䈭䰻䈱ᴶ੄ж享ރ䍙༦᱄਀ؗᚥᣡ䵨 http://www.cindasc.com 1 䇷࡮⹊ガᣛ઀ ޢਮ⹊ガ [Table_ReportType] ޢਮ⛯䇺ᣛ઀ [Table_StockAndRank] ᱣ㺃᯦㦥(603127) ᣋ䍺䇺㓝 р⅗䇺㓝 [Table_Author] ઞᒩ ॱ㦥㺂ѐ俌ᑣ࠼᷆ᐾ ᢝѐ㕌ਭφS1500521040001 㚊㌱⭫䈓φ15310622991 䛤 ㇧φzhouping@cindasc.com ⴮ީ⹊ガ [Table_OtherReport] ؗ䗴䇷࡮㛗Գᴿ䲆ޢਮ CINDA SECURITIES CO.,LTD ्Ӣᐸ㾵ค॰䰯ᐸਙཝ㺍9ਭ䲘1ਭᾲ 䛤㕌φ100031 [Table_Title] ѐ㔟どڛ儎䙕໔䮵θᆿ䇺嗏ཪᕰ㘻ᚈᕰ [Table_ReportDate] 2022ᒪ10ᴾ31ᰛ [Table_Summary] ӁԬφᱣ㺃᯦㦥ਇᐹ2022ᒪпᆙᓜᣛ઀Ⱦޛпᆙᓜᇔ⧦᭬ࢃਮޢ12.76ӵݹδੂ∊+48.97%εθᖈ∃࡟߶⏜6.32ӵݹδੂ∊+154.85%εθᢙ䶔ᖈ∃߶⏜࡟6.05ӵݹδੂ∊+178.60%εθ㔅㩛⧦䠇⍷߶仓Ѱ7.78ӵݹδੂ∊+67.93%εȾᅴпᆙᓜᇔ⧦᭬ޛ5.00ӵݹδੂ∊+55.01%εθᖈ∃࡟߶⏜2.61ӵݹδੂ∊+176.77%εθᢙ䶔ᖈ∃࡟߶⏜2.60ӵݹδੂ∊+195.97%εȾ ⛯䇺φ ¾ ѱ㩛ѐࣗ儎䙕どڛ໔䮵θ࡟⏜⦽ཝᑻᨆॽȾ2022Q1-3θ࡟⏜⦽ᯯ䶘θޢਮᇔ⧦∑࡟⦽49.70%(ੂ∊-0.01pp)⦽࡟߶θᖈ∃49.52%(ੂ∊+20.57pp)θᢙ䶔ᖈ∃࡟߶⦽47.44%(ੂ∊+22.07pp)χ䍯⭞⦽ᯯ䶘θᵕ䰪䍯⭞⦽Ѱ12.59%(-16.90pp)θѣެ䬶୤/㇗⨼/⹊ਇ/䍘ࣗ䍯⭞⦽ࡡ࠼Ѱ0.97%(-0.38pp)/18.27%(-4.55pp)/3.92%(-0.17pp)/-10.57%(-11.80pp)χࢃпᆙᓜޢਮᵠᇔ⧦Ⲻ⭕⢟䍺ӝݷޢԭٲ਎ࣞѰ2.19θݹӵѰޛᚥ᭬࡟1.04ӵݹθ≽އ᭬ⴀѰ0.33θݹӵਖࣖ᣿ॽ࡟⏜⦽≪ᒩθпᆙᓜࢃਮޢ࡟߶ᢙ䶔ᖈ∃⏜δࢊ䲚ᵠᇔ⧦Ⲻ⭕⢟䍺ӝ+ޛᚥ᭬࡟+≽އᦕⴀεੂ∊໔䮵70.99%θѱ㩛ѐࣗ੾儎䙕どڛ໔䮵ᘷࣵȾ ¾ ᰰⴑ䇘ঋᱴ示儎Ქ≊θӝ㜳Ӱᢃど↛໔䮵θᆿ䇺嗏ཪᕰ㘻ᚈᕰȾ2022Q1-3θਮޢ൞ᢁ䇘ঋ䎻46θݹӵ᭥᫇ޢਮ䮵ᵕਇኋȾѰ⎾ौ儎仓䇘ঋθޢਮᤷ㔣ᢟݻӝ㜳਀ᢶᵥഘ䱕φ1εӰ઎ᯯ䶘θᡠ↘㠩2022ᒪ7ᴾ31ᰛθޢਮ઎ᐛ䎻2600Ӱθ䖹2021ᒪᓋ໔ࣖ䘇500Ӱχ2εӝ㜳ᔰ䇴ᯯ䶘θ㤅ᐔᱣ㺃IIᵕᐛぁδ㓜2Wm2εсঀᒪሼᔶခ޻䜞㻻ؤθᒵᐔᱣ㺃ሼӄ2022ᒪᓋᇂᡆะᔰᐛ֒θᰖ䭗᭴ሺᙝ㦥⢟䇺ԭѣᗹᐨᇂᡆѱ։ᔰᆄⲺṼᷬ㔉ᶺθᱣ㺃᱉ࡑᐨ੥ࣞᇔ僂ᇚᔰ䇴χޢਮ㔲ਾᵃࣗ㜳࣑ᤷ㔣໔ᕰȾᡇԢ䇚ѰθޢਮṮᗹⲺ㦥⢟䶔Ѫᓀ䇺ԭѐࣗޭᴿGLPᇔ僂ᇚ਀։㌱ᔰ㄁໷෈ȽՎࣵᢶᵥ亼ต㔅僂໷෈Ƚࣞ⢟䍺Ⓠ໷෈ᅀཐѠ儎щѐᙝ໷෈θ൞᯦㦥⹊ਇӝѐ䬴ѣθ৾ޭᴿᗻ亱䙐䗽䶔Ѫᓀ䇺ԭᢃ㜳䘑ޛѪᓀⲺ䴶≸ࡐᙝθ൞㦥⢟⹊ਇ儎ࡑ᯦ᙝȽ儎ᰬ᭾ᙝ㾷≸Ⲻ᛻߫сθᱣ㺃֒Ѱള޻ᆿ䇺嗏ཪθሼᤷ㔣儎໔䮵ᘷࣵȾ ¾ ⳾࡟人⎁фᣋ䍺䇺㓝φᡇԢ人䇗ޢਮ2022-2024ᒪޢਮ㩛ѐ᭬ޛѰ21.40/29.96/40.40ӵݹθੂ∊໔䮵41.1%/40.0%/34.8%⏜࡟߶χᖈ∃Ѱࡡ࠼8.02/10.45/13.77ӵݹθੂ∊໔䮵43.8%/30.4%/31.8%θሯᓊ2022-2024ᒪPEѰࡡ࠼41/31/24Ⱦك ¾ 伄䲟ഖ㍖φ㺂ѐㄔҿࣖ࢝ȽṮᗹᢶᵥӰ઎⍷ཧȽॱ㦥⹊ਇᣋޛс䲃ᡌཌऻ⦽с䲃Ƚ᯦ѐࣗ䘑ᓜу਀人ᵕᅀ伄䲟Ⱦ 䈭䰻䈱ᴶ੄ж享ރ䍙༦᱄਀ؗᚥᣡ䵨 http://www.cindasc.com 2 [Table_Profit] 䠃㾷䍘ࣗ᤽ḽ 2020A 2021A 2022E 2023E 2024E 㩛ѐᙱ᭬ޛ(ݹⲴн) 1,076 1,517 2,140 2,996 4,040 ໔䮵⦽YoY % 68.3% 41.0% 41.1% 40.0% 34.8% ⏜࡟߶ਮޢᖈኔ∃(ݹⲴн) 315 557 802 1,045 1,377 ໔䮵⦽YoY% 68.7% 77.0% 43.8% 30.4% 31.8% ⦽࡟∑% 51.4% 48.7% 53.6% 52.6% 51.7% ߶䍺ӝ᭬ⴀ⦽ROE% 25.7% 7.8% 10.3% 12.2% 14.5% EPS(᪀㮺)(ݹ) 1.00 1.51 1.50 1.95 2.57 ᐸ⳾⦽P/E(ك) 103.11 76.44 40.78 31.28 23.74 ⦽߶ᐸP/B(ك) 19.15 6.17 4.19 3.82 3.43 [Table_ReportClosing] 䍺ᯏᶛⓆφнᗍθؗ䗴䇷࡮⹊ਇѣᗹ人⎁;㛗ԭѰ2022ᒪ10ᴾ28ᰛ᭬ⴎԭ 䈭䰻䈱ᴶ੄ж享ރ䍙༦᱄਀ؗᚥᣡ䵨 http://www.cindasc.com 3 [Table_Finance] 䍺ӝ䍕ٰ㺞 ঋփ:ݹⲴн ⏜㺞࡟ ঋփ:ݹⲴн Ր䇗ᒪᓜ 2020A 2021A 2022E 2023E 2024E Ր䇗ᒪᓜ 2020A 2021A 2022E 2023E 2024E ⍷ࣞ䍺ӝ 1,183 5,814 5,666 6,351 7,916 㩛ѐᙱޛ᭬ 1,076 1,517 2,140 2,996 4,040 䍝ᐷ䍺䠇 309 4,154 2,752 4,257 5,162 㩛ѐᡆᵢ 523 778 992 1,420 1,953 ᓊ᭬車ᦤ 2 8 9 12 17 㩛ѐい䠇਀䱺ࣖ 7 9 12 16 22 ᓊ᭬䍜v 89 108 144 202 276 䬶୤䍯⭞ 13 16 18 25 34 人Ԏ䍜v 50 39 50 71 98 ㇗⨼䍯⭞ 209 256 310 434 586 ᆎ䍝 406 701 2,175 1,167 1,605 ⹊ਇ䍯⭞ 51 48 64 87 113 Ԍެ 327 805 537 642 758 䍘ࣗ䍯⭞ 2 -19 -68 -70 -94 䶔⍷ࣞ䍺ӝ 925 2,723 4,518 4,725 4,806 ᦕཧਾٲࠅ䇗 -2 -1 0 0 0 䮵ᵕ㛗ᵹᣋ䍺 0 25 30 34 36 ᣋ䍺߶᭬ⴀ 2 17 26 30 40 രᇐ䍺ӝδਾ䇗ε 446 493 635 675 712 Ԍެ 90 198 59 81 108 ᰖᖘ䍺ӝ 124 137 325 338 351 㩛ѐ࡟⏜ 361 643 896 1,194 1,574 Ԍެ 356 2,067 3,528 3,678 3,706 㩛ѐཌ᭬᭥ -1 -1 19 -1 -1 䍺ӝᙱ䇗 2,108 8,537 10,184 11,076 12,721 ࡟⏜ᙱ仓 361 642 916 1,193 1,572 ⍷ࣞ䍕ٰ 760 1,214 2,202 2,340 3,010 ᡶᗍい 47 86 114 149 197 ⸣ᵕٕv 0 0 0 0 0 ⏜࡟߶ 314 556 801 1,044 1,376 ᓊԎ車ᦤ 0 0 0 0 0 ቇᮦ㛗ђᦕⴀ -1 -1 -1 -1 -1 ᓊԎ䍜v 60 54 95 136 187 ᖈኔ∃ޢਮ⏜࡟߶ 315 557 802 1,045 1,377 Ԍެ 700 1,161 2,107 2,204 2,822 EBITDA 370 552 864 1,140 1,461 䶔⍷ࣞ䍕ٰ 124 178 178 178 178 EPS (ᖉᒪ)(ݹ) 1.00 1.51 1.50 1.95 2.57 䮵ᵕٕv 21 5 5 5 5 Ԍެ 102 173 173 173 173 ⧦䠇⍷䠅㺞 ঋփ:ݹⲴн 䍕ٰਾ䇗 884 1,393 2,380 2,519 3,188 Ր䇗ᒪᓜ 2020A 2021A 2022E 2023E 2024E ቇᮦ㛗ђᵹⴀ -1 8 7 6 5 㔅㩛⍱ࣞ⧦䠇⍷ 428 686 310 2,148 1,527 ᖈኔ∃ޢਮ㛗ђᵹⴀ 1,225 7,136 7,796 8,551 9,528 ⏜࡟߶ 314 556 801 1,044 1,376 䍕ٰૂ㛗ђᵹⴀ 2,108 8,537 10,184 11,076 12,721 ᣎᰝ᪀䬶 67 102 121 127 130 䍘ࣗ䍯⭞ 4 36 0 0 0 䠃㾷䍘ࣗ᤽ḽ ঋփ:ݹⲴн ᣋ䍺ᦕཧ -2 -17 -2 -17 -26 Ր䇗ᒪᓜ 2020A 2021A 2022E 2023E 2024E 㩛䘆䍺䠇਎ࣞ 105 157 -568 1,005 59 㩛ѐᙱ᭬ޛ 1,076 1,517 2,140 2,996 4,040 ᆹެ -59 -149 -18 2 2 ੂ∊δ%ε 68.3% 41.0% 41.1% 40.0% 34.8% ᣋ䍺⍱ࣞ⧦䠇⍷ -255 -2,070 -1,569 -353 -221 ᖈኔ∃ޢਮ⏜࡟߶ 315 557 802 1,045 1,377 䍺ᵢ᭥࠰ -149 -237 -1,381 -306 -186 ੂ∊δ%ε 68.7% 77.0% 43.8% 30.4% 31.8% 䮵ᵕᣋ䍺 -103 -1,853 275 -72 -70 ∑࡟⦽δ%ε 51.4% 48.7% 53.6% 52.6% 51.7% Ԍެ -3 20 -463 25 35 ROE% 25.7% 7.8% 10.3% 12.2% 14.5% ㆯ䍺⍱ࣞ⧦䠇⍷ -37 5,290 -186 -290 -400 EPS (᪀㮺)(ݹ) 1.00 1.51 1.50 1.95 2.57 ੮᭬ᣋ䍺 33 5,432 35 0 0 P/E 103.11 76.44 40.78 31.28 23.74 ٕv 36 0 0 0 0 P/B 19.15 6.17 4.19 3.82 3.43 ᭥Ԏ࡟ᚥᡌ㛗ᚥ -56 -95 -220 -290 -400 EV/EBITDA 62.69 72.44 34.77 25.03 18.91 ⧦䠇⍷߶໔ࣖ仓 128 3,845 -1,402 1,505 905