资源描述
2009 1210 2024 01 02 1 2023 12 2 12 21 G W 3 12 27 1 2022 3186+5.57%399+7.84%2 2022 21.3 48%2 3 70.56%1 2023H1 89 2.7%209 2.9%2 2022 67.8%3 2023 8%16.5%5 20%10%1 2023H1 34 2022 5 2022 0.82 3.37 2 2022 5.1 85.6%77.8%2022 25.68%3.07pts 3 2023H1 27.9%87.2%4 22%10%021-20572539 S0360516090002 玥 S0360523070001 010-63214633 S0360523070004 S0360523080001%()13 0.00()6,260.17 0.72()4,810.95 0.71%1M 6M 12M-6.9%-16.6%-29.2%-5.2%-6.4%-18.2%2023 11 11 19 6 2023-12-16 2023 10 10 110%90.2%2023-11-16 2023 Q3 2023-11-04-30%-17%-5%8%23/01 23/03 23/05 23/08 23/10 23/122023-01-032023-12-29 300 2009 1210 2.5.6.6.7.9.11.11 1.11 2.13 3.15.16 1.16 2.18 3.20.21.23 ZXEVvMsPnOnMtNmPmRqPnM7NaO8OmOnNtRqMeRpPoPjMrRpM9PrRuMwMtQtPwMpMpM 2009 1210 3 1.5 2.6 3%.7 4%.7 5%.7 6%.7 7%.8 8%.8 9%.8 10%.8 11 FAA.9 12%.9 13.9 14.10 15.10 16.11 17.11 18.11 19%.12 20%.12 21%.12 22%.12 23.13 24%.13 25%.13 26%.14 27.15 28%.15 29%.15 30%.16 31 ROE%.16 32%.16 33.17 2009 1210 4 34.17 35.18 36.18 37%.18 38.19 39 2022%.19 40.19 41 2022%.19 42%.20 43%.20 44%.20 45%.21 46 ROE%.21 47%.21 48.23 2009 1210 5 1 2023 12 2 2023 12 21 A B C D E G W 7 A B C D E G W 1 3 2023 12 28 25 100 30 100 2009 1210 6 30 100 100 50 eVTOL 100 2 2022 3186 5.57%2012 2022 9.21%2018 202 2022 399 18.55%2022 7.84%2009 1210 7 3%4%2011-2022 2018-2022 2022 2022-2023 2022 121.9 2012 2022 CAGR 8.96%2022 661 10.35%2012 2022 CAGR 16.31%5%6%2022-2023 2023 2022-2023 2022 21.3 48%20200%2%4%6%8%10%12%14%16%18%20%05001,0001,5002,0002,5003,0003,5002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YOY0%5%10%15%20%25%30%35%40%0501001502002503003504004502018 2019 2020 2021 2022 YOY-10%-5%0%5%10%15%20%25%0204060801001201402012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YOY0%5%10%15%20%25%30%35%01002003004005006007002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YOY 2009 1210 8 1555 65%GAMA 2019 2470 GDP 1%120 7%8%iFinD iFinD Statista 2022 1.48 0.52 9%10%Statista Statista 2019 FAA 62 20162019 CAGR 5%2022 2645.7-5%-4%-3%-2%-1%0%1%2%3%4%150,000160,000170,000180,000190,000200,000210,000220,000 YOY60%62%64%66%68%70%72%74%02004006008001,0001,2001,4001,6001,8002,0002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 142631452814556147021485014776-1%-1%0%1%1%2%2%13000132001340013600138001400014200144001460014800150002017 2018 2019 2020 2021 2022 YOY5104 509950805217 52115193-1%-1%0%1%1%2%2%3%3%4500460047004800490050005100520053002017 2018 2019 2020 2021 2022 YOY 2009 1210 9 11 FAA 12%iFinD iFinD 13 21.32 0.32 19969 399 62.41 0.71 2645.7 121.9 iFinD Statista 2022-2023 2019 F AA 2022 1 FAA 70.56%2022-2023 2022 140 90 12.9 32 20 7 90%91%92%93%94%95%96%97%404550556065FAA 认证美国现 役飞行 员数量（万人）占比全球比例-8%-6%-4%-2%0%2%4%6%2,1002,2002,3002,4002,5002,6002,7002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YOY 2009 1210 10 14 2 2022-2023 2022 23 2022 4 13 2025 25 15 3 010203040506070802019 2020 2022 2025E 0510152025302019 2020 2022 2025E 2009 1210 11 16 17 1 2023 9 30 30.18%5%8.45%18 2023 9 30 75808590951001052019 2020 2022 2025E 0510152025302019 2020 2022 2025E 2009 1210 12 2022 40 2023 6 30 89 3 EC225 EC155 AS332 KA32 S92 AW139 2022 86 2.7%209 2022 2.9%19%20%Wind Wind 2021 3.77 4.16 21%22%Wind 0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%1901952002052102152019 2020 2021 2022 2023H1 1.0%1.2%1.4%1.6%1.8%2.0%2.2%2.4%2.6%2.8%3.0%6570758085902019 2020 2021 2022 2023H1-8%-6%-4%-2%0%2%4%6%8%10%12%0.00.51.01.52.02.53.03.54.02016 2017 2018 2019 2020 2021 YOY-8%-6%-4%-2%0%2%4%6%8%10%12%0.00.51.01.52.02.53.03.54.04.52016 2017 2018 2019 2020 2021 2009 1210 13 4 2022 44.8%17.7%13.1%10.7%5.2%2022 31.0%2.0%23 24%Wind Wind 25%Wind 2 024681012141618202018 2019 2020 2021 2022 0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022 0.0%10.0%20.0%30.0%40.0%50.0%60.0%2018 2019 2020 2021 2022 2009 1210 14 2022 67.8%26%AW139 H135+KA32 10 50%52%54%56%58%60%62%64%66%68%70%024681012142018 2019 2020 2021 2022 2009 1210 15 27 3 2022 17.98 7.0%20132022 CAGR 4.7%2023 14.08 8.0%2022 1.94 21.2%10 2016 20172022 CAGR 16.4%2023 1.94 16.5%28%29%Wind Wind 5 20%2022 20.3%6.3pts 2023 20.9%2.2pts 10%2022 9.5%5.4pts 2023 海上石油 应急救援 港口引航 陆上通航 通航维修 海上风电+10,-15%-10%-5%0%5%10%15%02468101214161820 YOY-60%-40%-20%0%20%40%60%80%0.00.51.01.52.02.53.0 YOY 2009 1210 16 13.4%0.9pts ROE 5 4%2022 ROE 4.0%1.3pts 2023 ROE 3.8%0.4pts 30%31 ROE%Wind Wind 6 2017 45.5%23Q3 16.3%2017 32%Wind 1 7 2023 12 26 57.9%100%10.0%5%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%ROE0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Q1-3 2009 1210 17 2023 6 30 4 2022 4.4 0.8 71.2%13.1%33 Wind 34 2023 12 26 2023 6 30 34 2022 5 2022 2021 2023 24 303 012345672020 2021 2022 2023H1 2009 1210 18 35 36 2 2022 5.1 85.6%7.2%4.9%1.7%0.6%1 2023 77.8%37%2/3 0204060801001201402020 2021 2022 2023H1 0.00.51.01.52.02.53.03.54.02020 2021 2022 2023H1 75%76%76%77%77%78%78%79%79%01234562020 2021 2022 2023H1 2009 1210 19 4 38 39 2022%2022 88.2%2022 25.68%3.07pts 2023 27.15%40 41 2022%0.01.02.03.04.05.06.07.02020 2021 2022 2023H1,85.6%,7.2%,4.9%,1.7%,0.6%00.511.522020 2021 2022 2023H1,88.2%,7.9%,2.7%,0.8%,0.4%2009 1210 20 42%3 2022 6.25 11.83%2023 3.19 27.87%2022 0.89 54.41%2023 0.58 87.20%43%44%Wind Wind 4 22%2022 25.8%3.8%pts 2023 27.3%4 4 10%2022 14.2%3.9%pts 2023 18.0%ROE 4 3%2022 ROE 5.4%1.9pts 2023 ROE 3.4%0%10%20%30%40%50%60%2020 2021 2022 2023H1 0%5%10%15%20%25%30%0.01.02.03.04.05.06.07.02020 2021 2022 2023H1 YOY-40%-20%0%20%40%60%80%100%0.00.10.20.30.40.50.60.70.80.91.02020 2021 2022 2023H1 YOY 2009 1210 21 45%46 ROE%Wind Wind 3 8.8%2021 13.0%2023 6 8.8%47%Wind 1 2022 17.98 7.0%19 14.7%6.25 11.83%2022 10.42 8.06 2.36 3.18 1.93 57.9%44.8%13.1%17.7%10.7%2022 4.4 0.8 71.2%13.1%0.0%5.0%10.0%15.0%20.0%25.0%30.0%2020 2021 2022 2023H1 0.0%1.0%2.0%3.0%4.0%5.0%6.0%2020 2021 2022 2023H1ROE0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%2020 2021 2022 2023H1 2009 1210 22 2 2022 1.94 21.2%19 8.1%0.89 54.41%2022 20.46%25.68%3 2022 12.19 67.81%4.88 78.17%4 2022 0.57%0.68%6.45%10.50%5 2022 86 2.7%0.07pts 29 0.9%0.15pts 2023H1 89 34 6 2022+2022 209 2.93%1.12pts 129 1.81%0.80pts 2023H1 7 2021 3.77 3.20%0.32pts 2022 1.57 1.28%0.04pts 2009 1210 23 48 Wind 2020 2021 2022 2023H1 2020 2021 2022 2023H1 15.58 16.81 17.98 9.07 5.31 5.58 6.25 3.19-0.57%7.85%6.98%10.28%-5.17%11.83%27.87%10.39 11.01 12.19-4.06 4.40 4.88 2.48 66.67%65.50%67.81%-76.40%78.71%78.17%77.80%2.18 2.46 1.94 1.30 0.75 0.57 0.89 0.58 3.26%12.88%-21.20%4.04%-23.36%54.41%87.20%28.37%26.81%20.46%19.87%22.61%22.61%25.68%27.15%0.28%0.85%0.77%0.57%0.74%1.04%0.89%0.68%8.99%3.97%6.70%6.45%10.81%11.39%10.61%10.50%2.85%2.24%2.10%1.73%-1.55%-0.43%-0.60%-0.16%76 85 86 89 22 28 29 34 2.63%2.82%2.70%-0.76%0.93%0.91%-200 213 209 209 129 129 129 129 4.04%3.36%2.93%-2.61%2.04%1.81%-3.46 3.77-1.34 1.56 1.57 0.82 3.52%3.20%-1.36%1.32%1.28%-3.86 4.16-1.83 3.32 3.37 2.72 2.63 2.51 2.43 2.35 5.86 4.61 4.45 3.79 2009 1210 24 2016 2023 21 Wind 2019-22 玥 2021 2021 2023 2023 2009 1210 25 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 26 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522
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