轻工制造行业：精细化管理驱动长期发展关注生活用纸投资机会

1、1. 62.19H2. 102.19H22.1.102.1.1.TDI/ MDI. 102.1.2. 122.2.1122.3.2.142.4.3.152.5.4.183. 203.1.203.1.1./. 203.1.2. 223.2.1.253.3.2.263.4.3.284. 334.1.1.334.2.2.335. 355.1.3612019/6/21%. 623002019/01/01-2019/06/21. 632019/6/21%. 742019. 75. 76. 77. 882019621. 892019621. 810. 9112019621. 9122019621. 913

2、. 10142019621. 10152019621. 1016. 1017/. 1018MDI/.1119/.1120.1121. 1222. 1223. 1224. 1325. 1326. 1327. 1428. 1529. 153027.5%. 1531/. 1632. 1633. 1834/. 2135/. 2136/. 2137/. 2238/. 2239. 2240/. 2441/. 2442/. 2543/. 2544/. 2545/. 2546/. 2547/. 2548%. 2649. 26502009-2018. 2751. 2952. 2953. 29542955. 29

3、56. 2957. 3058. 3159. 3160. 3161. 3162“”. 3263. 3264. 3265. 3266. 3367. 3368. 3469. 3470. 3471. 3572. 3573. 3674. 3675. 3676. 361. 142. 163. 164. 175. 176. 187. 188. 199. 1910. 202018. 22122018. 23132018. 23142009-2018. 2615201815. 271620199. 2817. 2818. 3019. 3320. 3521. 37STST1. 2019621201921.77%

4、282812019/6/21%Wind23002019/01/01-2019/06/21Wind1.26%1.26%29.12%15%29.12%15%32019/6/21%Wind42019 Wind52019/6/2162019/6/2116.25%20196211768.262055.53 16.25%7Wind8621962117.45%20196212153.422529.1917.45%10Wind2019621122019615.41%201961589.261834.16 15.41%13Wind1462115201962.2.1.2.1.1.MDI 620196211064.

5、770.06% 20196201910803.03/2018 15.33%TDI201913717.54/2018129.29% 201914560.54/1617/18/19/2018 2018426.2764 16.967 2019 3216.685 5510200010%25% 200046.72866216.8750 46.728620202.1.2.621201974066715068634.72%6.47%26.27%56.14%52.98% 2122232.2.2018932018 64.07%89.72%12.13%2420161.5920183.3344.89% 1.5933

6、.67%0.85201811.1953.63% 201220155.41201812.92201225262714.25%15.95%20172012-201720182017 3.6060.82%3.602.3.1.1.2.3.3.1120182220183.5 3-52018 8491.94 Homkoo1800 20182.4.201860% 1.2%2532017 1.2%25326.8%15.9pct202039.5% 28293020182014 201620142016201772017201850%+19201850%+20192100% 100%100%222025.01.0

7、160%2020.01.0150%2020.01.01100%2018.01.01100%2017.07.01100%2017.01.01100%50%30%2016.10.012016.01.012015.05.0131/3233“”“”“”14.30%14.185.423.7947.04%105.28%28.24% 16.00%442017 2018 2018 9.6414.1814.30%47.04%2.645.428.00%105.28%000000.010.06%3271.95%1.053.7916.00%260.33%1.242.0312.13%64.07%0.350.898.23

8、%151.42%1.623.0628.24%89.72%552018 141,762.2414.01%-54,153.04-8.56%0.00-129.82-0.02%37,855.37-3.74%20,300.00-2.01%8,907.430.70%0.70%30,644.94-4.85%3,937.69-0.62%297,690.5314.71%20.50%1.1.2. 2.CCBB662017 2018 76.8684.9610.53%54.8462.2813.57%42.8150.1817.22%17.9320.1012.07%21.0119.87-5.41%12.8614.7114

9、.35%8.809.9312.89%6.467.7920.53%3320162.5.201630%30010 30%300772016210 30%2016920175202050%30%2019210102050%10 1088(50)35%80%20-30(50)2010(20)50%50%-10(20)50%50%-52-56680%80%550%80%2-5(30)(30)70%70%90%70%90%50%70%63-63-64-6-920189201810101. 2. 2020 202020162020202551108931.915731.4%4%12%20%226.11071

10、.83746.33.3.1./3.1.1./2019828.389.57%2019201962120192118.71/19.43%247.72/7.66%192.91/34/35/36/20196212019675/14.99%4640.63/9.97%19956205020182018 1234883 1995620502018201837/38/393.1.2.201810435 6.24104394.20200920186.242.122.222018 /970/ 9011.04%/ 1.24%20182017 2018 %2017 2018 % 1113010435-6.241089

11、710439-4.201. 235190-19.15267237-11.242. 17901750-2.23174417510.403. 765705-7.84634604-4.73 675655-2.96585581-0.684.9609701.048909011.245.695690-0.72707701-0.856.14301335-6.6412991219-6.1613701275-6.9312381158-6.467.23852145-10.0625102345-6.578.23352105-9.8523962213-7.649.3053204.922492614.8210.2302

12、25-2.172012072.99201861811.59%898.54%62233.48%20171372018207201765201820185.96% 2018121.68pct5.92%0.36pct 1220172018%9.879.991.220.150.06-60.00699618-11.591.110.002.10984-22.943.176150-14.77123106-13.824.1110-9.095.127-41.676.193170-11.92193170-11.927.747408.43-259.82898.5410. 3730-18.923073235.2110

13、16.02951.05-6.39131320172018%237224794.5125721703-33.7946662233.481.334845.452.638534.923.45498.893332-3.034.2321-8.705.13720751.096.6254-12.906153-13.117.4525.008.6511170.779.263015.3810. 81250.001918-5.2654294822-11.1862019619-250g/214717.44/19-250g/7.80%195162.79-250g20.92%194506.52/-A70g9.55%193

14、920.06-140g16.67%196168.60/70g-100g20.23%195745.35/-157g26.99%186085.47/48g7.09%40/41/42/43/44/45/46/47/199.563.2.199.5620181502018 2020181502018 9519675/746.259.97%/14.99%4640.63/675/746.259.97%/14.10%/18.89%5130.4714.10%55329568.6%1-5 1613328.1%449 11.4%1-5229814.5%48%493.3.20184964 6.07%47.6%6.7p

15、ct6.07%4800-530048% 1828.0741.35% 70%20181470%2018%200936762750499742.974.4201040172435530543.869.6201143472728566044.671.2201244733007598344.573.0201343772924594044.772.2201448412752618948.172.5201548322928633846.772.5201649632850632947.672.0201752852572630348.570.6201849641703547447.663.9502018155

16、409.9120173.22%1520181520172018 %1131313946.172554.98563.171.48335846128.774443.16459.733.745510.11456.72-10.476313.17313.640.1572802903.578228252.1110.579209.53220.975.4610206.41191-7.4711236182-22.8812191.66175.22-8.5813142153.648.214147.93150.711.8815107.0214636.4220199625.2820182.73pct2017171716

17、1692019920189201826 249.1034.42%321.8138.77%648.7940.15%111.6615.43%134.1216.16%255.2315.79%107.5214.86%148.2617.86%287.2417.77%84.0011.61%27.003.25%99.46.15%73.0010.09%75.009.03%754.64%29.424.07%39.314.74%70.814.38%25.043.46%30.763.71%78.74.87%16.162.23%21.842.63%39.642.45%13.931.92%12.541.51%25.72

18、1.59%13.831.91%19.502.35%35.462.19%723.66100%830.14100%1828.07100%20183040 80 20189.59%201750 201710201840 2018100 2018736 3036/2018201899.31%3.4.5259028.03% 2017 20.7% 202010001300 52201226.5%73%5356“”“C&S”A1979 “”“C&S”19992008 19992010A201057“”2015“”201562%62%99%99%1818 FaceFaceLotion2012201236.5%40.2%29.1%54.3%201854.3%4 4.8%201861.2%4.8%20182018Face 60% 5859201890% 60% 606162“”63“8+2”“8+2”1.21pct20152014125.