【公司研究】公牛集团-专注以致远民用电工领航者再扬帆-20200531[35页].pdf

1、 / 1995 200720142016LED LED 2019/ 100.4/23.02019ROE52.36% 1 &50-230 2 & /LED 2.25/1.85/1.37 & 3 201979.8% & 2020-2022EPS4.24.85.5 PE43.1X37.8X33.4X 2018A 2019A 2020E 2021E 2022E 9,065 10,040 10,441 11,747 13,090 (+/-)% 25.21% 10.76% 3.99% 12.50% 11.44% 1,677 2,304 2,542 2,899 3,275 (+/-)% 30.45% 37.

2、38% 10.35% 14.05% 12.94% 2.79 3.84 4.24 4.83 5.46 0.00 47.51 43.05 37.75 33.42 0.00 19.72 13.42 9.90 7.64 (%) 51.63% 41.50% 31.18% 26.23% 22.86% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 540 540 600 600 600 2020/5/28 6 225.5 182.41 12 71.34193.99 108,240 600 A 600 B/H 0/0 2 -9% 16% 41% 66% 91% 116% 2020/

3、2/52020/2/25 2020/3/162020/4/52020/4/25 2020/5/15 % 1M 3M 12M 18% 5% 0% 18% 7% -5% 603195 & 20200427 20200520 S0550516120001 021-20363260 T S0550120030010 021-20363260 603195 2020-05-31 2 / 35 1. . 5 1.1. . 5 1.2. . 5 1.3.20192020Q1 . 6 1.4. 8 2. . 9 2.1. . 9 2.1.1. . 9 2.1.2. . 10 2.2. . 12 2.2.1.

4、. 12 2.2.2. . 13 2.3. LED . 16 2.3.1. LED. 16 2.3.2. LED . 17 3. . 19 3.1. . 19 3.2. . 23 3.2.1. . 26 3.2.2. . 27 3.3. . 30 4. . 32 5. . 32 3 / 35 1 . 6 22015-2020Q1 . 6 32015-2019 . 6 42015-2020Q1 . 7 5 . 7 62015-2019& . 7 72015-2019 . 7 82015-2019 ROE . 8 9 . 8 102008-2014. 9 11 . 9 122012-2018 .

5、9 13 . 10 14.11 15&.11 16& . 12 17. 12 18 . 12 192019 . 13 20 . 13 21. 13 22 . 14 23 . 14 24. 14 25/ . 14 26LED. 16 27. 17 28 . 17 29LED. 18 30LED . 18 31LED. 19 32LED . 19 33LED . 19 34LED. 19 35 . 21 36 . 21 373% . 22 38 . 22 39 . 22 40. 23 41. 24 42&. 24 4 / 35 43. 25 44 . 28 45. 28 46. 29 47. 29

6、 482019 . 30 49. 30 50/ . 30 51/. 30 52OEM. 31 53. 31 54/. 31 55. 31 1 .11 2: . 15 3 . 15 4LED . 17 5 . 19 6 . 20 7 . 26 8 . 26 9 . 27 10. 32 5 / 35 1. 1.1. LED2001 2007 2014LED2016 201912100 1.2. 1995-2006 90 1996 2001 20072007 20148090 G29G22 2017 40% 2010 2010 2015 2017 201620183.468.34CAGR 55.19