【研报】可降解行业深度二：PLA潜力巨大的生物基材料国内正打破进口垄断-20200609[30页].pdf

1、 / PLA 20201 2018 12019180 2019 2020“” PLA PLA2018 6792620 2018360.65% 0.62% PBS/PBAPLAPLA PLAPLA PLA PLA PLA PLAPLA 65117033 20PLA 1PLA1.8/3 / 12.8 1 51PLA PLA EPS PE 2019A 2020E 2021E 2019A 2020E 2021E 52.42 1.36 1.66 2.42 47 36 25 -3% 2% 7% 12% 17% 2019/6 2019/7 2019/8 2019/9 2019/10 2019/11 2019

2、/12 2020/1 2020/2 2020/3 2020/4 2020/5 % 1M 3M 12M 5.13% -4.55% 10.73% 3.35% -1.32% 0.07% 362 32468 24262 19.02 1.39 50610 1275 % 52.63 600143 2020-05-18 600143 2020-04-28 2020-01-21 600143 2019-10-15 : S0550518100001 010-58034571 : S0550519080004 021-20363248 2020-06-09 2 / 30 1. “” . 4 1.1. . 4 1.

3、2. . 7 1.3. PLA. 13 2. PLA. 15 2.1. PLAPLA . 16 2.2. PLAPLA . 21 3. PLA . 22 3.1. PLA . 22 3.2. PLA. 24 4. . 26 4.1. . 26 1 . 4 2 . 4 3 . 5 4 . 5 5 . 6 6 . 6 7/ . 13 8 . 13 9 . 14 10 . 14 11PLA . 15 12 . 16 13/. 17 14. 17 15. 17 16 . 17 17. 18 18 . 19 192018 . 19 202018 . 19 21 . 20 22. 20 3 / 30 23

4、PLA . 21 24PLA . 22 25PLA . 23 26PLA. 25 27PLA . 25 28 . 26 29 . 27 30. 27 31/. 27 32 . 27 332017 . 28 342019 . 28 1 . 5 22018 . 6 3 . 7 4 . 8 5 . 8 6 . 9 7 . 10 8 .11 9 .11 10. 14 11PLA . 15 12 . 18 132018PLA . 23 14PLA . 24 15 . 26 4 / 30 1. “” 1.1. 20201 20161995 35%2018 201932021 10 2025 25%2030

5、30% 201851202043 1741065IHS Markit 20183655%20 51200.39%2018720 202.78% 1 2 Wind Wind 5 / 30 2018221743% 2910725 30% 2018 725203% 1 2018 2019E 2020E 2021E 2022E 2025E 5,120 5,146 5,171 5,197 5,223 5,275 2,043 2,063 2,084 2,105 2,126 2,147 174 175 175 175 175 175 + 2,217 2,238 2,259 2,280 2,301 2,322

6、 2910 2,968 3,028 3,088 3,150 3,213 /(+) 33% 32.0% 31.0% 30.0% 29.0% 27.0% 725 716 700 684 667 627 3% 4% 6% 8% 10% 15% 20.00 28.65 42.02 54.71 66.72 94.04 Wind 50003000 “” “”27 87%270 2/3 3 4 Wind Wind 6 / 30 20181 24 2019180 2021 5 6 20181300 22%2019127 21% 22018 6,103 10,770 6,462 12,565 35,900 2,