可降解行业深度二：PLA，潜力巨大的生物基材料，国内正打破进口垄断.pdf
Table_MainInfo Table_Title / PLA Table_Summary 2020 120181 2019 18020192020 “ ”PLA PLA 2018679 26202018 36 0.65%0.62%PBS/PBA PLA PLAPLA PLAPLAPLAPLA PLA PLA651 170 3320 PLA1 PLA 1.8 / 3/12.815 1 PLAPLA Table_CompanyFinance EPS PE 2019A 2020E 2021E 2019A 2020E 2021E 52.42 1.36 1.66 2.42 47 36 25 Table_Invest Table_PicQuote -3%2%7%12%17%2019/62019/72019/82019/92019/102019/112019/122020/12020/22020/32020/42020/5Table_Trend % 1M 3M 12M 5.13% -4.55% 10.73% 3.35% -1.32% 0.07% Table_IndustryMarket 362 32468 24262 19.02 1.39 50610 1275 % 52.63 Table_Report 6001432020-05-18 6001432020-04-28 2020-01-21 6001432019-10-15 Table_Author : S0550518100001 010-58034571 chenjunjienesc : S0550519080004 021-20363248 wangdongnesc 2020-06-09 2 / 30Table_PageTop 1. “ ” . 4 1.1. . 4 1.2. . 7 1.3. PLA . 13 2. PLA . 15 2.1. PLA PLA . 16 2.2. PLA PLA . 21 3. PLA . 22 3.1. PLA . 22 3.2. PLA . 24 4. . 26 4.1. . 26 1 . 4 2 . 4 3 . 5 4 . 5 5 . 6 6 . 6 7 / . 13 8 . 13 9 . 14 10 . 14 11 PLA . 15 12 . 16 13 / . 17 14 . 17 15 . 17 16 . 17 17 . 18 18 . 19 19 2018 . 19 20 2018 . 19 21 . 20 22 . 20 3 / 30Table_PageTop 23 PLA . 21 24 PLA . 22 25 PLA . 23 26 PLA . 25 27 PLA . 25 28 . 26 29 . 27 30 . 27 31 / . 27 32 . 27 33 2017 . 28 34 2019 . 28 1 . 5 2 2018 . 6 3 . 7 4 . 8 5 . 8 6 . 9 7 . 10 8 .11 9 .11 10 . 14 11 PLA . 15 12 . 18 13 2018 PLA . 23 14 PLA . 24 15 . 26 4 / 30Table_PageTop 1. “ ” 1.1. 2020 12016 199535% 20182019 3 202110202525% 2030 30% 2018 5120 2043174 1065 IHS Markit2018 36 55% 205120 0.39% 2018 72020 2.78% 1 2 Wind Wind 5 / 30Table_PageTop 2018 2217 43%2910 72530% 2018725 20 3%1 2018 2019E 2020E 2021E 2022E 2025E 5,120 5,146 5,171 5,197 5,223 5,275 2,043 2,063 2,084 2,105 2,126 2,147 174 175 175 175 175 175 + 2,217 2,238 2,259 2,280 2,301 2,322 2910 2,968 3,028 3,088 3,150 3,213 /( + ) 33% 32.0% 31.0% 30.0% 29.0% 27.0% 725 716 700 684 667 627 3% 4% 6% 8% 10% 15% 20.00 28.65 42.02 54.71 66.72 94.04 Wind 5000 3000“ ” “ ” 2787% 2702/3 3 4 Wind Wind 6 / 30Table_PageTop 2018 1242019 18020215 6 2018 130022% 2019 12721% 2 2018 6,103 10,770 6,462 12,565 35,900 2,624 2,262 1,357 2,639 8,882 725 679 407 792 2,620 19.80 4.20 6.84 5.16 36 2.73% 0.62% 1.68% 0.65% 0.65% Wind IHS 21% 30%2018679 4072620 2018 36 0.65%2.73% 1.68%0.62%7 / 30Table_PageTop 1.2. 2020 1 192020202220254 203 2020 3 ( ) 2020 4 ( ) 2020 4 2020 4 2020 5 2020 5 2020 5 2020 6 2020 6 0.025 0.01PLA 6 2 PLA310 PLA 1 20218 / 30Table_PageTop PLA 4 2020 2022 2025 5 255 0.0250.0120202022 1. 2. 0.0250.013. 9 / 30Table_PageTop 2020 202220256 20202022202520202022 (202530% 20222025 9792202090%70% 202510 / 30Table_PageTop 0.025 0.01202020257 202530% 9792 90%70% 90% 22025Wind 2018336 21%71 2018 27.7 30%2127.7
