【公司研究】有友食品-品类扩张&渠道下沉凤爪龙头迎来新成长-20200629[32页].pdf

1、 / & 30% 2016 2017 24.39%2+3+3 2016 2019 B 20 1 2 34 2018 201948.5%201911 23.2%2020 2020-2022EPS0.710.840.98PE 27X23X19X 2018A 2019A 2020E 2021E 2022E 1,101 1,008 1,174 1,351 1,545 (+/-)% 11.24% -8.44% 16.43% 15.07% 14.43% 178 179 216 256 299 (+/-)% -6.38% 0.48% 20.38% 18.61% 17.08% 0.59 0.59 0.71 0

2、.84 0.98 0.00 23.11 26.80 22.60 19.30 0.00 2.64 3.23 2.82 2.46 (%) 20.24% 11.44% 12.07% 12.50% 12.73% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 225 305 305 305 305 2020/6/24 6 24.85 18.97 12 10.3123.12 5,777 305 A 305 B/H 0/0 6 -47% -36% -25% -14% -3% 2019/72019/102020/12020/4 % 1M 3M 12M 27% 43% 8% 19%

3、29% 1% -20200614 -20200608 -20200601 -20200525 S0550515060001 (021)20361174 603697 2020-06-29 2 / 32 1. . 5 1.1. . 5 1.2. . 6 2. . 7 2.1. . 7 2.2. . 8 2.3. . 9 2.4. . 9 3. & . 10 3.1. . 10 3.1.1. . 10 3.1.2. . 14 3.3 . 16 3.4. & . 17 3.4.1. . 17 3.4.2. . 20 3.4.3. 365. 21 3.4.4. . 22 3.5. . 25 4. .

4、26 5. . 27 6. . 29 184%19 . 5 29%. 5 3 . 5 4 . 6 52015-2019 . 7 62015-2019 . 7 72015-2019 . 7 82016-2019 . 7 92012-2019. 8 102012-2019 . 8 11 . 8 3 / 32 12 . 9 132016-2019 .11 142017-2019.11 15 . 13 16. 13 17. 13 182016-2019. 13 19/100g . 14 202015-2019 . 14 212016-2019 . 14 22 . 15 23. 16 24 . 16 2

5、5 . 17 262016-2019. 17 27 . 18 28 . 18 29. 18 30. 19 31 . 19 32. 19 33 . 19 34. 20 35. 21 36 . 21 37 . 21 38. 21 39 . 23 40 . 23 41. 24 422 . 24 4316-18 . 24 442018. 24 452019. 26 46. 26 47/. 26 48. 27 1 . 10 2 .11 . 15 4 . 17 5 . 17 6365 . 22 72017-2019 . 25 4 / 32 8 . 25 9 . 27 10624 . 29 5 / 32 1

6、. 1.1. A 84%1987 1997 2001 2007 20102013 2013 2019AA 184%19 29% 3 6 / 32 68.04%49.89% 4 1.2. 20192015 2019 7.52 10.08CAGR7.60%1.08 1.79CAGR13.46%20199.45% 12018 9 2019 5.86%2 2019 4000 7 / 32 52015-2019 62015-2019 20192015 2019 16.22%20.40% 201627.47/201937.79/ 201514.36%201917.76% 2019 2.28 pct 720