汽车行业2021年度投资策略：插上想象力的翅膀.pdf

2009 1210 2021 2021 -7% +13% PB PB 1 2 3 vs 1 PE PB 2 / 1 2 2021 1 H 2 H/A 3 4 2021 EPS PE 2020E 2021E 2022E 2020E 2021E 2022E PB 21.98 1.15 1.2 1.46 19.11 18.32 15.05 2.68 27.27 0.53 1.09 1.14 51.45 25.02 23.92 4.6 26.85 1.98 2.6 2.74 13.56 10.33 9.8 1.26 184.2 1.85 1.86 2.36 99.57 99.03 78.05 9.6 3.6 0.3 0.48 0.49 12.0 7.5 7.35 0.77 34.93 0.55 1.08 1.36 63.51 32.34 25.68 5.0 16.8 0.48 0.69 0.83 35.0 24.35 20.24 3.54 20.37 0.36 0.74 1.06 56.58 27.53 19.22 4.09 36.93 1.57 2.09 2.59 23.52 17.67 14.26 4.82 23.36 0.96 1.44 1.84 24.33 16.22 12.7 3.18 Wind 2020 11 23 021-20572543 zhangchenghanghcyjs S0360519070003 % ( ) 187 4.58 ( ) 31,460.43 3.7 ( ) 22,916.04 3.66 % 1M 6M 12M 16.23 63.43 65.81 10.15 32.55 35.81 2020-10-26 3Q20 2020-11-02 2020-11-10 -9% 15% 40% 64% 19/11 20/01 20/03 20/05 20/07 20/09 2019-11-25 2020-11-23 300 2020 11 25