解码顺丰系列研究（九）：如何理解4000亿市值的顺丰？生态赋能新征程开启.pdf
2009 1210 002352 4000 109 87.58 4000 1 4000 8 28 136.8% 4000 2 1 -3 30% 5 -8 60% 4000 1 2020-22 20% 13% 13% 678 766 866 Q2 2022 9% 11.5% 100 2 1 1 1000 2016-17 5 2 2 19Q2 3 2022 10 + 3 + 3 2019 20H1 77 173% 19 4 1 + + 2 + 5 1 2020-22 79 95 116 74 91 111 2020-22 EPS1.7 2.1 2.5 PE 49 41 33 2 2022 100 40 PE 4000 11 5 30 PE 480 2022 300 1.7 PS 541 350 1.5 PS 525 2022 5546 2021 1 5000 109 25% 2019A 2020E 2021E 2022E ( ) 112,193 155,834 192,625 229,889 (%) 23.4% 38.9% 23.6% 19.3% ( ) 5,797 7,862 9,529 11,552 (%) 27.2% 35.6% 21.2% 21.2% ( ) 1.27 1.73 2.09 2.54 ( ) 67 49 41 33 ( ) 9 8 7 6 2020 8 28 021-20572539 wuyifanhcyjs S0360516090002 021-20572552 liuyanghcyjs S0360518050001 021-20572538 wangkaihcyjs S0360519090002 ( ) 455,644 ( ) 448,999 ( ) 3,990.53 ( ) 3,932.34 (%) 53.8 ( ) 10.3 12 / 87.58/35.81 2020-07-26 UPS9000 2020-08-10 002352 2020 Q2 75% 4000 2020-08-25 -10% 33% 75% 118% 19/09 19/11 20/01 20/03 20/05 20/07 2019-09-02 2020-08-28 300 ( 12 ) 2020 08 30
