【公司研究】同有科技-聚焦创新可信、全闪存与云计算缔造存储新生态-2020200630[36页].pdf

《【公司研究】同有科技-聚焦创新可信、全闪存与云计算缔造存储新生态-2020200630[36页].pdf》由会员分享，可在线阅读，更多相关《【公司研究】同有科技-聚焦创新可信、全闪存与云计算缔造存储新生态-2020200630[36页].pdf（36页珍藏版）》请在三个皮匠报告上搜索。

1、 / DASSAN2017 IDC2019Q4 79.0-0.1% 2020287-5.5% 201940 20202024 63201958.6%2020 40% 2018 IT40% 5000 2017 16.33%5.13% 9% NetStor NCS10000ACS10000A 2020-20222.002.71 3.37EPS0.42/0.56/0.70PE 29/21/17 2018A 2019A 2020E 2021E 2022E 377 345 861 1,137 1,387 (+/-)% -0.56% -8.48% 149.36% 31.96% 22.01% 20 11 2

2、00 271 337 (+/-)% -60.22% -44.50% 1683.46% 35.27% 24.38% 0.04 0.02 0.42 0.56 0.70 176.34 523.40 28.80 21.29 17.12 4.37 5.02 3.82 3.47 3.12 (%) 2.48% 0.96% 13.25% 16.30% 18.23% (%) 0.17% 0.08% 1.56% 2.08% 2.60% () 421 456 480 480 480 2020/6/29 6 14.59 12.01 12 8.1016.13 5,763 480 A 480 B/H 0/0 10 -24

3、% -11% 2% 15% 28% 41% 2019/72019/102020/12020/4 % 1M 3M 12M 10% 3% 11% 2% -12% 3% 20200316 0771 20200310 IT 2020 20191203 S0550519100001 13810884820 S0550119110012 18811346899 S0550119110002 15652991086 300302 2020-06-30 2 / 36 1. 5 2. 6 2.1. . 6 2.2. . 9 2.3. 10 3. . 13 3.1. . 13 3.2.2024324. 15 3.

4、3. 18 4. . 20 4.1. . 20 4.2.“+” . 24 4.2.1.SSD . 24 4.2.2. 27 4.3. 30 5. 31 5.1.2020-20222.00/2.71/3.37. 31 5.2.14.59/“” . 32 6. . 33 3 / 36 1 . 7 22020331 . 8 32020331 . 9 4 . 9 5 .11 62019.11 7 .11 8 . 12 9 . 12 10. 12 11 . 13 122019 . 13 13. 13 14. 14 15 . 15 16 . 16 172019Q1 . 16 18. 16 19. 16 2

5、0. 17 212019Q4 . 17 22 . 18 232019 . 19 242019 . 19 252019H1 . 19 262019H1 . 19 27 . 20 28. 20 29 . 20 30ACS10000A . 21 31ACS 5000F . 21 32 . 22 33. 24 34. 25 352016-2023E. 26 362016-2023E. 26 372016-2018Q3. 26 382016-2018Q3 . 26 392016-2023E . 27 402016-2023E. 27 41 . 28 4 / 36 42 . 28 43. 30 44 .

6、30 45. 31 1 . 8 2 . 10 3 . 10 4DRAMNAND FlashNOR Flash. 14 5 . 22 6 . 23 7 . 24 8 . 29 9 . 31 10 . 32 112020/6/24. 32 5 / 36 1. DASSAN2017“ ”2018 ACS5000AACS10000A ACS5000F 2024324IDC 2019Q479.00.1% 27.6 7.832.38.4% 20205.5287 2020 Q12020 Q27.312.42020 20212024324 2019-2024CAGR1.3 IDC2019 40 2020202

7、463 2019(AFA) 58.6%202040%IDC2018 23.4%7.6ZB202527.8%48.6ZB 2010 2018 IT40% 5000 + 2016NCS80002019 ACS10000A FT2000+NVMe SSD 201748000 SSDNVMe16.33% 20187100%2018 6 / 36 810003D NANDSSD 5.13%2018129% 2016 NetStor NCS100002019 ACS10000A 2020-20222.002.713.37 EPS0.42/0.56/0.70PE29/21/17 2. 2.1. 1998 D

8、AS SAN 1998-2004DASNetStor 2001NetStor2003 2004 2005-2011SAN 2005 2008“” 20092011 “” 2012 + 20123.15 20132014 2015 2.12016“ NCS8000”2002017 7 / 36 2017 2018 ACS5000A2019ACS10000A ACS5000F20174 8000NVMe 2018100% SSDSSDNVMe 1 18.29%13.8% 11.51%2010111 2015323 202033118.29%13.8% 11.51% 8 / 36 22020331

9、Wind 1998 30 2018“” 1 20201 Wind 20124 18.63% 2020331 18.29%13.80%11.51% 9 / 36 32020331 Wind 2.2. CPU 2019CPUOS ACS10000AACS5000F 4 10 / 36 2 3000 256 AES 1010 PBIPSAN HadoopSPARKStorm 18-50 18-50 / 3 2017/6 NCS7300G2 1 19.7 19.7 2017/7 NCS7300 1 18.02 18.02 2018/5 ISUM790L 1 25.8 25.8 2018/6 1 32.

10、39 32.39 2019/7 “” NetStor NCS7550G2 1 46 46 2.3. 2019 3.458.48%1.53 1176.16%44.43%2019 11 / 36 0.8859.89% 25.37%1.0429.01% 30.20%2020Q10.19 61.85% 5 62019 Wind Wind 201942.66% 32.04%10.62 2020Q1 0.0735.21% 7 Wind 201920190.34 2.44%9.88%0.434.56% 12.58%0.4344.60% 12.58%0.12454.99%3.41% 2020Q1 12 / 3

11、6 8 Wind 20170.5160.53% 20162.1 20190.1144.50% 2020Q1-0.13 9 10 Wind Wind 37%2019353 18%37%201997.86 3.18 13 / 36 11 122019 Wind Wind 3. 3.1. / /CPU /HDDSSDSAS / / SDSHCI 13 DRAMNAND FlashNOR Flash 14 / 36 RAM SRAMDRAM ROMFlash NAND FlashNOR Flash (SSD)PCDVDUSBkey 14 DRAM201895% NAND Flash2019Q36 99

12、%NOR Flash2019Q2Wibnond MacronixCypress65% NOR Flash2019Q2 NOR Flash0.7710.9% 4DRAMNAND FlashNOR Flash DRAM 2018 996.55+39% 2019822.47 -17.5% 2018 437.4743.9 294.0929.5220 22.1% 15002019 912 / 56.5 300 NAND Flash 2019Q32019Q3 2402019 15 / 36 119 10.2% 39.8733.5% 22.27 18.7%16.32 13.7%12.9%10.9% SK9.

13、6% 64TLC 3D NAND 300 240 NOR Flash 2019Q2 5.50-0.1% 2019Q2 Wibnond1.2923.4% Macronix1.2723.2% Cypress1.0118.3% 0.6010.9% 2019Q2NOR Flash0.77 10.9% DRAMeXchangeCINNO Research SSD CPU MarvellSandForceIntel 15 CSDN 3.2. 2024324 IDC ODM 20195IDC2019Q1 0.6133.7 16 / 36 ODM5.329.5 6.6365.0%68.6 2019Q22599

14、.5IDC 2018Q2 286.22019Q4IDC 5.1%ODM0.1% 20193.0%1.9% AFA Pure Storage 2019Q122.2%HPE/H3C 49%NetApp 17.36.7IBMPure Storage 3.6%2.52.52.22.11.91.9 Pure Storage22.4%14.6% 14.6% 16 172019Q1 IDC IDC 2019Q479.00.1%2019 1.9%2019Q4AFA32.3 8.4%103.79.1% 18 19 IDC IDC 17 / 36 IDC20203122019Q4 27.6HPE /H3CIBM1

15、0.19.1 NetAppHuawei 8.97.8 20 212019Q4 IDC IDC 2019-2024 CAGR4.91.3IDC2020327 2020IT 3.48862020 Q12020 Q211.08.92020 ESS5.52872020 Q12020 Q27.3 12.420202021IDC 2024 11663242019-2024 CAGR4.91.3 18 / 36 22 IDC 3.3. 201940202463 202041IDC2019 2019Q413.22019 40.116.8%IDC 2024 632020Q1 IT 2020 2019 29.5%

16、 11.8% 7.6% 30% 19 / 36 232019 242019 IDC IDC 63.6%2019 1.5-10 10 55.0% 1.5 2019(AFA)58.6%202040% 2019930IDC2019 2019H1AFA31.0% 15.8%202325%202041IDC 20192020 AFA40%IDC2019 (AFA)58.6%10% 252019H1 262019H1 IDC IDC IDC 20252018 32ZB2025175ZB5201823.4% 20 / 36 7.6ZB202527.8%48.6ZB 27 28 IDC 4. 4.1. 201

17、0IT40% 20102012iSUM A1100 2018Q3-2019Q2 ACS5000AACS10000AACS5000F 2019 IT40% 29 ACS5000A201610“2016”iSUM A1200iSUM A1600 2018710ACS 21 / 36 5000A ACS5000A FT-1500A IT40% 2019ACS10000AACS5000F ACS10000AFT-1500A ACS5000FFT-1500A SSD FT2000+NVMe SSD 30ACS10000A 31ACS 5000F 22 / 36 32 2018 706 5 201929.

18、5%11.8IDC Gartner 201827%2019Q1 2019 9.6110.68%22.46% 706 SAN 20162018IDC MS3000G2-FT SAN/NAS+OS 5000 23 / 36 6 1014 282930 54 2019 IT IT 2019IT 24 / 36 4.2. + + 2016NCS80002017 “” ACS10000A FT2000+NVMe SSD 201748000SSD NVMe16.33%20187 100%20188 10003D NANDSSD 5.13%2018129% 33 4.2.1. SSD 2007 SSD 7

19、K1 ECCSATA3.1SLC/MLC/TLC 2TBDRAMNAND N1 NVMe PCIe SATAISATAIISATAIII2TB-40+85 SSD SATA mSATAHalf-SlimM.2U.2CF/CFast 25 / 36 DOMuSIC mSATAmSATARSATA SATA/USB NNMeXMCVPX SSDSSD 5.80201921 5.8 3.4860%2.3240% 2018-20210.290.46 0.590.712018 2,961.692,900.002019 4,617.804,600.00 2.30 53.48 2.320.600.36 0.

20、20 202057 72369 2.30202048 2080%9.69/2020 512 39.96%51.21% 38.77% 9.6%1.19%39.96% 12.44%51.21%20201 34 26 / 36 201620172018 4734.435043.747976.162018 1.16130.82%20162017 2018 20232.77 20162017201848.28%56.26% 46.49%201848.15%2017 70020202023 50% 352016-2023E 362016-2023E 2018-2023 SLC Single-Level C

21、ellMLCMulti-Level Cell MLC SLC2018MLC38.72%SLC 10MLC10 2018SLC 30.97% 201891.32% 372016-2018Q3 382016-2018Q3 27 / 36 20182017455.83 2018 20182866.26728.81%2019425 20182961.69749.75% 61.6920182900 392016-2023E 402016-2023E 2018-2023 SSD “” 4.2.2. 2011SSD CEO“2014 PCIe SSD60%6PB” 600 PBlazePCIe SSD Mi

22、crosemiVMware 28 / 36 41 A 20142015B7000C12017 C+800016.33% 42 Wind NVMePCIe SSD NVMePCIe SSD 2011Device-based PCIe SSD5 PCIe SSDPBlaze4NVMe 20203 PBlaze5 920SSD 29 / 36 202049 111 8 NVMe SSD PBlaze4 NVMe800GB3.2TB FlashRAID NVMe SSD PBlaze5 700 11TB3.4 PBlaze5 900 MemSpeed3.0MemSolid3.0 200 PBlaze5 910/916 6