【公司研究】方邦股份-电磁屏蔽膜龙头新品打开成长空间-20200219[31页].pdf

1、 / 20102012 HSF6000 19.60% FPC+ 5G FPC5G LTE5G NR 2019 1989202430558.96% 5G FPC2014 HSF-USB3 5G OPPOVivo BHCO.LTDYoung Poong Group FPC PCB/FPC 2019/2020/2021 3.33/5.85/10.88EPS1.83/3.30/6.25PE 59.58/33.09/17.46X 2017A 2018A 2019E 2020E 2021E 226 275 333 585 1,088 (+/-)% 18.90% 21.42% 21.19% 75.81% 8

2、5.93% 96 117 146 264 500 (+/-)% 20.52% 21.67% 25.04% 80.07% 89.47% 1.20 1.46 1.83 3.30 6.25 0.00 0.00 59.58 33.09 17.46 0.00 0.00 15.01 10.33 6.49 (%) 27.73% 28.24% 25.20% 31.21% 37.16% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 60 60 80 80 80 2020/2/17 6 132 109.10 12 74.74141.95 8,728 80 A 80 B/H 0/0 2

3、-24% -12% 0% 12% 24% 36% 2019/72019/102020/1 % 1M 3M 12M 2% 34% 0% 4% 29% -22% Mate 30 Pro 5G5G 20191230 5G 20191217 5G 20191217 20191209 S0550518060004 01058034600 S0550119080044 18810995372 0 0 688020 2020-02-19 2 / 31 1. . 5 1.1. . 5 1.2. . 6 1.3. . 9 1.4. . 10 2. FPC5GFPC. 11 2.1. PCB . 11 2.2.

4、+FPC . 12 2.3. 5G+FPC . 13 3. FPC. 16 3.1. FPC . 16 3.2. 5G. 18 3.3. 5G. 20 3.4. . 22 4. . 23 4.1. FCCLFPCFCCL . 23 4.2. . 25 4.3. PCB . 26 5. . 28 5.1. . 28 5.2. . 28 6. . 28 3 / 31 1 . 5 2 . 6 3 . 7 4. 7 5 . 9 6 . 10 7 . 10 8. 10 9. 10 10. 11 11 . 11 122018. 11 13FPC . 12 14PCB . 12 15FPC . 12 16F

5、PC . 13 17iPhone FPC . 14 18FPC . 14 19iPhone XFPC . 14 20Apple Watch Series 4 FPC . 15 21AirPods ProFPC . 15 22FPC . 15 23 . 16 24 . 19 25 . 21 26 . 21 27 . 21 28. 22 29. 22 30. 24 31FCCL . 24 4 / 31 32PCB. 27 33. 28 1 . 6 2 . 6 32018. 7 4. 8 5. 8 6IPO. 9 72018-2023PCBFPC . 13 8. 18 9 . 19 10 . 20

6、11 . 22 12. 23 13. 23 142013-2018 . 25 15 . 25 5 / 31 1. 1.1. 20102012HSF6000 2014 HSF-USB3OPPOVIVO 5G2019722 1 3.78% 8.81%12.59%2.93% 3.35%1.76%8.04% 18.19%38.82%2015 1.581.05 12.5%8.33% 76%20207221746.25 21.83% 6 / 31 2 Wind 1 2020-07-22 1746.25 21.83% 95.67% 2021-07-22 80.00 1.00% 4.38% 2022-07-2