1、 / + + 1 2017 2020 1-2 2017 6520163986.5% 12048 2020 1170160 2020-2022EPS0.670.700.71 PE8.53x8.09x8.08x 2018A 2019A 2020E 2021E 2022E 20,264 20,280 20,133 24,930 28,037 (+/-)% 5.10% 0.08% -0.72% 23.83% 12.46% 819 1,602 2,177 2,296 2,300 (+/-)% 74.47% 95.63% 35.90% 5.43% 0.17% 0.25 0.49 0.67 0.70 0.7
2、1 25.86 14.19 8.53 8.09 8.08 1.74 1.55 1.09 0.94 0.83 (%) 6.73% 10.95% 12.72% 11.64% 10.30% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 3,258 3,258 3,258 3,258 3,258 2020/6/17 6 6.80 5.70 12 5.538.50 18,570 3,258 A 3,258 B/H 0/0 12 -30% -22% -14% -6% 2% 10% 2019/62019/92019/122020/3 % 1M 3M 12M -3% -8% -28
3、% -6% -17% -38% 002010 20200501 002010.SZ 20200429 002010.SZ 20191029 002010 20190903 S0550515110002 (021)20363212 S0550119100015 (021)20361258 0 0 002010 2020-06-20 2 / 32 1.“” . 4 1.1.“” . 4 1.2. . 5 1.3. 6 1.3.1. . 6 1.3.2. 8 2. 10 2.1. . 10 2.2.“” . 13 2.3. 17 2.3.1. 19 2.3.2. . 21 3.2020 . 23 4
4、. 25 5.&. 27 5.1. . 27 5.2. . 29 1 . 4 2 . 4 32019 . 5 4 . 6 52019 . 6 6 . 7 7% . 7 8 . 8 9 . 9 10. 9 11 . 9 12. 10 13 .11 14. 12 15 . 12 16. 13 3 / 32 172017 . 14 182019. 15 192019 . 15 202019 . 15 21 . 16 22. 16 23 . 16 24. 17 25 . 19 26 . 19 27 . 20 28. 20 29 . 20 30. 21 31. 21 32 . 22 33 . 22 34
5、. 22 35. 22 36/ . 22 37 . 23 38 . 24 39% . 24 40. 24 41 . 25 42. 26 43“” . 26 44. 27 1 . 4 2 . 8 3 . 8 4 . 13 5 . 17 62019. 17 7 . 18 8 . 18 92019 . 23 10. 27 11. 28 4 / 32 1. 1.1. +1986 1997 19985000 19992004 2015200 452016 + 1 2 1 5 / 32 O2O O2O 2017 + 32019 1.2. 65% 20042015 61.84% 64.91% 6 / 32
6、4 1.3. 2019 68%32% 52019 1.3.1. DTY90 3000 106DTY DTY 40%30% 7 / 32 50% 50% 6 7% 12016 2017 2017 1 8 / 32 2 2014A 2015A 2016A 2017A 2018A 11723.98 13033.98 15256.19 18485.77 24457.00 5766.55 5746.32 6541.12 2619.56 4832.97 5614.41 2236.31 4123.30 4810.68 4768.12 5270.66 3 2015A 2016H1 96.50 50.17 9.