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1、 1 “”“”wind wind wind 振华科技阻容感业务15.9513.9715.5619.4325.9212.91%宏达电子被动元器件4.885.586.749.7917.1636.94%鸿远电子自产业务3.144.885.898.8613.4843.94%火炬电子自产业务3.884.716.318.7112.5634.13%27.8527.8529.1429.1434.534.546.7946.7969.1269.1225.51%25.51%紫光国微 特种数字集成电路5.166.1610.7916.7333.6459.79%复旦微电FPGA1.581.551.552.044.2728

2、.22%航锦科技 特种数字集成电路2.552.73.323.033.578.78%景嘉微GPU2.282.913.834.635.2122.95%振芯科技 特种模拟模拟电路0.781.021.652.083.4144.60%12.3512.3514.3414.3421.1421.1428.5128.5150.150.141.92%41.92%亚光科技微波器组件4.610.1517.2314.111.9626.98%雷电微力微博微系统0.890.462.973.427.3569.52%国光电气真空电子1.682.292.543.283.9723.99%盛路通信微波器组件2.342.912.974

3、.354.3816.97%9.519.5115.8115.8125.7125.7125.1525.1527.6627.6630.59%30.59%大立科技红外热成像仪2.443.944.889.977.6733.15%高德红外红外热成像仪3.243.496.7218.4316.9751.28%久之洋红外热成像仪2.94.224.746.115.0614.93%睿创微纳红外热成像仪1.563.846.8515.6117.883.79%10.1410.1415.4915.4923.1923.1950.1250.1247.547.547.12%47.12%航天电器连接器26.1228.3435.34

4、42.1850.3817.85%中航光电连接器62.8777.1890.3101.71126.9319.20%88.9988.99105.52105.52125.64125.64143.89143.89177.31177.3118.81%18.81%6PCB杰赛科技军用PCB业务8.218.776.82%6.82%9.558.89%8.89%10.479.63%9.63%12.6120.44%20.44%11.33%11.33%恒宇信通嵌入式计算机1.561.351.92.141.915.19%智明达嵌入式计算机1.712.352.613.254.4927.30%3.273.273.73.74

5、.514.515.395.396.46.418.28%18.28%8军工电源新雷能军用电源1.512.4360.93%60.93%4.5888.48%88.48%5.4218.34%18.34%8.862.36%62.36%55.37%55.37%海格通信军工通信12.2517.0219.5322.8426.6621.46%广哈通信军工通信1.641.091.241.571.782.07%上海瀚讯军工通信3.864.265.466.417.2917.23%北方导航军工通信4.415.094.55.926.279.20%七一二军工通信14.2515.2819.8925.5832.8823.25%

6、36.4136.4142.7442.7450.6250.6262.3262.3274.8874.8819.75%19.75%国睿科技雷达整机+子系统4.482.622.622.8520.245.72%四创电子雷达及雷达配套16.2420.919.6411.2813.09-5.25%20.7220.7223.5223.5222.2422.2434.1334.1333.2933.2912.59%12.59%412.19412.1928.14%28.14%507.67507.6723.16%23.16%23.40%23.40%23.03%23.03%10雷达13.51%13.51%-5.44%-5.

7、44%军工电子核心标的合计收入及增速（亿元，%）军工电子核心标的合计收入及增速（亿元，%）218.96218.96261.46261.4619.41%19.41%321.68321.6853.46%53.46%-2.46%-2.46%9军工通信设备17.39%17.39%18.44%18.44%23.11%23.11%20.15%20.15%18.74%18.74%5连接器18.58%18.58%19.07%19.07%14.53%14.53%23.23%23.23%7嵌入式计算机13.15%13.15%21.89%21.89%19.51%19.51%-5.23%-5.23%3微波器组件及微系

8、统66.25%66.25%62.62%62.62%-2.18%-2.18%9.98%9.98%4红外探测器52.76%52.76%49.71%49.71%116.13%116.13%2特种集成电路16.11%16.11%47.42%47.42%34.86%34.86%75.73%75.73%2021/12/312021年合计增速5年复合增长率47.72%47.72%2018/12/312018年合计增速2019/12/312019年合计增速2020/12/312020年合计增速2017/12/311被动元件4.63%4.63%18.39%18.39%35.62%35.62%序号军工电子子赛道公

9、司名称具体业务 wind wind2019Q1-2022Q130 wind2019Q1-2022Q130 wind2019Q1-2022Q130 制导系统制导系统动力系统动力系统弹体结构弹体结构战斗部战斗部 1990 2015 DSP+FPGA Inter Inter Inter Wind()Wind elecfans ECIA ECIA ECIA 349.520130.545.50500电容电阻电感2019.11,43.00%55.40,20.00%22.16,8.00%30.47,11.00%49.86,18.00%中国大陆

10、亚太地区日本美洲欧洲、中东、非洲 ECIA ECIA 8.12%9.65%6.34%6.57%6.76%6.36%5.91%5.41%5.43%5.88%6.79%4.05%3.89%4.28%4.10%2.96%3.35%2.78%0.00%2.00%4.00%6.00%8.00%10.00%12.00%20001720182019中国增速全球增速114,52%72,33%16,7%18,8%陶瓷电容器铝电解电容钽电解电容薄膜电解电容 32%19%15%13%3%3%15%村田三星电机国巨太阳诱电TDKAVX其它 wind wind 3.144.8

11、85.898.8613.483.884.716.318.7112.560.250.30.540.911.29058201920202021鸿远电子（自产业务）火炬电子（自产业务）冠陶电子（宏达电子MLCC子公司）78.43%79.98%79.16%79.90%80.83%70.47%70.30%67.83%70.53%77.87%60.00%65.00%70.00%75.00%80.00%85.00%200202021鸿远电子（多层瓷介电容器）火炬电子（陶瓷电容器）wind 114,52%72,33%16,7%18,8%陶瓷电容器铝电解电容钽电解电容

12、薄膜电解电容578,54%341,32%62,6%87,8%陶瓷电容器铝电解电容钽电解电容薄膜电解电容 2122.733.437.322.220.721.224.205201620172018基美（KEMET）京瓷（KyoceraGroup）35%23%12%9%9%12%基美京瓷威世日电其它日系厂商中国厂商37.1428.7228.3129.81607.14645.29555.59912.092.873.083.812.9400500600700800900520162017固体电解质钽电容器非固体电解质钽电容器陶瓷电容器 w

13、ind wind202020212022-2025 wind wind 2.052.312.613.464.961.92.222.562.533.630.270.350.410.751.220.290.370.781.163.08024680020非固体电解质钽电容固体电解质钽电容陶瓷电容器微电路模块05540200192020陶瓷电容器钽电容器陶瓷材料代理产品单层电容器微波元器件薄膜元器件贸易电阻其他 elecfans elecfans CSDN 40nmFPGA Inter Frost&Sullivan

14、 Frost&Sullivan Frost&Sullivan 65.687.3115.6129.6150.3176.8208.8249.9290.1332.233.08%32.42%12.11%15.97%17.63%18.10%19.68%16.09%14.51%0%5%10%15%20%25%30%35%0500300350200022E2023E2024E2025E中国FPGA市场规模同比增速 CSDN NVIDIA 1.97%9.25%27.76%31.68%20.95%0%5%10%15%20%25%30%35%012

15、345200192020图形显控领域产品同比增速16.0020.0025.0031.2539.0648.830.0010.0020.0030.0040.0050.0060.00202020212022E2023E2024E2025E军用GPU市场规模（亿）CAGR=25%CAGR=25%wind elecfans CPU CSDN CSDN DSP DSP+FPGA”2021-2027DSP2021-2027DSP11.50%13.10%8.72%12.20%9.70%0%2%4%6%8%10%12%14%05000192020

16、中国DSP市场规模同比增速56.10%13.10%6.01%24.79%通信消费电子国防军工仪器仪表 WTST WTST CSDN 423393 401444 4524785319768-20%-10%0%10%20%30%40%02004006008001000模拟电路市场规模增速19%10%7%6%6%5%4%4%3%2%TIADI英飞凌思佳讯意法半导体恩智浦美信安森美微芯科技瑞萨电子 WSTS 36%32%18%12%2%中国大陆亚洲其他地区欧洲美国其他6%10%9%12%0%2%4%6%8%10%12%14%20020 IC Insights

17、 wind 20008-12 m3-5 m elecfans 2022-2028 78.0178.0180.2180.2182.5882.5885.4685.4688.8688.8692.5192.5195.8595.8599.7199.71104.62104.62107.95107.950 02020404060608080020142014年年20152015年年20162016年年20172017年年20182018年年20192019年年20202020年年20212021年年20222022年年20232023年年20年全球红外热成

18、像市场规模（亿美元）年全球红外热成像市场规模（亿美元）elecfans “”“”“”92.49104.54136.91179.62167.24013.03%30.96%31.20%-6.89%-10.00%-5.00%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%02040608000020电子电器检测市场规模（亿元）增速 Bishop&associatesInc.Bishop&associatesInc.010.48%10.98%8.25%6.23%0.00%2.00%4.00%6

19、.00%8.00%10.00%12.00%0.00100.00200.00300.00400.00500.00600.00700.00800.00900.00200192020全球连接器市场规模（亿美元）增速015.76%9.42%8.61%9.69%8.03%7.81%0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%16.00%18.00%0.0050.00100.00150.00200.00250.00300.00350.002016 2017 2018 2019 2020 2021 2022E中国连接器市场规模（亿美元）增速 Bishop&associatesInc.144