农公司深度：规模户占比提升+费率下降增加业绩，互转型享受估值溢价.pdfVIP

002385 + 2016 40% 2015 + ++ 2016 1500 2016-2018 11.3 14.416.3 EPS 0.28 0.35 0.40 PE 2017E 22.19 IT PB 17 30 10.5 2014 2015 2016E 2017E 2018E () 18444.92 16098.09 20131.90 26473.35 32504.91 (+/-)YoY(%) 10.71% -12.72% 25.06% 31.50% 22.78% () 795.68 705.55 1129.14 1442.57 1627.82 (+/-)YoY(%) 3.45% -11.33% 60.04% 27.76% 12.84% EPS() 0.19 0.17 0.28 0.35 0.40 (%) 21.98% 24.29% 24.89% 24.34% 23.86%