物业管理行业：大数据解构与关键问题再思考-20200117-华菁证券.pdf 21页

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霆ⵚ灇瑕䫣デ䨻㖑❡暟⚌盗椚馄ꂁ
⚥⚥䚍
䚍
⡛Ⲹ䭯
ꂁ
暟⚌盗椚遤⚌㣐侨䰘鍒匬♸Ⱒꝶ꡼곿ⱄ䙼罌
肅牰ぜ獦
➿瀦霉紩湡叻⟟ñ䧮⟌ⵄ欽䨻㣔♴13䋑4,5♰⚡㼭⼓侨䰘鍒匬㛇劥꬗㼆暟⚌餩ծ畊✰呔㽷瘝鵳遤✫ⴔ區
宕⼮欰崞剪⸉
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FIṗⰆFIB
6,0綁㙹剪⸉
0647
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6,7ñ䔲⵸PMC宐䎂♴〳絛✮/⦔NCEⰖ぀鷥䭊絾ざⰢ岤⠮⧩ծ⪰㢊㟞鸟⿺㟞⧩剪⸉腊⸂
餴俱勻彂8
⌵蜸宨݌

ñ껷妃銻渷宕⼮欰崞剪⸉⿺綁㙹剪⸉ⴔⵆ絛✮✈Ⰶ⿺䭯剣霉紩

13⚡ꅾ挿㙹䋑4,5♰⚡⡞㸔㼭⼓侨䰘ⴔ區կ䧮⟌㼆䨻㣔♴♳13⚡ꅾ挿㙹䋑涸4,5♰⚡⡞㸔㼭⼓鵳遤✫侨䰘ⴔ區〄梡⼓㚖䋑㖞畊✰呔㽷㖲鳅ⴔ侔/3⚡ꅾ挿㙹䋑䎂㖲AP3➑/6,6#➢/773䎃荛➚嚁륁䎂㖲嫦倝3䎃暟⚌餩㟞Ɤ02#կ

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0./6䎃遤⚌Rmn/..䋑㖞⟧괄➑05,.#կ
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「渤✵Ⱒ翫䒓〄㉁Ꝉ㈒넞㟞Ɤ劢勻3䎃遤⚌侮⡤➠㢅✵鳅넞㟞Ɤ꣌媯㟞鸟կ䧮⟌雩⚹劢勻3䎃遤⚌侮⡤➠㢅✵鳅넞㟞Ɤ꣌媯⡛㛇侨Ⱆ぀㼜⥂䭯1.+3.#涸㟞鸟罜錞垷鳅㣐涸륫㣢Ⱆ぀⥂䭯0.#䊩〸涸㟞鸟կꟋ劍罜鎊遤⚌侮⡤鵳Ⰶ⡛鸟㟞Ɤ劍罜ꥥ满㟞⧩⚌⸉涸Ꝃ䒓㛇炄暟⚌剪⸉㟞鸟涸♴徾㼜⠔䖤ⵌ鿈ⴔ㼆Ȿ⚺崨Ⱆ぀곫雦➠腊⥂䭯/.#䊩〸涸㟞鸟կ
㟞⧩剪⸉佐Ⰶ錞垷鴪䚪佐Ⰶ1.#〳劍կ㖈⽀⚌⸉垷㘗⧺霃♴♧⚡爢⼓㖈䧭擿劍㛇炄暟⚌剪⸉ㄤ爢⼓㟞⧩剪⸉佐Ⰶⴔⵆ⽑䚪佐Ⰶ涸46,2#-1/,4#կ䧮⟌雩⚹爢⼓㟞⧩剪⸉➠剣湱䔲䲿⼮瑟ꢂ湡⵸♳䋑暟⚌Ⱆ぀爢⼓㟞⧩剪⸉佐Ⰶ⽑䚪佐Ⰶ⿺㛇炄暟⚌剪⸉佐Ⰶ嫱⢾䎂㖲⧩ⴔⵆ⚹/0,5#-0/,3#կꟋ劍勻溏➢幷鷳桧䲿⼮瑟ꢂ⟄⿺剪⸉ㅷ碫♶倗㟞⸈涸錭䏞ⴼ倗䧮⟌雩⚹爢⼓㟞⧩⚌⸉㖈佐Ⰶ錞垷♳鴪ⵌ䚪佐Ⰶ涸1.#僽〳劍涸կ

넞㟞Ɤ劍Ⱆ぀〳絛✮/⦔NCEⰖ぀鷥䭊絾ざⰢ岤⠮⧩ծ⪰㢊꬗獤㟞鸟⿺㟞⧩⚌⸉鵘蠒腊⸂կ䧮⟌雩⚹䎾絾ざPMCㄤNCE絾ざ⡲⚹Ⱖ⿬罌⠮⧩⡤禹կ♧倰꬗⟄PMC邂ꆀ㉁⚌垷䒭灇瑕㔙ꢭ
涸⟟⧩⴯鸣腊⸂〥♧倰꬗⟄NCE邂ꆀⰦ1+3䎃ⰻ烁㹁䚍鳅넞涸넞㟞鸟䎾䔲餻✮涸⠮⧩形ワ꧈㮴ⴔ區䋗
⟟կ㖈湡⵸PMC宐䎂♴넞鸟㟞Ɤ劍Ⱆ぀⠮⧩〳絛✮紨/⦔涸NCEկ姼㢪㖈瀊劍ㄤꟋ劍㈏᷂孩Ḏ亾⎟Q/46.3/5.3.../
涸絶䏞鿪刿剣腊⸂䎾㼆嬁ⵄ桧♴徾꡼곿涸Ⱆ぀僽刿⚹⠏猖涸⟱⚌⺫䭍/瀊劍ⰻ넞⪰㢊꬗䓝宅)64
0/
4./3
4630
恖䭙⛘⛨wrxfms>fs_hgleqca,amk
獤㟞鸟0䔂㟞⧩剪⸉鵘蠒腊⸂կ䫏餴罏〳ꅾ挿Ⱒ岤宕⼮欰崞ծ焗呟㔩剪⸉ծ覰⯕㎗㹈ծ
倝㙹䝝ծ綁㙹剪⸉ծ⥂ⵄ暟⚌կ
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4503
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霉紩湡叻⟟6,0度⯋Ⱆ぀⟄㢴ꅾ끮⸓⸂佅䭯盗椚꬗獤넞㟞Ɤず傞爢⼓㟞⧩剪⸉Ⱘ㢊넞

佪渤絛✮綁㙹剪⸉䭯剣霉紩Ⱆ぀㛇劥꬗珘⨴⡎湡⵸⠮⧩䊺ざ椚⿿僥Ⱖ㛇劥꬗곫劍կ굥
ꤗ䲿爙/"
プ䊨䧭劥⴮䚍䲿⼮0고湡䲿⟟腊⸂䓳1㟞⧩剪⸉䬪㾝「꣖կ



肅牰➿瀦
霉紩
湡叻⟟
蠒⚌괄
➃字䋏
涰♰"
ⲙⵄ嶹
&➃字䋏
涰♰"
嫦肅渠ⵄ➃字䋏



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6,7

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侢霼ꢓ靀劣곜涸ꅾ銳霹僈
1

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霆ⵚ灇瑕䫣デ
湡䔶
4,5♰⚡㼭⼓㣐侨䰘鍒匬遤⚌㛇劥꬗
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2暟⚌盗椚㉁⚌垷㘗♸嶊餩Ⱆ぀⟄⿺✽翫緸䎂〵Ⱆ぀涸嫱鳅
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6遤⚌➠㢅✵넞㟞Ɤ傞劍
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/.䎾㼆䧭劥畮涸⴮䚍䲿⼮涸䩛媯
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/0㟞⧩⚌⸉涸瑟ꢂ雦皾
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
/2䮋鷥Ⱆ぀涸䭷叻⡤禹
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/6굥ꤗ䲿爙
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⚦堐1:暟⚌盗椚遤⚌錞垷雦皾2013-2018...............................................................................................................................................................3⚦堐2暟⚌盗椚遤⚌Top100䎂㖲㖈盗錞垷⿺䋑㖞⟧괄2013-2018......................................................................................................................3⚦堐3暟⚌盗椚遤⚌Top5䋑㖞⟧괄2018............................................................................................................................................................3⚦堐4:ꅾ挿㙹䋑暟⚌盗椚䋑㖞CR52019䎃11剢...................................................................................................................................................4⚦堐5:ꅾ挿㙹䋑䎂㖲暟⚌餩⿺䎃暟⚌餩/䨻⟟䞔ⲃ2019䎃11剢.............................................................................................................................4⚦堐6:ꅾ挿㙹䋑㣢鿈暟⚌盗椚⟱⚌⿺䋑㖞⟧괄2019䎃11剢.................................................................................................................................5⚦堐735㙹侮⡤㼭⼓䒊瘰䎃➿ⴔ䋒2019䎃11剢................................................................................................................................................5⚦堐835㙹侮⡤♶ず䒊瘰䎃➿暟⚌涸暟⚌餩㼆嫱2019䎃11剢...........................................................................................................................5⚦堐9:♶ず㙹䋑➿邍⼓㚖ぐ꣌媯暟⚌餩䞔ⲃ2019䎃11剢....................................................................................................................................6⚦堐10:♶ず㙹䋑暟⚌餩宐䎂ⴔ䋒䭽䨪侨2019䎃11剢......................................................................................................................................7⚦堐11:暟⚌Ⱆ぀♸Ⱖ➭䗳鷥嶊餩ㅷⰖ぀㉁⚌垷䒭嫱鳅..................................................................................................................................................8⚦堐12:暟⚌Ⱆ぀✽翫緸䎂〵Ⱆ぀㉁⚌垷䒭嫱鳅...........................................................................................................................................................8⚦堐13:暟⚌盗椚Ⱆ぀㟞⧩剪⸉⡤禹.............................................................................................................................................................................9⚦堐14:♳䋑暟⚌盗椚Ⱆ぀Ⱒ翫䒓〄㉁Ꝉ㈒꬗獤㟞鸟vs.Top30⿺遤⚌Ꝉ㈒괄㟞鸟2014-2019⵸11剢..................................................................10⚦堐15:暟⚌盗椚遤⚌佐Ⰶ㟞鸟」⻊............................................................................................................................................................................10⚦堐16::Top20䒓〄㉁䖉畕䊨꬗獤♧錢.....................................................................................................................................................................11⚦堐17:♳䋑暟⚌Ⱆ぀⽀㙹䋑䎂㖲고湡侨ꆀ嫱鳅1H19..........................................................................................................................................12⚦堐18♳䋑暟⚌Ⱆ぀㟞⧩剪⸉嬁ⵄ桧♸㛇炄暟⚌盗椚⚌⸉嬁ⵄ桧㼆嫱2016-1H19............................................................................................13⚦堐19♳䋑暟⚌Ⱆ぀ꬋ⡞㸔盗椚꬗獤⽑嫱2016-1H19......................................................................................................................................13⚦堐20Ⱙ㘗고湡䧭擿劍佐Ⰶ絕匬ⴔ區......................................................................................................................................................................14⚦堐21Ⱙ㘗고湡Ⰼ欰ㄐワ劍佐Ⰶ絕匬ⴔ區...............................................................................................................................................................14⚦堐22::䔂✳絁㙹䋑Ⱙ㘗고湡暟⚌佐Ⰶ崵皾..............................................................................................................................................................15⚦堐23:1H19♳䋑暟⚌Ⱆ぀爢⼓㟞⧩剪⸉⽑䚪佐Ⰶ⿺㛇炄暟⚌剪⸉佐Ⰶ嫱⢾.............................................................................................................16⚦堐24♳䋑暟⚌Ⱆ぀佐Ⰶ絕匬」⻊2016-1H19.................................................................................................................................................16⚦堐25♳䋑暟⚌Ⱆ぀爢⼓㟞⧩剪⸉⽑㛇炄暟⚌剪⸉佐Ⰶ嫱⢾」⻊2016-1H19...................................................................................................16⚦堐26:♳䋑暟⚌Ⱆ぀⪰㢊꬗獤CAGR⿺㟞⧩剪⸉湱Ⱒ䭷叻.......................................................................................................................................17⚦堐23:A肅涯ꂊ匣㗌⚺銳Ⱆ぀ROE⿺PEG瀃꣋.....................................................................................................................................................18⚦堐24A肅㹻歏匣㗌⚺銳Ⱆ぀ROE⿺PEG瀃꣋....................................................................................................................................................19⚦堐25H肅⽇䕙匣㗌⚺銳Ⱆ぀ROE⿺PEG瀃꣋....................................................................................................................................................19⚦堐27:⚺崨♳䋑暟⚌盗椚Ⱆ぀ROE⿺PEG♸귬껏碫Ⱆ぀㼆嫱................................................................................................................................19⚦堐28:暟⚌盗椚遤⚌⠮⧩邍....................................................................................................................................................................................20

侢霼ꢓ靀劣곜涸ꅾ銳霹僈
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霆ⵚ灇瑕䫣デ
䧮⟌껷妃銻渷暟⚌盗椚遤⚌湡⵸䋑㖞㼆霪遤⚌涸䋑㖞瑟ꢂㄤ畊✰梠㞯瘝㛇劥暵䖄ⴔ娂鳅㼭兜麑雩⚹霪遤⚌瑟ꢂ䊭㣐⡎䋑㖞ⴔ侔ծ畊✰㼿♶⯎ⴔկ䭽/776䎃た畕䊨涸暟⚌꬗獤雦皾䔲⵸暟⚌盗椚䋑㖞瑟ꢂ⚹223/➉⯋Ⱖ⚥⡞㸔ծⱗ㶶嚁⿺㉁⚌ⴔⵆ⚹061.-156-/021➉⯋կ湡⵸遤⚌꧋⚥䏞鳅⡛⡎㖈♶倗䲿⼮呏䰘⚥䭷ꤎ0./6䎃遤⚌Rmn/..䋑㖞⟧괄➑05,.#⡎鳅0./1䎃䊺ⴔⵆ䲿⼮7,4⚡涰ⴔ挿կ
㖈劥䫣デ⚥䧮⟌♶ⱄ㼆䋑㖞Ⱏ霋䏞鳅넞涸ⰻ㺂饈鶣罜ꛏ㼆湡⵸➠剣ⴔ娂䧴毟贊涸鿈ⴔ꡼곿鵳遤ⴔ區⺫䭍㉁㉁⚌垷㘗涸椚鍒ծ㟞鸟涸」⻊ծ䧭劥⴮䚍䲿⼮涸䎾㼆倰䒭ծ㟞⧩剪⸉涸瑟ꢂ⿺⠮⧩倰岁瘝կず傞䧮䧮⟌ⴔ區✫䨻㣔♴13⚡ꅾ挿㙹䋑4,5♰⚡㼭⼓涸暟⚌盗椚侨䰘➢㣐侨䰘錠錭㼆䋑㖞呔㽷ծ㼭⼓嚁륁ծ暟⚌餩㹁⟟瘝遤⚌銳挿鵳遤✫鍒匬կ
⚦堐/8暟⚌盗椚遤⚌錞垷雦皾0./1+0./6
δॷӵε500.018.0%15.6%445.1450.0-14.6%420.416.0%387.4400.014.0%344.112.6%350.0318.312.0%277.6300.08.5%10.0%250.08.1%8.0%200.05.9%6.0%150.04.0%100.050.02.0%-0.0%201320142015201620172018୼ѐߏᆍᾲօᆻੂ∊໔䙕δ਩䖪ε餴俱勻彂㕂㹻絡雦㽷⚥䭷ꤎ⼶蜸霆ⵚ岤➑䭽1998䎃た畕䊨涸暟⚌꬗獤雦皾暟⚌餩⽀⟟⿬罌⚥䭷ꤎ2019暟⚌盗椚涰䔂䫣デ
⚦堐0暟⚌盗椚遤⚌Rmn/..䎂㖲㖈盗錞垷⿺䋑㖞⟧괄
⚦堐1暟⚌盗椚遤⚌Rmn3䋑㖞⟧괄0./6
0./1+0./6
н〇⢟ѐ⻝Ṹണᵃࣗ4,000δⲴнᒩε27.0%30.0%,3.9%,3.7%ᚈཝ䠇⻝3,50024.7%,3.6%23.1%25.0%22.0%㔵ค⢟ѐ3,000,2.6%17.4%20.0%2,50016.5%ؓ࡟⢟ѐ2,00015.0%,2.6%1,50010.0%1,0005.0%500-0.0%ެԌ,20132014201520162017201883.6%ᒩൽ㇗⨼䶘〥Top100ᐸ൰Գ仓δ਩䖪ε餴俱勻彂:Ⱆ぀Ⱆデ⼶蜸霆ⵚ侮椚

岤ꅷ欽⚥䭷ꤎⰖデ涸Rmn/..暟餴俱勻彂:Ⱆ぀ⰖデⰖ぀㸽緸⼶蜸霆ⵚ
岤ꅷ欽ぐⰖ぀Ⱆデ涸ざ紨⚌Ⱆ぀䎂㖲㖈盗꬗獤雦皾꬗獤雦皾
侢霼ꢓ靀劣곜涸ꅾ銳霹僈
3
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
4,5♰⚡㼭⼓㣐侨䰘鍒匬遤⚌㛇劥꬗
䧮⟌㼆䨻㣔♴♳13⚡ꅾ挿㙹䋑涸4,5♰⚡⡞㸔㼭⼓鵳遤✫侨䰘ⴔ區剣⟄♴♧❈遤⚌梡朐ㄤ絕雿⧩䖤Ⱒ岤
/ծ⼓㚖䋑㖞畊✰呔㽷㖲鳅ⴔ侔㸌岚⡱㿋꧋⚥䏞鳅넞/3⚡ꅾ挿㙹䋑䎂㖲AP3➑/6,6#呔㽷鳅⚹䧭擿涸⚹㸌岚ㄤ⡱㿋AP3〳鴪ⵌ䱹鵛13#ざ肍ծ匆䊜ծ䎛䊜䱹鵛03#կⰦ⡮㙹䋑鿪⡛✵/7#鵯Ⱖ⚥♶⛘⻌❩ծ♳嵳ծ帿㖕鵯呋涸♧絁㙹䋑կ䋑㖞梖㹻⚥ꤑ♰猰暟⚌ծ焗呟㔩剪⸉ծ䛎㣐ꆄ焗ծ綁㙹剪⸉ծ⥂ⵄ暟⚌瘝Ⰼ㕂䚍륫㣢㢪⼓㚖⚥㼭暟⚌Ⱆ぀⽑䰘㣐鿈ⴔ⟧괄
0ծ13㙹䎂㖲⡞㸔暟⚌餩⚹/,30⯋-䎂-剢ⴔ㙹䋑溏䎂㖲暟⚌餩剒넞涸⚹帿㖕-⡱㿋-㸌岚ⴔⵆ鴪0,35-0,21-0,21⯋-䎂-剢䎃暟⚌餩⽑䨻⟟嫱⢾剒넞涸㙹䋑⚹Ɤ尪-⡱㿋-餥꣉霪嫱⢾ⴔⵆ鴪.,0/#-.,0.#-.,0.#剒⡛涸㙹䋑⚹♳嵳-⻌❩-⽂❩ⴔⵆ鴪.,.1#-.,.1#-.,.2#
1ծ㼭⼓䒊瘰䎃➿⟄0./.+0./2䎃⽑嫱剒㣐鴪ⵌ06#霪嚁륁㼆䎾䎂㖲暟⚌餩⚹/,64⯋-䎂碛-剢կⰦ妃⚹0./3䎃⛓た⽑嫱⚹00,3#㼆䎾䎂㖲暟⚌餩0,1/⯋-䎂碛-剢կ
2ծ嚁륁馊㼭暟⚌餩馊餥➢➢/773䎃荛➚嚁륁䎂㖲嫦倝3䎃暟⚌餩㟞Ɤ02#կ
3ծⴔ㙹䋑溏⡛畮暟⚌暟⚌餩⡛✵0⯋-䎂碛-剢⽑嫱鳅넞涸㙹䋑⚹峫꣉-⥂㹁-銯㸝넞畮暟⚌暟⚌餩넞✵0⯋-䎂碛-剢⽑嫱鳅넞涸㙹䋑ⴔⵆ⚹⡱㿋-帿㖕-㸌岚կ
⚦堐28ꅾ挿㙹䋑暟⚌盗椚䋑㖞AP30./7䎃//剢
40.0%Ṳቶᡆ⟕䎦ੇᡆ⟕Ṳቶ࠼ᮙ35.0%30.0%25.0%ᒩൽ=18.8%20.0%15.0%10.0%5.0%0.0%ᆷਾᶣᒵ䜇␧䠃ᰖ㤅ཟ्ᡆ䮵р⌘ኧ㛛ᐔᐔᐔ൩ᒼ䭗ᐔ⍛Ӣ䜳⋏⎭餴俱勻彂䨻㣔♴⼶蜸霆ⵚ
⚦堐38
ꅾ挿㙹䋑䎂㖲暟⚌餩⿺䎃暟⚌餩-䨻⟟䞔ⲃ0./7䎃//剢
3.00δ/ᒩ/ᴾε0.25%
⢟ѐ䍯ᒪ⢟ѐ䍯/ᡵԭδ਩䖪ε2.50
0.20%0.15%
2.00
0.15%1.50

0.10%1.001.52
0.05%0.50

-0.00%␧ᆷђড়⨖ᒵ⊕्䮵ᡆ㤅ᶣᰖ䠃䍫ᒩ↜ᑮ
ᢢ⊾䮵䶈᰼ཟр⿅લ㾵ਾ䜇ཝ୆঍⍑ؓ൩ኧ⌘㧔䰞⎭ᐔ䰞Ӣ⋏䜳ᐔᐔ䭗ᒼ䱩ൽ≿ᐔᐔ䱩ᱛዑ᱄⍛⎭ᐔૂᆿ㛛ᐔ䘔ኧӢ䱩ᇐ
᛻⎟߫⢯餴俱勻彂䨻㣔♴⼶蜸霆ⵚ
侢霼ꢓ靀劣곜涸ꅾ銳霹僈
4
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
⚦堐48
ꅾ挿㙹䋑㣢鿈暟⚌盗椚⟱⚌⿺䋑㖞⟧괄0./7䎃//剢

н〇⢟ѐ,ؓ࡟⢟ѐ,3.3%н〇⢟ѐ,2.8%
6.2%н〇⢟ѐ,䮵ค⢟ѐ6.1%
,3.3%н〇⢟ѐ,2.3%⻝Ṹണᵃࣗ,ᖟ⭕⍱,5.5%4.0%
䘒⍁ӵᇬ䠇൦⢟ѐ,
ެԌ,,2.7%ެԌ,1.8%ެԌ,ؓ࡟⢟ѐެԌ,⻝Ṹണᵃࣗ,90.3%77.4%,5.1%82.1%2.9%86.9%
,⍱⭕䳻,ࣗᵃค㔵ѐ⢟࡟ؓѐ㗄ླ,
,2.2%1.4%3.1%2.8%嗏⢟ѐ,
ѣ⎭⢟ѐ⤤คᙗᆿ,ѣ⎭⢟ѐ,2.0%,1.5%1.4%2.7%


















⻌❩















































♳嵳


















































䎛䊜

















































帿㖕
㔵คᵃࣗ,н〇⢟ѐ,
㬓ిᇓ,н〇⢟ѐ,9.8%3.9%4.5%5.0%
ؓ࡟⢟ѐ,䘒⍁ӵᇬ,঍䜳⢟ѐ,2.8%ᙗᓣ⢟ѐ2.8%
4.2%,3.8%嗏⒌ᵃࣗ,䮵ค⢟ѐ,
1.9%2.6%ެԌ,䠇〇⢟ѐެԌ,н〇⢟ѐ,ެԌ,ެԌ,84.3%
77.3%3.9%87.4%ᚈཝ䠇⻝,86.7%㷃ࡑ⢟ѐ,,2.5%1.8%2.0%䱩༯
┞⊕ᵃࣗ,঄⏜⢟ѐ,,2.3%ؓ࡟⢟ѐ,2.8%1.6%
2.0%㔵คᵃࣗ,嗏⒌ᵃࣗ,2.2%
1.9%

















匆䊜















































䧭鿪


















































㣔峸

















































偽ꝩ

餴俱勻彂䨻㣔♴⼶蜸霆ⵚ岤⟄2008䎃⿺⛓た畕䊨涸暟⚌⚹㛇炄絡雦䭽䨪侨⡲⚹絡雦叻ⲥ
⚦堐613㙹侮⡤♶ず䒊瘰䎃➿暟⚌涸暟⚌餩㼆嫱0./7䎃⚦堐513㙹侮⡤㼭⼓䒊瘰䎃➿ⴔ䋒0./7䎃//剢

//剢
2010-2.5δ/ᒩ/ᴾε2.3140%2014,2015਀ҁ34.5%33.8%28.1%੄,35%2.022.5%1.8630%23.9%1.51.3925%1.1817.5%20%1.00.800.8815%10.5%1995ԛࢃ10%,6.6%0.55%2005-2009,1995-0.00%20.4%2000-1999,1995ԛࢃ1995-19992000-20042005-20092010-20142015਀ҁ੄2004,9.5%ᒩൽ⢟ѐ䍯䖹ржᰬᵕ໔䮵15.1%餴俱勻彂:䨻㣔♴⼶蜸霆ⵚ

餴俱勻彂:䨻㣔♴⼶蜸霆ⵚ




侢霼ꢓ靀劣곜涸ꅾ銳霹僈
5
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
⚦堐78
♶ず㙹䋑➿邍⼓㚖ぐ꣌媯暟⚌餩䞔ⲃ0./7䎃//剢
⢟ѐ䍯ঋԭδ/ᒩ/ᴾε䖹рж䱬⇫⏞ᑻ19951995-2000-2005-2010-2015਀1995-2000-2005-2010-2015਀॰ตԛࢃ1999200420092014ҁ੄1999200420092014ҁ੄ؓᇐ-㧨⊖--0.30.60.81.7--93.4%23.6%113.8%्Ӣ-ᵓ䱩1.01.42.22.83.04.843.6%54.2%28.4%7.2%63.4%ᑮᐔ-↜䘑0.1--1.01.01.8----3.1%83.4%ᡆ䜳-ᡆ঄4.00.80.91.31.92.6-80.1%6.8%55.3%42.3%38.7%ཝ䘔-⭎Ӌᆆ0.30.90.40.81.72.5202.4%-49.7%81.3%115.4%42.8%ђ㧔-঍ค1.91.71.92.22.62.9-11.5%11.9%15.8%16.9%13.5%ኧ-঍⎭--0.71.51.82.5--113.7%17.2%42.8%⿅ᐔ-ԉኧ0.40.70.71.11.62.351.6%6.9%54.3%39.9%46.5%ᒵᐔ-⎭⨖0.70.91.41.92.54.626.6%54.5%35.2%28.5%88.3%䍫䱩-Ӈዟ---1.51.72.0---11.2%19.3%ᶣᐔ-㾵⒌0.50.81.41.42.62.941.1%88.0%-3.3%89.2%9.9%ਾ㛛-⪬⎭--0.90.91.01.6--8.4%12.4%52.8%લૂ⎟⢯-᯦--0.71.21.61.8--64.0%27.9%13.9%ค⊕䰞-㬢⊕--1.12.11.61.9--100.7%-23.9%19.5%᰼᱄-ӊ঄0.60.61.01.21.51.85.8%53.0%22.7%19.5%22.8%⍑䱩-⍑嗏--0.40.81.21.1--107.3%39.2%-0.8%঍Ӣ-⊕ᆷ0.40.40.60.81.51.74.1%38.9%28.0%95.8%16.3%ᆷ⌘-䝔ᐔ--1.60.92.52.9---44.0%173.9%14.4%䶈ዑ-ᐸ्0.50.50.51.01.72.42.0%12.9%89.4%67.3%41.9%ড়䰞-ᙓ᱄0.50.81.32.13.23.465.0%61.5%57.7%52.7%5.4%р⎭-⎜ђ1.20.81.21.41.73.0-32.1%53.2%19.0%17.2%78.6%␧൩-⿅⭦1.52.53.03.35.05.566.5%18.9%11.0%50.5%10.5%⊾䱩-䫷㾵0.50.70.71.01.52.233.5%8.6%38.8%45.5%47.3%㤅ᐔ-ണ॰0.20.90.92.02.53.2356.6%-2.9%125.2%24.8%27.3%୆ኧ-䐥्0.30.40.61.11.72.347.8%45.7%97.3%55.6%33.9%ཟ⍛-঍ᔶ0.41.11.12.03.34.1155.8%2.6%80.9%65.9%25.0%ᑮᐔ-┞⒌0.20.40.41.21.82.781.3%12.5%185.8%50.5%50.1%↜≿-↜᱂0.60.60.71.42.12.8-1.0%25.9%81.6%51.5%37.5%ਾ㛛-儎᯦-0.51.01.11.41.5-87.8%13.0%20.0%11.4%ᢢᐔ-䛍⊕--0.60.71.32.0--27.1%80.2%47.8%䮵ᱛ-ӂ䚉-0.60.60.91.52.0-7.9%45.7%56.2%35.5%঍Ӣ-䴞㣧0.90.91.01.41.72.00.4%6.4%36.2%25.2%18.1%䜇ᐔ-䠇≪0.40.40.61.01.62.24.2%36.9%56.0%63.0%41.2%䠃ᒼ-⑓्-0.91.21.31.82.5-36.5%4.3%43.7%38.7%⨖⎭-俏⍨0.70.81.21.62.53.213.7%51.2%30.9%54.5%28.4%᮪։0.80.91.21.41.92.310.5%33.8%17.5%34.5%23.9%
餴俱勻彂♰䖤Ⱆ぀Ⱆデ⼶蜸霆ⵚ
侢霼ꢓ靀劣곜涸ꅾ銳霹僈
6
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
⚦堐/.8
♶ず㙹䋑暟⚌餩宐䎂ⴔ䋒䭽䨪侨0./7䎃//剢
暟⚌餩⼓ꢂ0,2վ2,3վ3,4վ4,5վ5,~暟⚌餩儑爙⚹.
䚪雦⯋/䎂/剢⡱㿋23.8%69.4%6.7%0.1%0.0%0.0%100%帿㖕31.4%41.2%21.2%4.2%2.0%0.0%100%㸌岚33.8%50.7%12.8%2.2%0.4%0.0%100%⚎蛵38.0%58.4%2.8%0.2%0.6%0.0%100%⾺꡶60.8%27.3%7.7%2.9%0.5%0.8%100%偽ꝩ64.3%23.2%2.5%1.3%0.9%7.8%100%棟嵳65.0%28.0%4.3%1.4%0.6%0.7%100%䎛䊜67.8%23.3%5.8%1.6%1.3%0.0%100%蔼䊜68.0%22.0%4.8%1.4%2.2%1.6%100%⻌❩69.1%21.5%4.9%1.8%2.3%0.3%100%匆䊜73.8%15.5%6.6%1.8%1.6%0.7%100%㣔峸76.6%13.2%3.4%1.0%0.6%5.2%100%䧭鿪76.6%19.7%2.2%0.7%0.7%0.1%100%娀宪76.9%18.9%3.6%0.6%0.1%0.0%100%ꅾ䎧80.5%13.9%4.3%0.6%0.7%0.0%100%䌢䊜81.6%14.0%3.9%0.5%0.0%0.0%100%ꫬ䀙82.4%13.0%2.2%0.6%1.1%0.5%100%䪋䊜82.6%16.3%1.2%0.0%0.0%0.0%100%㣐鵶82.8%11.0%3.8%1.4%0.5%0.5%100%導꣉83.0%14.5%1.5%0.8%0.2%0.2%100%ㄎㄤ嵞暵84.7%12.0%1.6%0.0%0.0%1.7%100%Ɤ僱84.8%13.6%0.7%0.8%0.1%0.0%100%Ɤ尪85.7%12.8%1.0%0.4%0.1%0.0%100%♳嵳86.7%8.0%2.6%1.3%1.4%0.0%100%犷䊜86.8%12.2%0.7%0.1%0.2%0.0%100%龨䊜88.7%9.5%1.3%0.3%0.1%0.0%100%傹僈90.3%7.6%1.7%0.3%0.2%0.0%100%餥꣉90.4%8.7%0.7%0.0%0.1%0.0%100%㇫㿋90.9%7.8%0.0%0.3%0.1%0.9%100%⽂❩93.0%4.5%1.1%0.9%0.4%0.0%100%ざ肍96.9%2.6%0.5%0.0%0.0%0.0%100%寐꡶97.1%2.3%0.0%0.0%0.6%0.0%100%銯㸝97.4%1.9%0.3%0.2%0.0%0.1%100%⥂㹁98.7%1.3%0.0%0.0%0.0%0.0%100%峫꣉100.0%0.0%0.0%0.0%0.0%0.0%100%䚪雦77.2%16.1%4.0%1.2%0.9%0.6%100%
餴俱勻彂♰䖤Ⱆ぀Ⱆデ⼶蜸霆ⵚ
侢霼ꢓ靀劣곜涸ꅾ銳霹僈
7
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
暟⚌盗椚㉁⚌垷㘗♸嶊餩Ⱆ぀⟄⿺✽翫緸䎂〵Ⱆ぀涸嫱鳅
赡搬暟⚌盗椚㖈고湡蜦》♳⣜꣡✵㖑❡䒓〄⡎Ⱖ⚌⸉劥餘僽剪⸉遤⚌կ➢㉁ㅷ㾩䚍溏暟⚌盗椚涸㛇炄❡ㅷ〳錠⚹♧猫䗳鷥嶊餩ㅷ䪈䓎⚺銳ꬑ緸挿銻渷涸㟞Ɤ➢鵯⚡錭䏞溏暟⚌盗椚遤⚌碫⡃✵嵳䏀䯿ㄤ僤䊼⯘瘝嶊餩剪⸉遤⚌կ➢㉁⚌垷䒭溏暟⚌盗椚涸⚺銳欰❡餴俱僽➃遤⚌鵘⡲鲽餴❡⚂♶⣜饆輑餴կ➢絑蠒劍ꣳ溏暟⚌♧傉皊紨㔔⚌⚺♶忘罜鄄嫈紨涸嫱⢾鳅㼭㛇劥〳雩⚹僽宕絯絑蠒㖈佐綶桧珘㹁涸䞔ⲃ♴佐Ⰶ♴꣭涸굥ꤗꬋ䌢㼭➢鵯⚡錭䏞勻溏暟⚌盗椚涸㉁⚌垷䒭銳㥩✵Ⱖ➭䗳鷥嶊餩ㅷㄤ剪⸉遤⚌㥵嵳䏀䯿ㄤ僤䊼⯘կ⡎➢䲿⟟錭䏞溏歋✵暟⚌盗椚㹐䨪畮䲿⟟腊⸂鳅䓳罜➃⸂䧭劥畮⴮䚍♳⼮㖈Ⰼ欰ㄐワ劍⚥嬁ⵄ桧鷶䎃♴꣭㔔姼Ⱖ㼆嬁ⵄ桧涸⥂䫡玐䏞♶㥵Ⱖ➭䗳鷥嶊餩ㅷկ
➢㸤侮涸㉁⚌垷䒭勻溏ꤑ㛇炄暟⚌盗椚㢪暟⚌Ⱆ぀涸〥♧⚡ꅾ銳倰ぢ㖈✵㟞⧩⚌⸉կ鵯碫⚌⸉㼜㛇炄暟⚌盗椚⡲⚹䎂〵ㄤ蜦㹐庈麤㔵絗㹐䨪餴彂鵳遤剪⸉〜⸈կ⟄遤⚌㟞⧩⚌⸉䒓㾝剒⚹㸤㊤涸綁㙹剪⸉⚹⢾Ⱆ぀䊺絑㖈㛇炄暟⚌剪⸉♳〜⸈✫㹻佟ծ侅肫ծ歏㉁ծ䎛デ瘝⚌⸉կ➢鵯♧㾩䚍溏暟⚌㛇炄剪⸉)㟞⧩⚌⸉涸垷㘗碫⡃✵繠㔙鵯呋涸䎂〵剪⸉⟱⚌կ䧮⟌⟄✽翫緸䎂〵⟱⚌鳅䌢欽涸ⴔ區⡤禹勻嫱鳅✳罏⚌⸉垷㘗暟⚌Ⱆ぀㖈蜦㹐䧭劥ծ䫏Ⰶ劍ㄤ遤⚌畊✰梠㞯瘝倰꬗銳㥩✵✽翫緸䎂〵⟱⚌罜湱㼆鳅䓳涸㖑倰㖈✵䲿⟟腊⸂ծ鴝꣢錞垷佪䎾ㄤꟋ劍渠ⵄ腊⸂♳կ
⚦堐//8暟⚌Ⱆ぀♸Ⱖ➭䗳鷥嶊餩ㅷⰖ぀㉁⚌垷䒭嫱鳅

暟⚌Ⱆ぀
Ⱖ➭嶊餩剪⸉Ⱆ぀嵳䏀䯿ծ僤䊼⯘
⚺銳欰❡餴俱
➃
❡ㅷ⾲勞俱ծ➃
䪈䓎倰䒭
盗椚㼭⼓㟞Ɤ
鵶ꝉ緸挿㟞Ɤ
嬁ⵄ桧馋⸷
鷶䎃♴꣭
絶䭯珘㹁
㉁ㅷ䲿⟟腊⸂
䓳䧴偽
䔂
佐Ⰶ岚⸓䚍
⡛䧴偽
ꥥ絑崸梠㞯」⻊

㹐䨪㶸絯劍
〳錠⚹宕絯
」⻊
餴俱勻彂Ⱆ぀Ⱆデ⼶蜸霆ⵚ⚦堐/08
暟⚌Ⱆ぀✽翫緸䎂〵Ⱆ぀㉁⚌垷䒭嫱鳅

暟⚌Ⱆ぀
✽翫緸䎂〵Ⱆ぀⟄繠㔙㢪⽁⚹⢾
蜦㹐䧭劥A?A
偽䧴匧⡛
剣
㹐䨪㶸絯劍
〳錠⚹宕絯
〳錠⚹宕絯
⽀欽䨪剢佐ⰆARPU
200⯋2⯋/䎂/剢100䎂碛
270⯋44⯋/⽀♧剢6⽀
Ⰼ欰ㄐワ劍佐渤LTV
48,000⯋偽嶻⟟20䎃
40,752⯋嫦䎃䲿⟟5%10䎃
㾶紨䧭劥/佐Ⰶ
䛎㹁
䛎㹁

鴝꣢錞垷佪䎾
㼭
㣐

渠ⵄワ劍ㄤ腊⸂」⻊
偽䫏Ⰶ劍
鳅Ɤ䫏Ⰶ劍Ɤ

渠ⵄ腊⸂」⻊➢넞鸟㟞Ɤⵌ綕䢨㟞Ɤ➢✷䰀ⵌ넞鸟㟞Ɤⱄⵌ綕䢨㟞Ɤ遤⚌畊✰梠㞯
♶慨捘遤⚌ⴔ侔
慨捘꧋⚥䏞넞
餴俱勻彂:Ⱆ぀Ⱆデ⼶蜸霆ⵚ

侢霼ꢓ靀劣곜涸ꅾ銳霹僈
8
0.0.䎃/剢/5傈

霆ⵚ灇瑕䫣デ
⚦堐/18
暟⚌盗椚Ⱆ぀㟞⧩剪⸉⡤禹
䍺Ⓠශ䖜փ㇗⨼グ䰪㇗⨼⽴॰ѐѱᡆӰᇬ᭵ᵃࣗ㻻ؤᵃࣗӝ૷䍣Ҧ㔅㓠ᵃࣗ䴶≸ශ㘷ᒲᮽौᮏ㛨ޱ㘷ᵃࣗ⢟ѐ㇗⨼ޢਮᤵ൦䇴䇗૞䈘亴䰤Ქ㿸䇴䇗ᔶਇ୼਀᧞ⴎ䬶୤ެԌԷѐṾ൰অ䬶㩛䬶᧞ᒵㄙᐛӚԎỶ僂ᵃࣗᡵؤᵃࣗᐛぁᵃࣗ
餴俱勻彂Ⱆ぀Ⱆデ⼶蜸霆ⵚ
侢霼ꢓ靀劣곜涸ꅾ銳霹僈
9
0.0.䎃/剢/5傈

霆ⵚ灇瑕䫣デ
遤⚌➠㢅✵넞㟞Ɤ傞劍
⽀㽠㛇炄暟⚌剪⸉罜鎊♳䋑暟⚌盗椚Ⱆ぀㣐鿈ⴔ⣜꣡✵Ⱒ翫䒓〄㉁Ⱖ瀊劍ⰻざ紨⿺㖈盗꬗獤㟞鸟♸Ⱒ翫䒓〄㉁涸Ꝉ㈒⿺畕䊨넞䏞湱Ⱒկ罌贊ⵌ鵂⿡3䎃♳䋑暟⚌盗椚Ⱆ぀Ⱒ翫䒓〄㉁Ꝉ㈒꬗獤涸넞㟞Ɤ0./2+0./7⵸//剢䎂㖲㟞鸟⚹06,.#넞✵Rmn1.⿺遤⚌侮⡤1,3-01,4⚡涰ⴔ挿Ⱒ翫䒓〄㉁涸⪰㢊㛇劥〳⟄⥂ꥻ劢勻0|1䎃㖈盗꬗獤涸넞㟞Ɤկ➢欰ㄐワ劍溏♶ず✵繠㔙瘝✽翫緸䎂〵⟱⚌㖈✷䰀ㄤ䫏Ⰶ꣌媯♳䋑㣐鿈ⴔ暟⚌Ⱆ぀涸♳䋑傞挿鷥䭊㖈Ⱖ佐Ⰶㄤⵄ嶹㟞鸟剒넞涸蹓剢劍կ
歋✵湡⵸遤⚌꧋⚥䏞➠㢅ꬋ䌢ⴔ侔涸꣌媯Ⱆ぀ꢂ䕹姼涸畊✰⾓⸂鳅㼭կ䧮⟌雩⚹遤⚌ⰻ湱㼆ⴔ侔ㄤ⡛畊✰涸朐䙖㖈劢勻3䎃➠㼜䭯絯ず傞遤⚌侮⡤➠㢅✵鳅넞㟞Ɤ꣌媯⡛㛇侨Ⱆ぀㼜⥂䭯1.+3.#涸㟞鸟罜錞垷鳅㣐涸륫㣢Ⱆ぀⥂䭯0.#䊩〸涸㟞鸟կꟋ劍罜鎊ꥥ满㟞ꆀ瑟ꢂ♴꣭遤⚌鵳Ⰶ㶸ꆀ㼭⼓涸畊✰꣌媯遤⚌侮⡤鵳Ⰶ⡛鸟㟞Ɤ劍罜ꥥ满㟞⧩⚌⸉涸Ꝃ䒓㛇炄暟⚌剪⸉㟞鸟涸♴徾㼜⠔䖤ⵌ鿈ⴔ㼆Ȿ遤⚌ⰻ⚺崨Ⱆ぀곫雦➠腊⥂䭯/.#䊩〸涸㟞鸟կ
⚦堐/28♳䋑暟⚌盗椚Ⱆ぀Ⱒ翫䒓〄㉁Ꝉ㈒꬗獤㟞鸟tq,Rmn1.⿺遤⚌Ꝉ㈒괄㟞鸟0./2+0./7⵸//剢
50%38.4%39.5%40%36.6%37.1%38.4%30%26.1%31.7%20%16.1%17.1%22.5%10%16.9%14.2%13.7%6.5%7.7%0%-7.6%1.3%0.1%-10%201420152016201720182019рᐸ⢟ѐޢਮީ㚊ᔶਇ୼Top30㺂ѐ餴俱勻彂⯘㼷榰Ⱆ぀Ⱆデ⼶蜸霆ⵚ岤♳䋑暟⚌Ⱆ぀Ⱒ翫䒓〄㉁⺫䭍焗呟㔩ծ⥂ⵄ㖑❡ծ綁㖑䱽肅ծ⚥嵳㖑❡ծ倝㙹䱽肅ծ䬸㉁跑〡ծ傒鳋꧋㔙ծ綁㙹⚥㕂ծ覰⯕〄㾝ծ꧈㾀⛙ծ傞➿㖑❡ծ⚥㕂㤵㔩ծ⢕⯐⚌ծ忡寐꧋㔙
⚦堐/38暟⚌盗椚遤⚌佐Ⰶ㟞鸟」⻊
120᭬ޛ໔䙕䱬⇫жφ䱬⇫ӂφ䱬⇫пφ100儎䙕໔䮵໔䙕ഔ㩳ք䙕໔䮵30%~50%20%~30%࠼ㄔҿ80~10%604020ć㵒ᴾᵕĈ0ᰬ䰪1234567891011121314151617餴俱勻彂⼶蜸霆ⵚ侢霼ꢓ靀劣곜涸ꅾ銳霹僈
10
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ

⚦堐/48
8
Rmn0.䒓〄㉁䖉畕䊨꬗獤♧錢
5,000δⲴнᒩ㊩ε450%3.83.73.5400%4,000350%300%3,0002.0250%2,0001.71.6200%1.41.31.21.1150%0.91,0000.70.60.60.6100%0.50.40.10.050%0-0.3ѣ䱩⌦⻝ᰣ㷃㔵঄᯦н㔵ᤑؓሂ嗏䠇ѣѣ঄ь0%঍⿴Ṹ䖿ࡑคཅค〇൦୼࡟࣑⒌൦⎭ള⏜㤸(1,000)㖤ค䳼ണ䳼ѣѣᒮ᧝൦᧝㳽ਇ൦䳼䳼൦ᚈ㖤ᡵ-50%൦ഘഘളള⿅㛗ӝ㛗ਙኋӝഘഘӝཝ൦൦ӝ2016-2018㍥䇗ᐨ୤ᵠㄙᐛ䶘〥2016-2018㍥䇗ᐨ୤ᵠㄙᐛ/2018ᒪㄙᐛ㿺⁗
餴俱勻彂♰䖤Ⱆ぀Ⱆデ⼶蜸霆ⵚ岤1劥邍⚥䖉畕䊨❜➰꬗獤=鵛3䎃稡雦Ꝉ㈒꬗獤-鵛3䎃稡雦畕䊨꬗獤2ꤑ焗呟㔩ծ㺢⸂㖑❡⚹勉渤〡䖈㢪Ⱖ➭㖲⚹Ⰼ〡䖈
侢霼ꢓ靀劣곜涸ꅾ銳霹僈
11
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
䎾㼆䧭劥畮涸⴮䚍䲿⼮涸䩛媯
㼆暟⚌Ⱆ぀罜鎊プ䊨䊨餴䧭劥涸䲿⼮僽⴮䚍涸Ⱖ⚥넞畮暟⚌⟱⚌➃プ䊨餴䎃㟞䌴㖈3+5#⚥⡛畮暟⚌Ⱆ぀嫦0+1䎃♳嶻紨1+3#կ㖈⽀고湡㽻꬗暟⚌Ⱆ぀絶䭯嬁ⵄ桧涸㼆Ȿ䲃倶⺫䭍
/➃プ㢪⺫
0鸑鵂猰䪮䩛媯Ⲹ㼱➃プ䲿⼮➃㖲盗椚꬗獤⢾㥵麤ꢆ禹絡ծ兰腊䪊㖑劼㐼➃涸⢪欽〳⢪⽀⚡⚥Ⲹ㼱0|1⥂㸝⿺幡峇
1䲿⼮⼓㚖㺙䏞䲿넞⽀盗椚➃プ涸盗椚고湡侨膴猌⽀고湡䧭劥䎇鵳Ⰶ盗椚餩欽
2㟞⸈넞嬁ⵄ桧㟞⧩⚌⸉涸嫱ꅾ勻絶䭯⽀⚡고湡涸侮⡤嬁ⵄ桧⟄/F/7ぐ♳䋑Ⱆ぀渠ⵄ腊⸂勻溏ꬋ⚌⚺㟞⧩剪⸉⿺爢⼓㟞⧩剪⸉涸嬁ⵄ桧⚹14,6#-3/,5#ⴔⵆ鳅㛇炄暟⚌剪⸉넞/0,5-05,4⚡涰ⴔ挿
3鵳遤䲿⟟呏䰘䧮⟌涸靈灇Ⱙ㘗♳䋑暟⚌Ⱆ぀⚥嫦䎃紨剣2#|6#涸고湡腊㹊梡䲿⟟⽀고湡䲿⟟䌴䏞㖈0.#|2.#կ
➢Ⱆ぀㽻꬗勻溏暟⚌Ⱆ぀剣⚙⚡䩛媯⥂䭯䧴䲿⼮嬁ⵄ桧宐䎂
/㟞⸈嬁ⵄ桧刿㥩涸倝고湡嫱⢾鷍ⴀ嬁ⵄ桧⡛⚂偽岁䲿⟟涸傊고湡
0䪈䓎鵳Ⰶⱗ㶶嚁ծ㉁⚌ծⰖ䒊瘝嬁ⵄ桧刿㥩涸ꬋ⡞㸔곭㚖㥵Ⱙ㘗♳䋑暟⚌Ⱆ぀ꬋ⡞㸔暟⚌嫱⢾歋0./4䎃涸/1,4#䲿⼮荛/F/7涸05,3#㕃邍/7կ
⚦堐/58
♳䋑暟⚌Ⱆ぀⽀㙹䋑䎂㖲고湡侨ꆀ嫱鳅/F/7
16.013.613.314.012.412.09.59.510.08.3ᒩൽ=7.2Ѡ8.06.35.95.76.04.53.84.03.02.62.22.0-ᰬѣ䳻ѣ㔵ᖟ㬓ؓ≮┞⻝ྛ᯦ԙྛ⭕⎭ค⭕࡟ॽ⊕Ṹണค䛱ࡦ⍱⢟ᵃ⍱ిѐ⢟⭕ᵃണڛᛜ䠂ᇬᵃѐࣗᇓ㗄ѐ⍱ࣗᵃᓭᵃࣗླࣗࣗ餴俱勻彂Ⱆ぀Ⱆデ⼶蜸霆ⵚ
侢霼ꢓ靀劣곜涸ꅾ銳霹僈
12
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
⚦堐/6♳䋑暟⚌Ⱆ぀㟞⧩剪⸉嬁ⵄ桧♸㛇炄暟⚌盗椚⚌⸉
⚦堐/7♳䋑暟⚌Ⱆ぀ꬋ⡞㸔盗椚꬗獤⽑嫱0./4+/F/7
嬁ⵄ桧㼆嫱0./4+/F/7
60%30%27.5%51.6%52.0%51.7%49.7%50%25%22.1%36.8%40%35.4%36.4%20%31.4%17.1%30%22.0%23.1%24.1%15%13.6%19.7%20%10%10%5%0%2016201720181H190%ะ⹶⢟ѐ㇗⨼ᵃࣗ䶔ѐѱ໔ٲᵃࣗ⽴॰໔ٲᵃࣗ2016201720181H19餴俱勻彂:Ⱆ぀Ⱆデ⼶蜸霆ⵚ

岤姼㢅ꅷ欽✫綁㙹剪⸉ծ꧈欰崞ծ⥂餴俱勻彂:Ⱆ぀ⰖデⰖ぀㸽緸⼶蜸霆ⵚ
岤姼㢅ꅷ欽✫綁㙹剪⸉ծⵄ暟⚌ծ宕⼮欰崞ծ倝㙹䝝ծ焗呟㔩剪⸉ծ傞➿龇ꅽծꚙ蕂剪⸉ծ覰⯕꧈欰崞ծ⥂ⵄ暟⚌ծ傞➿龇ꅽծꚙ蕂剪⸉ծ覰⯕㎗㹈ծ忡寐剪⸉ծ⢕⯐㎗㹈ծ忡寐剪⸉ծ⢕⯐⚌繠㥩䎂㖲⧩⚌繠㥩䎂㖲⧩

侢霼ꢓ靀劣곜涸ꅾ銳霹僈
13
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
㟞⧩⚌⸉涸瑟ꢂ雦皾
䧮⟌雩⚹暟⚌Ⱆ぀涸㟞⧩剪⸉佐Ⰶ錞垷僽〳♸㛇炄暟⚌盗椚剪⸉⼐佯涸罜䔲⵸暟⚌Ⱆ぀䲿⼮㟞⧩⚌⸉佐Ⰶ涸Ⱒꝶ㖈✵㖈꬗⚰㘌湬곭㚖畊✰涸䞔ⲃ♴㥵⡦䲿⼮幷鷳桧կ
䧮⟌⟄♧⚡㖈䔂✳絁㙹䋑涸䚪䒊瘰꬗獤⚹/3♰䎂碛剣653䨪㹻䏭涸㼭⼓雦皾✫Ⱙ㘗고湡涸暟⚌佐Ⰶ絕匬霫絈⧺霃⿺雦皾鵂玐錛㕃邍00
°霪㼭⼓暟⚌餩⚹0,3⯋-剢⽀䨪㹻䏭꬗獤⚹/0.䎂⽀䨪㹻䏭䎃暟⚌餩⚹14..⯋暟⚌Ⱆ぀䎃㛇炄暟⚌剪⸉佐Ⰶ錞垷⚹1/3♰⯋
°ꬋ⚌⚺㟞⧩剪⸉倰꬗霪㼭⼓暟⚌Ⱆ぀㖈㼭⼓䲀渹⿺❜➰傞ⴔⵆ䲿⣘呩㖞⼸Ꝉ⿺❜➰⵸唬낉剪⸉կⰦ⚥呩㖞⼸Ꝉ剪⸉䚪佐Ⰶ⚹0..♰⯋❜➰⵸唬낉剪⸉䚪佐Ⰶ⚹04♰⯋
°爢⼓㟞⧩剪⸉倰꬗霪㼭⼓暟⚌Ⱆ぀䲿⣘㹻佟剪⸉ծ傈欽ㅷ餝✈ծ暟⚌獆㈒ծ瑟ꢂ盗椚ծ鲨⡙盗椚⿺Ꝉ㈒剪⸉կ呏䰘䧮⟌涸雦皾佐Ⰶ瑟ꢂ剒㣐涸僽㹻佟剪⸉⿺暟⚌獆㈒剪⸉կ㼆㹻佟剪⸉⧺霃⽀妃剪⸉⟟呔⚹0..⯋⽀䨪嫦/,3⚡剢⢪欽♧妃ⴭ⽀䨪䎃佅ⴀ⚹14..⯋고湡고湡䧭擿傞劍霪剪⸉幷鷳桧⚹0.#ⴭ暟⚌Ⱆ぀䎃佐Ⰶ⚹41♰⯋㼆暟⚌獆㈒剪⸉⧺霃嫦䎃ぐ剣/.#涸欽䨪꨽鵳遤䨻㾋獆餱⿺✈⽁㖈剣꨽宠涸⡞䨪⚥3#鸑鵂暟⚌Ⱆ぀涸絑紬剪⸉ⴀ獆-䧭❜獆餱⿺✈⽁⡾ꆄ桧ⴔⵆ⚹6#-0#ⴭ⽀♧㹐䨪嫦䎃꨽佅➰.,4-5,0♰⯋⡾ꆄ暟⚌Ⱆ぀䎃獆㈒剪⸉佐Ⰶ⚹13♰⯋կ暟⚌Ⱆ぀傈欽ㅷ剪⸉ծ䎛デ⡙盗椚ծ鲨⡙盗椚涸䎃佐Ⰶⴔⵆ⚹/4-//-00♰⯋կ
呏䰘崵皾㖈䧭擿朐䙖♴㛇炄暟⚌剪⸉ㄤ爢⼓㟞⧩剪⸉佐Ⰶⴔⵆ⽑䚪佐Ⰶ涸46,2#-1/,4#㖈고湡Ⰼ欰ㄐワ劍⚥㛇炄暟⚌ծꬋ⚌⚺㟞⧩剪⸉ծ爢⼓㟞⧩剪⸉佐Ⰶⴔⵆ⽑䚪佐Ⰶ涸44,3#-3,6#-05,4#կ䧮⟌雩⚹湡⵸♳䋑暟⚌Ⱆ぀涸爢⼓㟞⧩剪⸉➠剣湱䔲涸䲿⼮瑟ꢂ&⽑䚪佐Ⰶ嫱ꅾ⚹/0,5#"遤⚌ⰻ⽑嫱剒넞涸覰⯕㎗㹈⛲➑⚹0.,5#կ➢幷鷳桧䲿⼮瑟ꢂ⟄⿺剪⸉ㅷ碫♶倗㟞⸈涸錭䏞ⴼ倗䧮⟌雩⚹爢⼓㟞⧩⚌⸉㖈佐Ⰶ錞垷♳鴪ⵌ䚪佐Ⰶ涸1.#僽〳劍涸կ

⚦堐0.Ⱙ㘗고湡䧭擿劍佐Ⰶ絕匬ⴔ區

⚦堐0/Ⱙ㘗고湡Ⰼ欰ㄐワ劍佐Ⰶ絕匬ⴔ區
ᒵ઀փ㇗⨼䖜փ㇗⨼਀〕䍷অ䬶ᵃࣗ䖜փ㇗⨼਀〕䍷2.3%4.5%ᒵ઀փ㇗⨼4.1%5.3%ӚԎࢃỶ僂ᵃࣗ⢟ѐҦঌ2.1%0.6%3.6%ะ⹶⢟ѐᵃࣗ⢟ѐҦঌะ⹶⢟ѐᵃࣗ⢟ѐ〕䍷68.4%6.0%66.5%0.5%ᰛ⭞૷ᵃࣗ3.3%⢟ѐ〕䍷0.5%䶔ѐѱ໔ٲᵃࣗ5.8%ᰛ⭞૷ᵃࣗᇬ᭵ᵃࣗ3.0%13.1%⽴॰໔ٲᵃࣗ⽴॰໔ٲᵃࣗะ⹶⢟ѐᵃࣗะ⹶⢟ѐᵃࣗ31.6%ᇬ᭵ᵃࣗ27.6%72.7%12.0%66.5%餴俱勻彂:Ⱆ぀Ⱆデ⼶蜸霆ⵚ


岤Ⱘ⡤⧺霃錛㕃00餴俱勻彂:Ⱆ぀ⰖデⰖ぀㸽緸⼶蜸霆ⵚ

岤/⧺霃고湡盗椚ワ劍⚹/.䎃0ꬋ⚌⚺㟞⧩剪⸉➑㖈暟⚌䲀渹⿺❜➰傞〄欰1爢⼓㟞⧩剪⸉涸幷鷳桧剣0䎃涸昭㗗劍⧺霃痦/-0䎃佐Ⰶⴔⵆ鴪ⵌ䧭擿朐䙖傞涸3.#-/..#2♶罌贊ぐ고剪⸉⟟呔涸♳嶻կ侢霼ꢓ靀劣곜涸ꅾ銳霹僈
14
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
⚦堐008
8
Ⱙ㘗고湡䧭擿劍ⴔ⚌⸉佐Ⰶ崵皾
>>㛇炄⿬侨고湡⽀⡙⿬侨㼭⼓䒊瘰꬗獤䎂倰碛150,000佐餩꬗獤⽑嫱%70%⽀䨪꬗獤䎂倰碛120㼭⼓䨪侨䨪875㼭⼓䨻㾋⽀⟟⯋/䎂30,000㼭⼓⽀䨪獆ꆄ⯋/剢6,000歏唑䎛デ⡙侨湡⚡35ⴀ獆鲨⡙侨湡⚡200盗椚ワ劍䎃10>>ぐ⚌⸉佐Ⰶ雦皾邍⽀䨪䎃佅ⴀ暟⚌Ⱆ぀䎃佐Ⰶ⽑㛇炄暟⚌剪⚌⸉剪⸉餩欽幷鷳桧⢪欽곸妃⯋涰♰⯋⸉佐Ⰶ嫱⢾㛇炄暟⚌剪⸉2.5⯋/䎂/剢100.0%嫦㣔3,6003.15100%㹻佟剪⸉200⯋/妃20.0%18.0妃/䎃3,6000.6320%傈欽ㅷ剪⸉150⯋/妃10.0%12.0妃/䎃1,8000.165%暟⚌獆餱⡾ꆄ桧8.0%0.5%1.0妃/䎃5,7600.031%暟⚌✈⽁⡾ꆄ桧2.0%0.5%1.0妃/䎃72,0000.3210%200⯋/⚡/ワ䎛デ⡙盗椚100.0%-1250.113%䬄䧭嫱⢾30%300⯋/⚡/ワ鲨⡙盗椚⿺獆餱100.0%-2470.227%䬄䧭嫱⢾30%爢⼓㟞⧩剪⸉ざ雦1.4546%⼸Ꝉ剪⸉250♰⯋-䲀渹傞-2.5079%❜➰⵸唬낉剪⸉8⯋/䎂-❜➰傞-0.268%ꬋ⚌⚺㟞⧩剪⸉ざ雦2.7688%
餴俱勻彂♰䖤Ⱆ぀Ⱆデ⼶蜸霆ⵚ



侢霼ꢓ靀劣곜涸ꅾ銳霹僈
15
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
⚦堐018
/F/7♳䋑暟⚌Ⱆ぀爢⼓㟞⧩剪⸉⽑䚪佐Ⰶ⿺㛇炄暟⚌剪⸉佐Ⰶ嫱⢾
⽴॰໔ٲᵃ᭬ࣗޛখ∊⽴॰໔ٲᵃ᭬ࣗޛখะ⹶⢟ѐᵃ᭬ࣗޛ∊40.0%35.0%30.0%25.0%20.0%15.0%10.0%5.0%0.0%㬓≮ؓ㔵䳻⻝᯦ᰬ┞ค࡟ॽ⭕Ṹคԙ⊕ి⭕⢟ᵃѐ⍱ണᛜ䛱ᵃᇓ⍱ѐࣗ㗄ᵃᵃᵃ䠂ࣗᵃླࣗࣗࣗࣗ餴俱勻彂Ⱆ぀Ⱆデ⼶蜸霆ⵚ
⚦堐03♳䋑暟⚌Ⱆ぀爢⼓㟞⧩剪⸉⽑㛇炄暟⚌剪⸉佐Ⰶ嫱⚦堐02♳䋑暟⚌Ⱆ぀佐Ⰶ絕匬」⻊0./4+/F/7

⢾」⻊0./4+/F/7
21.5%100%22%9.8%11.0%12.2%12.7%20.2%90%20%80%24.1%23.6%27.1%27.9%ะ⹶⢟ѐᵃࣗ70%18%17.3%60%50%15.7%䶔ѐѱ໔ٲᵃࣗ16%40%66.1%65.3%30%60.6%59.4%14%20%⽴॰໔ٲᵃࣗ10%12%2016201720181H190%2016201720181H19餴俱勻彂:Ⱆ぀Ⱆデ⼶蜸霆ⵚ


岤姼㢅♳䋑暟⚌Ⱆ぀⺫䭍綁㙹剪⸉ծ餴俱勻彂:Ⱆ぀Ⱆデ⼶蜸霆ⵚ


岤姼㢅♳䋑暟⚌Ⱆ぀⺫䭍綁㙹剪⸉ծ꧈欰崞剪⸉ծ宕⼮欰崞剪⸉ծ倝㙹䝝ծ焗呟㔩剪⸉ծ⥂ⵄ暟⚌ծ傞➿龇꧈欰崞剪⸉ծ宕⼮欰崞剪⸉ծ倝㙹䝝ծ焗呟㔩剪⸉ծ⥂ⵄ暟⚌ծ傞➿龇ꅽծ覰⯕㎗㹈ծ忡寐剪⸉ծ⢕⯐⚌繠㥩ꅽծ覰⯕㎗㹈ծ忡寐剪⸉ծ⢕⯐⚌繠㥩

侢霼ꢓ靀劣곜涸ꅾ銳霹僈
16
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
䮋鷥Ⱆ぀涸䭷叻⡤禹
歋✵暟盗遤⚌湡⵸㢅✵瑟ꢂ䏐㣐ծ畊✰♶㸤Ⰼ涸朐䙖遤⚌ⰻ涸Ⱆ぀䕹姼ꢂ♶㶸㖈慨捘涸修✰⡎⿬♸罏鿪꬗⚰♧⚡Ⱏず涸꡼곿㛇炄暟⚌剪⸉嬁ⵄ桧馋⸷䚍♴徾կ䧮⟌雩⚹㖈鵯⚡遤⚌⚥㖈瀊劍ㄤꟋ劍涸絶䏞鿪刿剣腊⸂䎾㼆嬁ⵄ桧♴徾꡼곿涸Ⱆ぀僽刿⚹⠏猖涸⟱⚌⧩䖤刿넞涸⠮⧩宐䎂կ
歋✵㛇炄暟盗䧭劥畮涸⴮䚍䲿⼮佐Ⰶ畮䲿⟟雳⟟腊⸂䓳㛇炄暟盗涸嬁ⵄ桧㖈侮⚡欰ㄐワ劍⚥ッ鷶䎃饥⡛涸䙖⸷կ罜䎾㼆嬁ⵄ桧♴徾〳⟄ꅷ》涸⚿䲃䕎韌㖑勻霹㽠僽♶倗㖑䖃♧⚡獺ꅺ涸꬗㔙ꅽ⸈꬗磋涸鵂玐鵯⚡꬗磋瀊劍勻溏僽倝涸嬁ⵄ桧刿㥩涸고湡Ɤ劍勻溏僽刿㢴涸㟞⧩⚌⸉կ
歋✵倝고湡㣔搬Ⱘ㢊刿넞涸嬁ⵄ桧宐䎂㔔姼䮋鷥Ⱆ぀涸叻ⲥ〳⟄皍⻊⚹⚙挿♧僽瀊劍ⰻ刿넞涸ざ紨꬗獤㟞鸟✳僽刿䔂涸㟞⧩⚌⸉鵘蠒腊⸂կ絕ざ鵯⚙勵絑蠒䭷叻⿺♳♧鿈ⴔ涸⠮⧩⿬罌䧮⟌雩⚹䫏餴罏〳⟄ꅾ挿Ⱒ岤宕⼮欰崞剪⸉ծ焗呟㔩剪⸉ծ覰⯕㎗㹈ծ倝㙹䝝ծ綁㙹剪⸉ծ⥂ⵄ暟⚌կ
⚦堐048♳䋑暟⚌Ⱆ぀⪰㢊꬗獤A?EP⿺㟞⧩剪⸉湱Ⱒ䭷叻
2017䚘1H19ҥוԥவ॥॑Ԛ׍қ߆ԇԥவ॥॑Ԛ׍қ߆ԇࡃ䍟Ԛ׍қ߆ԇࡃӯ䍟Ԛ׍қ߆ԇҵ䵖॥CAGR㏾ム㏭/㣤/㣥メ㑐ム㏭/㣤/㣥メ䄶㓘㹒㹢㓄䇛㻝㲓Ԇ100.7%6.34.164.5%20.0%䴈䇛㻝㲓Ԇ87.9%2.41.251.4%9.2%і଍ଛ85.1%2.41.353.6%6.9%㯣㙟㕫ާԆ80.6%3.32.369.7%8.3%㍃㑉䃔Ў67.6%4.82.144.1%19.1%䌨㴏ⳓާԆ58.6%3.11.962.8%8.7%ࢄ㾲ާԆ57.5%2.41.560.9%4.8%操呓ࢢЎ55.0%2.71.763.0%19.3%ਡү⯷ؖ51.1%6.22.234.9%20.7%㓍䮅䃔Ў29.4%2.71.866.4%7.8%তާԆ24.5%7.82.431.3%18.8%㯣㛢㸝14.2%2.11.046.8%9.3%㌍㏩Ўষװ4.3%3.61.232.4%10.1%㊄㻰䃔Ўn.a.1.81.053.2%6.2%㣝㘳55.1%3.71.852.5%12.1%餴俱勻彂Ⱆ぀Ⱆデ⼶蜸霆ⵚ岤㟞⧩剪⸉湱Ⱒ䭷叻⿬罌1H19侨⧩
侢霼ꢓ靀劣곜涸ꅾ銳霹僈
17
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
⠮⧩⡤禹雭雿
暟⚌遤⚌僽㖑❡匣㗌♧⚡㼱錛涸♶⣜饆輑餴ծ梡ꆄ崨宕絯腊⸂䔂ծ鲽餴❡涸剪⸉遤⚌罌贊Ⱖ䗳鷥嶊餩涸㉁ㅷ暵䖄ㄤ1+3䎃ⰻ烁㹁䚍鳅䔂涸넞㟞Ɤ䧮⟌雩⚹䎾絾ざPMCㄤNCE絾ざ⡲⚹Ⱖ⿬罌⠮⧩⡤禹կ♧倰꬗⟄PMC邂ꆀ㉁⚌垷䒭涸⟟⧩⴯鸣腊⸂〥♧倰꬗⟄NCE邂ꆀⰦ1+3䎃ⰻ烁㹁䚍鳅넞涸넞㟞鸟䎾䔲餻✮涸⠮⧩形⟟կ
䧮⟌〄梡雽㢴嶊餩遤⚌㶩匣㗌涸PMCㄤNCE㶸㖈♧㹁涸姻湱ⰢⰢ禹⢾㥵涯ꂊծ㹻歏ծ⽇䕙㬛⛙ծ귬껏瘝կ䧮⟌⟄湡⵸➠㢅✵넞鸟㟞Ɤ꣌媯涸嵳䏀䯿ծㄈ㇄ㄈ㇄ㄤ♳䋑⵸❀䎃/770+/774㢅✵넞鸟㟞Ɤ劍涸僤䊼⯘⡲⚹⿬罌⡤禹嵳䏀䯿0.0.䎃곫崵NCE⚹.,75곫崵PMC⚹06,3#ㄈ㇄ㄈ㇄0.0.䎃곫崵NCE⚹.,64곫崵PMC⚹0.,.#僤䊼⯘♳䋑⵸❀䎃䎂㖲た♧䎃곫崵NCE⚹.,36䎂㖲PMC/.,6#կ呏䰘㕃1.涸NCE+PMC瀃꣋儑爙♲㹻⟱⚌㛇劥㖈♧勵湬絁♳䧮⟌雩⚹鵯勵湬絁〳㣐荝⡲⚹暟⚌遤⚌⠮⧩涸⿬撑叻ⲥկ
湡⵸暟⚌遤⚌➿邍Ⱆ぀㢴侨⡙✵湬絁〸♴倰邍僈遤⚌㶸㖈♧㹁⡛⠮կ湡⵸⚺崨暟⚌Ⱆ぀0.0.䎃䎂㖲NCE⚹.,6.⡛✵嵳䏀䯿ծㄈ㇄ㄈ㇄⡎넞✵♳䋑ⴲ劍涸僤䊼⯘㼆䎾PMC⚹02,5#殜⡛✵嵳䏀䯿⡎넞✵ㄈ㇄ㄈ㇄ㄤ僤䊼⯘կ䧮⟌雩⚹㖈遤⚌腊絶䭯湡⵸PMC宐䎂涸⵸䲿♴넞鸟㟞Ɤ劍絛✮/⦔䊩〸涸NCE僽ざ椚涸կ呏䰘⠮⧩⿬罌絁湡⵸儑衼⡛⠮涸⟱⚌⺫䭍宕⼮欰崞剪⸉ծ倝㙹䝝ծ覰⯕㎗㹈կ
⚦堐058
?肅涯ꂊ匣㗌⚺銳Ⱆ぀PMC⿺NCE瀃꣋

餴俱勻彂♰䖤⼶蜸霆ⵚ岤孞岙㣐㼭邍爙Ⱆ぀2020䎃ⲙⵄ嶹錞垷埇鲶⚹2020䎃곫崵PEG紷鲶⚹2020䎃ROE곫崵⚹♰䖤♧荝곫劍կ♴⚙㕃ずկ
侢霼ꢓ靀劣곜涸ꅾ銳霹僈
18
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
⚦堐06?肅㹻歏匣㗌⚺銳Ⱆ぀PMC⿺NCE瀃꣋

⚦堐07F肅⽇䕙匣㗌⚺銳Ⱆ぀PMC⿺NCE瀃꣋
餴俱勻彂:♰䖤⼶蜸霆ⵚ


餴俱勻彂:♰䖤⼶蜸霆ⵚ



⚦堐1.8
⚺崨♳䋑暟⚌盗椚Ⱆ぀PMC⿺NCE



餴俱勻彂:♰䖤ծ⼶蜸霆ⵚ岤孞岙㣐㼭邍爙Ⱆ぀2020䎃ⲙⵄ嶹錞垷埇鲶⚹2020䎃곫崵PEG紷鲶⚹2020䎃ROEꤑ宕⼮ㄤ綁㙹⚹⼶蜸곫劍㢪Ⱖ⡮곫崵⚹♰䖤♧荝곫劍կ僤䊼⯘PEG⚹♳䋑⵸❀䎃䎂㖲鵴劍PE/♳䋑⵸❀䎃䎂㖲ⲙⵄ嶹㟞鸟ROE⚹♳䋑⵸❀䎃䎂㖲կ
侢霼ꢓ靀劣곜涸ꅾ銳霹僈
19
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ
⚦堐1/8

暟⚌盗椚遤⚌⠮⧩邍
㢸қ㢸䊓䄶PEG㐄㔞䘕䍸㋚ुܕ੮٠य़䘕㋣ROEム%メEPS㚶୸ࣤム䉸㉻㋇㹡٠ͨ(X)(X)201912292020/01/1418A19E20E21E18A19E20E21E19E20E21E19E20E21E########A/H䘕㊑㻨䃛Џ঒ࣲҸ՛㫣㖖॥ѿ001914.SZRMB21.5022,819-9.17.18.810.3n.a.56.639.830.0n.a.42%33%n.a.0.940.91䌯㴖ⴃ߆ԇ6098.HKRMB28.7569,12347.535.932.334.468.447.135.926.970%31%33%0.671.150.81䴏䇢㻤㲚ԇ3319.HKRMB30.5036,06722.519.122.624.443.332.423.418.445%39%27%0.710.610.67㍊㑐䃛Џ6049.HKRMB53.6025,35463.332.432.037.4n.a.50.836.127.6n.a.41%31%n.a.0.880.90৕߆ԇ2869.HKRMB8.7521,64720.116.320.924.650.743.132.624.821%32%31%2.081.020.79㊋㻷䃛Џ2669.HKHKD5.1515,01339.735.734.031.542.133.126.521.630%25%23%1.101.060.95㯪㙦㖈߆ԇ1755.HKRMB12.489,05528.024.027.028.045.740.427.520.463%47%34%0.640.590.60੒ҰⰧؗ߆ԇ2606.HKRMB49.907,88264.423.920.521.719.119.214.711.650%31%26%0.380.480.44㹩㓋䇢㻤㲚ԇ1995.HKRMB6.588,96616.019.624.228.288.744.429.019.6105%53%48%0.420.550.41㣤㘺қ32.523.824.726.751.140.829.522.355%38%32%0.860.810.72㊋қ28.023.924.228.045.743.129.021.650%39%31%0.670.880.79㛩㙕䃛ЏҸ՛ͧ١қ200ьыࡇ٠љЇͨٵ28.922.223.326.254.146.033.525.546%37%31%1.150.920.82㊋㙕䃛ЏҸ՛ͧ١қ50-200ьыࡇ٠ͨٵ37.025.826.427.348.934.324.418.362%39%33%0.640.670.60
餴俱勻彂♰䖤Ⱆ぀Ⱆデ⼶蜸霆ⵚ岤綁㙹剪⸉ծ宕⼮欰崞⚹⼶蜸곫劍Ⱖ⡮곫劍⚹♰䖤♧荝곫劍
䧮⟌姼妃銻渷宕⼮欰崞剪⸉ㄤ綁㙹剪⸉⚙㹻Ⱆ぀
宕⼮欰崞剪⸉/773,FIⰖ぀「ⵌ넞䧭Ɤ涸Ⱒ翫䒓〄㉁⟄⿺葻㥩涸痦♲倰䬪㾝腊⸂佅䭯䧮⟌곫雦Ⱆ぀劢勻⚙䎃錞垷㼜㹊梡鳅䘯㟞Ɤկず傞Ⱆ぀䲿⣘넞佪渤爢⼓㟞⧩剪⸉⽀⡙꬗獤爢⼓㟞⧩剪⸉嬁ⵄ遤⚌곭⯓կ껷妃銻渷絛✮✈Ⰶ霉紩湡叻⟟6,0度⯋կ
綁㙹剪⸉0647,FIⰖ぀僽♧㹻錞垷곭⯓⚂㹁⡙⚥넞畮涸暟⚌剪⸉륫㣢⟱⚌䧮⟌雩⚹Ⱖㅷ餘♸ㅷ晥㼜⚹Ⱖ杝用䪈䓎䲿⣘剣⸂佅丒կⰖ぀㔩⼓㟞⧩剪⸉〄㾝곭⯓⡎侮⡤➠㢅✵䱲程ㄤ㛆肫꣌媯կⰖ぀㛇劥꬗珘⨴⡎⠮⧩䊺ざ椚⿿僥껷妃銻渷絛✮䭯剣霉紩湡叻⟟6,7度⯋կ

굥ꤗ䲿爙
/"プ䊨䧭劥⴮䚍䲿⼮0고湡䲿⟟腊⸂䓳1㟞㟞⧩剪⸉䬪㾝「꣖



侢霼ꢓ靀劣곜涸ꅾ銳霹僈
20
0.0.䎃/剢/5傈


霆ⵚ灇瑕䫣デ꣡䔶
սⴔ區䋗㡮僈վ
餏餓乊ⱗ姼䫣デ涸ⴔ區䋗♧➃䧴㢴➃㽠劥灇瑕䫣デ烁雩劥➃Ⱘ剣⚥㕂霆ⵚ⚌⼸⠔䱇✮涸霆ⵚ䫏餴ㅐ霧䪄⚌餴呔䎇岤ⱃ⚹霆ⵚⴔ區䋗⟄⹷⹉涸翟⚌䙖䏞杝用ծ㹐錜㖑ⴀⰨ劥䫣デկ劥䫣デ幡兠ⲥ烁㖑⿿僥✫劥➃涸灇瑕錜挿կ劥➃♶剎㔔♶㔔⛲㼜♶⠔㔔劥䫣デ⚥涸Ⱘ⡤䲀虛䠑錛䧴錜挿罜湬䱹䧴ꢂ䱹佐ⵌ⟣⡦䕎䒭涸邉⩟կ
ս岁䖒㡮僈վ
♧菚㡮僈
劥䫣デ歋⼶蜸霆ⵚ剣ꣳⰖ぀⟄♴皍獦劥Ⱆ぀綘ⵖկ劥Ⱆ぀Ⱘ剣歋⚥㕂霆ⵚ港漛盗椚㨼プ⠔雽〳涸霆ⵚ䫏餴ㅐ霧⚌⸉餴呔կ

劥䫣デ➑⣘劥Ⱆ぀涸暵㹁㹐䨪⿺Ⱖ➭⚁⚌➃㡦⢪欽կ劥Ⱆ぀♶⠔㔔䱹佐➃佐ⵌ劥䫣デ罜錠Ⱖ⚹㹐䨪կ劥Ⱆ぀䎇♶㼆Ⱖ➭緸畀ㄤぐ碫㯮⡤鲮鲿ծ䶰綘涸劥Ⱆ぀䫣デ餏餓կ
劥Ⱆ぀灇瑕䫣デ涸⥌䜂㖲勻彂✵Ⱆ䒓餴俱⡎劥Ⱆ぀㼆霪瘝⥌䜂涸ⲥ烁䚍ㄤ㸤侮䚍♶⡲⟣⡦⥂霆կ䧮⟌⸂宠䫣デⰻ㺂涸㹐錜ծⰖ姻⡎霪瘝⥌䜂䎇劢罌贊ⵌ蜦》劥䫣デ➃プ涸Ⱘ⡤䫏餴湡涸ծ餒⸉朐ⲃ⟄⿺暵㹁꨽宠➑⣘䫏餴罏⿬罌⛓欽㖈⟣⡦䞔ⲃ♴䫣デ⚥涸⥌䜂䧴䨾邍鶣涸䠑錛䎇♶匬䧭㼆⟣⡦➃涸䫏餴䒊雳劥䫣デ涸䱹佐➃곢⥂䭯荈魧涸杝用ⴼ倗կ㖈⟣⡦䞔ⲃ♴劥Ⱆ぀⿺Ⱖ꧎プ♶㼆⟣⡦➃㔔⢪欽䫣デ⚥涸⟣⡦ⰻ㺂䨾䒸荝涸⟣⡦䰀㣟餏⟣⡦餓⟣կ
劥䫣デ䨾㖈涸䠑錛ծ霉⠮⿺곫崵➑⚹劥䫣デⴀⰨ傈涸ⴔ區䋗錜挿ㄤⴼ倗〳㖈♶〄ⴀ鸑濼涸䞔ⲃ♴⡲ⴀ刿佖㖈♶ず傞劍劥Ⱆ぀〳〄ⴀ♸霪䫣デ䨾鲿餴俱ծ䠑錛⿺䲀崵♶♧荝涸䫣デկ劥Ⱆ぀涸Ꝉ㈒➃プծ❜僒➃プ⟄⿺Ⱖ➭⚁⚌➃㡦〳腊⠔⣜䰘♶ず涸⧺霃ㄤ叻ⲥծꅷ》♶ず涸ⴔ區倰岁罜〡㣢䧴⛼꬗〄邍✵劥䫣デ䠑錛⿺䒊雳♶♧荝涸䋑㖞霉雿ㄤ-䧴❜僒錜挿劥Ⱆ぀尵剣㼜姼䠑錛⿺䒊雳ぢ䫣デ䨾剣䱹「罏鵳遤刿倝涸⛐⸉կ劥Ⱆ぀涸餴❡盗椚鿈꡶ծ荈蠒鿈꡶⟄⿺Ⱖ➭䫏餴⚌⸉鿈꡶〳腊杝用⨞ⴀ♸劥䫣デ⚥涸䠑錛䧴䒊雳♶♧荝涸䫏餴Ɀ瘻կ
暵ⵆ㡮僈
㖈岁䖒雽〳涸䞔ⲃ♴⼶蜸霆ⵚ剣ꣳⰖ぀〳腊⠔䭯剣䧴❜僒䫣デ⚥䲿⿺Ⱆ぀䨾〄遤涸霆ⵚ䧴䫏餴叻涸⛲〳腊⚹鵯❈Ⱆ぀䲿⣘䧴✰》䒊用⚌⸉Ⱒ禹䧴剪⸉Ⱒ禹⺫䭍⡎♶ꣳ✵䲿⣘䫏餴Ꜿ遤⚌⸉䧴餒⸉곥꡼剪⸉瘝կ㔔姼䫏餴罏䎾䔲罌贊ⵌ劥Ⱆ぀〳腊㶸㖈䕧ㆇ劥䫣デ錜挿㹐錜䚍涸ⵄ渤Ȿ瑲կ䫏餴罏霼⺡㼜劥䫣デ錠⚹䫏餴䧴Ⱖ➭Ɀ㹁涸㈔♧⥌饆⣜䰘կ
劥䫣デ涸晜勉䔱劥Ⱆ぀䨾剣կ劥Ⱆ぀㼆劥䫣デ⥂殆♧ⴗ勉ⵄկ劢絑劥Ⱆ぀⛼꬗雽〳⟣⡦劼匬ㄤ⚡➃㖲♶䖤⟄⟣⡦䕎䒭缺晜ծ㢕ⵖ䧴鲮鲿やⴭ劥Ⱆ぀㼜⥂殆鷅瑕Ⱖ岁䖒餓⟣涸勉ⵄկ
ս霉紩霹僈վ
Ⱆ぀霉紩⡤禹⟄䫣デ〄䋒傈た4+/0
⚡剢涸Ⱆ぀肅⟟嶻駮䌴湱㼆ず劍Ⱆ぀䨾㖈霆ⵚ䋑㖞㣐渹䭷侨?肅䋑㖞⚹尿帿1..䭷侨ծF肅䋑㖞⚹䛎欰䭷侨ծ〵肅䋑㖞⚹〵弩⸈勉䭷侨ծ繠肅䋑㖞⚹叻兜3..䭷侨嶻駮䌴⚹㛇ⲥⴔ區䋗⠮崵✈ⰆⰖ぀肅牰湱㼆㣐渹嶻䌴㖈/.#⟄♳䭯剣Ⱆ぀肅牰湱㼆㣐渹嶻䌴➝✵+/.#ⵌ/.#⛓ꢂ⽁ⴀⰖ぀肅牰湱㼆㣐渹嶻䌴⡛✵+/.#կ
遤⚌霉紩⡤禹⟄䫣デ〄䋒傈た4+/0
⚡剢涸遤⚌䭷侨嶻駮䌴湱㼆ず劍湱Ⱒ霆ⵚ䋑㖞?肅䋑㖞⚹尿帿1..䭷侨ծF肅䋑㖞⚹䛎欰䭷侨ծ〵肅䋑㖞⚹〵弩⸈勉䭷侨ծ繠肅䋑㖞⚹叻兜3..䭷侨㣐渹䭷侨嶻駮䌴⚹㛇ⲥⴔ區䋗⠮崵馄ꂁ遤⚌湱㼆㣐渹嶻䌴㖈/.#⟄♳⚥䚍遤⚌湱㼆㣐渹嶻䌴➝✵+/.#ⵌ/.#⛓ꢂ⡛ꂁ遤⚌湱㼆㣐渹嶻䌴⡛✵+/.#կ



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