軍工電子行業深度報告：軍工信息化、智能化趨勢分析-220927（144頁）.pdf

1、 1 “”“”wind wind wind 振華科技阻容感業務15.9513.9715.5619.4325.9212.91%宏達電子被動元器件4.885.586.749.7917.1636.94%鴻遠電子自產業務3.144.885.898.8613.4843.94%火炬電子自產業務3.884.716.318.7112.5634.13%27.8527.8529.1429.1434.534.546.7946.7969.1269.1225.51%25.51%紫光國微 特種數字集成電路5.166.1610.7916.7333.6459.79%復旦微電FPGA1.581.551.552.044.2728

2、.22%航錦科技 特種數字集成電路2.552.73.323.033.578.78%景嘉微GPU2.282.913.834.635.2122.95%振芯科技 特種模擬模擬電路0.781.021.652.083.4144.60%12.3512.3514.3414.3421.1421.1428.5128.5150.150.141.92%41.92%亞光科技微波器組件4.610.1517.2314.111.9626.98%雷電微力微博微系統0.890.462.973.427.3569.52%國光電氣真空電子1.682.292.543.283.9723.99%盛路通信微波器組件2.342.912.974

3、.354.3816.97%9.519.5115.8115.8125.7125.7125.1525.1527.6627.6630.59%30.59%大立科技紅外熱成像儀2.443.944.889.977.6733.15%高德紅外紅外熱成像儀3.243.496.7218.4316.9751.28%久之洋紅外熱成像儀2.94.224.746.115.0614.93%睿創微納紅外熱成像儀1.563.846.8515.6117.883.79%10.1410.1415.4915.4923.1923.1950.1250.1247.547.547.12%47.12%航天電器連接器26.1228.3435.34

4、42.1850.3817.85%中航光電連接器62.8777.1890.3101.71126.9319.20%88.9988.99105.52105.52125.64125.64143.89143.89177.31177.3118.81%18.81%6PCB杰賽科技軍用PCB業務8.218.776.82%6.82%9.558.89%8.89%10.479.63%9.63%12.6120.44%20.44%11.33%11.33%恒宇信通嵌入式計算機1.561.351.92.141.915.19%智明達嵌入式計算機1.712.352.613.254.4927.30%3.273.273.73.74

5、.514.515.395.396.46.418.28%18.28%8軍工電源新雷能軍用電源1.512.4360.93%60.93%4.5888.48%88.48%5.4218.34%18.34%8.862.36%62.36%55.37%55.37%海格通信軍工通信12.2517.0219.5322.8426.6621.46%廣哈通信軍工通信1.641.091.241.571.782.07%上海瀚訊軍工通信3.864.265.466.417.2917.23%北方導航軍工通信4.415.094.55.926.279.20%七一二軍工通信14.2515.2819.8925.5832.8823.25%

6、36.4136.4142.7442.7450.6250.6262.3262.3274.8874.8819.75%19.75%國?？萍祭走_整機+子系統4.482.622.622.8520.245.72%四創電子雷達及雷達配套16.2420.919.6411.2813.09-5.25%20.7220.7223.5223.5222.2422.2434.1334.1333.2933.2912.59%12.59%412.19412.1928.14%28.14%507.67507.6723.16%23.16%23.40%23.40%23.03%23.03%10雷達13.51%13.51%-5.44%-5.

7、44%軍工電子核心標的合計收入及增速（億元，%）軍工電子核心標的合計收入及增速（億元，%）218.96218.96261.46261.4619.41%19.41%321.68321.6853.46%53.46%-2.46%-2.46%9軍工通信設備17.39%17.39%18.44%18.44%23.11%23.11%20.15%20.15%18.74%18.74%5連接器18.58%18.58%19.07%19.07%14.53%14.53%23.23%23.23%7嵌入式計算機13.15%13.15%21.89%21.89%19.51%19.51%-5.23%-5.23%3微波器組件及微系

8、統66.25%66.25%62.62%62.62%-2.18%-2.18%9.98%9.98%4紅外探測器52.76%52.76%49.71%49.71%116.13%116.13%2特種集成電路16.11%16.11%47.42%47.42%34.86%34.86%75.73%75.73%2021/12/312021年合計增速5年復合增長率47.72%47.72%2018/12/312018年合計增速2019/12/312019年合計增速2020/12/312020年合計增速2017/12/311被動元件4.63%4.63%18.39%18.39%35.62%35.62%序號軍工電子子賽道公

9、司名稱具體業務 wind wind2019Q1-2022Q130 wind2019Q1-2022Q130 wind2019Q1-2022Q130 制導系統制導系統動力系統動力系統彈體結構彈體結構戰斗部戰斗部 1990 2015 DSP+FPGA Inter Inter Inter Wind()Wind elecfans ECIA ECIA ECIA 18030482274349.520130.545.5050100150200250電容電阻電感201720182019119.11,43.00%55.40,20.00%22.16,8.00%30.47,11.00%49.86,18.00%中國大陸

10、亞太地區日本美洲歐洲、中東、非洲 ECIA ECIA 8.12%9.65%6.34%6.57%6.76%6.36%5.91%5.41%5.43%5.88%6.79%4.05%3.89%4.28%4.10%2.96%3.35%2.78%0.00%2.00%4.00%6.00%8.00%10.00%12.00%201120122013201420152016201720182019中國增速全球增速114,52%72,33%16,7%18,8%陶瓷電容器鋁電解電容鉭電解電容薄膜電解電容 32%19%15%13%3%3%15%村田三星電機國巨太陽誘電TDKAVX其它 wind wind 3.144.8

11、85.898.8613.483.884.716.318.7112.560.250.30.540.911.2905101520172018201920202021鴻遠電子（自產業務）火炬電子（自產業務）冠陶電子（宏達電子MLCC子公司）78.43%79.98%79.16%79.90%80.83%70.47%70.30%67.83%70.53%77.87%60.00%65.00%70.00%75.00%80.00%85.00%20172018201920202021鴻遠電子（多層瓷介電容器）火炬電子（陶瓷電容器）wind 114,52%72,33%16,7%18,8%陶瓷電容器鋁電解電容鉭電解電容

12、薄膜電解電容578,54%341,32%62,6%87,8%陶瓷電容器鋁電解電容鉭電解電容薄膜電解電容 2122.733.437.322.220.721.224.20102030402015201620172018基美（KEMET）京瓷（KyoceraGroup）35%23%12%9%9%12%基美京瓷威世日電其它日系廠商中國廠商37.1428.7228.3129.81607.14645.29555.59912.092.873.083.812.94010020030040050060070080090010002014201520162017固體電解質鉭電容器非固體電解質鉭電容器陶瓷電容器 w

13、ind wind202020212022-2025 wind wind 2.052.312.613.464.961.92.222.562.533.630.270.350.410.751.220.290.370.781.163.080246810121420162017201820192020非固體電解質鉭電容固體電解質鉭電容陶瓷電容器微電路模塊051015202530354020162017201820192020陶瓷電容器鉭電容器陶瓷材料代理產品單層電容器微波元器件薄膜元器件貿易電阻其他 elecfans elecfans CSDN 40nmFPGA Inter Frost&Sullivan

14、 Frost&Sullivan Frost&Sullivan 65.687.3115.6129.6150.3176.8208.8249.9290.1332.233.08%32.42%12.11%15.97%17.63%18.10%19.68%16.09%14.51%0%5%10%15%20%25%30%35%0501001502002503003502016201720182019202020212022E2023E2024E2025E中國FPGA市場規模同比增速 CSDN NVIDIA 1.97%9.25%27.76%31.68%20.95%0%5%10%15%20%25%30%35%012

15、34520162017201820192020圖形顯控領域產品同比增速16.0020.0025.0031.2539.0648.830.0010.0020.0030.0040.0050.0060.00202020212022E2023E2024E2025E軍用GPU市場規模（億）CAGR=25%CAGR=25%wind elecfans CPU CSDN CSDN DSP DSP+FPGA”2021-2027DSP2021-2027DSP11.50%13.10%8.72%12.20%9.70%0%2%4%6%8%10%12%14%050100150201520162017201820192020

16、中國DSP市場規模同比增速56.10%13.10%6.01%24.79%通信消費電子國防軍工儀器儀表 WTST WTST CSDN 423393 401444 452478531588539557719768-20%-10%0%10%20%30%40%02004006008001000模擬電路市場規模增速19%10%7%6%6%5%4%4%3%2%TIADI英飛凌思佳訊意法半導體恩智浦美信安森美微芯科技瑞薩電子 WSTS 36%32%18%12%2%中國大陸亞洲其他地區歐洲美國其他6%10%9%12%0%2%4%6%8%10%12%14%2017201820192020 IC Insights

17、 wind 20008-12 m3-5 m elecfans 2022-2028 78.0178.0180.2180.2182.5882.5885.4685.4688.8688.8692.5192.5195.8595.8599.7199.71104.62104.62107.95107.950 0202040406060808010010012012020142014年年20152015年年20162016年年20172017年年20182018年年20192019年年20202020年年20212021年年20222022年年20232023年年20142014-20232023年全球紅外熱成

18、像市場規模（億美元）年全球紅外熱成像市場規模（億美元）elecfans “”“”“”92.49104.54136.91179.62167.24013.03%30.96%31.20%-6.89%-10.00%-5.00%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%02040608010012014016018020020162017201820192020電子電器檢測市場規模（億元）增速 Bishop&associatesInc.Bishop&associatesInc.010.48%10.98%8.25%6.23%0.00%2.00%4.00%6

19、.00%8.00%10.00%12.00%0.00100.00200.00300.00400.00500.00600.00700.00800.00900.0020162017201820192020全球連接器市場規模（億美元）增速015.76%9.42%8.61%9.69%8.03%7.81%0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%16.00%18.00%0.0050.00100.00150.00200.00250.00300.00350.002016 2017 2018 2019 2020 2021 2022E中國連接器市場規模（億美元）增速 Bishop&associatesInc.144