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2009 1210 2023 02 16 600720,16.42 11.58 2022 5 12 100%100%104.30 100%235.03 12.85 10.17/2021 115.9 264.02 76.7 130.3 11.50%12.39%A 2022-2024 EPS 0.81 0.91 1.03/PE 14.7 x 13.0 x 11.6x PE 11.9x 10.6x 9.4x ROE 10%2023 18x PE 16.42/ReportFinancialIndex 2023/2/14 2021A 2022E 2023E 2024E()7,673 7,875 7,936 7,945(%)-1.8%2.6%0.8%0.1%()948 783 939 1,041(%)-34.1%-17.4%20.0%10.8%()1.22 1.01 1.21 1.34()10 12 10 9()1.1 1.1 1.0 0.9 S0360519060002 021-20572575 S0360520120001 S0360522070002()77,629.03()77,616.27()89.89()89.88(%)29.89()11.27 12/16.72/9.60(12)-23%3%29%55%22/02 22/04 22/07 22/09 22/11 23/022022-02-142023-02-13 300 600720 2009 1210 1 2 16.42/A 2022-2024 EPS 0.81 0.91 1.03/PE 14.7 x 13.0 x 11.6x PE 11.9x 10.6x 9.4x ROE 10%2023 18x 16.42/600720 2009 1210 3.5.6.8.10.13 600720 2009 1210 4 1.5 2.6 3.6 4.7 5 2021.7 6.8 7 21.8 8 vs.9 9 vs.9 10.9 11.9 12.10 13.10 14.10 15.11 16.12 17.12 600720 2009 1210 5 2022 5 12 1 100%2 3 35 100%104.30 100%235.03 130.73 10.17/12.85 34.02 7.76 20.62 62.35%22.95 56.02%1 115.9 264.02 76.7 130.3 11.50%12.39%2021 2022 8.08 7.82%2023 1 11 2022 16-17 EPS 0.78-0.82/15.6%600720 2009 1210 6 2 2021A 2022Q1-Q3 2021A 2022Q1-Q3 1,159,081 1,363,359 2,640,272 2,832,485 824,077 875,079 1,168,337 898,259 767,254 645,965 1,303,417 809,822 121,378 109,783 173,513 98,395 94,752 84,214 144,739 80,774 1.22 1.08 0.7 0.39 11.50%9.85%12.39%7.82%()9.71 10.97 16.93-()1.12 1.05 2.09 2.72 2023 2 14 2 3 5 3 2022 2021 514.27 475.93 92.5%3 21.22 4.1%3 EPC 600720 2009 1210 7 4 260 500 400 100 70 30 3 ROE 10%-17%2021 23 PE/85%/86%5 2021 ROE PE PB 720,030 632,839 349,209 336,378 49,415 14%14.6 2.1 618,327 879,018 447,647 470,812 51,913 12%11.9 1.4 677,985 730,955 403,430 356,115 37,473 9%18.1 1.7 227,852 280,454 101,671 91,259 15,845 16%14.4 2.2 94,106 312,197 41,759 112,326 3,721 9%25.3 2.3 12,014 14,233 10,009 8,596 729 7%16.5 1.2 2,350,313 2,849,695 1,353,725 1,375,485 159,097 12%14.8 1.7 2021 19.7 15%600720 2009 1210 8 6 7 21 2000 20/8 65 0200,000400,000600,000800,0001,000,0001,200,0001,400,0001,600,0002019 2020 2021 2022Q1-Q3 12%9%10%13%0%2%4%6%8%10%12%14%020,00040,00060,00080,000100,000120,000140,000160,000置入资产 5家水运院 中咨集团 中交养护 ROE 600720 2009 1210 9 8 vs 9 vs 30 2020-2021/10 11 6 2019 2022 9 1.1%4.5%0.3%1.3%20%2022 14%143.362.995.7117.356.30100020003000400050006000700080009000100000.020.040.060.080.0100.0120.0140.0160.0六家设计院 苏交科 华设集团 设计总院 甘咨询 5.52.74.25.10.90.01.02.03.04.05.06.0010,00020,00030,00040,00050,00060,000六家设计院 苏交科 华设集团 设计总院 甘咨询 600720 2009 1210 10 12 13 2022-2025 13%1 2 1 1 2016-2022 8.07%2023-2025 2020-2022 2025 3.57 1.8%2025 642 2 2016-2022 4.79%2023-2025 2020-2022 2025 8.52 2020 2020 542 2025 667 14 2020 2021 2022 2023E 2024E 2025E 2016-2022 2020-2022 24,312 25,995 28,335 30,589 33,023 35,650 yoy 11.0%6.9%9.0%8.0%8.0%8.0%8.07%7.96%1.80%1.80%1.80%1.80%1.80%1.80%438 468 510 551 594 642 69,196 68,297 75,194 78,386 81,713 85,181 4.79%4.24%yoy-1.4%-1.3%10.1%4.2%4.2%4.2%0%5%10%15%20%25%30%35%2016 年 2017 年 2018 年 2019年 2020年 2021 年 2022年 600720 2009 1210 11 542 535 589 614 640 667 2022 11 2 2021 104.97 19.68 4.78 1 2022-2025 1.5 1.4 1.3 1.2 116.0 126.8 138.6 151.3 2 2020 21.55 2020 542 4%2020 0.2 2025 5%2022-2025 25.9 28.3 30.7 33.4 3 4%14%2025 15%2022-2025 7.5 14.4 23.1 32.6 15 2019A 2020A 2021A 2022E 2023E 2024E 2025E 11,447 10,550 10,497 11,599 12,684 13,858 15,127 yoy-7.8%-0.5%10.5%9.4%9.3%9.2%82%80%81%78%75%72%70%1,863 2,155 1,968 2,592 2,825 3,073 3,337 yoy 15.7%-8.7%31.7%9.0%8.8%8.6%4%4.2%4.4%4.6%4.8%5.0%13%16%15%17%17%16%15%683 429 478 747 1,441 2,309 3,258 4.9%3.3%3.7%5.0%8.5%12.0%15.0%13,993 13,133 12,943 14,938 16,950 19,240 21,722 yoy-6.1%-1.4%15.4%13.5%13.5%12.9%2022-2024 EPS 0.81 0.91 600720 2009 1210 12 1.03/2022-2024 PE 14.7 x 13.0 x 11.6x 20.62 2023 2 14 45 45 PE 11.9x 10.6x 9.4x ROE 10%2023 18x PE 16.42/16 2020 2021 2022E 2023E 2024E 13,133 12,943 14,938 16,950 19,240-6.1%-1.4%15.4%13.5%13.5%1,379 1,427 1,668 1,880 2,115-11.4%3.5%16.9%12.7%12.5%4.79 5.28 4.53 5.28 6.10 0.67 0.69 0.81 0.91 1.03 14.0%13.1%17.8%17.3%16.8%PE 17.7 17.1 14.7 13.0 11.6 PB 2.47 2.24 2.61 2.24 1.94 PE 14.5 14.0 11.9 10.6 9.4 PB 2.02 1.83 2.13 1.83 1.59 20.62 2 14 17 P/E ROE(%)2020A 2021A 2022E 2023E 2020A 2021A 2022A 2023A 002883.SZ 19.08 12.21 21.4 26.0-13.4 10.1-300284.SZ 75.52 5.98 15.0 13.2 13.8 12.7 7.6 6.1 6.6 7.0 603357.SH 46.57 9.96 12.5 11.7 10.7 10.1 13.9 13.5 13.5 13.3 603018.SH 55.32 8.09 7.7 8.8 7.8 6.7 17.4 15.9 16.1 16.2 600629.SH 48.55 5.00 15.1 9.6-5.8 10.1-300746.SZ 22.66 10.04 32.4 22.8 32.0 28.7 5.7 7.7 5.2 5.7 003013.SZ 70.20 17.55 22.5 19.7-15.7 18.6-18.1 16.0 16.1 14.6 11.4 11.7 10.3 10.5 17.7 17.1 14.6 13.0 14.0 13.1 17.8 17.3 14.5 14.0 11.9 10.6 14.0 13.1 17.8 17.3 ROE EPS wind 2023/2/14 600720 2009 1210 13 1 2 3 4 600720 2009 1210 14 Table_ValuationModels2 2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 737 1,173 1,853 2,560 7,673 7,875 7,936 7,945 0 0 0 0 5,554 5,947 5,817 5,707 438 450 453 454 131 114 118 123 23 24 24 23 90 92 93 93 826 884 865 848 663 661 659 651 0 0 0 0 0 0 0 0 435 423 426 427-1-3-4-4 2,459 2,954 3,621 4,312-31-26-28-27 2 2 2 2-44-24-34-29 133 133 133 133 30-10 4 8 7,157 6,672 6,563 6,493 20-5 3 3 134 526 576 586 65 65 65 65 1,002 990 990 984 1,278 1,067 1,267 1,397 704 832 849 876 9 8 9 9 9,132 9,155 9,113 9,074 73 73 73 73 11,591 12,109 12,734 13,386 1,214 1,002 1,203 1,333 0 179 162 137 186 153 184 204 219 234 229 225 1,028 849 1,019 1,129 956 1,023 1,001 982 80 66 80 88 0 0 0 0 948 783 939 1,041 149 152 154 154 NOPLAT 1,027 846 1,016 1,125 159 159 159 159 EPS()1.22 1.01 1.21 1.34 47 47 47 47 243 247 245 242 1,773 2,041 1,997 1,946 2021 2022E 2023E 2024E 388 328 268 208 0 0 0 0-1.8%2.6%0.8%0.1%383 383 383 383 EBIT-33.6%-17.6%20.0%10.8%771 711 651 591-34.1%-17.4%20.0%10.8%2,544 2,752 2,648 2,537 8,241 8,485 9,134 9,809 27.6%24.5%26.7%28.2%806 872 952 1,040 13.4%10.8%12.8%14.2%9,047 9,357 10,086 10,849 ROE 10.5%8.4%9.3%9.6%11,591 12,109 12,734 13,386 ROIC 13.2%10.6%11.8%12.2%21.9%22.7%20.8%19.0%2021 2022E 2023E 2024E 9.0%10.0%8.5%7.1%1,447 1,617 1,679 1,776 1.4 1.4 1.8 2.2 1,658 1,590 1,720 1,824 0.9 1.0 1.4 1.8-340-58 19 16 1 11 31 29 0.7 0.7 0.6 0.6 325 83-27-23 19 20 20 21-198-9-64-70 56 60 63 63-1,238-760-661-658 43 52 54 54-728-640-646-633()-2 0 0 0 1.22 1.01 1.21 1.34-508-120-15-25 1.86 2.08 2.16 2.29-605-421-338-411 10.62 10.93 11.77 12.64-16 119-77-85-587-326-410-475 P/E 10 12 10 9 0 0 0 0 P/B 1 1 1 1-2-214 149 149 EV/EBITDA 10 10 10 9 600720 2009 1210 15 4 2019 5 2019 2020 2020 2020 Wind 2015 2017/2019/2018/2019/2018 2019 2019 2020 2020 2020 2020 Wind 600720 2009 1210 16 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82871425 0755-83024576 0755-82756804 0755-82756803 0755-82871425 021-20572536 021-20572551 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572560 021-20572509 021-20572548 021-20572573 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 0755 82756805 600720 2009 1210 17(300)6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522
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