[Table_MainInfo] [Table_Title]

/

IDM

[Table_Summary]

2017 27.42

1.69 15.4% 76.8%

0.99 326%

2017

14.03%

16.79% LED IPM MCU

MEMS

MOS IGBT PIM

12 5G 2017

220 12

IDM

Infineon 2017

2018

IDM

IDM

18/19/20 2.71 4.09 6.21

76/50/33

2016A 2017A 2018E 2019E 2020E

2,375 2,742 3,770 4,902 6,370

(+/-)% 23.29% 15.44% 37.50% 30.03% 29.95%

96 169 271 409 621

(+/-)% 140.47% 76.75% 59.84% 50.92% 51.88%

0.08 0.14 0.20 0.30 0.45

196.13 110.97 76.05 50.39 33.18

6.08 5.92 5.63 5.08 4.43

(%) 3.86% 6.46% 8.68% 11.58% 14.96%

(%) 0.27% 0.27% 0.00% 0.00% 0.00%

( ) 1,247 1,247 1,301 1,301 1,301

[Table_Invest]

[Table_Market] 2018/1/2

6 22.0

15.93

12 5.56 15.98

19,867

1,247

A 1,247

B /H 0/0

157

[Table_PicQuote]

-11%

21%

53%

85%

117%

2017/1 2017/4 2017/7 2017/10

[Table_Trend] % 1M 3M 12M

18% 53% 157%

16% 46% 134%

[Table_Report]

2017-12-18

002156

2017-08-28

[Table_Author]

S0550515110003

15912585901 wangjw@nesc.cn

S0550117100031

0755-33975863 xuliang@nesc.cn

600460 /

2018-04-01

2 / 4

[Table_PageTop]

[Table_Forcast] 2017A 2018E 2019E 2020E 2017A 2018E 2019E 2020E

672 1,277 554 555 103 260 391 595

0 0 0 0 40 0 0 0

721 826 940 1,222 263 336 411 488

795 964 1,289 1,659 2 0 0 0

198 198 198 198 78 60 66 54

2,731 3,733 3,594 4,426 -13 -14 -14 -14

17 17 17 17 -117 -288 -272 -449

124 124 124 124 18 0 0 0

2,028 2,530 3,088 3,628 352 328 565 654

112 97 82 69 -729 -598 -636 -624

1 1 1 1 544 875 -651 -30

3,524 3,825 4,081 4,250 -781 -289 -94 12

6,254 7,558 7,675 8,676

858 174 1,153 1,177 2017A 2018E 2019E 2020E

559 594 772 1,004

7 9 12 16 0.14 0.20 0.30 0.45

449 449 449 449 2.55 2.68 2.97 3.40

2,358 3,452 3,177 3,584 0.28 0.24 0.41 0.48

110 110 110 110

335 335 335 335 15.44% 37.50% 30.03% 29.95%

720 445 445 445 76.75% 59.84% 50.92% 51.88%

3,078 3,898 3,623 4,029

2,626 3,121 3,530 4,151 26.70% 28.99% 29.01% 29.01%

551 540 522 496 6.18% 7.19% 8.34% 9.75%

6,254 7,558 7,675 8,676

88.87 80.00 70.00 70.00

2017A 2018E 2019E 2020E 128.44 131.32 135.17 133.89

2,742 3,770 4,902 6,370

2,010 2,677 3,480 4,522 49.21% 51.57% 47.20% 46.44%

33 38 53 67 1.16 1.08 1.13 1.23

40 0 0 0 0.82 0.80 0.73 0.77

89 124 162 191

462 632 745 917 3.24% 3.30% 3.30% 3.00%

78 56 59 51

16.85% 16.76% 15.19% 14.40%

-2 0 0 0 2.85% 1.49% 1.21% 0.80%

13 14 14 14

119 257 417 635

0 25 17 20 0.27% 0.00% 0.00% 0.00%

119 282 434 655

16 22 42 60 P/E 110.97 76.05 50.39 33.18

103 260 391 391 P/B 5.92 5.63 5.08 4.43

169 271 409 621 P/S 6.86 5.46 4.20 3.23

-67 -11 -17 -26 6.46% 8.68% 11.58% 14.96%

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[Table_PageTop]

“ ”

R3 A B

AA ABS

“ ”

6 15%

6 5% 15%

6 -5% 5%

6 5% 15%

6 15%

6

6

6

4 / 4

[Table_PageTop]