20230924_国盛证券_建筑装饰行业建筑设备租赁龙头对比：宏信建发VS华铁应急_21页.pdf

|2023 09 24 VS IPO 5/2022 16%/13%2023H1 180 16.0 155.1 65.1 2023H1 111 10.2 TRD 2023H1 415 2023/2024 430/500 2023H1 220 ROE 2022/79/33 2.4 6.7/6.4+2022/4.36%/4.57%ROE ROE 2022/ROE 10.5%/15.5%2023H1/60%/40%2022/4.2/2.2 18 PE EV/EBITDA 2023-2025 9.7/11.9/14.5 46%/23%/22%2022-2025 CAGR 30%PE 12/10/8 2023-2025 8.6/11.3/15.0 33%/32%/32%2022-2025 CAGR 33%PE 14/11/8 PE EV/EBITDA 2023/9/22/EV/EBITDA 6.57/9.50 CR2=1.2%1 2 EV/EBITDA S0680518030004 S0680519070003 S0680518010003 1 2023-09-10 2 2023-09-03 3 2023-08-27 EPS P E 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 603300.SH 0.33 0.44 0.58 0.77 18.6 13.9 10.5 7.9 09930.HK 0.21 0.30 0.37 0.45 17.8 12.2 9.9 8.1 Wind-16%0%16%32%2022-09 2023-01 2023-05 2023-09 300 2023 09 24 P.2 1.4 1.1.VS.4 1.2.VS.6 1.3.VS.7 2.9 2.1.VS.9 2.2.11 2.3.2023H1 415 VS 220.12 3.ROE.13 3.1.13 3.2.14 3.3.15 3.4.17 3.5.17 4.PE EV/EBITDA.18 5.19 6.19 1.5 2.5 3.6 4.6 5.7 6 2022.7 7 2022.7 8.8 9.9 10.9 11.9 12.10 13.10 14 2023H1.10 15“”.11 16.12 17.13 18.13 19.13 20.13 21.14 22.14 XVAZzQrMnOmNpRnOmRqPpO8ObPaQpNrRsQpMiNrRyRkPsQzRbRpOpPMYsQqQxNsQrO 2023 09 24 P.3 23.14 24.14 25.15 26 ROA.15 27 ROE.15 28.16 29.16 30.16 31.17 32.17 33.17 34.18 35.18 36.18 37/.18 38.19 2023 09 24 P.4 1.1.1.VS 2011 2013 2014 IRN100 50 ACCESS 50 2021 2023 5 9 77%3360.HK 71.72%Farsighted Wit Limited Farsighted Wit Limited 77.24%3360.HK 3000 1.8 2 2023 09 24 P.5 1 2011 2012 2013 2014(i)(ii)(iii)(iv)2016 ACCESS 50 38 ACCESS 50 2019 50 2019 2020 50 2020 KHL 2020 ACCESS 50 50 6 2021 Hillhouse Capital V,Ltd.Terex Corporation KHL 2021 ACCESS 50 50 4 IRN100 24 2022 KHL 2022 ACCESS 50 50 3 IRN100 14 50 2022 10 2 Wind 2023/5/25 1988-2001 2001 2008 2023 09 24 P.6 2015 IPO A 2018 2023 12.08%81%8.96%93.31%1.41%5%3 1988-2001 2001-2008 2008-2015 2008 11 2015 IPO A 2018-2019 2020 300 2023 6 4 2023 1.2.VS IPO 1 2 3 2023 09 24 P.7 1 5 5 2018 3,075 40 2019 2,226 62 2020 2,335 159 2021 6 4,171 857 2021 12 1,566 45 2023 2 3 1.3.VS 2022 66%2022 27%/7%2022/56%/36%/7%6 2022 7 2022 Wind Wind 27%7%66%56%36%7%1%2023 09 24 P.8 2022 16%2022 4.58 2020 2022 2022 66 2021/2022 9.26/11.01 4618/21163 5%/16%8 2020 2021 2022 1 1 1 237 8272 228 3 4729 27 3 45036 110 2431 20 1888 27 543 15 330 78 1993 4 40 6 110 26 331 6 180 4 22 13 52 0 2 7 71 39 336 2 4 379 11236 404 9328 66 45803 1.2.3.2022(i)2022(ii)+2023 1.5 51.32%23 15 2023 3 2023 6 12 4 5 2023 09 24 P.9 2.2.1.VS 2023 179.6 15.99 155.14 65.11 2022 30.6%/5.0%/3.2%9 10 2023H1 2023H1 11 1 13.13 30.6%2 7.8 18.2%3 A 2016 4.1 9.6%1600 41.6%5.519.7213.1315.990246810121416182020 2021 2022 2023H197.4153.8157.7155.1433.853.462.365.110204060801001201401601802020 2021 2022 2023H1 2023 09 24 P.10 12 1 157.7 5.0%2 34.0 1.1%3 B 2006 32.0 1.0%92.9%13 1 62.3 3.2%2 C 2018 30.0 1.6%3 D 2019 23.0 1.2%800 94.0%2023H1 50.6/60.6 111.1 2023H1 10.2 2023H1 64%/15%/11%TRD 5%14 2023H1 63.7%14.5%11.0%4.0%2.0%2.0%TRD 1.9%0.8%0.2%2023 09 24 P.11 2.2.2015 ERP 2021 1000 2022 2500 65%2016 20 2022 115 98%98%91%61%240 2023 1-1.2 270 290 2024 1.2-1.4 300 320 15 2023 09 24 P.12+99%2023 7 1 30 16 2023 2.3.2023H1 415 VS 220 4 2022 12 31 187 349 2022 109/136/104 2023 430 2023H1 415 2024 500 4 2020 2023H1 4 2023 09 24 P.13 17 18 2023H1 220 400 19 20 2023 3.ROE 3.1.2022/79/33 2.4 2018-2022/42%/39%2022/6.7/6.4 6583592079711290299109136104349139181153500050100150200250300350400450500 2020 2021 2022 2024E 2023 09 24 P.14 21 22 Wind Wind 3.2.ROA ROE 1 2 10 5-20 2022 23 24 Wind Wind 19.126.336.861.478.88.911.515.226.132.801020304050607080902018 2019 2020 2021 2022 1.73.14.57.16.7-0.32.83.25.06.4-10123456782018 2019 2020 2021 2022 50.3%51.0%45.0%46.3%39.8%70.1%71.4%53.9%51.6%50.3%0%10%20%30%40%50%60%70%80%2018 2019 2020 2021 2022 8.7%11.9%12.2%11.5%8.5%-3.2%23.9%21.2%19.1%19.6%-5%0%5%10%15%20%25%30%2018 2019 2020 2021 2022 2023 09 24 P.15 25 26 ROA Wind Wind 27 ROE Wind 3.3.2023H1 IPO 67%32.6%31.2%26.9%30.1%27.0%21.3%24.7%24.9%21.3%23.8%0%5%10%15%20%25%30%35%2018 2019 2020 2021 2022 3.9%3.6%3.3%2.3%7.0%6.3%6.7%5.5%0%1%2%3%4%5%6%7%8%2019 2020 2021 2022 16.7%12.5%10.5%12.7%14.1%15.5%0%2%4%6%8%10%12%14%16%18%2020 2021 2022 2023 09 24 P.16 28 29 Wind Wind 2020 1 2 2021 IPO 2023 IPO 18 30 Wind/2020 2022/4.36%/4.57%0%20%40%60%80%100%120%2018 2019 2020 2021 2022 2023H1 0%10%20%30%40%50%60%70%80%2018 2019 2020 2021 2022 2023H1 1.00.21.75.121.623.60.9 0.91.5 1.4 1.4 1.405101520252018 2019 2020 2021 2022 2023H1 2023 09 24 P.17 31 Wind 3.4.2022/0.28/0.26 2022/1.81/1.35 32 33 Wind Wind 3.5.2022/28.2/14.0 4.2/2.2 7.87%8.16%3.89%3.67%4.36%4.63%5.58%10.00%4.20%4.57%0%2%4%6%8%10%12%2018 2019 2020 2021 2022 0.320.300.290.280.200.240.290.2600.050.10.150.20.250.30.352019 2020 2021 2022 1.891.781.83 1.811.521.281.471.3500.20.40.60.811.21.41.61.822019 2020 2021 2022 2023 09 24 P.18 34 35 Wind Wind 36 37/Wind Wind 4.PE EV/EBITDA PE 2023-2025 9.7/11.9/14.5 46%/23%/22%EPS 0.30/0.37/0.45 2022-2025 CAGR 30%PE 12/10/8 2023-2025 8.6/11.3/15.0 33%/32%/32%EPS 0.44/0.58/0.77 2022-2025 CAGR 33%PE 14/11/8 EV/EBITDA 9.010.5 10.324.528.23.88.15.411.014.00510152025302018 2019 2020 2021 2022-13.4-15.1-66.9-104.7-34.6-6.7-6.1-15.6-6.0-7.0-120-100-80-60-40-2002018 2019 2020 2021 2022 5.13.858.183.722.91.0-2.210.7-5.0-7.0-20-1001020304050607080902018 2019 2020 2021 2022 3.32.33.54.22.91.72.2 2.200.511.522.533.544.52019 2020 2021 2022 2023 09 24 P.19 2023/9/22/EV/EBITDA 6.57/9.50 38 EPS PE PB EV/EBITDA 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 6.10 0.33 0.44 0.58 0.77 18.6 13.9 10.5 7.9 2.39 9.50 3.70 0.21 0.30 0.37 0.45 17.8 12.2 9.9 8.1 1.17 6.57 Wind 2023/9/22 5.IPO EV/EBITDA 5v 2023-2025 2022-2025 CAGR 33%6.2023 09 24 P.20 2023 09 24 P.21“”,“”“”6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%8 7 7 100077 868 One56 1 10 200120 021-38124100 1115 330038 0791-86281485 100 24 518033