有色金属行业深度报告：利润增负债降，锡钒及新材料配置价值突出.pdf
Table_MainInfo Table_Title / Table_Summary 117 20187343.74 10.48%286.02 54.63% 16-17300 11.25%21.62%21.26% 13.38%11.42%90 28% 17-2030.21% 30%58.27%452.9321%14.3%1 +2Table_CompanyFinance EPS PE 2017A 2018E 2019E 2017A 2018E 2019E 9.9 0.42 0.52 0.72 23 19 14 2.9 0.10 0.27 0.31 29 11 10 3.4 0.15 0.21 0.26 21 15 12 4.0 0.09 0.11 0.16 40 32 23 15.2 0.05 0.34 0.53 311 44 29 Table_Invest Table_PicQuote -39%-28%-17%-6%5%2017/92017/102017/112017/122018/12018/22018/32018/42018/52018/62018/72018/8Table_Trend % 1M 3M 12M -5.18% -20.43% -38.61% -5.38% -8.53% -25.33% Table_IndustryMarket 124 14456 11137 24.11 1.88 14441 462 % 56.20 Table_Report 20182018-06-07 2018-05-24 20172018-05-09 Table_Author S0550511020007 S0550117080001 17621255426 qiupynesc S0550118080063 S0550511020007 S0550511020007 2018-09-10 2 / 30Table_PageTop 1. . 61.1. 2018 54.6% 58.3% .61.2. .62. . 72.1. 2018 .72.2. 2018 .72.3. 12% 60% .92.4. “ ” .92.5. .102.6. “ ” . 112.7. .123. . 133.1. .133.1.1. 30.7%. 133.1.2. . 143.1.3. . 163.2. 19.46% .183.3. .193.3.1. . 193.3.2. . 243.4. + .253.4.1. . 254. 2018 . 275. . 283 / 30Table_PageTop 1 2018 1-6 21.62% . 72 . 83 . 84 . 95 . 96 21.26% . 107 13.38% . 108 11.4%. 109 30% . 1010 58% .1111 .1112 .1113 . 1214 . 1215 . 1216 . 1217 . 1218 . 1219 - . 1320 - . 1321 - . 1322 . 1423 . 1424 LME . 1425 SHFE . 1426 . 1527 . 1528 LME . 1529 SHFE . 1530 . 1731 . 1732 LME . 1733 SHFE . 1734 LME . 1735 SHFE . 1736 LME . 1837 SHFE . 184 / 30Table_PageTop 38 LME . 1839 SHFE . 1840 . 1941 . 1942 COMEX . 1943 COMEX . 1944 . 2045 . 2046 . 2047 3N . 2048 . 2049 . 2050 . 2151 . 2152 . 2153 . 2154 . 2155 . 2156 . 2257 N35 . 2258 H35 . 2259 . 2260 . 2261 . 2362 . 2363 . 2364 . 2365 . 2466 . 2467 . 2468 . 2569 . 2570 . 2571 . 2572 . 2573 . 2674 . 2675 . 2676 . 2677 . 2778 . 275 / 30Table_PageTop 1 . 8 2 . 27 6 / 30Table_PageTop 1. 1.1. 2018 54.6% 58.3% 117 20187343.74 10.48% 286.0254.63% 16-17121.26% 213.38% 311.42% 9028% 17-204 30.21%201823.82 9.8130% 12014 2018H1 58.27%452.93 21.17%137.45 139.5364.73356.79 139.71 85.64 20.31%95.85 352.3214.28% 96.28 201.1966.731.2. 15-161760% 2018H11-3%+“ ” 20187 / 30Table_PageTop 10% 1-1.5% 50% 1%“ ”2. 2.1. 2018 2018 1-6 9.58% 4.67%3.40% 300 11.25% 21.62%24 5-101-31 2018 1-6 21.62% Wind 2.2. 2018117 2018 20187343.74 10.48% 286.0254.63% 16-178 / 30Table_PageTop 2467.72 1.43% 39.19 30.73%1496.59 1.54% 27.85 26.62%721.57 36.39% 23.70 18.82% 19%1157.73 16.21% 37.33 19.46%104.52 141.93 57.38 6.46% 33.43%42.02% 4.50 4.78 20.29 51.82% -13.65%32.51% 658.31 16.96%60.61 327.98% 66%171.74 29.69% 10.19 66.12%169.08 13.48% 5.5112.96% 197.18 147.88% 52.06745.49% 2 3 Wind Wind 1 2017H12018H12017H12018H16,647.39 7,343.74 10.48% 184.98 286.02 54.63% 2,433.00 2,467.72 1.43% 29.98 39.19 30.73% 1,473.94 1,496.59 1.54% 37.95 27.85 -26.62% 529.06 721.57 36.39% 29.20 23.70 -18.82% 996.22 1,157.73 16.21% 31.25 37.33 19.46% 98.18 104.52 6.46% 2.96 4.50 51.82% 106.37 141.93 33.43% 5.54 4.78 -13.65% 40.40 57.38 42.02% 15.31 20.29 32.51% 562.84 658.31 16.96% 14.16 60.61 327.98% 132.42 171.74 29.69% 6.14 10.19 66.12% 195.42 169.08 -13.48% 6.32 5.51 -12.96% 9 / 30Table_PageTop 79.55 197.18 147.88% 6.16 52.06 745.49% Wind 2.3. 12% 60% 2018 201710% 12% 3.4%4.26% 55% 60% 43%39.7%4 5 Wind Wind 2.4. 201821.26%-46.03-97.85%23.92 21.2768.91% 97.85% 13.38%-24.34% 136.39%39.05 37.39 30.805.10%136.39% 82.08% 11.42%90 28%17.14% 51.0417-20 30.21%2018 23.82 9.8130%5.38 8.80 63.47% 10 / 30Table_PageTop 6 21.26% 7 13.38% Wind Wind 8 11.4% 9 30% Wind Wind 2.5. 20182014 2018H1 58.27%55%43% 2017716.42 1024.05 191.5431036.31 62858940.62390.83 83.45 74.81
