[Table_MainInfo] [Table_Title]

/

[Table_Summary] 1995

2007 2014 2016 LED

LED

2019 /

100.4 /23.0 2019 ROE 52.36%

1

& 50 -230

2

&

/ /LED

2.25/1.85/1.37

&

3

2019 79.8%

&

2020-2022 EPS 4.2 4.8 5.5

PE 43.1X 37.8X 33.4X

[Table_Finance] 2018A 2019A 2020E 2021E 2022E

9,065 10,040 10,441 11,747 13,090

(+/-)% 25.21% 10.76% 3.99% 12.50% 11.44%

1,677 2,304 2,542 2,899 3,275

(+/-)% 30.45% 37.38% 10.35% 14.05% 12.94%

2.79 3.84 4.24 4.83 5.46

0.00 47.51 43.05 37.75 33.42

0.00 19.72 13.42 9.90 7.64

(%) 51.63% 41.50% 31.18% 26.23% 22.86%

(%) 0.00% 0.00% 0.00% 0.00% 0.00%

( ) 540 540 600 600 600

[Table_Invest]

[Table_Market] 2020/5/28

6 225.5

182.41

12 71.34 193.99

108,240

600

A 600

B /H 0/0

2

[Table_PicQuote]

-9%

16%

41%

66%

91%

116%

2020/2/5 2020/2/25 2020/3/16 2020/4/5 2020/4/25 2020/5/15

[Table_Trend] % 1M 3M 12M

18% 5% 0%

18% 7% -5%

[Table_Report]

603195

&

20200427

20200520

[Table_Author]

S0550516120001

021-20363260 Tangkai@nesc.com

S0550120030010

021-20363260 zhongth@nesc.cn

603195

2020-05-31

2 / 35

[Table_PageTop]

1. ............................................................................................................ 5

1.1. .................................................................................................... 5

1.2. ................................................. 5

1.3. 2019 2020Q1 .................................................. 6

1.4. ............................................................................................................ 8

2. ....................................................................... 9

2.1. ............................................................ 9

2.1.1. .................................................................................................... 9

2.1.2. ........................................................................................................... 10

2.2. ................................................... 12

2.2.1. ................................................................................................................................. 12

2.2.2. ........................................................................................................................ 13

2.3. LED ........................................................................ 16

2.3.1. LED ................................................................................................................................................. 16

2.3.2. LED ........................................................................................... 17

3. ................ 19

3.1. ........................................................................................... 19

3.2. ............................................................................................... 23

3.2.1. ............................................................................................................................ 26

3.2.2. .................................................................................................. 27

3.3. ......................................................................... 30

4. .......................................................................................................... 32

5. .......................................................................................................... 32

3 / 35

[Table_PageTop]

1 ........................................................................................................................... 6

2 2015-2020Q1 ............................................................................................................. 6

3 2015-2019 ....................................................................................................... 6

4 2015-2020Q1 .......................................................................................................... 7

5 ....................................................................................................................... 7

6 2015-2019 & ................................................................................................. 7

7 2015-2019 .............................................................................................................. 7

8 2015-2019 ROE ................................................................................................... 8

9 ........................................................................................................................... 8

10 2008-2014 ............................................................................................... 9

11 ............................................................................................................... 9

12 2012-2018 .......................................................................................... 9

13 ................................................................................................................ 10

14 .......................................................................................................11

15 & ....................................................................................................11

16 & ............................................................................................... 12

17 ...................................................................................................... 12

18 ................................................................................................................ 12

19 2019 ........................................................................................................ 13

20 ......................................................................................................... 13

21 ...................................................................................................... 13

22 ................................................................................................................ 14

23 ................................................................................................................ 14

24 ...................................................................................................... 14

25 / ........................................................................................................ 14

26 LED ..................................................................................................... 16

27 ............................................................................................... 17

28 ................................................................................................................ 17

29 LED ............................................................................................................ 18

30 LED ................................................................................................. 18

31 LED ................................................................................................................... 19

32 LED .............................................................................................................. 19

33 LED ........................................................................................................ 19

34 LED .............................................................................................. 19

35 ................................................................................................................ 21

36 ................................................................................................................ 21

37 3% ................................................................................................... 22

38 .................................................................................................................................. 22

39 .................................................................................................................................. 22

40 ...................................................................................................... 23

41 ................................................................................. 24

42 & ..................................................................................... 24

4 / 35

[Table_PageTop]

43 .................................................................................................................... 25

44 ........................................................................................... 28

45 .................................................................................................................... 28

46 ........................................................................................ 29

47 ...................................................................................................... 29

48 2019 .............................................................................................. 30

49 ...................................................................................................... 30

50 / .......................................................................................... 30

51 / ..................................................................................................... 30

52 OEM ........................................................................................................................ 31

53 ...................................................................................................... 31

54 / ..................................................................................................... 31

55 ...................................................................................................... 31

1 ...............................................................................................................11

2: ........................................................................................................... 15

3 ......................................................................................................................... 15

4 LED ....................................................................................................................... 17

5 .................................................................................. 19

6 .............................................................................................................. 20

7 ......................................................................................................................... 26

8 .................................................................................................... 26

9 .............................................................................................................. 27

10 ........................................................................................................................... 32

5 / 35

[Table_PageTop]

1.

1.1.

LED 2001

2007

2014 LED 2016

2019 12 100

1.2.

1995-2006

90

1996

2001

2007 2007

2014 80 90

G29 G22

2017

40%

2010

2010

2015

2017

2016 2018 3.46 8.34 CAGR

55.19%

2014 LED&

2014 LED

LED 2016

2019H1 / LED 45.5%/ 60%

6 / 35

[Table_PageTop]

1

1.3. 2019 2020Q1

& 2016-2019 53.66

100.40 14.07 23.04

CAGR 13.11% 2017

LED

&

2019 82.28%

2019 /

4.24%/14.72% LED&

2020

& 13.8 38.0%

1.7 57.7%

2 2015-2020Q1 3 2015-2019

Wind Wind

7 / 35

[Table_PageTop]

4 2015-2020Q1 5

Wind Wind

20%

2017-2018 2019

2017

2018

6 2015-2019 & 7 2015-2019

Wind Wind

ROE 2015-2019 ROE 61.43% 69.06%

63.97% 69.60% 52.36% 60% ROE

/

1

8 / 35

[Table_PageTop]

8 2015-2019 ROE

Wind

1.4.

5.4

6,000

87.26%

2017 12

2017

358 PE 27.9X 2017 66.3

/ 33.2 / 2020 4 24

&

452 79.93 / 62.89 23 5000

2020-2024

2020-2023

9

9 / 35

[Table_PageTop]

2.

2.1.

2.1.1.

2013 120 2019 200

& 2013

18,31 2018 28,23 CAGR 9.04%

2012 -2018 2620.51 3903.48

10 2008-2014

11 12 2012-2018

70%

66.39% 30

2020 2 15 53,92

16.33 5,610 2018 2.09

48.4

10 / 35

[Table_PageTop]

&

30%

2017

3C 4

13

Wind

2.1.2.

1995

USB

41 2,800

WIFI

11 / 35

[Table_PageTop]

1

WIFI

US

B

USB USB

2017 2018 20%

14 15 &

Wind

2017 2018

2017

30.57% 7.84%

2017 / 27.03%/

30.06%

12 / 35

[Table_PageTop]

16 & 17

Wind

2.2.

2.2.1.

2018

196.55 10.1% 2020

231.6

18

Wind

2000 2018

13.7%

TCL 10.9% 6.2% 4.6% 4.6% CR5

40%

13 / 35

[Table_PageTop]

19 2019

Wind

2.2.2.

2019 14.72% 46%

20 21

&

2017

2016/ 2017 146%/ 112% 2018

2018/ 2019H1

31.55%/ 23.38%

G18

G20 G21

14 / 35

[Table_PageTop]

22 23

&

1 2018

2019 2

&

24 25 /

15 / 35

[Table_PageTop]

2:

3

16 / 35

[Table_PageTop]

2.3. LED

2.3.1. LED

LED 2017 LED 5,343

47.70% 2,548.61 2009 2017 LED

CAGR 54.62% LED

2011 11 1 2012

2014 2016 100w 60w 15w

2017

2020

10000 LED

70% 80 90

LED

26 LED

Wind

LED

LED

17 / 35

[Table_PageTop]

27 28

2.3.2 LED

LED 2014 LED

LED

4 LED

LE

D

LED MX-B12440-B

LED MH-B11R11 LED

‹

LED 3 3.5 4

3W 65mm/80mm 5W 80mm

18 / 35

[Table_PageTop]

LE

D

LED 15W, 155.6*93.5mm

20W 180.6*121mm/226*124.6mm

LE

D

LED 3W E14/E27 5W 7W 9W

Wind

LED

2016 31.62% 2019H1 9.75%

2019H1 23.36%

29 LED 30 LED

2018

LED

LED

2019

2019

/

19 / 35

[Table_PageTop]

31 LED 32 LED /

33 LED / 34 LED

3.

3.1.

1995

2000

5

1997

2001

2002

20 / 35

[Table_PageTop]

2004 ISO9001:2000 ISO14001:2004

2006

2007

2008

2012 2012

2017 BULL 2017

2017 GB/T

35590-2017

2018

3

50 -230 USB

USB

SKU 41 2,800

33 3,000

33%

20%

6

GN-B403U

USB

USB

3*5 +3USB

1.8m

USB 5V/3.1A

59

USB

5V2A

750

10A

3

+3USB

1.8m

49

USB 6

750

42

USB

2A

3

+3USB

PC

1.63m

55

21 / 35

[Table_PageTop]

850

3

+3USB

1.5m

59

SPS2312K/93

750

3AG +3USB

1.6m-2m

USB 2.4A

59.9

PP

3

+3USB

1.8m

USB 5V/3.1A

69.9

35 36

2019

1,468

3%

22 / 35

[Table_PageTop]

37 3%

Wind

2015 3

USB 7

1 48 55

& WIFI USB

line friend

&

38 39

23 / 35

[Table_PageTop]

40

2007

3.2.

31

2016 2017 2018 2019H1 86.09%

84.81% 84.76% 86.41% 11.03% 12.96% 13.14% 11.99%

2019 1.89%

24 / 35

[Table_PageTop]

41

&

2019H1 2,333

42 &

25 / 35

[Table_PageTop]

43

1 ( )

( )

50% 40%

4%- 5% B

2 2019H1 73

32% 30% 18% 10.9

45% 36%

13.6

LED

26 / 35

[Table_PageTop]

7

2016 2017 2018 2019H1

73.27 78.14 74.6 73.1

439 453 477 472

0.40 0.43 0.56 0.62

1,669.02 1,724.94 1,563.94 1,548.73

9.97 10.43 9.10 10.89

1,580 1,541 1,525 1,569

1.68 2.12 3.02 2.85

63.10 67.68 59.67 69.41

- 6.71 13.17 13.56

- 413 373 379

- 0.22 0.22 0.29

- 162.47 353.08 357.78

8

73w 11w 13w

3.2.1.

1 2009

——

2

27 / 35

[Table_PageTop]

3

4

5

&

2019H1

9

13.39 21.68 30.17 39.84%

38.23%

2.25

6.11 9.89 11.29 46.90% 1.85

LED 8.63 13.97 11.83 33.07% 1.37

10.47 16.95 35.32 22.20% 3.37

3.2.2.

CRM

1

2 CRM + CRM

IP GPS

300-400

1 2 3

SKU

3

28 / 35

[Table_PageTop]

1

30-40

2

2016-2018 20% 15%

2018 1.73%

44 45

3

2018

29 / 35

[Table_PageTop]

2016-2018 10%

46

“ ”

50 50%

47

30 / 35

[Table_PageTop]

3.3.

2019

78.8%

PP/

48 2019 49

50 / 51 /

0

2

4

6

8

10

12

14

2016 2017 2018 2019

LED

Wind

OEM

&

OEM

2019H1

/ PP/ ABS 4.05%/ 6.68%/ 5.04%

31 / 35

[Table_PageTop]

11.02% 7.26 / / 17.7%/ 2.27%

0.98/ 0.67 /

52 OEM 53

54 / 55

32 / 35

[Table_PageTop]

4.

2020-2022 EPS 4.2 4.8 5.5 PE 43.1X 37.8X 33.4X

LED

10

EPS PE

2019A 2020E 2021E 2022E 2019A 2020E 2021E 2022E

3.84 4.24 4.83 5.46 47.51 43.05 37.75 33.42

1.18 1.21 1.39 1.54 23.87 21.60 18.86 16.98

2.34 2.42 2.79 3.09 32.84 27.97 24.24 21.91

2.23 2.89 3.61 4.50 58.29 44.88 35.94 28.19

1.15 1.29 1.59 1.96 48.37 43.18 34.97 28.45

5.

1

2

33 / 35

[Table_PageTop]

[Table_Forcast] 2019A 2020E 2021E 2022E 2019A 2020E 2021E 2022E

734 3,955 6,513 9,540 2,304 2,542 2,899 3,275

857 857 857 857 1 3 3 3

197 212 242 266 197 201 227 243

979 1,026 1,123 1,274 0 0 0 0

2,875 2,463 2,447 2,609 -2 0 0 0

5,641 8,512 11,181 14,546 -106 -117 -128 -144

-109 971 -91 -2

0 0 0 0 13 19 17 20

1,153 1,324 1,419 1,498 2,297 3,619 2,927 3,395

310 323 340 357 -1,792 -458 -368 -368

0 0 0 0 -5 60 0 0

1,775 2,131 2,383 2,632 2,172 1,468 2,561 2,644

7,417 10,643 13,565 17,178

0 0 0 0 2019A 2020E 2021E 2022E

1,164 1,703 1,668 1,903

130 156 166 186 3.84 4.24 4.83 5.46

0 0 0 0 9.25 13.59 18.42 23.88

1,830 2,454 2,476 2,815 3.83 6.03 4.88 5.66

0 0 0 0

36 36 36 36 10.8% 4.0% 12.5% 11.4%

36 36 36 36 37.4% 10.4% 14.1% 12.9%

1,865 2,489 2,512 2,850

5,551 8,153 11,053 14,327 41.4% 40.8% 41.0% 40.7%

0 0 0 0 22.9% 24.3% 24.7% 25.0%

7,417 10,643 13,565 17,178

7.17 7.43 7.52 7.43

2019A 2020E 2021E 2022E 60.76 60.56 59.13 59.88

10,040 10,441 11,747 13,090

5,882 6,183 6,932 7,765 25.1% 23.4% 18.5% 16.6%

75 82 93 103 3.08 3.47 4.52 5.17

-1 -3 -3 -3 2.53 3.04 4.05 4.70

725 647 717 772

379 386 431 446 7.2% 6.2% 6.1% 5.9%

-17 -3 -16 -26

3.8% 3.7% 3.7% 3.4%

0 0 0 0 -0.2% 0.0% -0.1% -0.2%

106 117 128 144

2,769 2,987 3,400 3,843 0.0% 0.0% 0.0% 0.0%

-74 -16 -13 -16 0.0% 0.0% 0.0% 0.0%

2,695 2,971 3,387 3,827

391 429 488 552 P/E 47.51 43.05 37.75 33.42

2,304 2,542 2,899 3,275 P/B 19.72 13.42 9.90 7.64

2,304 2,542 2,899 3,275 P/S 9.81 10.48 9.32 8.36

0 0 0 0 41.5% 31.2% 26.2% 22.9%

34 / 35

[Table_PageTop]

5

“ ”

R3 A B

AA ABS

“ ”

6 15%

6 5% 15%

6 -5% 5%

6 5% 15%

6 15%

6

6

6

35 / 35

[Table_PageTop]

6666 130119

28 D 100033

729 200127

1006 22A 518038

122 15 510630

021-20361121 13636606340 ruanmin@nesc.cn

021-20361229 17717370432 wuxiaoyin@nesc.cn

021-20361258 18221628116 qijian@nesc.cn

021-20361267 13262728598 chen_xh@nesc.cn

021-20361258 13120758587 Lilq@nesc.cn

021-20361112 18801903156 lirx@nesc.cn

021-20361133 18516728369 zhoujq@nesc.cn

021-20361133 13122617959 liuyq@nesc.cn

021-20361229 15213310661 jinyue@nesc.cn

010-58034553 18515018255 lihang@nesc.cn

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010-58034555 13701194494 wenzc@nesc.cn

010-58034563 18501944669 zengyg@nesc.cn

010-63210813 18153683452 zhouying1@nesc.cn

0755-33975865 18938029743 liu_xuan@nesc.cn

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021-20361229 18616369028 liyinyin@nesc.cn

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