轻工制造行业2020年中期策略：狂沙吹尽始到金，大宗业务助龙头家居企业突围.pdf

2009 1210 2020 2020 2020 2020 LED LED LED 2009 1.5% 2017 36.7% 2018 LED 70% Euromonitor 2018 10% 12% 31.4% 2019 73 10 12 2019 60% 14 18 1 2 + + EPS PE 2020E 2021E 2022E 2020E 2021E 2022E PB 113.15 4.82 5.59 6.46 23.48 20.24 17.52 5.14 22.51 1.32 1.46 1.62 17.05 15.42 13.9 3.77 47.46 4.49 5.5 6.61 10.57 8.63 7.18 3.92 25.76 1.7 2.08 2.51 15.15 12.38 10.26 2.98 164.35 4.59 5.52 6.66 35.81 29.77 24.68 17.76 9.46 0.88 1.16 1.45 10.75 8.16 6.52 1.71 51.66 1.46 1.87 2.4 35.38 27.63 21.53 11.4 Wind 2020 06 18 010-63214658 guoqinglonghcyjs S0360518100001 010-66500831 chenmeng1hcyjs S0360518110002 010-63215669 gewenxinhcyjs % ( ) 132 3.41 ( ) 9,428.29 1.37 ( ) 6,822.58 1.35 % 1M 6M 12M 6.85 2.57 10.09 3.75 2.28 -0.19 20200525-20200531 2020-05-31 20200601-20200607 2020-06-07 20200608-20200614 2020-06-14 -8% -1% 6% 13% 19/06 19/08 19/10 19/12 20/02 20/04 2019-06-20 2020-06-18 300 2020 06 20