【公司研究】匯頂科技-屏下指紋創新不止IoT蓄勢待發-20200218[29頁].pdf

1、 / IoT IoT IoT OPPO vivoAmazonSamsung IoT 3D 3D LCD 5G 5G2020 IoTIHS IoT2018231.42025IoT 754.4IoT IoT “Sensor + MCU + Security + Connectivity” “” IoT, 20Q12019-2021 23.74/29.80/36.31PE60.29/48.01/39.41“” LCD IoT 2017A 2018A 2019E 2020E 2021E 3,682 3,721 6,414 8,633 11,074 (+/-)% 19.56% 1.08% 72.36%

2、34.59% 28.28% 887 742 2,374 2,980 3,631 (+/-)% 3.52% -16.29% 219.67% 25.57% 21.84% 1.95 1.63 5.21 6.54 7.97 49.81 48.30 60.29 48.01 39.41 12.67 8.73 22.05 15.11 10.92 (%) 25.44% 18.08% 36.58% 31.47% 27.72% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 454 457 456 456 456 2020/2/14 6 392.40 314.00 12 81.80346

3、.00 143,100 456 A 456 B/H 0/0 6 -1% 59% 119% 179% 239% 299% 2019/22019/52019/82019/11 % 1M 3M 12M 18% 54% 278% 23% 51% 261% 603160.SZ IoT 20200202 603160.SZQ3 20191027 Mate 30 Pro 5G5G 20191230 S0550518060004 01058034600 S0550119060026 18898835026 0 0 603160 / 2020-02-18 2 / 29 1. IoT . 5 1.1. IoT .

4、5 1.2. .7 1.3. .7 2. . 10 2.1. .10 2.2. .13 3. IoT . 15 3.1. .15 3.2. “+”IoT .16 3.2.1. + . 17 3.2.2. . 20 3.2.3. +MCU . 23 3.3. IoT .25 4. . 25 5. . 26 3 / 29 1. 5 2. 6 3. 7 4. 8 5 . 8 6. 8 7 . 8 8 . 9 9%. 9 10 . 9 11 . 9 12. 10 13 . 10 14 . 10 15. 11 162017-2021 . 11 17. 11 18 . 12 19. 12 20LCDAMO

5、LED . 13 21 . 13 22. 14 23CC9 Pro . 14 24. 14 252018 . 15 26 . 16 27IoT. 16 28IoT . 16 29. 17 30 . 18 31. 19 4 / 29 32TWS . 19 33 . 20 34 . 21 35mesh . 21 36 . 22 37 . 22 38. 22 39 . 23 40 . 23 412018 . 23 42MCU. 24 432017MCU . 24 442017MCU . 24 1 . 6 2. 20 3. 26 5 / 29 1. IoT 1.1. IoT IoT OPPOvivoA

6、mazonSamsung / “ ” 2018 AMOLED /IoT NB-IoTMCU 1 IoT 20025 20062008 2011MTK2012 20142016 2017 20182 IPCommSolidNB-IOT 2019NXP VAS 6 / 29 2 OLED2019 101 AMOLEDOPPOvivo 201930 99% IoTIoT “Sensor + MCU + Security + Connectivity”2018MWCNB-IoT IPCommSolid 2020CESBluetooth LE Bluetooth LE 1 IFS Coating SoC

7、 2 7 / 29 / 1.2. 202011445.27% 10.68%; 6.62%6 3 Wind 1.3. 2016 2017 2018 37.211.08%7.42 16.29% 18 19Q346.78 97.77%17.12437.22% 8 / 29 4 5 Wind Wind 20152018 2017 201819Q3 61.37%16.64pct2018 19Q3 36.6%23.13pct, 2.5 6 7 Wind Wind 2019630 33892019590 IoT 88% 9 / 29 8 9% Wind Wind IFS Coating 95%2015 OL

8、ED 10 11 Wind Wind 2018 AMOLED 10 / 29 12 Wind 2. 2.1. iPhone3.5 iPhone 11 Pro 6.5IDC5.52018 9.4766.7%201752%2020 13.8 13 14 IDC 80% 11 / 29 16:918:9 201970%2021 92.1% 15 162017-2021 20114 iPhone 5s20142017 20142017 72% 2017iPhone X / 17 12 / 29 3DiPhone X ToF 3D 3D AMOLED AMOLED AMOLED 18 19 2019Ga

9、laxy S10Note 10 S10Note 10 AMOLED AMOLED AMOLED 13 / 29 2.2. LCDLCDAMOLED LCDBlack-light AMOLED LCDAMOLED LCDAMOLEDLCD AMOLEDLCD LCD AMOLEDLCD LCDAMOLEDDSCC2021LCD 50%LCDLCD AMOLED 20LCDAMOLED 21 DSCC 5G2019115CC9 Pro 5G S10 5GMate 30 Pro 5G 4500 20205G 14 / 29 22 23CC9 Pro IHS Markit 20183000 20191

10、.820224.52019 2018182019101 2019415 24% 24 IHS Markit FPC2013 FPC2014Mate 7 Mate 7 IFS Coating 15 / 29 2018 285kkFPC FPC201846% 52%FPC 2019LCD 5G 252018 3. IoT 3.1. The Internet of ThingsIoT 16 / 29 26 IHSIoT2018231.42025 IoT754.4IoT 2018IoT1554 20223118IoT 27IoT 28IoT IHS 3.2. “+”IoT IoT IoT 105-10

11、2018 MWCNB-IoT IPCommSolidNB-IoT2019MWC IoT “+” 17 / 29 3.2.1. + GH301 Apple Watch 4 Trendforce2019 626343%2020 1.13 29 Yole Yole31%2024 320 CGM20182024CAGR21.6%2024 28 18 / 29 30 Yole GH610/611 TWS / Airpods 12 PCB GH610/611 -306040dB GH610/611 FPC sensorG-sensor IC 19 / 29 31 Counterpoint TWS2009

12、2012TWS80%2019 TWS1.220202.32022 6 32TWS Counterpoint (+) MEMS 20 / 29 2 / MEMS MEMS 3.2.2. GR551XIoT GR551XBluetooth LE40nm RF GR551X5.1Mesh 100 IoT SIG 202252 2013202212% 33 SIG 5.0Mesh 20179mesh 21 / 29 meshmesh 300 10-1006ms0.01-0.5W meshBLE mesh mesh / mesh 34 35mesh mesh SIG2017mesh20 75%2022

13、103.62018 54%202211 22 / 29 36 37 SIG SIG SIG2018 11.3 2023 16 202390%2023 7.2 38 SIG 2023 1.1593% 20185.5 2023 10.4 3 140% 40% 23 / 29 NordicDialogTICypressNordic 40%BLE 8% 412018 SIG 3.2.3. +MCU RISC-VMCU GM6256MCU EAL4+GM6256 MCUMCUCPU RAM/ROM/FlashA/D 39 40 SIG SIG 24 / 29 MCU MCU MCU 35-45%IC I

14、nsights2020MCU200 500 42MCU IC Insights MCUMCU 60% Cypress2015MCU MCU 17.20%10% MCUMCU 432017MCU 442017MCU 25 / 29 MCU 3.3. IoT IoT20202 VAS(V oice and Audio solutions)VAS VAS VASAM/FM IF IoT 201984V AS 1595.1V AS200 VAS IoT IoT 4. 80%15% 5G 20Q12019-202057.7479.89 104.2287.23%38.36%30.46% 2019-2020

15、2020 2019-20200.020.010.01 202020212019-2020 0.120.170.2533.33%40%50% 26 / 29 3 2018 2019E 2020E 2021E 30.84 57.74 79.89 104.22 YOY 5.04% 87.23% 38.36% 30.46% % 51.06 61.24 60.50 59.50 6.26 6.26 6.26 6.26 YOY -15.52% 0.00% 0.00% 0.00% % 57.83 58.00 58.00 58.00 0.02 0.02 0.01 0.01 YOY -33.33% 0.00% -

16、50.00% 0.00% % 40.35 41.00 41.00 41.00 0.09 0.12 0.17 0.25 YOY 350.00% 33.33% 40.00% 50.00% % 40.40 42.00 44.00 46.00 37.21 64.14 86.33 110.73 YOY 1.06% 72.38% 34.59% 28.28% % 52.22% 60.88% 60.28% 59.38% 2019202164.1486.33110.73 72.38%34.57%28.28%60.88%60.28%59.38% 23.7429.8036.31EPS5.216.547.97 PE6

17、0.2948.0139.41“” 5. LCDIoT 27 / 29 2018A 2019E 2020E 2021E 2018A 2019E 2020E 2021E 583 2,035 4,661 7,915 742 2,373 2,980 3,631 0 0 0 0 100 87 53 60 1,040 1,802 2,490 3,164 36 43 60 61 403 629 886 1,153 0 0 0 0 2,524 2,548 2,562 2,578 3 0 0 0 4,551 7,014 10,600 14,811 -65 -70 -70 -70 0 0 0 0 431 -965

18、 -387 -388 0 0 0 0 -15 4 4 3 169 176 166 205 1,232 1,472 2,640 3,297 117 117 117 117 -1,711 -29 -14 -43 43 43 43 43 -185 8 0 0 794 846 866 915 -157 2,823 2,958 3,551 5,345 7,861 11,466 15,726 0 0 0 0 2018A 2019E 2020E 2021E 322 377 536 704 0 0 0 0 1.63 5.21 6.54 7.97 0 0 0 0 9.01 14.24 20.78 28.75 1

19、,208 1,342 1,967 2,595 2.70 3.23 5.79 7.23 0 0 0 0 30 30 30 30 1.08% 72.36% 34.59% 28.28% 30 30 30 30 -16.29% 219.67% 25.57% 21.84% 1,238 1,372 1,997 2,625 4,107 6,489 9,469 13,101 52.18% 60.88% 60.28% 59.38% 0 0 0 0 19.95% 37.00% 34.52% 32.79% 5,345 7,861 11,466 15,726 104.80 102.55 105.29 104.30 2018A 2019E 2020E 2021E 95.28 91.55 94.35 93.57 3,721 6,414 8,633 11,074 1,779 2,509 3,429 4,498 23.16% 17.45% 17.42% 16.69% 39 61 83 107 3.77 5.23 5.39 5.71 100 87 53 60 3.42 4.75 4.93 5.25 322 526 699 886 86 186 242 299 8.66% 8.20% 8.10% 8.00% -1 -13