华泰证券-中报业绩亮眼,多元激励协同发展

页数: 4页
行业: 多元金融
作者: 沈娟
发布机构: 华泰证券
发布日期: 2017-08-27
/ 2017 08 ( 27 / ) 5.94 ( ) (600705) 7.00~7.70 S0570514040002 0755-23952763 shenjuan@htsc.com 021-28972217 taoshengyu@htsc.com 2017H1 +18% 2017Q2 2.5 2016 10 12.8 EPS 0.14 4.5 2017 0.15 2017H1 1 (600705) 2017.03 (600705): 2016.10 (600705): 2016.08 2 3 +13% ROE 48.9 5.73% 6 5705 47% : 11.3 +15% 7.52 5% +33% 2016 +55% +31% 18 2017H1 +35% 15 24.5 25 757 4.26 2017H1 35,000 11% 30,000 6% 25,000 1% 20,000 -4% 15,000 -9% 10,000 -14% 5,000 -19% 8/29 10/29 12/29 2/28 4/30 6/30 (0) 3.33 2017H1 -20% 1.17 -41% 30 800 300 Wind + + 300 48 2017-2019 0.41 23x~26x ( A ) ( ) ( ) 52 ( ( ) ) ( ) 8,976 7,619 5.53-7.08 53,319 150,153 2.53 ( EPS ) +/-% ( +/-% EPS ( PE ( ) ) ) 0.30 0.35 0.38 PE 7.0~7.7 2015 8,681 29.00 2,312 28.00 0.52 11.42 2016 8,748 0.77 2,324 0.51 0.26 22.94 2017E 10,542 20.51 2,684 15.47 0.30 19.87 0.34 0.38 2017 PE 2018E 11,935 13.21 3,124 16.39 0.35 17.07 2019E 13,546 13.50 3,453 10.55 0.38 15.44 , 1 / | 2017 08 27 1 100% 80% 60% 40% 20% 0% 2012 2013 2014 2015 2016 2016H1 2017H1 -20% 2 3 3000 4500 4000 2500 3500 2000 3000 1000 2500 1302 1500 632 739 910 2000 1076 573 752 1500 1000 500 500 0 0 2012 2013 2014 2015 2016 2016H1 2017H1 4 800 313 427 454 606 2012 2013 2014 2015 2016 2016H1 2017H1 2012 2013 2014 2015 2016 2016H1 2017H1 275 426 5 2500 1800 1600 2000 1400 1200 1500 1000 800 1000 600 400 500 200 0 0 2012 2013 2014 2015 2016 2016H1 2017H1 2 / | 2017 08 27 6 2015 2016 2017E 2018E 2019E 8,681 8,748 10,542 11,935 13,546 3,278 4,200 5,572 6,557 7,720 5,403 4,548 5,069 5,477 5,926 2,194 1,673 1,992 2,080 2,173 3,209 2,875 3,077 3,397 3,753 5,263 5,548 6,683 7,401 8,447 1,442 1,872 2,562 2,864 3,251 371 149 316 358 406 1,316 1,217 1,581 1,790 2,032 507 745 980 955 1,219 390 279 316 358 406 186 319 150 178 200 1,051 968 777 898 932 917 836 697 818 852 134 132 80 80 80 1,198 670 735 815 815 9 -13 35 35 35 1,185 678 700 780 780 15 30 30 33 33 4 4 4 5 5 4,616 3,869 4,593 5,348 5,914 68 170 10 20 30 21 77 2 5 10 4,663 3,962 4,601 5,363 5,934 1,127 975 1,196 1,394 1,543 3,537 2,988 3,397 3,954 4,371 1,224 664 713 830 918 2,312 2,324 2,684 3,124 3,453 0.52 0.26 0.30 0.35 0.38 PE/PB - Bands 7 PE-Bands 15x 40x 30x 20 8 25x 45x PB-Bands 2.2x 6.6x 5.1x 25 3.7x 8.1x 20 15 15 10 10 5 5 0 Aug 14 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 © 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 4
中报业绩亮眼,多元激励协同发展
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华泰证券 - 中报业绩亮眼,多元激励协同发展
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中报业绩亮眼,多元激励协同发展
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