请 务必阅读 正文之 后的信 息披露 和重要声 明 industryId investSuggestion()assAuthor emailAuthor S0190521090002 祎 S0190521080006 S0190514070002 summary 1 3-2 70%2021 22%4 4pct 3 1 2014-2021 2.8%0.4%13.4%2 3 1 2 22-24 2.2/3.5/4.5 10%/59%/29%2 15 PE 35.7/22.5/17.5X 22-24 1.9/2.6/3.5 46.2%/40.5%/34.6%2 15 PE 25.5/18.1/13.5X 1 2 3 title createTime1 2023 2 16 请 务必阅读 正文之 后的信 息披露 和重要声 明-2-1.-5-1.1.-5-1.2.-6-2.-9-2.1.-9-2.2.-11-2.3.-12-3.-13-3.1.-13-3.2.-15-3.3.-17-4.-19-4.1.-19-4.2.-20-4.3.-24-4.4.-27-5.-28-WUFUzQnQnOoPpRpMtOsNmNbR8Q9PtRrRmOtQfQrRpNiNoPtM9PrQqQNZnMmNNZtOoQ 请 务必阅读 正文之 后的信 息披露 和重要声 明-3-1 2015-2021.-5-2 2021 22%.-6-3 2020%.-7-4.-7-5 2021.-8-6 2014-2022H1.-10-7 2014-2022H1.-10-8 2015-2019.-10-9 2015-2019.-10-10.-11-11 2015-2022H1.-13-12 2015-2022H1.-13-13.-14-14.-15-15 2014-2022.-15-16%.-16-17 2020 CCPI.-16-18.-17-19 2018-2022 GDP.-17-20%.-18-21 2020 44.6%.-19-22 2030 48.6%.-19-23 2020.-19-24.-20-25.-20-26 2023 2.-20-27.-20-28 2018-2022.-21-29 2018-2022.-21-30 2018-2022Q3%.-21-31 2018-2022H1.-22-32 2018-2022H1.-22-33 2021.-22-34 2019-2021.-22-35 2019-2021.-22-36 2019-2021.-23-37 2020.-23-38 2019-2022H1.-24-39 2010-2021.-25-40 2020.-25-41 2017-2022Q3.-25-42 2017-2022Q3.-25-43 2017-2021 ROE.-26-44 2017-2021.-26-45 2018-2022H1.-26-46 2018-2022H1.-26-请 务必阅读 正文之 后的信 息披露 和重要声 明-4-47 2020.-27-1.-8-2.-9-3.-9-4.-11-5 2021.-13-6.-18-7.-28-请 务必阅读 正文之 后的信 息披露 和重要声 明-5-1 1.1 2021 2.24 9.27%1 2015-2021 2021 22%0%2%4%6%8%10%12%14%16%00.511.522.52015 2016 2017 2018 2019 2020 2021 yoy 请 务必阅读 正文之 后的信 息披露 和重要声 明-6-2 2021 22%1 3-2 70%2021 22%4 4pct 3 1.2 PX PX 2020 22.3%70%22%2%请 务必阅读 正文之 后的信 息披露 和重要声 明-7-11.4%3 2020%52Hz 4 3000-4999DWT 5000-8999DWT 2021 3000-4999DWT 102 5000-8999DWT 60 22.3%11.4%10.7%9.7%45.9%请 务必阅读 正文之 后的信 息披露 和重要声 明-8-5 2021 52Hz 1 5000 50%请 务必阅读 正文之 后的信 息披露 和重要声 明-9-2 50%1 2 2.1 2021 9 26 18 3 2011 2018 3 2006.05 2006.07.01-2006.12.31 2007.03 2010.05 2011.07 2018.08 50%请 务必阅读 正文之 后的信 息披露 和重要声 明-10-2022 133.2 282 3.3%-0.7%2014-2021 2.8%0.4%13.4%6 2014-2022H1 7 2014-2022H1 8 2015-2019 9 2015-2019-6%-4%-2%0%2%4%6%8%10%020406080100120140 yoy-3%-2%-1%0%1%2%3%4%5%6%7%255260265270275280285290 yoy-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%2015 2016 2017 2018 2019 2020 2021-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%2015 2016 2017 2018 2019 2020 2021 请 务必阅读 正文之 后的信 息披露 和重要声 明-11-2.2 2019 2019 10 4 2019 88.8 84.8 82.8 81.8 80.0 79.0 85.2 83.8 82.8 81.6 79.2 78.8 86.8 76.6 74.4 024681012024681012141618202012 2013 2014 2015 2016 2017 2018 2019 2020 请 务必阅读 正文之 后的信 息披露 和重要声 明-12-2019 86.0 78.4 76.8 2020 84.4 81.6 80.2 85.4 82.8 78.4 3-5 89.6 85.8 84.6 2 90.0 85.8 84.8 81.4 80.2 76.0 2021 89.8 82.6 82.4 89.6 82.4 81.8 88.0 78.8 74.8 79.2 68.8 68.0 89.8 82.6 82.0 2022 90.0 89.4 87.6 86.2 84.0 80.0 86.2 84.0 79.0 94.0 85.4 84.0 84.0 80.0 77.2 2 88.2 76.0 73.8 2-7 88.2 84.0 79.6 2.3 请 务必阅读 正文之 后的信 息披露 和重要声 明-13-5 202 1 13.7 1.08%-14.37 1.13%19.88 1.6%Wind+2015 12 2015 7.9 2022H1 10.9 2015 8.3%2022H1 45%11 2015-2022H1 12 2015-2022H1 3 51%3 3.1 05101520250123456782015 2016 2017 2018 2019 2020 2021 2022H1 0%10%20%30%40%50%0246810122015 2016 2017 2018 2019 2020 2021 2022H1 请 务必阅读 正文之 后的信 息披露 和重要声 明-14-PX 13 46%58%30%14%10%19%-请 务必阅读 正文之 后的信 息披露 和重要声 明-15-14 52Hz 2022 4474 9%2014-2021 13.4%2.8%15 2014-2022 52Hz 3.2 23 2 9 PX 75.9%PTA 76.5%58.7%0.0%5.0%10.0%15.0%20.0%25.0%30.0%05001000150020002500300035004000450050002014 2015 2016 2017 2018 2019 2020 2021 2022 yoy 请 务必阅读 正文之 后的信 息披露 和重要声 明-16-16%Wind 2 3 1.2 10.1 CCPI 1 31 CCPI 4962 17 2020 CCPI Wind 0.0010.0020.0030.0040.0050.0060.0070.0080.0090.00100.002021-01-042021-02-042021-03-042021-04-042021-05-042021-06-042021-07-042021-08-042021-09-042021-10-042021-11-042021-12-042022-01-042022-02-042022-03-042022-04-042022-05-042022-06-042022-07-042022-08-042022-09-042022-10-042022-11-042022-12-042023-01-042023-02-04:PX:PTA:0.001000.002000.003000.004000.005000.006000.007000.002020-01-02 2021-01-02 2022-01-02 2023-01-02(CCPI)请 务必阅读 正文之 后的信 息披露 和重要声 明-17-18 Wind 3.3 2018-2022 GDP 2022 19 2018-2022 GDP v iFinD 0.0020,000.0040,000.0060,000.0080,000.00100,000.00120,000.00140,000.00160,000.00180,000.00:-2%0%2%4%6%8%10%12%14%16%GDP 请 务必阅读 正文之 后的信 息披露 和重要声 明-18-6/2,000/450/PX 2018 150/2,000/520/140/1,000/80/1,500/100/2000/520 140/220/600 SMPO/POD 2021.04.14 1600/280/110/100/500/100/1,000/130/PX 1500/120/80/36/80/11 3,800/220/20%Wind 2020 15470 44.6%2020 2030 48.6%-60.00-40.00-20.000.0020.0040.0060.0080.00100.00120.00140.00160.002010-022010-082011-022011-082012-022012-082013-022013-082014-022014-082015-022015-082016-022016-082017-022017-082018-022018-082019-022019-082020-022020-082021-022021-082022-022022-08:请 务必阅读 正文之 后的信 息披露 和重要声 明-19-21 2020 44.6%22 2030 48.6%23 2020 4 4.1 1+2+1-100%-50%0%50%100%150%200%01,000,0002,000,0003,000,0004,000,0005,000,0006,000,0007,000,0008,000,0009,000,000 yoy%请 务必阅读 正文之 后的信 息披露 和重要声 明-20-24 25 4.2 13 3 2 20 26 2023 2 27 2021 5.67 46.7%1.99 61.21%2022 3.8 35.02%2022 1.03 0.86%请 务必阅读 正文之 后的信 息披露 和重要声 明-21-28 2 018-202 2 29 2 018-202 2 Wind Wind 2021 51.59%35.12%30 2018-2022Q3%Wind 2021 4.56 29.18%2021 1.11 236.36%49.47%50.11%51.92%51.59%43.26%16.93%29.74%31.96%35.12%27.11%0.00%10.00%20.00%30.00%40.00%50.00%60.00%2018 2019 2020 2021 2022Q3 请 务必阅读 正文之 后的信 息披露 和重要声 明-22-31 2 018-202 2 H 1 32 2 018-202 2 H 1 Wind Wind 2021 2.92 2.39 0.54 81.85%33 2021 Wind 2021 2.39 25.79%2021 52.33%48.51%34 2 019-202 1 35 2 019-202 1 Wind Wind 请 务必阅读 正文之 后的信 息披露 和重要声 明-23-2021 71.65%36 2019-2021 37 2020 2019 5 2022 6 30 18 19.88 13 13.38 LPG 2022 2 LPG 0.63 39.68%请 务必阅读 正文之 后的信 息披露 和重要声 明-24-38 2019-2022H1 2022 3 4.3 2021 22 14.37 19 3 5 1 2020 17 10.6 12 2 3 2021 395.83 355.18 4.32 36.33 89.73%9.18%请 务必阅读 正文之 后的信 息披露 和重要声 明-25-39 2010-2021 40 2020 2022 6.15 43.5%1.35 35.4%2017 10%41 2017-2022Q3 42 2017-2022Q3 Wind Wind ROE 2020 ROE 15.15%2019 5.51 2021 35.67%21.21%051015200510152025201020112012201320142015201620172018201920202021 89.73%1.09%9.18%0%10%20%30%40%50%01234567 yoy 0%20%40%60%80%100%00.511.5 yoy 请 务必阅读 正文之 后的信 息披露 和重要声 明-26-43 2017-2021 ROE 44 2017-2021 Wind Wind 2021 4.91 80.11%0.9 14.65%2022 3.32 39.45%0.36 24.05%2018-2021 88.1%74.3%79.6%87.2%2018-2021 37.28%/33.28%/42.64%/38.91%13.57%/24.96%/38.66%/29.79%45 2018-2022H1 46 2018-2022H1-9.29%9.22%9.64%15.15%9.91%0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%16.00%2017 2018 2019 2020 2021ROE29.59%31.11%30.64%41.60%35.67%12.88%15.06%15.78%23.29%21.21%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%2017 2018 2019 2020 2021 2.192.613.724.913.320.771.221.060.90.36-40%-20%0%20%40%60%80%01234562018 2019 2020 2021 2022H1 yoy yoy 0.00%10.00%20.00%30.00%40.00%50.00%00.511.522.52018 2019 2020 2021 2022H1 请 务必阅读 正文之 后的信 息披露 和重要声 明-27-2020/21%/15%/14%/8%58.56%2021 58.69%47 2020 2022 6 51%5 2 1500-4.4 22-24 7.5/11.5/15.3,31.6%/53.8%/32.7%22-24 2.2/3.5/4.5 10%/59%/29%2 15 PE 35.7/22.5/17.5X 22-24 8.6/11.8/15.2 41.0%/38.1%/28.6%22-24 1.9/2.6/3.5 46.2%/40.5%/34.6%2 15 PE 25.5/18.1/13.5X 21%15%14%8%0.00%5.00%10.00%15.00%20.00%25.00%请 务必阅读 正文之 后的信 息披露 和重要声 明-28-7 PE 2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 5.7 7.5 11.5 15.3 2.0 2.2 3.5 4.5 39.5 35.7 22.5 17.5 6.1 8.6 11.8 15.2 1.3 1.9 2.6 3.5 36.3 25.5 18.1 13.5 Wind 2023 2 15 5 1 2 3 请 务必阅读 正文之 后的信 息披露 和重要声 明-29-12 A 300 500 15%5%15%-5%5%-5%/1934 15a-6/36 15 200135 6 SK 32 01-08 100020 5001 T2 52 518035 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告