压缩机行业品牌企业汉钟精机调研报告
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压缩机行业品牌企业汉wk.baidu.com精机调研报告
1. 公司是国内压缩机领军企业 .................................................................................................................................................................. 5 1.1 股权结构合理完成台湾并购 ........................................................................................................................................................ 5 1.2 空气产品全面覆盖市占率稳居第一 ............................................................................................................................................ 6 1.3 经营有道业绩稳步增长 ................................................................................................................................................................ 8 2. 气动龙头 Atlas 的崛起之路.................................................................................................................................................................10 2.1 半导体真空设备带动集团业绩爆发 ..........................................................................................................................................10 2.2 压缩机业务创新驱动节能先行 ..................................................................................................................................................12 2.3 收购 Edwards 进军半导体真空泵.............................................................................................................................................13 3. 技术革命开启半导体真空泵爆发元年 ................................................................................................................................................17 3.1 3D NAND 需求增长强劲.............................................................................................................................................................18 3.2 新一代 EUV 光刻技术拉动真空泵需求激增 ............................................................................................................................19 3.3 新能源长期胜出奠定崛起基础 ..................................................................................................................................................19 4. 中国是半导体市场最大增长极 ............................................................................................................................................................21 4.1 发展半导体是国家意志 ..............................................................................................................................................................21 4.2 半导体市场出现向国内的明显转移 ..........................................................................................................................................23 4.3 国产半导体设备销售爆发 ..........................................................................................................................................................24 5. 汉钟稳扎稳打市场不断突破 ................................................................................................................................................................26 5.1 螺杆压缩机稳居第一 ..................................................................................................................................................................26 5.2 空压产品收益煤改电全年业绩无忧 ..........................................................................................................................................29 5.3 真空产品后来居上未来已来 ......................................................................................................................................................30 6. 盈利预测及估值.....................................................................................................................................................................................31 6.1 公司增长驱动因素 ......................................................................................................................................................................31 6.2 盈利预测 ......................................................................................................................................................................................31 6.3 投资评级 ......................................................................................................................................................................................32 7. 风险提示.................................................................................................................................................................................................32
1. 公司是国内压缩机领军企业 .................................................................................................................................................................. 5 1.1 股权结构合理完成台湾并购 ........................................................................................................................................................ 5 1.2 空气产品全面覆盖市占率稳居第一 ............................................................................................................................................ 6 1.3 经营有道业绩稳步增长 ................................................................................................................................................................ 8 2. 气动龙头 Atlas 的崛起之路.................................................................................................................................................................10 2.1 半导体真空设备带动集团业绩爆发 ..........................................................................................................................................10 2.2 压缩机业务创新驱动节能先行 ..................................................................................................................................................12 2.3 收购 Edwards 进军半导体真空泵.............................................................................................................................................13 3. 技术革命开启半导体真空泵爆发元年 ................................................................................................................................................17 3.1 3D NAND 需求增长强劲.............................................................................................................................................................18 3.2 新一代 EUV 光刻技术拉动真空泵需求激增 ............................................................................................................................19 3.3 新能源长期胜出奠定崛起基础 ..................................................................................................................................................19 4. 中国是半导体市场最大增长极 ............................................................................................................................................................21 4.1 发展半导体是国家意志 ..............................................................................................................................................................21 4.2 半导体市场出现向国内的明显转移 ..........................................................................................................................................23 4.3 国产半导体设备销售爆发 ..........................................................................................................................................................24 5. 汉钟稳扎稳打市场不断突破 ................................................................................................................................................................26 5.1 螺杆压缩机稳居第一 ..................................................................................................................................................................26 5.2 空压产品收益煤改电全年业绩无忧 ..........................................................................................................................................29 5.3 真空产品后来居上未来已来 ......................................................................................................................................................30 6. 盈利预测及估值.....................................................................................................................................................................................31 6.1 公司增长驱动因素 ......................................................................................................................................................................31 6.2 盈利预测 ......................................................................................................................................................................................31 6.3 投资评级 ......................................................................................................................................................................................32 7. 风险提示.................................................................................................................................................................................................32