软体家居行业深度报告：软体家居内外兼修格局优化看好龙头扬帆起航.pdf

1/14 Table_main 2021 3 2 S1230520080008 S1230520070002 table_invest Table_relate 1 20H2 2021.02.19 2 IQOS HNB 2021.02.10 3 2021.02.02 4 2021.01.31 5 2021.01.17 table_research 1 2 21 3 21 21 1 20 7/8/9/10/11 +69%/102%/123%/141%/148% 2 20 8-11 11 +42% 12 +27% + 21 2021 7.28 +10.5% 21 1 2013 2019 2.13%4.55% 1.73%4.75% 0.81%2.82% 0.1%0.53% CR4 4.76%12.65% 2 20 21 / 5% 2-3 20 20Q3-20Q4 21 7-8