资源描述
1 / 25 0% 27% 55% 82% 110% 137% 2020-04 2020-08 2020-12 3002 / 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 / 25 . . . . . . . . . . . .4 / 25 1 1.1 1 2 3 2019 72.36% 4 15.83% 72.36% 11.81% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 89.0% 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% 98.0% 2016 2017 2018 2019 2020H1 -5 / 25 1.2 5 6 2020H1 2.102GW 7 2020 785.1MW 1 + 2 -500.0% 0.0% 500.0% 1000.0% 1500.0% 2000.0% 0 500 1000 1500 2000 2500 3000 3500 4000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020H1 MW - -200.0% -100.0% 0.0% 100.0% 200.0% 300.0% 400.0% 500.0% 600.0% 700.0% 0 100 200 300 400 500 600 700 800 900 MW6 / 25 8 9 1.2.1 10 1 0 500 1000 1500 2000 2500 3000 3500 4000 2016 2017 2018 2019 17.4% 20.0% 25.7% 11.3% 17.0% 34.6% 32.0% 19.0% 37.8% 39.3% 44.0% 2.0% 0% 20% 40% 60% 80% 100% 2018 2019 20207 / 258 / 25 11 12 13 2019 3500 30.22 / 0 0.5 1 1.5 2 2.5 3 / 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 0 10 20 30 409 / 25 14 MWh 15 2 / 0 500 1000 1500 2000 2500 2016 2017 2018 2019 0% 20% 40% 60% 80% 100% 120% 0 20000 40000 60000 80000 100000 2013 2014 2015 2016 2017 2018 2019 2020 / yoy10 / 25 1.2.2 16 17 /11 / 25 18 3 10%-2012 / 25 1.2.3 19 AGC 20 AGC13 / 25 21 K 4 0 1 2 3 4 5 6 K K1 K2 K3 #2 #214 / 25 215 / 25 5 2816 / 25 22 6 2023 59.44% 2021E 2022E 2023E 0 5000 10000 15000 2019 2040E 2070E17 / 25 2021E 2022E 2023E /GWh 21.20 37.21 53.89 yoy 75.52% 44.83% 7 2021-2023 5G 63.99GWh 2021E 2022E 2023E /GWh 12.42 23.93 27.65 yoy 55% 92.72% 15.58% 8 2023 70.26% 2021E 2022E 2023E18 / 25 2021E 2022E 2023E /GWh 7.00 13.87 20.30 yoy 98.13% 46.32% 9 2023 16.32% 2021E 2022E 2023E 319 / 25 23 1 10 LG20 / 25 24 LG 2019 11 2014-2019 ATL 12 2019 Tesla, 15% LG , 11% , 8.50% , 66% Tesla LG21 / 25 2 PCS22 / 25 25 2019 15% 3 / 26 2020 3.02GWh 83% Sonnen , 15% , 12% , 11% Fimer, 11% SolarEdge, 11% Fronius, 10% , 30% Fimer SolarEdge Fronius -100% 0% 100% 200% 300% 400% 500% 600% 0 500 1000 1500 2000 /MWh yoy23 / 25 27 Sonnen 2017 28 Sonnen 2019 13 / / P/E 4 21% 18% 11% 11% 10% 9% 5% 4% 3% 2% 6% Sonnen LG Chem E3/DC SENEC Solarwatt VARTA Mercedes Benz Energy NN Tesla 20% 19% 14% 14% 12% 7% 3% 3% 3% 2% 3% Sonnen E3/DC SENEC LG Chem VARTA Solarwatt Alpha ESS LG Electronics Tesla24 / 2525 / 25
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