20240312_东方证券_建筑工程行业央国企改革专题研究：改革推进价值重估_17页.pdf
|ROE PB PB=ROE/(-)ROE PB ROE ROE=ROE 1+2+&PB 2024 PB(601390)(600970)(000786)(600552)/2024 03 12 S0860523070003 2.4.4.5.6.8 ROE PB.8&PB.10 10 11.11.13.13&.13.14.14.15 WUDWuNqNpMrQtNpMqNpQmN6M9RaQmOqQpNrNiNrRnRlOqQuN9PmMvMwMmQoOwMtRxP 3 1.5 2.6 3.6 4.7 5.7 6 ROE.7 7.8 8.8 9.9 10 ROE.9 11 2022.12 12 2022.12 1.6 2.10 3.11 4.12 4 1978 1978 1984 1985 1992 1993 2002 2003 2013 2013 2015 1+N 2020 2020-2022 2023 2023 2025+I5JMwIqFBGHKR7Sa8UPVsiCYydMK33bsDsO0TSEcfYsong61qVOOnJMlHCgz7xm 5 1 2016 2019 2020 2021 2023 2024 2024 1 29 6 1 2019 2020 2021 2022 65%0.1 5%2023 GDP 4 2023 2024:2015 2015 18.4 2022 36.6 CAGR+10.3%2018 2022 34%2018 15%17%2018 2022 2022 21.5%2 3 1516171819202122051015202530352013 2014 2015 2016 2017 2018 2019 2020 2021 2022%()202224262830323405101520253035402015 2016 2017 2018 2019 2020 2021 2022%()7 2022 74%2018 2022 1.6%2.7%ROE ROE ROE 4 5 6 ROE 024681012141618050010001500200025003000利润总额（亿元）利润总额增速%8 2008 2015 PPP(A)7 8 A A ROE PB ROE PB=ROE/(-)ROE PB ROE 1 1 2022-2024 ROE 10.5%/11%/11.5%2023-25 ROE 7.7/7.9/8.2%-100-80-60-40-200204060802014-03 2016-08 2019-01 2021-06 2023-11%-100-500501001502014-03 2016-08 2019-01 2021-06 2023-11%9 ROE=ROE 2013 12.8%2022 9.7%2018 ROE 9 10 ROE+1 2 3+2023 11 PPP PPP 2020 9 10&PB 2023 1 2 3 2 2021/10/30 16.52%2023/12/01 100%2022/12/01 95 100 96.67 2023/06/06 86.73%2022/11/28 100%2023/12/30 78.34%11 3 UTG 3+1 UTG 2011 66 PBAT MKM SICOMINE 2024 1 2024 2 PB PB 12 11 2022 12 2022 4 2022/04/11 7309000 210000 119000 5060000 1920000 24105389.7 7309000 41940858844 2022/04/15 1%15,299.04 2%30,598.07 5.90/18.05 152,999,901 1%15,299,035,024 15,146,035,123 2022/08/15 6,109 4,880 14.89/9.10 59,960,026 36 2022/10/16 30,000 60,000 54,606,624 1.13%576,900,059.88 2023/12/29 2,500 5,000 8.63/2,895,211 5,790,422 0.19%0.37%0.04%0.27%2024/02/19 151,135,447 2.47%0510152025%0.00.51.01.52.02.53.03.54.0%13 2023 8829 4.1%240 4.4%2023 3.1 2.2%MKM SICOMINE 2023H1 14.8 6%0.3 5%0.8 4%0.6 33%1.6 50%30.7 32%2023H1 25&15 2023H1 50%2023 315 5.1%20.0 7.5%2023 616+18%2021 22-24 2020 15.5%2023 12 40%14 2023 170.5 10.1%27.6+17.3%2019 16 2024 78.34%2022/36.1/2.7 2024 2024-2025 2024-2026 4.13/8.75/13.94 2023 12 2024-26 2022 CAGR 27.7%/33.08%/25.43%ROE 17%/18%/19%2024-26 42.6 61.6 64.7 3+1 UTG ITO UTG UTG UTG UTG UTG 30-70 UTG 23 7 100%70%5000 863”5000 2400t/a 6000t/a 15 16 Tabl e_Disclai mer 12 A 300 500 15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer
