【公司研究】瑞普生物-大产品、大客户战略推进市占率有望继续提升-20200622[33页].pdf

1、 / 2019 H5+H72019 2.6201918% 2020 8%130 2020500 H5+H7 2020H5+H7 29202061211 3H5+H7 2019H5+H7 9.6% 2019 H5+H7 202020212.42 3.21PE34.8626.36 2018A 2019A 2020E 2021E 2022E 1,190 1,467 1,783 2,182 2,339 (+/-)% 13.61% 23.26% 21.56% 22.38% 7.22% 119 194 242 321 355 (+/-)% 13.43% 63.36% 24.73% 32.24% 10.67

2、% 0.29 0.48 0.60 0.79 0.88 25.53 30.07 34.86 26.36 23.82 1.51 2.75 3.67 3.22 2.84 (%) 5.92% 9.16% 10.52% 12.22% 11.91% (%) 0.00% 0.00% 0.72% 0.00% 0.00% () 404 404 404 404 404 2020/6/18 6 22.80 20.56 12 10.7121.06 8,316 404 A 404 B/H 0/0 10 -8% 9% 26% 43% 60% 77% 2019/62019/92019/122020/3 % 1M 3M 12

3、M 14% 49% 75% 11% 38% 65% 3001192020 -20200427 -20200401 202012 -20200323 S0550519010002 010-58034576 li_ 300119 2020-06-22 2 / 33 1. . 5 2. . 6 2.1. 6 2.2. 8 2.3. 12 2.4. 13 3. . 14 3.1. . 14 3.2. . 14 3.3. . 15 4. 15 5. . 16 5.1. 16 5.2. . 17 6. . 21 6.1. 21 6.2. 21 7. . 23 7.1. 23 7.2.H5+H7. 24 7

4、.3.H5+H7 . 25 7.4. 26 8. . 26 8.1. 26 8.2. . 27 8.3. . 28 9. . 29 3 / 33 1 . 6 2 . 7 3 . 8 4 . 8 5 . 10 6 .11 7 .11 8 .11 9 .11 10 . 12 11/ . 12 12 . 12 13 . 13 14. 16 15 . 16 162012-2017 . 16 172012-2017 . 17 1810 . 18 1910 . 19 2010 . 19 212013-2017 . 19 222013-2017 . 19 2310 . 19 24. 20 2510 . 20

5、 26. 21 27 . 21 28. 22 29. 22 302015-2017. 22 31 . 22 32 . 22 332019 . 27 342019 . 27 35. 28 362019 . 28 372019 . 29 38/2019 . 29 39/2019 . 29 1 . 9 22018 . 17 42017 . 24 4 / 33 5H5+H7 . 25 6H5+H7 . 25 7 . 27 5 / 33 1. 2019H5+H7 H5+H72019 2.6201918% 2013-2017 20208%130 2020500 H5+H7 2020H5+H729 2020

6、61211H5+H7 2019 H5+H79.6% 2019 2019 (H5+H7), (H5+H7) H5+H7 202020212.423.21 PE34.8626.36 6 / 33 2. 2.1. 280 19982010961998 2001 2002 20072008 2010-2015 1 202033141.4% 2.76%1.28% 7.64%3.86%2.35% 7 / 33 2 Wind 9GMP / 60 201913 GMP 50 H5+H7 H5N2 rSD57+rFJ56H7N9 rGD762019 dG2017 20196754 2477557072432.2