华东重机-公司首次覆盖报告：5G催化数控机床龙头港口装卸设备望于自动化趋势中焕光彩-20200724[18页].pdf

1、豸/ 1 / 18 002685.SZ 20200724 2020/7/23 () 6.52 () 7.60/4.47 () 65.70 () 51.76 () 10.08 () 7.94 3(%) 104.48 5G 豸 S0790520020001 衰 15GCNC2 豸3 2020/2021/2022 EPS 0.42/0.54/0.71 PE 16/12/9衰 5G 5G15G 豸5G 轫壬 2 5G CNC 豸 20202025 20352050 豸 豸 5G硣 2018A 2019A 2020E 2021E 2022E () 9,948 13,687 14,510 16,698 1

2、9,253 YOY(%) 98.9 37.6 6.0 15.1 15.3 () 308 357 422 543 711 YOY(%) 133.3 16.0 18.1 28.8 31.0 (%) 6.8 5.7 6.0 6.4 6.8 (%) 3.1 2.6 2.9 3.3 3.7 ROE(%) 6.8 7.2 9.3 10.0 11.4 EPS(/) 0.31 0.35 0.42 0.54 0.71 P/E() 21.3 18.4 15.6 12.1 9.2 P/B() 1.4 1.3 1.2 1.1 1.0 -32% -16% 0% 16% 32% 2019-07 2019-11 2020-

3、03 300 2 / 18 1 CNC豸 . 3 1.1 顱顱 . 3 1.2 . 5 2 . 7 3 豸 . 9 3.1 . 9 3.2 豸豸 . 9 3.3 豸 . 10 4 5G/ . 11 4.1 5G . 12 4.1.1 5G轫壬 . 12 4.1.2 5G豸 . 14 4.2 . 15 5 . 15 6 . 15 . 16 1 豸 . 3 2 4 . 3 3 豸 . 4 4 . 5 5 2015-2019CAGR72.8% . 6 6 2015-2019CAGR100.7% . 6 7 . 6 8 CNC . 6 9 2015-2019/CAGR88% . 8 10 . 8 11

4、 +AGV+ARMG . 10 12 . 12 13 2020-20255G . 13 14 2020-20255G . 13 15 CNC . 14 1 . 5 2 5G豸4G3 . 13 3 AAU5G . 13 4 . 15 nMsNoOrOqPmOzRsNsOqPsR9PbPaQoMmMpNqQfQoOpQkPnPpQ6MmMxONZsRtNxNqMrP 3 / 18 1 CNC豸 1.1 顱顱 豸19892004 20102012 塱 豸 1豸 20194 24 桢 1989 1991 201 2 2013 201 5 2016 2017 2018 100% 35%100% 1 7

5、.68 %2 1 .67 % 1 0 .62 % 4 .17 % 3 .4 4 % 35% 4 / 18 鹹豸 顱 顱 豸 豸 綥 PSADP World 3豸 5G CNC豸 5G 5 / 18 4 202061 12.482.54 豸6.20 1 1 豸 26,743.68 25,351.59 2 71,738.93 62,020.00 3 37,444.96 37,444.96 135,927.57 124,816.55 桢 1.2 2015-2019CAGR72.8% CAGR100.7% 2015-20199.6120.4CAGR88.1% CNC20172017-2019 3.81

6、3.0CAGR84.6%豸 3-620193.420181.7% 6 / 18 52015-2019CAGR72.8% 62015-2019CAGR100.7% Wind Wind CNC 2019CNC 豸78.06%9.48%5.45%4.49% 2.51%CNC CNC豸 9.35%78.30%3.02%2.75%6.57%CNC 7 8CNC Wind Wind 2019CNC 豸0.68%47.03%3.16% 3.49%14.89%2017-2019 48.05%50.21%47.31%豸 17.83%23.7914.89%10% 2015-20196.11%1.71%4.4pct