江丰电子-公司首次覆盖报告：国产溅射靶材龙头未来前景可期-20200721[22页].pdf

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2、.0 17.6 21.2 24.8 () 59 64 81 103 131 YOY(%) -8.2 9.1 26.7 27.1 27.1 (%) 29.6 31.1 30.8 30.9 30.8 (%) 9.1 7.8 8.4 8.8 8.9 ROE(%) 9.5 9.2 10.6 12.1 13.5 EPS(/) 0.26 0.29 0.36 0.46 0.59 P/E() 244.3 223.8 176.7 139.1 109.4 P/B() 23.4 21.0 19.1 17.1 15.0 -40% 0% 40% 80% 120% 2019-07 2019-11 2020-03 300

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5、argetTi IMP Vectra Target 200 SIP Ti 300mm IMP TiMonlithic 300mm 14nm ( SIP Ta 300mmDurasource 300mm Ta SIP Encore Coil 300mm 16nm LCD CMP RetainerRing棨Pad 桢 5 / 22 202056 618328.3% 35.0%緶 500 2009 2 桢 1.2 20152019 2.9/0.248.3 /0.64CAGR29.8%/27.8% 1 2 LCD 2018 2017 43.33% 3 42019 Wind Wind 2.9 4.4 5

6、.5 6.5 8.3 18.7% 52.2% 24.2% 18.1% 27.0% 0% 10% 20% 30% 40% 50% 60% 0 1 2 3 4 5 6 7 8 9 YOY 0.24 0.55 0.64 0.59 0.64 24.9% 130.4% 16.6% -8.2% 9.1% -20% 0% 20% 40% 60% 80% 100% 120% 140% 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 YOY 6 / 22 201971% LCD ()2019 LCD 10%() ()201972% 5 6 Wind Wind 32%2019 31.1% 2019