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

й֤ȯ,ֱ:˫˫߿ ޸


й֤ȯѶ Ԫһ˫˫߿ָ֤3319.21㣬0.36%ָ֤11266.32㣬0.64%ҵָ1872.03㣬0.84%
ϣ޸ǣϻֿͣ˹ܰǿƣпϢ˼ҽݸ߿5%ҵƣſƼ߿8.09%ȯ̡5GתͬǷǰ
棬۰ɽ԰ֵͿ4%ˮǰ
ʿΪĿǰҵ嶯̬PEԼ403ʷλȥǷϺõɻһڿüСֵɵij顣

ȫ,˼Ƽ(300433):Ŀǰ˾ѽ




ȫ47Ѷ  ˼Ƽ(300433)ܶȫƽ̨ʾ,ΪӦ,Ϊ,˾Զ豸ȷ,иߵȼྻ,ѸͶ˸ƽʽҽÿȫԶߡĿǰ,˾ѽڡ 

ΪʲôȯԴô

֤ȯ,ҵ8Ͷʲ:ѵӰҵչϺ ӭֵл


    ѵ--עѧ,Ѱ5GԼ²ϵĻ
    °ѵӵĴͳ,ҵ˾ȵҵչϺ,ʾ°Ϻõƻҵ˾ŷƿƼɽչ3ȾֱΪ6-7Ԫ4-5Ԫ,Զϰҵ,19ҵĿǰҵ˾ֵ22,°ӭֵл
    µijɳ:гµĻڴ¡㲿IJϡ5GȻ,ѧΪص㿴õ֮һд,ѧ²,,Ȧ,Сͻģ,3Dsensing,DZʽṹƶŹѧҵı߽粻չ,ͷ΢ͻܻרҵ
    ѧĽصע:ŷƿƼ̩5GĻ:ΡȲϡԪ㲿5GʱѵӶҪϸ֮һ5GĽע:ٴʯƼ
    뵼--洢,
    ĿǰNORFLASHĹ洢ҵδΪ洢м,ǼƼҵٸ,ֵ߱ı,ͬʱ߰ռҵ档صƼ洢ΨһAɱġ״¡ڰ뵼幦ϸͷܿƼ+뵼ͷʿ΢Aɰ뵼豸ͷ
    PCB--ҵжȼ,ͷֵóڲ֡
    ڿ°ѵPCB,ͬʱ߸ѹԭϼ۸λ,PCBҵжȼгڿ5GѵӴԼ綯ܻPCBҵƶҵ
    صѡ˾,PCBͷϵ·ӯȶԵġӡСҵ\ռݸ߶FPCġɽܡ,ͬʱPCBԭϸͭ,صעڸͭͷƼ
    --עҵů۸񷴵
    ǶԴڻůĶ,ҵʧ֮,峧ȥͬʱṹ,ЧӦСڻůǵĿǰȻڹ峧̵IJͷ,ֹۿ19Q1,ҵ˾ҵõ֧šע:ATCLšAȡ
    LED--гƳ,ͷֵѳֵ͹
    óս,LEDҵܵ,гƲ䡣LEDѻصԼ25%,PE(2018E)16,ֵ͹8LEDѵӻů,µMiniLEDȿʼ𲽷ص㿴:СͷƼLEDоƬͷ硿뵼弰MicroMiniLEDоƬֵڴLEDIDMһ廯Ӧͷľɭ
    ѵ,õӰ鷴,άְ顰䡱
    SWӰ鵱ʷTTMֵΪ29,Զֵ47,,ѵӲҵ߳,ڿɵ·߶װӦòϵϸҵֽṹֻ,ϸְ鼰˾ֽϿ,άְ顰䡱

֤ȯ,ҵܱ245:˰Ѱ ѡѴ


    ۰ع˹ȥһ(4),֤ۺָ֤ɷָǷֱΪ4.37%-5.36%,ҵóָǷΪ-6.70%,ָָ֤֤2018(114),֤ۺָ֤ɷָǷֱΪ-12.62%-14.77%,ҵóָǷΪ-15.51%,ָָ֤֤
    ȥһ,ҵóҵָǷΪ-6.70%,λһ28ҵĵ20λȥһ,28һҵ0ҵ,Ƿǰλҵֱзҽҩ,ǷֱΪ-1.77%1.81%-1.95%2018,ҵóָǷΪ-15.51%,λһ28ҵĵ12λ2018,28һҵ3ҵ,ǷǰλҵֱзʳƷϺҽҩ,ǷֱΪ10.50%3.98%3.61%
    ȥһ,۰ҵ,Ƿǰλҵֱרҵ()鱦()ͳ(),ǷֱΪ-3.44%-4.54%-4.75%2018,۰ҵ,Ƿǰλҵֱרҵ()ٻ()ͳ(),ǷֱΪ0.67%16.49%-19.77%
    ȥһ,ҵҪ82й˾(2018й˾),5ҹ˾,72ҹ˾µ,5ҹ˾ͣơȥһ,ǷǰλĹ˾ֱǼҼáּźͺӡɷ,ǷֱΪ3.51%3.04%2.92%2018,ҵҪ82й˾(2018й˾),9ҹ˾,72ҹ˾µ,1ҹ˾ͣơ2018,ǷǰλĹ˾ֱɷݡٻܴ,ǷֱΪ41.17%38.73%18.72%
    ҵͶʲԶΪԽά𵴺Ͳ,óĦԼزϿصȲȷؼӴ,гƫ˰ĵ,ڡաôѰ,ǹнײ뽫ʵ,ڿѡƷΪԻױƷ,ŮװԼƽ鱦ΪҪߵ߼õǿҵ,,Ҳҵ,ǽͶ߹עںϵҵע:Ϸ顣
    ʾ:۾δԤ,δԤڡ

֤ȯΪʲôȯԴô

֤ȯʱ,ٿƿƼ(300290):ʵҵ5.7Ԫ29%ɷ ʵ˽




    e˾ѶٿƿƼ(300290)1224乫棬˾ʵʿ˴Ρ޽⽫ϼƳе9818.60ɹ˾ɷݣռ˾ܹɱ29%תøʵҵתü۸Ϊ5.81Ԫ/ɣתüۿϼ5.70Ԫתɺ󣬽¹˾عɹɶʵʿ˷仯

֤ȯΪʲôȯԴô

Դ,ֽҵ(002067)ԹƱƻ:ֽҵ ֳԶչ


    ¼ݹ˾,ֽҵƻ3.43 Ԫ/ɵļ۸ϼ78 ԹƱ3850 ,ռܹɱ3.52%״ɷ 3500 ,Ԥ350 (ռƻܹɷ9.09%)Ĺɷݷڽ,2016 ӪҵΪ2017 Ӫҵ10%2017 꾻󲻵3.5 Ԫ2016 ӪҵΪ2018 Ӫҵ10%2018 꾻󲻵3.9 Ԫ
    ȨƻȰ󶨣ٽŶ˾ҪΪְĹ˾¡߹ܡвļҵԱ78 ˡڽ۱Ϊ50%ۿΪ2017-2019 ȡƻΪ¡ܾ־460ɣռ11.9%ռ0.42%꺣Ϊ񸱶³Ͳܼࡢص6 λ߹ܸ100 ɣռ2.6%ռ0.09%ʣ71 λвͺļҵԱ2440 ɣռ63.4%ռ2.23%˾ӪҪͼ˲ΪԱռȷֱΪ66.4%12.9%Ŷӹͼҵ˲ţ˾ͷžӪ
    ֽֽӯƣӪҵԡֽƺתӯҵԡֽҵڵ󱬷ڻǿ̭ҵж2016Q4 ڷֽú̿˼۵ȳɱ˿DZ£ԭֽͿ桢ΰװҵɢCR10=8%ʹͷǿɱͨǼۿٴë־Ըƣƶ˾2016 ҵԤڣǰڱֽҵ16 ҵ޵ֽҵʽƣQ4 ҵԤڡ17 ֽҵλ˾120 ֽܽһͷӪҵԡ
    ֽǿƷͶ룬Ϊһ㡣˾ǰļͶֽĿȫͶ󲿷ΪԭֽۣٲΪƷƺĿǰ5 ҡƷơƷ桱δ߶˻չƳŮԺӤϵвƷͨƷƷͶ룬ӯ
    Ͷ湱ҵȫ档˾Ŀǰй˾ɯհ˼ȨϼֵԼ8 Ԫδ˾عȨͶ棬Ϊδҵȫ档
    ֽƸƣ˾ӯŸƣ2017 άԸλ2016 3.2 ھУ1 ΪֽҵףΪͶȷǾ棻ά17-18 ֽҵΪ3.5 ڣ4.2 ڣǾά17-18EPS ֱΪ0.32 Ԫ0.38 ԪĿǰɼ6.85 ԪӦ17-18PE ֱΪ21.4 17.8 ά֡

ֻӶֻӶֻӶ500Ͷ500Ͷ500ͶӶӶӶ4000ȯ5.44000ȯ5.44000ȯ5.4̫̫̫ƷתƷתƷת700ȯ5.6700ȯ5.6700ȯ5.6666ͷβͷβͷβ800Ͷ800Ͷ800Ͷȯȯȯȯȯȯάֵʽάֵʽάֵʽ202120212021һԪƱѶһԪƱѶһԪƱѶܷܷܷ50etfȨ50etfȨ50etfȨѸѸѸ600ȯ5.6600ȯ5.6600ȯ5.6ɢڵȯɢڵȯɢڵȯϢôϢôϢôɢȯôôɢȯôôɢȯôôǧ3ӶͶǧ3ӶͶǧ3ӶͶͶͶͶȯϢ㷽ȯϢ㷽ȯϢ㷽ȯȯҵȯȯҵȯȯҵȯȯżȯȯżȯȯżӶ̫Ӷ̫Ӷ̫ƱԪƱԪƱԪ15ô15ô15ôڻӶڻӶڻӶҪǮҪǮҪǮ1000ȯ5.41000ȯ5.41000ȯ5.4ƴ忪ƴ忪ƴ忪1000Ͷ1000Ͷ1000ͶΪʲôȯڵΪʲôȯڵΪʲôȯڵ202020202020ּӶּӶּӶ400ȯ5.6400ȯ5.6400ȯ5.65000ȯ5.45000ȯ5.45000ȯ5.4ôôôʶʶʶ˻ƽ˻ƽ˻ƽ300ȯ5.6300ȯ5.6300ȯ5.6ȯȯȯԼȯôԼȯôԼȯôȯԴôȯԴôȯԴô5.885.885.88ȯҵ񵽵ʲôȯҵ񵽵ʲôȯҵ񵽵ʲô

Դ,ɫһܻع:ƺʢҵڿýǣڹעϽҵ


    Ҫ仯1հʾϲǿԪԪָµƽ۸ǡ27Ʒµ1.7%1·ָ11µ͡3ҶԪм۱ӡ4ȶӲȱ
    Ͷʽ飺ڿúʢҵϽҵڹעԴ飬ڱ﮽϶ǶȾйʣ۸ѹƷµнرﮣڿԴԴƵͷ߱ϸ߼ֵ鳤ڹעҵ2018/201960/64.4ڣPE17X/16Xҵ2018/201926/30ڣPE17X/14XעСǼ۰飬ȥƷ۸ǵĺ߼΢۲Ҳлشϣ˶ڹ˳պлԤٴΪʢҵɼǵĺأ˾ROEܿţ2018/2019Ԥƹĸ33/40ڣӦP12X/10X棬Dzͬ߱߼ʿɵתϵͳԻᣬο2012-2014꣬ʵͨҲңĿǰ߱߼ʿɳ̶ȻгԤڣȻάֻ𵴵жϣ4·ݷġͭҵȱ桪֧ͭ۳ǿУͭԴ¸ߣгжͭ5500-7500Ԫ/ֵ𵴣ڼ۸ƲԤǿдʱգȶȱг۸ȻԿȻƽ۸ƣȫ򾭼ǰIJȷԽϰʵƳŤתӶԽָߵͺͳʻǰףעɽƽⳤڳöɷݣ2018۷Ԥ3.3ھ40%+Ӧ18۷ǺPE17XڿǷdzܳļƽ̨͹ʻ㲿̣
    ܴƷ۸ǣǡʻ棬ܹʻ۸ԪLMEµ0.48%⣬LMEͭǦпֱ3.02%3.20%4.88%6.05%1.58%棬COMEXƽ1.76%COMEX0.07%ܹڻֻ溣ǣSHFEֻµ0.32%⣬SHFEֻͭǦпֱ0.92%1.74%3.67%4.87%0.69%ڹ1.15%µ0.14%
    þ﮼۸µСϡ۸ܵؼ̼ﮱ9Ԫ/֣µ0.25Ԫ/֣ܱ13Ԫ/֣ܲ䣻ܼ۸49Ԫ/֣0.25Ԫ/֡ܵþ۸18350Ԫ/֣µ100Ԫ/֡С棬45%⾫1800Ԫ/֣ܲ䣻ܹӢɰ۸Ϊ1.2Ԫ/֣µ0.05Ԫ/֣³ɽ2.8Ԫ/֣ܲ䣻ܺ26.2Ԫ/֣0.1Ԫ/ֻ֣Ϊ1.38Ԫ/֣ܲ䣻پ۸Ϊ9.9Ԫ/֣µ0.2Ԫ/֣϶ⱨ32.25Ԫ/֣ܼ۸0.25Ԫ/֡

Ŵ֤ȯ,ҵ201823ܱ:Q1ȫг


    ع:ָ4261.66,µ4.60%,300ָµ1.20%ָǵһҵڶʮ(20/28)ְ,ָܸµΪ,ָܼҾָָ߽λǰ,ָָƶָܼ19ҹ˾,9ҹ˾ƽ,172ҹ˾µǷȽϴĹ˾³Ƽ(21.1%)¿Ƽ(16.19%)غ(14.6%)(12.08%)Ϣ(10.77%)
    ҵ۵:1),IDC2018һȷг,һȫΪ270̨,ͬ20.7%,۶Ϊ188Ԫ,ͬ38.6%ȫгǿ,ʵλ,۶ͬʷˮƽгǰǴHPE˳,˳ȳ17.5̨,ͬ77.5%г,йг۶ͬٸߴ67.4%,ȫгߵϸIDC,Ȼ,ȫΧҵʩڵ١CSP(ƷӦ)ǿɹƷڻʩռԼAIҵϵͳIJҲΪгáйAIܹгΪ2017йGPUг۶ԼΪ5.6Ԫ,ͬ230.7%,IDCԤƵ2022гģﵽ34Ԫ,Լ44%2)Ϊ,2017Q2ȫгԻ2017Q2г۶ͬ,Ťת֮ǰȵͬ½,֮ͬٳ(2017Q2:6.3%,2017Q3:19.9%,2017Q4:26.4%,2018Q1:38.6%)ж,IntelAMDƷҵʩ,Ʒ̵ǿǷгתҪ(ѷȸFacebookȾͷڿչ),GPUΪAIܹȻѸٵĿǰģռȻСйгԶȫٵĿʾйгľ޴DZ,˳Ϊ⡢ȹڷ̴չƷ̶ڷǿҲӲӡ֤ƷгĿٷչ,ƷʩṩԼϸҵSaaSӦ÷ṩӭչ
    صƼ˾:(1)㻪Ƽ:"ʮ"ڼͶɿɹ,ཨص,ܻͶҲ˾ҲڻƽϢSaaS,ƽ̨ҵչ˳,2017ĩûﵽ58,525,ҵûΪ4,543,עûΪ53,9822016ĩ,ҵûԡһֵĵĺ۵гķſ,˾Ϊ۵繫˾ṩҵѵͶʡ赽Ϣϵͳ۵һ廯,˾ڵĵƽ;(2)ѶƼ:2017ȫ깫˾ҵʵָ,ǻ۳мܻͨҵ,Ҫǻ۳ҵ½ȵľ׼Լܹͨҵ人ݡŵȵصijء˾ƵϵвƷ"IDPSͨ"²ƷѾз,δ˾ҵ(3)˼ҽ:˾ǹΨһһڵƷ(EAS)ҵͷҵ˾EASƷȫ,ӵEASҵģ,˾EASҵȶ,Ʒ۸Ǻ,ȫгռʳ30%,ά40%ϸëʡͨIBM,˾ɹIBMɭ,ڼʮҽԺǩWatsonЭ,нʮɭϻѾʽӪ÷񡣴,˾RFIDҵչ,ӵһļͻ,ΪװҵҵĿͻṩܻʵȿٴģ,ض(4)dz:dzʼרעϢȫ,԰ȫƷͰȫ,Ϊ걸ĸǿͻ簲ȫ󡣸ݵݼ˾걨,˾Щڰȫƽ̨(SOC)ͳһвƽ̨(UTM)ּ/ַ(IDS/IPS)ǽVPNϢȫƷгռʱ,ۺʵͻ˾һֱעع˾з,зͶռӪյıʼձҵڵĽϸˮƽ(5)к:˾ǹҵ񸲸ȫǵҵ˾ƷRTKƷGISݲɼ̽豸гռҪгλڼ,˾ǹӵ忨Ĺ˾֮һ2017,˾߾Ȱ忨Ʒܻÿͻ㷺Ͽ,ԲRTK豸ʵ˳30%ĽΪҵͷкォǵҵչԼơ
    :չزԤ;ҵٲԤ;ֵˮƽ;ֵ

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