【公司研究】亿华通-价值投资分析报告：氢燃料电池第一股中游系统龙头抢占先机-20201113（41页）.pdf

1、 -25% -20% -15% -10% -5% 0% 5% 10% 20/08 20/08 20/09 20/09 20/10 20/10 20/11 亿华通-U沪深300 2012 2015 2017 2016 2013 2019 2020 2014 2018 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 0 100 200 300 400 500 600 20162017201820192020Q1-3 ()(%) -300% -200% -100% 0% 100% 200% 300% 400% 500% -70 -60 -50 -40 -30

2、-20 -10 0 10 20 30 20162017201820192020Q1-3 % 0% 10% 20% 30% 40% 50% 60% 2017201820192020H1 165% 75% 46% -200% 0% 200% 400% 600% 800% 1000% 1200% 0 100 200 300 400 500 600 2016201720182019 0% 20% 40% 60% 80% 100% 120% 2016201720182019 0 1 2 3 4 5 6 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2016201720182

3、019 ROE( 0 200 400 600 800 1,000 1,200 1,400 2016201720182019 -400 -300 -200 -100 0 100 200 300 400 500 2016201720182019 0%20%40%60%80%100% / Well to Tank()Tank to Wheel() Well to Wheel() 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 26% 18% 17% 21% 18% 62% 14% 4% 7% 6% 7% 61% 25% 8% 6% 394 332 154 1322

4、 587 170 0200400600800100012001400 1% 14% 26% -10% 0% 10% 20% 30% 40% 50% 60% 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 201720182019 -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 0 500 1000 1500 2000 2500 3000 201520162017201820192020.1-9 yoyyoy 200920132014201520162017201820192020 36.4 25.2

5、 24.7 17.1 20.8 14.4 20 30 50 10 20 30 40 50 60 20182020202120222023 重型货车（12吨以上）、大型客车（10米以上） 乘用车 轻型货车、中型货车、中小型客车 乘用车（2018） 轻型客车、货车（2018） 大中型客车、中重型货车（2018） 20% 12% 9% 9%5% 4% 4% 3% 3% 3% 2% 2% 2% 2%2% 17% 20% 11% 9% 8% 6% 7% 4% 4% 2% 2% 2% 2% 23% 28% 19% 16% 8% 8% 21% 2019128.06MW 12% 15% 20% 18% 0%

6、5% 10% 15% 20% 25% 0 500 1000 1500 2000 2500 3000 2016201720182019 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 201720182019 0% 20% 40% 60% 80% 100% 0 2000 4000 6000 8000 201720182019 80.08% 86.09% -0.76% 12.44% 15.16% 112.01% -20% 0% 20% 40% 60% 80% 100% 120% 0