资源描述
&2024 01 11*20230601 S1060517070004 PIXIU S1060122090013 TUYOULONG&+2023/1443/930 32.1%/35.1%2024/1791.9/1160 24.2%/24.7%2024/+4.2/+3.8kWh/75.5/52.7/36.9/24.2kWh 2023 385.5GWh 2023 120GWh 2024 181GWh 50%2024 825GWh 2023-2024 180/247.8GWh+38.5%/37.7%2023 2024&2024 2024 24.3%32%+36.7%2024 46 800V+4C+800V 800V 46 24 LIFSI 2024 2/35 2024-2027 CAGR 95.4%/84.2%/68.1%/68.1%46 46 2024 800V 2023 800V+2024 1 2 3 4 EPS P/E 2024-1-9 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 300750 148.70 3.94 10.55 13.80 16.99 37.8 14.1 10.8 8.8 300014 39.15 1.66 2.25 3.23 4.22 23.6 17.4 12.1 9.3 688005 35.82 1.36 1.73 3.01 3.95 26.3 20.7 11.9 9.1 301358 31.06 2.16 2.83 3.34 4.42 14.4 11.0 9.3 7.0 300769 53.58-3.55-1.72 5.92 8.97-15.1-31.2 9.0 6.0 002709 22.54 0.93 1.43 1.86 2.36 24.2 15.8 12.1 9.5 688602 10.44 0.25 0.26 0.33 0.43 41.8 40.2 31.7 24.1 835185 21.92 1.22 1.96 2.53 3.17 18.0 11.2 8.7 6.9 600884 12.44 0.67 0.97 1.28 1.63 18.7 12.9 9.7 7.7 603659 19.26 0.81 1.23 1.80 2.27 23.8 15.6 10.7 8.5 300351 19.46 0.23 0.46 0.65 0.86 83.8 42.0 30.1 22.5 301310 46.30 1.43 2.31 3.40 4.48 32.3 20.0 13.6 10.3 688612 35.73 0.74 1.14 1.62 2.12 48.3 31.4 22.0 16.9 WIND WIND 1ZFUuNqNnOqRsMsRnQsNmNbRcMbRsQmMnPtPjMmMoPfQmNrQ6MnNxPwMtOrNuOnPrM 3/35&+.6 1.1.6 1.2.13 1.3 24.15 2024.18 2.1 2024.18 2.2.21 2.3.23 2.4 24.24 46.27 3.1 800V 2024.27 3.2 46 24.32.33.34 4/35 1.6 2.6 3.6 4.6 5.7 6 2021-2024.8 7 2021-2024.8 8 2021-2024.9 9 2021-2024.9 10 2023/.10 11 2023/.10 12 2023/.10 13 2023/.10 14 2021-2024 kWh.11 15 2021-2024 kWh.11 16 GWh.11 17/.11 18 2022.1-2023.11 GWh.12 19 2021-2024.12 20 2022-2024.13 21 2021-2024 GWh.14 22 2021-2024 GWh.14 23 2021-2024 GWh.15 24 2021-2024/GWh.15 25.15 26 2023 1-10.15 27 2021-2024 GWh.16 28 2022 1-10.17 29 2023 1-10.17 30 2022 1-11.17 31 2023 1-11.17 32 2024.18 33 2020-2024.19 34/.19 35.19 36 2021-2024.19 37 2022.20 5/35 38 2023.1-10.20 39.20 40 2021-2024.20 41 2022.21 42 2023.1-10.21 43.21 44/.21 45.22 46 2021-2024.22 47 2022.22 48 2023.1-10.22 49.23 50/.23 51.23 52 2021-2024.23 53 2022.24 54 2023.1-10.24 55/.24 56.25 57/.25 58.25 59 2021-2024.25 60 2022.26 61 2023 1-10.26 62.26 63 2024&.27 64 2023 800V.28 65.28 66.29 67 LIFSI.29 68.30 69.30 70 2023-2027.32 71 46.32 72 2024&.34 6/35&+1.1 2023 1387.5 32.8%Marklines 11 139.9+20.9%1-11 1242.5+35.5%等 多重 因 素影 响 12 145 1387.5 32.8%1 2 Marklines Marklines 2023 930 35.0%+11 HV 102.6+30.0%34.5%111 830.4+36.7%12 105/930 35.0%+3 4 68.184110.996.4110.9126.6115.5125.7132.6 131.9139.90204060801001201401601 2 3 4 5 6 7 8 9 10 11 12 2021 2022 202324.4%27.5%0%5%10%15%20%25%30%202101202104202107202110202201202204202207202210202301202304202307202310 40.852.565.363.671.780.67884.690.495.6102.60204060801001201 2 3 4 5 6 7 8 9 10 11 12 2020 2021 2022 202324.7%27.0%27.0%29.5%30.1%30.7%32.7%32.8%31.6%33.5%34.5%0%10%20%30%40%1 2 3 4 5 6 7 8 9 10 11 12 2020 2021 2022 2023 7/35 2024 1239.5 25.7%2023/2024 930/1160 35.1%/24.7%2024 756/404+16.0%/+45.3%5 2024 2021 2022 2023E 2024E 59.9 182.5 300 330 175 155 7.7 22.6 46 88 29 59 8.2 31.6 48 72 47 25 9.8 22.3 12 47 38 9 12.0 27.1 48 50 50 0 13.5 12.8 27 47 12 35 16.3 23.1 31 30 26 4()7.1 15.9 16 12 8 4 4.1 5.02 7 6 5 1 24.8 45.8 40.2 34 29 5 163.4 388.7 575.2 716 48.4 71.1 92 95 95 0 48.4 71.1 92 95 45.2 62.1 35 30 30 0 12.6 20.2 22 30 28 2 6.9 9.3 10 12 11 1 1.5 4.5 5 4 4 0()3.6 7.2 11 11 7 4 2.7 4.9 8.8 10 10 0 8.4 11.2 20.1 15 13 2 80.9 119.4 111.9 112 9.0 13.3 38 65 12 53 0.0 7.7 11 32 2 30 4.5 11.1 14.5 27 16 11 9.8 12.1 14.5 24 24 0 9.1 13.6 16 16 16 0 7.0 15.1 13.5 11 10 1 0.0 0 0 7 7 0 1.3 1.2 3 5 3 2 40.8 74.1 110.5 187.0 333.5 653.3 890 1110 707 403 4.5 5.8 6 7 6.7 0.3 14.1 29.2 34 43 42.3 0.7 352.1 688.3 930 1160 756 404 YOY 95.5%35.1%24.7%8/35 2024 2022 FBT 5%CEFC 2050 9492.73 9 1%1.1 2024 100%2023 2022 9.1%2023 2024 20%6 2021-2024 2021 2022 2023E 2024E 352.1 688.3 930 1160 4.0 9.2 14.3 19.3 9.7 15.4 14.0 16.8 4.0 9.2 14.3 19.3 0.2 2.1 8.7 17.5 0.7 2.5 4.4 6.6 370.7 726.7 985.7 1239.5 YOY 96.0%35.6%25.7%Marklines 2024 332.9+15.0%12 16 2023 24%2024 5%2024 65%2024 0.2-0.3/0.25-0.45/2024 2024 2024 7 2021-2024 2021 2022 2023E 2024E 67.3 81.7 69.5 74.7 30.7 33.3 48.1 55.4 32.0 38.5 47.9 57.5 13.4 16.2 17.3 19.1 16.0 14.3 14.6 15.3 15.2 15.4 11.4 11.1 7.1 7.8 9.8 11.3 37.2 43.9 70.8 99.1 218.9 251.3 289.5 332.9/14.8%15.2%15.0%Marklines 9/35 2024 211.5+32.2%IRA 2023 145.8 47.9%2024 2023 11 Sybertruck 2024 10-20 IRA 2024 189.5 2024 5.1 8 2021-2024 2021 2022 2023E 2024E 65.7 98.6 145.8 189.5 4.0 7.2 11.6 16.9 0.4 0.9 2.6 5.1 70.1 106.7 160.0 211.5 YOY/52.2%50.0%32.2%Marklines 2024 Marklines 2023 EV PHV 1443.0 32.1%2024 1791.9 24.2%2024 32.2%25.7%9 2021-2024 2021 2022 2023E 2024E 1 370.7 726.7 985.7 1239.5 YOY/96.0%35.6%25.7%8.5%16.1%20.3%25.3%2 218.9 251.3 289.5 332.9 YOY/14.8%15.2%15.0%13.4%17.4%17.3%19.2%3 70.1 106.7 160.0 211.5 YOY/52.2%50.0%32.2%3.3%5.3%7.2%9.4%4 3.1 7.8 7.8 8.0 YOY/147.2%0.1%2.7%1.6%3.8%5.6%5.7%5 662.9 1092.4 1443.0 1791.9 YOY/64.8%32.1%24.2%Marklines 2024 1-11 6-11 1-11/889.3/353.1+31.0%/+48.1%Marklines 2023 1-11 7904.7/11.3%/4.5%2023/3 25.2%11 30.1%10/35 10 2023/11 2023/Marklines Marklines 31%+1-11 1-11/586.0/243.9+23.6%/+83.5%21.8%/9.1%2023/3 25.0%11 31.5%12 2023/13 2023/2024 4.2kWh 2022/2023 3.8/3.8kWh 2022/2023 3.1/3.2kWh 2024 200 A00 200 2024 4.2kWh 0%25%50%75%100%0204060801001201 3 5 7 9 11()70.9%74.8%69.9%29.1%25.2%30.1%0%20%40%60%80%1 2 3 4 5 6 7 8 9 10 11-20%30%80%130%180%010203040506070801 2 3 4 5 6 7 8 9 10 11()70.3%75.0%68.5%29.7%25.0%31.5%0%20%40%60%80%1 2 3 4 5 6 7 8 9 10 11 11/35 14 2021-2024 kWh 15 2021-2024 kWh 2023 385.5GWh 1-11 339.7GWh,31.4%12 2.34%385.5GWh 1-11 109.6GWh,32.3%10.7%229.8GWh 67.6%44.4%70%2024 20-30 2024 16 GWh 17/2023 120GW 2023 1-11 114.2GWh 94.6%69.1GWh 99.9%31.5GWh 118.4%2024 181.1GWh 50%1525354555652021 2022 2023E 2024E 501001502002502021 2022 2023E 2024E 16.121.927.825.128.232.932.234.936.439.244.9010203040501 2 3 4 5 6 7 8 9 10 11 12 2021 2022 20230%20%40%60%80%010203040202201202203202205202207202209202211202301202303202305202307202309202311 GWh GWh()()12/35 18 2022.1-2023.11 GWh 2024 825GWh 2023/2024 619.0/825.1GWh+33.3%/+33.3%2024 2024 36.3%/28.4%19 2021-2024 2021 2022 2023E 2024E 1()352.0 688.7 930.0 1,160.0 YOY 157.3%95.7%35.0%24.7%1.1 273.4 501.9 612.0 706.0 1.2 60.0 151.8 278.0 404.0 1.3 4.5 5.8 6.0 7.0 1.4 14.1 29.2 34.0 43.0 2 20.5 60.5 102.5 150 2.1 16.2 51.1 91.8 137 2.2 4.3 9.4 10.7 13 3(kWh)3.1 63.7 67.5 71.3 75.5 3.2 40.9 44.7 48.5 52.7 3.3 27.1 30.3 33.5 36.9 3.4 14.4 17.6 20.8 24.2 3.5 215.5 196.1 183.3 177.3 3.5 86.3 73.3 74.7 76.1 4(%)4.1 42.0%31.0%26.1%23.0%4.2 60.0%39.0%34.1%32.0%4.3 3.0%0.0%0.0%0.0%4.4 3.0%0.0%0.0%0.0%5(GWh)164.1 298.2 386.8 485.3 YOY 152%82%30%25%5.1 78.6 111.1 127.3 145.0 036912151 2 3 4 5 6 7 8 9 10 11 12 2022 2023 13/35 5.2 85.5 187.0 259.5 340.4 6(GWh)220.0 464.5 619.0 825.1 YOY 176.4%111.1%33.3%33.3%6.1 103.0 193.5 237.1 304.4 YOY 114.6%87.9%22.5%28.4%6.1.1 22.70 46.90 82.9 124.4 YOY 224%107%77%50%6.1.2 5.04 11.80 18.31 25.33 6.1.3 75.3 134.8 135.9 154.7 6.1.4/104.4%82.4%93.7%93.7%6.2(GWh)117.0 271.0 381.9 520.7 YOY 270.3%131.6%40.9%36.3%6.2.1 9.73 20.90 37.8 56.7 YOY 386%115%81%50%6.2.2 4.09 16.76 34.37 57.73 6.2.3 103.2 233.3 309.7 406.3 6.2.4/82.9%80.2%83.8%83.8%GGII 1.2 2024 57.2GWh 2023/2024 13%/16%2023 40.8GWh 153%2024 57.2GWh 40%20 2022-2024 2022 2023E 2024E 1(GW)44.6 55 62 2(GW)87.4 175 201 2.1/%42%50%50%2.2(GW)36.7 87.5 100.5 3(GW)81.3 142.5 162.5 4/%9%13%16%5(GW)7.3 18.5 26.0 6/h 2.2 2.2 2.2 7(GWh)16.1 40.8 57.2 YOY 153.2%40.4%CWEA CNESA 2023/2024 19.9/34.1GWh EIA 1-10 14/35 4.57GW+21.2%11-12 3.79GW 8-10 11-12 2023 6.47GW+61%2.5h 2023 6.5GW/16.2GWh EIA 2023 10 2024 14.9GW 80%2024 2.5h 2024 29.8GWh EASE 2023/2024 1.5GW/1.7GW 2.5h 3.7/4.3GWh 21 2021-2024 GWh 22 2021-2024 GWh Wood Mackenzie EIA EASE 2023 NEM3.0 BNEF 2023/2024 6.7GW/6GW 2 23/24 13.3GWh/12GWh 2023 6 30 500kW/500kWh 0.36GW/1.18GWh 60MW/220MWh 1-10 651 1.1GW/3.0GWh 5 57.6 2022/2023 1.0GWh/4.2GWh 2022/2023 1GWh/3.2GWh 2022 2021 0 2024 7GWh 2024 2.8GWh Wood Mackenzie 101.6MW/310.3MWh 0.6GWh 2024 1GWh 2022-2024 1GWh/3.8GWh/3.8GWh 7.510.016.229.835%61%84%0%20%40%60%80%100%07142128352021 2022 2023E 2024E 1.1 2.2 3.7 4.3 80%93%69%18%0%20%40%60%80%100%0123452021 2022 2023E 2024E 15/35 23 2021-2024 GWh 24 2021-2024/GWh 2021 2022 2023E 2024E 1 10.4 28.3 60.7 91.3 1.1 1.83 16.1 40.8 57.2 1.2 7.5 10.0 16.2 29.8 1.3 1.1 2.2 3.7 4.3 2 4.2 5.6 13.3 12.0 3 0.0 1.0 3.8 3.8 4 14.6 34.9 77.8 107.1 YOY 139.0%122.9%37.7%5 48.0 130.0 180.0 247.8 YOY 170.8%38.5%37.7%Wood Mackenzie EIA EASE GGII 1.3 24 2023/2023 07-10 11 8 9 10 4 60%10 75%2023 1-10 47%/28%25 26 2023 1-10 2024&2022-2024 924.5/1522.8/2086.3GWh 112%65%37%2022-2024+594.5/799.0/1073.0GWh64.3%/52.5%/51.4%2024 4.2 5.6 13.3 12.0 34%137%-10%-20%0%20%40%60%80%100%120%140%160%0510152021 2022 2023E 2024E GWh 012342021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023072023082023092023102023110%25%50%75%100%1 2 3 4 5 6 7 8 9 10 16/35 27 2021-2024 GWh+2021 2022 2023E 2024E 1 170.4 390.0 568.0 708.5 2 73.0 138.0 205.0 266.5 3 28.0 74.4 113.5 154.5 4 11.9 45.0 81.5 142.8 5 16.5 35.4 85.7 131.1 6 4.2 24.5 35.2 81.5 7 7.0 14.5 31.0 77.0 8 7.0 13.0 26.0 64.0 9 9.3 18.4 41.3 58.7 10 8.5 16.0 26.0 51.0 11 5.0 15.8 33.5 50.0 12 LGES()27.0 37.0 47.0 47.0 13 5.0 15.0 30.0 45.0 14 4.8 7.5 20.6 43.7 15 8.3 8.3 15.6 36.3/58.5 80.0 113.4 165.2 436.0 924.5 1522.8 2086.3 YOY 112%65%37%+268.0 594.5 799.0 1073.0+/61.5%64.3%52.5%51.4%2023 1-10 552.2GWh+44.0%63.3%+4.5pct 23 1-10/203.8/87.5/25.9/13/11.7/7.7GWh+51.1%/+66.7%/+75.0%/+16.1%/+129.4%/+11.6%36.9%/15.8%/4.7%/2.4%/2.1%/1.4%+1.7pct/+2.2pct/+0.8pct/-0.6pct/+0.8pct/-0.4pct 17/35 28 2022 1-10 29 2023 1-10 SNE Research SNE Research 23 1-11/145.78/94.48/29.83/15.08GWh+17.4%/+58.2%/+71.5%/+155.2%30 2022 1-11 31 2023 1-11 35.2%13.7%13.5%7.4%6.4%3.9%4.6%2.9%1.3%1.8%9.3%LGESSK On SDI36.9%15.8%13.8%6.8%5.1%4.7%4.5%2.4%2.1%1.4%6.6%LGES SK On SDI 48.0%23.1%6.7%4.6%2.4%2.3%2.2%1.9%1.8%1.6%5.3%LG 42.9%27.8%8.8%4.4%4.1%2.1%2.1%2.1%1.5%1.3%2.8%LG 18/35 2024 2024 30%+2024/189.9/81.2/134.3/140.5 162.5 36.7%/24.3%/32.8%/34.4%/33.5%2024 32 2024 2020 2021 2022 2023E 2024E 1 GWh 53.2 177.2 467.8 621.1 848.8 YOY 233.1%164.0%32.8%36.7%1.1 GWh 34.1 125.4 332.4 434.7 592.4 YOY 267.7%165.1%30.8%36.3%1.2 GWh 16.2 48 130 180.0 247.9 YOY 196.3%170.8%38.5%37.7%1.3 GWh 2.9 3.8 5.4 6.4 8.5 2 GWh 82.6 137.8 258.9 300.0 374.5 YOY 66.8%87.9%15.9%24.8%2.1 GWh 46.9 93.8 212.5 248.9 319.6 YOY 100.0%126.5%17.1%28.4%2.2 GWh 35.7 44.0 46.4 51.1 54.9 3 11.9 39.6 104.6 138.9 189.9 YOY 233.1%164.0%32.8%36.7%4 21.2 34.7 63.7 65.3 81.2 YOY 63.4%83.7%2.5%24.3%5 14.9 34.6 79.8 101.1 134.3 YOY 132.2%130.9%26.8%32.8%6 12.9 33.4 81.1 104.6 140.5 YOY 159.5%142.4%29.0%34.3%7 16.6 40.3 95.2 121.7 162.5 YOY 143.7%136.0%27.8%33.5%GGII EVT ank CWEA CNESA Wood Mackenize EASE EIA BNEF 2.1 2024 2024 2023 1-11 198.06 23.4%2023 1-11 147.02+38.8%74.2%2022 1-11 8.2pct 51.04-6.5%/2023 1-11 2023 218.63 2024 2024 291.63 73.49 24.3%218.03 36.7%2022 12/523/622/811 2024 1 5 2023 1 2-72.8%/-63.9%/-64.2%/-60.1%19/35 2024 2024 33 2020-2024 34/2.1.1 2024 2023 287 2023 159.5 55.6%2022 5.4pct 2024 350 218.0 62.4%35 36 2021-2024 2021 2022 2023E 2024E 11 34.8 55.9 63.3 15.7 29.7 30.5 37.5 14 14 14.6 14 7.5 22.5 23.1 27 8.5 13.5 36.3 53.3 7.6 11.6 22.5 30.5 4 4 16.5 19 0 7 14.5 22 2.5 6 12.5 12.5 2 2 9.5 14 0 10 10.0 10 6 7.5 9 11 6.5 9 7.0 10.5 0 5 5.0 5 3 3 3.3 3.5 5.0 14.3 16.6 16.5 93 194 287 350 2023.1-10 CR3/CR5/CR10 0%20%40%60%80%0601201802403002020 2021 2022 2023E 2024E()()0102030405021-0121-0421-0721-1022-0122-0422-0722-1023-0123-0423-0723-1024-01 523 622 81146.7118.1159.5218.09319428735050.1%60.9%55.6%62.4%0%20%40%60%80%0501001502002503003502021 2022 2023E 2024E 20/35 54.8%/68.7%/89.9%2022+1.1pct/-2.2pct/-2.2pct 2023 2.18%/1.23%37 2022 38 2023.1-10 2.1.2 2024 2023 118.7 2023 59.1 49.8%2022 18.6pct 2024 131.0 73.5 56.1%39 40 2021-2024 2021 2022 2023E 2024E 11.9 20.0 22.0 24.0 6.7 10.6 16.6 18.8 4.0 8.0 12.0 12.0 3.8 4.5 8.0 10.0 3.7 5.0 6.4 10 3.0 6.0 7.2 8.7 2.6 3.3 8.0 8.0 3.7 5.3 7.0 7.0 4.4 4.4 5.5 6.5 4.0 4.0 4.0 4.0 1.8 1.8 3.6 3.6 0.0 1.0 3.0 3 2.0 2.0 2.0 2 0.4 1.7 2.3 2.3 1.0 1.0 1.6 1.6 7.2 9.5 9.5 9.5 60.1 88.1 118.7 131.0 29.0%15.9%8.8%8.7%8.5%5.6%5.6%4.0%3.0%3.0%7.9%31.3%14.3%9.4%7.1%6.8%6.0%4.7%4.0%3.7%2.8%9.9%39.8 60.2 59.1 73.5 60.1 88.1 118.7 131.0 66.2%68.4%49.8%56.1%0%15%30%45%60%75%90%0501001502021 2022 2023E 2024E 21/35 2023.1-10 CR3/CR5/CR10 42.2%/61.7%/90.3%2022+1.9pct/+1.7pct/+2.1pct 2023 1-10 17.3%2022 1.8pct 41 2022 42 2023.1-10 2.2 30%2024H2 2023 1-11 155.33+29.1%2023Q1 2024 2024H2 43 44/2024 2023 250.4 2023 171.8 68.6%2022 10.0pct 15.5%13.8%11.0%10.3%9.4%8.1%7.6%5.6%3.6%3.3%11.8%17.3%14.2%10.7%10.0%9.5%7.4%6.3%5.9%5.6%3.4%9.6%0481216201 2 3 4 5 6 7 8 9 10 11 12 2022 20233456721-0121-0421-0721-1022-0122-0422-0722-1023-0123-0423-0723-1024-01 22/35 101.1 2024 1-11 50.92 2024 396.2 228.2 57.6%45 46 2021-2024 2021 2022 2023E 2024E 15.3 42.6 48.6 81.1 12 18 35 59 15 18 18 38 6 10 20 30 8 9.7 19.2 29.2 6.8 6.8 18 28 3 4 7.5 12 5 13 13 13 3 9 9 19 0 3 6 6 25.5 29.6 56.1 80.9 99.6 163.7 250.4 396.2 2023.1-10 CR3/CR5/CR10 48.3%/66.1%/86.8%22-3.5pct/-5.3pct/-6.8pct 2023.1-10 16.0%2022 1.0pct 2024 47 2022 48 2023.1-10 46 67.9128.6171.8228.299.6163.7250.4396.268.2%78.6%68.6%57.6%50%60%70%80%90%0701402102803502021 2022 2023E 2024E 26.2%15.0%10.6%9.9%9.7%9.2%5.7%3.2%2.7%1.4%6.4%22.9%16.0%9.4%9.0%8.8%7.8%4.6%3.1%2.9%2.3%13.2%23/35 2024 2.3 2023 2023 5-8 9-11 2023 1-11 97.34 28.4%2024 1 5/2.9/1.875/2023 1 2-58.9%/-61.3%2024 2023-2024 2024 49 50/2024 2023 300.7 2023 106.2 35.3%20.7pct 2024 370.7 142.7 38.5%51 52 2021-2024 2021 2022 2023 2024E 26.7 35 63 63 7 13 26 56 0 0 30 40 0 0 10 40 5 5 35 35 7 13 22.8 22.8 12.5 12.5 22.5 22.5 2.8 6 18 18 0 0 15 15 2.5 7.8 10.5 10.5 45.1 53.9 47.9 47.9 108.6 146.2 300.7 370.7 2023.1-10 CR3/CR5/CR10 64.2%/78.4%/93.4%22 048121 2 3 4 5 6 7 8 9 10 11 12 2022 20230369121521-0121-0421-0721-1022-0122-0422-0722-1023-0123-0423-0723-1024-01 44.081.8106.2142.7108.6146.2300.7370.740.5%56.0%35.3%38.5%30%50%70%0701402102803502021 2022 2023E 2024E 24/35 0pct/-0.8pct/-1.1pct 2024 2023 1-10 36.7%2022 1.4pct 2023 1-10 14.2%2022 2.4pct 2022 14.4%2023.1-10 13.3%1.1pct 53 2022 54 2023.1-10 2023 1-5 5-7 7-11 2024 55/2.4 24 2023 2023 1-11 113.62 49.2%7+2um/9+3/12+4 1.425/1.325/1.375/2024 1 5 2023 1 2-41.8%/-38.4%/-36.8%38.1%14.3%11.8%10.4%4.6%4.6%3.7%3.3%2.2%1.5%5.5%36.7%14.2%13.3%9.4%4.8%3.9%3.8%3.7%2.2%1.4%6.6%010203040506021-0121-0421-0721-1022-0122-0422-0722-1023-0123-0423-0723-10 25/35 2024 2024 2025 56 57/2024 2023 201.0 2023 125.6 62.5%8.0pct 2024 246.1 167.8 68.2%58 59 2021-2024 2021 2022 2023E 2024E 33.5 55 82 90 15.5 17.9 26.7 43.8 6.5 6.5 24 34 9 10.5 18.8 28.8 10 10 13.2 13.2 8 8 9.5 9.5 4.4 4.4 4.4 4.4 4.2 4.2 4.2 4.2 1 1 3 3 2.9 2.9 2.9 2.9 11.8 11.8 12.3 12.3 106.8 132.2 201.0 246.1 2023 1-10 2023.1-10 47.5%2022 9.6pct 9.8%2022 1.7pct 2023.1-10 CR3/CR5/CR10 73.3%/87.3%/96.5%2022-6.3pct/-6.3pct/-3.5pct 2023.1-10 0510151 2 3 4 5 6 7 8 9 10 11 12 2022 20231.01.52.02.53.021-0121-0421-0721-1022-0122-0422-0722-1023-0123-0423-072
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