20230224_平安证券_建材行业证券研究报告：建筑涂料存量时代优质赛道品牌渠道构筑壁垒_26页.pdf
2023 02 24*2022-08-04*2022-05-07*2022-03-30 S1060514080002 BQV514 YANGKAN S1060521120001 ZHENGNANHONG 2022H2 90 21 2002 65 2014 516 CAGR 18.8%2015 2021H2 2023 7 1096 598 458 241 1554 838 40%18%29%B 2/25 2023 838 29%10%1 2 2022 3 2021 EPS P/E 2023-2-23 2021A 2022E 2023E 2024E 2021A 2022E 2023E 2024E 603737 122.88-1.11 1.44 2.75 3.95-111.0 85.6 44.6 31.1 002271 35.45 1.67 1.15 1.68 2.19 21.3 30.7 21.1 16.2 603378 13.53-1.82 0.25 0.56 0.81-7.4 53.3 24.3 16.7 Wind 180 E PS WUAZuNmRtQpOsMmPsPrOmNbRaO8OsQqQpNmPiNpPmOkPoMqM7NpPxOxNmNtOwMrNuN 3/25.6 1.1.6 1.2.7 1.3.8 1.4.9.11 2.1 2000-2014.11 2.2 2015-2021.13 2.3 2021-2022.16.17 3.1.17 3.2.19 3.3.21.23.24 4/25 1 2017.6 2.6 3.7 4.7 5.8 6.8 7 2021.8 8 2021.8 9.9 10.9 11.9 12.10 13-.10 14/.10 15.10 16.11 17.11 18 2000-2014.11 19.12 20 2014.12 21 2014.12 22.13 23.13 24.13 25 2015.14 26 2015-2021.14 27 2016-2021.14 28.15 29.15 30“”.15 31 2013-2019.15 32 2017 2022.15 33 2022.16 5/25 34 2021H2.17 35.17 36.17 37.17 38.18 39.18 40 20.18 41 2021.18 42.19 43.19 44 2020.20 45 2017-2021 CR10 CR100.20 46 2022 25.20 47.21 48 2022.22 49().22 50“”.22 51 2022 25.23 6/25 1.1 85%25%1 2017 2 VOC VOC 100%VOC VOC,50%,39%,6%,5%7/25(UV)VOC VOC 2022 1.2 2019 662 39.7%318 6.6%3 4 8/25 5 6 Wind Wind 1.3 2021 52%10%7 2021 8 2021 BB 360 360 360 19%14%0%10%20%30%40%50%60%A 2022Q3 2022Q3 1.180.8200.20.40.60.811.21.41.6 A 2019-2021 2019-2021 9/25 9 10 1.4/,60%11/2013-2015 94%3 2 2 15%-17%7-9%10%-11%17-18%10/25 12 13-Wind Wind 2022H2 2022 2021Q4 25.9%2022Q3 30.6%18.7%32.7%2022H2 2023 14/15 Wind Wind/0%10%20%30%40%50%60%70%80%90%100%2015 2014 2013 0%10%20%30%40%50%60%70%80%90%100%2015 2014 2013 024681012141618202018/09 2019/07 2020/05 2021/03 2022/01:020406080100120140500070009000110001300015000170001900021000230002020/02 2020/11 2021/08 2022/05:():Dtd:11/25 16 Wind%/2.1 2000-2014 90 1976 106 1977 1987 1992 ICI 21 2000-2015 1.7 12.1 CAGR 15.0%8.1 42.3 CAGR 12.6%17 18 2000-2014 Wind Wind 020406080100120 15253545552015/06 2016/06 2017/06 2018/06 2019/06 2020/06 2021/06 2022/06:Dtd:-20%-10%0%10%20%30%40%50%05101520252000 2002 2004 2006 2008 2010 2012 2014-10%-5%0%5%10%15%20%25%0510152025303540452000 2003 2006 2009 2012 2015 2018 2021:12/25 19 Wind 2002-2014 202 1648 CAGR 19.1%65 516 CAGR 18.8%2000-2014 CAGR 12.6%20 2014 21 2014 0510152025303540452003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020-5%0%5%10%15%20%25%30%35%050010001500200025003000350040002000 2003 2006 2009 2012 2015 2018 2021-5%0%5%10%15%20%25%30%01002003004005006007008002002 2005 2008 2011 2014 2017 2020 13/25 22 2.2 2015-2021 2015 2015 2014 42.3 2021 40.8 2014-2021 516 751 CAGR 5.5%23 24 Wind Wind-20%-10%0%10%20%30%40%50%2000 2003 2006 2009 2012 2015 2018 2021-10%-5%0%5%10%15%20%25%0510152025303540452000 2003 2006 2009 2012 2015 2018 2021:14/25 25 2015 2015 4%(VOC)420/()2015 1233 2015 2014-2020 22%53%2016-2021 12%35%26 2015-2021 27 2016-2021 2016-2021 23%8%7.2%7.6%2021 TOP25 7 18 2021 221.7 41.4%182.7 44.7%2016 3.98 2020 4.0 2017 10 8 50 31 100 47 2013-2019 6%38%-5%0%5%10%15%20%25%30%01002003004005006007008002002 2004 2006 2008 2010 2012 2014 2016 2018 2020 40.0%44.8%55.5%66.7%72.6%75.1%69.4%0%10%20%30%40%50%60%70%80%2015 2016 2017 2018 2019 2020 2021TOP10 TOP20 TOP30TOP50 TOP1000%10%20%30%40%2016 2017 2018 2019 2020 2021 15/25 28 29 Wind Wind 30 31 2013-2019 Wind Wind 32 2017 2022 品牌 2016 2021 1 立邦 28.7 22.96%1 65.8 8.02%2 三棵树 8.9 7.20%2 62.7 7.64%3 7.4 5.92%3 27.6 3.36%4 多乐士 6 4.80%4 20.9 2.54%5 5 4%5 10.5 1.28%-40%-20%0%20%40%60%80%2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0%10%20%30%40%50%60%70%80%90%100%20112012201320142015201620172018201920202021-0%10%20%30%40%50%60%70%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0%10%20%30%40%50%60%70%80%90%100%2013 2014 2015 2016 2017 2018 2019 2020 2021 16/25 6 嘉宝莉 4.8 3.84%6*7 4 3.20%7*8 华润 3.5 2.80%8*9 3 2.40%9*10 2 1.60%10*1 2 3 B B/4 2.3 2021-2022 2021H2 2022 24%2021 2022 7 2022 24%15%33 2022 Wind B 2021-30%-20%-10%0%10%20%30%2015 2016 2017 2018 2019 2020 2021 2022 17/25 34 2021H2 35 2020 2021 2022 35.1 47.2 44.6%34.5%3.2-5.4 0.8-1.2 176.4%-272.4%32.5 24.0 1.09 7.82 82.0 114.3 37.3%39.4%5.0-4.2 3.0-4.1 23.5%183.1%33.8 26.0 0.98 8.14 Wind Wind 3.1 2023/2022 7 8 2000 11 2000 16+1 2023 1 2023 2023 36 37 Wind Wind 2021-100%-50%0%50%100%150%200%250%2020Q1 2020Q3 2021Q1 2021Q3 2022Q1 2022Q3-10%-5%0%5%10%15%20%25%30%2003 2005 2007 2009 2011 2013 2015 2017 2019 2021:0%10%20%30%40%50%60%70%2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 18/25 12%DIY 39%32%2005 2004 20 38 39 Wind Wind 40 20 41 2021 1554 838 10-30 1096 598 2022 9.2 4.9 2019 39.8 48.9 2022 366 240 2011-2020 44%44%25%161 60 10 20 15 20 30 0.7 2.5 2022 6093/4495/6000/450001002003004005006007008009001999 2002 2005 2008 2011 2014 2017 2020 0%5%10%15%20%25%30%35%40%45%0123456782014 2015 2016 2017 2018 2019 2020 0100200300400500600700800900100020002002200420062008201020122014201620182020Property Management,12%DIY,39%New Residential,12%Commercial,5%Residential 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0%2%4%6%8%10%12%020406080100120140160180200 PPG 2020 0%10%20%30%40%50%60%70%2017 2018 2019 2020 2021 CR10 CR100 CR10 CR100 21/25 11 PPG 24 12 25 13 1 2 3 4 5 6 7 3.3+/B 2022 18.4 29.6%1%77.4 47 Wind 1 2013-2021 0.4 4.1 4%2022-60%-40%-20%0%20%40%60%80%100%120%-2022Q1-3 2021 22/25 48 2022 49()2 2016 4 8 1 2022H1 681 21 50 1 4 2 3 4 5 6 8 7 1 3 2021 241 577 BB 360 360 360 4 2020 2022H1 153 81 115 950 B 2021 B 14,848 2022H1 20,043 0%1%2%3%4%5%6%2013 2014 2015 2016 2017 2018 2019 2020 2021 23/25 51 2022 25 序号 2021 序号 2021 1 106.21 22.60%14 2 49.73 10.58%15 3 21.70 4.62%16 4 12.00 2.55%17 5 11.40 2.43%18 6 19 7 PPG 20 8 21 9 22 10 23 11 24 12 25 13 1 2 2023 7 1096 598 458 241 1554 838 10-30 838 40%18%29%10%B 24/25 1 2 2022 3 2021 :6 20%6 0%20%6 10%6 10%:6 5%6 5%6 5%2023 4008866338 5023 B 25 518033 1333 26 200120 9 1 100033 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
