2021RCEP
2020-12-06
2020SW21.58%
28.58%-4.59%
2020
15.9%1-109.7% 2021
2
3
RCEP
RCEP
A
2021
2021
1
2021
2
2020
SW
300
300
2020
11
27
30"%6%-2%
12/19-10%
02/2004/2006/2008/2010/20-1.35%-2.1%
1-10
8.60%
6.8%
9339
10
31.90%
2020
1012.2%
1
RECP
10
31Q4
GAP:20Q3
2020-12-06
:102020-11-30
12020
2021
:10
2020-11-25
3
2021A
2022
02020.HK 06110.HK 01234.HK 03998.HK 600398.SH 002563.SZ 002832.SZ
HK HK HK HK CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY
/89.40 11.94 6.25 4.47 9.49 11.39 26.02 25.92 18.90 35.25 8.30 58.80 7.95 46.25 174.00
EPS() PE(x) 2020E 59.14 32.49 9.50 24.50 14.28 30.97 18.33 14.44 10.84 33.24 9.00 17.28 15.60 23.97 19.36
2021E 41.74 31.63 7.49 20.18 9.19 14.33 13.31 12.21 13.01 21.92 7.56 28.70 15.94 19.04 30.33
EV/EBITDA(x) 2020E 31.59 22.57 7.67 15.57 8.00 12.41 14.04 11.16 12.28 28.44 4.75 8.95 9.92 16.47 15.09
ROE(%) 2020E 2021E 1.87 0.37 0.56 0.14 0.47 0.31 0.90 1.37 1.26 0.93 0.63 1.96 0.48 1.47 7.77
2.65 0.38 0.71 0.17 0.73 0.67 1.24 1.62 1.05 1.41 0.75 1.18 0.47 1.85 4.96
2021E 2020E 2021E 24.99 17.31 6.17 13.27 5.64 7.72 10.43 9.40 8.35 18.65 4.07 13.91 8.30 13.78 21.80
20.24 22.43 36.88 20.32 15.74 16.92 14.28 16.56 13.80 19.60 6.80
14.30
110.6 2020/10/16 12.02 2020/10/08 5.32 3.43 6.71 9.6 16.5
2020/10/13 2020/11/29 2020/11/01 2020/11/28 2020/10/20
18.50 21.00 18.00 19.30 18.70 14.00 20.20 23.92 12.80 13.90 20.20 10.40 14.70 14.00 18.30 20.40 36.00 20.20
603587.SH 603808.SH 300577.SZ
19.78 2020/10/30 13.66 2020/10/30 30.91 2020/09/24 5.67
2020/11/14
600987.SH 603238.SH 002003.SZ 603877.SH 300888.SZ
33.87 2020/10/26 7.49
2020/11/05
35.23 2020/10/22 150.45 2020/11/30
Wind
2020
2021
............................................................... 6
................................................................................................... 6
.................................................................................... 7
20202021
........................................................ 8
........................................................................... 14
..................................................................... 15RCEP .............................................................. 16
................ 16
........................................................................... 19
RCEP
2021
................................................................ 21 ............................................................. 23 ............................................................. 23
............. 26
.......................................................................................................................... 29
.................................................................................................................... 35
....................................................................... 35
................................................................................................. 35
.............................................................................. 36 ........................................................................... 36
................................................................................................. 36 ................................................................................................. 36
【精品报告】纺织服装行业2021年投资策略：抓住六大关键词,疫苗、棉花、RCEP、景气、数字化、奥运
