您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[德邦证券]:三季报点评:Q3主业增长亮眼,龙头地位稳固 - 发现报告
当前位置:首页/公司研究/报告详情/

三季报点评:Q3主业增长亮眼,龙头地位稳固

2022-10-17花小伟、韦香怡德邦证券赵***
三季报点评:Q3主业增长亮眼,龙头地位稳固

!"#$%&|'()* +,-.(603345.SH) 2022!10"18# !"#$%& $%&'()*+, -./0(1)(152.98 !"#$%603345&'()*+, Q3-./0123456789 !"#$% &'( )*+,-S0120521020001 ./-huaxw0tebon.com.cn 123 )*+,-S0120522080002 ./-weixy0tebon.com.cn 4567 89:; 安井食品沪深300 29% 14% 0% -14% -29% -43% 2021-102022-022022-06 <=300>?1M2M3M @>AB(%)10.277.184.11 C>AB(%)12.4615.9613.58 !"#$%&'()*+,$-. CD45 1.EFGHIJ603345KLMNO-PQRSTUVWUXY:;Z[\W2022.8.23 2.EFGHI21]M^22]_`M NO-aPbcRSWUXYPdefgh\W2022.4.27 W 3.EFGHI-ijHFWk7Gl mnIopq\W2021.12.27 r)sN tu-FGHIvw2022]x`yPQzMW22Q1-Q3[;|]81.56~>ÄÅ?+33.8%WÇÉÑÖÜ6.89~>ÄÅ?RS39.6%WáàÇÉÑÖÜ6.04~ >ÄÅ?+58.4%âäLQ3[;|]28.81~>ÄÅ?+30.79%WÇÉÑÖÜ2.36 ~>ÄÅ?+61.7%WáàÇÉÑÖÜ2.24~ÄÅ?+189.17%â UXYefghWPQRSZ[âMãVåWçéijèêëXIÄijíìXIîïñPdbóRSWòPôöõúbùâûü>çéïñB†ij°XIÄij¢£XI§•¶ß®©™´¨C†íìßIÄYÇßIÄÆØ¤±JK¥µ1uq9ìWqĪº9ì^ªº˜æRø´çéìíXI^UXY¿¡¬NzivƒWUXY¿¡ø0RS«»… ÀÃâäLW2021]8ÕŒœçé–pM: —“§”‘8’÷PHIñÿçéijŸ⁄'ô¤îßI‹›Rfi´FGjIfl ®YÇßI‡ñ·zRS⃂„›W‰ÂÊÁçéèêë+íìXI+UXYÇxËIoÈxÍphWÎmvÏ”§Ó|Ô≥WÒ^ÈBCÚÛÄÎmvÏ”§mnÙ≥Wffiˆçé˜õ߯w˘˙3¿˝W˛ˇÃ!"ó#$WÊÁçéòPõú %&'(â k7'(+)*RÃW+Ö¯Ïñ,'(â2022Q3-`yçéÇÉÑÖ./8.2%WÅ?+1.6pctWU0a1À*†¢£Ä2°34ffi*·6W78îË9ø:;ëA <=>Äeú?@´AB¨CWçéÀ*bLñ)WDEF=<âºGHíWçé ]IJ•K^LMºW)*RçÀÃNOâ‰ÂÊÁçék7¯ÏWÊÁ„›+֯ϧbPQÀSFâ UXYw˘RflWaPbóvƒW‰ÂSVÊÁçéÀSâçévÏUXYÇRSWTUÈVß+p4+OEM”§Ù≥=WUXYw˘WXYÈFG'Z”UXYtP[PúÈB†/aWBCÚÛ”ˇ\]^Ÿ7oYÇ´_çéjIfl®`’÷P§Pd‡bóRSâÅab˙ecLeffi§ßIPffiˇ\ÄÈ•õß”§®ßdõeXˇ\Ò^Èßõ4”§4vˇ\W˜Pdbóvƒâfghi§k7jkÄRfl§ß¯w˘^˛ˇh<W‰Âl/çéòPôöõúbùWSVÊÁçévƒâ ‰ÂÊÁçébóvƒWm˙Ènœ”Ooâ‰ÂU02022-2024][;|]120.06/148.75/182.14~>WÅR29.5%/23.9%/22.4%´ÇÉÑÖÜ10.52/12.77/15.91~>WÅR54.3%/21.3%/24.6%´>!PE42.63/35.14/28.20XWm˙Ènœ”Ooâ pq'r-;sëÀ*ËBtA´ûüuv©™wx´’I89üy%^UVâ 请务必阅读正文之后的信息披露和法律声明 äãåç!"#($7")& 293.29 Š(A"($7")& 291.42 52)*"+,-(.)& 103.46-201.79 !/0($7.)& 46,428.48 !12($7.)& 14,061.27 3"412(.)& 37.54 !"#$%/0/1 asédåç^Uè 2020 2021 2022E 2023E 2024E 5678($7.) 6,965 9,272 12,006 14,875 18,214 (+/-)YOY(%) 32.2% 33.1% 29.5% 23.9% 22.4% 49:($7.) 604 682 1,052 1,277 1,591 (+/-)YOY(%) 61.7% 13.0% 54.3% 21.3% 24.6% ;<=>EPS(.) 2.61 2.84 3.59 4.35 5.42 ?9@(%) 25.7% 22.1% 21.9% 23.7% 23.8% 4127A@(%) 16.4% 13.4% 9.1% 10.1% 11.5% !"#$%/02342020-20215+&'()* 67%89:;<=>/0*?@A89: !"#$%&'() !"#$%& 2021 2022E 2023E 2024E '()(*+,) 2021 2022E 2023E 2024E -.%&(,) /0123 9,272 12,006 14,875 18,214 -.24 2.84 3.59 4.35 5.42 /056 7,221 9,374 11,346 13,877 -.789 17.30 39.54 43.02 47.36 :';% 22.1% 21.9% 23.7% 23.8% -.</=>Š 1.84 5.26 4.44 5.92 /0@>ABC 59 96 119 146 -..' 0.74 0.70 0.87 1.08 /0@>;% 0.6% 0.8% 0.8% 0.8% ffi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`aQR%& bc^_@;% 21.9% 21.8% 22.0% 22.0% 89da; 41.4% 27.2% 27.6% 28.6% ef.gT4 5 21 26 32 Šhi; 1.4 2.8 2.8 2.7 jklmn^bo7'( 682 1,052 1,277 1,591 phi; 0.6 2.0 1.9 1.8 =>i; 0.4 1.8 1.6 1.5 89da)(*+,) 2021 2022E 2023E 2024E </c;%& qr8> 1,145 7,019 7,344 8,023 s2tuvwxf 21.3 21.0 20.0 20.0 s2yuAs2z[ 542 691 815 998 |qvwxf 122.0 120.0 120.0 120.0 |q 2,414 3,082 3,730 4,562 189vw; 1.1 0.7 0.8 0.9 ]~Šh89 259 373 437 499 AÄ89vw; 3.2 3.7 4.2 4.9 Šh89ÅÇ 4,361 11,165 12,326 14,083 ZÉ.ÑX8 0 0 0 0 AÄ89 2,899 3,216 3,505 3,739 ÖÜáà 316 408 454 477 =>Šâ)(*+,) 2021 2022E 2023E 2024E äã89 500 545 590 635 7'( 682 1,052 1,277 1,591 åŠh89ÅÇ 4,411 4,894 5,262 5,572 ef.gT4 5 21 26 32 891Ç 8,771 16,059 17,589 19,655 å=>\ç 265 396 470 548 éÉèu 256 0 0 0 å</24 -6 -89 -116 -87 sêz[Asêyu 1,652 1,875 1,927 2,129 /ë8>íh -407 162 -355 -346 ì2yu 0 0 0 0 </îh=>Š 538 1,543 1,302 1,738 ]~Šhda 1,243 2,092 2,528 3,059 89 -908 -817 -821 -817 ŠhdaÅÇ 3,150 3,967 4,455 5,188 X8 662 -1 0 0 ZÉèu 141 141 141 141 ]ï 30 6 102 81 ]~ZÉda 336 264 258 286 X8îh=>Š -216 -812 -719 -736 åŠhdaÅÇ 477 405 399 427 aÑñ8 126 -297 14 5 da1Ç 3,628 4,372 4,854 5,615 .Ññ8 0 5,675 0 0 ó286 244 293 293 293 ]ï -202 -234 -272 -328 òô..gÑ4 5,073 11,595 12,617 13,890 ö8îh=>Š -76 5,143 -258 -323 ef.gÑ4 70 92 118 150 =>7Šâ 244 5,874 325 679 daõ^boÑ4ÅÇ 8,771 16,059 17,589 19,655 67%BCDEFGHIAJKffiMN;10O18M !"#$%/02342020-20215+&'()* !0#$ '()*+n-./0 23456789:;$<$=5>?@AB5CDEF=5)+GHIJKLMNOP!QRCDEAS5TUVWXYZ[8 95X\]^89_T`ab2015!HIDEcdefgLMNh5i_2016!HIDEcdeh4i52016!jklh2i5 mnoh4i_2017!HIDEcdefgLMNh3i5jklh2i5pqrstIAMACufvwxQRHIh1i_2018 !HIDEcdefgLMNh3i5jklh2i5WindmyLMNh1i5IAMACh2i_2019!bHIzdA[fgLM Nh2i5WindmyLMNh3i5jklh4i5c|m]~LMNh4i5……O '()12 ÄÅÇÉXY89'ÑÖÜÇà89^râäã'r05åçéàV'èê5ëíìîïñóÇÄòôOÄòô$öõàúùG\ûü†°¢£§•\û5ÄŶp8ß…\ûன™´¨ï™OLMÆØiW±”àV'