结构之光（下）：制造业的十年之变.pdf

1 / 21 2020 09 30 - 10 -2020.9.29 - -2020.9.28 - -2020.9.27 mouyilingkysec S0790520040001 wangkuangweikysec S0790120040033 2011 2011 2010 ROE 2018 2018 1 2 3 2018 3 ROE ROIC 1 2 2020 3 ROIC ROIC 2 / 21 1 . 4 1.1 . 4 1.2 . 5 2 “ ” . 8 2.1 “ ” . 8 2.2 “ ” . 11 3 . 12 3.1.1 . 13 3.1.2 . 15 3.1.3 ROIC . 17 3.1.4 . 18 4 . 19 1 . 4 2 2011 2016 2016 . 5 3 2010 2010 . 5 4 2010 ROE 2010 . 5 5 2011-2012 2017 . 6 6 2011 . 6 7 ROE 2011 . 6 8 2005 . 7 9 . 7 10 2018 ROA 2019 . 8 11 . 9 12 2019 . 9 13 “ ” . 9 14 2019 . 9 15 “ ” . 10 16 8 . 10 17 . 11 18 ROE 12 19 ROIC . 13 20 2019 . 14 21 . 14 22 . 14 23 . 15 24 . 15 25 2009 3 . 15 3 / 21 26 2020 2008 . 15 27 2019 2020 . 16 28 . 16 29 2019 . 17 30 ROIC . 17 31 ROIC . 18 32 ROIC . 18 33 . 19 4 / 21 1 2011 1.1 8-10 1 Wind 1 2010 HP cycle 2011 2011 2011 2011 2011 2016 2016 2017 ROE -0.4 -0.2 0 0.2 0.4 0.6 0.8 1 1.2 1.4 (15.00) (10.00) (5.00) 0.00 5.00 10.00 15.00 20.00 2005/3 2005/6 2005/9 2005/12 2006/3 2006/6 2006/9 2006/12 2007/3 2007/6 2007/9 2007/12 2008/3 2008/6 2008/9 2008/12 2009/3 2009/6 2009/9 2009/12 2010/3 2010/6 2010/9 2010/12 2011/3 2011/6 2011/9 2011/12 2012/3 2012/6 2012/9 2012/12 2013/3 2013/6 2013/9 2013/12 2014/3 2014/6 2014/9 2014/12 2015/3 2015/6 2015/9 2015/12 2016/3 2016/6 2016/9 2016/12 2017/3 2017/6 2017/9 2017/12 2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 5 / 21 2018 2018 ROE 2010 2018 2 2011 2016 2016 Wind 1 2010 HP cycle 1.2 2010 2010 ROE 2010 10 WTO 3 2010 2010