1、 / 201910 2018 2,810.518.26%20132018 14.98% 2018100.9 138.110 22.10% 14.94% 3-550 2030150-200 2019-20210.861.281.74 PE61x41x30 x 2017A 2018A 2019E 2020E 2021E 491 629 762 1,211 1,543 (+/-)% 24.52% 28.11% 21.15% 58.96% 27.39% 61 72 86 128 174 (+/-)% 13.54% 17.42% 19.53% 49.28% 35.83% 0.45 0.53 0.63 0

2、.95 1.29 53.54 34.86 61.00 40.87 30.09 6.16 3.15 5.95 5.19 4.43 (%) 11.51% 9.04% 9.75% 12.71% 14.72% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 126 136 136 136 136 2020/2/14 6 51.60 38.70 12 17.0544.49 5,247 136 A 136 B/H 0/0 4 -7% 19% 45% 71% 97% 123% 2019/22019/52019/82019/11 % 1M 3M 12M 21% 41% 115% 25

3、% 38% 98% 20200210 12 15% 20200120 HIT210 20200112 S0550516090002 (021)20361113 (021)20361113 S0550519080002 (021)20363254 zhu_ 300416 2020-02-18 2 / 20 1. . 3 1.1. . 3 1.2. . 3 1.3. . 4 2. . 5 2.1. . 5 2.2. . 6 3. . 7 3.1. . 7 3.2. . 8 3.3. . 9 3.4. . 9 4. . 10 4.1. . 10 4.2. . 12 4.3. . 14 5. . 17

4、 qRrOnNqMmRtNmOpOpQwPoR9PbP6MnPmMoMrReRnNsQeRmNuN6MmMvNxNqMrRvPoOvN 3 / 20 1. 1.1. 19562008 42002015122 62802017 20181.36 201910 1 1.2. 4 / 20 2 1.3. 2006 CNAS 5 / 20 3 4 2. 2.1. 20182,810.52017 6 / 20 18.26%20132018 14.98% .59% 40.16% 42.92% 45.86%48.72%201839,472 20178.66%2013-2018 9.70

5、% 2018929.28201733.56% 18.26% 5 6 16.58% 10.36% 14.72% 15.11% 18.26% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 500 1000 1500 2000 2500 3000 2001620172018 14.06% 9.82% 6.79% 9.30% 8.66% 0% 2% 4% 6% 8% 10% 12% 14% 16% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2013201420

6、018 2.2. 1 7 / 20 2 200813.7 34.32018100.9 138.112.74% 1022.10% 14.94% 7 8 28% 24% 28% 19%19% 20% 23% 23% 20% 18% 0% 5% 10% 15% 20% 25% 30% 0 20 40 60 80 100 120 2008200920001620172018 24% 18% 20% 14% 14% 12% 16% 11%11% 9% 0% 5% 10% 15% 20% 25% 30% 0 20 40 60 80 100

7、120 140 160 2008200920001620172018 3. 3.1. 2018 8 / 20 62,889.6528.11% .06%2019 49,261.2021.48%2018 7,195.7917.42%.41%2019 5,442.6218.90% 9 10 23.21% 25.98% 24.52% 28.11% 21.48% 0% 5% 10% 15% 20% 25% 30% 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2

8、00182019Q1-Q3 21.68% 11.47% 13.54% 17.42% 18.90% 0% 5% 10% 15% 20% 25% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 200182019Q1-Q3 3.2. .96% 53.79% 50.21%50.82% 35.13%40.16%47.62%47.05%4 2017 ,076.3521,205.2724,650.86 31,963.2115.06%11.15%16.25%29.66%

9、 ,993.3115,830.6423,379.56 29,587.2546.67%44.02%47.69%26.55%2019 11 12 60.96% 53.79% 50.21%50.82% 51.67% 35.13% 40.16%47.62%47.05% 45.64% 0% 20% 40% 60% 80% 100% 120% 200182019H1 15.06% 11.15% 16.25% 29.66% 25.30% 46.67% 44.02% 47.69% 26.55% 16.08% 0.00% 10.00% 20.00% 30.00% 40

10、.00% 50.00% 60.00% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 200182019H1 9 / 20 3.3. 30%-35% 201955% 20% 2015 13 14 33.45% 32.86% 34.37% 34.93%35.02% 72.75% 66.46% 62.40% 57.51% 55.26% 20% 30% 40% 50% 60% 70% 80% 200182019H1 8.93% 8.30%8.20% 7.68% 7.07% 17.40% 18.70% 20

11、.77% 21.41% 20.94% 0.16%0.31% 0.98% 1.36% 1.80% 0% 5% 10% 15% 20% 25% 200182019H1 3.4. 2016-2018 3433.41 5788.467747.585,397.38 6,128.167,195.79 639776908 837323%28%28%37% 41% 10 / 20 15 16 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 20018 23% 28% 2

12、8% 37% 41% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 100 200 300 400 500 600 700 800 900 1000 200172018 4. 4.1. 2019927100% Integrated Service Technology Inc. 100%2.820191015 20191225 11 / 20 17 2016 / RAFAMA EMC 18RA/FA/MA/EMC 19 2018 1.791,248.952019 0.95295.69 12 / 20 3 2031 3

13、67,272,298.48 399,057,857.94 151,894,278.64 186,636,713.25 43,290,042.82 39,766,789.46 215,378,019.84 212,421,144.69 2019630 2018 94,672,831.25 178,802,158.04 3,575,937.90 13,382,377.34 2,956,875.15 12,489,516.58 14,477,976.69 62,837,471.78 4.2. 1960-1980 1980-2000 ITE2000 20 2018 6,53220.71%2008-20

14、18 18.01%2016 20182,5191,8182,194 13 / 20 21 22IC -11% 30% 34% 12% 16% 20%20%20% 25% 21% -30% -20% -10% 0% 10% 20% 30% 40% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2008200920001620172018 0 500 1,000 1,500 2,000 2,500 3,000 2008200920001620172018 Wind Wi

15、nd 2025202040%, 202550%7% 20%10 201491387 201910222000 23 20191780 4.83%.23% 2017 967.87%15.51 11.02% 3-550 2030150-200 14 / 20 24 25 -8.25% 6.55% 11.07% 7.75% 8.08% 85.05% 1.32% 23.04% 4.83% -20% 0% 20% 40% 60% 80% 100% 0 200 400 600 800 1000 1200 1400 1600 1800 2000 200132014

16、200182019 83 85 87 89 96 10.59 11.54 12.69 13.97 15.51 0 2 4 6 8 10 12 14 16 18 75 80 85 90 95 100 200162017 wind 4.3. 1994IC2004 32892016 2018 26 1. / 2. MOSFETMOSFET MOSFET MOSFET Front-EndBack-End 15 / 20 27 28 29 IC AI 6000 50% 16 / 20 4 201830.237.03 7.05%25.515.9427.07% 1

17、84.72 1.1042.19% 5 2017 2018 2019Q1-Q3 2823908 3022987 2469478 yoy 20.50% 7.05% 4.58% 2007561 2551092 2060862 yoy 22.16% 27.07% 9.10% 816347 471895 408616 yoy 16.60% -42.19% -13.47% 680745 761121 568963 yoy 25.23% 11.81% 0.10% ROE 7.25% -6.22% -3.72% yoy -40.38% -185.79% -12500.00% 28.91% 15.61% 16.

18、55% yoy -3.23% -46.00% -17.27% 4.25% -10.05% -5.85% yoy -35.24% -336.33% 152.01% 17 / 20 5. 2019-20217.6212.1115.43 21%59%27%4.116.948.70 46%43%44%2019-2021 20%20%25%35%35%35% 22%22%25%58%58%58% 6 2017 2018 2019E 2020E 2021E 49,092 62,890 76,192 121,119 154,295 yoy 25% 28% 21% 59% 27% 24,651 31,963

19、38,356 46,027 57,533 yoy 16% 30% 20% 20% 25% 34% 35% 35% 35% 35% 23,380 29,587 36,096 44,037 55,047 yoy 48% 27% 22% 22% 25% 62% 58% 58% 58% 58% 1,061 1,339 1741 2,089 2,611 yoy -56% 26% 30% 20% 25% 30% 59% 40% 40% 30% 17,880 28,966 39,104 yoy 35% 35% 27% 32% 37% 25,714 33,925 41,136 69,363 86,980 48

20、% 46% 46% 43% 44% 18 / 20 2018A 2019E 2020E 2021E 2018A 2019E 2020E 2021E 367 552 562 396 86 101 152 206 0 0 0 0 10 11 9 21 318 355 498 676 43 38 53 72 211 225 342 429 0 0 0 0 106 122 184 224 9 14 19 18 1,003 1,255 1,586 1,725 0 0 0 0 0 0 0 0 -68 -25 -104 -165 0 0 0 0 -4 0 0 0 326 367 465 593 77 139

21、 128 151 72 72 72 72 -132 -81 -149 -200 3 3 3 3 272 128 31 -118 469 512 608 736 67 81 154 228 1,471 1,767 2,195 2,461 208 350 400 300 2018A 2019E 2020E 2021E 126 119 204 254 148 193 300 385 0.53 0.63 0.95 1.29 3 3 3 3 5.87 6.50 7.45 8.74 529 723 999 1,061 0.57 1.02 0.94 1.11 51 51 51 51 7 7 7 7 28.1

22、1% 21.15% 58.96% 27.39% 58 58 58 58 17.42% 19.53% 49.28% 35.83% 587 781 1,058 1,119 796 882 1,010 1,185 46.06% 46.01% 42.73% 43.63% 88 103 127 158 11.44% 11.29% 10.60% 11.30% 1,471 1,767 2,195 2,461 170.23 170.00 150.00 160.00 2018A 2019E 2020E 2021E 207.52 200.00 180.00 180.00 629 762 1,211 1,543 3

23、39 411 694 870 39.90% 44.23% 48.20% 45.46% 4 5 8 11 1.90 1.74 1.59 1.63 10 11 9 21 1.37 1.32 1.11 1.07 48 59 91 116 87 105 160 201 7.68% 7.80% 7.50% 7.50% 9 14 19 18 13.76% 13.80% 13.20% 13.00% 0 0 0 0 1.36% 1.83% 1.55% 1.13% 0 0 0 0 100 117 176 238 0.00% 0.00% 0.00% 0.00% 0 0 0 0 0.00% 0.00% 0.00%

24、0.00% 100 117 176 238 14 16 24 33 P/E 34.86 61.00 40.87 30.09 86 101 152 206 P/B 3.15 5.95 5.19 4.43 72 86 128 174 P/S 8.34 6.89 4.33 3.40 14 15 23 31 9.04% 9.75% 12.71% 14.72% 19 / 20 / 201010 “” R3AB AAABS “” 615% 65%15% 6-5%5% 65%15% 615% 6 6 6 20 / 20 400-600-0686 6666 130119 28D 100033 729 2001

25、27 100622A 518038 12215 510630 chen_ L   liu_ C