华泰证券-中报净利增约3倍,印证煤机复苏

页数: 5页
行业: 机械行业
作者: 章诚 肖群稀
发布机构: 华泰证券
发布日期: 2017-08-27
/ 2017 08 27 / 3 ( ) 7.78 ( ) (601717) 9.88-11.40 2017 2017 /+286.16% S0570515020001 021-28972071 zhangcheng@htsc.com 107% S0570512070051 0755-82492802 xiaoqunxi@htsc.com 1474.7 1968.3% 2017 (601717, ): 2017.03 (601717, ): 2017.03 (601717): 2013.10 3 52% 2013 0755-82493570 huangbo@htsc.com 2 1.63 21.53 2017 021-28972081 guandongqilai@htsc.com 1 286.16% /+84.46% 32.61 6 140.6 14.8% 30 3.8% 1 2 8,000 47% 2017 1 2018 60% 6,000 37% 27% 2 4,000 17% 2,000 7% -3% 8/26 (0) 10/26 12/26 2017-2018 2/26 300 Wind ( A 2017-2019 6.5 7.4 8.0 21 18 17 ) ( ) ( ) 52 ( ( ) ) ( ) 1,732 1,378 5.73-9.00 13,496 14,053 6.11 ( EPS ) +/-% ( +/-% EPS ( PE ( ) ) ) 2015 4,511 (26.35) 42.20 (79.43) 0.02 319.41 2017 77 89 100 0.38 0.43 0.46 2016 3,629 (19.56) 62.00 46.92 0.04 217.41 2017E 7,651 110.87 652.43 952.35 0.38 20.66 PE 2018E 8,883 16.09 743.06 13.89 0.43 18.14 2019E 10,049 13.12 802.47 8.00 0.46 16.80 , 1 / 1 2017 | 2017 08 27 84.46% 2 Wind 3 2017 2017 Wind 286.16% Wind 5.39% 4 Wind 5 2017 2017 14.56% Wind 6 2017 31.04% Wind 2 / | 2017 08 27 PE/PB - Bands 7 PE-Bands 8 5x 20x 15x 20 10x 25x 15 PB-Bands 0.9x 2.4x 1.9x 20 1.4x 3.0x 15 10 10 5 0 Aug 14 -5 5 Feb 15 Wind Aug 15 Feb 16 Aug 16 Feb 17 0 Aug 14 Feb 15 Aug 15 Feb 16 Aug 16 Feb 17 Wind 3 / | 2017 ( ) 08 27 2015 2016 2017E 2018E 2019E 2015 2016 2017E 2018E 2019E 8,849 8,962 13,910 16,432 18,192 4,511 3,629 7,651 8,883 10,049 2,289 2,936 2,936 2,936 2,936 3,622 2,892 5,733 6,639 7,492 3,135 2,207 5,675 7,290 8,306 32.10 41.41 87.32 101.38 114.68 17.12 98.39 107.06 158.87 224.50 214.90 187.96 344.31 355.31 401.94 52.33 227.86 237.10 297.87 412.12 398.85 384.12 650.37 710.62 773.74 1,176 827.79 1,716 2,014 2,220 (81.00) (101.32) (42.42) 82.06 137.51 2,179 2,665 3,239 3,736 4,093 389.32 237.68 150.00 120.00 140.00 3,206 2,786 2,510 2,477 2,365 0.00 0.00 0.00 0.00 0.00 422.81 431.42 425.02 426.78 426.97 79.02 40.18 36.00 30.00 11.00 1,442 1,359 1,232 1,094 951.95 13.97 27.25 764.50 904.56 999.60 394.02 327.42 346.34 385.35 444.32 18.23 15.55 6.00 24.00 6.00 946.75 668.19 507.00 570.67 541.26 1.84 5.42 3.63 4.52 4.08 12,055 11,748 16,421 18,909 20,557 30.37 37.38 766.88 924.04 1,002 2,395 1,962 5,850 7,573 8,390 19.76 0.74 129.45 155.98 169.06 832.47 ( ) 0.00 0.00 2,119 3,333 3,603 10.61 36.65 637.43 768.06 1,189 1,139 2,070 2,506 2,767 (31.59) (25.35) (15.00) 25.00 30.00 1,206 822.70 1,661 1,734 2,019 42.20 62.00 652.43 743.06 802.47 37.21 27.44 36.69 33.78 32.64 113.70 101.32 877.36 1,143 1,294 0.00 0.00 0.00 0.00 0.00 0.03 0.04 0.38 0.43 0.46 37.21 27.44 36.69 33.78 32.64 2015 2016 2017E 2018E 2019E (26.35) (19.56) 110.87 16.09 13.12 EBITDA EPS ( ) 2,432 1,989 5,887 7,607 8,422 119.89 84.36 69.36 94.36 124.36 1,621 1,621 1,732 1,732 1,732 3,493 3,513 3,558 3,558 3,558 4,390 4,439 5,174 5,917 6,720 9,503 9,674 10,464 11,207 12,010 (93.53) 95.09 2,705 18.32 10.51 20,557 (79.43) 46.92 952.35 13.89 8.00 19.71 20.31 25.07 25.26 25.44 0.94 1.71 8.53 8.37 7.99 0.44 0.64 6.23 6.63 6.68 (0.37) (1.29) 6.98 7.77 8.11 20.18 16.93 35.85 40.23 40.97 0 0 35.99 43.81 42.78 12,055 11,748 16,421 18,909 (%) (%) ( ) 2015 2016 2017E 2018E 2019E 306.22 528.35 (2,322) (1,102) (75.90) 10.61 36.65 637.43 768.06 832.47 180.73 ROE ROIC (%) (%) 175.39 155.27 156.43 157.11 (81.00) (101.32) (42.42) 82.06 137.51 (79.02) (40.18) (36.00) (30.00) (11.00) 3.69 4.57 2.38 2.17 2.17 (108.79) 214.46 (2,676) (1,985) (1,103) 3.19 4.12 2.08 1.89 1.89 243.35 (360.66) (93.11) (88.78) 383.70 (517.79) 28.82 23.25 (29.89) (57.39) 0.37 0.30 0.54 0.50 0.51 30.09 6.73 0.42 0.08 (0.19) 1.09 0.97 1.58 1.25 1.20 478.00 18.24 (17.66) 9.81 (1.42) 2.90 2.48 3.57 2.90 2.84 (9.69) 53.79 6.00 (20.00) (59.00) (172.51) 65.64 2,299 1,132 133.29 0.02 0.04 0.38 0.43 0.46 (97.17) 0.00 2,119 1,214 270.80 0.18 0.31 (1.34) (0.64) (0.04) 0.00 0.00 0.00 0.00 0.00 5.49 5.58 6.04 6.47 6.93 0.00 0.00 111.35 0.00 0.00 0.00 0.00 319.41 217.41 20.66 18.14 16.80 1.42 1.39 1.29 1.20 1.12 88.95 99.81 11.53 8.85 7.81 25.00 19.97 44.30 (100.34) 45.67 24.66 (357.09) 660.07 0.00 (82.10) (137.51) 0.00 0.00 ( ) ( ) ( ) ) ( PE ( ) PB ( ) EV_EBITDA ( ) , 4 / | 2017 08 27 © 6 300 6 300 20% 5%-20% -5%~5% 5%-20% 20% 228 1 / 210019 28 A 18 100032 86 25 83389999 / 86 25 83387521 86 10 63211166/ ht-rd@htsc.com 4011 86 755 82493932 / ht-rd@htsc.com 86 10 63211275 ht-rd@htsc.com 24 86 755 82492062 / 518048 18 86 21 28972098 / E 23 / 200120 86 21 28972068 ht-rd@htsc.com 5
中报净利增约3倍,印证煤机复苏
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华泰证券 - 中报净利增约3倍,印证煤机复苏
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中报净利增约3倍,印证煤机复苏
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