【公司研究】潔美科技-橫縱向業務拓展薄型載帶領導者再出發-20200531[32頁].pdf

1、 / 73.96% 14.47%5.24%4.76% 40% 2019Q4 5G PC 06030402 MLCC BOPET CPPITO 20/21/22 EPS1.07/1.39/1.63PE36.18/27.67/23.70X 2018A 2019A 2020E 2021E 2022E 1,311 949 1,453 1,949 2,440 (+/-)% 31.58% -27.65% 53.23% 34.07% 25.21% 275 118 276 360 421 (+/-)% 40.30% -57.16% 133.69% 30.75% 16.76% 1.07 0.46 1.07 1.

2、39 1.63 28.87 75.84 36.18 27.67 23.70 5.11 5.65 5.36 4.49 3.78 (%) 17.69% 7.44% 14.82% 16.23% 15.93% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 258 258 258 258 258 2020/5/29 6 44.50 38.58 12 24.0052.28 15,869 258 A 258 B/H 0/0 2 -16% 2% 20% 38% 56% 2019/62019/92019/122020/3 % 1M 3M 12M -4% -6% 31% -4% -4%

3、 25% 002859 -20200331 002859 -20191023 Mate 30 Pro 5G5G -20191230 5G -20191217 S0550518060004 01058034600 S0550119080044 18810995372 0 0 002859 / 2020-05-31 2 / 32 1. . 5 1.1. . 5 1.2. . 6 1.3. . 8 2.MLCC . 10 2.1.5G . 10 2.2.MLCC . 12 3. . 15 3.1. . 15 3.2. . 16 3.3. . 18 3.4. . 19 4.PC . 19 4.1. .

4、 20 4.2. 23 4.3. 24 5. 25 5.1. . 25 5.2.BOPET . 27 5.3.CPP . 28 6. 28 6.1. . 28 6.2. . 29 7. . 29 3 / 32 1 . 5 2 . 5 3 . 5 4 . 7 5 . 8 6 . 8 7 . 9 8 . 9 9 . 9 10 . 10 11 . 10 12. 10 13MLCC.11 14iPhoneMLCC .11 15 .11 16iPhone .11 17 . 13 18MLCC . 13 19. 13 20. 13 21 . 13 22. 13 23MLCC2020Q1 . 14 24 .

5、 15 25. 16 26. 16 27 . 16 28 . 17 29/ . 17 30. 17 31 . 17 32. 18 33 . 19 34 . 20 35 . 20 36 . 20 37 . 20 38. 21 39 . 21 40. 22 41. 22 42. 23 4 / 32 43 . 23 443M . 23 45 . 24 46. 24 47LED. 25 48. 25 49MLCC . 26 50MLCC. 26 512017MLCC . 26 52MLCC . 26 53 . 28 54ITO . 28 12019 . 6 22014-2016 . 7 3MLCC .

6、 12 4 . 14 5 . 19 6 . 27 7 . 29 5 / 32 1. 1.1. 200120174 1 IC 2 3 6 / 32 2.58 67.38%2.25% 90%43.84%55.04% 3.31%49.4% 12019 % 48.71 () 6.01 4.28 2.25 1.37 0.97 0.88 0.87 0.87 0.79 67.00 Wind 1.2. 7 / 32 4 45%50% 15% 1520%25% 22014-2016 % 2016 17,868.83 23.86 12,397.63 16.55 10,116.70 13.51 4,896.81 6

7、.54 4,513.20 6.03 49,793.17 66.49 2015 14,448.18 24.62 9,015.86 15.36 6,318.75 10.77 3,913.42 6.67 3,628.54 6.18 37,324.75 63.60 2014 8 / 32 13,962.38 27.00 6,337.25 12.26 5,351.92 10.35 3,434.31 6.64 2,893.30 5.60 31,979.16 61.85 1.3. 2019 20199.4927.65%2012-2019 16.28% 20191.1857.16% 2012-201920.8

8、8% 2019 5 6 Wind Wind 35%2017 40.13%2012-20182018 21%10% 201932.67%4.38pct12.44% 8.56pct2012-2018 2019 9 / 32 7 8 Wind Wind 73.96% 14.47% 5.24%4.76% 9 Wind 2019 7,0827.47% 20134162 514, MLCC 10 / 32 10 Wind 2. MLCC 2.1. 5G MLCC RCLRCLR CL10%65%15% 50%MLCC ESR 93% 11 12 CSDN 3D 11 / 32 2G3G4G5GMLCC16

9、6450700 1000iPhoneMLCCiPhone 4SMLCC 500iPhone 6MLCC800iPhone XMLCC 1100IDC202315.425G 26%20235G4.015G 4GMLCC3002023MLCC 1203MLCC2.7%5G MLCC4574MLCC10% 13MLCC 14iPhoneMLCC EMData Service MLCC2G 3G4G20-3040-8090-1105G 120-200 iPhone7 200-300 iPhone8300-400 15 16iPhone MLCC MLCC MLCCMLCC 6500MLCC4000 M

10、LCC31005 EVTank2020/2021/2022/2023/2024 12 / 32 285/362/490/665/865MLCC2000 2020/2021/2022/2023/2024MLCC57/72.4/98/133/173 MLCC1800 MLCC4% 3MLCC 450-600 600-800 800-1,000 1,900-2,300 2,700-3,100 1,000-1,400 500-800 400-700 500 MuRata 2.2. MLCC MLCC MLCCMLCC MLCCMLCCMLCC2018 2018MLCC MLCC2018 2019Q42

11、020Q1 2019Q4101112143.43 149.12139.7530.57%18.98%8.45%MLCC 10111276.0879.7071.54 44.07%32.42%22.29% MLCC2019Q1145 2020Q1892019Q11232019Q4 98 20203155.73 7.35%20192MLCC 86.364.9419.704.24% 28.85%12.50% 13 / 32 17 18MLCC Wind Wind 19 20 Wind Wind 21 22 Wind Wind 732 3 3 14 / 32 MLCCNichicon NipponChem

12、iconPanasonic 315MLCC15% MLCC40MLCC10% 4547 414416MLCC 10% 4 1912 MLCC 510 104105 201 1015 202 MLCC30%MLCC50% 3 202 60100 202 EMS60 203 40%31 202 10 204 MLCC20 204 10% 23MLCC2020Q1 15 / 32 3. 3.1. 1mm 0402060308051206 1210 0100502010402 SMT 0.10mm 24 16 / 32 25 MuRata 75%, 2012201824.88% 2019 7.0229

13、.50% 201449% 41% 10%201914% 71% 15% 26 27 Wind Wind 3.2. 17 / 32 28 29/ 30 20073 31 1% 18 / 32 SMT 32 3.3. 2022484 2mm4mm3mm201845,996 138 40%345 12%2019MLCC 20197%12% 19 / 32 5 mm 2018 45,996.30 114,990.75 3 137.99 344.97 2019E 49,216.04 123,040.10 2.95 145.19 362.97 2020E 55,121.97 137,804.91 2.9

14、159.85 399.63 2021E 61,736.60 154,341.50 2.85 175.95 439.87 2022E 69,144.99 172,862.49 2.8 193.61 484.01 20181372018 46513.42018 136.7630% 69%40% 3.4. 45% 2017 20182018 2019 33 Wind 4. PC 20 / 32 4.1. LED 1mm (1)1mm (2) (3) 34 35 MuRata MuRata 36 37 MuRata MuRata 21 / 32 PCPS ABS-PET APET PSPCPS PC

15、38 3M LED PCPC 81216mmPS 81216mmPCPS PCPSW4P14mm1mm 010058mm 39 PC PC PS PS PCPS W4P1 22 / 32 40 3M 201320185563 51%59%4.24%2019 497010.67% 20% 201332.98%201815.53% 201928.29% 12.76pct 41 23 / 32 42 43 Wind 4.2. 3Madvantek 3Madvantek PolyonePC2016 PC3.4-3.5/PC 1.6-1.7/PCPC2 20% 443M 3M PC PC 2018201

16、9 24 / 32 PC37 210/06030402 4.3. 5G LED 4mm6mm8mm12mm24mm 8mm2018LED 17,457139.66 3.82.72% 45 46 25 / 32 47LED 5. 5.1. PCB LED MLCC MLCCMLCC 1 PET2 3 48 26 / 32 MLCC 93%MLCC PET 10-30m 49MLCC 50MLCC Kemet 2019MLCC1882019MLCC4 5000300MLCC1,000 MLCCMLCC400MLCC MLCC5MLCC MLCC2019MLCC 902MLCC 180 MLCC M

17、LCCMLCC 51MLCC 52MLCC IDC 27 / 32 5.2. BOPET 6 1918 IT201811 PETMLCC 19292018 MLCC20192025 MLCC1 1926 2018116700MLCC MLCC3 0.2 5 201932019 MLCCMLCC MLCC MLCC8 OCA PET PETPET PETSKC PET PET 28 / 32 BOPET36,000BOPET 6,000CPPBOPET BOPET BOPETMLCC BOPET BOPET 5.3. CPP CPPCPPITO CPP 53 54ITO 6. 6.1. 5G20/21/22 45%/20%/9% /20/21/2240%/20%/10% 20/21/2211