1、 / DASSAN2017 IDC2019Q4 79.0-0.1% 2020287-5.5% 201940 20202024 63201958.6%2020 40% 2018 IT40% 5000 2017 16.33%5.13% 9% NetStor NCS10000ACS10000A 2020-20222.002.71 3.37EPS0.42/0.56/0.70PE 29/21/17 2018A 2019A 2020E 2021E 2022E 377 345 861 1,137 1,387 (+/-)% -0.56% -8.48% 149.36% 31.96% 22.01% 20 11 2
2、00 271 337 (+/-)% -60.22% -44.50% 1683.46% 35.27% 24.38% 0.04 0.02 0.42 0.56 0.70 176.34 523.40 28.80 21.29 17.12 4.37 5.02 3.82 3.47 3.12 (%) 2.48% 0.96% 13.25% 16.30% 18.23% (%) 0.17% 0.08% 1.56% 2.08% 2.60% () 421 456 480 480 480 2020/6/29 6 14.59 12.01 12 8.1016.13 5,763 480 A 480 B/H 0/0 10 -24
3、% -11% 2% 15% 28% 41% 2019/72019/102020/12020/4 % 1M 3M 12M 10% 3% 11% 2% -12% 3% 20200316 0771 20200310 IT 2020 20191203 S0550519100001 13810884820 S0550119110012 18811346899 S0550119110002 15652991086 300302 2020-06-30 2 / 36 1. 5 2. 6 2.1. . 6 2.2. . 9 2.3. 10 3. . 13 3.1. . 13 3.2.2024324. 15 3.
4、3. 18 4. . 20 4.1. . 20 4.2.“+” . 24 4.2.1.SSD . 24 4.2.2. 27 4.3. 30 5. 31 5.1.2020-20222.00/2.71/3.37. 31 5.2.14.59/“” . 32 6. . 33 3 / 36 1 . 7 22020331 . 8 32020331 . 9 4 . 9 5 .11 62019.11 7 .11 8 . 12 9 . 12 10. 12 11 . 13 122019 . 13 13. 13 14. 14 15 . 15 16 . 16 172019Q1 . 16 18. 16 19. 16 2
5、0. 17 212019Q4 . 17 22 . 18 232019 . 19 242019 . 19 252019H1 . 19 262019H1 . 19 27 . 20 28. 20 29 . 20 30ACS10000A . 21 31ACS 5000F . 21 32 . 22 33. 24 34. 25 352016-2023E. 26 362016-2023E. 26 372016-2018Q3. 26 382016-2018Q3 . 26 392016-2023E . 27 402016-2023E. 27 41 . 28 4 / 36 42 . 28 43. 30 44 .
6、30 45. 31 1 . 8 2 . 10 3 . 10 4DRAMNAND FlashNOR Flash. 14 5 . 22 6 . 23 7 . 24 8 . 29 9 . 31 10 . 32 112020/6/24. 32 5 / 36 1. DASSAN2017“ ”2018 ACS5000AACS10000A ACS5000F 2024324IDC 2019Q479.00.1% 27.6 7.832.38.4% 20205.5287 2020 Q12020 Q27.312.42020 20212024324 2019-2024CAGR1.3 IDC2019 40 2020202