跟踪报告之二：20Q4业绩符合预期，MOSFET高景气持续

20Q4业绩符合预期，MOSFET高景气持续 -23%1%25%50%74%02-2004-2005-2006-2008-2009-2010-2012-20华润微沪深300................................................................................................................................................... 事件： 点评： ◆20年全年和20Q4业绩均实现快速增长，MOSFET持续高景气。 ◆华润微是中国本土的以MOSFET为主的功率半导体龙头企业 ◆第三代化合物半导体深度布局：SiC产品布局领先，国内首家量产6英寸SiC SBD，SiC MOSFET未来可期 要点 ◆盈利预测、估值与评级：风险提示：6,270.80 5,742.78 6,780.70 7,959.63 9,448.71 6.73% -8.42% 18.07% 17.39% 18.71% 429.44 400.76 944.05 1,210.37 1,454.98 511.02% -6.68% 135.57% 28.21% 20.21% 0.49 0.48 0.81 1.04 1.25 10.35% 7.39% 9.55% 10.96% 11.70% 148 149 89 70 58 15.3 11.0 8.5 7.6 6.8 nMrPpRzRmPuMoQsMwPrNmNbR8Q9PpNpPsQoPeRpPrQlOoPvM9PoOwPxNoNtOMYmQoN 6,271 5,743 6,781 7,960 9,449 4,690 4,431 4,713 5,532 6,567 940 693 700 775 850 85 66 54 56 66 126 112 136 150 180 374 377 441 478 567 0 31 15 -12 -3 450 483 570 637 717 11 0 0 0 0 586 478 1,023 1,295 1,545 591 506 1,014 1,286 1,536 53 -6 20 26 31 538 512 994 1,260 1,505 108 112 50 50 50 429 401 944 1,210 1,455 0.49 0.48 0.81 1.04 1.25 1,482 576 967 1,375 1,924 429 401 944 1,210 1,455 940 693 700 775 850 263 -848 1,021 998 872 -151 331 -1,698 -1,608 -1,253 -575 -41 -3,010 -2,025 -2,000 -533 -611 -3,000 -2,000 -2,000 0 82 0 0 0 -42 488 -10 -25 0 -627 -180 3,753 141 129 0 0 337 0 0 2,200 -945 150 60 40 -2,504 -323 147 374 432 317 374 1,710 -510 54 9,992 10,095 14,900 16,545 18,459 1,538 1,931 3,641 3,131 3,185 0 508 508 508 508 602 815 542 637 756 507 191 339 796 945 1,184 13 1,017 1,194 1,417 1,181 1,055 943 1,106 1,313 27 529 529 529 529 5,106 5,092 7,565 7,956 8,718 0 0 0 0 0 0 82 82 82 82 3,898 3,816 4,866 5,818 6,735 351 489 1,445 1,522 1,561 294 275 269 264 259 17 17 17 17 17 277 282 292 292 292 4,886 5,003 7,335 8,589 9,741 4,972 3,704 4,001 4,435 4,908 0 0 0 0 0 716 749 707 830 985 84 100 47 55 66 116 112 136 159 189 129 129 140 151 166 4,654 1,979 2,132 2,388 2,671 0 1,506 1,556 1,616 1,656 0 0 0 0 0 251 157 261 379 528 318 1,726 1,869 2,047 2,236 5,020 6,391 10,899 12,109 13,551 830 830 1,167 1,167 1,167 6,021 5,450 8,748 8,869 9,015 -3,049 -1,225 -403 636 1,883 4,148 5,423 9,881 11,042 12,434 872 968 1,018 1,068 1,118 25.2% 22.8% 30.5% 30.5% 30.5% 24.2% 21.9% 25.6% 25.8% 25.3% 9.0% 9.6% 15.3% 16.1% 16.3% 9.4% 8.8% 15.0% 16.2% 16.3% 6.8% 7.0% 13.9% 15.2% 15.4% 5.4% 5.1% 6.7% 7.6% 8.2% 10.4% 7.4% 9.6% 11.0% 11.7% 6.6% 7.8% 9.8% 10.1% 10.5% 50% 37% 27% 27% 27% 1.10 2.57 3.55 3.33 3.26 0.84 2.04 3.11 2.87 2.77 1.69 3.60 5.97 6.43 7.08 3.93 6.48 8.79 9.44 10.32 2% 2% 2% 2% 2% 6% 7% 7% 6% 6% 0% 1% 0% 0% 0% 7% 8% 8% 8% 8% 9% -1% 2% 2% 2% 0.00 0.03 0.04 0.05 0.06 1.69 0.69 0.83 1.18 1.65 4.72 6.54 8.47 9.46 10.66 7.13 6.92 5.81 6.82 8.10 148 149 89 70 58 15.3 11.0 8.5 7.6 6.8 43 50 49 42 36 0.0% 0.0% 0.1% 0.1% 0.1% 易方达基金