深度报告-20230118-浙商证券-兴通股份-603209.SH-深度报告_认可度突出_优势充分发挥在即_22页_2mb.pdf

2023 01 18 7.33 10.81 14.64 29.27%47.51%35.47%-36%-24%-11%1%13%25%1.2.3.10%.2022 LPG 4.53%.1 1.1 1 1997 2000 2002 2012 BP 2014 66 11241 19 3801 2018 2019 6 5390 2022 1 1.2 2 3 4 5 6 2 2021 3650 2018-2021 10.8%2.1 7 2018-2021 8 9 10 2 2.2 2.2.1 3 1983 2019 500 2 2015 4000/1730 VI PX 20 2007 1400/PX 1982 2019 500 63 2000 220/PTA PTA 1160 PTA 1950 1500/100/80/1998 1400/110/80/PX 2006 PTA 2021 2.20 38.84%195.23%1.44 11 12 13 2.2.2 4 5 2019 2019 11 2019 2020 06 2020 2020 10 2021 2021 12 3 3.1 6 2021 N/A 12 12.85 2022 N/A 13 13.38 2022 7990 79 14 14.18 2022 10 24 2.74 759 15 16.92 2022 11 1.2 729 16 18.12 14 15 10%3.2 16 17 2022 LPG 4.53%7 2022/06 2022/11 2.93 51%1.54 6 4.10 2 3 1 6 4.10 2022/12 1968.5 SEATRADE SOLUTIONS CO.,LTD.1.82 TZ GLORY 2022 12 20 2023 1 20 1 1.82 2022 2 2.73 1.98 4.71 2 4.71 2023 3 1.2 1.3 0.75 3.25 3 3.25 12 13.88 4 4.1 1.2.8 2020 2021 2022E 2023E 2024E 334.19 429.90 558.87 810.36 1093.99 36.20%28.64%30%45%35%/105.67 106.14 106.14 112.51 115.88-1.66%0.44%0%6%3%/48.94 50.59 60.71 66.78 67.45-6.82%3.37%20%10%1%71.12 185.61 232.01 278.42 320.18 38.42%160.98%25%20%15%/46.78 59.57 60.17 60.77 61.38-15.04%27.36%1%1%1%/31.26 30.68 33.75 35.43 35.79-4.25%-1.86%10%5%1%3.86 5.67 7.33 10.81 14.64 32.36%46.70%29.27%47.51%35.47%1.86 2.74 4.18 6.40 8.52 27.56%47.72%52.16%53.22%33.24%2.01 2.92 3.15 4.41 6.12 37.14%45.75%7.78%39.94%38.70%51.92%51.59%43.01%40.80%41.78%1.23 1.99 2.24 3.38 4.63 42.25%61.21%12.50%51.12%36.81%4.2 2.24 3.38 4.63 30.4 20.1 14.7 9 PE PB LF 2023/1/15 2021A TTM 2022E 2023E 2024E 603209.SH 68 34.2 33.1 30.4 20.1 14.7 3.4 001205.SZ 44 34.1 26.9 23.5 16.6 12.6 3.1 34.2 30.7 27.7 18.7 13.9 3.3 5 LPG Table_ThreeForcast