资源描述
S0790520030002 S0790120080064 2021 6 302021 6 7 2018-2020 31.9 44.5 CAGR 18.21% 2.16 5.36 CAGR 57.53% 2020 15.3% 61.1% 2020 12.05% 12.94% 2018 5.26pct 5.33pct 2010-2019 38.7 83.4 / =6.9 575 CAGR 8.9% 60% 85% 1 + 2 3 +1 2 3 目 录 CONTENTS 4 51.1 2004 1 2004 2005 2010 2012 3 T- 5 2014 3 2015 1 T7 2019 3 T9 2004 2009 7 2013 12 2015 5300 2017 7 TS 2020 3 15 + 2021 5 2004 2004-2007 0769 3D 2008 2015 20211.2 7 2 7 V6 TRECA Sleep Designs 31.3 7 2.47% 20.29% 41.67% 璟 1.64% 1.00% 2.5% 1.50% 2.00% 5.56% 1.08% 20.50% 30.44% 45 20.29% 24.53% 50% 50% 24.53% 4 84.98% 84.98% 2.22% 45 1.69% 2.5% 1.5% 1% 0.51 2 3 目 录 CONTENTS 4 52.1 2018-2020 31.9 38.6 44.5 21.2% 15.3% 0% 5% 10% 15% 20% 25% 0 10 20 30 40 50 2018 2019 2020 -60% -40% -20% 0% 20% 40% 60% 0 5 10 15 20 2.16 3.33 5.36 53.9% 61.1% 0% 10% 20% 30% 40% 50% 60% 70% 0 1 2 3 4 5 6 2018 2019 2020 5 2018-2020 31.9 44.5 CAGR 18.21% 2020 2019 2018-2020 2.16 5.36 CAGR 57.53% 2020 61.1% 2020 43.5% 2020Q2 2020Q3 2020Q4 33.5% 44.5% 18.8% 2020Q4 IP 6 72.2 8 2018-2020 2018 2019 2020 18.4 22.5 24.0 YOY 22.6% 6.4% 7.3 8.9 11.7 YOY 22.0% 32.1% 3.0 3.6 4.3 YOY 22.9% 18.5% 3.0 3.1 4.2 YOY 3.3% 34.4% 58.1% 59.0% 54.2% 23.0% 23.3% 26.5% 9.4% 9.5% 9.8% 9.6% 8.2% 9.5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2019 2020 2018 2019 2020 ( / 2464.8 2419.9 2102.6 YoY -1.8% -13.1% ( 74.5 93.0 114.0 YoY 24.9% 22.5% ( / 3726.5 3951.8 3196.7 YoY 6.0% -19.1% ( 19.5 22.5 36.7 YoY 15.0% 63.3% 2018-2020 2019 22.6% 22.0% 22.9% 2020 32.1% 2018-2020 80% 58.1% 59.0% 54.2% 2020 -13.1% -19.1% 2018- 2020 2020 22.5% 63.3% 9 12.3 2 2018 2019 2020 24.0 75.9% 27.0 12.7% 70.8% 30.5 12.9% 69.0% 3.2 10.2% 4.8 50.5% 12.7% 3.4 -28.8% 7.8% 0.8 2.6% 1.6 103.3% 4.3% 3.9 135.2% 8.7% 3.3 10.5% 4.4 31.5% 11.4% 6.1 39.1% 13.7% 0.3 1.0% 0.3 -4.6% 0.8% 0.3 12.5% 0.7% 2018 2019 2020 - - 0.63 38.3% 2.88 358.3% 74.6% 0.56 69.2% 0.72 43.8% 0.68 -6.1% 17.5% 0.25 30.8% 0.29 17.9% 0.30 3.8% 7.9% 2018-2020 70% 2019 2020 13% 2018-2020 CAGR 35.96% 120.79% 2020 69.0% 13.7% 8.7% 7.8% 0.7% 2019 2020 358.3% 2.88 74.6% 32.4 4 2018 2019 2020 12.5 39.5% 14.4 15.3% 37.7% 16.1 11.8% 36.4% 5.1 16.2% 7.6 47.5% 19.8% 10.0 31.8% 22.5% 3.2 10.1% 3.9 22.9% 10.3% 4.6 17.0% 10.4% 3.3 10.4% 3.8 15.5% 9.9% 4.3 13.2% 9.7% 3.3 10.5% 3.7 11.0% 9.6% 4.2 13.3% 9.4% 1.8 5.5% 2.0 11.5% 5.1% 2.1 8.3% 4.8% 1.6 5.0% 1.9 20.9% 5.0% 2.1 11.3% 4.8% 30.7 97.2% 37.2 21.1% 97.5% 43.3 16.5% 98.1% 0.9 2.9% 1.0 5.5% 2.5% 0.9 -10.7% 1.9% 2018-2020 97-98% 55% 2018-2020 CAGR 39.402.5 10 50% 49.1% 53.5% 49.3% 0% 10% 20% 30% 40% 50% 60% 2018 2019 2020 2018 2019 2020 42.7% 46.4% 45.9% 74.9% 78.3% 75.9% 59.5% 51.8% 32.6% - 37.7% 23.4% - 59.5% 60.6% 60.0% 69.0% 69.0% 61.6% 10.1% 16.2% 7.9% 58.4% 61.2% 59.3% 38.3% 44.1% 42.3% 39.7% 44.6% 38.1% 25.2% 29.6% 19.7% 0% 10% 20% 30% 40% 50% 60% 70% 2018 2019 2020 5 11 2018-2020 50% 2019 2020 49.3% 2020 2020 69.6% 2018-20202.6 12 2020 30.7% 31.3% 24.8% 5.7% 7.8% 6.5% 2.4% 1.9% 2.0% 0.5% 0.4% 0.1% 0% 5% 10% 15% 20% 25% 30% 35% 2018 2019 2020 6.79% 8.62% 12.05% 7.61% 11.02% 12.94% 0% 2% 4% 6% 8% 10% 12% 14% 2018 2019 2020 2020 24.8% 26.41% 2019-2020 2018-2020 2018-2020 2020 12.05% 12.94% 2018 5.26pct 5.33pct 2019 2020 131 2 3 目 录 CONTENTS 4 53.1 CSIL 14 0% 5% 10% 15% 20% 25% 0 20 40 60 80 100 -2% 0% 2% 4% 6% 8% 10% 12% 14% 0 50 100 150 200 250 300 350 307 701 772 0 100 200 300 400 500 600 700 800 900 2010 2018 2019 CSIL 2010-2019 38.7 83.4 1 =6.9 575 8.9% 201 289 4.1% 2010 19.2% 2019 28.9% CSIL 2019 46% 2019 772 10.1% 2010-2019 10.8% 153.2 Wind 16 0% 10% 20% 30% 40% 50% 60% 70% 1949 1955 1961 1967 1973 1979 1985 1991 1997 2003 2009 2015 25% 75% 0% 10% 20% 30% 40% 50% 60% 70% 80% 睡眠质量好 睡眠质量差 90 后人群睡眠质量 85% 60% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% CSIL 60% 85% 1 2010 50.0% 2019 60.6% 1.18pct 2 75% 90 90 17 18 CSIL3.2 Wind CSIL 19 2021 3 , 22.30% 3-5 , 27.80% 5-10 , 32.70% 10-15 , 12.30% 15 , 4.80% , 70% , 30% 2021 49.8% 5 70% 3 20 -10% -5% 0% 5% 10% 15% 20% 25% 2011 2012 2013 2014 2015 2016 2017 2018 20193.2 Wind 21 2021 0 10000 20000 30000 40000 50000 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 : 23% 35% 24.80% 13.40% 2.30% 0.90% 0.60% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2021 8000 3000 3001-5000 5001-8000 23% 35% 24.8% 3000 3000-8000 2013 2019 26467 42359 8.15% 22 80003.3 23 2019 CR5 15.99% Furniture Today , 17.70% , 15.10% , 14.80% , 13.70% Sleep Number, 8.10% , 30.60% , 8% , 4.11% , 1.50% , 1.46% , 0.92% , 84.01% 2019 CR5 15.99% 8% 4.11% Furniture Today 2019 CR5 69.4% 17.7% 13% 1 2 24 2019 CR5 69.43.4 1 2 2 25 26 0% 5% 10% 15% 2018 2019 20201 2 3 目 录 CONTENTS 4 54.1 + 27 IP 3.21 6.18 7.29 8.18 IP 500 2018-2020 2016-2020 105.88 356.92 IP IP 3.21 6.18 7.29 8.18 IP , IP +4.1 + 28 10.9% 11.7% 9.0% 0% 2% 4% 6% 8% 10% 12% 14% 2018 2019 2020 6.6% 6.4% 6.1% 0% 1% 2% 3% 4% 5% 6% 7% 2018 2019 2020 29 2018-2020 5.0% 4.0% 3.8% 10.9% 11.7% 9.0% 2018-2020 6% 2020 13.69 15.34.1 + 6 30 2018 2019 2020 8,827 10,996 24.6% 10,713 -2.6% 8,226 9,820 19.4% 7,273 -25.9% 4,795 6,294 31.3% 8,145 29.4% 3,747 6,002 60.2% 6,365 6.1% 4,039 3,817 -5.5% 1,070 -72.0% 3,549 6,180 74.1% 4,291 -30.6% 1,281 1,419 10.8% 1,749 23.2% 34,465 44,528 29.2% 39,606 -11.1% 2018-2020 45% 2019 20204.1 + 31 32 4191 3800 4502 0 1000 2000 3000 4000 5000 2018 2019 2020 33 LOGO 2018-2020 40004.2 4 36 34 1018 1179 1401 0 200 400 600 800 1000 1200 1400 1600 2018 2019 2020 130 95 85 11 13 12 0 20 40 60 80 100 120 140 160 2018 2019 2020 2020 /2021 2340 4737 3999 3500 2018-2020 2018-2020 1018 1401 35 2340 4737 3999 3500 0 1000 2000 3000 4000 5000 2020 /20214.2 38 2020 37 0% 2% 4% 6% 8% 10% 12% 0 200 400 600 800 1000 1200 1400 2018 2019 2020 1 50-200 B 10 2 4S 2020 10.0% 50-200 B 10 4S4.2 40 39 160 / 0769 3D / 160 V6 360 / 150-200 KA B Shoppingmall 4S / 160 160 160 D 160 V6 150-360 PAULY 130 120 Derucci Home 160 160 / 300-400 450-550 700 800-10004.2 42 41 2015 2020 95% 2018-2020 35.2% 2020 39.1% 6.1 13.7% 2019 2020 135.2% 3.9 74.6% 31.5% 39.1% 10.5% 11.4% 13.7% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2018 2019 20204.3 + 43 3D TRECA PAULY Slumberzone Maison de la Literie Sleep Designs / / / / / / V6 Caliaitalia 1 / 3D 0769 V6 2 / 2021 3 / PAULY TRECA PAULY 4 /4.3 + 44 V6 7 Maurice Barilone Sezgin AKSU Silvia SUARDI AKSU/SUARDI James Boganik Nielsen Matt Arquette Jeremie Barilone V6 Corrado Dotti Armani Casa V6 2007 Maurice Sezgin AKSU James 2021 V64.3 + 9 IPO 8 2018-2020 150334 150334 24780 24780 14879.85 14879.85 189993.9 189993.9 / 2018 2019 2020 75.53 92.75 107.95 71.36 89.51 107.29 94.47% 96.51% 99.39% 20.59 22.87 36.33 19.57 21.91 36.03 95.06% 95.80% 99.17% 4.0 4.0 38 320 4.0 9-15 2018-2020 15 IPO 95 154.3 + 46 45 Agro Muller Bedgear Technogel 3D 3D Muller 3D4.3 + 47 4S 4 3 30 60 1 3 4S 1 21 2 3 目 录 CONTENTS 4 55.1 2020 70% EPS PE 2020/6/29 2020A 2021E 2022E 2020A 2021E 2022E 603816.SH 78.86 1.34 2.55 3.12 58.9 30.9 25.3 01999.HK 18.600 0.49 0.63 0.83 38.0 29.5 22.4 603833.SH 147.22 3.42 4.29 5.28 43.0 34.3 27.9 10 Wind EPS 2020 20215.2 1 2 3612 A 300 500 buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 2017 7 1 R4 C4 C5 C4 C51788 1 10 18 C2 16 2030 1 45 1 B 5
展开阅读全文