【公司研究】中航高科-航空复合材料核心企业新材料业务进入快速成长期-2020200630[34页].pdf

1、 / + 2019 201915.95 YOY+12.6%173.7 C919 CR929RFPC919CR929 1000 2020-202229.14/39.24/51.45 3.93/5.36/6.89EPS0.28/0.39/0.49 PE60/44/34 2018A 2019A 2020E 2021E 2022E 2,653 2,473 2,914 3,924 5,145 (+/-)% -12.86% -6.76% 17.80% 34.67% 31.12% 304 552 393 536 689 (+/-)% 263.85% 81.41% -28.81% 36.61% 28.47%

2、0.22 0.40 0.28 0.39 0.49 25.66 27.83 58.71 42.98 33.45 2.06 3.67 5.38 4.78 4.18 (%) 8.01% 13.19% 9.16% 11.12% 12.50% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 1,680 1,680 1,393 1,393 1,393 2020/6/29 6 19.32 16.55 12 8.3718.37 23,055 1,393 A 1,393 B/H 0/0 13 -10% 11% 32% 53% 74% 2019/72019/102020/12020/4

3、% 1M 3M 12M 4% 29% 86% -3% 19% 79% 600862 -20200317 688066 -20200618 S0550518080002 010-63210892 S0550118120003 18801026093 600862 2020-06-30 2 / 34 1. . 5 1.1. 5 1.2.+ . 7 1.3. . 10 2. . 11 2.1. . 11 2.2. . 14 2.3. . 18 3. . 21 3.1. . 21 3.1.1. . 21 3.1.2. . 24 3.2. 26 3.2.1.50%. 26 3.2.2. 28 4. .

4、30 4.1. . 30 4.2. 30 5. . 31 1 . 5 2 . 6 3 . 7 4 . 7 5 . 8 6 . 8 7 . 8 8 . 8 9 . 9 10 . 9 112015-2019 . 9 122015-2019 . 9 132015-2019. 10 142015-2019 . 10 3 / 34 152018 . 12 16. 12 17. 12 182019 . 14 19. 14 20 . 14 212019 . 14 22 . 15 232019 . 16 24. 16 25. 16 26. 17 27 . 17 28 . 18 292019 . 19 3020

5、19 . 19 312019. 19 322019. 20 332019 . 20 342019 . 20 35 . 23 36 . 23 37 . 24 38. 25 39 . 25 40-11B . 25 41-10. 25 42T800 . 26 43T800. 26 44. 26 45A380 . 26 46B-787. 28 47A-350 . 28 48C919 . 29 49CR929 . 30 50CR929 . 30 12019 . 6 2 .11 3 .11 4 . 13 5 . 15 6 . 17 7/ . 21 8F-22. 22 4 / 34 9 . 22 10. 2

6、4 11 . 26 12. 27 1320 . 28 14. 31 5 / 34 1. 1.1. 1956 198819945 20002006 20072015 5 2016 2019100% 6 / 34 42.86% 6 12019 2 303637 7 / 34 100%40% 20191795223 1.2. + 201912 100%10.05 8 / 34 2015 C/C 2019 81%77% Wind Wind 2015 2016 201641%201981% 51%12% 15%201932.8% 10%22.8% 9 / 34 Wind Wind 201510.8920