三個皮匠報告
政策庫
new
付費
搜索

白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大-行業數據

白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大
2020-2024：變革深化、動能蟄伏。格力于 2019 年開始渠道改革，2019 年至 2021 年圍繞線上格力董明珠店新零售試水，2022-2024 年進行線下渠道扁平化變革，但總體處于陣痛階段。2020-2024年格力營業收入CAGR+3%，慢于美的（+9%）和海爾（+8%），歸母凈利潤 CAGR+10%，跑贏美的（+9%），跑輸海爾（+21%）。
行業數據 下載Excel 下載圖片 原圖定位
圖片屬性
圖片格式：PNG 圖片大?。?14KB 圖片尺寸：1798*838
同報告圖片
 / 39
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第1頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第2頁
fCDlubTku70gfCDlhbbku5bmtYHliqjotJ/lgLrvvIjkur/lhYPvvIkgfCDlvZLmr43lh4DliKnmtqbvvIjkur/lhYPvvIkgfCDlvZLmr43lh4DliKnmtqbnjofvvIgl77yJIHwKfC0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfAp8IDIwMDMgfCAwICAgICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICB8CnwgMjAwNCB8IDAgICAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgIHwKfCAyMDA1IHwgMCAgICAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgfAp8IDIwMDYgfCAwICAgICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICB8CnwgMjAwNyB8IDAgICAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgIHwKfCAyMDA4IHwgMCAgICAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgfAp8IDIwMDkgfCAwICAgICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICB8CnwgMjAxMCB8IDAgICAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgIHwKfCAyMDExIHwgMCAgICAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgfAp8IDIwMTIgfCAwICAgICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICB8CnwgMjAxMyB8IDAgICAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgIHwKfCAyMDE0IHwgMCAgICAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgfAp8IDIwMTUgfCAwICAgICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICB8CnwgMjAxNiB8IDAgICAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgIHwKfCAyMDE3IHwgMCAgICAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgfAp8IDIwMTggfCAwICAgICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICB8CnwgMjAxOSB8IDAgICAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgIHwKfCAyMDIwIHwgMCAgICAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgfAp8IDIwMjEgfCAwICAgICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICB8CnwgMjAyMiB8IDAgICAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgIHwKfCAyMDIzIHwgMCAgICAgICAgICAgICAgICAgICAgfCAwICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgfAp8IDIwMjQgfCAwICAgICAgICAgICAgICAgICAgICB8IDAgICAgICAgICAgICAgICAgIHwgMCAgICAgICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJpXaW5k77yM5rWZ5ZWG6K+B5Yi456CU56m25omA
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第3頁
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第4頁
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第5頁
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第6頁
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第7頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第8頁
fCDlubTku70gfCDnqbrosIPlhoXplIDph4/vvIjkuIflj7DvvIkgfCDlkIzmr5Tlop7pgJ/vvIgl77yJIHwKfC0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tfAp8IDIwMDMgfCAyMDAwICAgICAgICAgICB8IC0gICAgICAgICAgICB8CnwgMjAwNCB8IDQwMDAgICAgICAgICAgIHwgLSAgICAgICAgICAgIHwKfCAyMDA1IHwgMzAwMCAgICAgICAgICAgfCAtICAgICAgICAgICAgfAp8IDIwMDYgfCAzNTAwICAgICAgICAgICB8IC0gICAgICAgICAgICB8CnwgMjAwNyB8IDQwMDAgICAgICAgICAgIHwgLSAgICAgICAgICAgIHwKfCAyMDA4IHwgNTAwMCAgICAgICAgICAgfCAtICAgICAgICAgICAgfAp8IDIwMDkgfCA2MDAwICAgICAgICAgICB8IC0gICAgICAgICAgICB8CnwgMjAxMCB8IDcwMDAgICAgICAgICAgIHwgLSAgICAgICAgICAgIHwKfCAyMDExIHwgODAwMCAgICAgICAgICAgfCAtICAgICAgICAgICAgfAp8IDIwMTIgfCA3NTAwICAgICAgICAgICB8IC0gICAgICAgICAgICB8CnwgMjAxMyB8IDg1MDAgICAgICAgICAgIHwgLSAgICAgICAgICAgIHwKfCAyMDE0IHwgOTAwMCAgICAgICAgICAgfCAtICAgICAgICAgICAgfAp8IDIwMTUgfCAxMDAwMCAgICAgICAgICB8IC0gICAgICAgICAgICB8CnwgMjAxNiB8IDExMDAwICAgICAgICAgIHwgLSAgICAgICAgICAgIHwKfCAyMDE3IHwgMTIwMDAgICAgICAgICAgfCAtICAgICAgICAgICAgfAp8IDIwMTggfCAxMTAwMCAgICAgICAgICB8IC0gICAgICAgICAgICB8CnwgMjAxOSB8IDEwMDAwICAgICAgICAgIHwgLSAgICAgICAgICAgIHwKfCAyMDIwIHwgOTAwMCAgICAgICAgICAgfCAtICAgICAgICAgICAgfAp8IDIwMjEgfCA4NTAwICAgICAgICAgICB8IC0gICAgICAgICAgICB8CnwgMjAyMiB8IDgwMDAgICAgICAgICAgIHwgLSAgICAgICAgICAgIHwKfCAyMDIzIHwgNzUwMCAgICAgICAgICAgfCAtICAgICAgICAgICAgfAp8IDIwMjQgfCA3MDAwICAgICAgICAgICB8IC0gICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJrkuqfkuJrlnKjnur/vvIzmtZnllYbor4HliLjnoJTnqbbmiYA=
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第9頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第10頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第11頁
fCDml7bpl7QgICAgICAgfCDnvo7nmoQgfCDljY7lh4wgfCDmoLzlipsgfCDmtbflsJTns7sgfCDmtbfkv6Hnp5HpvpkgfCBUQ0wgfCDlhbbku5YgfCBDUjIgfAp8LS0tLS0tLS0tLS0tfC0tLS0tLXwtLS0tLS18LS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tfC0tLS0tLXwtLS0tLS18CnwgMjAyMy0wMSAgICB8IDMwJSAgfCAxMCUgIHwgNDAlICB8IDEwJSAgICB8IDUlICAgICAgIHwgNSUgICB8IDEwJSAgfCA3MCUgIHwKfCAyMDIzLTAyICAgIHwgMzUlICB8IDE1JSAgfCAzNSUgIHwgMTAlICAgIHwgNSUgICAgICAgfCA1JSAgIHwgMTAlICB8IDcwJSAgfAp8IDIwMjMtMDMgICAgfCA0MCUgIHwgMTUlICB8IDMwJSAgfCAxMCUgICAgfCA1JSAgICAgICB8IDUlICAgfCAxMCUgIHwgNzAlICB8CnwgMjAyMy0wNCAgICB8IDM1JSAgfCAxNSUgIHwgMzUlICB8IDEwJSAgICB8IDUlICAgICAgIHwgNSUgICB8IDEwJSAgfCA3MCUgIHwKfCAyMDIzLTA1ICAgIHwgMzAlICB8IDE1JSAgfCAzNSUgIHwgMTAlICAgIHwgNSUgICAgICAgfCA1JSAgIHwgMTAlICB8IDcwJSAgfAp8IDIwMjMtMDYgICAgfCAzNSUgIHwgMTUlICB8IDMwJSAgfCAxMCUgICAgfCA1JSAgICAgICB8IDUlICAgfCAxMCUgIHwgNzAlICB8CnwgMjAyMy0wNyAgICB8IDMwJSAgfCAxNSUgIHwgMzUlICB8IDEwJSAgICB8IDUlICAgICAgIHwgNSUgICB8IDEwJSAgfCA3MCUgIHwKfCAyMDIzLTA4ICAgIHwgMzUlICB8IDE1JSAgfCAzMCUgIHwgMTAlICAgIHwgNSUgICAgICAgfCA1JSAgIHwgMTAlICB8IDcwJSAgfAp8IDIwMjMtMDkgICAgfCAzMCUgIHwgMTUlICB8IDM1JSAgfCAxMCUgICAgfCA1JSAgICAgICB8IDUlICAgfCAxMCUgIHwgNzAlICB8CnwgMjAyMy0xMCAgICB8IDM1JSAgfCAxNSUgIHwgMzAlICB8IDEwJSAgICB8IDUlICAgICAgIHwgNSUgICB8IDEwJSAgfCA3MCUgIHwKfCAyMDIzLTExICAgIHwgMzAlICB8IDE1JSAgfCAzNSUgIHwgMTAlICAgIHwgNSUgICAgICAgfCA1JSAgIHwgMTAlICB8IDcwJSAgfAp8IDIwMjMtMTIgICAgfCAzNSUgIHwgMTUlICB8IDMwJSAgfCAxMCUgICAgfCA1JSAgICAgICB8IDUlICAgfCAxMCUgIHwgNzAlICB8CnwgMjAyNC0wMSAgICB8IDMwJSAgfCAxNSUgIHwgMzUlICB8IDEwJSAgICB8IDUlICAgICAgIHwgNSUgICB8IDEwJSAgfCA3MCUgIHwKfCAyMDI0LTAyICAgIHwgMzUlICB8IDE1JSAgfCAzMCUgIHwgMTAlICAgIHwgNSUgICAgICAgfCA1JSAgIHwgMTAlICB8IDcwJSAgfAp8IDIwMjQtMDMgICAgfCAzMCUgIHwgMTUlICB8IDM1JSAgfCAxMCUgICAgfCA1JSAgICAgICB8IDUlICAgfCAxMCUgIHwgNzAlICB8CnwgMjAyNC0wNCAgICB8IDM1JSAgfCAxNSUgIHwgMzAlICB8IDEwJSAgICB8IDUlICAgICAgIHwgNSUgICB8IDEwJSAgfCA3MCUgIHwKfCAyMDI0LTA1ICAgIHwgMzAlICB8IDE1JSAgfCAzNSUgIHwgMTAlICAgIHwgNSUgICAgICAgfCA1JSAgIHwgMTAlICB8IDcwJSAgfAp8IDIwMjQtMDYgICAgfCAzNSUgIHwgMTUlICB8IDMwJSAgfCAxMCUgICAgfCA1JSAgICAgICB8IDUlICAgfCAxMCUgIHwgNzAlICB8CnwgMjAyNC0wNyAgICB8IDMwJSAgfCAxNSUgIHwgMzUlICB8IDEwJSAgICB8IDUlICAgICAgIHwgNSUgICB8IDEwJSAgfCA3MCUgIHwKfCAyMDI0LTA4ICAgIHwgMzUlICB8IDE1JSAgfCAzMCUgIHwgMTAlICAgIHwgNSUgICAgICAgfCA1JSAgIHwgMTAlICB8IDcwJSAgfAp8IDIwMjQtMDkgICAgfCAzMCUgIHw=
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第12頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第13頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第14頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第15頁
fCDljLrln58gfCDljaDmr5QgfAp8LS0tLS0tfC0tLS0tLXwKfCDkuprmtLIgIHwgNDIuNzAlIHwKfCDmrKfmtLIgIHwgMTguOTAlIHwKfCDljJfnvo4gIHwgOC42MCUgfAp8IOaLiee+jiAgfCAyMS41MCUgfAp8IOmdnua0siAgfCA3LjQwJSB8Cnwg5aSn5rSL5rSyIHwgMSUgfAoK6LWE5paZ5p2l5rqQ77ya5Lqn5Lia5Zyo57q/77yM5rWZ5ZWG6K+B5Yi456CU56m25omA
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第16頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第17頁
fCDmoLzlipvnlLXlmaggfCDmlLnpnanliY0gfCDmlLnpnanlkI4gfAp8IC0tLSB8IC0tLSB8IC0tLSB8Cnwg5YyX5Lqs55ub5LiW5oGS5YW077yI5YWo5Zu95oC75Luj77yJIHwgIHwgIHwKfCDlkITnnIHnm5vkuJbmrKPlhbQgfCAgfCAgfAp8IOWMuuWfn+Wkp+S7o+eQhiB8ICB8ICB8Cnwg5Luj55CG5ZWGIHwgIHwgIHwKfCDnu4/plIDllYYgfCAgfCAgfAp8IOS4k+WNluW6lyB8ICB8ICB8CnwgS0EgfCAgfCAgfAp8IOS6kee9keaJuSB8ICB8ICB8Cnwg6ZSA5ZSu5YWs5Y+4IHwgIHwgIHwKfCDnu4/plIDllYYv6ZSA5ZSu5YWs5Y+45Z2H6YCa6L+H5LqR572R5om55LiL5Y2V5Zyw5pa56ZSA5Y+46L2s5Z6L5pyN5Yqh5ZWGIHwgIHwgIHwKCui1hOaWmeadpea6kO+8muS8geafpeafpe+8jOWutueUtee9ke+8jOa1meWVhuivgeWIuOeglOeptuaJgA==
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第18頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第19頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第20頁
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第21頁
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第22頁
fCDml6XmnJ8gfCDmkJzntKLmjIfmlbAgfAp8LS0tLS0tfC0tLS0tLS0tLS18CnwgMjAyMy0wNC0xNyB8IDE1LDAwMCB8CnwgMjAyMy0wNi0wNSB8IDEwLDAwMCB8CnwgMjAyMy0wNy0yNCB8IDUsMDAwIHwKfCAyMDIzLTA5LTExIHwgNSwwMDAgfAp8IDIwMjMtMTAtMzAgfCAxMCwwMDAgfAp8IDIwMjMtMTItMTggfCAyMCwwMDAgfAp8IDIwMjQtMDItMDUgfCA1LDAwMCB8CnwgMjAyNC0wMy0yNSB8IDE1LDAwMCB8CnwgMjAyNC0wNS0xMyB8IDUsMDAwIHwKfCAyMDI0LTA3LTAxIHwgNSwwMDAgfAp8IDIwMjQtMDgtMTkgfCA1LDAwMCB8CnwgMjAyNC0xMC0wNyB8IDUsMDAwIHwKfCAyMDI0LTExLTI1IHwgNSwwMDAgfAp8IDIwMjUtMDEtMTMgfCA1LDAwMCB8CnwgMjAyNS0wMy0wMyB8IDEwLDAwMCB8CnwgMjAyNS0wNC0xNCB8IDUsMDAwIHwKCui1hOaWmeadpea6kO+8mueZvuW6puaMh+aVsO+8jOa1meWVhuivgeWIuOeglOeptuaJgA==
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第23頁
fCDlubTku70gfCDmoLzlipvnlLXlmaggfCDnvo7nmoTpm4blm6IgfCDmtbflsJTmmbrlrrYgfAp8LS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfAp8IDE5OTMgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDE5OTQgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDE5OTUgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDE5OTYgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDE5OTcgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDE5OTggfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDE5OTkgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMDAgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMDEgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMDIgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMDMgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMDQgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMDUgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMDYgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMDcgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMDggfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMDkgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMTAgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMTEgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMTIgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMTMgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMTQgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMTUgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMTYgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMTcgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMTggfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMTkgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMjAgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMjEgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMjIgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMjMgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAp8IDIwMjQgfCAwICAgICAgfCAwICAgICAgfCAwICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaV2luZO+8jOa1meWVhuivgeWIuOeglOeptuaJgA==
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第24頁
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第25頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第26頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第27頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第28頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第29頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第30頁
fCDlubTku70gfCDnqbrosIMgfCDnlJ/mtLvnlLXlmaggfCDlt6XkuJrliLblk4EgfCDmmbrog73oo4XlpIcgfCDnu7/oibLog73mupAgfCDlhbbku5bkuLvokKUgfCDlhbbku5bkuJrliqEgfAp8LS0tLS0tfC0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tLS0tLXwKfCAyMDE1IHwgODAwICB8IDEwMCAgICAgIHwgMjAwICAgICAgfCAwICAgICAgICB8IDAgICAgICAgIHwgMCAgICAgICAgfCAwICAgICAgICB8CnwgMjAxNiB8IDkwMCAgfCAxNTAgICAgICB8IDI1MCAgICAgIHwgMCAgICAgICAgfCAwICAgICAgICB8IDAgICAgICAgIHwgMCAgICAgICAgfAp8IDIwMTcgfCAxMDAwIHwgMjAwICAgICAgfCAzMDAgICAgICB8IDAgICAgICAgIHwgMCAgICAgICAgfCAwICAgICAgICB8IDAgICAgICAgIHwKfCAyMDE4IHwgMTEwMCB8IDI1MCAgICAgIHwgMzUwICAgICAgfCA1MCAgICAgICB8IDAgICAgICAgIHwgMCAgICAgICAgfCAwICAgICAgICB8CnwgMjAxOSB8IDEyMDAgfCAzMDAgICAgICB8IDQwMCAgICAgIHwgMTAwICAgICAgfCAwICAgICAgICB8IDAgICAgICAgIHwgMCAgICAgICAgfAp8IDIwMjAgfCAxMzAwIHwgMzUwICAgICAgfCA0NTAgICAgICB8IDE1MCAgICAgIHwgMCAgICAgICAgfCAwICAgICAgICB8IDAgICAgICAgIHwKfCAyMDIxIHwgMTQwMCB8IDQwMCAgICAgIHwgNTAwICAgICAgfCAyMDAgICAgICB8IDAgICAgICAgIHwgMCAgICAgICAgfCAwICAgICAgICB8CnwgMjAyMiB8IDE1MDAgfCA0NTAgICAgICB8IDU1MCAgICAgIHwgMjUwICAgICAgfCAwICAgICAgICB8IDAgICAgICAgIHwgMCAgICAgICAgfAp8IDIwMjMgfCAxNjAwIHwgNTAwICAgICAgfCA2MDAgICAgICB8IDMwMCAgICAgIHwgMCAgICAgICAgfCAwICAgICAgICB8IDAgICAgICAgIHwKfCAyMDI0SDF8IDcwMCAgfCAxMDAgICAgICB8IDE1MCAgICAgIHwgMCAgICAgICAgfCAwICAgICAgICB8IDAgICAgICAgIHwgMCAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+45YWs5ZGK77yM5rWZ5ZWG6K+B5Yi456CU56m25omA
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第31頁
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第32頁
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第33頁
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第34頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第35頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第36頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第37頁
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
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第38頁
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第39頁
白電龍頭估值變化趨勢總體一致，但2021H2開始格力的估值較友商差距拉大_第40頁
所屬報告： 格力電器-公司深度報告：空調龍頭信心重塑-250523（24頁）.pdf
打包全文圖表

相關數據

最新數據
聯系我們
  • 0731-84720580
  • sgpjbg002
  • 工作日 9:30 - 18:00
關于我們
侵權處理
關于我們

三個皮匠報告專業的行業報告下載站，每日更新，歡迎大家關注！

copyright@2008-2013 長沙景略智創信息技術有限公司版權所有
網站備案/許可證號：湘B2-20190120

客服
商務合作
小程序
服務號
折疊
午夜网日韩中文字幕,日韩Av中文字幕久久,亚洲中文字幕在线一区二区,最新中文字幕在线视频网站