【公司研究】天風證券-新銳券商增資到位各項業務持續發力-20200527[26頁].pdf

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5、. 20 3.7. 20 4. . 21 4.1. 21 4.2. 22 5. . 23 1 . 6 2. 6 3 . 6 4. 6 5. 7 6A . 7 7. 8 8 . 8 9 . 8 10 . 8 112000-2013. 9 122013-2019 . 10 132019- .11 145% . 12 155% . 12 16% . 12 17% . 12 185 . 13 193 . 13 205 . 13 215 . 13 225% . 14 232019 . 14 24 . 15 25 . 15 26 . 15 27 . 15 281. 17 292. 17 30 . 18 3

6、12. 18 5 / 26 32 . 18 33 . 18 34 . 19 35 . 19 36 . 20 37 . 20 1 .11 2 . 16 3 . 22 6 / 26 1 1.1. 2018 1902010-201814.80%2019 200 2012-2018 16.10%25.95% 1000201819761 (1)25 40.98%2016-201817.85% 1 2 3 4 7 / 26 2019 201812020Q1 16.6412.66% 2 2019136.62 2018100.5735.85% 2020Q153.04 76.10%3 201920.85%201

7、814.52% 20202019 332.65% 5 6A Wind Wind 1.2. 12019133 3604.832015 5751.551230.9584.77%2019 34.15%20189 201542.56%2 20192019115.81% 463.6652.65%2019 1221.6020153 201922%5 13% 201427%201934% 2017 2019-2020 8 / 26 7 8 9 10 Wind 2014-201910 60%2019201872.99%12 2020 9 / 26 2. 200031715 1 2017AA2018 2019A

8、AA10 AA 2.1. 2.1.1. 2000-2013 2000317 2008 2009817“” 201012011 52012120 “” 83,700 112000-2013 Wind 2.1.2. A2013-2019 201320152012 15.72015 46.62 2014 2016 20166 20181019 “”601162 2013 2012 2011 2010 2009 2000 10 / 26 A518,0010% 51.8 122013-2019 Wind 2.1.3. 2019- 2019528 781,365,375 29.99%2020413 26.

9、49% 20198 201910 2020310103 3171,485,967,280 5,349,482,208.00 IT 2020429 2013 2014 2016 2018 11 / 26 132019- Wind 2.2. 20203316,665,967,280A A3,838,479,938A2,827,487,3422020 () () 56.38%5%3 32.75% 1 () (%) 42.3756 827,648,581 12.42 34.8205 680,087,537 10.20 34.5686 675,167,641 10.13 15.2695 298,233,

10、121 4.47 () 13.9776 273,000,000 4.10 13.2096 258,000,000 3.87 9.9952 195,218,819 2.93 9.8727 192,826,610 2.89 () 9.4208 184,000,000 2.76 8.8999 1 173,826,666 2.61 192.4101 3,758,008,975 56.38 Wind 2019.05 2019.08 2019.10 2020.03 2020.04 12 / 26 3. 3.1. 3.1.1. 2020 52015 -20194.6%2015-2016 2018 9.75%

11、2017 202019 38.4617.35% 2015-2019 20186358.67 -8808.43-1812.732019 4.841.13-3.10 -10.08 145% 155% Wind Wind 16% 17% Wind Wind 20193.081.62% 2018-26.16%2020 8.3918.62% 13 / 26 0.839.98%2020 2018 185 193 Wind Wind 5 302018 9.75% 201517.356.03 20182019 9.3816.446.14 2015-2019 20193 205 215 Wind Wind 3.

12、1.2. 2019 35.76%29.72%19.11%20.15%2.02% 14 / 26 30%5 6 2019 33154231.49%A 225% 232019 Wind Wind 3.2. 3.2.1. 1,779.3723.50%19.82 64.3544.53% 610315 4.842.49 201911.435.59% 26.7%20197 AAA 15 / 26 24 25 Wind Wind 26 27 Wind Wind 3.2.2. 100% 20198 20204 9 3-5 3.2.3. 2020413 140 16 / 26 212424 2 4314 249

13、4 2 42 85 212 1455 24 3341 1786 27 10 5 424 1081 0 7496 3396 60 0 98 1741 2146 0 3.2.4. 2020 3.2.5. 10 3 3.3. 3.3.1. 2019 992274 3588.87 2 ABS43 346.9186 17 / 26 2019 3.3.2. 2019 7.3589.23% 2014 2016 20182019 281 292 Wind Wind 3.3.3. 2017 () 20113 20137 3.4. 3.4.1. 2018102019 201963.78 1623 83.23% 2

14、0197.753.82% 38.23% 20191516.26 18 / 26 30 312 Wind Wind 3.4.2. 202049 5100%19 20203150 1600 3.4.3. 2020 58.62%2019 285.5966300 1 32 33 Wind 3.5. 3.5.1. 19 / 26 20194 62380%16 115213346 5 1819815 3.5.2. Choice 2019 671393722 3.6. 3.6.1. 201913.76132.47%11.98 283% 2017 2019 34 35 Wind Wind 3.6.2. 20

15、/ 26 201923.94 36 37 Wind Wind 3.6.3. 2014 3.7. 20195.168.574% 65.724%1981.16 46.812.8894597432 2562.322019 57.482020422 2.5 25000 61 1 2191 245 9 21 / 26 4. 4.1. 2019 2020 2020315 2020-202245% 35%19% 2019 2019 2020-2022 24%23%15% 2018102020 2020-202228% 20%14% 202015 2020-2022 32%26%16% 61 202025 3

16、2020-202213% 12%5% 2019 2.02%2020 2020-2022 22 / 26 3 2019A 2020E 2021E 2022E 1143.05 1,657.42 2,237.52 2,662.65 (%) -5.59% 45.00% 35.00% 19.00% 735.05 911.47 1121.10 1289.27 (%) 89.23% 24.00% 23.00% 15.00% 775.05 992.06 1,190.48 1,357.14 (%) 3.82% 28.00% 20.00% 14.00% 1375.55 1,815.73 2,287.82 2,65

17、3.87 (%) 132.47% 32.00% 26.00% 16.00% 284.79 321.81 360.43 378.45 (%) 22.19% 13.00% 12.00% 5.00% 77.74 84.73 92.36 96.05 (%) 49.08% 9.00% 9.00% 4.00% -203.89 -70.00 -90.00 -165.00 (%) -262.42% -65.67% 28.57% 83.33% -341.24 -70.00 -95.00 -162.00 (%) 382.57% -79% 36% 62% 4.2. 2020 2020-202256.43 71.05

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19、0 0 -538 0 0 0 15,430 15,916 15,899 16,357 883 0 0 0 48,199 59,624 65,501 72,423 -577 -1,721 -1,961 -1,987 -2,949 2,552 2,225 2,585 645 670 695 725 8 -59 -58 -61 113 106 99 92 -2,176 1,512 1,167 1,562 584 807 876 972 -567 -975 -577 -894 67 68 69 70 5,219 8,009 2,660 2,918 11,721 12,082 12,285 12,527

20、 -1,394 -899 -396 -772 59,920 71,706 77,785 84,951 0 0 0 0 2019A 2020E 2021E 2022E 34 96 146 118 57 56 88 100 0.05 0.08 0.11 0.13 0 0 0 0 1.82 2.71 2.82 2.95 22,940 26,032 28,546 31,806 -0.33 0.23 0.18 0.23 0 0 0 0 19,473 22,133 24,792 27,727 17.4% 46.7% 25.9% 14.2% 19,473 22,133 24,792 27,727 1.6%

21、82.4% 34.7% 12.9% 42,413 48,165 53,338 59,533 12,123 18,034 18,790 19,644 10.4% 48.0% 49.3% 47.5% 5,384 5,507 5,657 5,773 8.0% 10.0% 10.6% 10.5% 59,920 71,706 77,785 84,951 70.97 51.87 56.88 59.91 2019A 2020E 2021E 2022E 0.00 0.00 0.00 0.00 3,846 5,643 7,105 8,110 3,448 2,936 3,605 4,259 70.8% 67.2% 68.6% 70.1% 30 46 55 63 2.10 2.29 2.29 2.28 0 0 0 0 2.10 2.29 2.29 2.27 0 0 0 0 2,406 3,612 4,369 4,704 0.0% 0.0% 0.0% 0.0% 0 0 0 0 62.5% 64.0% 61.5% 58.0% 323 0 0 0 0.0% 0.0% 0.0% 0.0% 1,221 1,721 1,961 1,987 398 778 1,044 1,080 0.0% 0.0% 0.0% 0.0% 64 58 5