????????????,??,??,??,??,??????????!
????
??????????????,???????
?????2007?,2021???????,???????????????,??????????22?????98%,????????????????2018-2021???????????,?0.46?????7.35??,22???????????6.61????????2018??-0.31????2021??2.02??,22?????????2.47????????????????,??21??????5.71??,22??????????11.39??,????21?????,??????????????????????
???????????,???????????
??????????????????????????????,????????????????????????????,??????????????????????????????,?????????????,????????????????????
???M03?R03?TG120????????,???2018??2019??2016??????R03???TG120??????????,M03 ???????????????? C01 ?????X03??????????2020??2021????????,??2020 ??????????,??????X03???????????????????????
????????,??????????,????????????????????,???????????????????????,????????????????????
?????????,??????????
??M03?R03 ???????2018??2019???????,2019???????,2020????????? 2.66???3743.36???2022?2?????????????????,????24.07????????????,?????????????,??????????,????????????????????,?????????????
2022?????????,????????21????,22-25???????????????????20%?160%?340%?540%?????????????,22-25?????????????2.42?2.83?3.64?4.04???
????
??????????????,???????,?????????????,???????,?????????????????????,???????????????,??????????????????????????????????2022-2024?????????9.52/12.34/15.99??,????29.5%/29.6%/29.7%,?????2.98/3.82/4.95??,????48.0%/27.9%/29.8%,EPS?1.71/2.19/2.84?,??2023?3?13?79.24?/????,PE???46.29/36.19/27.88??????,??"??"???
????
??????????????;???????????;?????????????
??
1.??????????,????????
1.1.??????????????,????????
?????2007?,2021??????????????????????????????????,?????????????????????????????????????????????
????????????????5?????,????????2007-08???????,????????????????????????????,??????????????????????????????,??????????????????????09-10???????,???????????????????11-14???????,??????????????????????????????15-17??????????,????????????,?????????????????18???,????????????,????????????????,????????
??????????????????,??????????,??????????????????????????????????????????????????,????????????????????????????,???????????????,??????????,????????????????????,?????????????????
??????????,???????????????????,??????M03?R03?TG120????????,???????2018??2019??2016??????????????,????????????,???R03???TG120????????,??????????? C01 ????M03 ???
1.2.??????????,????????
?????????,????????????2018-2021???????????,?0.46?????7.35??,22???????????6.61????????2018??-0.31????2021??2.02??,22?????????2.47??,??????????????????????,??21??????5.71??,22??????????11.39??,????21?????,??????????????????????
????????????95%,?????40%?????????,???????????2019?,???????????????,?????????????96%??,????????????????????????21????98%???????,??????????????,???70%???????????????40%???
?????????,??????????????????,18-21??????????8%??????????????,2018-2021???,?????0.2?????0.34??,?????????5%???
2.???????????,??????
2.1.????????????????,??????????
????????????????????,????????????????????????????????,???????????????,???????,???"???"?????????,????????????,????T/R ???????????,???????????????????????????????????????????????,??????????????????????????????,?????????????,????????????????????
?????????????,?????????????????????,???????????????????????????????????,????????????????????????,????????????????????????????????????????????????????????????,???????????????????????,???????????????????????
???????????????????????????????,???????????????????????????????????????????????????????????????50%???T/R???????????????????????
?????????,??????????????????????????????????????LTCC??????????????????????,??????????????????????????????????????????????5G???????????????????????????????????????????????????????????,??????????????,???????????????,?????????????????
?????????????????????????????????,????????????????,????????????????????? 50%??????????????????????,??????????????????????,????????????????????????????,?????????????????????
??????????????????????????????????????????????????????,?????????????????????????????????????????????????????4?????,??????Ku?K?Ka?U?V?W ????3mm-2cm?????????????????????????????????????,????????????????????????
2.2.???????????,????????
??????????????????????????????????????/????,?????????????????,?????????????????????????????????
????????????????,?????????????????????????????????,????????????????????????????????????????????????????????????????????,??????????????????????????????,???????????,????????????????
???????????,?????????????????,Forecast International??2010??2019?,????????????????????????14.16%,???????25.68%????,???????????????????????,????????????????????????????????????????,???,????????????????,?????????????,???????????,???????????????????????
??????????,?????????????????,??40?????,???????????????????????????SAR??????,????SAR?????????,???????????????????????????????????????????????????????????????????????????????????????????,??????????????????
???????,2019??????????????120???,????7.23%??????????????????????????????????????????????????,??????????2025?????????????????35.6%;??????27.3%?17.2%;??????19.8%?
3.????????,???????
3.1.???????,?????,??????
??????,??????????????,?????????????????????????????????,????????????????2021?5?31?,???????108?,???????????23 ?,????????8?,????????5?,??????????????????????????????????????????,???????????????????????????????
????????,??????????????????,??,?M03?R03????????,????X03????????2020??2021????????,??2020 ????????????????????????????,??????X03?????????????????????????????????????????10??????,????????????????????????,????????????????????
????????,???????M03?R03 ???????2018??2019???????,2019???????,??????????????2020?,M03?R03???????? 2.66???3743.36??,?????????TG120 ??????,??????,???????,2019??????,??????????????,??? 2019 ?????????2020?,?????2020?????????? 1000.13???
????,?????????????????2022?2?????????????????????,?????????????????????,???24.07????????????,?????????????,??????????,????????????????????(M03????????????????15?),?????????????????????
3.2.????????,??????????
????????????????????????????????,????????????,2018??????????????2017??2.4??3.9??2.7??????????????????,????????????,????????????????
??????????,???????2022???????????,????34.56?/?,2021???????2.02???????????21????,22-25???????????????????20%?160%?340%?540%?????????????,22-25?????????????2.42?2.83?3.64?4.04???
4.????
??????????????,???????,?????????????,???????,?????????????????????,???????????????,??????????????????????????????????:
????:??95%???????????????,???????????????,??????????,??????????????????????,???????????????,???????????22-24??????????????30%,???????????10%??,??????5%???
?????:????????????,????????????????,????45%??????????????,??????,??22-24??????????45%???????????????????70%?????????????????
????2022-2024?????????9.52/12.34/15.99??,????29.5%/29.6/).7%,?????2.98/3.82/4.95??,????48.0%/27.9%/29.8%,EPS?1.71/2.19/2.84?,??2023?3?13?79.24?/????,PE???46.29/36.19/27.88??????,??"??"???
5.????
??????????????:??????????????????,????????????;
???????????:?????????????,???????,???????????;
???????????:???????????,???????,?????????????
*?????????????????????????????????????????2.52%?
?:???????????????????????,??????????????????????
???:??
???????:S1120520110001
??????:?????:??????????,??????????
??????:2023?3?15?
????:
?????????????????2017?7?1??????????????????????????????????????????????????????????,???????,????????????????????????????????????,???????,??????????,??????
????:
????????????????????????????????????????????????????????????????,??????????????????????????????????????????????????????????????,?????????????,????????????????
??????,????????????????????????????????????????????????????????????????????????
????????????????????,???????????????????????????????????,????????????????????????????,???????????????????????????????????????
???????,?????60????,???????!
?????????,??????APP
