2
201715% 49% 10#% 10% 16% 307% 10% 16% 35% 74% 15.8% 15.4% 201815% 26.5% 26% 32.6% 20%.6% 40% 47.5% 20!.3% 40% 37.6% 20% 26% 25-30% 26.5% 2019E 14% 15% 25% 25% 15-25% 23% 22.6% 20% 12% 1% 20"% 18% 20% 30% 30% 15-25% 15% 5% 20% 15% 25% 2020E 10% 3
22020
4 211 210 21731 20122018
40%
20%
80%
1000
6000
4 5 Wind
Wind
6 7
Wind
Wind
8
9 Wind
Wind
10 11 Wind
Wind
2020
30%
10%-20%
2021
2021
2020
3
4
600519 000858 000568 600809 600779 1093.82 124.30 78.22 87.40 46.56 EPS2018A 28.02 3.45 2.38 1.68 1.19 2019E 32.51 4.54 3.23 2.26 1.69 2020E 36.89 5.55 4.05 2.78 2.21 2018A 39 36 33 52 39 PE2019E 34 27 24 39 27 2020E 30 22 19 31 21 4
66
666
6
66
300300300300300
20%-10%-20%-2000300300
20%-10% 5%-5%-5%
5%
2017
7
1
【精品报告】白酒行业动态跟踪报告
