重温波司登竞争优势和护城河：对市场关心的三个问题的思考.pdf

03998.HK 1 10 2 1 2 2016 3 2 2017 1 2 3 1 1,500-5,000 2 = FY21-23 0.14 0.18 0.23 FY22 21 PE 4.5 3.8 Table_BaseInfo ( ) 2020 11 30 3.4 4.5 52 / 3.8/1.6 / H 1,076,934 H 36,616 / 2020 12 01 1 1 3 12 0.3 -7.5 42.7 -13.7 -1.4 -17.1 37.5 -13.2 1.8 9.6 5.2 -0.5 WIND 021-63325888*6076 shihongmeiorientsec S0860511010001 021-63325888*7507 zhaoyuefengorientsec S0860513060001 BPU173 021-63325888*6107 zhuyan3orientsec -80% -60% -40% -20% 0% 20% 1-Jan 13-Jan 25-Jan 6-Feb 18-Feb 1-Mar 13-Mar 25-Mar 6-Apr 18-Apr 30-Apr 12-May 24-May 5-Jun 17-Jun 29-Jun 11-Jul 23-Jul 4-Aug 16-Aug 28-Aug FY 19 A FY 20 A FY 2 1 E FY 22 E FY 2 3 E 10,383 12,191 13,703 16,281 19,064 16. 9 % 17. 4 % 12. 4 % 18. 8 % 17. 1 % 1,371 1,599 2,003 2,613 3,231 48. 4 % 16. 6 % 25. 3 % 30. 4 % 23. 6 % 981 1,203 1,504 1,962 2,426 59. 4 % 22. 6 % 25. 0 % 30. 5 % 23. 6 % 0.09 0.11 0.14 0.18 0.23 53.1% 55.0% 57.4% 58.3% 58.8% 9.5% 9.9% 11.0% 12.1% 12.7% 9.9% 11.7% 14.3% 18.2% 21.8% 29.9 24.4 19.5 15.0 12.1 3.5 3.4 3.3 3.2 3.1 2020-11-27 + 2020-10-27 2020-07-30