【公司研究】蓝晓科技-多领域蓄势待发行业龙头进入发展快车道-2020200630[40页].pdf

1、 / + Ionex Engineering BVBAPuriTech Ltd. 2020 1 5G 2020-2022 10.67/13.87/17.562.76/3.48/4.35 PE24/19/15X 2018A 2019A 2020E 2021E 2022E 632 1,012 1,067 1,387 1,756 (+/-)% 42.26% 60.12% 5.43% 29.98% 26.64% 143 251 276 348 435 (+/-)% 53.71% 75.44% 9.98% 25.92% 24.96% 0.68 1.20 1.32 1.66 2.07 36.05 30.4

2、5 23.83 18.93 15.15 5.46 6.07 4.28 3.49 2.83 (%) 15.14% 19.92% 17.94% 18.42% 18.71% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 202 207 210 210 210 2020/6/24 6 39.60 31.42 12 23.9046.37 6,587 210 A 210 B/H 0/0 5 -25% -12% 1% 14% 27% 40% 2019/72019/102020/12020/4 % 1M 3M 12M 24% 1% 5% 16% -13% -3% PLA -2020

3、0609 -20200223 -20200121 2020 -20191203 : S0550518100001 01058034571 : S0550519080004 02120363248 300487 2020-06-30 2 / 40 1. . 5 1.1. . 5 1.2. 6 1.3. 7 1.4. 8 2. . 10 2.1. . 10 2.2. . 13 3. . 15 3.1. 15 3.2. . 16 4. . 17 4.1. . 17 4.1.1.CPC . 17 4.1.2. 19 4.2. 20 4.3.PLA. 21 4.4. 23 5. . 25 5.1. .

4、26 5.1.1. . 26 5.1.2. . 30 5.2.5G . 32 5.3. . 34 6. . 36 1 . 5 2 . 5 3 . 6 4 . 6 5(%) . 6 6ROEROA. 6 7 . 8 3 / 40 8 . 8 9 . 10 10 . 10 11 . 12 12. 12 13. 13 14 . 13 15. 13 16. 13 17. 14 18/. 14 19% . 16 20. 16 21. 17 22%. 17 23. 18 24. 18 25 . 19 26. 19 27 . 21 28CBD . 22 29CBD . 22 30. 23 31 . 23 3

5、2TV. 23 33. 23 34. 24 35/ . 25 36 . 26 37 . 26 38. 27 39. 27 40. 28 41. 28 42 . 28 43. 28 44 . 29 45 . 32 46 . 33 4799.99%/ . 33 48 . 34 49 . 34 50. 35 51 . 35 52 . 36 4 / 40 1 . 9 2 . 9 3 .11 4 . 12 5 . 14 6 . 29 7 . 30 8 . 30 9 . 31 10PA. 33 11PA . 33 12 . 35 5 / 40 1. 1.1. 1 2 6 / 40 3 4 5(%) 6RO

6、EROA 1.2. 100% 7 / 40 2019 20158304 52.5 2018103.4 2017 20194/ 5 1.3. 20178 3,00060% 20m3 100% 1 2 20198 8 / 40 1.4. 7 8 Wind Wind ESE 142 15% 20196236 90%6% 30 2010 9 / 40 1 2011130 20121003 20100925 20121212 20101029 20130102 2010055 20130227 20120521 20131120 20110818 20140326 20120214 20150325 2