電子行業掘金中報業績：看好需求旺盛的電子半導體細分行業-220901（60頁）.pdf

1、 -20%0%20%40%60%80%100%120%05,00010,00015,00020,00025,00030,0002017 2018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1營收（億元）yoy-40%-20%0%20%40%60%80%100%02004006008001,0001,2001,4001,6002017 2018 2019 2020 2021 18H119H120H121H122H1歸母凈利潤（億元）yoy05101520252017201820192020202118H1 19H1 20H1 21H1 22H1毛利率（%）凈利率

2、（%）051015202517Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q2毛利率（%）凈利率（%）0204060801001202017 2018 2019 2020 2021 18H119H120H121H122H1應收賬款周轉天數(天）存貨周轉天數（天）-50%0%50%100%150%200%250%300%350%05001,0001,5002,0002,5003,0002018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1經

3、營活動產生的現金流量凈額（億元）yoy0.000.501.001.502.002.503.003.504.00201820192020202118H1 19H1 20H1 21H1 22H1凈現比603501.SH300327.SZ600703.SH002371.SZ002475.SZ002273.SZ000050.SZA603986.SH600171.SH600460.SH300054.SZ002179.SZ002036.SZ688055.SH688099.SH688536.SH600745.SH300604.SZ002025.SZ688048.SH300088.SZ300373.SZ300

4、474.SZ688396.SH300666.SZ300679.SZ688167.SH003019.SZ300223.SZ300077.SZ605358.SH688800.SH603297.SH300939.SZ002049.SZ688052.SH600584.SH688012.SH605333.SH300790.SZ300928.SZ300782.SZ688368.SH002156.SZ688019.SH605005.SH002222.SZ300752.SZ688008.SH688608.SH002185.SZ688037.SH002055.SZ688127.SH605218.SH603160

5、.SH688601.SH601231.SH688072.SH-U688668.SH605118.SH688385.SH688259.SH688082.SH002897.SZ688079.SH300661.SZ688508.SH300373.SZ688126.SH-U300351.SZ300552.SZ688798.SH688798.SH688173.SH300623.SZ688200.SH300843.SZ688010.SH688153.SH-U603893.SH688595.SH600360.SH688233.SH603633.SH300691.SZ300782.SZ300613.SZ688

6、256.SH-U600460.SH688234.SH688195.SH300672.SZ603290.SH605111.SH688187.SH688261.SH688396.SH-40%-30%-20%-10%0%10%20%30%40%50%05001,0001,5002,0002,5003,0002017 2018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1營收（億元）yoy-20%-10%0%10%20%30%40%50%60%70%0501001502002502017201820192020202118H1 19H1 20H1 21H1 22H1歸

7、母凈利潤（億元）yoy05101520252017201820192020202118H1 19H1 20H1 21H1 22H1毛利率（%）凈利率（%）0510152025毛利率（%）凈利率（%）02040608010012020172018201920202021 18H119H120H121H122H1應收賬款周轉天數(天）存貨周轉天數（天）-100%-50%0%50%100%150%200%0501001502002503002018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1經營活動產生的現金流量凈額（億元）yoy0.000.501.001.502

8、.002.503.003.504.00201820192020202118H119H120H121H122H1凈現比-50%0%50%100%150%200%250%02,0004,0006,0008,00010,00012,0002017 2018 2019 2020 2021 18H119H120H121H122H1營收（億元）yoy-50%0%50%100%150%200%250%01002003004005006007008002017 2018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1歸母凈利潤（億元）yoy0510152025201720182

9、0192020202118H1 19H1 20H1 21H1 22H1毛利率（%）凈利率（%）05101520253017Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q2毛利率（%）凈利率（%）020406080100120應收賬款周轉天數(天）存貨周轉天數（天）-100%0%100%200%300%400%500%01002003004005006007008009002018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1經營活動產生的

10、現金流量凈額（億元）yoy0.000.501.001.502.002.503.003.504.00201820192020202118H119H120H121H122H1凈現比0%5%10%15%20%25%30%35%40%45%50%0501001502002503003502017 2018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1營收（億元）yoy-30%-20%-10%0%10%20%30%40%50%60%70%0510152025302017 2018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1歸母凈利潤（

11、億元）yoy051015202530352017 2018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1毛利率（%）凈利率（%）(5)0510152025303517Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q2毛利率（%）凈利率（%）0204060801001202017 2018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1應收賬款周轉天數(天）存貨周轉天數（天）0%50%100%150%200%2

12、50%300%05101520253035201820192020202118H119H120H121H122H1經營活動產生的現金流量凈額（億元）yoy0.000.501.001.502.002.50201820192020202118H119H120H121H122H1凈現比-20%-10%0%10%20%30%40%50%60%70%80%01,0002,0003,0004,0005,0006,0007,0008,0002017 2018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1營收（億元）yoy-200%-100%0%100%200%300%400

13、%500%600%0501001502002503003504004502017 2018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1歸母凈利潤（億元）yoy(5)05101520252017201820192020202118H1 19H1 20H1 21H1 22H1毛利率（%）凈利率（%）(15)(10)(5)05101520253017Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q2毛利率（%）凈利率（%）01020304050

14、607080901002017201820192020202118H1 19H1 20H1 21H1 22H1應收賬款周轉天數(天）存貨周轉天數（天）-50%0%50%100%150%200%250%300%02004006008001,0001,2001,400201820192020202118H119H120H121H122H1經營活動產生的現金流量凈額（億元）yoy0.005.0010.0015.0020.0025.0030.0035.00201820192020202118H1 19H1 20H1 21H1 22H1凈現比-100%-50%0%50%100%150%200%250%3

15、00%350%400%05001,0001,5002,0002,5003,0003,5004,0004,5005,0002017 2018 2019 2020 2021 18H119H120H121H122H1營收（億元）yoy-250%-200%-150%-100%-50%0%50%100%150%-80-60-40-200204060801002017 2018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1歸母凈利潤（億元）yoy(10)(5)0510152025302017201820192020202118H1 19H1 20H1 21H1 22H1毛

16、利率（%）凈利率（%）(15)(10)(5)051015202530毛利率（%）凈利率（%）0204060801001201401601802017 2018 2019 2020 202118H1 19H1 20H1 21H1 22H1應收賬款周轉天數(天）存貨周轉天數（天）-300%-250%-200%-150%-100%-50%0%50%100%150%(150)(100)(50)0501001502002502018 2019 2020 202118H1 19H1 20H1 21H1 22H1經營活動產生的現金流量凈額（億元）yoy-5.00-4.00-3.00-2.00-1.000.0

17、01.002.003.004.005.00201820192020202118H119H120H121H122H1凈現比0%5%10%15%20%25%30%35%40%45%05001,0001,5002,0002,5003,000201820192020202118H119H120H121H122H1營收（億元）yoy0%5%10%15%20%25%30%35%40%45%50%020406080100120140160180201820192020202118H119H120H121H122H1歸母凈利潤（億元）yoy0%5%10%15%20%25%201820192020202118H

18、119H120H121H122H1毛利率凈利率0%5%10%15%20%25%20Q120Q220Q320Q421Q121Q221Q321Q422Q122Q2毛利率凈利率-100%-50%0%50%100%150%200%250%300%350%400%450%050100150200250201820192020202118H1 19H1 20H1 21H1 22H1經營性現金流（億元）yoy00.20.40.60.811.21.41.61.82201820192020202118H119H120H121H122H1凈現比02040608010012020192020202119H120H1

19、21H122H1應收賬款周轉天數存貨周轉天數0%20%40%60%80%100%120%0501001502002503003504004505002018 2019 2020 202118H1 19H1 20H1 21H1 22H1營業收入（億元）yoy-50%0%50%100%150%200%0102030405060708090201820192020202118H119H120H121H122H1歸母凈利潤（億元）yoy-50%0%50%100%150%200%250%300%020406080100120201820192020202118H1 19H1 20H1 21H1 22H1

20、營業收入（億元）yoy-50%0%50%100%150%200%250%300%350%400%450%05101520252018 2019 2020 2021 18H1 19H1 20H1 21H1 22H1歸母凈利潤（億元）yoy-40%-20%0%20%40%60%80%100%0100200300400500600700800900201820192020202118H119H120H121H122H1營收（億元）yoy-40%-20%0%20%40%60%80%100%120%0102030405060708090201820192020202119H120H121H122H1歸母

21、凈利潤（億元）yoy-5%0%5%10%15%20%25%30%35%020040060080010001200201820192020202118H119H120H121H122H1營收（億元）yoy-150%-100%-50%0%50%100%150%200%01020304050607080201820192020202118H119H120H121H122H1歸母凈利潤（億元）yoy-100%-50%0%50%100%150%200%250%300%350%0102030405060韋爾股份兆易創新晶晨股份北京君正紫光國微揚杰科技富瀚微瀾起科技匯頂科技復旦微電國科微卓勝微圣邦股份艾為電

22、子瑞芯微納芯微上海貝嶺國民技術思瑞浦創耀科技恒玄科技晶豐明源芯朋微力芯微芯?？萍枷］段⒅蟹f電子景嘉微寒武紀-U22Q222Q2yoy22H1yoy-6-5-4-3-2-10123-6-4-20246810121416韋爾股份兆易創新晶晨股份北京君正紫光國微揚杰科技富瀚微瀾起科技匯頂科技復旦微電國科微卓勝微圣邦股份艾為電子瑞芯微納芯微上海貝嶺國民技術思瑞浦創耀科技恒玄科技晶豐明源芯朋微力芯微芯?？萍枷］段⒅蟹f電子景嘉微寒武紀-U22Q222Q2yoy22H1yoy-60%-40%-20%0%20%40%60%80%100%0246817Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18

23、Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2半導體設計行業庫存月數yoyqoq22H1營收（億元）同比22Q2營收（億元）同比環比22H1歸母凈利潤（億元）同比22Q2歸母凈利潤（億元）同比環比凈利率北方華創54.4 51%33.1 51%55%7.5 143%5.5 131%166%14%長川科技11.9 77%6.5 72%21%2.5 174%1.7 286%145%21%中微公司19.7 47%10.2 39%8%4.7 18%3.5 35%199%24%芯源微5.0 44%3

24、.2 35%74%0.7 98%0.4 30%14%14%拓荊科技-U5.2 365%4.2 658%287%1.1-640%1.2-1337%-1110%21%盛美上海11.0 75%7.4 112%110%2.4 164%2.3 347%5288%22%華峰測控5.4 67%2.8 35%9%2.7 82%1.5 22%21%50%22H1營收（億元）同比22Q2營收同比環比22H1歸母凈利潤（億元）同比22Q2歸母凈利潤（億元）同比環比凈利率鼎龍股份13.1 20%7.4 29%30%1.9 113%1.2 128%72%15%江豐電子10.9 50%6.0 47%22%1.6 156%

25、1.2 183%265%14%立昂微15.6 52%8.1 43%7%5.0 141%2.7 99%11%32%安集科技5.0 78%2.7 65%16%1.3 76%0.9 24%120%25%滬硅產業-U16.5 47%8.6 46%9%0.6-48%0.7-27%-563%3%神工股份2.6 29%1.2 1%-14%0.9-9%0.4-33%-18%34%天岳先進1.6-35%0.9-23%38%-0.7-252%-0.3-221%-34%-45%0.010.020.030.040.050.060.0201920H1202021H1202122H1鼎龍股份江豐電子立昂微安集科技滬硅產業

26、-U(20.0)(10.0)0.010.020.030.040.0201920H1202021H1202122H1鼎龍股份江豐電子立昂微安集科技滬硅產業-U-20-10010203040506070051015202530354045502017 2018 2019 2020 2021 17H118H119H120H121H122H1營收（億元，左軸）YOY（%，右軸）-40-200204060800.001.002.003.004.005.006.007.008.009.002017 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22H1歸母凈利潤

27、（億元，左軸）YOY（%，右軸）-40-200204060800102030405060702017 2018 2019 2020 2021 17H118H119H120H121H122H1營收（億元，左軸）YOY（%，右軸）-60-40-20020406080100120051015202520172018201920202021 17H118H119H120H121H122H1歸母凈利潤（億元，左軸）YOY（%，右軸）-60-40-20020406080024681012141618202017 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22

28、H1營收（億元，左軸）YOY（%，右軸）-100-5005010015020001122334452017 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22H1歸母凈利潤（億元，左軸）YOY（%，右軸）-10010203040500501001502002502017 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22H1營收（億元，左軸）YOY（%，右軸）-40-200204060801000510152025302017 2018 2019 2020 2021 17H1 18H1 19H1 20H1

29、21H1 22H1歸母凈利潤（億元，左軸）YOY（%，右軸）-40-200204060801000510152025302017 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22H1歸母凈利潤（億元，左軸）YOY（%，右軸）01020304050607080012345672017 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22H1營收（億元，左軸）YOY（%，右軸）-40-2002040608010001002003004005006007008009002017 2018 2019 2020 20

30、21 17H118H119H120H121H122H1營收（億元，左軸）YOY（%，右軸）-100-50050100150051015202530354045歸母凈利潤（億元，左軸）YOY（%，右軸）01020304050607080900200400600800100012001400160018002017 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22H1營收（億元，左軸）YOY（%，右軸）-10010203040506070809001020304050607080歸母凈利潤（億元，左軸）YOY（%，右軸）0204060801001201

31、401600501001502002503003502017 2018 2019 2020 2021 17H118H119H120H121H122H1營收（億元，左軸）YOY（%，右軸）-500501001502002503000246810121416182020172018201920202021 17H118H119H120H121H122H1歸母凈利潤（億元，左軸）YOY（%，右軸）-50510152025303540450501001502002503003502017 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22H1營收（億元，左軸

32、）YOY（%，右軸）-40-20020406080100120140051015202530352017 2018 2019 2020 2021 17H118H119H120H121H122H1歸母凈利潤（億元，左軸）YOY（%，右軸）0204060801001200123456789102017 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22H1營收（億元，左軸）YOY（%，右軸）-500501001502002503000.000.200.400.600.801.001.201.402017 2018 2019 2020 2021 17H11

33、8H119H120H121H122H1歸母凈利潤（億元，左軸）YOY（%，右軸）0102030405060708001020304050607080902017 2018 2019 2020 2021 17H118H119H120H121H122H1營收（億港元，左軸）YOY（%，右軸）-10001002003004005000.000.501.001.502.002.503.003.50歸母凈利潤（億港元，左軸）YOY（%，右軸）01020304050607080900246810121416182017 2018 2019 2020 2021 19H1 20H1 21H1 22H1營收（億

34、元，左軸）YOY（%，右軸）02040608010012014016001122334452017201820192020202119H120H121H122H1歸母凈利潤（億元，左軸）YOY（%，右軸）-10-505101520250204060801001201401601802017201820192020202120H121H122H1營收（億元，左軸）YOY（%，右軸）-25-20-15-10-50510152025300510152025302017201820192020202117H118H119H1歸母凈利潤（億元，左軸）YOY（%，右軸）010203040506070809

35、0100010203040506070802017 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22H1營收（億元，左軸）YOY（%，右軸）-500050010001500200025000246810121416歸母凈利潤（億元，左軸）YOY（%，右軸）-20-10010203040506070809002468101214162017 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22H1營收（億元，左軸）YOY（%，右軸）-100-500501001502002500.00.51.01.52.02.

36、53.03.54.04.5歸母凈利潤（億元，左軸）YOY（%，右軸）-50.000.0050.00100.00150.00200.00250.000.005.0010.0015.0020.0025.0030.0035.0040.00201820192020202121H122H1營收（億元，左軸）YOY（%，右軸）-200-1000100200300400500600-1.00-0.80-0.60-0.40-0.200.000.200.40201820192020202121H122H1歸母凈利潤（億元，左軸）YOY（%，右軸）010203040506070020406080100120201

37、7 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22H1營收（億元，左軸）YOY（%，右軸）0204060801001201401600246810122017 2018 2019 2020 2021 17H118H119H120H121H122H1歸母凈利潤（億元，左軸）YOY（%，右軸）-5005010015020025002468101214162017 2018 2019 2020 2021 17H118H119H120H121H122H1營收（億元，左軸）YOY（%，右軸）-50005001000150020002500011223320

38、17 2018 2019 2020 2021 17H118H119H120H121H122H1歸母凈利潤（億元，左軸）YOY（%，右軸）0102030405060024681012141618營收（億元，左軸）YOY（%，右軸）-100-500501001502002500.000.200.400.600.801.001.201.401.601.80歸母凈利潤（億元，左軸）YOY（%，右軸）-40-30-20-1001020304050607005101520252017 2018 2019 2020 2021 17H1 18H1 19H1 20H1 21H1 22H1營收（億元，左軸）YOY（%，右軸）-700-600-500-400-300-200-1000100200300-2-101234歸母凈利潤（億元，左軸）YOY（%，右軸）