1、 !#$%&()*+,-.*1/15/01234 !#$%&()*+,-./01234 !#$%!#$%l!#$%&!#$%&2023()*%+()*%+2023,(-./0,(-./012123434 5-.67896:;5-.67896:;%+2023,(*12?*,/A34 38.61%*BCD,E%+FGHI89J 9568 K?*,/ALM 4.8%;BCD,E%+FGHNOPQRSTUHI89J 2519 K?*,/ALM 66.05%;%+=-./034H%+?h|*ux*1-6 y3 2400 K?x“3 1100 K?;q2r%+h”i*mh”-.0d,*efgh”-.0M;

2、q3r%+.*“d03;l%+no.*h”*%+no.*h”*-Cefg#$-Cefg#$%+t7-*Cefg#$JH%+t7-*Cefg#$JH|7d;|7d;%+DCefg#$*H#$u yu uuxy*t(_=*7_*h”H#$uIuuxS|V;%+Hh”%+Hh”J(_u(_dH#$efg*_yJ(_u(_dH#$efg*_yefguefgumh”7_;efguefgumh”7_;5=-.0:*2023()*efg-.0J 24.90%mh”-.0J 42.24%y”-.0J 23.91%_h”-.0J8.95%;l Q!*#$%&(*!#$).(Q!*#$%&(*!#$).(_*+_

3、*+_ 1rr2008-2014*Z%+y-7,-!*%+t*Z%+y-7,-!*%+t12hiH.V/;12hiH.V/;01A2*%+3(_ A 4567#$efgh”*8t_9:*J;?!*t-f*Z%+?!*t-fV;V;01A2*%+J A HAB*=*GwCuVAT xDE=H*=*8JvFGuHIJuKIxDE(_=#$efgHdhLMNO;3rr2018PQp%+noRh|*S.?!;PQp%+noRh|*S.?!;%+.2018cT*S.HITACHI High-TechuASMI xUV(_ Table_StockNameRptType!#$!#$%688409&%+W/%

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6、3069 4039 5OPH8%:83.2%29.6%53.3%31.6%QRSTUVWX 246 263 378 515 VWXPH8%:94.2%7.2%43.6%36.2%YWZ8%:32.7%28.9%31.6%31.0%ROE8%:5.3%5.5%7.3%9.1%B589:1.45 1.26 1.81 2.46 P/E 74.56 76.39 53.20 39.05 P/B 4.87 4.21 3.90 3.55 EV/EBITDA 53.65 40.80 29.85 22.46 _awindbcd/012e BVrQRUkYdUvZuYuY9P9R9PpNrRnPoNlOpPwPi

7、NqRsO9PpPvNxNrNsOuOnMrOTable_CompanyRptType1 !#$!#$qq688409rr !#$%&()*+,-.*3/15/01234 !#$!#$156789:;?A12BC56789:;?A12BC.5 1.1DEFG?HIDEFG?HI.5 1.2DEJFGKLDEJFGKL.6 1.3DEMNOHP?QRSOHPDEMNOHP?QRSOHP.6 1.4DETUVWC?XYZGDETUVWC?XYZG.7 25678%_abcdefg78hij5678%_abcdefg78hij.8 2.15678Akl5678Akl.8 2.2DEmnopqrst9

8、uvwxyzDEmnopqrst9uvwxyz.9 2.3DEmnRS|DEmnRS|.10 2.4DEmn?XZGDEmn?XZG.11%.13 12!H12!H.14 Table_CompanyRptType1 !#$!#$qq688409rr !#$%&()*+,-.*4/15/01234%&#$%&#$“1DEJFGDEJFG2019-2023H1”.5“2DEHIWCDEHIWC2019-2023H1”.5“3DE;JFGDE;JFG2021Q3-2023Q2”.5“4DE;HIWCDE;HIWC2021Q3-2023Q2”.5“5DE/JJFGKL?”DE/JJFGKL?”2018

9、-2023H1.6“6DEFGKL”sDEFGKL”sVSt”t”2018-2022.6“7DEMNOHP”DEMNOHP”%2019-2023H1.7“8DEQRSOHP”DEQRSOHP”%2019-2022.7“9DEXY TUP”DEXY TUP”2020-2023H1.7“10DEXYWC”DEXYWC”2023:9:!:9:!.7“11DE/0RSbWC?AklDE/0RSbWC?Akl.9“12DE/0opWCDE/0opWC.9“13DE/0RSb|DE/0RSb|.10“149uvw9uvw78efgbRWC9uvw9uvw78efgbRWC(DE-bRSDE-bRS).10

10、“15wDEfQvRSbUwDEfQvRSbU.11“16DERSb?0DERSb?0.11“17DEmn”?DEmn”?.12“18DEXWC”DEXWC”2023:9:!:9:!.13 Table_CompanyRptType1 !#$!#$qq688409rr !#$%&()*+,-.*5/15/01234 1!#$!#$%&()*+%&()*+,-./012,-./012 1.3456 5-.67896:;5-.67896:;%+2023,(*12?*,/A34 38.61%*BCD,E%+FGHI89J 9568 K?*,/ALM4.8%;BCD,E%+FGHN

11、OPQRSTUHI89J 2519 K?*,/ALM 66.05%;%+=-./034HVWXYZUD(_Eab3%+?h|*ux*1-6 y3 2400 K?x“3 1100 K?;q2r%+h”i*mh”-.0d,*efgh”-.0M;q3r%+.*“d03;“1DEJDEJFGFG2019-2023H1”“2DEDEHIWCHIWC2019-2023H1”_awindbcd/012e _awindbcd/012e “3DEDE;JFGJFG2021Q3-2023Q2”“4DEDE;HIWCHIWC2021Q3-2023Q2”_awindbcd/012e _awindbcd/012e 0%

12、10%20%30%40%50%60%70%80%90%100%0246800222023H1MN5OMN5OPH8f:-800%-600%-400%-200%0%200%400%600%-92020202120222023H1VWXVWXPHgfh020406080562021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q2MN5OMN5OPHgfh-200204060801000.000.100.200.300.400.500.600.700.800.902021Q

13、32021Q42022Q12022Q22022Q32022Q42023Q12023Q2VWXVWXPHgfhTable_CompanyRptType1 !#$!#$qq688409rr !#$%&()*+,-.*6/15/01234 1.20178239:0178239:%+Z(_#$efgH=*ZUVJ$jH|h%+Z(_#$efgH=*ZUVJ$jH|h*“D*“D7y(_H#$efg=;y(_H#$efg=;O(_*%+h”*“Duh”H(_d;%+VWh”*“D(_*HuuduiuC.x“*fh”*“D 7 HH;%+Hh”J(_u(_dH#$efg*_%+Hh”J(_u(_dH#$e

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16、50%60%70%80%90%200212022wxyzM5Hx|M5HTable_CompanyRptType1 !#$!#$qq688409rr !#$%&()*+,-.*7/15/01234 “7DEMNOHPDEMNOHP”%2019-2023H1“8DEQRSOHPDEQRSOHP”%2019-2022 _awindbcd/012e _awindbcd/012e 1.401BCD01BCDEF4EF4GH&3GH&3%+no.;%+no.;%+non.*%+“5 2022,(H 4618 K?*lP 2023,(H 9180.07 K?*/034 98.8%;“

17、H34VW%+h”*H*“dy3;%+.F*2023,(02022/A3 190;%+2023,(“/0 2022/A34117.56%*VWcd-.34u%+*y34*cdJ=O34;%+2023,(/0 2022/A34 79.3%*VW%+lmR*S*y3*cd%+1FhHF5“;“H*2023 yJ 3580.5 K?*/0 2022/A34 44%2023,(F5“J 1592 K?*Z 2022/AF5“H 5.66 ;“9DEDEXY TUPXY TUP”2020-2023H1“10DEXYWCDEXYWC”2023:99:!:!DEXYZGWCDEXYZGWC :DEXYDEX

18、Y XYXY XYNXYN”XYXY”_awindbcd/012e _aTU 2023 3bcd/012e -20%-10%0%10%20%30%40%200222023H1YWZVWZ-5%0%5%10%15%20%25%30%35%40%20022ijklmnopqrstquvpq0%2%4%6%8%10%12%2020202120222023H1ZZ1ZTable_CompanyRptType1 !#$!#$qq688409rr !#$%&()*+,-.*8/15/01234 2!#$!#$3456789:;3456789:;?#$?#$ABC

19、(ABC(2.1IJKLIJKLMNOPMNOP Q!*#$%&(*!#$).(_Q!*#$%&(*!#$).(_*+_;*+_;2008-2014*Z%+*Z%+y-7,-!y-7,-!*%+t12h*%+t12hiH.V/;iH.V/;%+S=*TQ7=|*.h”J 90 c,(_Hyefg7jZ-*Hefg;%+D 2011“02”HH“IC-efgZy”*“02”S.V*f#$efgH*8*8;5 2011 2014*vFCu,CuKIx 10=45 1,000#$efg*h”0h,*“:*12(_f#$efghiH.V/;01A2*%+3(_ A 4567#$efgh”*8t_9:*

20、J;?!*t-f*Z%+?!*t-fVV;2014*%+“02”H“D7Hgh”;tno.*cdi 22 cL;efgzuxHh=i*“*%+MpH;y*!yxy*(_#$efgHdyV;01A2*%+J A HAB*=*GwCuVAT xDE=H*=*8JvFGuHIJuKIxDE(_=#$efgHdhLMNO;2018PQp%+noRh|*S.?!;PQp%+noRh|*S.?!;%+.2018 cT*S.HITACHI High-TechuASMI xUV(_z=*+_;cd(_=Hef*%+ghE*12iV(_z=HhLM*-.lmjkl;/m*%+_7m3|fg|nopq*80rss

21、t7vwtuxvgRh|;Table_CompanyRptType1 !#$!#$qq688409rr !#$%&()*+,-.*9/15/01234 “11DE/0DE/0RSbWC?AklRSbWC?Akl _aTUBbcd/012e 2.201QRSTUVWXYZ01QRSTUVWXYZ_ab_ab%+%+ZUVJ$jH|h*“DZUVJ$jH|h*“D7y(_H#$ey(_H#$efg=fg=*%+S.H*+_DE(_=*#%+S.H*+_DE(_=*#V(_z=V(_z=;%+h”S.AuGwCuHITACHI High-Tech 7 ASMI xUV(_z=*+_*8$Z A HU

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23、2.301QRAcdef01QRAcdefghgh%+%+|dH(_#$efgEzUV(_El|dH(_#$efgEzUV(_ElmHmH20%;%+|dH(_#$efgUVElm 2020 J 160?*UV(_ElmH 22%;SEMI H 2030(_Elm 1,400?*0j*%+VWh”UVElm0 2030 z 300;“13DE/0RSbDE/0RSb|:|:|?Kef?KefggRSRS?v?v/0RS|/0RS|ww ww ww UUwwUUww U_ww U w w GwGw wwwww?w?!w!wUUNN _aTUBbcd/012e%+Hh”J(_u(_dH#$efg*

24、_%+Hh”J(_u(_dH#$efg*_yefguefgumh”7_;yefguefgumh”7_;(_#$efg#$uIuz|uxS*hy|d#$uyuyuC;dyx7I*Z(_H,;(_Hl5,6D#$efgH78;“149uvw9uvw78efgbRWC9uvw9uvw78efgbRWC(DE-bRDE-bRSS)_aTUBbcd/012e Table_CompanyRptType1 !#$!#$qq688409rr !#$%&()*+,-.*11/15/01234 “15wDEfQvRSbUwDEfQvRSbU _aTUBbcd/012e “16DEDERSb?0RSb?0 RSQR

25、SQ#$#U#$#U 00 efgefg9uvw%&()*+(),&-./08123b45$%,&h6789:wb;U&hi?Pb#U78ABCDEDFG+HI=h645KefgKefg9uvw%/07J)KL?MN#UOPUQR.9uvw%/0()&)*+,&-STb7;U/0VW;?WXY;Z0Q.fQKefgw_h_0a0ACDE?DFG+Hh6bScvvU9uvw%bIdvef VJ)8-2beg.sh()*bIdv/0ij;ECklkmnbI=Sb8A;DEoiQ0h6bS4p_6;QRSRSDEqr!sDEtRbefgKefgvRS?tub+4pg?4pg!v wLxyfQ9uvw

26、mnzbRSRSqbbefgKefg?vRSa|b0.ttuefgNRSva8op_h_0!_aTUBbcd/012e 2.40101ijklQRmnijklQRmn4oGpq4oGpq&3&3%+;HZ1Q-HI*0#$u%+;HZ1Q-HI*0#$uyu x(_#$efg-“”H|;yu x(_#$efg-“”H|;2023()*%+no.S|yh*3|fgh*_yh*12”H|;Table_CompanyRptType1 !#$!#$qq688409rr !#$%&()*+,-.*12/15/01234 “17DEDEmnmn”?mnmn/0URS/0URS vv 7878hihi 78

27、45Whiefg%br2eg2-2Uww/XY2vTTbeg2v:;/“Txy2v”JTL7;(efg78N(w;878hiefg%bUww/XY TT 7;L”bDhs PDEqrw/v-hiPBA;hivefhRS/XY/wLwxyA;7T;qs8W8;?XY;0 cdWxyPwW WWXY;8/op4pWW IO IO DE_efg%b-2sUww/XY A;W rW IObRSW?cd8/opb4p DE_bRSqrbUtWZ BW DERS;8/op4p DEW rW IObRSxy%Rt$%YtE Br/op4pA;78efg%bseg2Uww/XY_efg%beg2Uww/XY_

28、efg%bs/0Uw/XY)+)MNv9uvw78efg/XY xy$)()%eg7;hi)/7;hs.);UT78efg)2v)MN9uvw78efg/XY _b)iNcFPk-bI=9uvNckb)8/op4p BA)9uvwv78efg/XY A;A;8/op4pVh6RS8xyvs_ _aTU 2022 34bcd/012e Table_CompanyRptType1 !#$!#$qq688409rr !#$%&()*+,-.*13/15/01234 “18DEXWCDEXWC”2023:9:!:9:!*+LL 8484 vUvU YY!LRS4ph_.UDEmnefgLRS”(xy#

29、R_.s$U%&(%&)*h6w%mnefg.mnzfgY+7XY;0w78TcdDE0WA;,-.4p_/#4pY.wY0_R.)*RSqropV(RSGst|.s$U_w.veg12Yveg12vtRP s$9uvgT._aTU 2023 3bcd/012e DEFG3DEFG3&z3R;$4$Q:5678$Table_CompanyRptType1 !#$!#$qq688409rr !#$%&()*+,-.*14/15/01234 !#$%&()!#$%&()Table_Finace pp :DE9 WXWX :DE9 2022A 2023E 2024E 2025E 2022A 2023

30、E 2024E 2025E FpFp 4417 4748 5398 6212 MN5OMN5O 1544 2002 3069 4039 1989 2086 2103 2453 MN“C 1040 1424 2099 2789”5 531 667 1023 1234 MN+7 8 12 16”5 15 22 34 45 29 36 77 61 34 43 63 84 111 136 239 291 533 593 816 1007 17-22-19-16 Fp 1314 1337 1359 1389 pK-16 0 0 0 FpFp 2223 2621 2866 3031 T7K5 3-30 4

31、5 50 11 26 41 56 V5 12 20 31 40 p 1065 1333 1511 1603 MNWXMNWX 273 299 430 585-p 139 144 144 144 MN|5O 1 1 1 1 Fp 1008 1119 1171 1229 MN|6 0 0 0 pApA 6640 7369 8264 9243 WXAWXA 267 299 430 586 FF 845 1310 1671 2030 e 33 36 52 70 65 215 165 65 VWXVWX 235 263 378 515”369 475 700 930 B-11 0 0 0 F 411 6

32、20 806 1036 QRSTUVWXQRSTUVWX 246 263 378 515 FF 1027 1155 1310 1415 EBITDA 396 465 638 832 519 669 819 919 EPS89:1.45 1.26 1.81 2.46 F 507 486 491 496 1872 2465 2981 3446 (HZ(HZ B 124 124 124 124 2022A 2023E 2024E 2025E BC 209 209 209 209 “CT 4024 4039 4039 4039 MN5O 83.2%29.6%53.3%31.6%5 412 532 91

33、0 1425 MNWX 101.0%9.5%43.6%36.2%QRSTUB 4645 4780 5158 5674 QRSTUVW 94.2%7.2%43.6%36.2%BB 6640 7369 8264 9243 WW YWZ8%:32.7%28.9%31.6%31.0%FF !:#$%VWZ8%:15.9%13.2%12.3%12.8%2022A 2023E 2024E 2025E ROE8%:5.3%5.5%7.3%9.1%MFMF-22 557 330 709 ROIC8%:4.5%4.2%5.7%7.3%VWX 235 263 378 515 119 187 227 263 pZ8

34、%:28.2%33.5%36.1%37.3%38 18 22 26 VHZ8%:39.2%50.3%56.4%59.4%-12-20-31-40 FHZ 5.23 3.62 3.23 3.06 M-438 78-222-4 HZ 4.42 3.05 2.63 2.46 MF 708 216 555 470 MM FF-1938-593-396-338 ApZ 0.34 0.29 0.39 0.46 C-791-460-405-355 ”5Z 3.53 3.34 3.63 3.58 -1150-15-15-15 ”Z 3.62 3.38 3.58 3.42 F 4-119 24 32 B89:B

35、89:FF 3637 132 83-21 B5 1.45 1.26 1.81 2.46 -111 150-50-100 BMF:-0.11 2.66 1.58 3.39 164 150 150 100 BVp 22.22 22.87 24.67 27.14 GB 52 0 0 0 KHZKHZ CT 3298 16 0 0 P/E 74.56 76.39 53.20 39.05 F 233-184-17-21 P/B 4.87 4.21 3.90 3.55 VV 1678 96 17 351 EV/EBITDA 53.65 40.80 29.85 22.46 _aTUT4bcd/012e Ta

36、ble_CompanyRptType1 !#$!#$qq688409rr !#$%&()*+,-.*15/15/01234 rstrst abpabpG-:9C=6:_;vw);I?;ABDx*G-:9C=6:_;vw);I?;ABDx*Cmfx*Cmfx*8DFQ;DFQ;_EF_EF)GHE_H:9=IJKH:9LMN=*cOPHN=Qu=RSHWFT*U“;T;lHJV*WuXvY)G*)GZ“H$7JVT.E%hJV*iJVHSypSj_:*j:aHJV7jJb;)GHHJV7cdef;gjAZu20jZuhTijJY)GHH_jkcdyXlmy2-noHpq*rjsFHKcy*1EF

37、;tuEFtuEF G-:9Fv%+QH:9wxyJz*:9LM=O;)GG-:9Fv%+0HG|7qjuur;)GHHJVTD;l*G-:9Wbu*iJVHSdpSj_:;0L*)GHHJVyHcdjiH;0L*%+u%+yy-j8*jZ-U*jiYU“)GHHHTu;Oc*1_YH“”Z%+u%+yy-;G-:9dC-|Jn)GHH%+H:98S4*|J%+NOyNO;)Ge*hQG-:9WK*W)GHfjcFonoHugy”*y*yc%+HFoU“;“y%*OG-:9W8*8aFYJG-:9W*$jiSXcH“7;hQ%+K*.%y)G*fH-dTu.%y;%+8WTuH8;&()ut&()ut c)G&nf 6*:9qy=$riD/A-:9ES$H J*A FcX 300$JEcqiIHry_E$qi_EHrJEc$JEc$y 500$J;Lp=_=_ 3nhT 6 H-U”E$5%c,;HShT 6 H-UZE$Hk-5%P 5%;nhT 6 H-U-E$5%c,;%+_%+_ D.hT 6-12 H-U”E$15%c,3nhT 6-12 H-U”E$5%P 15%HShT 6-12 H-UZE$Hk-5%P 5%nhT 6-12 H-U-E$5%P YhT 6-12 H-U-E$15%c,YTWH*y%+TdHjSg*yXY*UTYFH;