【公司研究】三聚环保--国内生物质燃油行业“潜力股”-20200712[18页].pdf

1、 / “” Table_Summary 7 HVO 2019 5/4/ 40/ 2021-2022150/ 2020-2022 EPS0.020.210.66“” 2018A 2019A 2020E 2021E 2022E 15,381 8,483 9,758 15,207 26,640 (+/-)% -31.57% -44.84% 15.03% 55.84% 75.18% 506 139 50 500 1,542 (+/-)% -80.09% -72.56% -63.90% 899.14% 208.31% 0.22 0.06 0.02 0.21 0.66 12.94 -22.30 252.0

2、4 25.23 8.18 2.51 1.54 1.29 1.23 1.17 (%) 5.61% 1.51% 0.51% 4.87% 14.35% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 2,351 2,350 2,350 2,350 2,350 2020/7/10 6 10.5 5.37 12 3.608.33 10,010 2,350 A 2,350 B/H 0/0 24 -55% -43% -31% -19% -7% 5% 2019/72019/102020/12020/4 % 1M 3M 12M 16% -11% -46% 10% -22% -54% 1

3、0 -20200630 PLA -20200609 -20200223 “”“” -20200121 S0550520020001 13801276398 300072 / 2020-07-12 2 / 18 1. . 3 1.1. . 3 1.2. . 4 1.2.1. . 4 1.2.2. . 4 2. . 5 2.1. . 5 2.2. . 7 2.2.1. . 7 2.2.2. . 7 2.3. . 8 2.4. . 10 3. . 11 4. . 12 4.1. . 12 4.2. . 14 5. . 15 12010-2019 . 3 22010-2019 . 3 3 . 6 4

4、. 6 5 . 6 6 . 7 7 . 7 8 . 8 9 . 8 102017. 9 112018 . 9 12 . 9 13 . 10 1 . 11 2 . 12 3 . 13 4 . 14 nMqPrRsOmPrOqOnOpOmPsO9PdNbRnPpPmOpPfQrRtMjMoPnOaQqQuNMYnQyQxNoOoR 3 / 18 1 1.1. 19972010 “” “”“ ”“” 2010-2014 2014-2019 201912 2010-2019 12010-2019 22010-2019 80 2019 4 / 18 84.8342.48%() 27.29%19.03%7

5、.63% 3.53% 1.2. 1.2.1. 2019 Axens 100/MCT 2019 2020630 80 “16” 50.30 9.68 1.2.2. BP Gunvor Group 5 / 18 2020 40 2. 2.1. 300 7% HVO HVO 31 5/ 4/ 6 / 18 1,000 HVO 3 4 5 CN() 4560CN5060 80 1222 810 20035 2006 220094 2020 10% 2030 25% 2018 32% 7 / 18 6 2019 2.2. 2.2.1. “” 32 4 7 2019 2.2.2. “ ” 20191231

6、 5794201592019 1218437 MCT 8 / 18 - 7 20 MCT 20-30% HVO10 HVO HVOHVO 8 9 2.3. REN212017 277237.76%; 883.31% 20189100 6%54020181.5 20199550/ 20185%3.1% 59%35%6%13%3300 9 / 18 57% 17%14%12%8% 6.3%5.3% 201840201979 2019570/12% 1900/2019 102017 112018 REN212018 12 REN212019 REN212018 20171280245 2020 10