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1、!#$%&()*+,-.*/01234 Table_Title!#$%&()*+,-./01234 Table_StockNameRptType!#!#$688627%!#$/!%&!#$%!#$%&()*+()*+!#$%2024-01-29 56789:59.11;12?/89:112.80/57.32 ABC8DEB:9,401 FGBC8DEB:2,128 FGBHI8%:22.64 AJK8L9:54.07 FGJK8L9:12.24 !()*%!()*%300+,-.+,-./012/012345345&()*%S00+,% ,-./%,-./%l 6789:
2、;?ABCDEF6789:;?ABCDEFGGHIJKLMNOPQRSHIJKLMNOPQRSTUVTUV!W 2011 XYZG?A_BCab#cG2015Xd!ef OLED Cg9:G hijkNOl?AmnoBCpqrstuvwuxyczLMG|)xGG%GTCL ZG“2019 Xl”!?LMef Micro LED BC9:LM|G HIJKLMNO)UniTest#cIJKabG MEMS GYD-pGm9:pGNO DRAM Cg l!9:GpIJK!9:GpIJKFabless/CC/IDM!?LMm Cell Vp Module VmnoBCmG BCabG)xu)xuTC
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5、1.68;/2.16;t PE/QD 54/34/26 uvwxy“zg”|-25%-5%15%35%!#$%#$$!#$%&Table_CompanyRptType1 678678688627 !#$%&()*+,-.*2/27/01234 l S+?S+?e4G4Ge4 Table_Profit l-i-i :_;_;-./012-./012 2022A 2023E 2024E 2025E MN5O 505 652 912 1233 5OPH8%:10.1%29.3%39.9%35.2%QRSTUVWX 66 99 158 203 VWXPH8%:-2.5%50.1%58.7%28
6、.7%YWZ8%:36.8%37.8%38.8%39.6%ROE8%:11.0%5.8%8.5%9.8%B589:0.94 1.06 1.68 2.16 P/E 0.00 54.43 34.31 26.65 P/B 0.00 3.18 2.91 2.62 EV/EBITDA 0.00 34.86 24.91 18.41 _awindbcd/012e eWwVyWjVmVfZuZ9PaObRnPnNnPrNfQrRoPiNtQnM7NmMyRvPnRtNMYmPzQTable_CompanyRptType1 678678688627 !#$%&()*+,-.*3/27 /01234!#$!#$1
7、3456789:;3456789:;?AB=?AB-CDEFGHIJK9LMNOPQRSCDEFGHIJK9LMNOPQRS.5 1.2CDEFTNOPUVGHIJWXYZCDEFTNOPUVGHIJWXYZ.6 1.2.1_ab67cdefghijklTNOP_ab67cdefghijklTNOPFABLESS/mJmJ/IDMlnln.7 1.2.2 CDEFQRopqrstcuMNOPQRScvwxyzCDEFQRopqrstcuMNOPQRScvwxyz.10 1.3|67st8NOPcr|67st8NOPcr.13 2345T“”345T“”.14 2.1CDEFoMEc-8oIJ
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9、4567NOPUVGHJv2020-2022.6 434567-.deCDEFQR34567-.deCDEFQR+NOPQRNOPQR.7 5345!$de8(ab345!$de8(ab.8 634567-.|67Kw-34567-.|67Kw-.9 734567-.opCDEFGH8P34567-.opCDEFGH8P.10 8345678CDEFGHIJopqr345678CDEFGHIJopqr.10 934567-.opNOP8P34567-.opNOP8P.12 1034567-.opNOP8P34567-.opNOP8P.12 1134567-.|6734567-.|67.13 1
10、234567;34567;8;8;.17 19CDEFGHoIJxy8y8IJIJ-.nCDEFGHoIJxy8y8IJIJ-.n;.17 202021 AMOLEDIJlnIJln.18 21 AMOLED CELL/MODULEZIJ!u#$%&ZIJ!u#$%&.19 22CDEFGHIJNOPUVGHJ67()*CDEFGHIJNOPUVGHJ67()*.19 23+,NOPIJ-.;+,NOPIJ-.;2022.21 24 NOPJop-.NOPJop-.21 252023NOPJ!/0Tm0J12NOPJ!/0Tm0J12.22 26+,NOPJ3“;+,NOPJ3“;2021.2
11、2 27+,“453“;+,“453“;2021.22 28+,NOPJ3“;+,NOPJ3“;2021.22 29+,“453“;+,“453“;2021.22 3034567-.NOPopvwxy687834567-.NOPopvwxy6878.23 31345679:zM%C;NOPUVGHJw=xy345679:zM%C;J5p?=J5p?.24 Table_CompanyRptType1 678678688627 !#$%&()*+,-.*5/27 /01234 1!#!#$%$%&()*&()*1.45-6789:;?ABCDEFG6789:;?ABCDEFG
12、11!PQRSTUVG#cOG;BCDEGHI!PQRSTUVG#cOG;BCDEGHIJKBCNOmcO#VJKBCNOmcO#V222011-2013XGXG!W 2011 X 5YZG!vb_“”)Cgab#cY|?“BCLMGef#c OLEDCg9:G 6 OLED?“BCabG 2018-2019 X OLED“Kvwab8 noBab#cYG|X&vw:;G r OLED ChBCab6Lh EWBCmEG!NefIJKChmCgab#c 222020Xl”GXl”GOLEDLMLMGOLED“noBC9:ab#c%9:G6 OLED 5?160 binline BCabBCBC
13、?LM?LMGG2021 X!=LCD Mura st9:#cYG2022 X!N Micro-LEDuAR/VR?LMC#cef IJKLMGIJKLMG!-UniTest!iG)iG|p9:!ZIJKIJKG2020 X!vwIJK MEMS G|Y“2021 X!rOCgPbu MEMS)PCgPbm#c)z“2022 X!)-UniTest!DRAM Cg?=?_afghijklbcd/012e Table_CompanyRptType1 678678688627 !#$%&()*+,-.*6/27 /01234 1.26789HBCDIJ:;=KLMN6789HBCDIJ:;=KLM
14、N!SBCab)+G-?ABCabm#cu zphiG W;AMOLED Dm?AnoGu?uoG)BCqst 2020 X&u2021 X&2022 X&G!AMOLED BCabmg*lhimgm-/QD 94.11%u81.25%p 81.88%!2015 XhM?AChmcOHW AMOLED LM G!?ABCab-W AMOLED LM!0gG|jHIJKACgabLMcOIJKAmCgabLMG2020-2022 X&GLMmg*-/QD 3.46%u16.25%u11.39%2K+,23453456767CDEFvCDEFv2020-2022 33456734567NOPUVG
15、HJvNOPUVGHJv2020-2022 _awindbcd/012e _awindbcd/012e!YZ;G%W?ABCabLM!YZ;G%W?ABCabLMaZG!-C?A_BCabm#cuz)G-W?A_8m Sensor BC)GBC“2015 X;G!M?AChmcOHGhijkeO?AmnoBCqrstuvwuxyczLMGY?Am Cell V)Module VmnoBCqrstuvwu_BCuxyczBCFA mGD?ACh+BC2KG)-ZmGmG Cell noBCabuCellvwab”BCabmwm#c)pmG!Y9Y)?Ahm%&!?ABCabhimG BCabmL
16、!?ABCabhimG BCabmLMHIJKChCMHIJKChC2020 X;G!aZ678YBIJKCgab#czG)-IJKACgabh UniTest YZ!678IJKG|0 GDIJKACh+Cgab!IJKACgabhiWhGDKhi875%80%85%90%95%100%00.511.522.533.544.55202020212022!#$%&()*+,!#$%&()*+,-.0%2%4%6%8%10%12%14%16%18%00.10.20.30.40.50.60.70.8202020212022IJKACgabmgIJKACgabmg*-Table_CompanyRpt
17、Type1 678678688627 !#$%&()*+,-.*7/27 /01234-:(1)1J=)=YZGH UniTest HmEFG H+abPPOgu CgDFuCgVcuCg9:diGwCg“(2)UniTest O DRAM vwCgabm#c DRAM vwstabmwz;(3)ZOuDRAM FT Cgm#c 1.2.1OPOPQRSTUVWXQRSTUVWXYYZZ_abHBCD_abHBCDFabless/c=c=/IDMbdbd!-?ABCabpIJKBCabG-H?ApIJKABCabuFApi?LMG?LMG”Xm#cuxu%Zmuxu%ZmYW-m”G+,zG+
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19、M U BQabcddRefgShifQabcddRefgShifB BHIJKLM_ N BKLMP MK BKLMP MK BKLMP MK BjVWXjVWXB B!ZJKLMP _ Bz2JKLMP MK B2JKLMP MK BKLKL M BKLKL U BKLKL BKLKL ML Bkl Ekl EB BYJKLKL m B!ZJKLKL N Bz2%KLKL P B2%KLKL P BKLKL ML BKLKL MM BKLKM P BnonoppUVUVB BHIJKLKL M B!ZJKLKL N BKLKL N BKLKL O KLKL _ BKLKL MK BqrT6
20、qrT6B BHIJKLKL MM B!ZJKLKM m BKLKM U BKLKM _ BKLKM MM BtsttstB BHIJKLKM M B!ZJKLKM U BKLKM _ BKLKM BKLKM ML BKLKK M BuvouvoB BHIJKLKM M BYJKLKM N B!ZJKLKM U BKLKM O BKLKM P BKLKM MK BwxywxyB BHIJKLKM K B!ZJKLKM U BKLKM _ BKLKM BKLKM MK B _atuvwfghijBxyzTU|TBJbtuvwfghijBxyzTU|TBJ“”bcd/012e!9:)%&R!YZ;
21、%BCabLMmnoBCqrstuoxyBCu6()wu*A+,9:GDbm9:p Table_CompanyRptType1 678678688627 !#$%&()*+,-.*9/27 /01234 63456734567-.|67Kw-.|67Kw-67z?67z?B B67A67AB B6767B BopopB BIJ!uIJ!u#67#67B BEF|ZBIJ67B-w=w=BR IJei IJ B*J!67B-w=BR IJei IJ BadSb EF 67B-w=B BQQSR EF 67B-w=B B3BJ67B-w=BR IJei IJ B|IJ“”67B-w=BR IJBt
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23、/012e Table_CompanyRptType1 678678688627 !#$%&()*+,-.*10/27 /01234 1.2.2 OPOP6789EFefghijYkABCDEFQ6789EFefghijYkABCDEFQRG1YlmnoQR!RG1YlmnoQR!LM0g#cG!m?ABCab-WAMOLEDuTFT-LCD?Am Cell)Module VmnoGu?uoG)BCqstGWBCu|X)/VGt/CqusttXG/+,u!z-.G|DH/m+,+Q10 73456734567-.opCDEFGH8P-.opCDEFGH8P _afghijmnobcd/012e
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42、;|CCgQpCg&MN|C;Qm+,GabmGa5-+;*AcbG*AEGt|*Ac=m9)-9E;gm*Aa5-9E;Q1/0cO-,HWQ1/0p=7)22CDEFGHIJNOPUVGHJ67()*CDEFGHIJNOPUVGHJ67()*xyxyB BB BB BCDEFGHIJBNOPUVGHJB6767B B-.adSbQQSR CDEFGH8 R ei 8*EF|t*Dz$IJ!#cop|IJop“?ci“op|=!#“copFocKa8B-.v ca NOPUVGH812129=tT$Jc!vm0J?=tT$Jc&(El8T$125.Bt*8IJT!#j9:8Tc.W*W*IJ
43、|“#1IJB6767()()B B.C;W67QR8tZGx67cGx/H-y$H=y.-H=3W*IJW*;j67cydeIJPv38W*IJcT86Table_CompanyRptType1 678678688627 !#$%&()*+,-.*20/27 /01234 H5-c$67_Fcvx3.8CDEFGHoyxs8|=FIEB.8oT“$i8y$12TH8Ycde8aJT28Bc|“jB6767*B BM$jc.W*=GIJHZ3HJ0lWiBM$jcG83$8$=8T2!m0ov;!cJ8$8.iBM$jc6GK|cW*.8JG68YyiBm JTJjcJGcJMc)J:c
44、J8$=J8;.c28$TW*.iBm JTJjc.M.(cvO9L=c8c8.iBN H=)jc.yW*o“”H|“HZHlWH=H8oiBN H=)jcNOPopz?82c.JH=)c)de=l=c*=op8JiBN H=)jcH-.9:;c5+,H=86.9:;i-8H.9:;iBU“”jc.IJ58“-de.8y2-y;c.|8M/T4“”67BU“”jcde.NOPGH8o=“”cJ8UVoT6.BU“”jc“”y89:;c03JP8p“”T3J1P8pi=2M“”T4B _afghijmnobcd/012e NOPJ345sNOPck68NOPJHJNOPJ345sNOPck68N
45、OPJHJTHJHJJ?T|IJ?THJHJJ?T|IJ?;HJHJJ512JcJ5#“45J512JcJ5#“45m0Jm0J SEMI c 2020 c NOPJK 91.4c2015-2020#5 29.3%7J5J8 63.1%7UVTable_CompanyRptType1 678678688627 !#$%&()*+,-.*21/27 /01234 GHJ5T SoC()J5“”J5p?8 44%T 23%c 8-.8QR 23+,NOPIJ-.;+,NOPIJ-.;2022 _aSEMIbbcd/012e 24 NOPJop-.NOPJop-._aSEMIbfghijmnobcd
46、/012e 2.4 BCDBCD=u=uwxwx SEMI v SEMICON West2023=92023 NOPJ!:Mid-Year Total Semiconductor Equipment Forecast OEM Perspective!Jc2023;?18.6%c 874 2024#1000 NOPv?2023 85Ac 2024 EBCD2023cNOPJ$cNOPJ$%E%E15%cc6477m0$%m0$%20.5%cc462024cJm0QR“”cJm0QR“”7.9%TT16.4%Table_CompanyRptType1 678678688627 !#$%&()*+,
47、-.*22/27 /01234 25 2023NOPJ!NOPJ!/0Tm0J12/0Tm0J12 _aSEMI bcd/012e+,NOPJJ58c 5+,NOPJJ58c 5SoCTUVJ5ETUVJ5EJ5v+,NOPJK 63.1%c_;c“45_l_v“453“cF“458cK 55%7vJ53“c+,NOPJ5 SoC TUVJ5G8kH5 80%c567IJ87v NOPJ5 SoC TUVJ5K-c 60%SoC J5-.SoC 8JcUVJ5-.UVG=JcKL=M!J 26+,NOPJ3“;+,NOPJ3“;2021 27+,“453“;+,“453“;2021 _aSEM
48、Ibbcd/012e _aSEMIbbcd/012e 28+,NOPJ3“;+,NOPJ3“;2021 29+,“453“;+,“453“;2021 _aSEMIbbcd/012e _aSEMIbbcd/012e 测试机分选机探针台其他重力式转塔式平移式SoC测试机存储测试机模拟混合测试机RF测试机SoC测试机存储测试机数字测试机模拟测试机分立器件测试机RF测试机Table_CompanyRptType1 678678688627 !#$%&()*+,-.*23/27 /01234 2.5 OPOPUniTest efH efH 345NOP8Nop345NOP8NopDRAMJ5TJ5TDR
49、AM12J12Ju6JT(78 9-8c vvwxyzu6JT(78 9-8c vvwxyz9c:zMC;cdeabJT48cvNOPJQR8“303456734567-.-.NOPopvwxy6878NOPopvwxy6878 xyAxyAB B=!78=!78B BPOPOB B8%.8%.B Bcaca J5J5wwB Bca J5xy678ixyi“op=v$%78BjMC;caUVG8JJ5UVoJ.8MKUPRPPRNLPRMU Q”8B lnvRQRSG;867IJc GHlnJ8-67()5 K=Bcaca 1212Jw=Jw=B B(78B ca 128JcTJop-J.cK
50、*8JMJLHcz ca128U$|=TVWc“T12JMB de8JX.c=:8J1oJM8#1267()5 K=B _afghijmnobcd/012e 39:zM%C;NOPUVGHJw=xy9:zM%C;NOPUVGHJw=xy C;NOPUVGHJC;wacyGJJcH812J567cw cNScN JccUScU Jc+B-J67)JW*=Gkaw=67cKOMczw=y1C;TNOPUVGHog*hc345vw“NOPo=TNOPUVGHog*hcNOPJ0SN$vz?GZ/k67tai8NOPJ0SN$vz?GZ/k67tai8DRAMNOPUVGHJc,
51、-678JNOPUVGHJc,-678JopcabFopcabF IC Insights cDRAM T NAND Flash;jNOPUVGH8-Oc2021“”56%T 41%kkNOPJ8=lUVJ5J567cmUVJ5J567cmZ88J5zcZ5Z88J5zcZ5100-300Q:Q:Table_CompanyRptType1 678678688627 !#$%&()*+,-.*24/27 /01234 32=J5p?=J5p?J“4J“4B BJJB B-.-.B B6767B BB BZ-Z-B BJ5B“GHJ5B“GH$GHB UMLncM MOc Mm zc(MKzcJop
52、oqrsBQ tct8J5;8BW Q;c56=BUKL QBJ5BtBJ.=cJHcT.=B=BtJ5BtuvtBtTt8JGcw.89:8?HTxB=B eR eR J5J5B Bs6GuvWy!tztB MLLnMfOncMKUOUMKcUML zc(MLL|zcJoqorsBZPJ.c.JcO5H8#T67.xc.w=*=BUVJ5UVJ5B BUVGB KLLnOncM KUOUMKc Kmzc(Km|zcJoqQsrsBcaa JJ5.cC8 ca2w=zc67cJ.5 MLKN#QcBBMLLmLLQBzz cc J5J5B BabzaB ULncM MOc ML zc(KLzc
53、JopqsrsBzk QBQc 8C(2c|w=BBKUNL QB _aqbN12lbcd/012e 367896789:;:;3.1=2023-2025 K 6.52 9.12 12.33 29%39%35.2%c“”K 37.7%38.8%39%CDEFIJj%CDEFIJj%vCDEFQR8 Cell T Module 8IJst8opcyabIJ o DRAM 12Jop8w=T DRAM#op8:oc MEMS DRAM FT J5opw=c=de-.pT6 C qrT6 uvotstwxyGde8(TOcv5P 2023-2025 K 1.3 2.2 3.6 CDEFIJ 2023
54、-2025 Table_CompanyRptType1 678678688627 !#$%&()*+,-.*25/27 /01234 Z8“”K 20%24.5%29%3.2!2023-2025“”y 0.99 1.58 2.03 cEPS“”K 1.061.682.16 c PE“”K 54.43 34.31 26.65 2023 1 29#c Wind;$c4v3JtT6v“JK4 j 2024 T 2025 8)K 28 T 20 3345v45v-0op-.KCDEFIJcvO9LMZNOP-0op-.KCDEFIJcvO9LMZNOPUVUVDRAMJ5=Sc5P67TIJJ5=Sc
55、5P67TIJSoCJ5T“4J5T“4567c”|c567c”|cPE)()cfg.)()cfg.?ABC?ABC UVlZo=$c=$cjklZo=$Table_CompanyRptType1 678678688627 !#$%&()*+,-.*26/27 /01234/0123456(/0123456(Table_Finace -:DE9 WXWX -:DE9 pp 2022A 2023E 2024E 2025E pp 2022A 2023E 2024E 2025E FF 729 2162 2559 2935 MN5OMN5O 505 652 912 1233 216 1564 1749
56、 1854 MNC 319 406 558 745 5 153 181 203 274 MN+2 3 4 5 5 5 5 9 12 55 72 100 136 4 4 11 15 25 33 46 62 260 282 419 559 -3-2-25-24 F 92 126 169 221 K-8 0 0 0 FF 233 237 245 251 T7K5 0 1 1 1 55 55 55 55 V5 1 1 2 2 12 18 22 25 MNWXMNWX 69 111 177 228 2 3 3 4 MN5O 2 0 0 0 F 163 161 164 167 MN 0 0 0 0 AA
57、962 2400 2804 3186 WXAWXA 71 111 177 228 FF 344 527 617 689 e 7 11 18 23 0 150 100 0 VWXVWX 64 100 159 205 173 169 233 310 B-2 1 2 2 F 170 208 284 378 QRSTUVWXQRSTUVWX 66 99 158 203 FF 10 165 320 425 EBITDA 72 119 164 216 0 150 300 400 EPS89:0.94 1.06 1.68 2.16 F 10 15 20 25 354 691 937 1113 (HZ(HZ
58、B 5 6 8 10 pp 2022A 2023E 2024E 2025E BC 71 94 94 94 CT 398 1374 1374 1374 MN5O 10.1%29.3%39.9%35.2%5 134 234 391 594 MNWX-10.3%61.4%58.7%28.7%QRSTUB 603 1702 1860 2062 QRuSTUVW-2.5%50.1%58.7%28.7%BB 962 2400 2804 3186 WW YWZ8%:36.8%37.8%38.8%39.6%FF ():*+,VWZ8%:13.1%15.2%17.3%16.4%pp 2022A 2023E 20
59、24E 2025E ROE8%:11.0%5.8%8.5%9.8%MFMF-34 70 104 127 ROIC8%:9.0%4.9%6.0%7.3%VWX 64 100 159 205 11 10 11 13 Z8%:36.8%28.8%33.4%34.9%2 2 7 11 VHZ8%:58.2%40.5%50.2%53.7%-1-1-2-2 FHZ 2.12 4.11 4.15 4.26 M-123-41-71-98 HZ 1.24 3.45 3.33 3.29 MF 201 141 229 302 MM FF-142-23-17-17 AZ 0.57 0.39 0.35 0.41 C-1
60、5-15-15-15 5Z 5.44 3.90 4.75 5.17 -128 0 0 0 Z 2.26 2.37 2.78 2.74 F 1-8-2-2 B89:B89:FF-21 1300 98-6 B5 0.94 1.06 1.68 2.16 -10 150-50-100 BMF:-0.36 0.75 1.10 1.35 0 150 150 100 BV 46.04 18.10 19.78 21.94 GB 0 24 0 0 KHZKHZ CT 5 976 0 0 P/E 0.00 54.43 34.31 26.65 F-17 1-2-6 P/B 0.00 3.18 2.91 2.62 V
61、V-195 1348 185 105 EV/EBITDA 0.00 34.86 24.91 18.41 _aTUT4bcd/012e Table_CompanyRptType1 678678688627 !#$%&()*+,-.*27/27 /01234 -m-m/012/012345GChv/01oaREGoHWc RGEa0 GD 8 Xz0#-/01;/01;/01Dhym0 h(G;mh&uhm#$,G,7mxGZuKDG“mQ1px!xG=txmG2G8G98“mxpiczmxp=H)u)u9mDKK/mmYZG/0mG;A;A;!VRETGDb0 hi(!=IpuUub+mxW7G
62、#$“uGtxmG2G8GmxmYt=m0 iG!u!”!0 qG)0/0 m#G9t=m6N“jm-$A0 i%&G1m0 y)!u!”“(”)+m!“cCm|CG)D!+0*Cii H+,G#$“-G#$m/;m./ut0AtG1w/cx=G;23!4mc5j$R66NGi%”7#$“|8G|&;D#$“Gt6C9:mjp;c!Gr$R$cG“jhmd!|8?z$,=Amq !#$!#$;ce%h 6 6GChQHtWHGQmABDEG A;*%300 QDE“;Yti$CmQt$CmDE“;uzQDE“;DE8SQF 500 QDEc2 Ch|KCh|K R 6 m0 m#LEQ 5%;G 6 m0 m#)EQm&HG-5%l 5%;H 6 m0 m#wdEQ 5%;!|K!|K zg 6-12 m0 m#LEQ 15%;“R 6-12 m0 m#LEQ 5%l 15%“G 6-12 m0 m#)EQm&HG-5%l 5%“H 6-12 m0 m#wdEQ 5%l“I 6-12 m0 m#wdEQ 15%;“|,%-m JG!K,4mGAG:G,x;m0|