電子行業(yè)關(guān)注本周臺積電和特斯拉業(yè)績會

證券研究報告證券研究報告電子關(guān)注本周臺積電和特斯拉業(yè)績會2023年7月16日│中國內(nèi)地 專題研究華泰觀點：關(guān)注本周臺積電和特斯拉業(yè)績會6月4AQ23I3AI板塊：《生成式人工智能服務管理暫行辦法》落地，鼓勵創(chuàng)新發(fā)展A股：SW電子上漲3.4%，跑贏上證指數(shù)（1.3%）A。港股：恒生科技指數(shù)上漲8.4%，跑贏恒生指數(shù)（5.7%）6605.2%成分股中漲幅居前的企業(yè)包括：萬國數(shù)據(jù)（+18.5%、嗶哩嗶哩（%W5%7.6%40億港元，主要增持美團-W海外：納指上漲3.3%，標普500上漲2.4%，日經(jīng)225漲0.01%4.8%。十年美債利率下降23bp至3.83%。全球半導體板塊漲幅居前為英飛凌（1%（%（%（-%東京電子（-%。美股互聯(lián)網(wǎng)：A漲%，Meta漲3%，谷歌漲5.0%3.8%5.5%3.1%，特斯拉漲1.0%225（%（%（%幅居前為松下（-%、日本電氣（-%、富士控股（-%風險提示：中美貿(mào)易摩擦升級風險，宏觀下行風險，創(chuàng)新品滲透不及預期風險。本研報中涉及到未上市公司或未覆蓋個股內(nèi)容，均系對其客觀公開信息的，并不代表本研究團隊對該公司、該股票的推薦或覆蓋。

行業(yè)走勢圖電子 滬深300(%)20101(9)(19)Jul-22 Nov-22 Mar-23 Jul-23資料來源：，免費獲取每日微信群內(nèi)分享7+最新重磅報告;獲取每日分享當日華爾街日報、金融時報;報告 行研報告均為公開版,權(quán)利歸原作者所有,起點財經(jīng)僅分發(fā)做內(nèi)部學習。加?入“起點財經(jīng)”微信群（百萬美元）202120222023E 2024E1Q232Q23E3Q23E4Q23E圖表1：（百萬美元）202120222023E 2024E1Q232Q23E3Q23E4Q23E2022 2023E 2024E（百萬美元）20212022 2023E 2024E（百萬美元）2021收入57,43074,35269,63584,10016,61615,50217,54120,117銷量（萬輛）93.6131.4183.4234.342.346.646.349.0yoy19.9%29.5%-6.3%20.8%qoq-19.1%-6.7%13.1%14.7%收入53,82381,462100,151128,91623,32924,26025,21126,900凈利潤21,58233,38526,26532,5936,7625,5736,1437,594yoy70.7%51.4%22.9%28.7%24.4%43.3%17.5%10.6%yoy16.5%54.7%-21.3%24.1%-3.3%-29.7%-30.2%-21.9%凈利潤5,51912,55610,42916,2602,5132,3712,5582,877毛利率51.6%59.6%54.9%54.9%56.3%53.2%53.8%54.5%yoy655.5%127.5%-16.9%55.9%-24.3%5.0%-22.3%-22.0%Capex30,00036,30031,51432,7189,8827,9457,2416,859汽車毛利率29.3%28.5%19.7%21.1%21.1%20.3%19.9%20.1%注：數(shù)據(jù)來源于Factset一致預期資料來源：Factset，

注：數(shù)據(jù)來源于Factset一致預期資料來源：Factset，圖表3：各個股市主要指數(shù)年初以來行情走勢（以美元計價）韓國綜合指數(shù)越南VN30英國富時100臺灣加權(quán)指數(shù)(美元) 上證指數(shù) 標普500 恒生指數(shù) 日經(jīng)225 印度韓國綜合指數(shù)越南VN30英國富時100臺灣加權(quán)指數(shù)12011511010510095Jan-23Jan-23Jan-23Jan-23Jan-23Feb-23Feb-23Feb-23Feb-23Mar-23Mar-23Mar-23Mar-23Apr-23Apr-23Apr-23Apr-23May-23May-23May-23May-23May-23Jun-23Jun-23Jun-23Jun-23Jul-23Jul-2390Jan-23Jan-23Jan-23Jan-23Jan-23Feb-23Feb-23Feb-23Feb-23Mar-23Mar-23Mar-23Mar-23Apr-23Apr-23Apr-23Apr-23May-23May-23May-23May-23May-23Jun-23Jun-23Jun-23Jun-23Jul-23Jul-23注：我們進行了標準化處理，以2023年1月1日為100資料來源：，Bloomberg，圖表4：S&P500前向PE、NASDAQ100前向PE與十年期美債收益率(X) S&P500前向PE 納斯達克100前向PE 10年美債收益率（右軸） 45

4.540 4.035 3.530 3.025 2.520 2.015 1.510 1.05 0.52013/072013/102013/072013/102014/012014/042014/072014/102015/012015/042015/072015/102016/012016/042016/072016/102017/012017/042017/072017/102018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/042023/07資料來源：Bloomberg，圖表5：恐懼與貪婪指數(shù)和VIX恐慌指數(shù)走勢圖CNNFear&GreedIndex CBOEVolatilityIndex（右軸）90 080 570 106015502040253020 3010 352021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/112022/122023/012023/022023/032023/042023/052023/062023/070 402021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/112022/122023/012023/022023/032023/042023/052023/062023/07注：指數(shù)往上反映投資者對市場越樂觀（越貪婪），往下反映投資者對市場越悲觀（越恐慌）資料來源：CNN，CBOE圖表6：沽空占市場成交額比例vs恒生指數(shù)35,000

恒生指數(shù) 沽空比例（右軸）

30%30,000

25%25,00020,00015,00010,0005,000

20%15%10%5%2021/012021/022021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032021/012021/022021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/112022/122023/012023/022023/032023/042023/052023/062023/07注：做空比例=全日賣出金額/（市場成交額-Warrant和CBBC金額）資料來源：，圖表7AvsA指數(shù)(億元)18,00016,00010,0002021/012021/022021/032021/012021/022021/032021/042021/052021/062021/07

A股成交量總額 萬得全A指數(shù)（右軸）

6,5006,0005,5005,0004,5002022/082022/092022/082022/092022/102022/112022/122023/012023/022023/032023/042023/052023/062023/07資料來源：，圖表8：TMT板塊占總A股成交金額比例億元7,0006,0005,0004,0003,0002,0001,000

60%50%40%30%20%10%2012/07

2013/07

2014/07

2015/07

2016/07

2017/07

2018/07

2019/07

2020/07

2021/07

2022/07

2023/07注：TMT行業(yè)主要包括電子、通信、計算機、傳媒資料來源：，圖表9：10年期/2年期/1年期美國國債收益率6543210Jan-17Apr-17Jan-17Apr-17

美國:國債收益率:10年 美國:國債收益率:2年 美國:國債收益率:1年 10年-2年美債利差資料來源：，圖表10：科技硬件板塊半導體公司上半年股價變動一覽市值 收盤價

P/E

P/S

股價變動

北向/南向資金流南向/北向資金持股南向/北向資金持股代碼 公司名稱財報（人民幣億（元交易

入（億人民幣/億市值（億人民幣/億

比例（%）半導體

貨幣 元）

貨幣）

2023E

2023E 2024E

1W 1M YTD

港元）

港元）688041CH海光信息 CNY 688200CH華峰測控 CNY 222600584CH長電科技 CNY 620603986CH兆易創(chuàng)新 CNY 783688508CH芯朋微 CNY 79688099CH晶晨股份 CNY 392300223CH北京君正 CNY 4691347HK華虹半導體USD 335300661CH圣邦股份 CNY 4080522HKASMPT HKD 310688608CH恒玄科技 CNY 164300327CH中穎電子 CNY 102300782CH卓勝微 CNY 608688018CH樂鑫科技 CNY 111688256CH寒武紀-U CNY 858002185CH華天科技 CNY 313002371CH北方華創(chuàng) CNY 605111CH新潔能 CNY 133688536CH思瑞浦 CNY 283603893CH瑞芯微 CNY 317688123CH聚辰股份 CNY 106603290CH斯達半導 CNY 399603160CH匯頂科技 CNY 223688595CH芯海科技 CNY 50688107CH安路科技 CNY 2250981HK中芯國際 USD 300672CH國科微 CNY 186300373CH揚杰科技 CNY 236300623CH捷捷微電 CNY 138600460CH士蘭微 CNY 442603501CH韋爾股份 CNY 688396CH華潤微 CNY 712002156CH通富微電 CNY 341688981CH中芯國際 USD 600703CH三安光電 CNY 854688187CH時代電氣 CNY 534ACMRUS盛美半導體USD 57688052CH納芯微 CNY 234688521CH芯原股份 CNY 348301269CH華大九天 CNY 620688008CH瀾起科技 CNY 705688048CH長光華芯 CNY 160688012CH中微公司 CNY 893603690CH至純科技 CNY 123688206CH概倫電子 CNY 117300604CH長川科技 CNY 269688120CH華海清科 CNY 359688072CH拓荊科技 CNY 419688126CH滬硅產(chǎn)業(yè) CNY 555688082CH盛美上海 CNY 448非半導體601138CH工業(yè)富聯(lián) CNY 002463CH滬電股份 CNY 480000100CHTCL科技 CNY 8411810HK小米集團-WCNY 2382HK舜宇光學科技CNY 787601231CH環(huán)旭電子 CNY 351002916CH深南電路 CNY 410002236CH大華股份 CNY 731002415CH?？低?CNY 300408CH三環(huán)集團 CNY 605600183CH生益科技 CNY 3666088HKFITHONTENUSD 96300296CH利亞德 CNY 169000636CH風華高科 CNY 184600563CH法拉電子 CNY 313002635CH安潔科技 CNY 950285HK比亞迪電子CNY 5212018HK瑞聲科技 CNY 206002475CH立訊精密 CNY 000050CH深天馬A CNY 237002484CH江海股份 CNY 167TUYAUS涂鴉智能 USD 73300433CH藍思科技 CNY 613300136CH信維通信 CNY 1930992HK聯(lián)想集團 USD 941000725CH京東方A CNY 1888HK建滔積層板HKD 219000049CH德賽電池 CNY 105002938CH鵬鼎控股 CNY 576002138CH順絡電子 CNY 204688301CH奕瑞科技 CNY 282002241CH歌爾股份 CNY 628002841CH視源股份 CNY 443300115CH長盈精密 CNY 137688036CH傳音控股 CNY 汽車電子9866HK蔚來-SW CNY 2015HK理想汽車-WCNY

78.4164.034.7117.370.094.197.428.187.282.4136.430.0114.0137.5206.09.8298.944.5235.375.967.2233.548.834.856.120.285.543.718.831.2106.553.922.649.517.143.313.3164.169.8114.262.090.6144.431.826.944.2226.0331.620.3103.427.325.24.511.578.715.979.922.034.731.615.918.834.29.619.91.812.37.735.124.825.3276.918.463.211.4133.582.5144.0

140.5 97.0 24.6 17.738.5 28.8 18.5 13.923.6 17.1 1.9 1.663.1 43.1 11.1 9.146.4 31.9 7.9 5.944.4 30.9 5.9 4.752.3 39.1 8.0 6.712.9 12.1 1.8 1.754.3 40.2 11.8 9.116.3 13.8 1.9 1.874.6 47.4 8.7 6.832.5 25.1 5.6 4.748.3 35.2 14.4 11.471.5 49.9 6.8 5.3-105.6 -153.7 79.9 54.438.4 26.8 2.3 2.047.9 35.2 7.9 6.124.3 18.9 5.6 4.465.5 43.2 12.8 9.875.7 52.7 12.4 9.720.9 15.4 8.0 5.935.6 26.5 9.7 7.1269.2 48.8 5.7 4.861.9 36.4 5.7 4.3268.8 130.0 15.1 10.428.9 21.8 3.2 2.745.9 33.0 3.5 2.719.0 15.7 3.5 2.929.1 21.7 5.3 4.134.3 27.0 4.2 3.454.7 35.5 5.4 4.525.4 21.7 5.9 5.146.2 30.8 1.4 1.268.3 47.5 8.7 7.359.1 38.4 5.0 4.121.5 19.0 2.9 2.5N.A. N.A. N.A. 75.5 42.6 10.2 7.7231.3 149.1 10.3 8.1246.7 186.7 56.0 41.459.8 35.5 18.0 11.484.2 51.9 25.8 17.162.4 49.1 14.3 11.124.4 18.5 2.9 2.3224.2 152.3 29.5 21.234.5 25.8 6.9 5.448.4 36.1 13.3 9.977.6 52.1 14.6 10.5145.2 112.7 12.7 10.157.7 45.7 11.6 9.122.7 20.1 0.9 0.829.4 23.1 4.9 4.018.3 11.4 0.4 0.426.0 21.5 0.9 0.824.1 19.1 2.1 1.811.2 9.2 0.5 0.422.2 18.3 2.6 2.221.6 17.0 2.1 1.819.4 16.3 3.4 2.930.6 23.0 9.2 7.218.2 13.9 1.8 1.57.4 6.4 0.3 0.319.9 15.6 1.7 1.431.2 21.0 3.9 3.224.8 19.4 6.3 4.921.3 16.9 1.8 1.518.2 13.2 0.4 0.318.8 14.4 0.9 0.820.0 16.0 0.9 0.8209.7 168.0 0.7 0.719.5 15.5 3.0 2.4-12.1 -16.4 4.9 4.020.8 14.6 1.1 1.022.9 18.0 1.8 1.68.0 7.2 0.2 0.218.0 11.1 0.8 0.710.3 8.6 1.2 1.014.1 10.7 0.4 0.411.1 9.6 1.4 1.230.0 21.3 3.9 3.133.9 26.1 13.5 10.326.4 19.4 0.6 0.518.0 15.0 1.8 1.528.3 15.0 0.8 0.728.7 23.2 1.9 1.6-7.7 -14.2 1.8 1.2109.4 38.1 2.6 1.7

16.9%13.5%12.8%11.5%10.6%10.5%9.6%8.1%6.8%6.6%6.6%6.3%6.2%5.7%5.4%5.4%5.0%4.9%4.8%4.6%4.2%3.3%3.2%3.2%2.5%2.3%2.1%1.8%1.7%1.6%1.3%0.7%0.5%0.2%0.1%0.1%-0.5%-1.2%-2.0%-2.1%-2.7%-2.9%-3.3%-3.3%-3.6%-3.6%-4.1%-4.4%-5.2%-5.3%808024466991566137%0.1%5.2%17.6.%6.%5.%5.%5.%4.%3.%3.%3.%3.%3.%3.%3.%3.%2.%2.6%2.4%2.3%2.3%1.7%1.5%1.4%1.2%1.1%0.4%0.4%-0.1%-0.8%-0.8%-1.0%-1.1%-5.9%-.5.0%.9%5

14.8% 95.5%7.2% -11.7%11.3% 51.4%10.4% 15.1%20.7% 8.4%11.6% 33.5%10.2% 38.3%9.6% 2.9%6.2% -34.1%6.8% 52.8%12.7% 19.6%8.6% -14.1%18.0% -0.1%5.9% 52.5%9.6%277.6%6.3% 18.3%-5.8% 32.9%2.2% -19.4%7.9% -14.5%4.2% 10.3%25.1% -12.7%8.5% -28.6%5.5% -2.8%8.9% -13.4%1.3% -12.6%-1.2% 20.5%3.0% 0.9%7.6% -16.0%4.0% -8.6%3.1% -4.5%8.7% 38.2%2.9% 2.8%-0.2% 37.4%-2.1% 20.2%-0.4% 0.0%3.5% -20.6%1.9% 72.9%3.6% -27.5%-3.0% 58.3%-7.0% 27.0%8.0% -1.0%-4.1% 22.2%-7.7% 47.3%-8.6% 1.2%-4.1% -4.4%-6.8% -0.6%-10.4% 50.2%-22.2% 53.0%-2.7% 15.4%-6.3% 29.4%4.5-4.5-0.1-0.81.2-3.6-1.1-1.2-0.40.00.10.00.90.01.20.3-0.60.00.0n.a.0.20.2-1.3-1.00.0-0.11.3-0.60.0-1.10.2-0.61.920.4%113.2%13.7% 32.5%7.1% 4.9%0.7% -14.7%6.3% 1.0%6.0% 12.2%11.3% 96.7%4.7% 1.9%7.5% 2.8%9.7% 11.4%3.6% -29.8%2.3% 18.7%3.7% 8.0%1.4% -11.8%2.0% 15.7%7.0% 1.8%2.1% 6.3%5.3% 8.1%5.0% 11.3%-6.8% -10.6%-6.3% -7.3%4.8% 19.0%-0.9% 20.8%4.2% 32.8%6.8% 31.3%4.3% -7.9%-0.5% -17.8%2.1% -7.0%5.6% -2.8%-2.0% -14.7%3.5% 9.8%-5.4% 8.9%-4.4% 10.3%-9.2% 70.3%n.a.-0.3n.a.-0.36.00.2n.a.2.5-0.8-6.3% 87.5%

n.a. n.a. 0.0-0.4 8.6 4.45.3 18.3 3.32.4 29.0 4.1-0.2 0.6 1.30.6 6.0 1.70.6 6.4 1.70.9 45.3 13.30.4 16.7 4.6-0.1 3.6 1.10.4 0.6 0.6-0.5 5.1 5.30.7 27.1 6.0-0.1 1.0 1.00.1 8.4 1.80.4 5.7 1.9-3.9 61.4 4.10.1 1.2 1.30.3 4.0 2.7-0.1 2.5 0.8-0.2 0.5 0.5-2.3 27.0 7.00.1 1.5 0.70.0 0.3 1.00.0 0.5 0.5-0.4 323.7 20.70.2 1.2 0.7-0.5 4.5 1.90.0 0.9 0.8-0.1 8.4 1.92.6 125.0 10.10.3 9.2 1.31.0 9.6 2.80.0 2.0 0.20.0 8.0 1.00.3 15.0 16.5n.a. n.a. n.a.0.3 2.1 1.70.9 4.8 3.3-0.1 4.0 4.3-1.0 43.2 6.00.2 0.8 1.03.9 45.6 4.9-0.3 1.3 1.00.0 0.5 1.10.8 5.0 2.4n.a. n.a. 0.02.1 4.6 1.90.5 5.0 0.90.3 0.8 1.0123.6 2.628.9 6.638.9 5.2334.8 15.269.5 8.512.4 3.812.2 3.217.5 4.318.5 0.623.0 4.118.8 5.33.8 3.81.8 1.32.3 1.433.1 10.91.5 2.828.6 5.211.5 5.2183.8 7.84.9 2.210.1 6.6n.a. n.a.19.7 3.35.2 3.232.0 3.2142.5 8.81.1 0.51.4 1.422.2 3.913.5 7.36.1 3.826.0 4.712.3 4.12.6 1.927.6 2.4n.a. n.a.221.5 9.39868HK小鵬汽車-WCNY 0710HK京東方精電HKD 89

56.512.3

-10.3 -15.4 2.4 1.5 3%14.6 11.3 0.8 0.6 3%

13.0% 47.3%11.1% -15.5%

115.2 15.30.8 0.8688326CH經(jīng)緯恒潤-WCNY 200002920CH德賽西威 CNY 888002405CH四維圖新 CNY 278300496CH中科創(chuàng)達 CNY 458002036CH聯(lián)創(chuàng)電子 CNY 118002906CH華陽集團 CNY 166

166.6160.011.7100.111.034.8

64.0 45.0 3.8 2.855.3 40.4 4.4 3.4345.1 115.8 6.2 4.844.3 33.2 6.4 4.929.3 17.8 1.0 0.932.0 23.3 2.3 1.8

0.4% 15.4% 11.6%0.1% 2.7% 52.8%-0.7% 0.9% 6.0%-1.0% 3.9% 0.1%-3.8% 13.8% -10.7%-4.1% 1.7% 5.6%

n.a. 0.027.6 3.111.7 4.325.8 7.01.9 1.60.8 0.5注：此表中北向/南向資金流入=北向/南向資金流入股數(shù)*周交易均價，使用一致預期。資料來源：，圖表11：TMT板塊其他主要公司上半年股價變動一覽市值 收盤價

P/E

P/S

股價變動

北向/南向資金流入南向/北向資金持股南向/北向資金代碼 公司名通信

財報貨幣（人民幣億元）

（當?shù)刎泿旁?/p>

2023E2024E

2023E2024E

1W 1M YTD

（億人民幣/億港元）

市值（億人民幣/億港元）

持股比例（%）9698HK 萬國數(shù)據(jù)-SW 002123CH 夢網(wǎng)科技 CDUS 秦淮數(shù)據(jù) 600050CH 中國聯(lián)通 CNY 1,628603236CH 移遠通信 0762HK 中國聯(lián)通 CNY 1,554300308CH 中際旭創(chuàng) CNY 1,248002396CH 星網(wǎng)銳捷 000988CH 華工科技 300628CH 億聯(lián)網(wǎng)絡 0728HK 中國電信 CNY 5,087601728CH 中國電信 CNY 5,087300383CH 光環(huán)新網(wǎng) 000063CH 中興通訊 CNY 1,985600941CH 中國移動 CNY 12,8930941HK 中國移動 CNY 12,893002402CH 和而泰 002139CH 拓邦股份 000938CH 紫光股份 688100CH 威勝信息 688048CH 長光華芯 300502CH 新易盛 計算機0268HK 金蝶國際 3888HK 金山軟件 8083HK 中國有贊 25002439CH 啟明星辰 600845CH 寶信軟件 CNY 1,0572013HK 微盟集團 98300454CH 深信服 688561CH 奇安信 688188CH 柏楚電子 300773CH 拉卡拉 0020HK 商湯科技 300033CH 同花順 002230CH 科大訊飛 CNY 1,625002065CH 東華軟件 002268CH 衛(wèi)士通 002153CH 石基信息 002410CH 廣聯(lián)達 600271CH 航天信息 688023CH 安恒信息 002373CH 千方科技 688083CH 中望軟件 002405CH 四維圖新 688088CH 虹軟科技 300496CH 中科創(chuàng)達 688111CH 金山辦公 CNY 2,027300253CH 衛(wèi)寧健康 600588CH 用友網(wǎng)絡 000977CH 浪潮信息 688777CH 中控技術(shù) 600570CH 恒生電子 傳媒&互聯(lián)網(wǎng)9626HK 嗶哩嗶哩-SW 1024HK 快手-W CNY 2,3579999HK 網(wǎng)易-S CNY 4,9069618HK 京東集團 CNY 4,3643690HK 美團 CNY 7,5429988HK 阿里巴巴 CNY 17,953002739CH 萬達電影 002027CH 分眾傳媒 CNY 1,0590700HK 騰訊 CNY 30,7859888HK 百度 CNY 3,772300251CH 光線傳媒 0772HK 閱文集團 300413CH 芒果超媒 002624CH 完美世界 002555CH 三七互娛 指數(shù)

11.815.18.0155.423.142.810.644.095.464.517.112.329.928.690.665.411.652.43.9113.850.9192.520.01.9169.570.26.927.213.430.013.3176.813.5156.111.740.9100.1439.27.319.243.954.037.7133.559.6166.9150.5132.593.014.67.3352.6147.98.533.734.815.329.6

-11.4 -10.446.6 29.827.8 23.118.9 16.319.5 14.27.2 6.681.4 56.818.4 14.935.5 27.816.7 13.39.7 8.517.3 15.630.1 24.621.2 18.114.9 13.68.6 7.823.5 17.518.9 13.831.8 26.027.2 21.084.2 51.951.2 36.9-134.556.7 29.3-40.0 -80.029.3 22.146.8 37.1-17.3 -55.499.7 58.8117.9 57.440.9 30.117.7 13.8-16.0 -20.041.8 34.2101.3 71.532.3 23.157.1 44.1541.4 179.038.8 29.522.7 20.4187.9 70.333.7 25.1155.3 90.4345.1 115.8119.6 81.344.3 33.2128.3 94.637.0 25.6106.6 61.925.3 20.239.5 29.939.2 31.5-11.3 -28.7-106.3 54.320.5 18.620.5 15.760.4 29.515.5 13.629.1 22.422.0 17.919.7 16.719.4 15.732.8 23.824.0 19.827.7 23.319.1 15.819.5 17.0

1.5 1.42.1 1.76.6 5.60.4 0.40.8 0.60.4 0.410.9 7.90.7 0.62.8 2.37.3 5.80.6 0.51.0 0.92.3 2.01.5 1.42.0 1.81.1 1.02.1 1.61.4 1.11.0 0.95.4 4.225.8 12.4 9.25.9 4.04.4 3.61.6 1.44.9 3.87.8 6.33.9 3.25.2 4.14.2 3.322.7 2.3 1.910.5 7.520.7 6.6 5.11.6 1.35.4 4.411.7 9.86.0 4.81.2 1.15.2 4.02.2 1.823.6 6.2 4.825.2 6.4 4.939.1 4.1 3.25.7 4.70.8 0.74.6 3.49.0 7.41.9 1.62.0 1.74.4 4.00.4 0.32.6 2.11.8 1.72.3 1.98.2 7.14.7 4.22.6 2.412.6 3.5 3.24.1 3.63.3 2.93.4 3.0

18.5%18.0%10.5%9.2%9.1%7.1%5.7%5.4%5.4%3.8%3.1%3.1%2.4%2.4%2.3%2.1%1.0%0.9%-2.4%-2.6%-2.9%-3.1%10.9%9.8%9.4%9.0%6.6%6.1%5.1%3.9%3.8%3.2%2.7%2.6%2.3%1.5%1.3%1.1%1.0%0.1%0.0%-0.4%-0.5%-0.7%-1.0%-1.0%-1.6%-3.6%-3.7%-4.7%-5.3%15.9%-9.3%15.9%13.5%13.5%13.1%13.1%11.7%11.7%11.3%11.3%10.3%9.1%9.1%8.3%8.3%8.0%8.0%5.9%5.94.8%4.84.8%4.8

10.3% -42.4%3.30.03.30.0-0.2-6.97.6-4.30.09.1-1.0-0.3--n.a.0.111.7% 0.4%7.6% 15.2%4.5% -15.3%7.5% 17.6%5.4% 475.9%2.8% 21.2%12.7% 162.0%0.0% -17.0%5.1% 31.1%5.0% 42.9%-1.4% 29.9%-3.4% 72.4%2.2% 43.8%0.6% 28.9%0.4% 17.7%-5.9% 19.1%-6.2% 53.2%-4.2% 25.1%-4.1% 22.2%-3.8% 286.0%-0.72.3--2.2-0.1-0.80.5-1.00.00.0-0.0-0.6--0.3-0.1-0.10.5-2.60.3n.a.-% 28.9%7.9% -23.0%2.0% 17.2%3.1% 42.3%1.3% -42.2%0.5% 1.1%-1.9% -22.7%2.1% -10.8%14.9% 18.7%-7.2% -13.5%-3.3% 74.4%3.4% 114.1%-1.4% 23.0%-2.2% -10.7%-4.3% 16.2%-7.7% -29.5%-2.8% 29.4%1.2% -10.7%-1.2% 51.1%7.7% 12.5%0.9% 6.0%-4.3% 82.2%3.9% 0.1%-6.8% 66.3%-32.6% -29.0%-6.3% -20.3%-9.5% 104.4%-13.9% -13.0%-14.9% -6.5%1.3-0.11.3-0.1-0.6-0.5-0.7n.a.3.04.2-0.4n.a.8.8-0.1n.a.-0.20.411.3% -16.1%9.4% 47.0%13.7% -30.7%8.3% -24.2%14.5% 7.8%16.7% 4.5%12.3% 16.8%6.3% 11.9%11.4% 32.4%4.4% -1.9%2.3% 11.2%2.0% 16.3%-9.2% 22.7%-15.1% 65.9%

n.a.

n.a. n.a.2.9 2.8n.a. n.a.66.6 4.23.4 2.1159.7 9.441.8 3.65.4 4.012.3 2.9n.a. 3.5243.7 44.6n.a. 1.63.2 1.756.0 3.219.9 2.81400.5 10.25.9 4.35.5 4.338.3 4.5n.a. 0.70.9 1.311.6 2.980.6 19.989.2 19.5n.a. n.a.50.2 22.8n.a. 5.226.3 24.521.5 6.94.4 1.99.5 3.4n.a. 1.960.6 12.219.4 4.253.8 3.65.8 2.97.2 3.1n.a. 2.475.6 19.1n.a. 2.8n.a. 0.9n.a. 1.52.5 2.4n.a. 4.03.1 1.923.4 6.472.6 3.62.6 1.947.5 7.226.1 4.128.1 9.7115.1 16.145.9 8.3313.2 14.7n.a. n.a.6.9 0.2946.4 12.7n.a. n.a.3.8 1.2195.6 18.53276.8 9.7n.a. n.a.7.1 3.049.7 14.523.1 6.527.9 10.0n.a. 11.5HSTECH.HI恒生科技4,228.78.4%8.1%2.4%HXC.GI納斯達克中概股指數(shù)7,101.86.6%8.3%5.9%HSI.HI恒生指數(shù)19,413.85.7%2.6%-1.9%801760.SI傳媒(申萬)751.02.8%-2.5%39.1%801770.SI通信(申萬)2,758.12.1%-0.4%50.0%801750.SI計算機(申萬)4,867.20.8%-1.5%25.7%注：此表中北向/南向資金流入=北向/南向資金流入股數(shù)*周交易均價，使用一致預期。資料來源：，圖表12：恒生科技指數(shù)成份股票漲跌幅YTDYTD30D1W沽空比例股價漲跌幅（億元港幣）（港幣元）股價市值交易貨幣成分占比板塊分類公司%.5%.1%1.7%1.3%1.2%1.1%1.1%1.0%0.9%10.3%9.9%%.5%.1%1.7%1.3%1.2%1.1%1.1%1.0%0.9%10.3%9.9%9.8%8.1%8.0%7.6%7.1%6.3%6.1%5.5%5.0%4.8%4.5%3.5%3.0%2.8%2.7%2.3%1.4%1111111131315.918.5%恒生科技指數(shù)成份恒生科技指數(shù)成份9626嗶哩嗶哩-W 資訊科技 2.57% 709 133.501024快手-W 資訊科技 7.59% 3,304 59.609999網(wǎng)易-S 資訊科技 5.14% 6,879 166.909618京東集團-SW 資訊科技 6.90% 6,119 150.503690美團-W 資訊科技 7.87% 10,576 132.509961攜程集團-S 非必需性消費 1.69% 2,550 291.800241阿里健康 醫(yī)療保健業(yè) 1.80% 898 5.196618京東健康 醫(yī)療保健業(yè) 3.65% 2,234 54.959898微博-SW 資訊科技 0.04% 338 112.400268金蝶國際 資訊科技 2.49% 517 11.649988阿里巴巴-SW 資訊科技 7.65% 25,173 92.959866蔚來-SW 非必需性消費 0.19% 1,771 82.453888金山軟件 資訊科技 1.62% 585 33.501347華虹半導體 資訊科技 1.25% 469 28.050700騰訊控股 資訊科技 7.91% 43,166 352.609888百度集團-SW 資訊科技 4.43% 5,289 147.906060眾安在線 金融業(yè) 1.11% 440 23.401810小米集團-W 資訊科技 7.53% 3,676 11.482382舜宇光學科技 工業(yè) 3.53% 1,104 78.701833平安好醫(yī)生 醫(yī)療保健業(yè) 0.57% 276 19.322015理想汽車-W 非必需性消費 6.12% 3,838 144.000772閱文集團 非必需性消費 0.91% 439 33.706690海爾智家 非必需性消費 3.44% 2,929 24.359868小鵬汽車-W 非必需性消費 2.22% 1,470 56.500285比亞迪電子 資訊科技 0.94% 730 25.352018瑞聲科技 工業(yè) 0.67% 288 18.820020商湯-W 資訊科技 2.52% 822 1.920981中芯國際 資訊科技 4.34% 2,895 20.150992聯(lián)想集團 資訊科技 3.00% 1,320 8.51

10.3% -42.4% 19.2%14.4% -28.5% 18.4%11.3% -16.1% 20.2%9.4% 47.0% 36.1%13.7% -30.7% 15.8%8.3% -24.2% 18.1%7.0% 6.7% 27.1%10.2% -22.0% 9.8%11.1% -23.0% 18.1%9.6% -18.8% 10.3%11.1% -30.5% 11.0%14.5% 7.8% 22.0%8.7% 5.0% 22.6%8.6% 28.9% 14.1%9.6% 2.9% 15.1%6.3% 11.9% 17.7%11.4% 32.4% 31.0%9.9% 8.8% 12.4%7.1% 4.9% 9.5%0.7% -14.7% 17.1%2.0% -9.3% 31.1%6.3% 87.5% 23.3%2.3% 11.2% 14.6%-1.2% -8.5% 46.0%13.0% 47.3% 33.6%7.0% 1.8% 10.4%2.1% 6.3% 29.6%-7.2% -13.5% 9.7%-1.2% 20.5% 3.9%4.2% 32.8% 13.7%注：市值、股價取7月14日收盤價，采用匯率資料來源：，圖表13：全球主要科技股票漲跌幅代碼公司交易貨幣 市值股價估值方式估值股價漲跌幅（百萬美元）14-Jul2023E2024E1W代碼公司交易貨幣 市值股價估值方式估值股價漲跌幅（百萬美元）14-Jul2023E2024E1W30DYTD軟件軟件SHOPUS SHOPIFY Shopify USD 87,545 68.45 PS 13.0 11.1CRMUS SALESFORCE 塞富時 USD 223,367 229.33 P/FCF 33.9 27.3ADBEUS ADOBE 奧多比 USD 234,660 514.83 P/FCF 29.3 25.9SNOWUSSNOWFLAKE Snowflake USD 58,919 180.79 PS 28.7 21.3NOWUS SERVICENOW ServiceNow USD 118,398 580.38 P/FCF 42.1 34.9ACNUS ACCENTURE-A 埃森哲 USD 209,876 315.77 PE 27.3 25.5半導體MSFTUS MICROSOFT 微軟 USD 2,567,028 345.24 P/FCF 29.3 24.2半導體

11.0%%6.1%11.0%9.46.0%9.45.0%3.6%7.1%2.4%7.1%

6.0% 97.2%8.6% 73.0%5.3% 53.0%2.7% 26.0%3.3% 49.5%2.7% 20.2%1.4% 44.6%IFXNTR INFINEONTECHNOLOGIES 英飛凌 EUR 52,850 38.54 PE 14.9 14.67.0%NVDAUS NVIDIA 英偉達 USD 1,123,084 454.69 PE 139.4 58.87.0%ASMLNA ASMLHOLDING 阿斯麥 EUR 297,528 684.90 PE 36.5 30.4QCOMUSQUALCOMM 高通公司 USD 136,532 122.56 PE 14.7 12.7US MICRONTECHNOLOGY 鎂光 USD 70,187 64.08 PB 1.6 1.7000660KSSKHYNIX SK海力士 KRW 67,791 118,000.00 PB 1.5 1.5005930KSSAMSUNGELEC 三星電子 KRW 345,788 73,400.00 PB 1.4 1.3AVGOUS BROADCOM 博通 USD 366,704 888.58 PE 21.1 19.62330TT TSMC 臺積電 TWD 545,264 591.00 PB 4.5 3.7KLACUS KLA 科天 USD 65,141 474.79 PE 19.1 22.8NXPIUS NXPSEMICONDUCTORS 恩智浦 USD 55,206 212.54 PE 15.9 14.8TXNUS TEXASINSTRUMENTS 德州儀器 USD 164,149 180.85 PE 24.1 22.3INTCUS INTEL 英特爾 USD 138,269 33.15 PE 98.7 19.8LRCXUS LAMRESEARCH 拉姆研究 USD 85,784 638.56 PE 19.3 24.7AMDUS ADVANCEDMICRODEVICES AMD超威半導體 USD 186,705 115.94 PE 40.6 27.5AMATUS APPLIEDMATERIAL 應用材料 USD 119,866 142.74 PE 19.3 20.22454TT MTK 聯(lián)發(fā)科 TWD 35,854 692.00 PE 15.7 12.6WOLFUS WOLFSPEED WOLFSPEED USD 8,025 64.47 PS 8.8 7.68035JP TOKYOELECTRON 東京電子 JPY 69,163 20,190.00 PE 21.7 30.6互聯(lián)網(wǎng)2303TT 聯(lián)電 TWD 18,313 48.25 PE 10.5 9.8互聯(lián)網(wǎng)

6.9%7%6.9%5.5.7%%5.5.0%54.9%44.6%44.2%4.2%4.1%4.1%3.3%2.4%2.3%1.5%1.3%-0.1%13.7%-0.2%13.7%

2.1% 35.3%7.5% 211.2%3.3% 35.9%3.0% 12.9%1.7% 28.7%2.4% 57.3%1.7% 32.7%2.4% 60.9%2.6% 33.2%-2.1% 26.8%3.8% 36.0%0.5% 11.1%-0.9% 27.5%-0.7% 52.9%1.8% 79.0%-1.2% 47.3%0.6% 22.6%16.0% -6.6%-1.8% 58.8%-0.5% 27.1%SEUS SEA SEA USD 35,297 62.50 PS 2.7 2.313.6%PDDUS PDD 拼多多 USD 105,609 79.49 PS 4.0 3.313.6%1024HK KUAISHOU-W 快手 HKD 33,043 59.60 PS 2.1 1.89618HK JD-SW 京東 HKD 61,189 150.50 PE 13.7 11.63690HK MEITUAN-W 美團 HKD 105,755 132.50 PE 40.6 24.79988HK BABA-SW 阿里巴巴 HKD 251,729 92.95 PE 12.7 13.50700HK TENCENT 騰訊 HKD 431,659 352.60 PE 21.3 17.9METAUS METAPLATFORMS Meta USD 791,551 308.87 PE 23.4 19.0GOOGUSALPHABET-CL-A 谷歌 USD 1,594,102 125.42 PE 21.7 18.4AMZNUS AMAZON 亞馬遜 USD 1,381,864 134.68 EV/EBIDA 16.3 13.8硬件NFLXUS NETFLIX 奈飛 USD 196,445 441.91 PS 5.8 5.1硬件

13.5%%13.5%10.11.311.7%3%10.11.311.78.0%6.3%5.0%3.8%0.9%

7.7% 20.1%15.0% -2.5%11.3% -16.1%13.7% -30.7%8.3% -24.2%14.5% 7.8%6.3% 11.9%7.6% 156.7%4.8% 42.2%3.3% 60.3%0.3% 49.9%1810HK XIAOMI-W 小米 HKD 36,761 11.48 PE 24.5 20.96861JP KEYENCE KEYENCE JPY 117,824 66,700.00 PE 44.5 42.2AAPLUS APPLE 蘋果 USD 2,999,306 190.69 PE 31.9 29.0汽車CSCOUS CISCOSYSTEMS 思科 USD 205,301 50.38 PE 13.2 12.4汽車

6.3%6.3%1.1%0.0%-1.2%

7.1% 4.9%-1.7% 29.9%-1.7% 47.2%-1.9% 8.2%NIOUS NIO 蔚來 USD 17,714 10.54 PS 2.0 1.31211HK BYDCOMPANY 比亞迪 HKD 104,090 262.60 PS 1.2 LIUS LIAUTO 理想 USD 38,383 37.00 PS 2.7 1.8TSLAUS TESLA 特斯拉 USD 891,835 281.38 PS 8.9 RIVNUS RIVIANAUTOMOTIVE Rivian USD 23,314 24.82 PS 5.7 XPEVUS XPENG 小鵬 USD 14,697 14.02 PS 2.7 1.7指數(shù)LCIDUS LUCIDGROUP Lucid USD 15,227 6.70 PS 15.7 6.3指數(shù)HXC.GI 納斯達克中概股 7,101.8SOX.GI 費城半導體指數(shù) 3,750.4106752.MIMSCI全球信息科技 545.7IXIC.GI 納斯達克指數(shù) 14,113.7SPX.GI 標普500 4,505.4

5.5%5.5%3.1%3.13.1%3.12.5%0.5%2.5-10.1%-16.6%4.8%3.6%3.3%2.4%

8.8% 8.1%5.0% 37.0%5.4% 81.4%7.5% 128.4%49.0% 34.7%4.5% 41.0%-2.8% -1.9%8.3% 5.9%2.1% 48.1%2.0% 39.0%2.4% 34.8%1.2% 17.3%注：市值、股價取7月14日收盤價，采用匯率資料來源：，Bloomberg，圖表14：日本科技股估值及漲跌幅Wind代碼彭博代碼股票代碼公司名稱市值收盤價PE估值股價變動工業(yè)電子工業(yè)電子（十億日元）（日元/股）2023E2024E1W1MYTD6503.T6503JPEquity6503JPMitsubishiElectric(三菱電機)56722034.516.614.81.8%0.4%54.9%6702.T6702JPEquity6702JPFujitsu(富士通)36461851515.713.51.4%-0.4%5.8%6723.T6723JPEquity6723JPRenesasElectronics(瑞薩)23182697.512.311.00.3%-0.1%127.9%6501.T6501JPEquity6501JPHitachi(日立)6277884015.414.60.2%-0.6%32.1%6963.T6963JPEquity6963JPRohm(羅姆半導體)9821365519.016.9-0.1%1.0%44.6%6504.T6504JPEquity6504JPFujiElectric(富士電機)751596013.312.1-0.4%-5.2%18.5%6502.T6502JPEquity6502JPToshiba(東芝)1994450730.314.7-0.5%-0.2%-0.5%6701.T6701JPEquity6701JPNEC(日本電氣)1265680815.313.2-1.9%-2.3%48.5%SPESPE精密和醫(yī)療設備 精密和醫(yī)療設備消費電子消費電子-6753.T 6753SPESPE精密和醫(yī)療設備 精密和醫(yī)療設備消費電子消費電子-7951.T 7951JPEquity 7951JP Yamaha(雅馬哈) 922 5266 20.0 17.86758.T 6758JPEquity 6758JP SonyGroup(索尼集團) 12655 12870 17.6 15.76752.T 6752JPEquity 6752JP PanasonicHoldings(松下) 2725 1654.5 12.0 10.7

1.5% -0.2% -15.1%-0.1% -4.4% 7.7%-1.0% -0.7% 28.3%3.8% -5.6% 49.0%7751.T 7751JPEquity 7751JP Canon(佳能) 3809 3674 13.3 12.9指數(shù)指數(shù)N225.GINKYIndexN225.GINikkei225StockIndex(日經(jīng)225指數(shù))32391.3 19.90.0%-2.4%指數(shù)指數(shù)N225.GINKYIndexN225.GINikkei225StockIndex(日經(jīng)225指數(shù))32391.3 19.90.0%-2.4%24.1%

-1.4% -3.1% 28.7%-1.8% -4.6% 24.1%6857.T 6857JPEquity 6857JP Advantest(愛德萬測試) 1624 21720 44.6 31.86146.T 6146JPEquity 6146JP Disco(迪思科) 1363 23325 34.6 28.87741.T 7741JPEquity 7741JP Hoya(豪雅) 4535 16440 32.9 28.96920.T 6920JPEquity 6920JP LASERTEC(雷瑟科) 2050 20930 55.9 28.98035.T 8035JPEquity 8035JP TokyoElectron(東京電子) 6112 20190 30.6 0.80.0-0%13.4% 156.1%% 3.2% 85.4%% -3.7% 29.4%% -3.0% -3.4%.1% -1.8% 58.8%電子零部件 電子零部件6594.T 6594JPEquity 6594JP Nidec(日本電產(chǎn)) 4078 7635 27.8 22.76981.T 6981JPEquity 6981JP MurataManufacturing(村田) 4452 8126 26.2 19.06971.T 6971JPEquity 6971JP Kyocera(京瓷) 2474 7604 19.9 17.66762.T 6762JPEquity 6762JP TDK 1685 5388 13.7 11.7-0% -2.7% 12.2%% -1.3% 24.5%% -2.4% 16.1%.4% -3.2% 25.7%注：市值、股價取7月14日收盤價，采用匯率資料來源：，Bloomberg，300308300308CH中際旭創(chuàng)300394CH天孚通信688498CH源杰科技688048CH長光華芯CNY1,248403208160155.4102.0244.990.619.0%34.5%33.0%60.5%25.2%25.5%46.1%59.1%11.4%17.0%6.5%5.3%81.479.7141.784.256.861.7104.710.925.018.640.917.114.3%5.4%2.9%0.6%13.0%16.1%.0%87.6%22.2%002837CH英維克300684CH中石科技300499CH高瀾股份CNYCNYCNY18460544.53.02.84.0% % .8%%601138CH工業(yè)富聯(lián)000063CH中興通訊992HK 聯(lián)想集團000938CH紫光股份000977CH浪潮信息CNYCNYUSDCNYCNY5,4161,985941855641.02.4%1.4%-2.4%-4.7%16.7% 72.4%2.4% 32.8%12.3% 53.2%15.4% 4.4%700HK 騰訊控股9988HK 阿里巴巴-SW9888HK 百度集團-SW002230CH科大訊飛20HK 商湯-WCNY30,78517,9533,7721,625586352.693.0147.970.21.912.8%11.5%11.1%31.4%38.6%-21.6%75.8%143.2%186.0%42.6%17.7%10.6%7.8%9.0%-13.4%20.916.420.6101.3-16.917.714.416.671.5-1.69.06.6%%2.3%2.7%-0.7%4.4%1.4%-3.5%-15.8%11.9%7.8%32.4%-13.5%9888HK 百度集團-SW601360CH三六零300418CH昆侖萬維CNY3,772865467147.9%15.5%11.7%143.2%125.1%15.2%7.8%1.7%9.7%20.6156.635.216.674.47.9-0.8%-0.7%1.4% 32.4%-18.2% 5.0%大模型標的公司--3.22.72.53.326.020.222.721.28.031.825.316.5%14.8%24.1%8.3%13.2%18.8%22.7%-18.7%24.7%22.6%12.5%12.6%-14.4%14.8%16.3%27.344.08.529.943.9服務器標的公司34.817.829.016.1%14.2%7.4%39.1%33.2%-59.7%39.3%26.4%-32.5%32.621.317.4.00通信-熱管理--7.6%應用-搜索應用標的公司114.1%7.610.3%8.015.2%10196.9%20.4%76.6%47-19.16.1%%-%-1-305475.9%5.3%5.7%通信-光模塊/光芯片圖表15：A/H股AI相關(guān)公司估值及漲跌幅688041688041CH海光信息688256CH寒武紀-U688008CH瀾起科技688047CH龍芯中科688521CH芯原股份688141CH杰華特688515CH裕太微-U688368CH晶豐明源CNY1,8228587054373481751269678.4206.062.0109.169.839.1157.1151.844.8%47.4%6.5%121.7%26.5%34.9%55.4%41.4%61.4%35.3%-9.2%259.1%104.1%46.0%5541.8%130.4%7.4%-18.7%11.0%4.8%4.9%7.6%4.5%3.9%140.5-105.659.8235.4231.387.2565.4152.897.0-153.735.5116.5149.150.8157.747.610.019.26.510.76.09.122.05.59.95.424.679.918.026.710.38.920.16.317.754.411.4%-3.5%-2.0%-0.1%-5.9%4.0%3.5%-2.4%8%8%3%-5.3%-5.2%6.7%95.5%-1.0%27.7%58.3%-17.7%0.0%35.9%688981CH中芯國際600584CH長電科技002156CH通富微電0522.HCHASMPTHKD2,0656203413%9.7% 20.2%6.6%9.3%1.4%4%002938CH鵬鼎控股002463CH滬電股份002436CH興森科技300476CH勝宏科技CNYCNYCNYCNY57648024722324.825.214.625.912.6%16.8%26.0%19.7%3.2%20.1%5.1%19.9%16.6%17.1%8.4%12.2%11.129.444.623.69.61.85.02.82.00.4%0.1%-7.0%1.5%%PCB/CCL標的公司2.62.047.517.230.813.868.323.8%9.9%5.1%12.5%-52.7%-19.4%47.3%-20.4%-9.4%-1.2%14.9%-8.2%49.534.722.682.4半導體制造通信標的公司102.01.510.0%5%%-5.3-1.3%113.2%14.6%10.1%52.8%37.-0.5%51.4%8.4%12.8%--19.-19.0.-2.7%277.6%16.9%半導體設計半導體標的公司YTD1M1W股價變動2024E2023EP/S2024E2023EP/BP/E2023E 2024E營收增速凈利潤增速 ROE2023E（Wind一致預期）收盤價（元交易貨幣）市值財報貨幣（人民幣億元）公司名稱代碼7.8%-30.7%114.2%-1.6% -2.6.3%-1.6% -2.6.3%6.-1.5%-20.6.4%3.66.3%58.1%263.4%178.7%2.6%-5.6%74.4%-1.0%-4.7%8.9%注：市值、股價取7月14日收盤價，采用匯率資料來源：，Bloomberg，55.525.9217.429.311.4%12.7%0.0%8.7%55.525.9217.429.311.4%12.7%0.0%8.7%代碼 公司名稱市值財報貨幣（億元）收盤價（元交易貨幣）營收增速凈利潤增 ROE速2023E（Wind/Factset一致預期）P/E2023E 2024EP/B2023E 2024EP/S2023E 2024E股價變動1W 1M YTD自動駕駛標的公司自動駕駛—域控制器002920CH德賽西威 CNY 888600699CH均勝電子 CNY 281688326CH經(jīng)緯恒潤-w CNY 200160.019.9166.636.0% 35.8% 20.7%9.1% 132.0% 7.3%32.5% 33.2% 5.8%55.3 40.430.7 21.964.0 45.011.2 9.02.2 2.03.5 3.34.4 3.40.5 0.53.8 2.80.1% 11.8%52.8%6.4%13.7%42.8%0.4%6.9%11.6%自動駕駛—攝像頭8.6.1%622.2%13%2026自動駕駛—連接器自動駕駛—攝像頭8.6.1%622.2%13%2026自動駕駛—連接器3.8N.A.4.1N.A.51.927.224.341.422.684.2N.A.32.058.654.15.3%N.A.16.2%6.3%3.2%59.1%-58.2%15.5%35.3%407.0%60.5%42.4%34.3%40.6%57.5%90.612.693.4111.622.6自動駕駛—激光雷達106.578.75.911.0.0%.0%.9-40.2%19.7%-12.9%-129.4%26.3%101.7%334.7%15.5%8.1%17.3%12.7%2382HK 舜宇光學科技CNY 787002456CH歐菲光 CNY 194002036CH聯(lián)創(chuàng)電子 CNY 118688048CH長光華芯 CNY 160HSAIUS 禾賽科技 CNY 113603297CH永新光學 CNY 103688167CH炬光科技 CNY 101智能座艙硬件標的公司座艙視覺—顯示系統(tǒng)-0.7%-0.9%-3.3%1.智能座艙硬件標的公司座艙視覺—顯示系統(tǒng)-0.7%-0.9%-3.3%1.8%-1.6%6.0%13.2%22.1%9.9%%16.5%10.922.5%

5.4 N.A.N.A.N.A.N.A.2.935.520.6N.A.17.81.1 N.A.1.1N.A.1.0 0.925.8 N.A. 9.3 6.813.0 9.13.5 2.5

.6%1.3%3.8%0.8%38.2%1.3%3.8%0.8%38.2%-14.7%26.1%-10.7%4%4%-2.9%3.0%1.4%-2.9%3.0%1.4%0.9%12.3%11.7%0.2%8.0%15.1%8.0%15.1%1.9%-4.5%-0.5%-26.8%300679CH電連技術(shù)CNY15937.524.4%10.6%10.6%32.44.33.4688800CH瑞可達CNY8855.452.7%37.1%16.0%25.33.52.5自動駕駛—定位/高精度地圖002405CH四維圖新CNY27811.734.6%123.9%0.2%345.16.24.8 002151CH北斗星通CNY17634.330.9%50.2%4.9%80.63.52.8300627CH華測導航CNY17332.130.5%30.3%