20231121_兴业证券_国防军工行业数据链行业深度报告构建战场信息网络体系国防信息化重要基石_60页.pdf

请务必阅读正文之后的信息披露和重要声明 industryId investSuggestion(investSuggestionChange relatedReport emailAuthor S1220517040001 S0190519080005 summary C4ISR C4 C C4 I S R Link-4 Link-11 Link-16 Link-22 L-3 Harris Technologies BAE 20 60 C3I 70-1 2014 DTS-03 2023 1.58 42%C4ISR 4.9%5%2023 332.1 712 750 760 1 2 3 4 title createTime1 2023 11 21 请务必阅读正文之后的信息披露和重要声明-2-1.-5-1.1.-5-1.2.-5-1.3.-6-1.4.-7-1.5.-8-2.-10-2.1.-10-2.2.-11-2.2.1.-11-2.2.2.-18-2.2.3.-21-2.2.4.-28-2.3 C4ISR.-30-2.4.-32-2.4.1 L-3 Harris Technologies.-32-2.4.2 BAE.-35-2.4.3.-36-2.4.4.-38-3.-41-3.1.-41-3.2.-42-3.3.-44-3.3.1.-44-3.3.2.-45-3.3.3.-48-3.3.4.-48-3.4.-48-3.4.1 603712.SH.-48-3.4.2 002465.SZ.-50-3.4.3 600435.SH.-52-3.4.4 300762.SZ.-53-3.4.5 688311.SH.-54-3.4.6 600372.SH.-56-3.4.7.-57-4.-59-1.-5-2.-8-3.-8-4.-8-5.-9-6.-11-7 Link.-12-WUFUuNtOsRpOpRnOnQoRrQ6M8QbRsQmMnPoNfQpOoPkPmOmObRnMmQuOrRqRNZmPwO 请务必阅读正文之后的信息披露和重要声明-3-8 Link-11.-14-9 Link-22.-17-10.-17-11.-19-12.-24-13 SCDL.-26-14 TTNT.-29-15.-31-16 C4I.-32-17 C4I.-32-18 L3 Harris.-33-19 L3 Harris.-33-20 2022 L3 Harris.-33-21 L3 Harris-33-22 L3 Harris.-34-23 L-3.-34-24 L-3.-34-25 BAE.-35-26 BAE.-35-27 2022 BAE.-36-28 BAE.-36-29 BAE.-36-30.-37-31.-37-32.-38-33.-39-34.-39-35.-39-36.-40-37.-40-38.-41-39.-41-40.-42-41 2003-2023 GDP.-43-42 2010-2017.-43-43.-50-44.-50-45.-50-46.-50-47.-51-48.-51-49.-52-50.-52-51.-53-52.-53-53.-54-54.-54-55.-54-请务必阅读正文之后的信息披露和重要声明-4-56.-55-57.-55-58.-56-59.-56-60.-57-61.-57-62.-57-63.-57-64.-58-65.-58-66.-58-67.-58-68.-59-69.-59-1.-6-2.-9-3.-10-4.-12-5 Link-16 Link-4 Link-11.-15-6 JTIDS/MIDS.-16-7 CDL 5.-18-8 MP-CDL.-20-9.-22-10 CEC.-23-11.-27-12 TTNT Link-16.-29-13 TTNT.-30-14.-49-15.-49-请务必阅读正文之后的信息披露和重要声明-5-1 1.1 1-1.2-请务必阅读正文之后的信息披露和重要声明-6-1-1.3 Link CDL Common Data Link WDL Weapons Data Link CEC Cooperative Engagement Capability MADL Multifunction Advanced Data Link IFDL Intra Flight Data Link TTNT Tactical Targeting Network Technology-CJ2CSI6610.01B 2013.11.30 TADIL Tactical Digital Information 请务必阅读正文之后的信息披露和重要声明-7-Links 4 TADIL-C/Link-4 11 TADIL-A/Link-11 16 TADIL-J/Link-16 22 TADIL-F/J/Link-22 TADIL Link 20 70 ISR ISR E-3 E-8 CEC EPLRS Enhanced Position Location Reporting System SADL Situational Awareness Data Link SCDL Surveillance Control Data Link WDL 1 ATDL-1 Army Tactical Data Link-1 1.4-请务必阅读正文之后的信息披露和重要声明-8-2 3-1.5-4-Tactical Data System TDS/请务必阅读正文之后的信息披露和重要声明-9-2/TDS/5-请务必阅读正文之后的信息披露和重要声明-10-2 2.1-1950 Semi-Automatic Ground Environment SAGE SAGE 1 20 60-70 Link-1 Link-4/4A Link-11 Link-14 2 20 80-90 Link-16 Link-11B CDL 40 3 20 90 Link-16 Link-11 VMF J 90%3 20 60-70 Link-1 Link-4/4A Link-11 Link-14 20 80-90 Link-16 Link-11B CDL 40 20 90 Link-16 Link-11 VMF J 90%-C4ISR C4 C C4 I S R 请务必阅读正文之后的信息披露和重要声明-11-6 2.2 2.2.1 Link-4 Link-11 Link-16 Link-22 请务必阅读正文之后的信息披露和重要声明-12-7 Link 4 Link-4 Link-11 Link-11B Link-16 Link-22 20 50 20 60 20 80 2003 Link-4-/Link-4A-/Link-4C-/-/-1364 2250b/s 1364 2250b/s 600 1200 2400 4800 9600b/s TDMA KGV-8 28.8-238kb/s TDMA DTDMA Link-11 HF:500-2200b/s 1493-4053b/s UHF 12.6kb/s V Link-4A V&R Link-4C F M M J J MIL-Std-188-203-3 MIL-Std-188-203-1A MIL-Std-188-212 JTIDS MIDS STANAG 44XX(HF/UHF)UHF HF UHF JTIDS HF UHF-请务必阅读正文之后的信息披露和重要声明-13-Link-1 20 50 SAGE 10 15s SAGE Link-1 84 Link-4 TADIL-C 20 50 Link-4 Link-4A Link-4C Link-4 MIL-STD-6004 STANAG 5504 TADIL-C Link-4 UHF 0.1m-1m 5000b/s Link-4A TADIL-C-Link-4 Link-4A 20 50 Link-4A Link-4C Link-4A Link-4A F-14 F-14 Link-4A Link-4C Link-4C F Link-4C 4 Link-11 TADIL-A/B Link-11 20 60 TADIL-A 11 B TADIL-B TADIL-B Link-11 Link-11 HF 10m100m UHF 0.1m1m TDS HF 300-UHF-25-150 请务必阅读正文之后的信息披露和重要声明-14-8 Link-11 Link-11 Link-11 Link-11 1964 Link-11 E-2C E-3C S-3A P-3C“”“”Link-11 Link-11 Link-11 Link-11 Link-16 TADIL-J Link-16 TADIL-J 1974 JTIDS Joint Tactical Information Distribution System Link-16 Link-16 Link-16 JTIDS Link-11 Link-4A Link-16 Link-16 Link-16 请务必阅读正文之后的信息披露和重要声明-15-5 Link-16 Link-4 Link-11 Link-16 Link-11 Link-4A Link-4C/HF 2-1974 JTIDS JTIDS 1 1983 1 E-3A E-3A 20 80 JTIDS 2 1 1 J IJMS 2 2H 2M 2H 2 1000W 2M 2 JTIDS 2 F-16 F/A-18 1987 MIDS Multifunctional Information Distribution System MIDS 2 F/A-18 MIDS Link-16 请务必阅读正文之后的信息披露和重要声明-16-6 JTIDS/MIDS JTIDS 1:960-1215MHz/16/2.4kbit/s IJMS E-3A 1974 2 JTIDS 969-1206MHz TACAN 962-1213MHz 28.8-238kbit/s TADIL J IJMS 2 F-14D F-15 E-8 1980 GEC-2H E-3A/2C/130E 2/2M MIDS MIDS-LVT 960-1215MHz TADIL J IJMS 13.5x7.5x7.62in 20.7kg F/A-18 F-16/MIDS-LVT(2)960-1215MHz 238kbit/s TADIL J IJMS 14x7.7x22.5in 37kg LVT 99 2M LVT(2)MIDS-FDL 960-1206MHz 238kbit/s 2Mbit/s TADIL J IJMS 13.5x7.5x7.62in 45kg F-15C/D LVT-Link-22 TADIL-F Link-16 Link-22 Link-22 TADIL-F Link-11 NILE 请务必阅读正文之后的信息披露和重要声明-17-9 Link-22 NATO Improved Link Eleven(NILE)Link 22 Introduction and Project Update Link-22 Link-11 Link-16 Link-16 UHF 225-400MHz HF 3-30MHz HF 300 UHF HF UHF 10 2004 Link-22 Link-22 请务必阅读正文之后的信息披露和重要声明-18-Link-22 5%Link-22 Link-16 Link-22 Link-22 C2P Link-11 Link-22 2.2.2 20 70 L-52 IDL Inter-operable Data Link MIDL Miniaturized Inter-operable Data Link ISR 1991 CDL Common Data Link CDL X Ku CDL 5“”BLOS beyond-line-of-sight 7 CDL 5/Mb/s Class STD-CDL 10.7 Ma 2.3 24km Class A-CDL 21.42 Ma 5 45km Class N-CDL 44.73 Ma 5 150km Class SE-CDL 137.08 1389km Class 274.17 CDL CDL/请务必阅读正文之后的信息披露和重要声明-19-CDL 11-CDL 1 2 3 4 5 6 7 8 CDL MP-CDL TCDL MP-CDL-20 90 CDL MP-CDL JSTARS E-8C SCDL E-8C MP-CDL MP-CDL 2002 2006 MP-CDL-MP-CDL N-CDL CDL MP-CDL 请务必阅读正文之后的信息披露和重要声明-20-8 MP-CDL MP-CDL 32 50 Mbit/s 10 50 274 10 50 274 CDL Mbit/s 10.71/45 137/274 Mbit/s 45 137 Mbit/s 0.5 45 Ku X Ku Ka-MP-CDL E-10A MR-TCDL MP-CDL RC-135 E-8C E-10A E-3 RQ-4 TCDL 1997 TCDL 3 L-3 Rockwell Collins Harris Corporation BAE-TCDL Ku 14.4014.83GHz 15.1515.35GHz 5MHz TCDL 4.5km 200km TCDL 200kbit/s 10.71Mbit/s CDL TCDL TCDL(“”Hawk link)TCDL TCDL-N TCDL-请务必阅读正文之后的信息披露和重要声明-21-2001 1 Ku TCDL 460 SH-60B 2019 1 9 L-3 1260 MH-60R AN/SRQ-4 AN/SRQ-4 AN/SQQ-89 SAU7000 MH-60R P-8 P-3-TCDL-N TCDL Ku P-3C S-3 2016 9 28 BAE 8470 NTCDL ISR ISR NTCDL 2019 2 19 L-3 2960 TCDL MST STE 2023 9/2.2.3 Link CDL CEC EPLRS SADL SCDL WDL 1 ATDL-1 请务必阅读正文之后的信息披露和重要声明-22-9 EPLRS./UHF 2500bit/s TDMA 1980 ATHS UHF 120Obits 16kbits 1984 VMF 51 20 90 ATDL-1 1 HF/UHF 480Obits 20 70 PADIL HF.UHF 32kbit/s 20 80 CEC C 10Mbit/s TDMA/SDMA 1994 LAMPS()S 3.1Mbit/s 20 80 AN/ASN-150 S 20 80 MBDL NADGE UHF 750bit/s 20 80 GBDL(LAAD)(ADCP)Link-16 VHF 20 80 IBDL()VHF 20 80 PPDL ANTPS-59 Link-16 HE/VHF 20 80 RADIL/HF 20 60 VDL-2(VHF)VHF TDMA 20 90 Mode-SS Lx TD-MA 20 90 请务必阅读正文之后的信息披露和重要声明-23-UAT UHF 20 90 SADL HF VMF 20 90 IDM VHF UHF 16kbivs 20 90 AN/AXQ-14 L(D)1982-CEC-CEC CEC(Tracking)CEC(Targeting)-CEC AN/USG-2 AN/USG-3 E-2C 2000 E-2C 2006 10 CEC E-2C 2000 2005 UHF X AN/USG-3 CEC(ESSM)2(SM-2)CEC AN/TPS-95 CEC E-3 CEC(TBMD CEC(JCTN EPLRS-20 70 PLRS Position Location Reporting System 请务必阅读正文之后的信息披露和重要声明-24-EPLRS EPLRS EPLPS 1996 3 18 SADL SADL EPLRS F-16 A-10 12 Link 16 EPLRS EPLRS Link-16 Link-16 Link-16 SADL F-16 A-10 2008 1200 A-10 F-16 SADL 请务必阅读正文之后的信息披露和重要声明-25-20 80 TRIXS Tactical Reconnaissance Intelligence Exchange Servic TIBS Tactical Information Broadcast System TDDS Tactical Data Distribution System/TADIXS-B Tactical Data Information Exchange Subsystem NRTD Near Real Time Dissemination IBS Integrated Broadcast System TRIXS TIBS TDDS/TADIXS NTRD IBS/SCDL-SCDL E-8C E-8C AN/APY-3 2006 17 E-8C SCDL 1989 1993 1996 9 请务必阅读正文之后的信息披露和重要声明-26-13 SCDL WDL“”6“”20 60 1 20 80 AN/AXQ-14 F-15 F-16 F-111 GBU-15 L 请务必阅读正文之后的信息披露和重要声明-27-2 21 IV()UHF“”3 20 80“”(P-700)4 2003“Banshee”“WDLA”“JTRS“SCA”(LRASM)ViaSat L LRASM 11 AN/AXQ-14 GBU-15 AGM-130 F-15 F-16 B-52 L AN/AWW-13 AGM-62 AGM-84E AGM-154 F/A-18 P-3C S-3B L Blcok4 Blcok4 AIM-120 AIM-120 AIM-120C AIM-120D2 LRASM LRASM-A/B SCA L 1 ATDL-1-ATDL-1 ATDL-1 HF UHF 请务必阅读正文之后的信息披露和重要声明-28-ATDL-1 ATDL-1 ATDL-1 AN/TSQ-73 2.2.4 TTNT-1991 1 AMSTE 2 SAR/MTI 3 NCCT 4 MP-CDL 5 AT3 6 TTNT TTNT TTNT-Link-16 Link-16 TTNT Link-16 link-4A link-11 link-16 TTNT IP Ad Hoc IP TTNT 1000 请务必阅读正文之后的信息披露和重要声明-29-12 TTNT Link-16 TTNT Link-16 TTNT Link-16 Link-16 Link-16 2Mb/s 10Mb/s 238.08kb/s Ad Hoc 204 128 ISR JTRS TTNT E-3 E-2C F/A-18 F-15 F-16 B-52 B-2 XB-47 TTNT Link-16 14 TTNT 请务必阅读正文之后的信息披露和重要声明-30-2001 AMSTE AT3 TTNT 2006 2008 TTNT ViaSat 13 TTNT 2000 2001 5 1 2001 11 2002 2 2002 9 2003 7 3 2003 8 2004 10(JEFX)2005 9 2006 2006 5 TTNT MIDS-JTRS 2008 2015 12 EA-18G TTNT FLEX 2015.2017 8 2017(NS17)TTNT 2.3 C4ISR C3I C3 I C4ISR C4 I S R C4ISR C4ISR 请务必阅读正文之后的信息披露和重要声明-31-15 1 Aircraft&Related Systems 2 C4ISystems 3 Ground Systems 4 Missile Defeat&Defense 5 Missiles&Munitions 6 Mission Support Activities 7 Science and Technology 8 Shipbuilding&Maritime Systems 9 Space Based Systems C4I C4ISR 40 Budget Request Overview Book 2024 C4I 145 1015 7 2024 4.60%2013-2017 C4I 2018 C4I 2019 100 请务必阅读正文之后的信息披露和重要声明-32-16 C4I 17 C4I 2.4 2.4.1 L-3 Harris Technologies L-3 Harris L3 Harris Technologies Inc.(NYSE:LHX)1895 Harris Corporation(NYSE:HRS)2019 6 L-3 Communications Holdings Inc.(NYSE:LLL)2021 L3 Harris Technologies 3 Integrated Mission Systems Space and Airborne Systems Communication Systems ISR EO/IR L-3 Harris 2022 10 3 L3 Harris Technologies 19.6 Viasat Link-16 Link-16(MIDS)20000 82706674 7486100 102119127 128145-20%-10%0%10%20%02040608010012014016020132014201520162017201820192020202120222023E2024EC4I 4.59%4.18%4.29%4.17%4.02%4.12%4.22%4.12%4.89%5.17%4.64%4.60%0%1%2%3%4%5%6%20132014201520162017201820192020202120222023E2024E 请务必阅读正文之后的信息披露和重要声明-33-2022 L3Harris 170.62 4.22%10.62 42.47%69.16 60.60 42.17 2023 140.79 12.78%10.69 65.48%18 L3 Harris 19 L3 Harris iFinD iFinD 2019 18 30%2016 L-3 40 25%2015 25%-30%2022 15.82%20 2022 L3 Harris 21 L3 Harris iFinD iFinD 2013 20231110 L3 Harris 354.74%55.03 345.29 2019 L-3 248.49 470.83 20231110 L3 Harris TTM 34.68-20%0%20%40%60%80%100%05010015020020102011201220132014201520162017201820192020202120222023Q1-Q3-200%-100%0%100%200%300%400%0510152020102011201220132014201520162017201820192020202120222023Q1-Q3,69.16,40%,60.6,35%,42.17,25%-50%0%50%100%150%010203040502013 2014 2015 2016 2017 2018 2019 2020 2021 2022 请务必阅读正文之后的信息披露和重要声明-34-22 L3 Harris iFinD L-3 2018 L-3 102 7.01%ISR 44.56 30.94 27.96 23 L-3 24 L-3 iFinD iFinD L-3 2015 1 L-3 2270 MH-60R AN/ARQ-59 CDL 2019 1 9 L-3 1260 MH-60R AN/SRQ-4 2019 2 19 L-3 2960-100%0%100%200%300%400%500%600%0204060801001201401601802013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 157 152 131 126 121 105 105 96 102-10%-5%0%5%10%15%0501001502002010 2011 2012 2013 2014 2015 2016 2017 2018-200%-100%0%100%200%300%400%500%-4-20246810122010 2011 2012 2013 2014 2015 2016 2017 2018 请务必阅读正文之后的信息披露和重要声明-35-TCDL MST STE 2.4.2 BAE 1999 11 BAE Marconi Electronic Systems BAE Electronic Systems Platforms&Services Air Maritime Cyber&Intelligence Link-16 NTCDL-MIDS-JTRS 2016 9 28 BAE 8470 NTCDL 2022 BAE 212.58 8.90%15.91 9.50%50.57 36.88 76.98 45.98 22.05 25 BAE 26 BAE iFinD iFinD 2011-2015 25 2016 2020 44.62 2021 43.90 1.61%211 178 166 169 154 168 178 183 168 183 193 195 213 110-20%-10%0%10%20%05010015020025020102011201220132014201520162017201820192020202120222023H1 11 12 11 2 7 9 9 9 10 15 13 18 16 10-200%-100%0%100%200%300%400%0510152020102011201220132014201520162017201820192020202120222023H1 请务必阅读正文之后的信息披露和重要声明-36-27 2022 BAE 28 BAE iFinD 2013 20231110 BAE 210.49%335 TTM 16.99 29 BAE iFinD 2.4.3 ViaSat 1986 Ka ViaSat Satellite Services Commercial Networks Government Systems,50.57,22%US,36.88,16%,76.98,33%,45.98,20%,22.05,9%-10%0%10%20%30%40%0102030405060201120122013201420152016201720182019202020212022-40%0%40%80%120%160%0510152025302013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 请务必阅读正文之后的信息披露和重要声明-37-Ka Link-16 MID JTRS 2015 5 29 SPAW AR 4.786 5 MIDS JTRS 2019 5 ViaSat Link-16 Link-16 LEO XVI 1000 12U 20cm20cm30cm Link-16 2022 10 3 19.6 Link-16 2023 2023 Link-16 2023 25.56 5.75%7.33 6.13 12.11 30 31 iFinD iFinD 7 8 9 11 14 14 14 16 16 21 23 23 28 26 20-20%0%20%40%60%80%051015202530201020112012201320142015201620172018201920202021202220232024H1 0.4 0.4 0.1(0.4)(0.1)0.4 0.2 0.2(0.7)(0.7)(0.0)0.0(0.2)10.8(8.4)-10-5051015201020112012201320142015201620172018201920202021202220232024H1 请务必阅读正文之后的信息披露和重要声明-38-32 iFinD 2.4.4 Raytheon Technologies Corporation United Technologies 2020 Collins Aerospace Systems Pratt&Whitney Raytheon Intelligence&Space Raytheon Missiles&Defense-SADL 2020 5 9200 SADL 1600 SOPGM 600 2019 2022 670.74 4.17%51.97 34.50%2023 489.93 0.02%3.85 3.84 3.89 5.28 5.65 5.36 6.07 6.85 7.72 9.56 11.38 10.66 10.87 7.33 2.27 1.83 2.52 3.15 3.96 3.47 2.51 2.45 2.33 4.28 3.45 3.21 5.12 6.13 0.76 2.35 2.23 2.77 3.91 5.00 5.59 6.30 5.89 6.84 8.27 8.69 11.89 12.11 0%20%40%60%80%100%2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 请务必阅读正文之后的信息披露和重要声明-39-17.69 53.14%33 34 iFinD iFinD 2013 20231110 114.22%1182.24 2023 11 10 TTM 37.05 35 iFinD 1933 2018 2020 2018 Interior Systems-30%-20%-10%0%10%20%0200400600800100020102011201220132014201520162017201820192020202120222023Q1-Q3-250%-200%-150%-100%-50%0%50%-60-40-2002040608010020102011201220132014201520162017201820192020202120222023Q1-Q3-40%0%40%80%120%160%200%-80-60-40-200204060802013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 请务必阅读正文之后的信息披露和重要声明-40-Commercial Systems HF VHF Government Systems Information Management Services 2010-2016 50 2017 2018 2018 86.65 27.02%2018 10.32 46.38%52.89 26.31 7.45 2013 2018 11 158.99%2018-11-27 232.19 22.50 36 37 iFinD iFinD 46.65 48.06 47.26 46.10 49.79 52.44 52.59 68.22 86.65-5%0%5%10%15%20%25%30%35%0204060801002010 2011 2012 2013 2014 2015 2016 2017 2018 5.61 6.34 6.09 6.32 6.04 6.86 7.28 7.05 10.32-10%0%10%20%30%40%50%0246810122010 2011 2012 2013 2014 2015 2016 2017 2018 请务必阅读正文之后的信息披露和重要声明-41-38 39 iFinD iFinD 3 3.1 20 60 C3I 70-1 80 35 481 483-7C-8B Link-11-7 483D-8/-7 18.0419.9321.3522.1522.9924.3423.9538.2452.8928.6128.1325.9123.9522.0921.8722.0622.826.314.716.23 6.587.18 7.450%20%40%60%80%100%2010 2011 2012 2013 2014 2015 2016 2017 2018-50%0%50%100%150%200%0102030402013/1 2014/1 2015/1 2016/1 2017/1 2018/1 请务必阅读正文之后的信息披露和重要声明-42-Link-16 40 2014 DTS-03 DTS-03 Ad Hoc 2018 DTS-03 3.2 2023 2022 7.20%2010 2010-2017 1774 4288 13.44%33.2%41.1%请务必阅读正文之后的信息披露和重要声明-43-41 2003-2023 GDP 42 2010-2017 iFinD 20 10 2020 2035 2023 1.58 42%C4ISR 21/22/23 4.9%5%2023 332.1 O 0%5%10%15%20%05,00010,00015,00020,000200320042005200620072008200920102011201220132014201520162017201820192020202120222023国防支出预算（亿元）国防预算同比前一年决算增速（右轴）国防支出/GDP（右轴）国防支出/国家公共财政支出总额（右轴）33.20%34.20%36.00%36.60%39.10%40.20%41.30%41.10%31.90%31.50%34.80%36.40%32.20%28.80%27.40%28.10%34.90%34.30%29.20%27.00%28.60%31.00%31.30%30.80%0%20%40%60%80%100%2010 2011 2012 2013 2014 2015 2016 2017 请务必阅读正文之后的信息披露和重要声明-44-3.3 3.3.1 1955 60 430 2 10 8 18 9 1 4 2021 2022 2019 6/5113 SMT 2501 002935.SZ 1961 60 395 3 6 11/请务必阅读正文之后的信息披露和重要声明-45-OEM/1952 60 20