资源描述
S0850511040005 S0850517050001 2023 2 9 2 180 5000 8000 2020 22 4 25 22 12 26 23 1 8 5 1 12 492 150 30%2022 11 215.9 1463 90%8/25/19 100%/100%/140%3%/12%/12%1700/2600/2600 25/86/37/29 3 25/6375/9750/9750 3%/12%/12%25/324/140/110/5 50%/25 15/55 1 18 25 35 XVFUyRtOsRqRrPsRrMqPpO6MaOaQpNnNsQtQfQmMtRfQqQxOaQqRrRMYnPnNNZtRpR 1.2.+90%3.4.5.3 2023 1 8(i)(ii)180 5000 8000 2019 10 342 1.1 4 20.3 26.1 34.2 0.1 0.3 0.3 8.0 10.1 13.5 1.5 1.6 2.1 01020304050602017 2018 2019 1988 1999 5 8000 2020 2 2022 1 4 12 2022 2035 1.1 5 1998 1999 5 2020 2005 2000()2021 2022 1 4 2022 12 2022 2035 18/Tax Free 2014 4 5%8%2019 10 10%2022 9 5.22 4%-27%Global Blue 40 Global Blue Statista 1.1 6 VAT VAT VAT 20%100.01 24%40 21%40 21%125.01 19%50.01 17%74 25%740HRK 24%50 21%50 19%50 27%74.001 23%200 21%2001 23%75 23%61.5 25%300.01 22%154.95 20%38.01 21%44 21 2020 6 10 10 8 10 3 1 dutyzero Facebook Wind 1.2 7 2019 5 1 CBD 355 2019 5 1 331 2019 5 26 500 2019 5 30 6 17 513 2019 8 23 12-2 S2 874 2022 4 23 137-139 2019 8 20 18-20 1000 2022 10 1 38 D 2022 9 30 10 1 2 2021 12 31 7500 12 1.2 8 2016 8 8 889 889 1-2 3300 2020 12 23 19 1800 2021 2 3 234 1 1000 2020 6 18 1F-2F 2000 2019 9 16 1-2 2000 2018 9 26 168 2000 2021 3 19 1400 2019 9 1802 2020 8 28 1766 1-2F 1872 2011 11 12-1200-50 1979 12 1 KDFA The Moodie Davitt Report 2.1+9 60-70 1964 11 1967 80-90 1979 7 500 1979 12 1980 1 1985 500 1000 1995 2000 1997 12 2000 400 00-10 2000 2001 2000 2006 2 2000 3000 10 2010 No.1 2010 AK 2012 Paradise 2012()2013 9 2013 10 5 2014 400 600 2015 4 3 1 2016 4 2016 5 10 2019 6 2022 5000 800 2.1+10 30 912 45min 249 1h5min IPARK 23 55 IPARK MALL37 55min 77 812 45min 517 8-10 1h16min 9-12 1 STAR AVENUE 492 T1 T2 150 T1 T2 300/2.1+11 9 T1 2019 85%2019 85%2015 1.3 70.3 2018 1.9 102.8 2015 4.9 265.1 2018 13.5 730.3 88%2019 2002 2843 1750 2871 The Moodie Davitt Report Wind 2.1+12%60 65 67 72 77 81 85 40 35 33 28 23 19 15 01020304050607080901002013 2014 2015 2016 2017 2018 2019&8 10 12 12 16 16 21 15 18 20 3 1 15 16 17 17 19 25 28 31 30 28 7 6 01020304050602010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 30%30%2022 11 215.9 1463 1=6.9622 wind KDFA the Moodie Davitt Report 2.2 13 2010-2019 2022 10 11/37.9%40.1%38.0%35.8%35.8%39.5%38.7%36.1%32.3%30.7%0%5%10%15%20%25%30%35%40%45%2010 2011 2012 2013 2014 2015 2016 2017 2018 2019214.6 116.1 82.9 215.9 115.8 80.3 050100150200250 2022/10 2022/11 42.8%10M22 25.1 4.1 10.1/5M19 42.8%7%32.6%10M22 5M19 5M19 5M19 wind KDFA 2.2 14 5M19%2022 10 42.8 7.0 32.6 051015202530354045-10.1 25.1 4.1 47.6 2010-19 CAGR 29%2010 12%2019 70%2018 88%2016-18 440 562 813 84%85%88%2016-18 1=169 167 166 the Moodie Davitt Report Wind 2.3 90%15 4.9 7.4 9.4 13.5 1.3 1.5 1.7 1.9 0246810121416182015 2016 2017 2018 143 173 187 195 224 187 209 172 231 255 17 24 32 39 55 54 76 94 136 178 0501001502002503002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 8 5M19 8 60%60%2019 5 the Moodie Davitt Report Wind 2.3 90%16 2010-2019 52.3%56.7%60.6%57.4%62.4%68.3%67.3%63.7%66.7%64.3%0%10%20%30%40%50%60%70%80%2010 2011 2012 2013 2014 2015 2016 2017 2018 20191370.2 166.9 88.9 02004006008001000120014001600 22 12 26 2019 1.69 23-25 30%2019 30.7%10%2%2017-19 1840 2200 1500 25 86.3 23 24 25 19 50%80%100%23 2%23 1500 2018 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 162.0 169.2 34.8 37.1 54.8 84.6 135.4 169.2 176.7 184.6 192.8 201.4 210.4 219.8 yoy(%)4.5-79.4 6.6 47.6 54.4 60.0 25.0 4.5 4.5 4.5 4.5 4.5 4.5 19%50.0 80.0 100.0 104.5 109.1 114.0 119.0 124.3 129.9%2.0 2.5 3 3.5 4 4.5 5 5.5 6 1500 1600 1700 1800 1900 2000 2100 2200 2300 25.4 54.1 86.3 111.4 140.3 173.6 211.5 254.6 303.3 2019-2020 2 2022 1Q22+1Q22 2-3Q22 4 3 Wind 17 3.1/25 86/324 3 10 3+3 6375 3%25 323.6 1.5%2.0%2.5%3.0%3.5%4.0%4.5%1445 36.7 48.9 61.1 73.4 85.6 97.8 110.0 1530 38.8 51.8 64.7 77.7 90.6 103.6 116.5 1615 41.0 54.7 68.3 82.0 95.6 109.3 123.0 1700 43.1 57.5 71.9 86.3 100.7 115.1 129.4 1785 45.3 60.4 75.5 90.6 105.7 120.8 135.9 1870 47.5 63.3 79.1 94.9 110.7 126.6 142.4 1955 49.6 66.2 82.7 99.2 115.8 132.3 148.9 2025 1.5%2.0%2.5%3.0%3.5%4.0%4.5%5419 137.5 183.4 229.2 275.1 320.9 366.8 412.6 5738 145.6 194.2 242.7 291.3 339.8 388.3 436.9 6056 153.7 205.0 256.2 307.4 358.7 409.9 461.2 6375 161.8 215.7 269.7 323.6 377.5 431.5 485.4 6694 169.9 226.5 283.2 339.8 396.4 453.1 509.7 7013 178.0 237.3 296.6 356.0 415.3 474.6 534.0 7331 186.1 248.1 310.1 372.2 434.2 496.2 558.2 25 18 3.1/25 86/324 Wind 25 37.4 23 24 25 19 50%80%100%23 10%23 2200 2025 37.4 2018 2019 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 11.6 12.0 6.0 9.6 12.0 12.4 12.8 13.3 13.7 14.2 14.7 yoy(%)3.5-50.0 60.0 25.0 3.5 3.5 3.5 3.5 3.5 3.5 19%50.0 80.0 100.0 103.5 107.0 110.8 114.6 118.6 122.7%10 11 12 13 14 15 16 17 18 2200 2400 2600 2800 3000 3200 3400 3600 3800 13.2 25.3 37.4 45.2 53.9 63.8 74.8 87.0 100.6 19 3.2/25 37/140 2018-2019 2020-22 2020-22 3 9750 12%25 140 9%10%11%12%13%14%15%2210 23.9 26.5 29.2 31.8 34.5 37.1 39.8 2340 25.3 28.1 30.9 33.7 36.5 39.3 42.1 2470 26.7 29.6 32.6 35.6 38.5 41.5 44.4 2600 28.1 31.2 34.3 37.4 40.5 43.7 46.8 2730 29.5 32.7 36.0 39.3 42.6 45.8 49.1 2860 30.9 34.3 37.7 41.2 44.6 48.0 51.5 2990 32.3 35.9 39.5 43.0 46.6 50.2 53.8 2025 9%10%11%12%13%14%15%8287.5 89.5 99.4 109.4 119.3 129.2 139.2 149.1 8775 94.7 105.3 115.8 126.3 136.8 147.4 157.9 9262.5 100.0 111.1 122.2 133.3 144.4 155.6 166.7 9750 105.3 117.0 128.7 140.4 152.1 163.7 175.4 10237.5 110.5 122.8 135.1 147.4 159.7 171.9 184.2 10725 115.8 128.7 141.5 154.4 167.3 180.1 193.0 11212.5 121.1 134.5 148.0 161.4 174.9 188.3 201.8 25 20 3.2/25 37/140 25 29.4 23 24 25 19 50%100%140%23 10%23 2200 2025 29.4 21 2018 2019 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 6.7 6.7 3.4 6.7 9.4 9.7 10.0 10.3 10.6 10.9 11.3 yoy(%)-0.2 3.0 3.0 3.0 3.0 3.0 3.0 19%50.0 100.0 140.0 144.2 148.5 153.0 157.6 162.3 167.2%10 11 12 13 14 15 16 17 18 2200 2400 2600 2800 3000 3200 3400 3600 3800 7.4 17.8 29.4 35.4 42.0 49.5 57.7 66.9 77.0 3.3/25 29/110 2018-2019 2020-22 2020-22 3 9750 12%25 110.3 22 9%10%11%12%13%14%15%2210 18.8 20.8 22.9 25.0 27.1 29.2 31.3 2340 19.9 22.1 24.3 26.5 28.7 30.9 33.1 2470 21.0 23.3 25.6 27.9 30.3 32.6 34.9 2600 22.1 24.5 27.0 29.4 31.9 34.3 36.8 2730 23.2 25.7 28.3 30.9 33.5 36.0 38.6 2860 24.3 27.0 29.7 32.4 35.1 37.8 40.5 2990 25.4 28.2 31.0 33.8 36.7 39.5 42.3 2025 9%10%11%12%13%14%15%8287.5 70.3 78.1 86.0 93.8 101.6 109.4 117.2 8775 74.5 82.7 91.0 99.3 107.6 115.8 124.1 9262.5 78.6 87.3 96.1 104.8 113.5 122.3 131.0 9750 82.7 91.9 101.1 110.3 119.5 128.7 137.9 10237.5 86.9 96.5 106.2 115.8 125.5 135.2 144.8 10725 91.0 101.1 111.2 121.4 131.5 141.6 151.7 11212.5 95.2 105.7 116.3 126.9 137.5 148.0 158.6 25 3.3/25 29/110 2019 3188 1.8 2018 404 1.7 Wind 23 3.4 2613 2711 2719 2629 2636 2599 2815 2917 3054 3188-4-2024681005001000150020002500300035002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YOY(%,458.1 484.6 500.3 516.6 440.4 449.7 444.3 385.6 403.9-20-15-10-5051001002003004005006002010 2011 2012 2013 2014 2015 2016 2017 2018 YOY(%,5 Wind 4.1 24 2021 2 2021 2020 7 2021 2021 4 27 2021 1 25 9 60 136 1 2 2022 1 25 25 43.1 6 6 5 25 1700 3%50%25 43 3 25 6375 3%50%25 161.8 Wind 25 2025 25 1.5%2.0%2.5%3.0%3.5%4.0%4.5%1445 18.3 24.5 30.6 36.7 42.8 48.9 55.0 1530 19.4 25.9 32.4 38.8 45.3 51.8 58.3 1615 20.5 27.3 34.2 41.0 47.8 54.7 61.5 1700 21.6 28.8 36.0 43.1 50.3 57.5 64.7 1785 22.7 30.2 37.8 45.3 52.9 60.4 68.0 1870 23.7 31.6 39.6 47.5 55.4 63.3 71.2 1955 24.8 33.1 41.4 49.6 57.9 66.2 74.4 1.5%2.0%2.5%3.0%3.5%4.0%4.5%5419 68.8 91.7 114.6 137.5 160.5 183.4 206.3 5738 72.8 97.1 121.4 145.6 169.9 194.2 218.4 6056 76.9 102.5 128.1 153.7 179.3 205.0 230.6 6375 80.9 107.9 134.8 161.8 188.8 215.7 242.7 6694 84.9 113.3 141.6 169.9 198.2 226.5 254.8 7013 89.0 118.7 148.3 178.0 207.7 237.3 267.0 7331 93.0 124.1 155.1 186.1 217.1 248.1 279.1 4.1 5+2”598 88 500/1H22 1800 63%19 26 Wind 4.2 2021 wind 4.2 27 2019 2022 12 2011 6 2019 12 2005 2013 6 2007 2021 10 2021 10 2019 2 2020 11 2010 2 2021 10 LVMH 2020 9 2021 12 2020 e 4.2 28 10.6 2.9 3.9 2.0 5.8 3.4 1.8 13.7 CBD 7.1 14.8 CBD 25 14.7 25 2600 12%50%25 15 3 25 9750 12%50%25 55.2 4.2 29 2025 25 9%10%11%12%13%14%15%2210 9.4 10.4 11.5 12.5 13.5 14.6 15.6 2340 9.9 11.0 12.1 13.2 14.3 15.4 16.5 2470 10.5 11.6 12.8 14.0 15.1 16.3 17.5 2600 11.0 12.3 13.5 14.7 15.9 17.2 18.4 2730 11.6 12.9 14.2 15.4 16.7 18.0 19.3 2860 12.1 13.5 14.8 16.2 17.5 18.9 20.2 2990 12.7 14.1 15.5 16.9 18.3 19.7 21.1 9%10%11%12%13%14%15%8287.5 35.2 39.1 43.0 46.9 50.8 54.7 58.6 8775 37.2 41.4 45.5 49.6 53.8 57.9 62.1 9262.5 39.3 43.7 48.0 52.4 56.8 61.1 65.5 9750 41.4 46.0 50.6 55.2 59.8 64.4 69.0 10237.5 43.4 48.3 53.1 57.9 62.7 67.6 72.4 10725 45.5 50.6 55.6 60.7 65.7 70.8 75.9 11212.5 47.6 52.9 58.2 63.4 68.7 74.0 79.3 1 18 23 1 18 4.8 2+10.25 9 400 20 25 35 23 19 95%488 23 21 9.9%4420 90%25 35 2019 2020 2021 2022 2023 2024 2025 2026 514 252 352 317 488 561 617 648 YOY 10%-51%40%-10%54%15%10%5%9.9 11.4 12.9 14.4 48 64 80 93 YOY 32%24%17%4420 4641 4873 5117 YOY 5%5%5%()21.4 29.7 38.8 47.8 YOY 39%31%23%19.2 26.8 35.0 43.0 YOY 39%31%23%90%90%90%90%30 2023 21 60%wind 4.2 4.23 1 8 8 10 6 5 2020 9 23 1 31 5.32 SAC S0850511040005 021-23219399 Email SAC S0850517050001(0755)82900465 Email 33 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%34 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
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