您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。 [华安证券]:汽车和服务器PCB高速成长,消费类中高端需求稳步提升 - 发现报告

汽车和服务器PCB高速成长,消费类中高端需求稳步提升

2024-11-18 陈耀波,李元晨 华安证券 WEN
报告封面

,-./% !"#$%2024-11-16 %&O1993PQRSTEUVWXYZ[\<]^_>?<=`abcdefghiZjk>lmnopq%&rjstuvw+xdvwyzd{|}~d{|ÄÅrÇÉdÑÖÜádÑÖàâ6äefãåEç13éèêEVWëí17,000ìîèqïñóòôöäZ[\<]^BCDõúE%&rVWùR11éûü†E°BFAE¢å£§•¶ßq2023PE%&®p©™107.57´8Er[\<]^¨pVW≠ìÆ10ØE∞js±PCB≤≥¥ìμÆ∂q:;Ujk∑∏fπ∫-opEñªº°BöΩæZ[\<]ø¿¡¬E%&Z¨p∑ì√d∫ƒªº≈Ω√/>q l∆PCB¨p«»…-ÀÃÕŒœ–E¶ß—C“”‘ö’ 2024Pô÷PE◊ÿŸ⁄¤‹d›fifl‡·ÕEPCB¨p‚„ÀÃÕŒœ–E‰ÂÊÁZËŸ⁄‘√gÈÍEÎÏÌPÓÔÒ¤‹q2024PÚ÷PäÛFÙ0C“XıZŸ⁄ÔˆV˜¯£q2024PUÕŒZúPqPrismark΢Û˙PCB˚¸Z˝uÙ0Xı˛u”ˇEÎÏÔ∆2023PZ265´!8Qˇ"2028PZ325´!8E#PP˛ÕH”ˇ$%ñ5.4%E&∞¶ß—/F'⁄(XıZ”ˇÔö≥)EÎÏ*»¶ß—gF'⁄(C“ZPCB˚¸+,∆2024PZ97.81´!ܰ-"2028PZ142.21´!ÜE2023-2028PZCAGRÕH”‘ñ11.6%EU.˛CAGR”‘Z5.4%Z”‘Z2/Ûq lAI01›fi≥)E01Ò234NPCBXı›fi &'()*%S0010524070001+,%liyc@hazq.com 5'OmdiaZF'67EÊÁ“ÿ8Ï9gF'∞A:è;‘01Z>‘”ˇö?@ABECr¤D«é¨põÁE@ABq¶ß—PCBfF›G)¶ß—01HI‡3JK2EfFeLMNúOr3-5PEQPNúOr2-3PqQRó301.SrTUV‘$dF'UVWXdYZ[√\¡]Gfi°-E¶ß—PCBfF^›G_C-`q5'vHamZbcd67EEIZ¶ß—01EEIZfFefEgCZPCBZ˙FEIEgCZ^hghi.˛Qj01ZEIg23u_CZD£q lIJzñ<{|uE%}«JPCB'nZú÷E~<{|u∞ZBMSÅ<ÄÅ|uÉÊÁoGÇ“ZÉÑÖqr<{|uZPCB'nxyq QONãå\`gqr$Ò°-E.˛tJçéèê_ëí\<=fFFy^ÔEk”>EÊÁJ“PCBS4~8˙^ñoE~Oã|u ÛÇì'/>ZHDI^E&'(%ñ4~8˙^Z3/EL3SôOã|uçéZLIDAR˝Ç“ZHDI'(ΩíFî!8EïñáTJ“PCBfn”yZoGTñq lAI??4Nóò<=›fiô‡°- óò<=XıEQjeQöAIg;<õúZùHÿûüú‚„qrEfp†Ô°¢t£D§EeQöAIõúZ•lÔ∆¶ß?Z9pgs⁄\°-Efl®©Dñàß?ZI‡°-E™"´GÓ˙Zàߨ≠¨GqCounterpoint≈ñeQöAIõú⁄y+,Ô@∆2023PZÆu≤Ø`∞”ˇ"2027PZ12.3´±q PCU≤Gefpè≥gs¥óòZÏ9)μ¨.SqAIPCUñté:y∂∑\Zé:AI∏ÅEEπ°>ef∫$Eª£èïºΩE~æKøZ¿¡“ºZ¬øEH√é:ƒ≈F'∆VqIDC΢EAIPCr∞jPC˚¸∞lúZ«ç.»ÔráT…P∞’‘-EÔÿ2027PíÌ85%EQñPC˚¸oºq lÀ±Çà ՌÎÏ%&2024/2025/2026 P0∞œÃ®p©™125.49´8E146.96´8E167.60´8–—“”‘’0∞ñ12.19´8E15.26´8g18.23´ 8 E 0∞ I. ” ˇ30.2%E25.2%E19.4%qgC2024/2025/2026PPE0∞ñ19.89/15.89/13.30/q!"#$÷◊ÿ™Ÿ`q l⁄¤°7 AI›fiE_ÎNE%&bcE_ÎNEPCB¨p‹›fiflEPCB@Aô‡`aQ¢>o !"#$ 1456.7PCB89:;<=>?@AB.................................................................................................................................51.1CDEFGHIJKL=MNOP>?QR7PCBST:;<=UV;WQXYZ..................................................51.2[\]^_'R`=abcdef......................................................................................................................................................71.3MNegDh='iejkl..............................................................................................................................................................101.4PCBmnopqr=stuvwx...................................................................................................................................................102AIy0z{|opkl...................................................................................................................................................................122.1}~ÄÅÇÉÑy0zÖÜáàâä...........................................................................................................................................122.2ãåçéèCAPEXopêëéíìîïñó..............................................................................................................................132.3AIy0zQXòôkl=ö4ÖÜ7{|õú............................................................................................................................132.4ùûü†°¢£§âPCB7k•Öܶß....................................................................................................................................142.5AI®©op¢£™´¨PCB7†°.................................................................................................................................................153à≠ÆØ∞±≠@op≤¨PCB•≥¥†...............................................................................................................................173.1}~ÄØ∞PCBQXopä^......................................................................................................................................................173.2à≠ÆØ∞μPCB7∂¨....................................................................................................................................................................183.3Ø∞7¨@∑±≠@´∏PCB{|7π†...............................................................................................................................184 AI∫9±≠@´¨ªºΩÄPCBæ∏kl..........................................................................................................................214.1}~ĺΩÄQXPCBopêë.............................................................................................................................................214.2øO¿AI¡ü∑AIPC¬æ∏±≠∫9áà7√ƒ≈∆.........................................................................................................225MNST[\∑«»…...............................................................................................................................................................245.1MNST6.UVÀÃÀÕ∑6.ÄMNŒœ.............................................................................................................................245.2MN«»…∑ê–—“.......................