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  • Ȩ

    ע

    бصע5ɣ

    2018-04-03 17:44:46 ѶƱ 

    й̫(601601,ɰ)ͻӪծת͵䷶

    о֤ȯ

    й̫ 2017ҵֹ 2017ĩ̫ӵпͻ 11553 2016 1109 ʵӪҵ 3198Ԫ YOY+19.8% 146.62 Ԫ YoY+21.6%ںֵ 2862 Ԫ YoY+16.4%ҵֵ 267 Ԫ YoY+40.3%ۺϳɱŻ 0.4pct 98.8%

    ҵٳԤ ںֵһӰԵԤ

    ̫ȫ NBV ﵽ 283 Ԫ ͬ+40.3% гԤ NBV걣+17.2%ͼֵYoy 6.5pct 39.4%ͬƶռ± 25%Ĵͳյҵֵʴ 21.26pct 68.30% պͼ EV ٷֱΪ 17.86% 16.36% ԵԤҪԭڣ 12016 ״βóֵϵһ 168Ԫ ev߻ͽ꼯 EV 9.28% 2ȡ Ӫ䶯 EV 1.26% 3 ӯеijڵծȯֵ½ EV1.9%.

    ̫ƷṹΪ֯չδʹ

    ֹ 2017 ̫ڱϹģΪ 283 Ԫռ±ͬ6.45pct 41.7%ڴͳڱߺϼռȳ 80%Ʒṹ ̫бչ˾ 2017 ֯չ¾ٴﵽ33.8% ûĴӶ ͼռȽС» 23.88% 14.99%

    ̫ͶʷȽۺͶԵ

    ̫ 2017 꾻ͶͶʺۺͶʷֱΪ 5.4%5.4% 4.8% ȫͶʲһ ʲ÷ ̫ĶгȨͶռȽС ƱͶռΪ 5.45%ȨͶռΪ1.94%ߺϼ 7.39%ҵƽ

    ճб󲻼Ԥ

    ձٺͳбӯ߳ 14 ̫ 2017 ձ 1058.6 Ԫ֮ͬ 2016 6.52pct 8.25% ۺϳɱΪ 98.8%֮һŻ 0.4pct ڽͶ ԼΪ˻ȡʿͻӶ֧Ӷʸڵ˰޵15%Ӧ˰ 6.7pct 36.7 վ» 18.7% Ԥ

    Ϊ̫ոծ˵IJƷ޽ṹΪʹȥͬڽϸ߻ʹ 2018 1 NBV ѹԿչ ſͻӪϸԤ̫ 18/19/20 ںֵ 3391 Ԫ 4010Ԫ 4740 Ԫ ĸΪ 184  219 Ԫ 256 Ԫ ǰɼ۶Ӧ 2018 PEV 0.91 άάĿ 47.2 Ԫ

    ʾ ±۴Ԥ Ʊг

    йͷȽ

    оʱ֤ȯ

    ˾ 2017  2017 ȫʵӪҵ 6809.81 Ԫͬ 8.21%ĸ 160.57 Ԫͬ 14.7% ͬʱԤÿ 1 ɷֽ 0.18 Ԫ˰

    ëСӪԺͶֽ½

    ˾ 2017 ʵë 9.24%ͬ 0.03%ʵ־ 2.48%ͬ 0.12% ˾ȫ꾭ӪֽΪ 254.04 Ԫͬ½ 31.59%Ҫڱ깺Ʒֽ֧ͶʻֽΪ-366.88 Ԫͬ104.15 ԪҪǹȨͶ֧ BOT PPP Ŀ֧ ʻֽΪ 237.75 Ԫͬھ 258.87 ԪҪǹ˾ͶʽӴ

    ·ǩͬǿҵȲ

    ˾ҵ̳аҵ· 2017 ʵֽϺ 2017 깤̳аҵʵӪҵ 5841.27 Ԫռ 85.78%ͬ 8.14%ǩͬ 12931.85 Ԫռǩͬܶ85.74%ͬ 22.08%ܻгͶƱ仯Ӱ·ǩͬ 3978.89 Ԫͬ 51.95%ͬʱڶԺǻ۳еͶǩͬ 1971.34 Ԫͬ 41.32%ǩͬ 2054.13 Ԫͬ 34.62%йǩͬ 2047.56 Ԫ ͬ 19.53%

    ڶ ֶ ӪƻȽ

    ˾ 2017 ǩͬ 15083.12 Ԫͬ 23.72% ҵǩͬ 14033.24 Ԫռǩͬܶ 93.04%ͬ 26.28%ҵǩͬ 1049.89 Ԫռǩͬܶ 6.96%ͬ½2.65%ڶֿ 2017 ĩ˾δɺͬߴ 23966.30 Ԫͬ 21.18% 2017 Ӫ 6809.81 Ԫ뱣ϱΪ 3.5 ݹ˾ 2018 꾭Ӫƻ Ԥǩͬ 15100 Ԫ Ӫҵ 7008 Ԫ 2017 ƽӪƻȽ

    Ԥֵ Ԥƹ˾ 2018~2020 ʵֹĸ 169/185/201 Ԫͬ 5.5%/9.0%/9.1%Ӧ EPS Ϊ 1.25/1.36/1.48 Ԫǰɼ۶Ӧ2018~2020 PE Ϊ 7.8/7.2/6.6 ά֡Ƽ

    ʾ PPP زԤҵ˿շյ

    þƵ(600258,ɰ)ҵԤͷͷ

    о֤ȯ

    ˾2017걨ʵӪ84.17Ԫ+29.0%ĸ6.31Ԫ+199.1%۷Ǿ5.95ڣ+309.6%˾ͬʱÿ10ת20.8Ԫ

    ͶҪ

    ȫȲ뾰˫ ϵоӪЧԼӰ;ҵ˫ 17 ʵӪ 84.17 Ԫ+29.0% 1 ϵƵӪ 70.52 Ԫ+35%ռ 83.8% 2ϵƵӪ 9.21 Ԫ-1% 3 Ӫ 4.44 Ԫ+19%17Q4 Ӫ 21.05 ԪYoY +4.2%

    ޳ܷûƽûع鳣̬ ڼ81.86%-5.46pct ۷ 57.19 Ԫ+27.9% 9.48 Ԫ+15.75% ͬҪڲӰ ޲Ӱ17Q2-Q4 ܷͬ½ 0.58%ӪЧ 2.23 Ԫ-45.05%Ҫ 16 겢ҲʧϢ 17ع鳣̬

    ȫҵԤ  17 ĸ 6.31 Ԫ+199.1%1 6.46 Ԫ+60% ҪгȻסƽ˫ԼͳֹɱӰ죨16 10 ³ֹɱ 66.14% 100%2 ĸ 0.82 ڣ+50% ۷Ǿ 5.95 Ԫ+309.6% 17Q4 ĸ 0.80 Ԫ+48.8%۷ǹĸ 0.50 Ԫ+134.7%

    ŷж쾭̽ʲ 17 ĩ žƵ 3712  и߶˾Ƶռ 13.6% 38.5  и߶˷ռ 17.4%

    ȫ¿ 512 ңֱӪ 40  472 ң о 200и߶ 205  107 

    ȫ꾻 310 ңֱӪ-25  335 ң о 30и߶ 186  94  Q4 ŵٶи߶Ƶ 169 ңֱӪ-7  176 ңо 23  и߶ 113  33 

    ƷϵΪʵʩ¿ҵ 52  ص 66 ɰƺƺϼ¿ҵ 87  ҵ 84  и߶ƷԺҾѡΪ ֱ¿ҵ 37 66 57  ҵ 3464 57 

    2017 ĩǩԼδҵǩԼƵ 488 Ŷ

    Ƶ꾭ӪЧи߶µ춨 17 4 и߶˾Ƶ꾻ҵ 113 ռȫ꾻 38% ٶԼ ¾Ƶµ徭Ӫҵ΢Ż

    ϵ ȫ RevPAR ٽϸҪ OCC ADR ˫Լи߶˾ƵռĽṹԸ Q4 ¿и߶˾ƵӰٽ Q3½ҵ 18 µϵŵӰС

    ȫ壺Чи߶ӰЧͺ

    RevPARȫ+6.9% +4.4% и߶+0.5%

    OCC ȫ+1.35pct+1.44pctи߶+0.27pct

    ADRȫ+5.2%+2.7%и߶+0.1%ͬ꣺ϵžӰСŵͬ

    RevPARȫ+5.1% +4.9%и߶+7.6%

    OCC ȫ+1.50pct+1.53pctи߶+0.94pct

    ADRȫ+3.3% 3.0%и߶+6.4%

    Q4 RevPAR 壺 Q4 ŸӰٻ΢»и߶˴ RevPAR Ϊ

    ƽ 4 yoy +7.2% ٽ 3 ȡ-0.8pct

    ͣ 4 yoy +5.3% ٽ 3 ȡ-0.8pct

    и߶ˣ 4 yoy -3.4% ٽ 3 ȡ-4.7pct RevPAR ͬ꣺صͬЧܵӰСٻȻƽ

    ƽ 4 yoy +6.5% ٽ 3 ȡ+0.6pct

    ͣ 4 yoy +6.5% ٽ 3 ȡ+0.7pct

    и߶ˣ 4 yoy +5.8% ٽ 3 ȡ-1.4pct OCC 壺 ܵӰٻȾ½

    ƽ 4 yoy +1.29 pct OCC 仯ʽ 3 ȡ-0.7pct

    ͣ 4 yoy +1.55 pct OCC 仯ʽ 3 ȡ-0.64pct

    и߶ˣ 4 yoy -0.04 pct OCC 仯ʽ 3 ȡ-1.4pct OCC ͬ꣺и߶ϵԱ֤и߶

    ƽ 4 yoy +1.75 pct OCC 仯ʽ 3 ȡ-0.35pct

    ͣ 4 yoy +1.75 pct OCC 仯ʽ 3 ȡ-0.39pct

    и߶ˣ 4 yoy +1.67 pct OCC 仯ʽ 3 ȡ+0.32pct ADR 壺Ӱ۷Żи߶˼۸½

    ƽ 4 yoy +5.5% ٽ 3 ȡ-0.1pct

    ͣ 4 yoy +3.3% ٽ 3 ȡ-0.2pct

    и߶ˣ 4 yoy -3.3% ٽ 3 ȡ-3.0pct ADR ͬ꣺ϵԾ߱ٶ

    ƽ 4 yoy +4.3% ٽ 3 ȡ+0.8pct

    ͣ 4 yoy +4.3% ٽ 3 ȡ+1.0pct

    и߶ˣ 4 yoy +3.7% ٽ 3 ȡ-1.4pct

    ϵ ڹӪЧ ȫ RevPAR+6.7% OCC+2.67pctADR+2.2%

    ԱԳЧ Ƴ³´(310328,) 2017 ׹˾Ա 1  ȫ깫˾ҹռ 80% Ӵ˿ͼֵ̬Ȧǹ˾ľ ԱԤմ̯ĻԱ 2017 Ԥ˿ 51%1׼λи߶гĻ罻ȲƷԻ2 ϴ²Ʒ ȺƳþƵ()ƷҾƵ 3.0YUNIK Ʒѽз׶3̽Ƶ+չ·չռܱ칫˽ӰԺӾƵ

    ƵҵṹͷУ Ƶҵָ 15 Q4 븴𲽽ȼ׶ 3%STR  13.1%(18 2 )Ԥҵɳ 2-3  ж˾Ƶȷʣ20%+70%+ΪͷṩϴϿռƾϸߵռֱӪռȴĸҵԳ

    ɽڿҵɫ 18 ںϽʡ 30 ع74.81%ĺɽ 17 ԰ 489.46 ˴Σ+30.8% ˾91 Ԫ-9%԰˴Ӫ 4.44 Ԫ+19.4%Ʊ2.32 Ԫ+30.8% 18 ˹ҵͺϽʡ 30 һ԰˴

     ռλԤ 18 ҵȲ 18 깫˾ƻƵͬƷƵͿƷͶж˾Ƶг Ԥ100 Ī̩оƵ ӿҾѡһ߳в˾Ԥ 18 ȫ¿겻 450 и߶ռ 50%ȫʵӪ 87-88 Ԫ+3.4%+4.6%

    ӯԤ þƵҵͷ Ԥ 18-20 ֱΪ 8.21ڣ+30% 10.09 ڣ+23% 11.58 ڣ+15% EPS ֱΪ 1.01 1.241.42 ԪӦ PE ֱΪ 28 23 20 ά֡֡

    ʾ ܴھƵҵԤ۾òķ

    (600859,ɰ)ϵȽչ µ

    о ʱ֤ȯ

    17 뱣λ

    ˾ʵӪҵ 260.85 Ԫͬ 11.09% ˾ 9.10 Ԫͬ 18.60%Ӧÿӯ 1.17 Ԫ ˾ÿ 10 3.6 Ԫ˰˾ҵԤ

    ٻתȻ ȫ 41%

    ҵ񻮷֣˾ӪҵΪƷȫʵӪҵ 246.52 Ԫռ 95%ͬ 10.45%ٻҵ̬ͬ 6.82%ͬ 41.23% ¿ŵҵ̬ռӵӰ˾ӪҵëΪ 16.56%ͬ½ 0.99%

    ݷ˾ë½ 0.66% 20.72%Ҫڰë 10.78%ڰٻ/ҵ̬ë 17.46%͹˾ëˮƽ˾۹ͬ 8.28%/8.51%ɱ˹˾ˮƽ 0.39% 3.57%

    ߹˿;ӪЧ

    гůҵģ˾չ˹ҵ̬°ٻӪģʽδҵ̬ÿ 3-5 ٶȷչ˾µչ֮ȫȷЧƽ̨ȹЧߡսʶ ץƷӪ͹˿;Ӫȷҵг

    δëά֡ ǿƼ

    Ǽù˾ϻƶȶԹҵ̬ԹŶӳֹгҲϳ˾Ŷữӵнϳ˲ŴΪ˾Ӫչ³ṩ֧˾ҵԤ΢ϵ˾ 18/19/20 EPS 1.23/1.36/1.46 ԪӦ PE ֱΪ 16/15/14άֹ˾ǿƼ

    ʾ  µٲԤ

    γ(300144,ɰ)ҵӡ֤Ŀ

    о֤ȯ

    ˾ 2017 걨ʵӪ 30.24 Ԫ+14.36% 10.68 Ԫ+18.32%۷Ǿ 11.07 Ԫ+24.77%˾ 2018 Q1 ҵԤԤƹĸΪ 2.70-3.19 Ԫ+10%-30% 

    ͶҪ

    ҵȲչ Ԥ 17 ʵӪ 30.24 Ԫ+14.36%ֳӪ 15.00 Ԫ+9.42% 12.40 Ԫ+13.75%ҵ 2.84 Ԫ+54.86% 17Q4 Ӫ 7.10 Ԫ+4.91%

    γǣ ץס G20 ʱ ·չҵ¸ ץסG20 ʱĻƽʱƳִ»οӪղͻ¸ µսӴο 14 ˴κ͵ݳ 16 ʷ¼¼ɢٴˢɢͬ 34% 17 꺼γʵӪ 8.42 Ԫ+22.43%ë 73.65%+3.54pct

    ǧ飺гӪչ СͷŸ߲гͬʱӪγdzɹƳһ˿·Խָ ɢͱΪ˾ 17 γʵӪ 3.40 Ԫ+10.57% ë 76.37%+1.43pct

    ǧ飺ʵ  Էչ (002033,ɰ)οͼ 17 γʵӪ 2.27 Ԫ+2.10%ë 70.54%-2.33pctҵ˾ƷΪץǿĺάȷƷλŻijں

    կǧ飺 ܵӰҵ» 18 ָ 8 ܵӰͣӪҵ ʵӪ 0.91 Ԫ-39.32%ռӪ3%-2.64pct Ӱ첻կ 3 𲽻ָ 18 Ӱ

    ʲģʽ׸ĿƷõ֤ ˾׸ʲĿγ̿ӹųǿҵ̿ǧ顷 ݳ 500 ο200 ˴ ̿ 17 ȷԼ 1.25 ȡÿɹ۵Ĺ 17 Ʋ߻ 1.50 Ԫ+22.41%ʲģʽջ

    գ䷿ʵƽ鶯ҵ ䷿ȫ 12.4 Ԫ+13.75% 17 겢鶯ʱչ 5637 Ԫ ޳Ӱ 8.58%ʵƽ䷿ȫʵ־ 2.89 ڣ+23%鶯ʱվ 3696 Ԫ ޳Ӱ䷿ 7.33%

    зͶ뺻ʵչڼûƽڼ 18.1% +0.7pct 2.12 Ԫ+25.2%ڣ 1ھկǧͣҵڼӪҵɱ 2з֧2017 зԱ 307 ˣ+11%з֧ﵽ 5289 Ԫ+21% ҪΪǧϵݳγ䷿鶯ʱգзͶ Ϊ˾ظƴʵĻ۷3.25 ڣ+17.6%Ҫ䷿Ӫӵ 0.12 ڣ-13.96%Ҫڹ˾ü

    ӪЧԤ17 ʵӪҵ 13.46 Ԫ+17.25%ĸ 10.68 Ԫ+18.32%۷ǹĸ 11.07 Ԫ+24.77% 17깫˾ëʴ 63.2%+1.6pct ʴ 35.4%+0.8pct 17Q4 Ӫҵ 2.08 Ԫ+18.40%ĸ 1.50 Ԫ+8.08%۷ǹĸ1.84 Ԫ+37.31%

    ֳҵ񲻶ϴ ռʳ 17 ǩԼйСĿ չɫСģʽ¸ռɢͻɢ͵̻ ƷӰ ȫǧϵݳ 8000 ೡڳ 3500 ˴ 18 ӪĿ콭ǧҵӭ ֳҵռ

    ʲģʽƿյǿ ֶٿɹ γ̿ӹųǿҵ 17 ǧǧͻƵǧĿǩԼ ֶ 10 Ԫ ߻ ĿѵԤ˿ 4.75 Ԫͬ4.35 Ԫ 18 ǧҵһ֤Ʒʵ ӯ

    չҵ̬γЭͬԪ

    ䷿ƶ PC  Ծû ䷿ǩԼ 29 +32%¾ҳ 7.03 Ԫ+6%עû 5920 +18.4% »û 5621 +41%ҳ» 4512 ƶ» 1109 ƶ˴ֳЧֱʱ 6 Сʱ ûȺ ˾ ARPU ֵ΢ 674 Ԫ-1%

    鶯ʱβҵıЭͬ 鶯ʱմDzƷ ˫ λӦ̵긶Ѱǰ Ŀˮ 9000 Ԫ18  кʹͷ

    ´Ů Ԫַ ϴżŮ ż IP ҵ ͻ 2000  ´ŮŮ Ƴ綨λ˿ЧӦ

    ھ 18Q1 Ԥ 18 Ŀҵ ڼ˾¸ٰ˴Խ⡰һءϵл ҵΪȫ 1γǾݳ 15 Ӵ9.55 ˴Ӫմʷ¸ 2 ǧ龰ڼܹӴο 30 ˴λǰ˴ڶλĽӴο 5.38 ˴δ¿ҵӴ¼¼ Ŀ1 Ŀ 1 ʲĿĿҵ 18 ҵ

    ӯԤ⣺ ֳҵԸʲƷҵԼЭͬĶԪչԤ 18-20 Ϊ 13.4515.92 18.50 ԪͬΪ 26% 18% 16% EPS Ϊ 0.93 1.10 1.27ԪӦ PE Ϊ 22 19 16 ά֡롱

    ʾ ܴĿȵԤԤڵķ䷿ҵԤڵķ

    α༭ HF119
    ȫ
    500

    鿴ʣ100

    а

    Ѷ֤ȯƷ

    Ľ߱˹۵Ѷ޹Ѷվг۵жϱݵ׼ȷɿԻṩκʾʾı֤߽οгеȫ

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