联美控股-砥砺前行现金为王-20200725[56页].pdf

《联美控股-砥砺前行现金为王-20200725[56页].pdf》由会员分享，可在线阅读，更多相关《联美控股-砥砺前行现金为王-20200725[56页].pdf（56页珍藏版）》请在三个皮匠报告上搜索。

1、桿600167 2020725 S1220520060002 1ROE 2015-2019 11.23/11.33/14.382019ROE23%2020Q1 38.3 2滮 滮201720212021198.565% 2620213,35520196,5808,475 滮1.5滮 3 200820182.9911CAGR46.17%2018 20.5417.24%201015.42滮 20253.819.232025 73.07 4 20203乫 20202021202218.48/21.31/24.63PE17/15/13, 衰 rQqPrRoRqPoMxPoRtPqPoNbRaO9PmO

2、nNoMpPfQrRoRjMoMsNaQpPyRwMsRmOwMmPrO 4 飺A+ ROE 棬16 25 + 裬35 塢40 46 53 2005 20196,5808,475滮 1.5 2018723100% + 飺A 1999128 600167 20205 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 201668 100% 2017512 38.7 豸 2018117

3、 23 100% 202043 66% 0 5 10 15 20 25 30 35 200111 100% 2005412 5,510 29% 2008226 46.97% 1 棬 2 棬2020515 53.10% 档 70.14% 棬 197120032005 20162017 2004 20045200611 20049 2003 2003 2005 2005 2015 2015 2016 2016 2015 2017 2017 3 Wind + 2016 100% 24500 80% CAGR45.50%CAGR73.26% 2015-20197.5833.96CAGR45.50%1.

4、7715.92 CAGR73.26% 2015-201760%2018 2018-201955% 42015-2019 52015-2019 0% 10% 20% 30% 40% 50% 60% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2015 2016 2017 2018 2019 (%) (%) Wind Wind 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2015 2016 2017 2018 2019 輰 輰漰 100% 2017-201980.23%/87.49%/88.33

5、% 78.88%/82.31%/77.35% 76 Wind Wind , 39.49% , 98.81% , 66.28% , 88.33% , 11.16% , 54.62% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2015 2016 2017 2018 2019 54.31% 61.61% 41.05% 55.41% 41.14% 37.69% 11.75% 27.68% 48.85% 0% 10% 20% 30% 40% 50% 60% 70% 2015-20192017/2018/2019 11.23/11.33/14.38 2015-

6、2019232%153% 2017-2019 9%8 Wind Wind -2,000 -1,500 -1,000 -500 0 500 1,000 1,500 2015 2016 2017 2018 2019 -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 2015 2016 2017 2018 2019 2015-2019201563.86%2019 35.45%28.41pct 2015-2019 2.013.220.500.550.851.13 10% Wind Wind 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00