1、 / 1995 200720142016LED LED 2019/ 100.4/23.02019ROE52.36% 1 &50-230 2 & /LED 2.25/1.85/1.37 & 3 201979.8% & 2020-2022EPS4.24.85.5 PE43.1X37.8X33.4X 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.

2、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 2020/5/28 6 225.5 182.41 12 71.34193.99 108,240 600 A 600 B/H 0/0 2 -9% 16% 41% 66% 91% 116% 2020/

3、2/52020/2/25 2020/3/162020/4/52020/4/25 2020/5/15 % 1M 3M 12M 18% 5% 0% 18% 7% -5% 603195 & 20200427 20200520 S0550516120001 T S0550120030010 603195 2020-05-31 2 / 35 1. . 5 1.1. . 5 1.2. . 5 1.3.20192020Q1 . 6 1.4. 8 2. . 9 2.1. . 9 2.1.1. . 9 2.1.2. . 10 2.2. . 12 2.2.1.

4、. 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 1 . 6 22015-2020Q1 . 6 32015-2019 . 6 42015-2020Q1 . 7 5 . 7 62015-2019& . 7 72015-2019 . 7 82015-2019 ROE . 8 9 . 8 102008-2014. 9 11 . 9 122012-2018 .

5、9 13 . 10 14.11 15&.11 16& . 12 17. 12 18 . 12 192019 . 13 20 . 13 21. 13 22 . 14 23 . 14 24. 14 25/ . 14 26LED. 16 27. 17 28 . 17 29LED. 18 30LED . 18 31LED. 19 32LED . 19 33LED . 19 34LED. 19 35 . 21 36 . 21 373% . 22 38 . 22 39 . 22 40. 23 41. 24 42&. 24 4 / 35 43. 25 44 . 28 45. 28 46. 29 47. 29

6、 482019 . 30 49. 30 50/ . 30 51/. 30 52OEM. 31 53. 31 54/. 31 55. 31 1 .11 2: . 15 3 . 15 4LED . 17 5 . 19 6 . 20 7 . 26 8 . 26 9 . 27 10. 32 5 / 35 1. 1.1. LED2001 2007 2014LED2016 201912100 1.2. 1995-2006 90 1996 2001 20072007 20148090 G29G22 2017 40% 2010 2010 2015 2017 201620183.468.34CAGR 55.19

7、% 2014LED& 2014LED LED2016 2019H1/ LED45.5%/ 60% 6 / 35 1 1.3. 20192020Q1 &.66 100.4014.0723.04 CAGR13.11%2017 LED & 201982.28% 2019/ 4.24%/14.72%LED& 2020 &13.838.0% 1.757.7% 22015-2020Q1 32015-2019 Wind Wind 7 / 35 42015-2020Q1 5 Wind Wind 20% 2017 2018 62015-2019& 72015-2

8、019 Wind Wind ROE2015-2019ROE61.43%69.06% 63.97%69.60%52.36%60%ROE / 1 8 / 35 82015-2019 ROE Wind 1.4. 5.4 6,000 87.26% 201712 2017 358PE27.9X201766.3 /33.2/2020424 & 45279.93/62.89235000 2020-2024 2020-2023 9 9 / 35 2. 2.1. 2.1.1. 200 &2013 18,31201828,23CAGR9.04% .513903.48

9、 102008-2014 11 122012-2018 70% 66.39%30 202021553,92 16.335,61020182.09 48.4 10 / 35 & 30% 2017 3C4 13 Wind 2.1.2. 1995 USB 412,800 WIFI 11 / 35 1 WIFI USB USB USB 2017201820% 14 15& Wind 20172018 2017 30.57%7.84% 2017/27.03%/ 30.06% 12 / 35 16& 17 Wind 2.2. 2.2.1. 2018 196.5510.1%2020 231.6 18 Win

10、d 20002018 13.7% TCL10.9%6.2%4.6%4.6%CR5 40% 13 / 35 192019 Wind 2.2.2. 201914.72%46% 20 21 & 2017 2016/ 2017146%/ 112%2018 2018/ 2019H1 31.55%/ 23.38% G18 G20 G21 14 / 35 22 23 & 12018 20192 & 24 25/ 15 / 35 2: 3 16 / 35 2.3. LED 2.3.1. LED LED2017LED5,343 47.70%2,548.6120092017LED CAGR54.62%LED 20

11、111112012 20142016100w 60w15w 2017 2020 10000LED 70%8090 LED 26LED Wind LED LED 17 / 35 27 28 2.3.2 LED LED2014LED LED 4LED LED LEDMX-B12440-B LEDMH-B11R11 LED LED33.54 3W65mm/80mm5W80mm 18 / 35 LED LED 15W,155.6*93.5mm 20W180.6*121mm/226*124.6mm LED LED 3WE14/E275W7W9W Wind LED 201631.62%2019H19.75

12、% 2019H123.36% 29LED 30LED 2018 LED LED 2019 2019 / 19 / 35 31LED 32LED/ 33LED/ 34LED 3. 3.1. 1995 2000 5 1997 2001 2002 20 / 35 2004ISO9001:2000ISO14001:2004 2006 2007 2008 20122012 2017BULL2017 2017 GB/T 35590-2017 2018 3 50-230USB USB SKU412,800 333,000 33% 20% 6 GN-B403U USB USB 3*5+3USB 1.8m US

13、B5V/3.1A 59 USB 5V2A 750 10A 3 +3USB 1.8m 49 USB6 750 42 USB 2A 3 +3USB PC 1.63m 55 21 / 35 850 3 +3USB 1.5m 59 SPS2312K/93 750 3AG+3USB 1.6m-2m USB2.4A 59.9 PP 3 +3USB 1.8m USB5V/3.1A 69.9 35 36 2019 1,468 3% 22 / 35 373% Wind 20153 USB7 14855 &WIFIUSB line friend & 38 39 23 / 35 40 2007 3.2. 31 20

14、16 2017 20182019H186.09% 84.81%84.76%86.41%11.03%12.96%13.14%11.99% 20191.89% 24 / 35 41 & 2019H12,333 42& 25 / 35 43 1() () 50%40% 4%- 5%B 22019H173 32%30% 18%10.9 45%36% 13.6 LED 26 / 35 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,

15、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. 12009 2 27 / 35 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 2CRM+C