1、 / PLA 20201 2018 12019180 2019 2020“” PLA PLA2018 6792620 2018360.65% 0.62% PBS/PBAPLAPLA PLAPLA PLA PLA PLA PLAPLA 65117033 20PLA 1PLA1.8/3 / 12.8 1 51PLA PLA EPS PE 2019A 2020E 2021E 2019A 2020E 2021E 52.42 1.36 1.66 2.42 47 36 25 -3% 2% 7% 12% 17% 2019/6 2019/7 2019/8 2019/9 2019/10 2019/11 2019

2、/12 2020/1 2020/2 2020/3 2020/4 2020/5 % 1M 3M 12M 5.13% -4.55% 10.73% 3.35% -1.32% 0.07% 362 32468 24262 19.02 1.39 50610 1275 % 52.63 600143 2020-05-18 600143 2020-04-28 2020-01-21 600143 2019-10-15 : S0550518100001 : S0550519080004 2020-06-09 2 / 30 1. “” . 4 1.1. . 4 1.

3、2. . 7 1.3. PLA. 13 2. PLA. 15 2.1. PLAPLA . 16 2.2. PLAPLA . 21 3. PLA . 22 3.1. PLA . 22 3.2. PLA. 24 4. . 26 4.1. . 26 1 . 4 2 . 4 3 . 5 4 . 5 5 . 6 6 . 6 7/ . 13 8 . 13 9 . 14 10 . 14 11PLA . 15 12 . 16 13/. 17 14. 17 15. 17 16 . 17 17. 18 18 . 19 192018 . 19 202018 . 19 21 . 20 22. 20 3 / 30 23

4、PLA . 21 24PLA . 22 25PLA . 23 26PLA. 25 27PLA . 25 28 . 26 29 . 27 30. 27 31/. 27 32 . 27 332017 . 28 342019 . 28 1 . 5 22018 . 6 3 . 7 4 . 8 5 . 8 6 . 9 7 . 10 8 .11 9 .11 10. 14 11PLA . 15 12 . 18 132018PLA . 23 14PLA . 24 15 . 26 4 / 30 1. “” 1.1. 20201 20161995 35%2018 201932021 10 2025 25%2030

5、30% 201851202043 1741065IHS Markit 20183655%20 51200.39%2018720 202.78% 1 2 Wind Wind 5 / 30 2018221743% 2910725 30% 2018 725203% 1 2018 2019E 2020E 2021E 2022E 2025E 5,120 5,146 5,171 5,197 5,223 5,275 2,043 2,063 2,084 2,105 2,126 2,147 174 175 175 175 175 175 + 2,217 2,238 2,259 2,280 2,301 2,322

6、 2910 2,968 3,028 3,088 3,150 3,213 /(+) 33% 32.0% 31.0% 30.0% 29.0% 27.0% 725 716 700 684 667 627 3% 4% 6% 8% 10% 15% 20.00 28.65 42.02 54.71 66.72 94.04 Wind 50003000 “” “”27 87%270 2/3 3 4 Wind Wind 6 / 30 20181 24 2019180 2021 5 6 20181300 22%2019127 21% 22018 6,103 10,770 6,462 12,565 35,900 2,

7、624 2,262 1,357 2,639 8,882 725 679 407 792 2,620 19.80 4.20 6.84 5.16 36 2.73% 0.62% 1.68% 0.65% 0.65% WindIHS 21%30% 2018 679407 2620 2018360.65% 2.73%1.68% 0.62% 7 / 30 1.2. 2020119 2020 2022 2025 420 3 20203 () 20204 ( ) 20204 20204 20205 20205 20205 20206 20206 0.0250.01 PLA62 PLA 3 10 PLA12021

8、 8 / 30 PLA 4 2020 2022 2025 525 5 0.025 0.01 2020 2022 1. 2. 0.025 0.01 3. 9 / 30 20202022 2025 6 2020 2022 2025 2020 2022( 2025 30% 2022 2025 9792 2020 90% 70% 2025 10 / 30 0.0250.01 2020 2025 7 2025 30% 979290% 70%90%2 2025 Wind2018 33621% 71201827.730% 21 27.7 11 / 30 8 9 12 / 30 A 13 / 30 2017

9、7/ 8 Wind Wind 1.3. “” , PLA PHA PCLPBATPBS PTA 2019 117.1138%PBA TPBS 32%PLAPHA27% BASFNatureworksNovamont Corbion-Purac 7-30% 30-60%PLAPBA T 70% 14 / 30 Novamont15 PBATPBSPET BASF7.46 PLA PLANatureWorks15 Corbion-Purac7.5PLA 9 9 10 Wind 10 PLA PHA PBSA PBAT PBSAPCLPLA PBSPBATPCL 20193 PBSAPBA T6 3

10、 20196PBA T 20213PLA2021 15 / 30 PLA PLA2016 0.8120192.4545% 20181.73PLA 2. PLA PLA 11PLA PLA GPPS PET PP MPa 53.1 45.4 58.6 35.9 % 4.1 1.4 5.5 350 GPa 3.5 3 3.5 1.3 kJ/m2) 16 21.4 26.7 48.1 60 102 74 -20 130-170 150-180 270 165 g/cc) 1.3 1.1 1.4 0.9 PLAPET PSPLA 11PLA 16 / 30 2.1. L-D-LDDL- D-L- 12

11、 PLAL-D-L-DL- PLA L-96%99%D-1%4% PLA DL- D- D- 2000 PH5 80%-88%12%-20%92%-93% 1.5PLA1.592%PLA 2.25PLA3374.25 201911.10.1% 17 / 30 13/ 14 Wind Wind PLA2.25PLA650 14631.3%PLA “” PLAPPPET PLAPLA92%9700 /PLA1.36/PP/ 350/ 2000/ PLA PLAPLA 90% 15 16 Wind 18 / 30 12 pH pH pH pH pH 17 70% -50-60% 30%10% 19

12、/ 30 18 5010 27.812.8 Corbion201818.34% 192018 202018 201851.819.47 38%20188.38 70%1.0220% 20 / 30 21 202071 () 10 22 21 / 30 2.2. 23PLA PLA 10 PLAPLA L-D-2 4 L-D-DL-m- DL- m-L- 22 / 30 L- m-PLA PLA 2018 PLA 3. PLA 3.1. 24PLA PLAPLA 23 / 30 25PLA PLAPETPSPE PP PBSAPBA T PBSAPBA T35-60% 132018PLA 725

13、 679 407 792 2,620 19.80 4.20 6.84 5.16 36 2.73% 0.62% 1.68% 0.65% 0.65% PLA 25% 25% 25% 25% 25% PLA 181 170 102 198 651 WindIHS 2018PBA T+PBS32%PLA 25%PLA/(PBS+PBA T+PLA)43%PLA 35-60% PLAPLA 25%PLA651 170 10 2019 2020“ ”PLA 24 / 30 3.2. 18451913 1932 1954 1986 1997Cargill-Dow NatureWorks20017 Natur

14、eWorks15 NatureWorks -PLA2008 LD 157.5PLA PLA 33 20 NatureWorks-NatureWorks- 7 14PLA - 26 15 7.5 NatureWorks 22 18 15 15 12.8 +1 +1 11PLA - - 1.5+3 - - 3 - - - 1 2017 - - 1.1 - - 1 2014 - - 1 2015 - - +3 32021 33.1+7 2005 20065000 PLA1.53 2012 2012 1 2014 1 25 / 30 2015 1 PLAPLA PLA PLA PLA PLAPLA P

15、LA PLA L-/D- /PLA- - 3PLA PBA TPBSA6 PLA 26PLA 27PLA Wind Wind PLA20192.52010 0.2728%2016“” PLA45% PLAPLA20181.73 PLA 26 / 30 4. 4.1. - 80 PLA 28 51 1 - 15 10.5 5 2.3 2019 4.1 109 6.5 40 1 1 2019 65%20%8%2017 20198.78 27 / 30 9.49%1.1537.98% 29 30 Wind Wind -2019 0.71-0.76-0.85-0.97/20188 2019 67% 1

16、6% 31/ 32 Wind Wind 28 / 30 332017 342019 Wind Wind “ ” 5 11 401 2020-20229.61/12.40/15.87 1.66/2.42/3.4944.26% 45.82% 44.10% PE36X25X17X 29 / 30 “” R3AB AAABS “” 615% 65%15% 6-5%5% 65%15% 615% 6 6 6 30 / 30 6666 130119 28D 100033 729 200127 100622A 518038 12215 510630 021-2

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