ΪʲôȯԴô

ΪʲôȯԴô

ȯԴĴọ̇ȯʶ

Ӷ15.6%

ʱۣܾ
Ŀ ˵
ƱӶ ֮1 Ӷ
5.6% ʡǮ׬Ż
Ȩ 1.8һ 1.6ijɱ

ֻҪֽƣ׬ܸǾӶ

ѯӣʡǮ

QQ135-5384-956
΢źŻɨάӺѯ


ɨһɨ΢ѯ

µĸӶ

     2011100ʽ𣬼Ͽȯϼ150200ʲףÿؽ׶ƽ200 Ӷǧ1ÿ칱Ӷ2000Ԫһ250գ һӶ50,250Ӷﻹû8.35%ĸʣӶһ򱾽˵̫
     ּ鲻ãԭȯ̵ӶãͬʱȯҲûз񣬸ûʾʸ߷ͷϸ룬ȯ˸ߵӶֵǮ
     ԲѰҵҸӶ𳬵͵ȯңʡǮϾ׬ǮףʡԼġ


оϢƼռ磬ϢοͶзգҪ

̩֤ȯ,Ƽ(300548)ҵ ԴԴ뷢չ


    ҵȣԴԴ˫չ
    Ƽƽ沨PLCɹѧϾ߱зʵƷ˰ڹ˵PLC·ڹǸָܼãDWDMвդAWGͿɵ⹦ʲָVMUX˾кԴչKaiam˾ܺʵͨշģ40G100GROSAΪ˾ΪҵҵԴԴҵͬ˾ҵԤƹ˾2018-2020EPSֱΪ0.96/1.23/1.43Ԫά""
    Ӽзʵǿů
    FTTHʲԼ豸ȥӰ죬2017Ӫ̽ONU˿ڼɹģ½豸̿ж2018°ɹģӭůݡϢжƻ2018-2020꣩2020꣬98%ʵֹͨ4G縲ǡΪ˾ӼзʵǿëҵҵδԴҵ
    DWDMƷ5Gʱ
    CiscoԤ⣬4KƵֱVRƶ£2016-2021IP25%ʡij£ݽΪƣ豸Դģ飬Դͬʱ5GǰOTN³˾DWDMƷȫͻϵȶ5Gʱ档
    ԴҵչIDC+г˫չ
    Synergy Researchݣ2018Q1ȫ򳬴ģ֧270Ԫͬ80%ĸٹģĽǿKaiamΪ̣ͻij̡ݹ˾2017걨¶Kaiamǹ˾ڶӦ̣ͬʱҲǹ˾Ŀͻ۶4ɡΪ˾Kaiamʣֹ2018H1ѳ2.91%Ĺɷݡ˾ڽ7¹ȫӹ˾Ϻ粩1900Ԫ"ٹշģ鿪ͲҵĿ"һƽӼзδӹг档
    ù˾ڷչά""
    ǿù˾ԴԴҵķչǰԤ2018~2020 ĸֱΪ0.79/1.01/1.18ԪǰΪ0.86/1.21/1.64ԪӦPEֱΪ36.62/28.67/24.61ɱȹ˾2018ƽPEΪ38.32蹫˾2018PE 38.5-40Ŀ36.96-38.40ԪǰΪ39.52-43.68Ԫά""
    ʾóĦӾ磻5G OTN³ݲԤڣļͶĿչԤڡ

֤ȯ,ҵҵܱ:õ עб۹˾


    ܹ۵㣺
    õעԴӪ̡Դַ7·ȫõݣ7·ȫõ6484ǧʱͬ6.8%6·ͬխ1-7·ȫõͬ9%ڶҵõͬ7%õֱͬ14.2%13.6%ӷίķ1-7ȫͬ7.8%ԴʵֽϿˮ硢˵硢硢̫ܷͬ6%14.2%24.7%10.9%עˮ硢𽥺תСʱȲԴӪ̣ƼڵԴԴȡ
    PPPȽ2018ȣȫPPPۼĿ7749Ͷʶﵽ11.9Ԫ̬ͻĿ664ռ8.6%Ͷʶ1.49Ԫռȴﵽ7%ڳƽȽȹ⹲Ŀ856漰Ͷʶ9569Ԫ1185Ͷʶ1.42ԪΪǰPPPͶյѹƵҪԭȥܸ˴ʽսPPPĿؽȣǰüʽֿɼ߼ӪҵŴ֧ЧأPPP齫ӭͶϵĸƣԸ
    б˾ҵۡĿǰ30һҵй˾¶бҵ22ҹ˾ϰĸͬռȴﵽ73.3%гֹɷݡܻȹ˾ҵˮƽгֹɷͬﵽ316%ΰȹ˾ҵ50%忴ˮ̷˾ҵֽϺã2017꼰2018һȵ̬ƣ԰鱣ֻ̬ȣʵ֡
    άֹûҵƼ
    صƼɣ
    ⡿ֽ죬ػͨ۹ƼͷάΪ졣ˮͷѴˮϸߴٷбҵۣõӪǿ
    ʾϵͳԷգ߷գ˾ĿƽȲԤڡ

ΪʲôȯԴô

й֤ȯ,ҵ:ɵ·һϢҪ δչ


    (һ)ǰҹϢҵʵ,ڹʷֹ
    ҹĿǰӵȫģĵϢҵ,пԺ΢ɵ·оԺԺҶڻе,Ŀǰȫ70%ֻ,80%ĵ,50%ϵֵӶй졣ݹŲʾ,2017йģϵϢҵӽ14Ԫҹֻ΢ͼͨ豸ʵҪƷȫλҹϢҵѴȫһ,2017ҹģϵϢҵֻܶ7000Ԫ,ҵƽֻ5.4%;к֪ʶȨ㲿Ҫ,߶󱻹γ̾ȡҹĵϢȻװΪ,ڹʷֹ,Ʒֵ,ŷȾȻƫ͡
    ()ɵ·ΪһϢҪ
    21,ȫƼ½ǰܼԾʱ,һֿƼͲҵعȫ°ͼȫ򾭼ýṹѧûӰŹǰ;,ûӰǰйó,й߿ƼķչһϢй2025Ҫ,ɵ·һϢĹؼ򡣼ɵ·Ϣҵ,չüɵ·ٽҹϢҵֵи߶ˡǰҹɵ·ķչȡһɼ,в,Ļںͻ򶼴ڶ̰,ܵⲿԼжйоķչdzںͳĹ,δҹɵ·ҵķչ
    Ͷʽ
    ɵ·ǵǰõϸ򡣵ǰҵ,òҵع˾Ͷʻᡣ,÷⻷ڵijƼͨ΢;뵼ҵлɷݡ豸̾ʢƼƼʹ洢ƹ˾״µȡ
    ʾ:Ƭķ;洢Żķա

֤ȯʱ,󺽹ɷ(600523):ɶֲ2%ɷ




    ֤ȯʱe˾Ѷ󺽹ɷ(600523)1024乫棬ֹ6.56%ĹɶйͶʼżƻ15պ6ڣͨо۽׷ʽֲ808.62ɣ˾ܹɱ2%

֤ȯΪʲôȯԴô

ʢ֤ȯ,ҵ:ӵѧ עCISҵǰ


    8¹ѧҵӪá,ҹ̨ѧҵ½8¾Ӫ,ʵֵӪ55̨,ͬ10%;񾧹ⵥʵӪ8.23̨,¸,ͬ»;ǹ⡢8ӪҲʵͬ,¸ߡ,ѧг
    Ӧ,ƷṹƴASPӲҵչ,ͼ񴫸,CCDCMOSǰʽⲨٵʽ,Լջʽ,⡣ΰҽơҵͼ񴫸˸ߵҪ,Ŀǰ,˾ڼϴȫһݶ:ҽƷ,ƳCameraCubeChip,ڽھгڷݶϸ;,Ƴҹӥ,⻷±;̬׽,ȫֿżЧӰCISƷ۸ϴ,߶˲ƷASPɴ200Ԫ,Ͷ˵ش۸ձ1Ԫ,ҽơȸ߼ֵļ,δڸ߶˲Ʒ͸IJƷṹơ
    㷽ռ,IoTӳ,08,CIS,2017ȫ40ڿ,Ԥ2021ɴ70ڿšܻ,㷽ѳΪ콢,͸;3DʶַCIS,ȷԽϸߡ,Զʻгͼ񴫸Ҳ,YoleDevelopmentȻĹ,CISгģԤ,ƼעΤɷݵرġ
    ع:ָµ4.89%,仦300ָ3.81ٷֵ,28һҵǷ26ܵӰǵǰĸɷֱ:Τɷ(17.23%)ʨƼ(12.62%)ͨ(8.32%)Ƶ(7.96%)Ƽ(7.22%);ǵλɷֱ:ɽ(-18.85%)Ƽ(-18.27%)ŷƿƼ(-15.66%)״(-14.40%)(-13.95%)
    ʾ:Ԥ,ҵֱ仯Ԥڡ

֤ȯΪʲôȯԴô

֤ȯ,(600703)2018걨:Ȼת ҵ


    ͶҪ
    ϰȻȽת
    ϰ깫˾Ӫ18Q2Ӫ22.28 ԪYOY +7.27%QOQ +14.55%8.85 ԪYOY +7.40%QOQ -8.57%۷Ǿ7.92ԪYOY +14.45%QOQ +23.17%Q1Q2 뼰۷Ǿת2018H1 ë48.88%ͬ+0.62pct2018H1 44.40%ͬ+7.15pct18Q2 ë46.92%ͬ-3.69pct-4.21pct18Q2 Ⱦ39.70%ͬ+0.03pct-10.08pctҪϰ깫˾۸ƽ½10%ɱҲС½
    Q2 ӣQ3 ȥӲͷ
    ϰ깫˾ֽ𼰵ȼʽӦƱݹ55.98 ڣͬ½14.22%2018H1 ĩΪ24.88 Ԫͬĩ +38.89%+11.82%+2.63 ԪҪоƬƹģ£ŻԼ30%ϣĿǰLED Ƭ²300-320 ƬӽλԣһȱÿȽǰһȱãΪQ3 ȥӲͷţҵ𽥱á
    LED ܳţ뵼
    1˾ļͶĿ޹˾ܼͷţȪϰĿڻʩڣ豸¶·֮ǰײֲܣ2019ܽ40%-50%2뵼2018H1 Ϊ0.67 ԪYOY+150%黯Ƶ 103 ҿͻҵӴͻۼ 58ң14 ҿͻ 89 ֲƷƵʵֿͻѻͻϿɣͨѶоƬʵСۡŹ˾ͷż5G Լ¿ͻĵ룬ԤƷ2019 ꡣڼƻ333 ԪֱͶҲΪ󱬷׼һ硱
    ӯԤ⼰ֵ
    ǵLED ͷţԼȲֻ뵼ȣԤƹ˾18-20 ʵֵľΪ43.64/57.86/73.76 ԪӦEPS ֱΪ1.071.421.81 Ԫ/ɡǿù˾ӯԼδijɳռ䣬衰롱
    ʾ
    󲻴ԤڣоƬŲԤڡ

ӶǶӶǶӶǶܷܷܷ15ʲô˼15ʲô˼15ʲô˼ȡԪôȡԪôȡԪô1򳴹һ1򳴹һ1򳴹һԼȯôԼȯôԼȯôȯܵȯܵȯܵȯƷתȯƷתȯƷת˻ƽ˻ƽ˻ƽ200ȯ5.6200ȯ5.6200ȯ5.6ƱӶƱӶƱӶȯʲô˼ȯʲô˼ȯʲô˼777202120212021ΪʲôûȯΪʲôûȯΪʲôûȯ100Ѷ100Ѷ100ѶȯϢϢȯϢϢȯϢϢETFͶETFͶETFͶǧ3ӶͶǧ3ӶͶǧ3ӶͶ60Ͷ60Ͷ60Ͷ900Ͷ900Ͷ900Ͷ50Ͷ50Ͷ50Ͷ50etfȨ50etfȨ50etfȨ300Ͷ300Ͷ300Ͷ100100ƽ100100ƽ100100ƽƱӶ5ԪƱӶ5ԪƱӶ5Ԫ޷½ͬ˳޷½ͬ˳޷½ͬ˳ԼȯԼȯԼȯʧʧʧ6000ȯ5.46000ȯ5.46000ȯ5.4ƴ忪ƴ忪ƴ忪ΪʲôȯڵΪʲôȯڵΪʲôȯڵ1000ȯͶ1000ȯͶ1000ȯͶ70Ͷ70Ͷ70ͶôôôƱԪƱԪƱԪ202020202020۹ͨӶǶ۹ͨӶǶ۹ͨӶǶȯȯȯ666ȯƷתȯƷתȯƷתͷβͷβͷβϿϿϿƱƱƱETFӶͿԶETFӶͿԶETFӶͿԶȯȯƵҵȯȯƵҵȯȯƵҵ

ڱ,𱴿(600439)һȾ5004Ԫ ͬ0.34% ֽΪ2877Ԫ



    ڱ 55գ𱴿600439շ2019һȱ棬ʾʵӪ456,082,958.00Ԫͬ»1.63%й˾ɶľ50,038,916.84Ԫͬ0.34%
    ĩ𱴿й˾ɶľʲ2,838,419,721.16Ԫĩ»0.63%ӪֽΪ28,772,910.68Ԫͬȼ24.74%
    ڳʻֽͬڼ88.06%ҪDZڽ¡
    ڱʾ𱴿ӪҵΪƷϵвƷзơۣҪƷйշ˷˷ͷסͷסϰͷάϣά˿ࡣ

֤ȯ,Ϻ÷(600073)۽ҵ ҵ߱



    ۽ҵǿڲӪȲơ˾ΪΨһʲƽ̨ȷ۽ҵȲչʳƷҵ񣬿ҵֱԵҵ𲽽ӽβչ·δսĿӰʳƷҵعɼš2017ڲƸĸǿϸгӪҵʲֵԤ½۹˾˼ƼŵԵһԱԣͷʳƷҵת侭ӪƶṹƷƻڲӪЧȲ˾2018ǰȾ2.3%ROEΪ8.2%Ϊ˾۽ҵսԣӾӪȲƣԤƹ˾ӪЧʼӯһ 
    ֳڹҵԣţҵгֳ鷽棬Ԥƹ˾2019ϼ120ͷȨԼ70ͷǵڴУԤƽֳ齫ҵԡţҵ棬˾2016չާ50%Ȩ֮󣬾ϣSFFͨCEOҵȴʩڲܿ˳ڼٿأԤƽާй۹˾ƶóҵתСװҵӯ⣬ţΪƷУѾ 
    ۺʳƷֽţƷƻ»1ͷҵŶгӪȽ÷ֹͷƷռȾӵһǿƷзȺ壬ͷƶгٽϿ죬ƻһƷչ2ʳƷƷǿ۽ƷṹʳƷҵҪΪǼ԰۵ҵֽӯȶƷвƷṹӯȲͷʳƷֳ͵ֽţ꾭ӪҲƷ𲽻»Ƚ 
    ӯԤ⡢ֵͶΪ˾ڣֳҵԣţҵгӿ쿪أͳʳƷҵӯȶʲֵʧ½ȫҵʵֿгڿ۽ҵսǰƶڲӪơԤƹ˾2018-2020EPSֱΪ0.34/0.55/0.69Ԫͬ14.2%/60.4%/25.2%ݹ˾ʷֵ估ɱȹ˾ֵǹ˾Ӫ𲽸ƣ蹫˾201920P/EӦĿ11.0ԪԤǿռ27.2%"ǿ" 
    ʾSFFЭͬȵԤڣ۱䶯ԤڣȰȫ¼ҵԤڡ

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