建筑装饰行业深度：顺政策周期看好建筑板块估值修复.pdf

| 2020 03 01 LPR 1 2 3 4 PPP 5 2020 2 4 PE/PB 8.38/0.88 2014 6 PE 300 PE 0.76 0.73 PB 300 PB 0.67 0.63 PE4.9X PB0.94X PE5.7X PB0.74X PE5.6X PB0.80X PE6.1X PB0.74X PE5.3X PB1.04X PE10.1X PB1.12X PE9X PE10X PE9X PE10X PE13X PPP PE12X PE10X S0680518010001 xiatiangszq S0680518010003 chenglonggegszq 1 2020-02-23 2 2020-02-16 3 2020-02-13 EPS P E 2018A 2019E 2020E 2021E 2018A 2019E 2020E 2021E 601668 0.91 1.00 1.11 1.20 5.90 5.37 4.85 4.48 601186 1.32 1.50 1.69 1.86 7.20 6.33 5.62 5.11 601390 - 0.75 0.80 0.89 1.00 7.30 6.80 6.10 5.50 601800 1.22 1.41 1.50 1.64 7.16 6.19 5.72 5.32 002541 0.79 1.03 1.19 1.45 15.09 11.57 10.02 8.22 -32% -16% 0% 16% 2019-03 2019-06 2019-10 2020-02 300 2020 03 01 P.2 1. .3 1.1. .3 1.2. .4 2. .5 2.1. .5 2.1.1. .6 2.1.2. .7 2.1.3. .8 2.1.4. PPP .8 2.1.5. . 10 2.1.6. . 10 2.2. . 11 3. . 12 3.1. . 12 3.2. . 14 3.3. . 15 4. . 16 5. . 17 1 .4 2 .5 3 .6 4 .6 5 .7 6 2020 2019 .8 7 PPP .9 8 2014-2019 PPP .9 9 2019 . 11 10 2019 . 11 11 . 12 12 PE . 12 13 PB . 13 14 300PE . 13 15 300PB . 14 16 . 14 17 . 15 18 . 15 19 . 16 2020 03 01 P.3 1. 1.1. 1 25 2 3 12 21 2 12 2 16 2 21 3 2 21 2.12 2 3 2 12 2 21 2020 03 01 P.4 1 2 3 2 12 2 21 1 6 3 3 6 1.2. LPR 2020 8480 5580 2900 2020 03 01 P.5 2 / / 2020-1-1 8000 2020-2-8 20