【公司研究】天奈科技-碳管加速渗透龙头优势明显-20200610[47页].pdf

1、 / 1) CNT , 47 CNT 2) CNT 3) CNT 2020-2022 257/332/420 GWh2022CNT10 4020192.83 4) CNTCNT 30% CNT ATLCATL CNT SABICCNT 40 CNT33 2020-20224.97.09.91.3 1.62.3EPS0.540.700.98PE775942 2018A 2019A 2020E 2021E 2022E 328 386 494 699 988 (+/-)% 6.38% 17.96% 27.92% 41.31% 41.50% 68 110 125 163 227 (+/-)% 556.

2、66% 62.89% 13.39% 30.46% 39.52% 0.29 0.47 0.54 0.70 0.98 0.00 68.13 77.25 59.21 42.44 0.00 4.74 5.65 5.16 4.60 (%) 10.60% 6.96% 7.32% 8.71% 10.84% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 174 232 232 232 232 2020/6/5 6 50 41.59 12 24.1464.90 9,643 232 A 232 B/H 0/0 4 -53% -39% -25% -11% 3% 2019/62019/92

3、019/122020/3 % 1M 3M 12M 4% -17% 0% 2% -12% -11% 2020-03-12 2020-02-29 2020-01-08 S0550516050002 021-20361230 S0550119070009 021-20361241 688116 2020-06-10 2 / 47 1.CNT . 5 1.1. 5 1.2. 5 1.3. 7 2.CNT. 7 2.1.(CNT) . 7 2.2.CNT . 8 2.3.CNT . 9 2.4.CNT. 10 2.4.1. . 10 2.4.2. . 11 2.4.3.CNT . 12 3.CNT .

4、14 3.1. . 14 3.2. 19 3.3.CNT . 23 4. . 26 4.1. . 26 4.2. . 29 4.3. 33 4.4. 38 4.4.1. . 38 4.4.2.40%+ . 42 5. . 43 5.1. . 43 5.2. . 44 3 / 47 1 . 5 2 . 6 33C . 6 4 . 8 5 . 8 6 . 10 7 .11 8 . 12 9 . 13 10. 15 11 . 16 12kwh. 17 13GWh . 18 14 . 18 15mAh. 19 165G . 20 17GWh . 20 184G . 22 19. 22 20 . 23

5、213C . 24 22 . 25 23. 25 242018CNT . 27 25. 27 26CNT . 28 27 . 29 28 . 31 29 . 32 30. 32 31. 33 32 . 34 33CNT . 35 34CATL . 35 35CNTCATL . 36 36ATL . 37 37 . 38 38/. 39 392019H1 . 39 40NMP/ . 40 41 . 41 4 / 47 42. 41 43. 42 44. 43 1CNT. 9 2 .11 3 . 12 4 . 13 5 . 15 6 . 16 7 . 21 8 . 30 9CNT . 30 10C

6、NT . 33 11CNT . 34 12CATLCNT . 36 13 . 44 5 / 47 1. CNT 1) CNT, 47 2) CNT 70%3C 25% 3) 1.1. 2011 A TLCA TL CNT, 47 SABIC 1.2. CNT 20193.7313.7% 2.7412.5%73.6%3C 0.9427.6%25.4% 3C99% 3C 1 Wind 6 / 47 70%20192.74 12.5%2017225% 20182019 20197160 20% 2 Wind 3C25%20193C0.94 27.6%20173C 20183C 30%2019 3C2