国防军工锻铸行业深度报告：产能释放或超预期供不应求业绩改善-20211230（18页）.pdf

1、 1 / 19 Table_Main | 20211230 Table_Title Table_Summary 10 100-20073 15 乩 2021Q3 12% 25% 23% 棬2021-2023 Table_Invest | Table_PicQuote Wind Table_DocReport 2021.12.06 Table_Forecast EPS PE 2020A 2021E 2022E 2020A 2021E 2022E 600765 46.05 48427.96 0.37 0.74 1.08 124.46 62.41 42.45 300775 47.58 23575.8

2、9 0.41 0.86 1/17 116.05 54.42 40.14 605123 136.73 14766.84 1.85 2.43 3/38 73.89 56.29 40.49 688239 67.61 9465.40 0.69 0.93 1.32 97.99 72.41 51.40 Wind -6%4%13%22%32%12/29 3/30 6/29 9/28 12/28 300 2 / 19 1. . 4 1.1 . 4 1.2 . 4 1.3/. 5 1.4/ . 5 2. . 6 2.1纣 . 7 2.2 . 8 3. . 9 3.121 . 9 3.2 . 11 3.3 . 1

3、1 3.4 . 13 3.5 . 14 3.6 . 16 3.7 . 18 4. . 18 1/ . 6 239.44% . 6 3 . 10 4Q3/ . 10 5 . 10 6 . 12 7 . 12 8 . 12 9 . 12 10 . 13 112021 . 13 12400MN . 14 13NKMZ750MN . 14 142021 . 16 15Ring . 16 16 . 17 172021 . 17 1 . 4 rQtNtRsMmQwOnPqMoPqMmR9P9RaQoMpPmOnPiNrRoPiNnNnR7NrQnMMYoPoRNZpPsN 3 / 19 2 . 5 3/

4、. 7 4World Air Forces 2021 . 9 5 . 11 644.29% . 15 7RingCasing . 17 8 . 18 4 / 19 1. 1.1 Aerospace manufacture and Design 26%37%44% 1 / Porosity (Grain Structure) 侧 (Post-forming) 洦 洦 踴 (Tooling Costs) (Alloy Selection) (Complexity) (Accuracy) Aerospace manufacture and Designtexmoprecisioncastings 1

5、.2 豸豸豸豸 5 / 19 2 豸 飬 1.3/ /絲沿漰/漰 1.4/ /600 6 / 19 1/ Wind, (Y12Z9EC120)(-6-20)-15-16-10-20鶼(CJ6K8L15)()() 2. Roland Berger2018 39.44%2011 2018 4.5%201820234.2%() 2 39.44% Roland Berger 7 / 19 2.1纣 18漰1820201320.7201914518.98% 15%17110020191285.614.38% 3/ 2020() % GE () 220.0 +33 82%41% Pratt &Whitne

6、y 172.0 -17 2020F-135綥 Safran (弯) 162.7 -33 Woodward () 159.1 -15 Honeywell 115.4 -18 19Tru-Trak Flight Systems Precision Castparts Corp() 73 -29 2016372 Rolls Royce () 65 -20 150100 Mitsubishi Heavy Industries () 61.7 -0 F-35F-15767.777A319-A321 Howmet Aerospace 45.9 -25 Arconic Eaton 40.65 -13 202