【公司研究】卓易信息-国内领跑国际并跑创新浪潮助BIOS龙头加速成长-20200214[66页].pdf

1、 / BIOS 2017A 2018A 2019E 2020E 2021E 152 176 231 365 543 (+/-)% 27% 15% 31% 58% 49% 33 52 66 120 190 (+/-)% 16% 56% 27% 83% 58% 0.38 0.59 0.75 1.38 2.18 284 182 143 78 50 38.7 31.9 28.0 21.5 15.9 (%) 14.6% 19.2% 20.8% 31.2% 36.9% (%) 0.0% 0.3% 0.2% 0.4% 0.6% () 65 65 87 87 87 2020/2/13 6 128.80 108

2、.11 12 40.60114.90 9,401 87 A 87 B/H 0/0 2 -5% 16% 37% 58% 79% 2019/122020/12020/2 % 1M 3M 12M 11% 0% 0% 16% -1% -20% IT 2020 20191203 0771Q3 20191114 S0550519100001 13810884820 S0550119110002 15652991086 S0550119110012 18811346899 S0550119120003 18688975825 688258 / 2020-02-14 2 / 66 1. . 7 2. . 9

3、2.1. + . 9 2.2. 20082012. 12 2.3. BIOS . 13 2.4. BMC. 15 2.5. . 16 2.6. . 18 2.7. . 22 2.8. ROE. 23 3. BIOS40 . 25 3.1. BIOS40AMI. 25 3.1.1.1981-1984IBM . 25 3.1.2.PhoenixBIOS. 25 3.1.3.AMIInsydeUEFIAMI . 26 3.2. AMIUEFI . 28 3.3. Phoenix . 30 3.4. InsydeUEFIBIOS . 36 3.5. . 41 3.6. . 43 4. . 46 4.1

4、. 2018BIOS10025% . 46 4.2. X86PC/. 50 4.2.1.PC150. 50 4.2.2.20191180 . 54 4.2.3.201912 . 55 4.3. . 57 4.4. X86. 58 3 / 66 5. . 59 5.1. 2019-20212.31/3.65/5.4331%/58%/49% . 59 5.2. 2020112128.80. 62 6. . 63 4 / 66 1 . 9 2 . 9 3 . 10 42016-2018YoY . 11 52016-2018 . 11 6 . 12 7BIOS . 13 8BIOS . 14 9BMC

5、. 15 10BMC . 16 11 . 16 122016-2019H1. 17 13 . 17 14 . 18 152016-2019H1 . 18 162016-2018. 19 17 . 20 18 . 21 19“” . 22 202016-2018 . 22 212016-2018 . 23 222018. 24 23. 24 24“” . 26 25UEFI BIOSLegacy BIOS . 27 26UEFI2019 . 27 27AMI . 28 28AMI. 29 29Phoenix . 30 30Phoenix . 31 31 2003-2006Phoenix . 31

6、 5 / 66 321999-2009 Phoenix . 32 33Phoenix . 32 341988-2009Phoenix. 33 351988-2009Phoenix . 33 361995-2009Phoenix . 34 37Phoenix . 34 38PhoenixP/E. 35 39Insyde . 36 40Insyde . 37 412013-2018Insyde. 37 422011-2018Insyde . 38 43Insyde . 38 441998-2018InsydeY oY. 39 451998-2018Insyde. 40 46Insyde . 40