资源描述
Table_MainInfo/2023 07 06 Table_InvestInfo Table_QuoteInfo-24.61%-19.43%-14.26%-9.08%-3.91%1.27%2022/7 2022/10 2023/1 2023/4 Table_ReportInfo 2023.06.28&2023.06.20 2023.06.23 Table_AuthorInfo:Email:S0850521050003:Email:S0850522060001 Table_Summary 2021 491 14.2%2019-2021 20.2%160 9.6%2019-2021 13.6%2021 4%90%60%60%1 2 2022 1-10 CR10 49.9%&1 2022 221 2014-2022 27.8%2 TOTO 3 2022 96.8%5.3pct&1 2023 4 10000 3000 1021 600 2 2021 14.5%9.2%7.7%3 2022 28.5%3.1pct 2021 1-10 28.4%2022 9.5%9.0%6.3%0.7pct 1.2pct 2 1.6 1.1.6 1.2.8 2.11 2.1.11 2.2&.15 2.3&.20 2.4.23 3.25 YWCXwPtOmPoPqOsRtOqPpO6McMbRtRoOtRnOiNmMsNkPmMpQaQrRuMwMqNqPuOpOqQ 3 1 2019-2022E.6 2 2019-2022E.6 3 2019-2021E&.7 4 2019-2021E&.8 5.8 6.8 7 2016-2021.9 8 2005-2022.9 9 2022.10 10 2022.10 11 2022.10 12 2017.10 13 2015-2022 60.10 14 45-55 TOP5.11 15 56 TOP5.11 16 2018.11 17.12 18.12 19 2019-2021.13 20.13 21.14 22.15 23.15 24 2022.16 25 2018-2022.16 26.16 27 2014-2022.17 28 4.17 29 2019-2022/.18 30 2019-2022/.18 4 31 2021Q1/.19 32 2015-2022.20 33 2022.20 34 2021.21 35 2022.21 36.21 37.22 38 2015-2022.22 39 2021Q1 TOP10.22 40 2017-2022.23 41 2017-2022%.23 42.23 43 2022.23 44 2018-2022%.24 45.24 46 26.25 47 2020.25 5 1.6 2.7 3.14 4.19 6 1.1.1 2021 491 14.2%2019-2021 20.2%160 9.6%2019-2021 13.6%1 2019-2022E 0%5%10%15%20%25%30%01002003004005006002019 2020 2021 2022E YoY%2 2019-2022E 0%5%10%15%20%0501001502002019 2020 2021 2022E YoY%,8-12 1,6 8-12 HCG 2021 363.4 7 22.5%74.0%5.1pct 127.8 4.5%26.0%5.1pct 136.8 12.0%85.6%2.2pct 23.1 4.9%14.4%2.2pct 2 699 1999 2500 3999 2020 3 2019-2021E&-10%-5%0%5%10%15%20%25%30%35%0501001502002503003504002019 2020 2021E YoY%YoY%8 4 2019-2021E&-10%-5%0%5%10%15%20%25%0204060801001201401602019 2020 2021E YoY%YoY%5 0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021E 6 0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021E 1.2 2016 1%2021 4%2021 90%60%60%2022 80.3%2005-2022 1.2pct 113.3 0.1%2005-2022 2.2%2021 5%-10%3%-5%9 7 2016-2021 76%50%47%1%90%60%60%4%0%10%20%30%40%50%60%70%80%90%100%2016 2021 8 2005-2022 0%10%20%30%40%50%60%70%80%90%0204060801001201402005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022%1 2 1 2022 86%60%46%&69%&43%2017 93.5%93.4%30%10 9 2022 86%14%10 2022 47%27%23%3%11 2022 35%31%30%4%12 2017 93.5%5.4%1.1%2017 2 Wind 2022 60 19.8%0.9pct 2022 45-55 56 987%1261%13 2015-2022 60 15%16%17%18%19%20%2015 2016 2017 2018 2019 2020 2021 2022 Wind 11 14 45-55 TOP5 0%200%400%600%800%1000%1200%15 56 TOP5 0%500%1000%1500%2000%2500%3000%3500%2.2.1 Euromonitor 2018 TOTO 20.4%11.5%7.3%4.4%3.6%10%16 2018 20.4%TOTO11.5%7.3%4.4%3.6%52.8%Euromonitor 1 2 12 3+17 18 LED 2019-2021 17.3%14.3%12.3%17.4%23.1%27.4%13 19 2019-2021 0%10%20%30%40%50%60%70%80%90%100%201920202021 2015 68 2021 300 20 01002003004002015 2021 14 21 OEM/ODM WDI 3 1994 2 2006 1999 2011 2012 80 1990 2022 2010 TOTO 1917 1980 1995 7 8 2020 40 5000 1873 2002 TOTO 2022 1-10 CR3 CR5 CR10 36.5%41.7%49.9%&15 22 0%10%20%30%40%50%60%70%2019 2020 2021 2022M1-10CR3 CR5 CR10 2.2&1/83.7%23 0%10%20%30%40%50%60%70%80%90%100%/&3 2022 38%13%15%2021 16 24 2022 0%5%10%15%20%25%30%35%40%25 2018-2022 0%5%10%15%20%25%30%35%40%2018 2022 TOTO 26 TOTO 2014 31 2022 221 30%2014-2022 27.8%2023 2 9 2018 50%2022 20%TOTO 2019 2022 17 3 G3 27 2014-2022 0501001502002502014 2022 28 4 2 2022 2933/2017 4092/2017-2022-6.4%71.3%18 29 2019-2022/050010001500200025003000350040002019 2020 2021 2022 2022 2022 1-10 30 2019-2022/0%5%10%15%20%25%30%2000-2000-2500 2500-3000 3000-3500 3500-4000 4500-5000 5000-5500 5500-6000 6000+2019 2020 2021 2022 2021 TOTO 3233/3209/3135/10562/12502/TOTO 19 31 2021Q1/02000400060008000100001200014000 TOTO 1 2 60%3&1000 4&3 2022 11 85 126 4 96.8%5.3pct 41 17 41.5%20 32 2015-2022 0%10%20%30%40%50%60%70%80%90%100%2015 2016 2017 2018 2019 2020 2021 2022 2.3&2021 47.8%41.8%4.4%2022/74.3%58.8%35.1%&33 2022 0%10%20%30%40%50%60%70%80%/21 34 2021 41.8%47.8%4.4%6.0%35 2022,58.8%,35.1%,5.3%,0.7%1 2023 4 10000 3000 1021 600 2022 6 2056 36 0 2000 4000 6000 8000 10000 12000 2023 4 2023 4 2022 6 2023 4 2023 4 2022 2023 4 2023 4 2022 2022 6 TOTO 6 5 3 3 24+&22 37 01234567 TOTO 2022 11 22 TOTO 2 2022 62.2 23.4%2017-2022 17.7%256.9 22.7%2021 TOP3 14.5%9.2%7.7%38 2015-2022 0%10%20%30%40%50%60%70%80%0102030405060702015 2016 2017 2018 2019 2020 2021 2022%39 2021Q1 TOP10 0%2%4%6%8%10%12%14%16%TOTO 3 2022 41.6 43.0%2022 28.5%3.1pct 2019 2020 2021 1-10 12.8%13.7%28.4%2025 23 40 2017-2022-100%-50%0%50%100%150%200%250%300%010203040506070802017 2018 2019 2020 2021 2022 YoY%41 2017-2022%0%5%10%15%20%25%30%2017 2018 2019 2020 2021 2022 42 0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021M1-10 2.4 37.1%25.4%43 2022 0%5%10%15%20%25%30%35%40%/2022 24 9.5%9.0%6.3%0.7pct 1.2pct 2018 8%-11%8%-10%44 2018-2022%0%2%4%6%8%10%12%2018 2019 2020 2021 2022 Wind 2015 2021 10 23+535 2022 45 25 46 26 HOME+2020 TOTO 21.6%20.9%14.3%11.2%8.5%7.8%47 2020 21.6%20.9%TOTO14.3%11.2%8.5%7.8%5.7%4.2%3.1%2.7%HOME+3.26 Table_Analysts Table_Reports,1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%
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