vertex2018年消费行业报告Part1201841页

Confidential&ProprietaryConfidential&ProprietaryConfidential&ProprietaryConfidential&ProprietaryConfidential&ProprietaryConfidential&ProprietaryConfidential&Proprietary••••Confidential&Proprietary••Confidential&Proprietary••••Confidential&Proprietary••••Confidential&ProprietaryConfidential&ProprietaryConfidential&ProprietaryConfidential&ProprietarýConfidential&Proprietary!Confidential&ProprietaryConfidential&Proprietary 2015Confidential&ProprietarỳConfidential&Proprietary•••Confidential&ProprietarỳConfidential&ProprietarỳConfidential&ProprietaryConfidential&ProprietarỳConfidential&Proprietary0.6%Confidential&ProprietaryConfidential&ProprietaryConfidential&ProprietaryConfidential&Proprietary••Confidential&ProprietaryConfidential&ProprietaryConfidential&ProprietaryConfidential&ProprietaryConfidential&ProprietaryConfidential&Proprietary2016A2017A2018E2019E17,000%18,579%21,122%24,102%yoy%7.4%9.3%13.7%14.1%3,123%3,315%3,650%4,038%yoy%5.7%6.2%10.1%10.6%P/E18171614P/B1.51.31.21Confidential&Proprietary2016A2017A2018E2019E2,2712,5652,9893,537yoy%0.7%12.9%16.5%18.3%422.9494597703yoy%4.6%16.8%20.8%17.8%P/E22.419.215.913.5P/B2.11.81.81.7Confidential&Proprietary&-Confidential&Proprietary-&Confidential&Proprietary-&2015A2016A2017A2018E2015A2016A2017A2018E7717353,5104,2304,4114,6585335605846123663313113023003003003001801801801801.781.871.952.042.031.841.731.688388298347122,0741,9081,8391,750849410313264687479606060601071071071071.451.451.591.79Confidential&Proprietary-&Confidential&Proprietary