SH 2023/2/27 38.86 0.15%18.07 002413.SZ 2023/3/1 238.24 0.18%5.6 688800.SH 2023/3/17 515.71 4.56%101.65 688195.SH 2023/3/27 161.75 1.25%25.34 300496.SZ 2023/3/29 3,009.71 6.58%93 688048.SH 2023/4/3 1,636.34 12.07%,123.39 688168.SH 2023/4/18 428.93 5.64%43.52 601698.SH 2023/4/24 22,438.54 5.31%13.59 600804.SH ST 2023/5/17 26,479.75 15.98%3.37 301165.SZ 2023/5/22 375.82 0.66%,42.22 wind 20230220-20230226 2009 1210 12 13()()002417.SZ*ST 2023/2/24 2.49-4.96%49 122.01 2.49 002417.SZ*ST 2023/2/24 2.49-4.96%49.9 124.25 2.49 002417.SZ*ST 2023/2/24 2.49-4.96%49 122.01 2.49 002417.SZ*ST 2023/2/24 2.49-4.96%49.9 124.25 2.49 300383.SZ 2023/2/24 8.62-12.22%53 456.86 10.24 002583.SZ 2023/2/22 5.95 1.54%500 2975 5.97 688167.SH 2023/2/20 110.18 0.11%3.64 401.06 126.12 688167.SH 2023/2/21 108-3.94%3.72 401.76 126.12 688167.SH 2023/2/22 109.87-0.30%4.56 501.01 126.12 688167.SH 2023/2/23 133.06 18.80%18 2395.08 126.12 688167.SH 2023/2/23 131.71 17.60%4.02 529.47 126.12 688167.SH 2023/2/23 131.71 17.60%2.04 268.69 126.12 688167.SH 2023/2/23 133.06 18.80%20.5 2727.73 126.12 688167.SH 2023/2/24 123.85-7.85%4.36 539.99 126.12 688167.SH 2023/2/24 124.86-7.10%15.76 1967.17 126.12 688167.SH 2023/2/24 124.86-7.10%6.66 831.57 126.12 688167.SH 2023/2/24 124.86-7.10%7.59 947.06 126.12 600775.SH 2023/2/20 10.65 0.19%1818.53 19367.34 11.25 300571.SZ 2023/2/20 28.56-20.00%10.01 285.89 36.57 603712.SH 2023/2/23 30.16-10.00%50 1508 33.93 603712.SH 2023/2/24 30.06-10.00%51.27 1541.18 33.93 300399.SZ 2023/2/20 12.17 0.41%150 1825.5 11.87 300399.SZ 2023/2/21 12.01-3.30%161.37 1938.05 11.87 300504.SZ 2023/2/20 18.39 2.74%40 735.6 18.35 300504.SZ 2023/2/21 18.06-3.27%41 740.46 18.35 688159.SH 2023/2/20 17-4.28%70 1190 18.91 688159.SH 2023/2/20 17-4.28%54 918 18.91 688159.SH 2023/2/21 17.2-4.55%15 258 18.91 688270.SH 2023/2/22 109.63 7.68%10 1096.3 104.23 688270.SH 2023/2/22 99-2.76%6 594 104.23 688270.SH 2023/2/22 109.63 7.68%40 4385.2 104.23 688270.SH 2023/2/23 102.72-10.05%40 4108.8 104.23 688270.SH 2023/2/23 102.72-10.05%10 1027.2 104.23 688270.SH 2023/2/24 100.06-6.49%20 2001.2 104.23 688270.SH 2023/2/24 100.06-6.49%10 1000.6 104.23 20230220-20230226 2009 1210 13 002179.SZ 2023/2/23 56.13 0.29%4 224.52 57.77 300782.SZ 2023/2/21 97.6-20.00%4.1 400.16 118.52 wind 20230220-20230226 2009 1210 14&6 2022 20230220-20230226 2009 1210 15 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82871425 0755-83024576 0755-82756804 0755-82756803 0755-82871425 021-20572536 021-20572551 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572560 021-20572509 021-20572548 021-20572573 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 20230220-20230226 2009 1210 16(300)6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522