【精品报告】纺织服装行业2021年投资策略：抓住六大关键词,疫苗、棉花、RCEP、景气、数字化、奥运

2021RCEP

2020-12-06

2020SW21.58%

28.58%-4.59%

2020

15.9%1-109.7% 2021

2

3

RCEP

RCEP

A

2021

2021

1

2021

2

2020

SW

300

300

2020

11

27

30"%6%-2%

12/19-10%

02/2004/2006/2008/2010/20-1.35%-2.1%

1-10

8.60%

6.8%

9339

10

31.90%

2020

1012.2%

1

RECP

10

31Q4

GAP:20Q3

2020-12-06

:102020-11-30

12020

2021

:10

2020-11-25

3

2021A

2022

02020.HK 06110.HK 01234.HK 03998.HK 600398.SH 002563.SZ 002832.SZ

HK HK HK HK CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY

/89.40 11.94 6.25 4.47 9.49 11.39 26.02 25.92 18.90 35.25 8.30 58.80 7.95 46.25 174.00

EPS() PE(x) 2020E 59.14 32.49 9.50 24.50 14.28 30.97 18.33 14.44 10.84 33.24 9.00 17.28 15.60 23.97 19.36

2021E 41.74 31.63 7.49 20.18 9.19 14.33 13.31 12.21 13.01 21.92 7.56 28.70 15.94 19.04 30.33

EV/EBITDA(x) 2020E 31.59 22.57 7.67 15.57 8.00 12.41 14.04 11.16 12.28 28.44 4.75 8.95 9.92 16.47 15.09

ROE(%) 2020E 2021E 1.87 0.37 0.56 0.14 0.47 0.31 0.90 1.37 1.26 0.93 0.63 1.96 0.48 1.47 7.77

2.65 0.38 0.71 0.17 0.73 0.67 1.24 1.62 1.05 1.41 0.75 1.18 0.47 1.85 4.96

2021E 2020E 2021E 24.99 17.31 6.17 13.27 5.64 7.72 10.43 9.40 8.35 18.65 4.07 13.91 8.30 13.78 21.80

20.24 22.43 36.88 20.32 15.74 16.92 14.28 16.56 13.80 19.60 6.80

14.30

110.6 2020/10/16 12.02 2020/10/08 5.32 3.43 6.71 9.6 16.5

2020/10/13 2020/11/29 2020/11/01 2020/11/28 2020/10/20

18.50 21.00 18.00 19.30 18.70 14.00 20.20 23.92 12.80 13.90 20.20 10.40 14.70 14.00 18.30 20.40 36.00 20.20

603587.SH 603808.SH 300577.SZ

19.78 2020/10/30 13.66 2020/10/30 30.91 2020/09/24 5.67

2020/11/14

600987.SH 603238.SH 002003.SZ 603877.SH 300888.SZ

33.87 2020/10/26 7.49

2020/11/05

35.23 2020/10/22 150.45 2020/11/30

Wind

2020

2021

............................................................... 6

................................................................................................... 6

.................................................................................... 7

20202021

........................................................ 8

........................................................................... 14

..................................................................... 15RCEP .............................................................. 16

................ 16

........................................................................... 19

RCEP

2021

................................................................ 21 ............................................................. 23 ............................................................. 23

............. 26

.......................................................................................................................... 29

.................................................................................................................... 35

....................................................................... 35

................................................................................................. 35

.............................................................................. 36 ........................................................................... 36

................................................................................................. 36 ................................................................................................. 36