国防军工行业深度：战鹰展翅啸寰宇飞天直上九重霄-211230（32页）.pdf

1、 2021 12 30 % 1M 3M 12M 1.08 17.52 18.47 1.87 -1.37 -6.33 2020A 2021E 2022E EPS PE EPS PE EPS PE 0.28 129.96 0.36 101.08 0.41 88.76 0.75 91.44 1.05 65.31 1.37 50.06 1.29 63.38 1.61 50.78 2.10 38.93 0.43 146.70 0.56 112.64 0.73 86.41 0.28 65.32 0.36 50.81 0.46 39.76 0.37 134.62 0.83 60.01 1.08 46.12

2、0.42 135.36 0.63 90.24 0.90 63.17 Wind 2021飬滮 2022İ顣1滻滯20塱佫2 1滮 202722 2022飺1-2硢3 仯 -2- 1 2021 . 5 1.1 . 5 1.2 棺 2011 . 7 1.3 . 8 1.3.1 . 8 1.3.2 2021 . 10 1.3.3 . 11 1.3.4 . 11 1.3.5 /+/. 12 2 2022 . 13 2.1 . 13 2.1.1 . 13 2.1.2 潨. 15 2.1.3 . 21 2.2 . 24 2.2.1 . 25 2.2.2 洫 . 25 3 . 28 3.1 . 28 3.2

3、. 29 3.3 . 29 3.4 . 30 3.5 . 31 3.6 . 31 3.7 . 31 4 . 32 12021 1 1 12 28 SW . 5 2 . 6 32021 . 6 42021 1 1 12 28 . 6 52021 1 1 12 28 . 7 62021 1 1 12 28 . 7 7 PETTM . 7 8 PETTM . 7 9 2021.12.28 PETTM . 8 10 . 9 11 GDP . 10 12 . 10 132017 . 10 142017 . 10 oPoQnPtNmQzRpNqMqRtPsPaQ8Q7NoMmMtRpNfQqQrQjMqQ

4、nR6MoPmMxNmMvNxNnPmQ -3- 15 2021Q3 .11 16 2021Q3 .11 172021Q3 .11 182017 . 12 19 . 12 202017 . 12 212017 . 12 22/+/ . 12 23 . 14 24 . 14 25 . 14 26 . 15 27 . 15 28 . 16 29J-20 . 17 30J-16 . 17 31 . 18 32-20 . 18 33-10 . 20 34-20 . 20 35-6. 21 36 . 21 37 . 21 38 . 22 39 . 22 40 . 24 41 . 25 42 . 27 4

5、3 . 27 44 . 28 45 . 28 1 . 8 2. 13 3. 14 4 . 15 5. 16 6塱 . 17 720222027 . 18 820222027 . 19 9. 19 1020222027 . 20 11. 22 12 . 23 13 . 23 -4- 14 . 24 15 . 24 16 . 26 17 . 26 -5- 1 2021 1.1 2021 2020 塱 1973.91 10.20% 20.49% 2021 1.35 6.8% 1378.28 棬塱顰塱顣滮 12021 1 1 12 28SW Wind 2021 1 1 12 28 6.62%300WI

6、ND A 2.10pct11.52pct-5.59pct -1.95pct 28 12 2021 11 6 16.40% -20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%2021-01 2021-02 2021-03 2021-04 2021-05 2021-06 2021-07 2021-08 2021-09 2021-10 2021-11 2021-12()() -6- 2 32021 Wind Wind 42021 1 1 12 28 Wind 9.44% 5.40% 5.04% 4.05% 0%20% 25 100% 2 50%10