【公司研究】洁美科技-横纵向业务拓展薄型载带领导者再出发-20200531[32页].pdf

1、 / 73.96% 14.47%5.24%4.76% 40% 2019Q4 5G PC 06030402 MLCC BOPET CPPITO 20/21/22 EPS1.07/1.39/1.63PE36.18/27.67/23.70X 2018A 2019A 2020E 2021E 2022E 1,311 949 1,453 1,949 2,440 (+/-)% 31.58% -27.65% 53.23% 34.07% 25.21% 275 118 276 360 421 (+/-)% 40.30% -57.16% 133.69% 30.75% 16.76% 1.07 0.46 1.07 1.

2、39 1.63 28.87 75.84 36.18 27.67 23.70 5.11 5.65 5.36 4.49 3.78 (%) 17.69% 7.44% 14.82% 16.23% 15.93% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 258 258 258 258 258 2020/5/29 6 44.50 38.58 12 24.0052.28 15,869 258 A 258 B/H 0/0 2 -16% 2% 20% 38% 56% 2019/62019/92019/122020/3 % 1M 3M 12M -4% -6% 31% -4% -4%

3、 25% 002859 -20200331 002859 -20191023 Mate 30 Pro 5G5G -20191230 5G -20191217 S0550518060004 01058034600 S0550119080044 18810995372 0 0 002859 / 2020-05-31 2 / 32 1. . 5 1.1. . 5 1.2. . 6 1.3. . 8 2.MLCC . 10 2.1.5G . 10 2.2.MLCC . 12 3. . 15 3.1. . 15 3.2. . 16 3.3. . 18 3.4. . 19 4.PC . 19 4.1. .

4、 20 4.2. 23 4.3. 24 5. 25 5.1. . 25 5.2.BOPET . 27 5.3.CPP . 28 6. 28 6.1. . 28 6.2. . 29 7. . 29 3 / 32 1 . 5 2 . 5 3 . 5 4 . 7 5 . 8 6 . 8 7 . 9 8 . 9 9 . 9 10 . 10 11 . 10 12. 10 13MLCC.11 14iPhoneMLCC .11 15 .11 16iPhone .11 17 . 13 18MLCC . 13 19. 13 20. 13 21 . 13 22. 13 23MLCC2020Q1 . 14 24 .

5、 15 25. 16 26. 16 27 . 16 28 . 17 29/ . 17 30. 17 31 . 17 32. 18 33 . 19 34 . 20 35 . 20 36 . 20 37 . 20 38. 21 39 . 21 40. 22 41. 22 42. 23 4 / 32 43 . 23 443M . 23 45 . 24 46. 24 47LED. 25 48. 25 49MLCC . 26 50MLCC. 26 512017MLCC . 26 52MLCC . 26 53 . 28 54ITO . 28 12019 . 6 22014-2016 . 7 3MLCC .

6、 12 4 . 14 5 . 19 6 . 27 7 . 29 5 / 32 1. 1.1. 200120174 1 IC 2 3 6 / 32 2.58 67.38%2.25% 90%43.84%55.04% 3.31%49.4% 12019 % 48.71 () 6.01 4.28 2.25 1.37 0.97 0.88 0.87 0.87 0.79 67.00 Wind 1.2. 7 / 32 4 45%50% 15% 1520%25% 22014-2016 % 2016 17,868.83 23.86 12,397.63 16.55 10,116.70 13.51 4,896.81 6