電子設(shè)備、儀器和元件行業(yè)深度報(bào)告海外電子企業(yè)18q3財(cái)季觀察，挑戰(zhàn)與機(jī)遇并存

1、目錄整體：需求趨緩，創(chuàng)新將至...........................................................6細(xì)分：各細(xì)分領(lǐng)域海外公司財(cái)報(bào)跟蹤...................................................7半導(dǎo)體：暫時(shí)性降溫，周期性的弱化..............................................................

2、...7英特爾：堅(jiān)守?cái)?shù)據(jù)革命，加碼投入擴(kuò)產(chǎn)能.........................................................................................................................9英偉達(dá)：礦機(jī)短期波動(dòng)，以GPU框定成長(zhǎng)路徑.......................................................

3、......................................................10德州儀器：短期需求弱化，看重汽車與工業(yè)市場(chǎng)............................................................................................................11臺(tái)積電：先進(jìn)制程紅利疊加龍頭優(yōu)勢(shì)，實(shí)現(xiàn)穩(wěn)健成長(zhǎng)..........

4、...........................................................................................12應(yīng)用材料：業(yè)績(jī)隨半導(dǎo)體景氣變動(dòng)，環(huán)比繼續(xù)向下.........................................................................................................

5、13信越化學(xué)：硅晶圓持續(xù)供不應(yīng)求.....................................................................................................................................14消費(fèi)電子：創(chuàng)新分化，存量競(jìng)爭(zhēng)成本為王...................................................

6、.........16蘋果：iPhone出貨量增長(zhǎng)停滯，收入進(jìn)入上升周期.......................................................................................................17大立光：三季度鎵動(dòng)率回升，高規(guī)格鏡頭鎖定升級(jí)方向.......................................................

7、..........................................18瑞聲科技：產(chǎn)品升級(jí)空檔期，價(jià)格承壓影響業(yè)績(jī)............................................................................................................19小米：智能手機(jī)出貨保持增長(zhǎng)，IOT與互聯(lián)網(wǎng)業(yè)務(wù)利潤(rùn)增厚..................

8、........................................................................20IPG光電：全球光纖激光龍頭遭國(guó)產(chǎn)替代沖擊................................................................................................................21LED：需求放緩下，海

9、外業(yè)績(jī)略減..................................................................22昕諾飛：競(jìng)爭(zhēng)激烈、需求放緩，三季度業(yè)績(jī)承壓............................................................................................................22歐司朗：車燈領(lǐng)導(dǎo)者，業(yè)績(jī)較為平穩(wěn)

10、..............................................................................................................................24Veeco：穩(wěn)抓MOCVD與前段半導(dǎo)體方向，縮小LED占比...............................................................

11、.............................26顯示：三季度乘勢(shì)而上，OLED成助力器............................................................28LGD：三季度扭虧為盈，OLED開始貢獻(xiàn)業(yè)績(jī)......................................................................................

12、..........................30三星電子：OLED三季度起量，迎來波峰期...................................................................................................................31友達(dá)光電：積極調(diào)整，三季度或成全年最優(yōu)季度..................................

13、..........................................................................32群創(chuàng)光電：盈利能力整體削弱，率先布局MiniLED.......................................................................................................33UniversalDispl

14、ay:三季報(bào)低于預(yù)期，不改OLED長(zhǎng)期趨勢(shì)............................................................................................34總結(jié)：挑戰(zhàn)與機(jī)遇并存，持續(xù)看好中國(guó)電子產(chǎn)業(yè)的升級(jí)之路..............................35圖41：IPG歷史業(yè)績(jī)?cè)鲩L(zhǎng)情況（億美元）...........................

15、......................................................................................21圖42：IPG歷史毛利率與凈利率情況..................................................................................................................

16、......21圖43：IPG歷史研發(fā)投入（億美元）........................................................................................................................21圖44：中國(guó)光纖激光器市場(chǎng)品牌市場(chǎng)占有率....................................................

17、..........................................................21圖45：公司營(yíng)收及CSG（百萬歐元，%）................................................................................................................22圖46：公司調(diào)整后EBITA及利潤(rùn)率(百萬歐元，%)

18、...................................................................................................22圖47：公司燈具業(yè)務(wù)的營(yíng)收及可比銷售增速情況（百萬歐元）...............................................................................23圖48：公司燈具業(yè)務(wù)

19、調(diào)整后EBITA及利潤(rùn)率(百萬歐元)...........................................................................................23圖49：公司LED業(yè)務(wù)的營(yíng)收及可比銷售增速情況（百萬歐元）.............................................................................23圖

20、50：公司LED業(yè)務(wù)調(diào)整后EBITA及利潤(rùn)率(百萬歐元)..........................................................................................23圖51：公司專業(yè)照明業(yè)務(wù)的營(yíng)收及可比銷售增速情況（百萬歐元）......................................................................

21、..23圖52：公司專業(yè)照明業(yè)務(wù)調(diào)整后EBITA及利潤(rùn)率(百萬歐元)....................................................................................23圖53：公司家庭照明業(yè)務(wù)的營(yíng)收及可比銷售增速情況（百萬歐元）......................................................................

22、..24圖54：公司家庭照明業(yè)務(wù)調(diào)整后EBITA及利潤(rùn)率(百萬歐元)....................................................................................24圖55：公司營(yíng)收及可比銷售增速情況（百萬歐元）.............................................................................

23、....................24圖56：公司調(diào)整后EBITDA及利潤(rùn)率(百萬歐元，%)................................................................................................24圖57：公司OS業(yè)務(wù)營(yíng)收及可比銷售增速情況（百萬歐元）..............................................

24、.....................................25圖58：公司OS業(yè)務(wù)調(diào)整后EBITDA及利潤(rùn)率(百萬歐元，%)..................................................................................25圖59：公司SP業(yè)務(wù)營(yíng)收及可比銷售增速情況（百萬歐元）.......................................

25、............................................25圖60：公司SP業(yè)務(wù)調(diào)整后EBITDA及利潤(rùn)率(百萬歐元，%)..................................................................................25圖61：公司LSS業(yè)務(wù)營(yíng)收及可比銷售增速情況（百萬歐元）...............................

26、..................................................26圖62：公司LSS業(yè)務(wù)調(diào)整后EBITDA及利潤(rùn)率(百萬歐元，%)................................................................................26圖63：公司業(yè)績(jī)單季度出現(xiàn)同比下滑（百萬美元）...............................

27、....................................................................26圖64：按應(yīng)用領(lǐng)域劃分收入.......................................................................................................................................27

28、圖65：按地理劃分收入..............................................................................................................................................27圖66：按應(yīng)用領(lǐng)域劃分訂單....................................................

29、...................................................................................27圖67：按地理劃分訂單............................................................................................................................

30、..................27圖68：60英寸及以上面板出貨量（百萬片）............................................................................................................28圖69：2018Q3大尺寸LCD面板出貨量市占率.............................................

31、...........................................................28圖70：2018Q3大尺寸LCD面板出貨面積市占率....................................................................................................28圖71：2018年三季度中國(guó)大陸AMOLED手機(jī)面板出貨量與市占

32、率（萬片）..........................................................29圖72：LGD近7個(gè)季度營(yíng)收、營(yíng)業(yè)利潤(rùn)與凈利潤(rùn)（十億韓元）...............................................................................30圖73：LGD近五個(gè)季度出貨量與平均價(jià)格（百萬平方米，美元每平方米）...........

33、...................................................30圖74：LGD近5個(gè)季度產(chǎn)品結(jié)構(gòu)..............................................................................................................................30圖75：三星電子2018Q3各個(gè)業(yè)務(wù)板塊的業(yè)績(jī)

34、情況（萬億韓元）.............................................................................31圖76：三星電子近7個(gè)季度營(yíng)收、營(yíng)業(yè)利潤(rùn)（萬億韓元）........................................................................................31圖77：三星可折疊手機(jī)......

35、........................................................................................................................................31圖78：友達(dá)光電近7個(gè)季度營(yíng)收、營(yíng)業(yè)利潤(rùn)與歸母凈利潤(rùn)（百萬新臺(tái)幣）.................................................

36、.............32圖79：友達(dá)光電面板出貨量（百萬片）.....................................................................................................................32圖80：友達(dá)光電出貨面積與平均價(jià)格（千平方米、美元每平方米）......................................

37、...................................32圖81：友達(dá)光電產(chǎn)品結(jié)構(gòu)情況...................................................................................................................................32圖82：群創(chuàng)光電近7個(gè)季度營(yíng)收、營(yíng)業(yè)利潤(rùn)與歸母凈利潤(rùn)（百萬新臺(tái)幣）...