资源描述
2023 04 14()S0350522030001 S0350122080067 1M 3M 12M-3.6%8.4%5.8%300-1.8%2.9%-2.5%2011-2022 CAGR 11.6%2011-2021 CAGR 7.7%2011 33.3%2021 55.8%PMI III III 2014 30.6%2022 64.4%2014-2022 CAGR 29.5%5.9%III 2014 16.2%2021 22.5%2021/III 67.2%/40.2%III 2017 3.5%2021 53.2%III 2017 6%2021 39.9%2012 24.9%2022 34.5%2012-2019 2020 2021 35.7%77.4%III 39.7%40.2%2021 27.5 24.8 2 3 25%22.6%B-0.1997-0.1289-0.05820.01260.08340.1541工程机械 沪深300 2 2023/04/13 EPS PE 2022A/E 2023E 2024E 2022A/E 2023E 2024E 600761.SH 18.69 1.22 1.54 1.90 10.78 12.10 9.83 603298.SH 18.27 1.18 1.38 1.74 15.51 13.19 10.53 Wind 2022 EPS 1 III 2 3 1 2 3 4 5 6 WUFUvMnQpMnMsMsRmRoRnMaQaOaQmOqQsQoNfQrRnRkPpOpQbRqQwOvPnRwPuOnPmR 3 1.6 1.1:4:3.6 1.2 2011-2022 CAGR 11.6%2021 55.8%.8 1.3 PMI.9 2.11 2.1 2022 64.4%.11 2.2 2021 III 22.5%.12 2.3.13 2.4.14 2.5.17 3.17 3.1 2012-2022 CAGR17.4%.17 3.2 III.18 3.3.19 4.20 4.1 2 3.20 4.2.21 4.3.22 5.23 6.24 6.1.24 6.2.25 7.26 4 1.6 2 2020.6 3.7 4 2011-2022 CAGR 11.6%.8 5 2011-2021 CAGR 7.7%.8 6 2021 55.8%.8 7 PMI.9 8.9 9 2010 III.10 10 2014-2021 III CAGR35.8%2021 48.1%.10 11 2021 I II III IV/V 10%1%48%40%.11 12 2014 30.6%2022 64.4%.11 13 III 2014-2021 CAGR 9.7%.12 14 III 2014 16.2%2021 22.5%.12 15 2021/88%/67.7%.13 16 2021/III 67.2%/40.2%22.5%.13 17 2021/58.3%/31.4%20.4%.13 18 III 2014-2021 CAGR 41.6%.14 19 2014-2021 CAGR 2.8%.14 20 2021 29.9%.14 21 2017-2021 CAGR 148.8%.15 22 III 2021 53.2%39.9%.16 23 III 2021 77.4%40.2%.16 24 EMEA 2021 30%2025 50%.16 25 2013 2014 10.17 26 2012-2022 CAGR 17.4%.18 27 2012 24.9%2022 34.5%.18 28 2021 III 42.2%.19 29 2021 III 62.9%.19 30 III.19 31 III.19 32 2022.20 33 2022.20 34 2021 14%12.6%.21 35.22 36.22 37.23 38/.23 1.7 2.15 3.20 4.21 5.22 5 6.24 7.25 8.25 9.26 6 1 1.1:4:3 2020 20.5%40.3%31.7%:4:3 1 2 2020 20.5%12.4%9.8%8.3%7.1%5.5%4.5%4.1%28.0%7 I-V 1 I 2 II 3 III 4 IV/V 50 IV V 1 2021 2021 I 11.30 10.28%II 1.56 1.42%III 52.92 48.14%IV/V/44.16 40.16%3 8 1.2 2011-2022 CAGR 11.6%2021 55.8%2011-2022 CAGR11.6%2022 104.8 2022 4.7%2011-2022 CAGR 11.6%2011-2021 CAGR 7.7%2021 55.8%2021 197 2011-2021 CAGR 7.7%2011 33.3%2021 55.8%4 2011-2022 CAGR 11.6%5 2011-2021 CAGR 7.7%6 2021 55.8%-20%-10%0%10%20%30%40%50%0.020.040.060.080.0100.0120.0201120122013201420152016201720182019202020212022-10%-5%0%5%10%15%20%25%30%0.050.0100.0150.0200.020112012201320142015201620172018201920202021 25%30%35%40%45%50%55%60%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 9 1.3 PMI PMI PMI 7 PMI Wind PMI III 2018 III 8 Wind-10%-5%0%5%10%15%-60%-40%-20%0%20%40%60%80%100%120%140%2012/032013/032014/032015/032016/032017/032018/032019/032020/032021/032022/03 PMI-60%-40%-20%0%20%40%60%80%100%120%140%2012/012013/012014/012015/012016/012017/012018/012019/012020/012021/012022/01 10 2010 III III 9 2010 III Wind III 2014-2021 III CAGR 35.8%2014 17.3%2021 48.1%10 2014-2021 III CAGR35.8%2021 48.1%-80%-30%20%70%120%170%2009-012010-012011-012012-012013-012014-012015-012016-012017-012018-012019-012020-012021-01 III 0%10%20%30%40%50%60%70%80%90%100%2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021I II III IV/V 11 2 2.1 2022 64.4%2022 64.4%2021 I II III IV/V 10%1%48%40%I/II:III:IV/V 1:5:4 I II II 2014 30.6%2022 64.4%2014-2022 CAGR 29.5%5.9%11 2021 I II III IV/V 10%1%48%40%12 2014 30.6%2022 64.4%0%10%20%30%40%50%60%70%80%90%100%2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021I II III IV/V 0%10%20%30%40%50%60%70%2014 2015 2016 2017 2018 2019 2020 2021 2022 12 2.2 2021 III 22.5%III I/II IV/V III I/II IV/V III 2021 57 2014-2021 CAGR 9.7%17.3%13 III 2014-2021 CAGR 9.7%III 2014 16.2%2021 22.5%I/II III I IV/V 2014 14.4%2021 20.4%III 14 III 2014 16.2%2021 22.5%-20%-15%-10%-5%0%5%10%15%20%25%30%35%01020304050602014 2015 2016 2017 2018 2019 2020 2021 III 0%5%10%15%20%25%30%2014 2015 2016 2017 2018 2019 2020 2021 III 13 III 2021/88%/67.7%59.8%2022 64.4%III 2021/III 67.2%/40.2%22.5%2021/58.3%/31.4%20.4%15 2021/88%/67.7%WITS 16 2021/III 67.2%/40.2%22.5%17 2021/58.3%/31.4%20.4%WITS WITS 2.3 III 2014-2021 CAGR 41.6%III III 2021 52.9 63.9%2014-2021 CAGR 41.6%III 25%35%45%55%65%75%85%95%2016 2017 2018 2019 2020 2021 0%10%20%30%40%50%60%70%80%2016 2017 2018 2019 2020 2021 0%10%20%30%40%50%60%70%2016 2017 2018 2019 2020 2021 14 2021 176.9 33.6%2014-2021 CAGR 2.8%18 III 2014-2021 CAGR 41.6%19 2014-2021 CAGR 2.8%2014 4.9%2021 29.9%18-21 5pct III 20 2021 29.9%2.4 4 37 2021 33.3 2017-2021 CAGR148.8%4 37 0%10%20%30%40%50%60%70%01020304050602014 2015 2016 2017 2018 2019 2020 2021-40%-30%-20%-10%0%10%20%30%40%0501001502002014 2015 2016 2017 2018 2019 2020 2021 0%5%10%15%20%25%30%35%2014 2015 2016 2017 2018 2019 2020 2021 15 21 2017-2021 CAGR 148.8%Wind 1 2 3 3t 80V500AH 40 5 2 80%99%h 8-10h 1-3h Wh/kg 0-50 130-150 500-900 2000-5 30-20 60 15-30%/3%/BMS 0%50%100%150%200%250%051015202530352017 2018 2019 2020 2021 16 III 2017 3.5%2021 53.2%III 2017 6%2021 39.9%Interact Analysis 2021 EMEA 30%2025 50%2021 III 77.4%40.2%EMEA 22 III 2021 53.2%39.9%23 III 2021 77.4%40.2%Wind=/Wind=/24 EMEA 2021 30%2025 50%Interact Analysis EMEA 0%10%20%30%40%50%60%2017 2018 2019 2020 2021 IIIIII0%15%30%45%60%75%90%2017 2018 2019 2020 2021 III III 17 2.5 3-4 2013-2014 2013-2014 70%10 2013 2023-2024 25 2013 2014 10 3 3.1 2012-2022 CAGR17.4%2012-2022 CAGR 17.4%2022 36.2 14.5%12.4%2012-2022 CAGR 17.4%2020-2021 2022-30%-20%-10%0%10%20%30%40%50%60%70%80%0200000400000600000800000100000012000002007200820092010201120122013201420152016201720182019202020212022 18 26 2012-2022 CAGR 17.4%Wind 2012 24.9%2022 34.5%2012-2019 2020 27 2012 24.9%2022 34.5%Wind 3.2 III 2021 III 42.2%62.9%III-20%-10%0%10%20%30%40%50%60%05101520253035402012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0%10%20%30%40%50%60%70%80%90%100%2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 19 28 2021 III 42.2%29 2021 III 62.9%Wind Wind 2021 54%74.3%III III 20.5%30.7%2018 2021 35.7%77.4%III 39.7%40.2%30 III 31 III Wind Wind 3.3 Interact Analysis 2022 III 1-3 6-15 I II IV/V 0%10%20%30%40%50%60%70%80%90%100%2013 2014 2015 2016 2017 2018 2019 2020 2021I II III IV/V 0%20%40%60%80%100%2013 2014 2015 2016 2017 2018 2019 2020 2021I II III IV/V 0%10%20%30%40%50%60%70%80%2013 2014 2015 2016 2017 2018 2019 2020 2021 III III 0%15%30%45%60%75%90%2017 2018 2019 2020 2021 III III 20 3-9 6-15 II 9-24 I IV/V 2022 III II I/IV/V 0-6%3-8%5-10%32 2022 33 2022 Interact Analysis Interact Analysis 4 4.1 2 3 2 3 2021 27.5 24.8 2 3 3 2017 2018 2019 2020 2021 26.3 26.4 28.2 26.6 28.3 11.5 13.3 15.2 22.1 27.5 10.5 12.7 13.9 20.7 24.8-13.0 24.5 20.1-20.3 19.8 19.8-12.1 11.3-16.2 11.3 11.6 10.3 8.5 10.3-10.2 10.0 8.6 9.5 133.4 149.0 149.3 158.3 196.9 2021 CR3 40.9%CR5 59.2%14%12.6%25%22.6%21 B 34 2021 14%12.6%4.2 2021 20 100 6-7 30-80 4 2017 2018 2019 2020 2021 113.9 132.9 133.5 126.7 159.2 63.1 66.3 71.7 69.2 73.7 41.2 43.6 45.7 45.5 55.1 38.3 42.7 41.5 37.8 40.4 30.8 34.8 37.2 36.2 40.1-28.9 31.7 32.9 28.1 30.7 13.5 14.1 14.3 19.3 24.0 10.8 12.3 12.7 17.6 22.7 2.0 2.2-12.0-11.2 11.6 9.0 13.5 7.8 7.9 7.8 7.1 8.1 2.4 2.9 3.1 3.6 6.5 0.8-1.1/4-6/3-4.5/14%14%13%10%8%5%5%31%-22 5/2017 2018 2019 2020 2021 4.33 5.03 4.73 4.76 5.63 3.39 3.68 4.03 4.45 3.92 3.14-3.53 3.49 3.72-3.60 4.04-3.40-3.11 3.29 3.27 3.23 1.03 0.97 0.91 0.85 0.92 1.17 1.06 0.94 0.87 0.87-0.28 0.27 4.3/1 35 36 choice 2 0%5%10%15%20%25%30%35%40%020406080100120140160安徽合力营业收入(亿元）杭叉集团营业收入（亿元）安徽合力同比 杭叉集团同比0%5%10%15%20%25%安徽合力毛利率 安徽合力净利率杭叉集团毛利率 杭叉集团净利率 23 37 3/38/5 III 6%7%8%9%10%11%12%13%14%2018 2019 2020 2021 2022Q1-Q3 40%50%60%70%80%90%100%2016 2017 2018 2019 2020 2021 2022Q1-Q3 24 6 2023/04/13 EPS PE 2022A/E 2023E 2024E 2022A/E 2023E 2024E 600761.SH 18.69 1.22 1.54 1.90 10.78 12.10 9.83 603298.SH 18.27 1.18 1.38 1.74 15.51 13.19 10.53 Wind 2022 EPS 6 6.1 2022 37 512 2000 0.2-46 2022 26.08-5.1%I II III 2.78 0.24 10.27+22.2%+18%+0.9%IV/V 12.79-13.7%51%+4.9pct III 19.1%+4.8pct 2022 29.8%2022 18.3 7.78-13.3%+21.9%29.8%+6.6pct 150 2023-2025 180.65 209.80 233.16 15%16%11%11.43 14.08 16.01 26%23%14%PE12.1 9.8 8.6 25 7 2022A 2023E 2024E 2025E 15,673.14 18,064.53 20,980.29 23,315.59(%)1.66 15.26 16.14 11.13 904.14 1,143.02 1,408.02 1,601.50(%)42.62 26.42 23.18 13.74 1.22 1.54 1.90 2.16 ROE(%)13.35 14.44 15.10 14.66 P/E 10.78 12.10 9.83 8.64 P/B 1.44 1.75 1.48 1.27 P/S 0.62 0.77 0.66 0.59 EV/EBITDA 8.28 8.05 6.42 5.05 Wind 6.2 2022 1-48t 1.5-1.8t AGV 30 2022 4 XH 1.5-48 2022H1 2022 80%50%-2022-2024 146.83 169.21 200.41 1%15%18%11.02 12.96 16.23 21%18%25%PE15.5 13.2 10.5 8 2020 2021 2022E 2023E 2024E 114.52 144.90 146.83 169.21 200.41 29.3%26.5%1.3%15.2%18.4%20.4%15.5%16.5%16.8%17.1%112.53 134.52 134.90 155.49 185.31 26 30.2%19.5%0.3%15.3%19.2%20.72 24.77 23.00 25.99 30.67 48.6%19.6%-7.1%13.0%18.0%/5.43 5.43 5.87 5.98 6.04 20.5%16.3%17.0%17.4%17.8%1.98 10.38 11.93 13.72 15.10-6.1%422.9%15.0%15.0%10.0%13.6%5.4%10.9%9.9%8.7%Wind 9 2021A 2022E 2023E 2024E 14,489.70 14,683.49 16,921.09 20,040.57(%)26.53 1.34 15.24 18.44 908.47 1,102.24 1,295.59 1,623.49(%)8.42 21.33 17.54 25.31 0.97 1.18 1.38 1.74 ROE(%)16.22 17.37 17.17 17.71 P/E 16.33 15.51 13.19 10.53 P/B 2.65 2.69 2.27 1.86 P/S 1.03 1.16 1.01 0.85 EV/EBITDA 12.78 12.08 9.45 6.61 Wind 7 1 2 3 4 5 6 27 7,300 300 300 300 20%300 10%20%300-10%10%300 10%R3/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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