/ CR5201263.5%201871.6%2012-201815.88%6.90%-4.49%9%31%220/201836.70%03+N201946.84%6.29pct3219/3.17%+++IP2020-2022EPS0.230.260.292020-2022PE41X/37X/33X11.72018A2019A2020E2021E2022E4,0394,2444,2694,5854,825(+/-)%7.33%5.06%0.60%7.41%5.23%366497516570634(+/-)%97.68%35.77%3.69%10.52%11.17%0.170.220.230.260.2957.6242.4440.9437.0433.322.552.452.312.172.04(%)4.46%5.80%5.67%5.90%6.16%(%)0.00%0.00%0.00%0.00%0.00%()2,2132,2132,2132,2132,2132020/6/24611.709.54125.4010.2921,1152,213A2,213B/H0/019-16%-3%10%23%36%49%2019/72019/102020/12020/4%1M3M12M17%47%53%9%33%46%--20200626--20200614--20200608S0550515060001021-20361174liqiang@nesc.cnS0550518120001021-20362340qi_huan@nesc.cnS0550119080009021-20363244zhangl2@nesc.cnS0550518120001qi_huan@nesc.cn0024612020-06-30
2 / 33 1. ...................................................................................................... 5 1.1. ........................................................................................................... 5 1.2. ................................................................................................... 6 1.3. ..................................................................................... 8 2. .................................................................. 10 2.1. ............................................................................................................ 10 2.2. ........................................................................... 15 2.2.1. ................................................................................... 16 2.2.2. ................................................................................... 17 3. ..................................................................................... 19 3.1. ......................................................................................................... 19 3.2. ................................................................................................. 21 3.2.1. .................................................................................................................... 21 3.2.2. ................................................................................................. 22 3.3. .................................................................... 23 4. ........................................................... 24 4.1. ................................................................................................. 24 4.2. ...................................................................................... 26 4.3. ................................................................................... 28 5. ................................................................................. 29
3 / 33 1 .................................................................................................................................. 6 2 .................................................................................................................................. 7 3 .................................................................................................................................. 7 4 ....................................................................................................................... 8 5 ....................................................................................................................... 8 6 .................................................................................................................................. 9 7 ....................................................................................................................... 9 8 ............................................................................................................................ 10 9 ..........................................................................................................................11 10CR5 ................................................................................ 12 11 ...................................................................................................... 12 12CR5 ............................................................................ 14 1324%................................................................................ 15 14...................................................................................................... 15 152013 .................................................................................................... 15 16 ........................................................................................... 15 17 ........................................................................................... 16 18........................................................................................ 17 194235 ........................................................... 17 202012-2018CAGR15.88% ........................................................................ 17 21EBITDA ...........................................
