【研報】建筑材料行業：地產投資和“舊改”雙驅動涂料行業加速整合-20200623[35頁].pdf

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6、2016-2019/ Wind 11 / 35 142016-2019/ Wind , , 2. 2.1. , WPCIA20152012 -201920191728 20184.8% 15: 2012-2019 WPCIA 12 / 35 WPCIA PPG2019100 602019 CR4502.34 30%CR8 691.88 37%40% 16 2019 17 WPCIA 5 SHERWIN-WILLI AMS 60000 2133433 PPG 47000 31421710 AKZONOBEL 34500 4321315 NIPPON Paints 23000 8668 RPM I

7、nc 15000 207343 DIAMOND Paints 11800 334918 AXALTA 14000 36381610 BASF 122404 492823 KANSAI Paint 16287 23473 Asian Paints 7600 4820266 WPCIA 2017 90 2019PPG 13 / 35 Hemmelrath 2017 PPG 6 2019 PPG Hemmelrath 2019 Mauvilac Industries Limited 2018 Fabryo 2017 2017 91 2017 2017 90 2017 PPG 201957%20187

8、pct 80%2016 182018-2019 WPCIA 2.2. 20191800 60% 20192,438.80 14 / 35 2,377.072.53%96%-103% 100% 20192018 19 20 Wind Wind 2.2.1. VOC2018 2019 3,132.32 3,263.95 4.03% 21 22 Wind Wind 15 / 35 7 1 2009 20% 3-5 2 2009 3 2010 2009 VOC 4 2010 5 2010 10% 6 2011 2011 7 2011 8 2011 2011 9 2010 10 2010 10% 11

9、2011 12 2011 2011 16 / 35 13 2011 2015 2012 14 GBT36132-2018 (2018) “ ” 15 (2018) 16 2017 (2018) “” 46 “”“VOCs ”12“ ” 17 2018 201811VOCs 18 2019 VOCs 19 2020 2020 VOCs VOCs VOCVOC VOC 2016-2017 2020 2020 1226 2VOC3APEO “”“”“90mg/kg” 17 / 35 20172018 20191944 2019 23 2019 42%55% 20197.33% 242019 25 2

10、.2.2. / PPG PPG 2019PPG 18 / 35 2019 3201959.72 PPG40 2620199 Wind 2019 42.6%0.4pct/ 57.4%0.4pct/ 82019 1 PPG 2 3 4 5 19 / 35 27 2017CR1065.59%98.43% 2019CR413.54%CR819.30% 282017 2.3. 201982934% 85335%2019 453763 54 48 20 / 35 29 + 2016 DAW ASIA 90% ;2017 9 PPG 2.3.1. 20173 201932% 400 21 / 35 30 W

11、ind 2060 201932% 80% 31 2019 400 2019 16420040 5 22 / 35 3. 2013 8601319.8% 201410.5%20151%2016 106.9%2018 1202649.5%2019 32 33 Wind Wind 2019 22.78.5%2015 2018 20.917.2%6 2018 71.33% 3.1. 15 2019 TOP10201417%28.4% B 23 / 35 342019 352019 102019 1 125.53100% 4 13.34100 11 152.6951% 3 18.0651% 3 6.34

12、40% 4 9.2949% 4 27.9251% 6 8.480% 20% 8 230% 9 5.9750% 2 12150% 9 23.4950% 1 9.3NEVS51% 1 10.658% 201915221.3%9.6 59.5%201920183036 24 / 35 36 372019 Wind CREIS 3.2. 20201-4 331033.3%1-34.4 pct1-213pct1-424238 2.8%4.4pct 38 39 1-473423.7% 9001.6%1-312.4 641810.6%8.1 184443.1%3.0 25 / 35 11202014 (%)

13、 % 33103 24238 -3.3 -2.8 18444 13163 55.72 54.31 -3.1 -3.8 6418 5004 19.39 20.65 -10.6 -8.5 7342 5370 22.18 22.16 3.7 6 900 701 2.72 2.89 -1.6 -0.6 1-4192862.60% 14.5%1.3pct 2 12202014 (%) % % 33973 -19.3 31863 -18.6 13762 -17.5 17629 -16.1 40.5 55.3 8982 -24.1 6114 -26.6 26.4 19.2 10085 -16.2 7155

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16、 20203) “” 1640 20203.9100 20209.75 29 / 35 117.24 4.8% 162020 () 9.75 a. () 0.7 0.65 () 0.5 a.() 3.80 a.() 22.18 b. () 0.7 2.5 () 0.5 b.() 12.19 b.() 85.31 c. () 0.8 0.25 () 0.5 c. () 1.95 c. () 9.75 () 117.24 3.4.2. 2000, , 2000 99%35% 19902019 Y=C+X1+X2 YCX1 X2 30 / 35 17 p-value R -98.95149 0.02

17、 0.97 0.000738 0.00 C 0.002796 0.00 422018-2023 2020862.52022 1000 4. 2020 18 ( PE 2017 2018 2019 2017 2018 2019 TTM 2020E 603737.SH 25.83 35.40 59.72 2.22 1.76 4.24 226.58 80.44 40.79 002271.SZ 101.94 139.24 180.15 12.42 15.11 20.75 632 30.54 22.37 300737.SZ 20.39 30.97 46.52 2.17 1.85 3.63 114.25

18、32.5 19.31 300715.SZ 3.94 6.19 11.65 0.45 0.65 1.35 66.82 46.09 29.10 Wind 31 / 35 4.1. 603737.SH + 500 20192 2019 4.2. 002271.SZ 2001000 10 32 / 35 4.3. 300737.SZ 100 1,0009500 4% 280 CE 2020 6000 4.4. 300715.SZ 20 2019 2020 33 / 35 5. 34 / 35 4200713 “” R3AB AAABS “” 615% 65%15% 6-5%5% 65%15% 615%

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