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所属报告:
钱江摩托-公司深度报告:变革焕新世界钱江-241021(23页).pdf
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图表29.中药板块市盈率(TTM,剔除负值)
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行业数据
2024-12-06
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三大运营商A股股息率(%,TTM)
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行业数据
2024-12-06
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三大运营商H股股息率(%,TTM)
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行业数据
2024-12-06
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图表3.申万医药生物指数近些年估值情况(TTM、整体法、剔除负值)
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行业数据
2024-12-06
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新材料与中信一级行业市盈率(TTM,剔除负值)
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行业数据
2024-12-06
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锂电池板块PE(TTM)对比
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行业数据
2024-12-05
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电力及公用事业指数PE(TTM)估值情况(倍)
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行业数据
2024-12-03
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水电指数PE(TTM)估值情况(倍)
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行业数据
2024-12-03
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2013年以来传媒行业及子板块PE(TTM,整体法,剔除负值)变化
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行业数据
2024-12-03
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图4.2005和2007年间水泥、玻璃主要企业PE(ttm)较高
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行业数据
2024-12-03
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图20.消费建材企业PE(TTM)从2019年初便存在抬升的趋势
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行业数据
2024-12-03
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图7.2007年间消费建材主要企业PE(TTM)水平较高
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2024-12-03
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图13.水泥、玻璃企业PE(ttm)高点出现在2015Q4
fCDml7bpl7QgICAgICAgfCDmtbfonrrmsLTms6UgfCDljZfnjrtBIHwg5peX5ruo6ZuG5ZuiIHwKfC0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS18LS0tLS0tLS0tLXwKfCAyMDE0UTEgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE0UTIgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE0UTMgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE0UTQgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE1UTEgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE1UTIgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE1UTMgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE1UTQgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE2UTEgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE2UTIgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE2UTMgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE2UTQgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE3UTEgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE3UTIgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE3UTMgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKfCAyMDE3UTQgICAgIHwgMTAgICAgICAgfCAxMCAgICB8IDEwICAgICAgIHwKCui1hOaWmeadpea6kO+8mndpbmTvvIzotKLpgJror4HliLjnoJTnqbbmiYA=
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2024-12-03
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图16.2016-2017年间水泥企业PE(TTM)变化较小
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2024-12-03
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图10.消费建材PE(ttm)高点出现在2015Q2
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2024-12-03
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钱江摩托-公司深度报告:变革焕新世界钱江-241021(23页).pdf
摩托车业务收入波动中增长
公司毛利率和净利率稳健提升
公司国外毛利率快速提升,已反超国内
钱江摩托、隆鑫通用、春风动力毛利率对比
现金资产比率对比
公司应收和应付账款变化(亿元)
公司经营性和投资性现金流净额变化(亿元)
QJMotor和Benelli车型丰富,产品矩阵完善
公司旗下三大品牌错位布局
QJMotor和老钱江摩托比,性能和设计水平均大幅提升
公司深耕摩托车行业近40年,吉利入主后加速国际化进程
今年10月,QJMotor拿下日本站MOTO2组别冠军
24年3月,QJMotor的赛800完成顶级赛事WSBK首秀
以销量计(万辆),23年中国250cc以上摩托车销售
以销量计(万辆),23年中国二轮燃油摩托车行业CR10
21-23中国市场摩托车内销CAGR为-2.3%
21-23年中国二轮燃油摩托车内销CAGR为-10.9%
19-23年中国大排量二轮摩托车内销CAGR增长30.7%
110cc-150cc是中国燃油摩托车内销主力段
预计2014-2028年全球摩托车收入CAGR为3.4%
2022年全球各大洲摩托销量(百万辆)及占比
截至24年6月,公司控股股东吉利科技集团拥有36.64%股份,实控人为李书福
24H1中国二轮燃油摩托车外销同比29%
24H1中国大排量燃油摩托车外销同比73%
50cc(含)以下摩托车出口波动较大
50-250cc(含)摩托车出口在波动中成长
250-500cc(含)摩托车出口快速放量
500-800cc(含)摩托车出口基数小,弹性大
20-23年春风动力两轮车国外收入CAGR高达170%
19-23年无极摩托国外收入CAGR高达67%
22年全球摩托车行业TOP3为Honda、雅马哈、Hero
Honda摩托车历年收入及增速
公司2020-2023年营收波动较大
多品牌摩托车对比:参数接近的情况下,QJMotor比其他国际品牌性价比更高
随着自主外贸渠道的完善,公司国外销售拐点已现,24H1国外收入同增60%
钱江摩托PE(TTM)变化
隆鑫通用PE(TTM)变化
春风动力PE(TTM)变化
公司归母净利润韧性较强,近两年利润增速快于收入增速
近5年公司国外收入占比提升,且国外增速韧性强于国内
24H1公司摩托车整车及电动自行车收入占比95%
聚焦主业后,23年开始摩托车销量增速转正
24H1国内摩托销量下滑20%,主要系小排量销量下滑
24H1国外摩托销量增长54%,大、小排量齐增
钱江摩托与国际品牌合作,自身技术与欧美百年工艺融合创新
钱江摩托每年产品上新数量
相似配置下,国产摩托价格优势明显
中性假设下,250cc以上国产摩托车海外市占率仅约9%
盈利预测收入拆分
可比公司估值(截取日期为2024/10/21)
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