20230223-华创证券-安琪酵母-600298.SH-调研报告_压制因素price-in_低估值布局良机_5页_724kb.pdf

2009 1210 2023 02 23 600298 price-in 50 41.26+60%-40%1100 1200/1600+3 2 猇 GDR price-in 50 22/23/B 2022-2024 EPS 1.51/1.77/2.21 1.52/1.87/2.33 P/E 27X/23X/19X 23 25 PE 50 B ReportFinancialIndex 2021A 2022E 2023E 2024E()10,675 12,904 14,797 16,885(%)19.5%20.9%14.7%14.1%()1,308 1,310 1,539 1,918(%)-4.6%0.1%17.4%24.7%()1.57 1.51 1.77 2.21()26 27 23 19()5.0 3.7 3.3 2.9 2023 2 22 S0360520070001 S0360520090001 021-20572598 S0360518040001()86,896.89()86,073.29()358.54()355.14(%)44.22()10.14 12/53.93/36.18(12)600298 2022 2022-10-26 600298 2022 2022-08-11 600298 2022 2022-04-19-32%-21%-10%1%22/02 22/05 22/07 22/09 22/12 23/022022-02-222023-02-22 300 600298 2009 1210 2 Table_ValuationModels2 2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 1,296 1,874 1,109 2,132 10,675 12,904 14,797 16,885 0 0 0 0 7,757 9,790 10,964 12,252 1,123 1,358 1,557 1,777 87 90 118 135 279 352 394 440 668 789 951 1,110 2,251 2,841 3,182 3,556 359 406 450 513 0 0 0 0 475 516 666 760 519 626 719 820 79 6 92 72 5,468 7,051 6,961 8,725-6-6-6-6 405 489 560 639-32-22-24-16 0 18 16 14 0 0 0 0 5,659 7,419 8,517 8,447 8 8 4 7 924 215 400 250 279 230 240 180 532 479 431 388 1,499 1,516 1,771 2,208 458 280 325 367 27 22 22 25 7,978 8,900 10,249 10,105 9 9 9 9 13,446 15,951 17,210 18,830 1,517 1,529 1,784 2,224 2,035 1,845 1,645 1,445 196 206 230 287 160 202 227 253 1,321 1,323 1,554 1,937 1,317 1,662 1,862 2,081 13 13 15 19 0 0 0 0 1,308 1,310 1,539 1,918 169 205 235 268 NOPLAT 1,390 1,328 1,634 2,000 273 121 148 181 EPS()1.57 1.51 1.77 2.21 158 122 141 140 357 401 441 474 4,469 4,558 4,699 4,842 2021 2022E 2023E 2024E 1,468 1,268 1,068 868 0 0 0 0 19.5%20.9%14.7%14.1%308 254 279 280 EBIT-7.8%-3.8%22.2%22.4%1,776 1,522 1,347 1,148-4.6%0.1%17.4%24.7%6,245 6,080 6,046 5,990 6,854 9,611 10,889 12,546 27.3%24.1%25.9%27.4%347 260 275 294 12.4%10.3%10.5%11.5%7,201 9,871 11,164 12,840 ROE 18.2%13.3%13.8%14.9%13,446 15,951 17,210 18,830 ROIC 13.9%11.2%12.8%14.4%46.4%38.1%35.1%31.8%2021 2022E 2023E 2024E 55.1%35.3%28.1%21.3%1,319 1,229 1,927 2,327 1.2 1.5 1.5 1.8 1,951 1,930 2,413 2,878 0.7 0.9 0.8 1.1-258-590-341-374-392-285-218-250 0.8 0.8 0.9 0.9 517 236 251 278 32 35 35 36-499-61-178-205 56 55 58 58-1,951-1,463-2,043-644 98 94 99 99-1,761-1,598-2,002-606()20-18 3 2 1.57 1.51 1.77 2.21-210 153-44-40 1.52 1.41 2.22 2.68 840 812-649-660 7.89 11.06 12.53 14.44 1,132-426-381-401-519-339-341-338 P/E 26 27 23 19 268 P/B 5 4 3 3-41 EV/EBITDA 22 22 17 15 600298 2009 1210 3 6 2020 2021 2018 2019 4 2020 2020 2020 2020 2021 14 2013 2021 2022 2022 600298 2009 1210 4 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82871425 0755-83024576 0755-82756804 0755-82756803 0755-82871425 021-20572536 021-20572551 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572560 021-20572509 021-20572548 021-20572573 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 600298 2009 1210 5(300)6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522