【公司研究】恒順醋業-歷久彌新醋業龍頭改革蓄勢待發-20200221[36頁].pdf

《【公司研究】恒順醋業-歷久彌新醋業龍頭改革蓄勢待發-20200221[36頁].pdf》由會員分享，可在線閱讀，更多相關《【公司研究】恒順醋業-歷久彌新醋業龍頭改革蓄勢待發-20200221[36頁].pdf（36頁珍藏版）》請在三個皮匠報告上搜索。

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6、50 10% 35% 10% 60% 25% 10% 2020 10 11 / 36 11 12 2018 6056053.7% 2142 121111 2011-2018 240.62018279.9 13 14/ 12 / 36 2011-2018 13.87% 201120132013 60510.4/ 1000395 6.3/ 15/ 16/ 1.2.3. 20 1118 3159274 4% & % 2018 2018 2019H 2019H 28.63 13,117.84 -677.94 5999.78 -471.77 67.90 555.82 2939.20 390.25 86.

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8、017 20183.21 8.1 3.99%17.30% 5.94% 14 / 36 18/ 19 1.3. 5 3 3 3 3 2017 6.06% 40.48% 11.81% 16.09% 2018 15.52% 26.99% 13.99% 16.31% 2014 16.73% 22.72% 33.01% 27.98% 2017 -0.24% 32.61% 27.98% 32.74% 2017 1.89% 7.33% 2.43% 7.00% 2015 4.42% 24.15% 6.88% 4.96% 2017 1.00% 35.02% 2.34% 12.11% 6 201911 (IPO)

9、 2019 20196 (2019) 35 201914 15 / 36 20158 20201 2019 2019 20177 20145 20197 20184 20183 2020 2. 2.1. 16 / 36 20 7 5-10 8 60 42 17 / 36 21 9 30-40% 5.1 15-20% 30% 5-8% 1.220% 1-3% 0.55-8% 18 / 36 2.2. 1 201894.83 20%20184791979/ 201415%5% 22 23 10 2013 2014 2015 2016 2017 2018 40.2 44.3 55.1 65.8 78

10、.5 94.8 383.4 389.8 409.7 427.8 448.5 479 yoy 1.67% 5.11% 4.42% 4.84% 6.80% / 1048.5 1136.5 1344.9 1538.1 1750.3 1979.1 yoy 8.39% 18.34% 14.37% 13.79% 13.07% 38201838 63.118.07%164.9 6.9% 1 19 / 36 24 2 25 4 3 3577/3845/2017 2016-2017 26 272018 9-10%60-70% 5.4-7% 20185346/ 41% 2 3 20 / 36 28 Wind 29

11、 2.3. 2 201838 35.65% 38569% 21 / 36 30 312017 5.2%CR515% 201811.6 18.38%12.23% 41% 32 22 / 36 11 2018 11.6 32.516 4-5 2010 30 3-4 72017215 22 1.78 3IPO55 20212019 10 15.7 2.4. 1220182016 15.28 7607 4257 43% 32.5 3577 2002 43% 2706 1650 39% 3978 1895 52% 1401862/ 120 80 60 1320182016 15.28 3129 382

12、747 32.5 1471 180 351 4.5 1352 190 353 14.6 1349 81 229 5-15%3-5% 2019 23 / 36 14 2004.6 10%15% 2006.7 15%25%1-2 128% 15% 2010.11 10%5% 2014 5% 2016.7 199% 2019.1 15.04%20189685 15.04%2018 4861K01007210% 20183716115050 6.45%2018 958 13.64% 152019 C-BPI1000 565.6 1 - 411.9 2 - 374.4 3 - 314.2 4 - 303

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14、8% 3.3. 42%33% 352014 362014 27 / 36 36265329 20% 192018 6.08 1.94 4.3 33% 4495 3003 1-2 0.84 47% 0.58 1 30% 5776 4060 37 38 28 / 36 20 4. 4.1. 2018 745.559%6.33%2.51% 2012-2018 + + 29 / 36 392012-2018 Euromonitor 21 2012 11.45% 5.51% 5.59% 2013 10.86% 5.41% 5.21% 2014 15.19% 9.41% 5.28% 2015 11.02% 9.02% 1.84% 2016 7.50% 7.42% 0.08% 2017 9.20% 6.72% 2.32% 2018 9.00% 6.33% 2.51% Euromonitor 20184637.5% 24720185346/ 2017910/ 402016-2018 30 / 36 15%2018 70%