建筑材料行业深度报告：地产投资和“旧改”双驱动，涂料行业加速整合.pdf

Table_MainInfo Table_Title / Table_Summary 80%201957%2019 2438.8 96%-103%CR819.30%201616 402020 1172020866 2022 1000 19% Table_CompanyFinance EPS PE 2019A 2020E 2021E 2019A 2020E 2021E 121.67 2.18 3.03 4.15 56 40 29 40.26 1.39 1.71 2.26 29 24 18 18.76 0.60 0.91 1.19 31 21 16 39.10 0.79 1.32 2.18 49 30 18 Table_Invest Table_PicQuote - 9%- 1%7%15%23%31%2019/6 2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2020/1 2020/2 2020/3 2020/4 2020/5Table_Trend % 1M 3M 12M 0.36% 6.18% 27.04% -6.91% -6.10% 20.05% Table_IndustryMarket 67 9240 7086 10.11 1.84 6021 701 % 49.09 Table_Report 000877-20200616 002271-20200527 300737 2019-20200426 300715-20200423 S0550519100002 0 0 0 0 S0550519100002 075533685875 wangxiaoynesc 2020-06-24 2 / 35Table_PageTop 1. .31.1. . 31.2. . 51.2.1. . 51.2.2. . 61.2.3. . 61.2.4. . 61.2.5. . 61.3. . 71.4. . 81.4.1. . 91.4.2. . 102. . 112.1. . 112.2. . 132.3. . 193. .223.1. B . 223.2. . 243.3. . 253.3.1. . 263.4. . 273.4.1. . 273.4.2. . 294. .304.1. 603737.SH “ ”. 314.2. 002271.SZ “ ” . 314.3. 300737.SZ “ ” . 324.4. 300715.SZ “ ” . 325. .333 / 35Table_PageTop 1. 18671.1. 80GB2705-19811 2003GB/T2705-20034 / 35Table_PageTop 1 ; ; EVA PVC( ) PVC . VOC60%-70%20%-30% 5 / 35Table_PageTop 2 V.S. VOC 20%-30% 60%-70% 2 1.2. 1.2.1. 6 / 35Table_PageTop 1.2.2. , , , , 1.2.3. PVC 3 PVC PVC 1.2.4. 80 30 t a1.2.5. , 15% 7 / 35Table_PageTop 4 CPC 1.3. 3 8 / 35Table_PageTop 4 1.4. 80%5 6 2019 90.6%91.55% 9 / 35Table_PageTop 7 / 8 / 1.4.1. 9 2013-2018 10 2013-2018 Wind Wind 2013 -2018 2018 7564 2018 28.245.63% 24.05 38.92%7.25 11.73% 201895.58% 201835.44 4.22%10 / 35Table_PageTop 1.4.2. , , , , 2019 325 2018 3402.95% 229.28 77.61% 50.7617.18% 15.39 5.21%86.88% 6.91% 2015 -20192019 2019 100.310.5% 11 2009-2019 12 2015-2020 Wind Wind 2017201720182017 13 2016-2019 / Wind