计算机2019年度策略：投资新起点渐近，产业IT深化与云交织.pdf
| 2018 12 08 2019 IT 2019 2012-2013 1 PE ttm 2013 10 PE 2012 11 15% 20% 2 10 PE 53.4 36.1 3 2012-2013 4 IT 2016-2017 AI 2018 2019 5 GDP 2018 GDP 2019 2012-2013 alpha IT BATH + know-how AI 2019 IaaS SaaS SaaS IT 1 IT 2 IT 3 IT 4 IT 5 1 IT 2 3 IT 4 IT 5 6 S0680518090001 liugaochanggszq S0680518050002 yangrangszq 1 2018-12-06 2 2018-12-02 3 2018-11-28 -32% -16% 0% 16% 32% 2017-12 2018-04 2018-08 2018-12 300 2018 12 08 P.2 . 3 IT . 6 . 12 . 23 . 23 1 2012-2018 TTM . 4 2 2012-2018 TTM . 4 3 . 4 4 . 5 5 . 5 6 IT . 6 7 2017 Gartner . 6 8 GDP . 7 9 BATH . 7 10 “ +” IT . 8 11 . 9 12 CAPEX . 10 13 % . 10 14 . 11 15 . 11 16 2017-2021 SaaS . 12 17 2015 SaaS . 12 18 Adobe 2013-2014 . 13 19 . 13 20 40 . 14 21 . 14 22 . 15 23 2B . 15 24 B . 16 25 . 16 26 . 17 27 . 17 28 2018Q1-Q3 GDP . 17 29 2015.10-2018.10 . 17 30 30 . 18 31 “ ” . 19 32 “ ” . 19 33 . 20 34 . 20 2018 12 08 P.3 35 . 21 36 . 21 37 . 22 38 IT . 22 39 . 22 40 . 23 41 . 24 42 2003-2017 . 24 43 IT . 24 44 / . 25 45 . 26 46 . 26 2018 12 08 P.4 PE PB 2013 2018 11 23 TTM 46 2018 10 40 2014 1 49 2013 10 2012 11 25 2018 11 23 3.07 2018 10 2.96 2013 5 2012 11 PB 10 2.2 PE PB 2013 1 2012-2018 TTM 2 2012-2018 TTM Wind Wind 2018 10 TTM 53.4 36 3 2017.12.31 2018.11.26 2017.12.31 2018.11.26 300377.SZ 9,175.90 8,908.60 52.9 36.7 603660.SH 8,652.50 6,526.50 34.3 21.1 300130.SZ 6,326.70 5,768.20 58.8 39.6 300378.SZ 3,909.80 2,663.00 61.4 41 603383.SH 3,863.20 3,620.80 41.3 30.1 300687.SZ 3,787.20 2,828.40 41.2 27.4 300609.SZ 3,642.60 2,521.50 58.1 38.5 603496.SH 3,479.00 3,395.20 49 33.2 603232.SH 2,982.90 1,913.80 46.6 27 300469.SZ 2,738.80 2,564.30 90.2 66 53.4 36.1 Wind 2019VS2013 1 / / 2018 12 08 P.5 SaaS 2 Know-how 3 2013-2015 + 2018 + 4 2013-2015 25% 15% 15% 4 2013-2015 2018 License 2018 11 SaaS
