20230401_东方证券_涂料行业证券研究报告:涂料行业面临变局内资涂企重整再航_27页.pdf
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5.1 16.6 0.6 1.6 16.2 16.4 21.8 5.3 1.6 37.3 0.7 1.4 17.7 16.6 11.5 2.1 7.7 109.5 0.9 1.5 8.5 12.6 2016-2021 16 17 2013-2015 95.4%11.2%31.7%14.3%19.8%77%2021 0246810120 5 10 15 20 25/-/%1.01.21.41.61.82.02.22.40 50 100 150 200/%12 18 2013-2015 19(:/)5/,2013-2015 26.8 130.6 256.7 33.4 2021 460.3 901.3 179.7 605.3 2021 106.3 96.5/2013-2015 77.2 69.7/6 2013-2015 2021(/)(/)(/)(/)17.2 26.8 460.3 690.8 6.9 130.6 901.3 106.3 0.7 256.7 179.7 96.5 18.1 33.4 605.3 233.1 11.2%31.7%14.3%19.8%18.5%2.4%2.2%05101520252013 2014 2015 2016 2017 2018 2019 2020 2021 13 2020 1878 624 33.2%360 270 77.5 60 74.1%20.5 15.4 11.8 20 2020 21 2020(/)Indian Mirror Indian Mirror 2010-2020 2073.6 1002.2 22 2010-2020 23 Indian Mirror 14.4%33.2%3.2%19.2%4.1%8.4%17.5%051015202530 02468101214-50005001000150020002500 pct()100010000100000051015202530/()14 PPG 24 PPG 20%2020 10.2%4.6%2.6%25 2020 26 2020 051015202530354045SHW PPGIndustriesAkzo Nobel NipponPaints 10.2%4.6%2.6%2.4%2.2%77.9%15 2016 PPG 20 2017 93 PPG 7/2020-12 Tikkurila 100.0%PPG Industries 1,100.0 2020-11 Ennis-Flint Inc 100.0%PPG Industries$1,150.0 2016-06 MetoKote PPG Industries 2016-11 PPG Univer 50.0%PPG Industries 2016-11 DEUTEK PPG Industries 2017-04 TCI 40.0%PPG Industries$100.0 2017-04 Ommi-Plus 50.0%PPG Industries 2018-01 Procoating 100.0%PPG Industries$108.0 2020-08 Nipsea Pte Ltd 100.0%Nippon Paint$9,922.0 2020-08 Wuthelam Holdings Ltd-Indonesia Business 100.0%Nippon Paint$2,226.0 2019-04 DuluxGroup Ltd 100.0%Nippon Paint$2,898.4 2016-02 Bollig&Kemper GmbH&Co.KG 49.0%Nippon Paint 2017-03 Dunn-Edward 100.0%Nippon Paint$608.0 2016-09 60.0%Nippon Paint 2017-06 Valspar 100.0%Sherwin-Williams$9,300.0 2017-07 Flexcrete Technologies Ltd 100.0%Akzo Nobel 113.0 2016-12 BASF Akzo Nobel 425.0 2017-07 Disa Technology 100.0%Akzo Nobel 2017-11 V.Powdertech 100.0%Akzo Nobel 2018-06 Fabryo 100.0%Akzo Nobel DIY 2003-2019 79.6%82.5%2009 32 2019 41 2021 15 30.9%2020 17%2015-2020 20%2020 DIY 41%2015-2020 35%16 27 28 Sherwin-Williams Sherwin-Williams 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