【公司研究】韵达股份-强者恒强成本及规模优势助力公司继续成长-20200224[25页].pdf

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2、29 1.58 2.02 64.13 25.00 25.40 20.77 16.27 19.56 5.89 5.21 3.98 3.19 (%) 30.50% 23.54% 20.51% 19.14% 19.64% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 1,217 1,713 2,226 2,226 2,226 2020/2/21 6 37.89 32.79 12 26.6941.17 73,000 2,226 A 2,226 B/H 0/0 13 -4% 6% 16% 26% 36% 46% 2019/22019/52019/82019/11 % 1M 3

3、M 12M 1% 1% 25% 1% -5% 5% 002120.SZ 20191031 002120 20190919 002120 20190831 002120 20190430 S0550515110002 (021)20363212 S0550119100015 (021)20361258 002120 / 2020-02-24 2 / 25 1. . 5 1.1.5 1.2.7 2. . 8 2.1.9 2.2.12 2.3.14 3. . 16 3.1.16 3.2.17 3.3.18 3.3.1. . 18 3.3.2. . 20 3.3.3. 21 3 / 25 1% . 5

4、 2% . 6 3% . 6 4%. 6 5% . 8 6. 8 72018%. 9 8 . 9 9 . 10 10CR8. 10 112008-2019 . 11 12CR8. 11 13. 11 14% . 12 15% . 12 162019% . 12 172017% . 12 1819H1 . 13 1920191-11. 13 20% . 13 21% . 13 22. 13 23 . 13 24% . 14 25 . 14 26 . 14 272019Q3. 15 282019H1 . 16 29 . 16 30. 17 4 / 25 31. 18 32 . 18 332013.

5、 18 342013 . 18 35 . 19 362018 . 19 37. 20 38+. 20 39 . 20 40 . 20 41 . 20 422019H1 . 21 4319H1. 21 44 . 22 45 . 22 46% . 22 47% . 22 48% . 22 120201-2 . 5 2% . 7 3 . 7 4 . 7 5. 8 6 . 8 7. 10 8 . 15 9 . 17 10A . 19 112018. 21 5 / 25 1. 1.1. 28 2 42 2171.126 80004200 1-2 418.75% 20201-124131 2202012

6、1-2 1% 115%240% 1.2. 763.729 -22032212 64.202020%2019 115%240% 120201-2 2019 20 % % 1 45.23 29.4 1.54 20.90 32.15 -28.91% 38.58 -14.69% 2 27.60 22.7 1.22 8.50 13.34 -51.67% 16.00 -42.00% 6 / 25 20% 2 350%2017 -20192.4pct3.4pct 2.3pct201920.7% 2020 20205%20193pct 3pct 20.18% 20% 2% 3% 4% 7 / 25 2% 2p