Ͷ×ʽ¨Òé
ͨÕÍÉÏÉýµþ¼ÓÐèÇó³¬Ô¤ÆÚ£¬½«¶Ô»ù±¾½ðÊô¼ÛÇ®ÐγÉÀûºÃ£¬ÖÜÆÚÐÐÇéµÄÇ÷ÊƵÃÒÔÈ·ÈÏ¡£Æ½²©¿óÒµ×÷ΪµÍ¹ÀÖµµÄ¿óÒµ¹«Ë¾ÁúÍ·£¬Òµ¼¨ÓÐÍûÖ𲽶ÒÏÖ£¬¹ÀÖµ½«µÃÒÔÐÞ¸´¡£Éϵ÷ƽ²©¿óÒµA/H ¹ÉÄ¿µÄ¼Û18%/25%ÖÁ6 Ôª/4.5 ¸Û±Ò£¬Î¬³Öƽ²©¿óÒµA/H ¹ÉÍƼöÆÀ¼¶¡£
ÀíÓÉ
¿´ºÃ¹¤Òµ½ðÊôÓë¹ó½ðÊô¼ÛÇ®¡£Í¨ÕͼÌÐøÉÏÉý¶Ô»ù±¾½ðÊô¼ÛÇ®ÐγÉÖ§³Ö£¬ÇÒº£ÄÚÏûºÄºÍ³ö¿ÚÊý¾ÝÒ»Ö±¸ÄÉÆ£¬µØ²úÏúÊÛÒ²ÓÐÍû´ó·ù³¬Ô¤ÆÚ£¬Öнðºê¹Û×éÉϵ÷2017 ÄêGDP ÔöËÙÖÁ6.8%¡£
»Æ½ð·½Ã棬ÏÖÔÚ¼ÛÇ®Òѳä·Ö·´Ó¦¶Ô¼ÓÏ¢µÄÆøÄÙÔ¤ÆÚ£¬½øÒ»²½Ïµø¿Õ¼äÓÐÏÞ£¬ÈôͨÕͳ¬Ô¤ÆÚÒ²½«¶Ô½ð¼ÛÐγÉÀûºÃ¡£
¹ÀÖµÑÏÖص͹À¡£Æ½²©¿óÒµÖÎÀíЧÂÊÍ»³ö£¬¿óɽ±¾Ç®Î»ÓÚÈ«Çò±¾Ç®ÇúÏßµÄÇ°25%£¬Ó¯ÀûÄÜÁ¦¾ÓÓÚÐÐҵǰÏߣ¬ÏÖÔÚA/H ¹É2018e P/E ½öΪ12x/8x£¬Ô¶µÍÔÆ°å¿éƽ¾ùµÄ75x/25x£¬A ¹ÉÊÐÖµÊǿɱȹ«Ë¾°´²úÁ¿¼ÓȨƽ¾ùµÄ43%£¬ÕÛ¼Û¿¿½ü60%¡£
ºã¾ÃÔöÌíÔ¶¾°¿ÉÆÚ¡£½üÄêÀ´¹«Ë¾Í¨¹ýÒ»Ö±µØ×ÊԴ̽¿±ºÍº£ÄÚÍâ×ʲúÊÕ¹º£¬×ÊÔ´´¢Á¿ºÍ¿ó²úÁ¿¾ùά³Ö¸ßËÙÔöÌí£¬2015 ÄêÊÕ¹ºµÄ¿¨Äª°¢Í¿óÒ»ÆÚÔ¤¼Æ½«ÓÚ2019 ÄêͶ²ú£¬½ìʱ¹«Ë¾¿ó²úͲúÁ¿½«Áè¼Ý25 Íò¶Ö£¬³ÉΪº£ÄÚ×î´óµÄÍ¿óÉú²úÉÌÖ®Ò»¡£
ÎÒÃÇÓëÊг¡µÄ×î´ó²î±ð
1£©¹«Ë¾ÒѳÉΪ¶à½ðÊô×ÛºÏÐÔ¿óÒµ¹«Ë¾¡£Ò»Ö±ÒÔÀ´Êг¡¶¼°Ñƽ²©¿óÒµ¿´³É»Æ½ð±êµÄ£¬È»¶ø¾ÓÉ×î½ü¼¸ÄêµÄÄÚÍⲿÀ©ÕÅ£¬»Æ½ðÓªÒµÀûÈóТ˳ÒѾ½µÖÁ40%£¬ÍºÍпռ±ÈÔòÌáÉýÖÁ30%/25%¡£
2£©ÏÖÔÚÊг¡¹ØÓÚ2017/18 ÄêEPS ¹²Ê¶½öΪ0.15/0.17 Ôª£¬ÉÐδ³ä·Ö·´Ó¦½ðÊô¼ÛÇ®ÉÏÕǶԹ«Ë¾Òµ¼¨µÄÀûºÃ¡£
Ó¯ÀûÕ¹ÍûÓë¹ÀÖµ
»ùÓÚ¶Ô2017/18 Äê½ðÊô¾ù¼ÛÉÏÕǵÄÅжϣ¬ÎÒÃÇά³Ö2016 ÄêÓ¯ÀûÕ¹Íû0.11Ôª£¬Éϵ÷2017ÄêÕ¹Íû54%ÖÁ0.24Ôª£¬Í¬Ê±ÒýÈë2018ÄêEPS Ϊ0.30 Ôª¡£Éϵ÷A/H ¹ÉÄ¿µÄ¼Û18%/25%ÖÁ6 Ôª/4.5 ¸Û±Ò£¬¶ÔÓ¦20x/13x 2018e P/E¡£¹«Ë¾¹ÀÖµ±»Êг¡ÑÏÖص͹À£¬ÔÚ½ðÊô¼ÛÇ®ÉÏÕǵÄÇ÷ÊƵÃÒÔÈ·ÈϺ󣬹ɼ۲¹ÕÇ¿Õ¼äÖØ´ó¡£Î¬³Öƽ²©¿óÒµA/H ÍƼöÆÀ¼¶¡£
Σº¦
¾¼Ãȱ·¦Ô¤ÆÚ£¬½ðÊô¼ÛÇ®´ó·ùϵø£»¹«Ë¾ÍâÑóÏîÄ¿Ï£ÍûµÍÓÚÔ¤ÆÚ¡£
¡õ³ÂÑå/¶Ó¡¡ Öйú¹ú¼Ê½ðÈڹɷÝÓÐÏÞ¹«Ë¾