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1 2024 03 25 SAC S1110522080001 2 1 2025 173.71 1/3 2 2023/181.14/222.02 12.61%/12.47%2020 56.31%/59.03%2023 120.3 77.6%2024 1 12 18 7 3&WUBYyRtOoNrQqOsRqNpQnM6M8Q7NoMpPsQsOjMnNsRlOpNqO9PnNzRxNsOpQuOmRoM 1341.1 90 90 5Px/UeKC2/FjUw2psYM8PLzkDSe1RnSOm2svFrHBRVnadykNkjjSHnO0tp7SVDWH 51.1 61.1 2022 38 4%25 68%2022 4190 3400 SICK USA 71.2/YHReaserch 83%63%52%18%8%YHResearch 81.2 91.3 CNC CNC CNC CNC 101.3 1.2.3.4.5.6.7.GF Machining solutions-111.4 2021;21%2%/2%AZ/(HEBERT)/QUALITY/121.5 AZ131.6 1:5 1:11 1.5 70%5 2/5 1.5 11 15 16-22 10-20 7 4.2 7-11 2-5 4 2 6 3141.6 2020 20.3 13.0 7.3 2025 173.71 1/3 2019-2025 13 1313.6 13.8 14.114.514.867.2 7.37.67.888.28.3705101520252019 2020 2021E 2022E 2023E 2024E 2025E 150.9 149.86 160.29 160.67 165.34 169.48 173.71-0.7%7.0%0.2%2.9%2.5%2.5%-2%-1%0%1%2%3%4%5%6%7%8%1351401451501551601651701751802019 2020 2021 2022E 2023E 2024E 2025E YoY 2019-2025 215162.1 1998-2022 55%40.91%5.4%17.85%2022 2022 2062.98 2023 Tire Business 75/9/10/12 2023 Wind 名称1998 年 2014 年 2017 年 2022 年米其林19.20%13.70%13.86%15.89%普 利 斯通18.80%14.50%14.32%14.96%固特异16.90%9.10%8.41%10.06%大陆6.50%6.60%6.66%6.98%倍耐力4.50%4.40%3.55%3.91%住友5.60%3.80%3.97%4.03%中 国 大陆和 中国台 湾（仅75 强）5.40%18.20%16.45%17.85%其他23.10%29.70%32.77%26.31%-30%-20%-10%0%10%20%30%40%50%60%2015 2016 2017 2018 2019 2020 2021 2022 Top3 172.2 2023 522.1 57.4%3 1 177.3 67.1%2023/182.14/222.02 12.61%/12.47%2020 56.31%/59.03%2023/2020 10.31%/28.56%Wind 010203040506070800246810121416182020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-092023-11 010203040506070809005101520252020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-092023-11 182.3 2023 120.377.6%400 2023 500 2017 2022 2023 300+62.3%24.3+334.2%2022 3%2023 8%Wind 2006-2023-50%0%50%100%150%200%050100150200250300350200620072008200920102011201220132014201520162017201820192020202120222023 YoY-50%0%50%100%150%200%250%01002003004005006007008009001,000 YoY 2008-2022 192.3 1 2 3 2013 2022 17 18 19 20 2013-2022 2013-2022 202.4 2014 2024 1.24%6.16%4.52%2024 1 12 18 7 2024 24 1 2000()1500 220 200 800 200 130 600 2023 9 600 50 180 5 1200 1200 160 6 120 95 120/1000 PCR 2023 1440 500 90 350 75 900 165 600 700 150 120 800/1200 160 2 240 74 1200 600 PCR LTR TBR 350 600/2024212.4+10 8 3 3 600 1200 Wind 30%40%50%60%70%80%90%100%20102011201220132014201520162017201820192020202120222023-20%0%20%40%60%80%100%20102011201220132014201520162017201820192020202120222023 322233.1 30-40 GE 243.2 700 0.005mm FIDIA WILLEMIN CAD UG Ci-matron CAD/CAE/CAM 2012 4.0 GANTRY 450C 253.2 1995 2022 1000 35%1000()/Wind%33.3727.4123.781815.329.85 10.036.876.5316.0343.9943.0241.8938.7 38.5535.634.0535.7337.7742.22051015202530354045502014 2015 2016 2017 2018 2019 2020 2021 2022 2023H1 263.3 500 JK MRF CEAT Birla Wind 0.0%20.0%40.0%60.0%2014201520162017201820192020202120222023H1&273.4 2023 Wind/%7.48.610.110.512.016.116.7%16.7%4.6%14.0%34.3%0%5%10%15%20%25%30%35%40%0246810121416182018 2019 2020 2021 2022 2023 YoY-10%0%10%20%30%40%50%010203040506070802014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YoY YoY283.5+42 68 Wind/%-80%-60%-40%-20%0%20%40%60%80%0510152025 YoY YoY%-1000%-800%-600%-400%-200%0%200%-5.0-4.0-3.0-2.0-1.00.01.02018 2019 2020 2021 2022 2023Q1-3 YoY 429305.31 6 300 6 300 20%10%-20%-10%-10%-10%5%-5%-5%-5%/THANKS32
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