您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[华安证券]:晶合集成:Q3收入环比提升,扩产有序推进产能逐步释放 - 发现报告
当前位置:首页/公司研究/报告详情/

晶合集成:Q3收入环比提升,扩产有序推进产能逐步释放

2023-11-07陈耀波华安证券L***
AI智能总结
查看更多
晶合集成:Q3收入环比提升,扩产有序推进产能逐步释放

!"#$%688249& !"#$/!"%& !"#$%Q3&'()*+,-./012.34567 )*+,% ;<=>!?2023@AB9C!"2023@ABDEFG.HI JEFKLMN3!"2023@OABDPQRSEF20.47TUCV.2022@VWXY18.14%CG.2023@Q2RSEFZ18.80TUHI8.88%[2023@Q3PQ\]^LM7560_UCV.2022 @VWXY89.89%[`ab\]^LMPQ2155_UCV.2022 @VWXY96.99%[!"2023@cABD<dPQRSEF50.17TUCV.2022@VWXY40.93%e2023@cABD\]^LMPQ3199_UCV.XY99.05%C`ab\]^LMf-1.25TUCV.XY103.79%[!"RSEFZXYghijklmSnoD !"ffi()*+300h-./ 7% 2% -3% -8% -13% -18% 5/23 5/23 6/23 7/23 8/23 8/23 9/23 10/23 -23% 晶合集成沪深300 0123456 &'()*%S0010523060001 +,%chenyaobo@hazq.com 789: -./0123456789:;< =>?@A20230911 XpCqrsltuvwxy[!"^LMZXYghiz1[!"RSEFV.XYC!"|]~ffiÄÅÇÉ>Ñ/Öez2[Üá àâäãåCáAEé/è@VWêë[z3[!"íìîï#ñóFC#ñòô/2022@VWîï[ !"ghRSEFöõú150nmù90nmûü†%C°ö¢£ 55nm§•¶ß®vC55nmÅ©è™´§¨W.ÆHI ØØ2023@èj@C!"90nm±©X™´W.!"slREZ95.17%[EQ90nm™´¥!"µ≠ágMRECËJ14.77TUW.49.92%C110nm™´EFf9.36TUW.31.65%C150nm ™´EFf4.02TUCW.13.60%[!"/fhºZ55nm™´EFf1.43TUCW.4.83%[ mú!";æø¿¡¬fiñmƒûüÎøK§¨oUäZhu«éHIC!"ï»#ñóFCÆ… ÀÃ!"ƺÕßóFhº¿D#ñœ–CíìPQ¿D—ęZoUä[!"#ñòôoQ¶@èI‘-[ghôú55nm~40nm~28nmÅ’hº™´#ñC©±CIS~MCU~PMICÅE÷§¨ûü—ęîÿ[EQŸ⁄55nmb¤ ‹CMOS›fifl‡·‚„¿D—ę~40nmMCU¿D—ę~40nm ‰Â‚„¿D—ę~28nm‰Â±OLED‚„¿D—ęÅœ–#ñ[ ¢£™´†%ºÕßHI±ûü—ęÊÁîï[ ËÈÍÎ¥PQÏÌËÈZÓhÔ8CDDIC¥ËÈÍÎZ≠á‚ „C!"ø¿gh§¨fDDICCVÒfiÿCIS~MCU~PMICÅ ¿D—ę ;<=>ghJÛ12Ù;æø¿SıCˆ¡¬H˜DDIC±E÷¿ D—ęZ;æø¿¯ıC!"ghZø¿¯ı§¨˘ô˙˚ghfÍÎËȸ˝‚„[!"150nm-90nmLCDËȸ˝‚„ûüfM; ˛ûZûˇûüm!èºmK#$äC%&I'b(>[ !"¡¬)l*+CC-./0Õ1¡¬C234o56789‚ „:d!"K;<§¨!"Z=> !"ú2017@Z?:@W… M;˛ûZflBCD=ûüˇE— ęZFôGbC)HnIJ~KM˛ûLM78<VMN[Oú2017 @3PQÉRS˛ûTf150nm¿D—ęUV¡¬[b!")/6Õ1WXYZ[C=%\]C^Iÿ_CK`aKbcZÅ?deWfÉZ<T8i[VÒ!"C/§:gKhi]͵»´DFô/§ä:gKhiCj˝Q/»k˜˘lZ/§mønı[ óÃ?o pqrd!"2023-2025@ZRSEF0sf73.59T/109.99T /161.67TU[\]^LM0sf3.16T/13.16T/24.95TUCtuEPSf0.16U/0.66U/1.24U[fi˘PE0sf108/26/13v[ wíxîí”&'[ z[HÈ |òJ]tu~ÁCqrÄÅïÇCûüÎøɱrW ÓhÑıÖÜ Ná:6_U BCDEFG 2022A 2023E 2024E 2025E NO6P 10051 7359 10999 16167 6PQI9%; 85.1% -26.8% 49.5% 47.0% RSTUVWXY 3045 316 1316 2495 WXYQI9%; 76.2% -89.6% 316.2% 89.5% ZX[9%; 46.2% 22.8% 30.1% 34.0% ROE9%; 23.2% 1.4% 5.4% 9.2% \C6]9:; 2.02 0.16 0.66 1.24 P/E 0.00 108.20 26.00 13.72 P/B 0.00 1.47 1.40 1.27 EV/EBITDA 0.55 8.47 5.98 4.02 ^_`abwindcde0123f 89*:% |òJ]tu~ÁCqrÄÅïÇCûüÎøɱrW !"#$%&'() ^ghij kl:EF: XYj kl:EF: mnop 2022A 2023E 2024E 2025E mnop 2022A 2023E 2024E 2025E Gq^g 10838 14561 7802 9764 NO6P 10051 7359 10999 16167 rs 7895 10331 2211 2322 NOtD 5411 5682 7686 10669 u6vw 507 1206 1788 2620 NOxs+yz 23 15 22 32 [|u6w 18 20 31 45 ]~ßÄ 60 74 88 81 ÅÇvw 63 170 307 533 ÉÑßÄ 295 221 330 485 ÖÜ 1022 1248 1780 2459 áàßÄ 69 -97 109 576 [|Gq^g 1335 1585 1685 1785 ^gâLäã -307 -15 -20 -25 åGq^g 27926 30830 40537 43924 UçffiLéq6] 4 -30 45 50 èêë^ 0 15 30 45 ë^W6] 4 4 11 32 íì^g 21437 23939 33558 36852 NOXY 3142 336 1400 2654 îï^g 1434 1455 1476 1497 NOñ6P 14 1 1 1 [|åGq^g 5055 5421 5473 5530 NOñóò 0 0 0 0 ^gBn 38765 45391 48339 53688 XYBô 3156 337 1401 2654 Gqhi 9211 7663 10545 14749 föx 0 20 84 159 õêÀw 287 437 587 737 WXY 3156 316 1316 2495 uÇvw 926 3630 5124 7409 ùûCüä] 111 0 0 0 [|Gqhi 7998 3596 4834 6603 RSTUVWXY 3045 316 1316 2495 åGqhi 11503 9591 8341 6991 EBITDA 5984 4043 6895 9941 èêÀw 8227 7227 6227 5227 EPS9:; 2.02 0.16 0.66 1.24 [|åGqhi 3276 2364 2114 1764 hi†n 20715 17254 18885 21740 °(áàI[ ùûCü¢] 4926 4926 4926 4926 mnop 2022A 2023E 2024E 2025E CD 1505 2006 2006 2006 t裧 ^DU• 11209 20431 20431 20431 NO6P 85.1% -26.8% 49.5% 47.0% ¶Ö6] 410 774 2091 4586 NOXY 81.9% -89.3% 316.3% 89.5% RSTUVCü¢ 13124 23212 24528 27023 RSßTUVWX 76.2% -89.6% 316.2% 89.5% hi®Cü¢] 38765 45391 48339 53688 ©X£§ZX[9%; 46.2% 22.8% 30.1% 34.0% rsG™j !":#$% WX[9%; 30.3% 4.3% 12.0% 15.4% mnop 2022A 2023E 2024E 2025E ROE9%; 23.2% 1.4% 5.4% 9.2% ´N¨qrsG 6280 1214 8083 11396 ROIC9%; 11.0% 0.6% 3.7% 7.6% WXY 3156 316 1316 2495 6i£§ ÆØffi] 2780 3803 5386 6711 ^ghi[9%; 53.4% 38.0% 39.1% 40.5% áàßÄ 180 11 15 20 WhiI[9%; 114.8% 61.3% 64.1% 68.0% ë^äã -4 -4 -11 -32 GqI[ 1.18 1.90 0.74 0.66 N±^séq -138 -2978 1376 2198 ≠qI[ 1.05 1.68 0.51 0.43 [|´NrsG 3599 3359 -60 302 N±£§ ë^¨qrsG -8466 -6934 -15087 -10066 B^gN¥[ 0.29 0.17 0.23 0.32 ^Dóò -6890 -6326 -15026 -10026 u6vwN¥[ 13.81 8.59 7.35 7.34 èêë^ -1579 -65 -65 -65 uÇvwN¥[ 3.17 2.49 1.76 1.70 [|ë^rsG 4 -543 4 25 \Cµ[9:; ì^¨qrsG 5323 8128 -1115 -1220 \C6] 2.02 0.16 0.66 1.24 õêÀw -2225 150 150 150 \C´NrsG 3.13 0.61 4.03 5.68 èêÀw 3050 -1000 -1000 -1000 \CW^g 8.72 11.57 12.23 13.47 sHCRz 0 502 0 0 ªLI[ ^DU•Rz 851 9222 0 0 P/E 0.00 108.20 26.00 13.72 [|ì^rsG 3647 -745 -265 -370 P/B 0.00 1.47 1.40 1.27 rsWRzô 3591 2436 -8120 111 EV/EBITDA 0.55 8.47 5.98 4.02 ^_`abUVU5cde0123f -./0123456 0123456CcâäãJ]mSUå012[\ç»éèêëíìîïCñ¿˛óòé˛ôn[öõúú *ñÃëCùÒmèóÃÔÅCûñ8@ü]ó#†Š 7*89 012¢£Ñ9:§9012ûñQ/äãS•¶ß®Zäãóé™´SÃ(C©¨JZ´SÆD~ØSp±Z#$]¢C7ô<¢<¥ZÏÌCµd~¡Ÿ`DûÑ9:CÑ9:xÌôZêªKÏ̺öõqr!xÏÌCуfiæøÏÌZ¿DG¡¬sGÉ:nƒ8äC#É8äxŸ«ZÏÌK?oɶñ»nƒâ’[9:QZÏÌK… À ˜ÃÕ[у VÉö)~QCÉ)~°ö#ÆɶœÑ9:QZûljB… ¡Ÿ%1A“¡”“Enƒ(‹Z‘’C01÷flÉÜnƒOA]Zß…¡ãåCZÿ¢£[ Ø⁄¢£câäãu¤ñ‹!"†Q/äã›pëífl‡¶·¿CCûgäãóé™SıÃ([Ñ9:‚câäãu¤ñ‹!"CQcƒ„‰K/zÉŸ⁄ÂÊ~ÁË~ęÈ[H˜[Ñ9:QZÏ̺öÍú<¥ÎÏCcâäã# $xMu¿D~>ÌCÓfiæøÏÌZ¿DG±¬sGºÉ:nƒ8ä[CnƒÔBXCÑ9:QZÏÌ¡ÒÚZ… ºÉÛ>finƒƒZóÃ?o[CnƒÔBXCÑ!"~Ñ!"‡¿¡Ù