美的集團-科技制造為矛從To C邁向To B-211231（56頁）.pdf

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1、 Table_Info1 (000333) / Table_Date 2021-12-31 Table_Invest Table_Market 2021/12/31 6 92.50 73.81 12 61.40107.11 515,696.98 6,985 A 6,985 B/H 0/0 22 Table_PicQuote Table_Trend % 1M 3M 12M 9% 6% -23% 7% 5% -18% Table_Report -20211227 -20211220 Table_Author Table_Title / To CTo B Table_Summary CB 1 2T+

2、3B C3COLMO B 1+ 2+ SaaS 3GMCC綯綯 2021-202333673826423017.85%13.62%10.57%288333381PE17.92x/15.47x/13.55x Table_Finance 2019A 2020A 2021E 2022E 2023E 279,381 285,710 336,696 382,550 422,978 (+/-)% 6.71% 2.27% 17.85% 13.62% 10.57% 24,211 27,223 28,777 33,333 38,063 (+/-)% 19.68% 12.44% 5.71% 15.83% 14.1

3、9% 棨 3.60 3.93 4.12 4.77 5.45 16.18 25.05 17.92 15.47 13.55 4.00 5.85 3.53 2.87 2.37 (%) 23.81% 23.17% 19.68% 18.56% 17.49% (%) 2.17% 2.17% 2.23% 2.59% 2.95% () 6,972 7,030 6,985 6,985 6,985 -40%-30%-20%-10%0%10%20%2020/12 2021/3 2021/6 2021/9 2021/12 300 2 / 59 Table_PageTop / 1. . 6 1.1. . 6 1.2.

4、. 10 1.3. CB . 14 1.4. . 16 2. . 17 2.1. . 17 2.2. . 19 3. . 22 3.1. T+3 . 22 3.2. . 27 3.3. . 28 4. CB . 30 4.1. C . 30 4.1.1. . 30 4.1.2. . 33 4.1.3. . 34 4.1.4. COLMO . 38 4.1.5. . 42 4.2. B . 43 4.2.1. . 43 4.2.2. + . 46 4.2.2.1. . 46 4.2.2.2. . 48 4.2.2.3. . 51 4.2.3. 綯EPS . 53 5. . 56 1 . 6 2

5、. 6 3 . 7 4豸 . 7 51993-2003 . 8 62004-2011 . 9 72012-2021 . 10 3 / 59 Table_PageTop / 82021Q3 . 11 92014 . 13 10 . 14 11. 15 12CB . 15 13CB . 15 14C . 15 15B . 15 162020 . 16 17 . 17 18 . 18 19 . 19 20 . 20 21 . 20 222020 . 21 232015-2020524.5 . 21 24 . 21 25 . 22 26 . 22 27 . 23 28 . 24 29632 . 24

6、30T+3 . 25 31T+3 . 26 325G . 27 335G+ . 27 342.0 . 27 35 . 28 36 . 28 37 . 28 38 . 29 39 . 30 40 . 30 412016-2020 . 31 422016-2020 . 31 432016-2020 . 31 442021 . 31 45GDP . 32 462021 . 32 47 . 32 48 . 32 492019-2022 . 32 502019-2022 . 32 512019-2022 . 33 522018-2021 . 34 4 / 59 Table_PageTop / 53201

7、8-2021 . 34 542018-2021 . 34 552018-2021 . 34 562018-2021 . 34 572018-2021 . 34 582018-2021緹 . 35 592018-2021緹 . 35 602018-2021 . 35 612018-2021 . 35 622018-2021 . 36 632018-2021 . 36 642018-2021 . 36 652018-2021 . 36 662018-2021 . 36 672018-2021 . 36 682018-2021 . 37 692018-2021 . 37 702018-2021 .

8、37 712018-2021 . 37 722018-2021 . 37 732018-2021 . 37 742018-2021 . 38 752018-2021 . 38 76 . 38 77 . 39 78 . 39 79202111 . 39 80202111 . 40 81202111 . 40 82 . 41 83 . 42 8418 . 42 85 . 43 862022 . 44 87 . 45 88 . 45 89 . 45 90 . 46 91 . 46 92 . 47 93 . 47 94 . 47 95 . 47 96SAAS . 48 972020-2024 . 48

9、 5 / 59 Table_PageTop / 982020 . 49 992020/ . 49 1002018繤 . 50 1012019 . 50 102 . 51 103A380 . 51 104 . 51 105 . 52 106 . 52 107 . 54 108 . 54 109EPS . 55 110綯CO2 . 55 1112019 . 55 1122019 . 55 113 . 55 1 . 12 2 . 41 3 . 42 4 . 44 5 . 50 6 . 53 7CO2 . 54 6 / 59 Table_PageTop / 1. 5012 1.1. 塣53123 11

10、968-1979196826235000飬19731976 10 飬 1 2 2衰硱1980-19921980麣38磬顱 1198421985 7 / 59 Table_PageTop / 90 5027鯊1992 12 3躣 OEM 4磬5 3 4豸 3沢1993-200319931993緹磻200020031997彭199820011993 5.2 1996 MRP 磬 沢 1992-19961997-1998MBO 199867%52%3 8 / 59 Table_PageTop / 51993-2003 棬 42004-20112004-2011 MiracoUTC2009 67 跽鯊

11、2011粹 棬 1 2飬 32006壬+ 4 9 / 59 Table_PageTop / 62004-2011 棬 52012-2012 46 鯊 70 122532012-2014 7000 30 30%20%2013-2016 38%To CC+To BB 10 / 59 Table_PageTop / 72012-2021 棬 50 ?顣沢澭羺仯 1.2. 2021Q329.37%鯊 1.68%55%-60% 11 / 59 Table_PageTop / 82021Q3 棬 2019 CFO 12 / 59 Table_PageTop / 1 鯊 54 1992 繒CEO 58 20

12、00 繒繒 CTO 64 2012 GECTO 54 1995 53 1999 45 1999 ,TLSC, CIO 48 2010 IT,CIOIT 45 1998 39 2021 39 2002 48 2007 飬飬顣 42 2002 溣,涫,. 53 1999 ,. 棬 棬 13 / 59 Table_PageTop / 裬2014-24 92014 棬 2014 4 0 6 0 . 2 4 8 . 7 9 2 . 4 1 % 15% 2 0 % 8430 3 1 . 5 4 2% 15% 2 0 % 11500 1 . 0 0 %2015 2 0 1 4 1 5 % 2015 2 0

13、% 12753 2 1 . 3 5 1 . 9 8 % 8050 0 . 6 0 %2016 20% 9 8 9 8 . 2 3 3 . 7 2 1 . 5 3 % 2017 2979 1 6 . 8 6 0 . 4 6 % 9900 0 . 6 0 %2017 20% 6208 5 7 . 5 4 0 . 9 4 % 2018 2501 2 8 . 7 7 0 . 3 8 % 18250 0 . 9 8 %2018 20% 9785 0 . 5 3 %2018 20% 4724 5 4 . 1 7 0 . 7 2 % 2019 3035 2 7 . 0 9 0 . 4 6 % 18582 0

14、 . 9 2 %2019 20% 9300 0 . 4 6 %2019 20% 6526 5 2 . 0 2 0 . 9 3 % 2020 3418 2 6 . 0 1 0 . 4 9 % 18410 0 . 7 6 % 9750 0 . 4 0 % 8248 8 2 . 9 8 1 . 1 7 % 2021 1057 4 1 . 4 9 0 . 1 5 % 20150 0 . 7 4 % 110% 9752 0 . 4 2 % 111%2020 2021 2015 2016 2017 2018 2019 14 / 59 Table_PageTop / 1.3. CB 200283418172

15、00153To CTo B 10 To CTo C2020To C82% 2351 ?磬磬緹翾硣棬 15 / 59 Table_PageTop / 11 12CB 13CB 棬 棬 14C 15B 棬 棬 硢綫Com f e eCOL M OMKCLIVE T廯 IT C B 16 / 59 Table_PageTop / To C202036%33%20208仯C 162020 1.4. 2015-2020 ROE 25% 10%/ 17 / 59 Table_PageTop / 17 棬 2. 2.1. 壬仯檔 18 / 59 Table_PageTop / 18 - 12 裬裬 飬 2

16、0 0 5 5 滮滮棬 硢3 - 5 顣淶衣 檔壬塣裬 19 / 59 Table_PageTop / 19 棬 2.2. 820 11 9 53棬 20 / 59 Table_PageTop / 20 21 棬 2020 2890 570 2020 磩 16 6.2 3 2020 215 21 / 59 Table_PageTop / 222020 棬 2020 1.6 50010.77%2015-2020 524.5 20208725iF29IDEA27G-mark6 232015-2020524.5 24 棬 棬 2 0 2 0 任 22 / 59 Table_PageTop / 25

17、26 棬 棬 3. 3.1. T+3 1豸2 3C T+3 5G 23 / 59 Table_PageTop / 27 63232012-2015632632 10 IT APP 24 / 59 Table_PageTop / 28 29632 25 / 59 Table_PageTop / 1234123412豸3仯42013T+32015 T+3123 4SKU5 30T+3 26 / 59 Table_PageTop / T+3C2MT+3豸73徹12 31T+3 棬 2020 M.IoT 1.0 2.0 1 27 / 59 Table_PageTop / 鹹 IaaSPaaS 棻 2

18、SaaS 3飬B 4棬 325G 335G+ 342.0 3.2. B塣50 28 / 59 Table_PageTop / +飬BC 35 36 3.3. T+3 12005 KA 37 棬 29 / 59 Table_PageTop / 22005-2011統棬 38 棬 32012-20172011 廯棬SKU201316 42017- 2017202045%46023506370 3.5 550 EDIS 2700 30 / 59 Table_PageTop / 39 棬 40 4. CB 4.1. C 4.1.1. 2016-20202020144905.17%70531.41%20

19、20 8443 8.01%2020156822%6853.8%9123.6%2021 31 / 59 Table_PageTop / 412016-2020 422016-2020 432016-2020 442021 1 2 3黺 32 / 59 Table_PageTop / 45GDP 462021 Wind Wind 47 48 Wind 492019-2022 502019-2022 33 / 59 Table_PageTop / 512019-2022 4.1.2. 202111CR372.6%67.9%71.6%CR383.8%62.7%60.7%20182021壬 棬20185

20、2.5%202172.6%7.2pct2021棬201873.5%2021 83.8%10.9pct 棬201852.2%202167.9%0.4pct棬201856.3% 202162.7% 1.4pct 棬 2018 60.2% 2021 71.6%-0.4pct 4.0pct棬201856.2%202160.7%-0.5pct-0.5pct 34 / 59 Table_PageTop / 522018-2021 532018-2021 542018-2021 552018-2021 562018-2021 572018-2021 4.1.3. 35 / 59 Table_PageTop

21、/ 仯12繫壬 C2M 582018-2021緹 592018-2021緹 602018-2021 612018-2021 36 / 59 Table_PageTop / 622018-2021 632018-2021 642018-2021 652018-2021 662018-2021 672018-2021 37 / 59 Table_PageTop / 682018-2021 692018-2021 702018-2021 712018-2021 722018-2021 732018-2021 38 / 59 Table_PageTop / 742018-2021 752018-202

22、1 4.1.4. COLMO 2020棺1 23 76 2021 磬1磬APP2GFK20242020 SKU 39 / 59 Table_PageTop / 77 78 硢 22021 11 6500 10.88%26.39%800042.50%6000 38.81% 79202111 40 / 59 Table_PageTop / 80202111 81202111 COLMO檔200615緽棬檔COLMO2018COLMO AI 棬COLMO COLMO 41 / 59 Table_PageTop / 82 2 / COLMO 238 81.3 49.5 266 220 1000.2 3

23、3.1() 173.4 300.9 407.1 罻 93.6 32.8() 2.5 13.3() 3.1 42 / 59 Table_PageTop / 3 / COLMO - 8000 7000 - 600 81 001800 300 15 45 4.1.5. OEM OBM 2020 18 17 鲼15 3 83 8418 OEM 43 / 59 Table_PageTop / Comfee磩 EurekaMasterkitchen磩ClivetComfee籣Clivet Eureka 滮 2025 庣 10% 350 175 4.2. B 100B飬 85 4.2.1. 12320227

24、377 44 / 59 Table_PageTop / 862022 1 2豸B 3豸4豸 4 豸 豸 豸 豸 36 2016-202070%17%20202019208.4739.51% 45 / 59 Table_PageTop / 87 88 2018籭2020貢-2 89 46 / 59 Table_PageTop / 90 91 4.2.2. + 磬B 53 9 M.IOTB4.0 4.2.2.1. SaaS9 SaaS B 併40200 47 / 59 Table_PageTop / 92 93 SaaS 60+10000+塢汾棨 SaaSSaaSiResearch2019SaaS

25、341.140.1%2020SaaS51049.5%IT鱨40%2020 SaaS 5102025SaaS2200 94 95 48 / 59 Table_PageTop / 96SAAS iResearch 4.2.2.2. 202038.4 16.84 IFR202143.5202451.8GGIISCARA 972020-2024 49 / 59 Table_PageTop / 982020 濴120202裬滮濴1 22020 9222015492020246 992020/ 50 / 59 Table_PageTop / 豸ABB 5 豸塢 ABB 豸 B 2017 治AGV 2008

26、 2014 110 AGV 1002018繤 1012019 MIR 51 / 59 Table_PageTop / 102 103A380 B20092015201617.8%2017201820201 2 3BB 104 4.2.2.3. 52 / 59 Table_PageTop / 壺1豸泵2310%4 105 106 T+3 53 / 59 Table_PageTop / 棬1 117 2244 漰4520513531%F2B2C硣2 6 121172500+2875/3986224H48H ()+()沼 14+1+1.3磬1 4.2.3. 綯EPS 鲼202040%17%37% 5

27、4 / 59 Table_PageTop / 18%+綯 220V 漶PTC漶 107 108 棬 7CO2 PTC 衢 Model X BMWi3ES5 R123a CO2 MEB 2021518/ 5 綯 EPS 1EPS/EPS0-4000rpm2綯CO2R134a綯12000rpmTier2 55 / 59 Table_PageTop / 109EPS 110綯CO2 1112019 1122019 113 56 / 59 Table_PageTop / 5. 1 2 3 B +B 4 2025 17.85%13.62%10.57%24.35%24.82%25.27%5.71%15.83%14.19%EPS4.124.775.45PE17.92x15.47x13.55xCB衰