【精品报告】2020年汽车行业中期投资策略:政策驱动行业复苏,聚焦确定性机会
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1.2
...... 7
1.3
4
... 8
1.4
Q1
............................ 9
..............................................................................................11
`
2020 06 05
3
பைடு நூலகம்
6
300
5
QCNDCL-8 2020 6 4
20 4
100
MEB
000625 600741 002050
EPS
PE
PBR
19A 20E 21E 19A 20E 21E
10.89 -0.55 0.63 0.69 -19.8 17.4 15.7 1.17
20.81 2.05 1.93 2.21 10.2 10.8 9.4 1.34
..... 10 ..... 10 * ................... 10 % ......... 10 ................... 13 % . 13 ............... 13 ....................... 13 ................... 13 ................... 13 % ................... 14 % ................... 14 % 14 % 14 % ..... 15 % ................. 15 Top15 ...................... 15 Top15 ...................... 15 % ..... 16 % ................. 16 ................. 17 % ........ 17 ................................. 18 % ........... 18 % .......................... 19 % ............... 19 % ..... 19 % ............ 19
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2016-2020 16 2016-2020 17 2016-2020 18 2016-2020 19 20 21 22 23 24 25 26 27 2020 4 28 2020 4 29 2019-2020 30 2015-2020 31 2020 4 32 2020 4 33 2019-2020 34 2015-2020 35 2015-2020 36 2020 4 37 2017-2020 38 2010-2020 39 2019 40 2020 1-5 41 42
% ................................... 6 % ....................................... 6 % ................................................... 6 % ....................................... 6 .................................................. 7 ............................................... 7 .................................................. 7 ................................................... 7
2.1
............. 11
2.2
............ 14
2.3
.... 15
................................................................................................. 18
3.1
4-5
......... 18
3.2
19
3.3
........................ 20
..................................................................................... 23
4.1
........ 23
4.2
Model 3
..... 27
4.3
................ 29
4.4
L3
...... 33
......................................................................................... 36
................................................................. 36
17.61 0.40 0.42 0.48 44.5 41.7 36.7 6.96
2020 6 3
........................................................................... 6
1.1
.................................................................................. 6
.......................................... 8 ......................................... 8 ........................................................ 8
......................... 8 ........................................ 9 ......................................... 9