青山常驻江水东流-2022中国科技产业投资新风向-甲子光年

2022 2022.7.27 &CEO ZoomOut NOW ZoomIn HOW NOW 3.21MU5735 GDP + 2022 214 50 1.6% 2022 80.26 2022 100 18 75 -19% -8% 128 64 32 16 A A 50- PE 4793.6 4 + 4762 022/1/52022/2/52022/3/52022/4/52022/5/52022/6/52022/7/5 Wind 2022H12022H1 2019-01-042019-05-172019-09-202020-01-232020-06-052020-10-092021-02-102021-06-182021-10-222022-03-042022-07-08 Wind 78 PE PE PE 2021 1231 2022 1978-1990 1991-2000 2001-2020 2021-2035 2036-2050 2021425 GDP26% 1 2.5 GDP 37% + + 10000 ZoomIn 20221-6 105 20222022 20222022 5G 8.20%6.60% , 30% , 70% 22% 78% 1.60% 0.00% -4.90%-4.90% -6.60%-6.60% -8.20%-8.20% -9.80% 54.10% 26.20% 16.40% 39.30% 32.80% 34.40% 6.40% 24.60%21.30% 1 50.80% 6 N=1052022 16.40%8.20% 60.70% 27.90% / 5G 16.40% 34.40% 27.90% 27.90% 18.00% 13.10% 8.20% 41.00% 5G 301 29 SK 10nm 8 5 2018 2019 2020 2020 9 12 20205 EDA 202010 BIS 20211 201812 CFO 1016 2857 1087 3140 1318 3426 1565 3770 1853 4176 2018 4451 CAGR17.1% CAGR10.5% CAGR16.8% 3594 2614 6355 5434 20142015201620172018201920202021 2021-2023 2021/9/1 2035 2021/3/1 2021-2023 2021/1/12020/9/12020/7/1 2019 2019/11/1 2019-2022 2019/10/1 2018-2020 2017/12/1 2017-2019 2017/11/12016/11/1 2016/8/1 2025 2015/5/1 2022 + AI 1940s 1990s2000s2010s Web1.0Web2.0 2020s 10-20 31% AI5G 3% 15% 31% 20% 120% 53% 62% 42% 11% -4% 500 352 78 126 121 137 2531 2577 2628 2750 2808 2888 201720182019202020212022E 1980s PC / 7nm/5nm / IC CPUGPUFPGA EDA/IP / 3-5 / // EDA 28nm CMP 2022 -1.8% -0.6% 1.8% 3.4% 4.4% 4.5% 7.1% 7.1% 21.7% 32.1% ESG =f( =f( ) ) N=105 6 2022 % % CAE5% 4,358 15% 6% EDA CAD 10% 13% 2013 2014 2015 2016 2017 2018 2019 2020 MES 30% Cadence Synopsys Figma UI CadenceEDA EDA 20185 20195 Figma 20223 20194 Ansys CAE 20206 Matlab Matlab 2035 2021-03 + 2021-2023 2020-122019-10 APP2018-2020 2018-05 202030APP 2016-2020 2017-01 APP 2016-11 + 2025 2015-05 2022 + + 140.0 CADCAE % 9% MES/DCS/SCADA 3D • • • • • • • • • CAE/CAM CAD 120.0 100.0 MES8% 80.0 60.0 APS10% CAX47% 40.0 20.0 PLM11% 0.0 ➕ 1970197519801985 1990199520002005201020152020202520302035204020452050 SCADA15% CAX EDA CAXEDA BIM DCS MES MES 2022 =f( ) =f( ) N=105 6 -0.90% 0.80% 1.90% 2.10% 2.40% 3.80% 4.30% 5.20% 5.90% 10.00% ESG 2022 firstinclass 1960s • • 1976 •Genentec 1980s •Hatch-Waxman 2000s 1990-2000 • • • • • • 10 1998 • • 2015 • 2018-2019 • • • Firstinclass metoo • 18A 5 201620172018201920202021 3 36 31% 32% 25% 26% 12% 8% 43 6 43 14 46 16 46 21 52 25 44% 48% 33% 26% 23% -8% 816 1007 1490 338 426 612 2015201720172019202020212021 me-X 2021 me-toome-betterfirst-in-class 201620172018201920202021 2022 + + 65 4RMB/ PD1 Regeneron 100RMB/ BMS PD1 MSD 12% 13% 12% 11% 8.5% 6.0% 6.0% 5.1% 3.5% 1.76 1.91 1.49 1.58 1.66 9% 2016 2017 2018 2019 2020 3352 2016 3784 2017 4237 2018 2019 • 4703 5146 • 2020 2022 -10.00% -7.50% -5.20% -5.20% -4.40% -3.80% -3.40% -3.10% 2.50% 3.50% =f( ) =f( ) N=105 6 2022 • Waymo •• Autopilot 2009 2014 2015 2016 2017 2018 2020 2021 •nuTonomy •• •Waymo •Cruise •ArgoAI •Momenta • • • • • • •Aurora •Uber • A8 L3 •Waymo • •FSD • + 2021 10 5 6 12 20155 2025 201712 2018-2020 20181 201812202010 2021-2035 2021220213 2021 • • • • • • • • • • • • V2X 2022 + + L2 L2/L2+ L2 24 cornercases L3 L5 L4 L3 L2 L1 L0 2010 2015 2020 2025 2030 / RobotruckRobotaxi AVP • • L5 • • MomentaMomenta AutoX Minieye Momenta Waymo 23% 20% 15% 5% 3% 20182019202020212022Q1 2022 -12.90% -12.90% -9.30% -4.40% -3.30% -1.50% 0.00% 3.60% 4.80% 12.00% =f( ) =f( ) N=105 6 2022 HOW 2020 2022- 2022 * * Z 5G IoT AI/ AI// Y X / / / ESG 5.0 X Z Y / / / PE VC CVC 2022 2022 2022 2021 N=105 6 14 2022 PLGESG 2022 2022 2022 2021 N=10520226 PLG ESG ESG ESG 2022 2022 PLGESG ••• ••• , 23% PLG, 50% 2022 ESG, 27% ESG PLG LP••• •1000-3000•3000-5000•500-8000 N=105 6 ••• ••• 2022 1 5-30 40-80 80 PE VC C C 5% -5% -9% -14% 18% 9% 5-109% 18% 18% 14% -9% -9% -14% 5% 5% -5% -9% -9% 18% 5% -9% 10-30B 5% 40-80 14% A0% 1-5 0% VC -5% PreIPO0% 1PEC -5% -5% 30-40 80-100 500 100-500 -27% -14% C -14% 6 N=1052022 *=ESG&-PLG 3-5 1-2 3-5 3000 1-2 3000-5000 2 5% 5% 10% 5-7% 7%- 10% 3 1 5-10 10 1 50 -9.10% 10-30-13.60% 18.20% 5-10 13.60% 1 4.50% 3000 13.60% 30-50 0.00% 3-4 4.50% 5000 -1 -9.10% 1-5 -9.10% 2-3 0.00% 5 -9.10% 4-5 5 1-2 -18.20% 1 -2 3000-5000 -5 2 -13.60% -18.20% 36.40% 7%-10% 1%-3% 1% 3%-5% 15%-20% 12%-15% 10%-12% 5%-7% -18.20% 60% -7.3 -1.61% .57% 2 0.03% 0.03% 2% 3 3 .31% .01% -9.10% -9.10% 3 1 5 1 2 4 3 18.20% 1 9.10% 2 9.10% 4 9.10% 6 -4.50% 7 -4.50% 1 8 5-18.20% 9.10% 0.00% 13. 9.10% 4.50% 4.50% 0.00% -4.50% -9.10% 6 N=1052022 *=ESG&-PLG N=105 6 ESG& PLG ESG5GPLG 54.5% 50.0% 40.9% 36.4% 50