公司首次覆盖报告：辅料龙头产能叠加品类扩张，国际份额提升可期

| --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------|---------------------------|----------------------|-------------------------------------------|-------|-------|----------|-------| | | | | | | | | | | | | | 22.0% | | | | | | 4500 | | 50% | 21.5% | | | | | | 4000 | | 40% | 21.0% | | | | | | 3500 | | 30% | 20.5% | | | | | | 3000 2500 2000 1500 1000 500 | | 20% 10% 0% -10% -20% | 20.0% 19.5% 19.0% 18.5% 18.0% 17.5% 17.0% | | | | | | 0 | | -30% | 16.5% | | | | | | | 营业收入（亿日元） YOY ...