水泥行业：降雨缓解发货继续回升中国建材系水泥资产重组启动-20200726[39页].pdf

1、 20200726 20200720-20200726 2020.07.20-2020.07.262020.07.13-2020.07.19 2 77%+2.5pcts774.9%/ /95.6%/81.1%/79.4%/73.5%/70.9%/66.7%/56.3% 滷68.6% 424-2-8408-7457-3428 72.0 724棬 漰 鷽1 65%2 +3飺 A 彫棻 2H20 1 2 3 4 oPsNpPpQtMoMvNrOnRpQmP8O9R6MoMpPnPmMkPqQqPeRnPpQbRoOyRwMnPsOwMrMoO 1 H H2 HA/H3 EPS PE) 19A 20E

2、 21E 19A 20E 21E 58.85 6.34 6.71 6.28 9.28 8.77 9.37 10.1 1.27 1.39 1.46 7.95 7.27 6.92 18.02 1.56 2.05 2.24 11.55 8.79 8.04 20.5 1.59 2.5 2.83 12.89 8.2 7.24 1.59 0.33 0.39 0.43 4.35 3.68 3.34 Wind 2020-07-24EPS 4 1(+20/) 27 3(-30/)(-20/)(-20/) 0292 426/-0.39%20/ 20-30/7 42.5423/79.4%61.2% 80%80%-9

3、0%10 42.5310/56.2%+1.2pct67.1% 20/60%-70%720-29 42.5428/-3/81.1%+8.5pct76.1%- 1.9pct20/ 70% 滺 20-30/裬60%-70% 80%80% 80%-100% 5 42.5457/+7/70.9%+2.7pct73.1% 人10/60%80% 760%-70% 60%-70%絫80%70%30/ 硢10 42.5457/-7/95.6%+3.3pct62.7% -0.3pct20/ 20-30/ 90%-100%濪 42.5408/-8/73.5%-1.5pct66.9% +3.4pct60%-70%60

4、%-70%嶫20/ 60%-80%治20/ 70%-80% 60%-80%滷 42.5461/66.7%-6.7pct52.8%+2.0pct 20/ 60%-80% 60%-70%20-30/ 70%-80%壬鷴 01 02 03 04 05 06 01 1. 0.1pct(-1.9pct)(-0.3pct)(3.4%) (2.0%) :% 2016-06-24 67.25 64.17 72.24 71.81 68.33 77.19 67.67 64.17 70.56 2016-12-30 63.0 78.33 59.33 55.14 55.44 63.12 73.17 57.92 61.7

5、5 2017-06-30 68.5 61.67 65.56 66.53 61.67 72.19 59.83 70.42 64.94 2017-12-29 57.25 67.08 42.71 45.69 45.33 50.94 60.17 55.42 50.31 2018-06-29 53.25 65.83 51.86 61.67 55.56 60.94 55.5 44.17 56.81 2018-12-28 50.75 54.17 48.27 51.81 47.33 55.94 56.0 44.17 50.69 2019-06-28 48.25 67.92 61.67 58.33 60.89

6、64.38 52.67 44.17 59.69 2020-07-24 61.25 67.08 76.14 73.06 62.67 66.88 52.83 60.0 68.56 02 2.1 10 42.5423/79.4%61.2% 80%80%-90%10 42.5310/56.2%+1.2pct67.1% 20/60%-70%720-29 42.5428/-3/81.1%+8.5pct76.1% -1.9pct20/ 70% 滺 20-30/裬 60%-70%80% 80%80%-100% 42.5457/+7/70.9%+2.7pct73.1% 人10/60%80% 760%-70% 6