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2022 10 30 2023()S1050522060002 1M 3M 12M()-5.2-23.5-26.5 300-7.5-15.1-27.9 Wind 1 2022-10-25 2 2022-10-18 2023 Q4 2022 4.1%35.3%19.4%15.4%3.9pct 2.7pct 0.5pct 6.8pct 2023 2023 9.4 19.5%2023 2022 24.5%/2021 1012/278 648 253 81 30 270 631 2022 24.5%975 2023 1 2800 2022 3 2025 3.5 0.5 4 2800 1200 1080 400 120 2 40%-60%2022 10+-40-30-20-100102030(%)300 2 40%-60%3 2023 VAE VAEP Q3 2023 2022 Q3 50%Q3 Q3 2023 2023 2022 20%-30%2022 2023 1 2 3 4 5 2022-10-29 EPS PE 3 2021 2022E 2023E 2021 2022E 2023E 000786.SZ 21.10 2.08 2.09 2.50 10.44 10.11 8.43 002043.SZ 7.59 0.98 0.93 1.17 10.09 8.17 6.51 002088.SZ 20.16 1.06 1.27 1.58 19.57 15.84 12.79 002271.SZ 25.88 1.67 1.02 1.83 15.52 25.29 14.17 002372.SZ 18.05 0.77 0.85 1.02 24.25 21.20 17.63 002791.SZ 81.49 2.77 1.71 3.16 29.74 47.57 25.81 002918.SZ 12.68 0.77-0.17 1.47 17.62-75.97 8.63 003012.SZ 6.99 0.13 0.57 0.73 177.42 12.29 9.61 300737.SZ 10.41 0.60 0.44 0.70 21.49 23.78 14.93 603737.SH 85.96-1.11 2.60 3.82-77.44 33.06 22.50 Wind 4 1.6 1.1.6 1.2.8 1.3.11 2 2022.12 2.1 2021 1290.12 2.2 2021 278.13 2.3/648/253/81/30.14 2.4 270.15 2.5.15 3.15 3.1“”.16 3.2 40-60%.17 3.3.19 4 2023.19 4.1.19 4.1.1.20 4.1.2.21 4.1.3.23 4.2.25 4.2.1.26 4.2.2.26 5 2023.27 5.1 2022 Q3.27 5.2 2023.29 6.29 7.30 1.6 2 100.6 3 100.6 4.7 5.7 6 9.7 7 9.7 8 LPR.8 5 9 M2.8 10.9 11.9 12 2022.10 13 2022.11 14.12 15 2023.12 16 2011-2021.12 17 2021.13 18 93.13 19 2015.14 20.15 21 2022 9.16 22 70%.17 23.18 24.18 25.19 26.20 27.20 28.20 29.21 30 3 60%.21 31.21 32 2021 2022H1.21 33 C.23 34.24 35.26 36.26 37.26 38/.26 39.27 40.28 41.29 42.29 6 1 1.1 2022 9 6 1-9 8.0%1-8 0.6pct 9 12.1%8 1.7pct 9 12.4%8 10.6pct 9 1000 1 Wind 1-9 100 10.3%36.3%9 100 13.7%12.0%28.5%123.8%10 30 16 315 3335 37 2 100 3 100-100%-50%0%50%100%150%200%250%0500010000150002000025000 7 Wind Wind 1-9 38.0%19.9%1-8 0.8pct 1.3pct 9 44.4%6.0%8 1.3pct 3.5pct 9 7.9%16.9%8 14.6pct 59.4pct 4 5 Wind Wind 1-9 22.2%26.3%1-8 0.8pct 1.6pct 9 16.2%14.2%8 6.4pct 5.7pct 9 39.3%33.7%8 34.4pct 29.4pct 6 9 7 9-80%-60%-40%-20%0%20%40%60%80%100%0200040006000800010000120001400016000-100%-50%0%50%100%150%0100020003000400050006000700080009000-40%-30%-20%-10%0%10%20%30%40%0500010000150002000025000300002021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-122022-022022-032022-042022-052022-062022-072022-082022-09-100%-50%0%50%100%150%200%050001000015000200002500030000350002021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-122022-022022-032022-042022-052022-062022-072022-082022-09 8 Wind Wind 9 1.2 M2 LPR 9 M2 12.1%5 LPR 1 LPR 9 15 5 LPR 2022 9 PSL 1082 2020 PSL 8 LPR 9 M2 Wind Wind-60%-40%-20%0%20%40%60%80%05000100001500020000250002021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-122022-022022-032022-042022-052022-062022-072022-082022-09-60%-40%-20%0%20%40%60%80%05000100001500020000250002021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-122022-022022-032022-042022-052022-062022-072022-082022-09 3.003.203.403.603.804.004.204.404.604.805.00(LPR):5(LPR):1 0%2%4%6%8%10%12%14%0500000100000015000002000000250000030000002019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-07M2 M2:9 4 11 2020 9 1000 2022 Q4 2023 2022 2008 2014 10 2022.2.8 2022.2.27 2022.4.11 2022.4.18 2022.5.4 2022.9.30 1000 Q4 7 28 1 2 9 2022 Q4 2023 11 2022.7.28 2022.8.3 10 2022.8.4 2022.8.5 100 2022.8.5 13 2023 1 1 2022.8.31 2022.9.6 30 10 6 9 12 2022 2022.1.17 7000 1000 10 LPR 3.8%3.7%LPR 4.65%4.6%2022.1.18 2022.1.20 2022 2022.2.17 2022.2.18 2022.5.15 20 2022.5.20 5 LPR 4.6%15 4.45%1 LPR 3.7%11 2022.5.31 2022.7.21 2022.8.24 2022.9.29 2022 6-8 2022 2022.10.16 1.3 Q4 Q4 2022 4.1%35.3%19.4%15.4%3.9pct 2.7pct 0.5pct 6.8pct 13 2022 Q4 26.9%26.3%50%33.2%2022 1-9 103559 94767 40879 101422 2022 141582 128664 81758 151829 2021 1-9 112568 152944 51013 130332 2021 147602 198895 101412 179433 2022 1-9-8.0%-38.0%-19.9%-22.2%2022-4.1%-35.3%-19.4%-15.4%2022 2022 1-9 pct 3.9 2.7 0.5 6.8 Wind 12 2/2=2023 14(2017 178654 2018 209342 2019 227154 95942 53.7%2020 91218 43.6%2021 101412 44.6%47.3%Wind 2023 2021 2023=2023 2023 9.4 19.5%2023 15 2023 2021 2023 2023 2022 2023 198895 47.3%94091 78749 19.5%Wind 2 2022 2022 2022 24.5%2022 2.1 2021 1290 2021 1 2021 4600 2021 2022 2021 29.1%1339 16 2011-2021/t/%/t/%/%2011 1080 11.7 345.5-1.8 32.0 13 2012 1272 17.8 416.0 20.4 32.7 2013 1303 2.4 478.0 14.9 36.7 2014 1648 26.5 516.0 7.9 31.3 2015 1718 4.2 538.0 4.2 31.3 2016 1900 10.6 577.0 7.2 30.4 2017 2036 7.2 630.0 9.0 30.9 2018 1760-13.6 649.0 3.0 36.9 2019 2439 38.6 694.0 7.0 28.5 2020 2459 0.8 715.0 3.0 29.1 2021 2582 5.0 751 5.0 29.1 2021 2022 2 2021 65.79 8.02%820 2021 106.21 22.60%2021 470+1290 1290 2.2 2021 278 2021 12.47 2021 185 17 2021 2021 2021 40 17 5.3 12.47 2020 490 7%2021 34.3 2021 21.83 93 18 93/2.50 1.00 0.57 21.83 54.58 31.11 92.78 1.00 1.13 61.67 278+21.6%14 2.3/648/253/81/30 2021 1012 10 89%3%8%64%25%2021 901 648 253 81 30 19 2015 2015-03 65%8%23%2%2015-06 67%8%22%2%2015-09 67%7%22%2%2015-12 67%7%23%2%2016-03 67%7%22%2%2016-06 67%7%23%2%2016-09 67%7%24%2%2016-12 66%7%23%2%2017-03 66%6%24%3%2017-06 66%6%24%3%2017-09 66%6%24%2%2017-12 66%6%24%3%2018-03 66%6%24%2%2018-06 65%7%24%2%2018-09 66%7%24%2%2018-12 66%7%23%3%2019-03 65%7%24%2%2019-06 67%7%22%2%2019-09 65%7%24%3%2019-12 64%7%26%3%2020-03 65%7%22%3%2020-06 66%7%22%3%2020-09 66%7%23%3%2020-12 66%7%23%3%2021-03 63%8%24%4%2021-06 63%8%24%4%2021-09 63%8%25%3%2021-12 64%8%25%3%Wind 15 2.4 270/2020 30%/2021 30%270 631 2.5 20 648 270 253 631 81 30 1012 185 93 278 2022 2022 2022 57.70%22.81%315 1290 24.5%975 3 16 3.1 2022 3 2025 3.5 0.5 21 2022 9 5000 500()1340 300)4(2020-2025)4 280(2020-2025)80(20202025)77(2020-2035)132(2020-2025)80(20202025)80 150 500 300 10()(2021-2025)500 100()500 100 380(2021-2025)20()(2021-2035)25(2021-2025)100()(2021-2035)100 40 25 204()()30 20 50()1000 17 580 65 65 65 65 20 2800 1 965/73%31%28%10%3%2 2022 3 11 2025 3.5 0.5 4 2800 22 70%65%/230 450 220 23%4 880 2800 200 250 50 5%200 50 350 300 31%1200 0 30 30 3%120 200 300 100 10%400 0 185 185 19%740 1060 40 70 30 3%120 0 50 50 5%200 680 1380 965 100%3860 3860 3.2 40-60%2022 10 1 5 50/20/25 2 18 3 2 23 20 5 25 24 3 2 1/2/1/+40%-60%80%-85%80%2021 70%SBS 1 3mm 3mm 4mm I 3mm 17/4mm 20/2 3 2 2 1 20*80%+17*20%*3*80%+2*20%/17*2-1=60%40%-60%19 2021 15%2021 4%3.3 2022H1 110%25 4 2023 4.1 20 4.1.1 26 27 10%28 2022 6 2021 17300 11396 52%12071 13876-14%19720 12964 52%14500 6668 117%12500 11396 10%14500 6111 137%7000 7572-8%12500 7414 69%15000 8893 69%13375 11396 17%13500 11396 18%Boss 1 2021 31%2016/2019/2021 60%2 01,0002,0003,0004,0005,0006,0007,0002017 2018 201902004006008001,0001,2002017 2018 2019 2020 2021 21 93.60%3 12%31/20.00 12,947,757 148.48 5000 48%6.40%10%2022.1.13-2023.1.12 10.98 7,007,047 156.63 3000 37%3.64%10%2021.3.11-2022.3.10 5.83 6,336,787 92.04 2000 39%9.00%10%2020.8.1-2021.7.31 0.62 1,401,119 44.3 1000 19%16.59%10%2019.9.21-2020.9.20 0.48 1,258,469 38.44 2000 51%10%6%2019.2.21-2020.220 4.1.2+B B C 32 2021 2022H1 29 30 3 60%0%1%2%3%4%5%0%10%20%30%40%/0%20%40%60%80%0100020003000400050002013 2016 2019 2021 22+1+1 2 2022 24%2022 4000 15 3 1000 100 3000 1000 15000 32%68%2022 2 85%14%100%0%2022 900 38%62%2.93%2021 3000 30%70%2022 30 3 49%(51%+2021 1540 4620 1 B B B 2 C C B B B B B B C C C 1 2 C 23 3 C 2022H1/32.55/3.52 83%/47%2017/2021 1.9/4.88 4 CAGR 26.6%4.1.3 C+”C 33 C 2019-2016 1-2 8 1 8 8 2011-2008 1-2 2019 5 Mini 3 5 5 Mini 2012,;,24 2021 2003 2003 2018 1 2 34 2013 1 2018 APP 2 2013 25 2017 2018 1 2017 H5 2 2018 30 815 3 2009 1 2 2019 2019 2021 2021 2021 2021 2018 2018+4.2 26 4.2.1 35 30 VAE VAEP 4.9%20 36 4.2.2 4.0 37 38/0%10%20%30%40%50%27 Wind Wind 39 220%200%80%13.7%20%49.2%40.2%32.8%53.9%40.9%35.4%55.0%20.0%,5 2023 5.1 2022 Q3 2022 Q3 Q3 Q2 00.10.20.30.40.50.60.70.8 0200000040000006000000800000010000000120000001400000016000000 28 1 Q3/13.88%/40.84%Q2 Q3/14.84%/21.12%Q2 2 Q3/1.31%/13.67%/Q2 4.78pct/8.04pct Q2 3 Q3 12.86%Q2 Q3 72.27%Q2 2.38pct 3.98pct 4 Q3 4.18%Q2 Q3 0.30%/Q2 4.85pct/30.06pct Q3/-8.94%/932.48%Q2/13.09%/41.40%Q3 Q3 Q2 1.25pct 5 Q3/4.51%/40.31%Q3 Q3/5.50%/88.40%6 Q3/2.79%/0.24%Q2 7 Q3/0.54%/534.01%Q2/30.56%/6.23%,Q2 1.93pct/1.85pct 40 2022Q3 2022Q2-13.88%-40.84%17.17%5.93%-14.48%-19.84%18.98%8.45%-14.84%-21.12%29.24%14.35%-3.17%-19.21%31.36%18.76%1.31%13.67%43.31%24.70%0.39%-17.63%38.53%16.66%-12.86%-72.27%31.24%4.40%-12.81%-97.57%28.86%0.42%-4.18%0.30%27.09%7.95%-10.70%-264.93%22.24%-22.11%-8.94%932.48%30.97%3.86%-13.09%-41.40%29.72%9.02%-4.51%-40.31%23.81%8.52%1.65%-48.70%25.94%7.07%-5.50%-88.40%18.98%1.30%4.62%-51.96%20.62%6.05%2.79%0.24%31.94%17.02%12.46%36.13%35.21%20.92%0.54%534.01%30.56%6.23%-5.98%13.90%28.63%4.38%Wind 29 5.2 2023 41 Wind 6 2023 2023 2022 20%-30%2022 2023 42 2022-10-29 EPS PE 2021 2022E 2023E 2021 2022E 2023E-100%-50%0%50%100%150%200%250%300%020406080100120140():WTI 30 2022-10-29 EPS PE 000786.SZ 21.10 2.08 2.09 2.50 10.44 10.11 8.43 002043.SZ 7.59 0.98 0.93 1.17 10.09 8.17 6.51 002088.SZ 20.16 1.06 1.27 1.58 19.57 15.84 12.79 002271.SZ 25.88 1.67 1.02 1.83 15.52 25.29 14.17 002372.SZ 18.05 0.77 0.85 1.02 24.25 21.20 17.63 002791.SZ 81.49 2.77 1.71 3.16 29.74 47.57 25.81 002918.SZ 12.68 0.77-0.17 1.47 17.62-75.97 8.63 003012.SZ 6.99 0.13 0.57 0.73 177.42 12.29 9.61 300737.SZ 10.41 0.60 0.44 0.70 21.49 23.78 14.93 603737.SH 85.96-1.11 2.60 3.82-77.44 33.06 22.50 Wind 7 1 2 3 4 5 31&5 3 1 20%2 10%20%3-10%10%4 10%2-10%10%3-10%12 A 300 32/HX-221030144231 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
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