美的集团-科技制造为矛从To C迈向To B-211231（56页）.pdf

1、 Table_Info1 (000333) / Table_Date 2021-12-31 Table_Invest Table_Market 2021/12/31 6 92.50 73.81 12 61.40107.11 515,696.98 6,985 A 6,985 B/H 0/0 22 Table_PicQuote Table_Trend % 1M 3M 12M 9% 6% -23% 7% 5% -18% Table_Report -20211227 -20211220 Table_Author Table_Title / To CTo B Table_Summary CB 1 2T+

2、3B C3COLMO B 1+ 2+ SaaS 3GMCC綯綯 2021-202333673826423017.85%13.62%10.57%288333381PE17.92x/15.47x/13.55x Table_Finance 2019A 2020A 2021E 2022E 2023E 279,381 285,710 336,696 382,550 422,978 (+/-)% 6.71% 2.27% 17.85% 13.62% 10.57% 24,211 27,223 28,777 33,333 38,063 (+/-)% 19.68% 12.44% 5.71% 15.83% 14.1

3、9% 棨 3.60 3.93 4.12 4.77 5.45 16.18 25.05 17.92 15.47 13.55 4.00 5.85 3.53 2.87 2.37 (%) 23.81% 23.17% 19.68% 18.56% 17.49% (%) 2.17% 2.17% 2.23% 2.59% 2.95% () 6,972 7,030 6,985 6,985 6,985 -40%-30%-20%-10%0%10%20%2020/12 2021/3 2021/6 2021/9 2021/12 300 2 / 59 Table_PageTop / 1. . 6 1.1. . 6 1.2.

4、. 10 1.3. CB . 14 1.4. . 16 2. . 17 2.1. . 17 2.2. . 19 3. . 22 3.1. T+3 . 22 3.2. . 27 3.3. . 28 4. CB . 30 4.1. C . 30 4.1.1. . 30 4.1.2. . 33 4.1.3. . 34 4.1.4. COLMO . 38 4.1.5. . 42 4.2. B . 43 4.2.1. . 43 4.2.2. + . 46 4.2.2.1. . 46 4.2.2.2. . 48 4.2.2.3. . 51 4.2.3. 綯EPS . 53 5. . 56 1 . 6 2

5、. 6 3 . 7 4豸 . 7 51993-2003 . 8 62004-2011 . 9 72012-2021 . 10 3 / 59 Table_PageTop / 82021Q3 . 11 92014 . 13 10 . 14 11. 15 12CB . 15 13CB . 15 14C . 15 15B . 15 162020 . 16 17 . 17 18 . 18 19 . 19 20 . 20 21 . 20 222020 . 21 232015-2020524.5 . 21 24 . 21 25 . 22 26 . 22 27 . 23 28 . 24 29632 . 24

6、30T+3 . 25 31T+3 . 26 325G . 27 335G+ . 27 342.0 . 27 35 . 28 36 . 28 37 . 28 38 . 29 39 . 30 40 . 30 412016-2020 . 31 422016-2020 . 31 432016-2020 . 31 442021 . 31 45GDP . 32 462021 . 32 47 . 32 48 . 32 492019-2022 . 32 502019-2022 . 32 512019-2022 . 33 522018-2021 . 34 4 / 59 Table_PageTop / 53201