20231108_民生证券_机械行业证券研究报告：重点关注通用制造业复苏_41页.pdf

本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 1 2023Q3 2023 11 08 2023Q2-Q3 CS 2023Q2/2023Q3+9.6%/+4.8%+9.3%/+7.9%2023Q2/2023Q3+20.78%/26.01%+60.87%/+61.48%+16.13%/+13.46%+6.23%/+34.31%+5.89%/+31.95%+7.05%/+16.42%+97.95%/+30.98%+14.68/+51.38+181.02/+69.78+8.01%/+7.81%+9.39%/+12.16%+5.75%/-4.34%2023Q2/2023Q3+6.24%/+30.40%+57.44%/+53.18%+22.22%/+382.07%-0.06%/+82.39%-12.75%/+26.35%+12.26%/+9.31%-3.68%/+1.63%+35.37%/+52.72%+72.19%/+52.99%+11.47pct+13.91pct+4.74pct+21.33pct-4.23pct-2.28pct Q2-2.05pct 7 5%7 25%50%22 5%0.00%0.00%0.00%0.00%0.50%1.00%1.50%25%3C 7.01%10.55%10.79%12.06%15.87%16.08%16.58%1 2 3 4 5 1 2 Table_Author S0100521110006 13681805643 lizhe_ S0100521110010 18502129343 1.3C-2023/11/06 2.-2023/10/30 3.+-2023/10/23 4.-2023/10/15 5.-2023/09/27 /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 2 1 2023Q3+4.8%+7.9%.3 1.1.3 1.2.7 1.3.12 1.4.13 1.5.18 2 50%.21 3.22 3.1.22 3.2.32 3.3.35 4.37 5.38.39.39.41 YWFUuNrMtQpOrPmPrMtMmN6M8Q6MtRpPpNoNkPnMmNfQpPvM6MoPnMxNnMxOuOpPoM/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 3 1 2023Q3+4.8%+7.9%1.1 2023 CS 591 3C 6 1 CS CS CS 13 10 8 2 3C 6 8 20 206 30 7 4 61 5 7 10 49 22 1 25 4-WD 43 22 10 1 14 3 591 wind 2023 11 1 /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 4 2023Q3 CS 5670.8+4.8%CS 11.7%23Q2 4pct 2022Q2 8.2%3.6%1%2 CS 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 862.9 1007.4 1089.1 1277.6 843.7 840.9 814.5 855.7 875.0 905.3 881.9 1051.3 871.9 813.2 993.2 821.4 1119.5 1158.9 1364.8 1125.0 1372.5 1460.2 1649.1 1359.2 1694.3 1700.4 681.9 797.8 691.7 861.8 818.0 918.3 763.8 869.6 861.8 1086.6 878.9 1041.7 1046.2 1121.4 1574.3 938.2 1358.2 1254.9 1814.8 967.4 1245.6 1293.4 1963.5 1059.7 1563.5 1582.9 76.9 110.3 75.6 107.2 114.1 159.2 95.3 131.7 135.4 176.9 110.0 152.1 155.0 116.2 117.7 111.2 131.0 129.7 147.2 117.5 136.3 137.9 128.1 280.6 328.0 314.4 3672.6 4600.7 3727.2 4855.4 4319.3 5245.2 3883.4 4611.4 4763.7 5909.5 4570.3 5830.9 5670.8 wind 3 CS%分类 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 41.6%43.3%85.6%15.5%-5.2%-21.5%-27.1%-33.7%-19.9%-2.7%-2.6%7.2%-3.6%15.5%13.9%45.6%30.1%19.1%17.6%21.7%10.9%21.6%12.2%13.5%15.8%11.7%21.9%9.5%45.8%25.3%13.3%8.5%7.6%-1.9%2.8%7.1%3.6%9.1%10.2%4.7%12.5%32.5%22.0%6.4%10.3%-0.3%-11.1%2.5%-4.3%-9.5%6.3%-1.0%17.9%13.1%71.9%24.5%17.6%21.0%14.4%10.9%12.9%9.6%17.9%11.6%8.2%23.8%14.7%64.8%21.2%12.0%24.4%5.6%4.0%6.0%-8.7%3.5%3.2%7.2%18.3%17.9%52.4%22.5%8.6%5.5%-0.8%-9.0%2.6%2.5%1.9%9.6%4.8%wind 2023Q2 CS 391.2+7.9%2 CS 2 4 /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 5 4 CS 分类 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 80.8 74.9 114.3 124.0 55.9 15.4 55.4 53.3 45.5 21.4 63.5 94.7 60.9 56.3 2.9 69.8 98.3 96.9 45.5 90.9 125.3 127.5 65.2 108.4 154.0 147.9 61.3-1.4 60.7 76.9 65.7 9.0 56.5 77.9 59.2 25.7 69.5 91.1 82.6 56.7 111.6 38.4 82.0 89.1 27.1 32.9 65.8 66.5 53.7 29.3 68.9 77.5 13.6 12.5 5.9 16.8 15.2 13.3 5.8 16.3 15.1 26.7 7.5 20.6 17.2 4.2 0.0 5.3 8.1 4.1 2.7 2.4 5.1 3.2 1.6 5.2 6.8 5.1 272.9 200.5 294.4 406.0 326.9 113.0 243.8 343.7 317.0 194.3 283.3 436.1 391.2 wind 5 CS%分类 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 49.4%239.2%148.9%-14.2%-34.7%-81.1%-53.2%-57.3%-41.8%-2.0%-11.3%30.0%-0.1%4.0%112.5%156.1%32.3%22.6%86.3%16.1%14.6%26.6%30.3%5.1%10.3%10.1%235.2%97.3%155.1%-6.6%-1.5%395.7%-8.9%-2.5%-13.2%27.0%6.4%4.3%18.1%20.3%65.3%417.4%45.8%33.8%-78.0%-22.4%-24.6%-26.0%56.0%-26.8%-5.3%2.8%21.2%-7.4%157.5%1.1%-12.1%-20.9%-12.1%-12.1%-6.4%18.6%47.2%9.9%-4.4%36.6%-103.7%223.4%65.9%-3.4%3232.3%-56.0%-35.9%-6.2%62.0%-21.6%-12.7%26.4%45.2%764.3%171.8%7.2%2.3%-54.5%-22.1%-19.7%-11.0%29.5%-2.8%9.3%7.9%wind 2023Q3 CS 23.8%+3.2pct+16.7 pct+1.6 pct-4.3pct-0.1pct 6 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 24.0%22.6%23.0%21.3%20.1%18.5%18.5%19.9%7.9%22.4%23.4%24.6%24.6%26.1%24.8%26.1%25.6%24.6%24.0%24.8%24.8%25.1%25.5%25.6%25.9%26.7%25.6%24.9%25.2%24.9%24.7%23.1%24.8%24.4%25.0%25.9%26.0%26.2%26.8%20.3%20.7%19.2%19.2%21.2%19.0%17.9%19.0%19.6%18.4%17.4%17.1%19.5%43.4%42.5%38.5%42.5%41.0%40.4%38.0%40.8%39.6%40.3%39.7%42.1%41.0%18.6%13.6%16.8%16.3%14.7%14.0%14.0%13.9%12.9%16.7%7.6%7.7%8.6%23.9%23.1%23.2%22.7%22.9%21.5%21.8%22.4%20.5%23.0%22.6%22.8%23.8%wind 2023Q3 CS 15.9%4.6%5.1%5.2%0.9%+0.9pct-0.3pct-0.2pct-0.2pct+1.6pct /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 6 7 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 13.9%13.6%11.3%10.4%14.1%16.8%12.4%12.0%17.5%21.5%15.6%12.1%18.2%17.8%19.1%16.1%15.2%16.5%16.5%15.4%13.6%14.5%17.8%16.5%14.3%16.1%16.4%20.1%15.9%15.4%16.8%18.3%16.5%15.1%15.7%23.9%18.2%15.9%18.2%14.3%15.9%13.3%11.7%13.4%12.9%12.9%11.3%12.5%15.4%13.7%10.3%13.2%30.2%32.0%32.4%27.1%30.6%27.3%33.1%27.6%28.0%27.4%34.6%29.3%30.1%13.5%8.9%11.0%11.0%10.7%11.0%11.4%9.5%9.9%9.9%5.7%5.0%6.5%15.7%17.0%14.1%13.1%15.4%15.8%14.7%13.3%15.0%18.8%15.8%13.0%15.9%wind 8 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 5.8%4.3%5.2%4.6%5.4%5.6%5.1%5.3%8.6%7.3%6.1%6.1%6.8%4.8%4.0%4.2%3.8%4.4%3.6%3.7%3.5%4.0%4.5%4.0%4.1%4.2%4.4%4.4%4.8%4.7%5.4%5.3%5.0%5.3%5.7%8.2%5.7%6.3%6.1%2.9%3.3%2.8%2.4%3.2%2.3%2.5%2.3%2.6%3.2%2.7%2.7%2.7%12.8%12.8%13.0%10.8%12.9%11.1%13.3%11.1%11.9%11.0%13.9%12.0%12.3%3.9%-1.3%2.0%2.0%2.1%1.9%2.0%1.7%2.1%2.5%0.9%1.1%1.3%4.5%4.0%4.3%3.9%4.6%4.0%4.1%4.0%4.9%5.4%4.5%4.5%4.6%wind 9 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 2.8%3.1%2.3%2.0%3.1%3.9%3.0%2.9%4.0%4.8%3.5%3.0%3.9%6.5%6.8%6.3%5.4%5.9%5.9%5.8%5.2%5.4%6.2%6.0%5.5%5.7%5.2%6.6%5.6%4.8%5.5%5.7%5.6%5.3%5.6%6.5%5.8%5.5%5.5%5.8%5.9%6.1%4.9%5.5%5.0%6.1%6.0%5.9%6.1%6.1%4.8%5.3%7.3%8.8%9.1%7.3%8.6%7.5%9.3%8.0%7.8%7.7%10.2%8.6%8.1%4.2%4.5%4.5%4.2%4.2%4.2%4.4%4.2%4.5%3.0%2.2%2.1%2.3%5.1%5.6%5.0%4.3%5.2%5.3%5.3%5.0%5.3%6.0%5.4%4.7%5.1%wind 10 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 4.4%5.7%3.6%4.0%5.5%6.7%4.7%5.3%6.2%7.2%5.1%5.2%5.8%4.7%6.4%4.7%5.0%5.4%5.8%4.9%5.2%5.5%6.2%5.4%5.4%5.6%4.4%6.5%4.4%4.4%4.9%5.8%4.7%5.1%5.1%7.8%5.4%5.4%5.8%4.8%5.9%4.2%3.9%4.5%5.3%4.1%4.1%4.8%5.7%4.3%3.8%4.4%8.9%9.1%9.8%8.2%8.7%7.8%10.0%9.2%9.2%8.4%10.4%9.7%9.7%3.1%3.4%3.0%3.1%2.9%3.0%2.9%3.1%2.9%2.9%1.4%1.5%2.0%4.7%6.1%4.3%4.3%5.1%5.7%4.7%4.9%5.4%6.5%5.0%4.8%5.2%wind /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 7 11 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 1.0%0.6%0.2%-0.1%0.2%0.6%-0.3%-1.4%-1.3%2.2%0.9%-2.3%1.7%1.8%1.9%1.0%1.0%0.8%1.2%0.9%-0.3%-0.4%0.8%1.0%-0.7%0.6%2.3%2.6%1.1%1.4%1.0%1.4%1.2%-0.7%-0.7%1.4%1.2%-1.2%0.9%0.8%0.8%0.2%0.5%0.2%0.2%0.2%-1.0%-0.8%0.3%0.5%-1.0%0.8%1.2%1.4%0.6%0.8%0.4%0.9%0.5%-0.6%-0.8%0.3%0.1%-1.0%0.0%2.2%2.4%1.5%1.7%1.5%2.0%2.1%0.5%0.4%1.5%1.2%0.4%0.9%1.4%1.4%0.6%0.7%0.6%0.8%0.6%-0.8%-0.7%1.0%0.9%-1.1%0.9%wind 12 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 56.9%57.2%57.3%57.7%55.9%55.4%56.4%57.7%58.7%57.7%58.0%58.4%57.0%50.9%50.8%50.0%50.2%50.5%51.0%50.8%52.2%51.8%51.3%51.3%51.6%51.7%53.1%52.8%52.1%52.8%51.7%51.8%51.4%52.2%51.9%50.8%50.4%50.7%49.9%61.3%57.7%59.1%60.1%57.7%56.5%56.4%57.9%57.6%56.1%56.3%57.8%58.6%29.6%32.6%31.6%31.2%31.9%31.7%30.0%29.5%30.1%28.5%26.8%26.3%26.3%47.7%48.9%48.7%49.8%50.0%50.6%51.1%51.8%50.8%49.5%50.5%51.6%49.6%55.5%54.0%54.2%54.7%53.4%53.0%52.9%54.1%54.0%53.0%53.0%53.5%53.3%wind 1.2 2023Q3 CS yoy+61.5%yoy+26.0%+8.7%+17.3%+4.1%2023Q2 2023Q3 20.8%26.0%2023Q2 2023Q3 51.08%34.04%2023Q2 2023Q3 60.9%61.5%2023Q2 2022Q3 98.82%63.47%84.92%78.28%66.51%94.38%2023Q2 2023Q3 6.0%17.3%2023Q2 2023Q3 14.82%30.67%22.41%-3.67%/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 8 2023Q2 2023Q3 2.8%4.1%2023Q2 2023Q3 9.79%10.07%2023Q2 2023Q3-2.0%8.7%5 2023Q2 2023Q3-3.67%9.87%3C 2023Q2 2023Q3 22.1%-11.7%2023Q2 2023Q3 7.31%31.22%13 CS 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 217.9 271.7 208.3 255.9 247.6 280.8 238.7 281.1 283.9 286.2 261.3 297.4 303.6 26.4 29.2 41.1 43.8 38.9 43.3 44.7 41.6 36.7 48.8 49.4 52.8 53.5 418.1 491.4 423.2 611.1 643.2 776.0 655.0 791.5 874.4 962.6 781.2 973.6 942.4 56.3 69.4 44.0 67.8 59.5 97.5 50.7 87.8 65.6 108.7 67.4 95.6 81.8 2.5 2.7 2.6 2.8 2.8 3.1 2.8 3.5 3.9 4.1 3.2 4.1 4.4 51.8 81.5 68.8 86.6 107.6 78.7 71.2 86.8 99.7 120.3 102.9 143.1 165.2 3C 10.9 22.6 14.9 17.1 15.9 22.7 16.4 20.4 27.6 30.7 20.4 23.4 21.8 29.7 25.2 18.9 34.7 43.8 63.1 46.0 60.3 68.7 87.9 73.5 104.4 127.7 wind 14 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 20.9%16.2%31.3%19.8%13.6%3.4%14.6%9.9%14.7%1.6%9.4%2.8%4.1%10.2%33.6%74.2%73.4%34.6%39.8%8.1%-7.7%-9.9%-11.6%-12.2%-2.0%8.7%8.9%7.0%50.3%29.8%16.3%17.7%21.4%8.8%21.7%12.8%11.0%17.1%7.2%-3.0%-4.8%4.9%14.8%-16.3%25.3%11.3%1.4%9.0%5.7%29.0%6.0%17.3%23.2%94.9%113.0%29.7%13.6%15.3%7.6%25.5%36.7%34.7%12.9%16.1%13.5%80.3%59.4%111.0%52.5%89.1%12.1%35.1%29.9%47.3%63.0%56.0%60.9%61.5%3C 17.6%72.5%49.3%17.3%17.9%-2.9%5.9%10.5%43.0%42.3%33.7%22.1%-11.7%60.7%35.6%26.0%89.3%47.7%150.4%144.1%73.7%56.7%12.5%17.9%20.8%26.0%wind 2023Q2 2023Q3 Q3 2023Q2 2023Q3 6.2%30.4%2023Q2 2023Q3 36.69%31.71%2023Q2 2023Q3 57.4%54.2%/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 9 72.57%63.14%-5.89%-5.60%2023Q2 2023Q3 2.6%24.8%14.74%58.02%50.27%28.55%2023Q2 2023Q3 14.0%47.6%2022Q2 2022Q3-9.54%1.61%3C 2023Q2 2023Q3 179.2%-51.0%2023Q2 2023Q3 96.6%-35.5%2022Q2 2022Q3 30.88%26.28%15 CS 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 6.9 9.2 11.4 17.8 11.8 12.4 15.8 20.7 13.8 13.3 18.1 23.4 19.0 1.8-2.6 2.9 2.8 1.7-3.4 3.4 2.7 5.2-10.2 1.8 3.0 3.2 32.4-0.4 37.6 51.4 57.9 27.6 55.5 70.5 74.7 25.7 61.4 79.2 74.8 2.6-1.3 2.1 6.1 3.9 2.1 0.7 8.6 4.2 6.5 2.1 9.6 6.1-1.5-11.7-0.4-0.9-0.2-6.8-0.6-0.5-0.8 5.0-0.6-0.5-0.1 8.6 11.1 11.7 15.5 15.6 10.9 11.4 15.1 18.1 19.9 18.9 25.8 28.3 3C 1.2-1.9 2.0 1.5 0.4-4.6 0.8 1.2 2.9 1.4 1.3 3.7 1.4 4.4 0.4 2.4 4.2 5.8 7.3 3.8 6.9 9.3 3.7 5.6 9.9 15.2 wind 16 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3-19.0%12.4%92.7%7.3%71.0%34.9%38.8%16.6%16.8%6.6%15.1%2.6%24.8%234.7%70.4%654.5%142.6%-16.3%-41.1%15.9%-0.6%190.0%-96.6%-77.4%96.6%-35.5%-1.7%73.0%177.4%9.9%9.8%26.7%11.9%6.8%12.2%-37.5%-2.5%-1.6%-3.9%-46.9%-314.6%110.5%1048.8%-5.5%417.8%-56.3%11.6%7.1%299.3%625.3%14.0%47.6%-183.5%-108.8%41.7%6.0%83.8%41.5%-52.4%43.3%-253.6%172.8%-11.6%-0.1%82.4%94.8%689.8%194.4%113.8%72.1%14.1%32.4%49.1%80.0%72.6%67.1%57.4%53.2%3C 137.7%86.5%222.0%19.3%-67.5%-155.1%-58.6%-22.5%208.0%134.7%31.7%179.2%-51.0%46.5%-19.1%-0.5%46.3%32.2%1565.1%55.9%63.3%61.3%-10.4%21.5%6.2%30.4%wind 2022Q3 2.9pct 2.5pct 13.9pct /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 10 2023Q2 2023Q3 3.5pct 0.8pct 2022Q3 1.69pct 2023Q3 12.45pct 2023Q2 2023Q3 2.7pct 1.2pct Q3 4.39pct 2023Q3 2.9pct 2.05pct 2023Q2 2023Q3 2.7pct 2.5pct 2023Q2 2023Q3 1.56pct 4.07pct 3C 2023Q2 2023Q3 0.2pct 0.3pct 2023Q2 2023Q3+2.03pct-5.08pct 17 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23.4%22.6%24.3%23.0%19.7%20.2%22.0%21.4%19.5%23.8%23.2%24.4%22.4%22.6%22.4%22.2%22.3%21.1%21.8%22.5%22.4%24.0%25.0%22.8%23.7%24.4%26.7%24.7%26.2%26.0%26.1%24.5%25.2%25.2%25.6%24.6%25.2%24.8%26.4%25.3%28.6%23.7%24.0%22.9%24.9%21.4%22.3%22.7%25.2%22.6%25.0%25.2%13.2%-5.5%12.5%-7.1%14.0%32.3%5.8%14.8%7.1%9.7%15.6%20.2%21.0%30.5%28.3%28.7%29.9%25.3%28.7%30.8%30.4%31.1%29.5%31.0%33.1%32.3%3C 39.0%33.0%40.7%37.5%35.9%29.0%39.5%35.7%38.1%33.3%39.9%35.5%37.8%31.1%26.9%37.9%32.8%31.4%26.8%26.2%28.2%31.7%33.2%32.6%31.7%32.5%wind 2023Q3 1.5pct 2.4pct 4.7pct 0.8pct 0.5pct 3C 0.4pct 2.8pct 18 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 17.1%16.8%15.5%13.3%13.9%14.9%13.6%11.9%12.1%15.7%13.7%13.9%14.7%21.2%21.6%13.7%16.1%17.0%17.2%14.1%14.8%17.4%38.2%19.0%16.7%16.6%17.8%19.9%16.4%16.3%17.9%17.7%15.7%14.5%15.1%16.3%16.6%14.2%17.0%19.8%21.6%17.8%12.7%19.0%16.1%18.8%8.7%13.5%17.3%17.4%10.4%15.9%61.4%18.9%25.0%21.2%25.5%43.2%27.9%29.6%29.7%47.6%38.1%32.0%25.0%15.3%13.0%11.0%10.2%9.4%7.8%12.6%11.7%11.1%10.0%12.2%11.3%11.6%3C 30.0%38.6%30.8%29.2%33.4%34.0%33.6%30.6%32.5%20.9%33.6%28.4%32.1%13.0%21.5%24.1%19.1%16.8%12.2%16.2%13.3%14.1%38.2%22.2%18.8%15.6%wind /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 11 19 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 3.6%3.3%3.9%3.2%3.4%2.2%3.1%2.6%3.1%3.3%3.0%3.7%3.5%6.8%4.2%4.3%5.2%5.3%4.4%4.5%5.6%6.4%9.7%6.1%6.4%5.3%5.6%4.1%4.4%4.1%5.1%4.0%3.9%3.9%4.3%4.6%4.4%4.4%4.7%5.1%5.6%5.4%4.0%4.8%4.2%4.7%3.1%4.5%4.9%4.6%3.4%4.3%1.8%0.1%2.7%-0.2%1.3%1.3%1.2%1.2%1.2%4.2%1.9%1.7%1.4%3.3%1.7%1.8%1.7%1.7%2.6%2.4%2.8%2.6%2.0%2.4%3.0%2.6%3C 7.6%11.1%8.7%7.5%8.5%8.4%8.4%7.6%9.0%4.0%7.1%6.6%7.1%2.7%5.5%5.1%4.2%4.0%2.0%3.2%2.5%2.8%8.3%3.3%3.5%3.1%wind 20 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 7.2%6.3%6.6%5.1%5.5%5.7%5.6%4.4%4.3%6.4%5.4%5.7%5.5%7.3%9.1%5.4%5.6%6.0%5.8%4.9%6.0%7.2%12.1%5.9%6.2%6.0%6.6%7.3%6.2%5.8%6.4%6.4%6.0%5.7%5.8%5.8%6.3%5.6%6.1%5.8%7.0%7.6%4.5%7.5%6.0%7.6%4.5%7.0%5.9%6.6%5.1%5.8%7.4%11.0%10.1%6.0%9.1%17.0%9.7%9.5%10.4%15.3%10.5%8.3%10.9%4.3%3.9%3.7%2.9%2.7%3.1%4.3%3.6%3.4%2.4%3.2%3.0%3.2%3C 8.3%10.5%9.5%8.7%11.4%9.0%9.9%8.8%8.4%4.8%9.8%7.7%8.8%3.6%7.1%8.5%5.2%4.8%3.2%4.6%3.8%4.1%12.9%7.4%5.9%5.0%wind 21 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 4.2%5.6%4.0%4.2%4.3%5.9%4.1%4.6%4.6%5.3%4.5%4.5%5.0%5.7%6.8%3.8%4.7%5.2%6.1%4.4%4.8%5.8%12.5%5.5%4.9%5.4%4.5%6.4%4.5%5.1%5.6%6.0%4.8%5.1%5.3%5.4%4.9%5.0%5.4%4.4%5.7%3.3%2.9%5.3%4.0%3.6%3.5%4.2%4.0%3.6%3.3%4.2%10.8%6.5%6.8%4.7%6.0%6.1%8.7%7.0%7.9%13.8%16.6%17.5%11.7%6.2%6.5%5.2%5.5%5.1%1.8%6.0%6.3%6.7%5.8%6.6%6.4%5.8%3C 11.2%14.8%11.6%11.2%12.1%15.7%14.5%14.2%14.8%11.5%15.9%15.0%15.4%6.1%8.2%11.4%10.0%9.1%6.6%8.5%7.6%7.6%15.7%10.8%8.8%7.7%wind 22 CS%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 2.1%1.6%1.0%0.9%0.8%1.1%0.8%0.3%0.1%0.7%0.7%0.0%0.6%1.3%1.4%0.2%0.5%0.5%0.8%0.4%-1.6%-2.0%3.9%1.5%-0.8%-0.1%1.1%2.1%1.2%1.2%0.9%1.3%1.0%-0.2%-0.3%0.6%1.0%-0.8%0.8%4.5%3.3%1.5%1.3%1.3%1.9%2.9%-2.5%-2.1%2.5%2.4%-1.4%1.6%41.4%1.3%5.4%10.7%9.2%18.8%8.3%11.9%10.3%14.2%9.1%4.4%0.9%1.5%0.8%0.3%0.1%0.0%0.3%-0.1%-1.0%-1.6%-0.2%-0.1%-1.2%0.0%3C 2.9%2.1%1.0%1.8%1.4%0.9%0.9%0.1%0.2%0.5%0.7%-1.0%0.7%0.5%0.6%-0.9%-0.3%-1.1%0.4%-0.1%-0.5%-0.4%1.2%0.7%0.5%-0.2%wind /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 12 1.3 23Q3 CS+0.7%-1.8%0.9%+12%2023Q2 2023Q3+8.44%+2.70%-20.10%-6.63%2023Q2 2023Q3+97.70%30.86%1 2 wind wind 2023Q2 2023Q3 CS-3.7%+1.6%+207.0%+41.2%2023Q3 3 4 wind wind-40%-20%0%20%40%0.0200.0400.0600.0800.01000.01200.01400.01600.0营业收入（亿元）同比（右轴）-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%0.050.0100.0150.0200.0250.0300.0营业收入（亿元）同比（右轴）-100.0%-50.0%0.0%50.0%100.0%0.010.020.030.040.050.060.070.080.0净利润（亿元）同比（右轴）-1000.0%-500.0%0.0%500.0%1000.0%1500.0%-15.0-10.0-5.00.05.010.015.020.025.0净利润（亿元）同比（右轴）/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 13 1.4 2023Q2 2023Q3 CS yoy+9.62%/-1.51%yoy+7.05%/+16.42%yoy+26.95%/+6.89%yoy+8.01%/+7.81%yoy+13.24%/+0.82%yoy+10.89%/+7.83%yoy+5.89%/+31.95%yoy+27.01%/+21.88%2022Q4 23H1-12.25%23Q3 Q3-5.87%2023Q2 2023Q3+7.05%16.42%23Q2 23Q3+7.92%/+2.58%Q2 3-WD ToB-6.37%/+11.89%+41.57%/+57.56%2023Q2 2023Q3+26.95%+6.88%yoy+47.55%/+11.01%yoy-7.26%/+28.07%-67.49%/+20.58%yoy+261.84%/+250.19%20