资源描述
2009 1210 2023 12 10 2024 23 12 8 13.8%300 1.6+19.9%20%-1 2024 24 5%23Q3 5 19 2023 2024-23+2 1 2026 VLCC 2 2024 23 1 2024 ETF 2 1 2024 10%-15%2*2024 20 PE 1 2 3 021-20572539 S0360516090002 玥 S0360523070001 010-63214633 S0360523070004 S0360523080001%()119 0.02()27,903.41 3.21()24,010.83 3.57%1M 6M 12M 0.2%-8.1%-15.2%6.0%3.0%-1.1%20231127-20231203 2023-12-04 20231120-20231126 BDI 2000 2023-11-26 2023 10 2023-11-21-18%-10%-3%5%22/12 23/02 23/05 23/07 23/09 23/122022-12-092023-12-08 300 2024 2009 1210-1 2024+2 23 ETF*2024 20 PE 1 2 3 YWAZxOtOsRrQrPoNqNrOnM9P8QbRtRnNnPnOiNnMnPkPmNpO7NpPuMMYmRsPuOqMqM 2024 2009 1210 3.7.8 2024.8 1.8 2 2024.11 3.14“”.17 1 Q4 2023 VLCC.17 2.19 3 2024“”.21 4.25.27.27 1.27 2.31 3 24.33 4.35.36 1.36 2*.38.40 1.40 1.40 2.42 2.43 1.44 2.47 3.47.48 2024 2009 1210 4 1 12 8.7 2 12 8.7 3 2023 12/8.8 4 Q3.9 5 2023.10 6 Q3.10 7 Q3.10 8 Q3%.11 9 Q3%.11 10 23.11 11 23-25%.12 12 23.12 13 30.13 14 TOP20.14 15.14 16%.14 17.15 18.15 19+.15 20/.15 21%.16 22%.16 23%.16 24.17 25 TCE$/day.18 26 2023%.18 27%.19 28 Q3%.19 29%.19 30.20 31%.20 32%.20 33 VLCC.21 2024 2009 1210 5 34 BDI.21 35 BCI.21 36 BPI.22 37 BSI.22 38%.22 39.23 40-.23 41-.24 42.24 43.25 44%.25 45-.25 46 VLOC.26 47 VLOC.26 48.26 49.27 50.27 51.28 52 12/8.29 53 100%.30 54.31 55.31 56.32 57 23Q3.33 58“3+1”.34 59.34 60.35 61 CR4.35 62.36 63.37 64.37 65 2019-23.37 66.38 67 2023 12 8.38 68.39 2024 2009 1210 6 69.39 70.41 71.42 72 PC.43 73.43 74 23Q3.44 75 23Q1-Q3.44 76.45 77.45 2024 2009 1210 7 2023 12 8 13.8%300 1.6+19.9%+5.7%+1.2%26.5%22.9%7+5.6%60%6 6 4 20 13 2023 1 12 8 Wind 2 12 8 Wind-12.2%7.4%-2.1%-0.5%-0.5%-5.7%1.2%4.5%-6.2%-2.0%-3.2%-2.1%-2.8%-13.8%2.0%-0.5%-0.8%1.1%-6.7%-2.9%5.6%-7.9%-0.8%-2.3%1.0%-1.5%19.9%2.8%1.4%-1.1%7.2%0.2%-0.7%3.6%-4.7%5.9%-1.8%3.8%2.4%5.7%0.2%1.0%4.8%6.6%3.8%-3.6%-0.4%-5.0%0.6%-2.8%1.3%-0.5%1.2%2.3%0.0%0.3%8.2%-5.4%-1.7%4.7%-6.5%2.7%-3.8%1.4%0.0%-7.3%7.6%1.7%-2.1%-0.8%-9.0%-2.5%8.0%-6.8%1.6%-1.0%-0.8%-2.3%-22.9%2.8%-4.2%-1.3%-0.8%-9.3%-4.0%6.7%-8.6%-2.7%-3.8%2.8%-2.2%-26.5%-1.9%2.0%-1.9%-1.6%-9.8%-2.5%6.9%-10.8%-4.2%-1.0%-1.6%-2.8%-12.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%1 2 3 4 5 6 7 8 9 10 11 12 2024 2009 1210 8-23 2024 1 1 2020-22 2023 2023 3 2023 12/8 Wind-60%-50%-40%-30%-20%-10%0%10%20%30%1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 2024 2009 1210 9 2 23Q3 15 23Q3 42 42 36 18.4 19Q3 8.7 113%10.7 19Q3 6 Q3 0.6 26.8 13.2 11.3 7.9-7.0-26.1 4 Q3 2024 2009 1210 10 5 2023 6 Q3 3 19 23Q3 9 19 23Q3 91.8%19-0.1 pct 86.3%19-0.7 pct 80.2%19-3.4 pct 80.1%19-2.7 pct 76.6%19-5.8 pct 75.4%19-6.9 pct 7 Q3 23Q3 19 0.67 19+18.4%0.63 19+14.3%0.60 19-2.1%0.59 19+14.3%0.57 19+10.8%0.48 19+17.2%0.51 19+8.8%0.49 19+10.0%0.49 19+6.2%0.48 19-5.3%0.47 19+9.6%0.44 19+17.0%2024 2009 1210 11 8 Q3%9 Q3%2 2024 1 2023 1-10 5+1.2%19-25 3%2025-27 5 1-10 33 1.2%10 23 5 2019-25 3.3%2.9%23 5 2019-25 21.6%3.3%19-25 19.0%2.9%23 1-10 5 1.2%19 2025 23-25 14 54 33 22 8 33 28 22 737MAX 23-24 MAX 12 24 894 899 5 0.6%894 904 10 1.1%775 782 7 0.9%116 122 6 5.2%110 115 5 4.5%2789 2822 33 1.2%2024 2009 1210 12 11 23-25%2 2023 7 23 7535 19 11046 68%84.5%9.8%5.0%0.5%0.2%10 27 11 9 35 24 70 19 20%11 12 23 2023E 2024E 2025E 23vs19 24vs19 25vs19 19-25CAGR 818 833 875 889 904 958 991 10.5%17.1%21.1%3.2%1.8%5.0%1.6%1.7%6.0%3.4%723 725 752 775 795 815 813 10.0%12.7%12.4%2.0%0.3%3.7%3.1%2.6%2.5%-0.2%848 851 862 879 935 988 1040 10.3%16.5%22.6%3.5%0.4%1.3%2.0%6.4%5.7%5.3%2389 2409 2489 2543 2634 2761 2844 10.3%15.6%19.0%2.9%0.8%3.3%2.2%3.6%4.8%3.0%93 102 113 116 123 137 147 32.3%47.3%58.1%7.9%9.7%10.8%2.7%6.0%11.4%7.3%96 98 110 110 122 134 143 27.1%39.6%49.0%6.9%2.1%12.2%0.0%10.9%9.8%6.7%2578 2609 2712 2769 2879 3032 3134 11.7%17.6%21.6%3.3%1.2%3.9%2.1%4.0%5.3%3.4%2024 2009 1210 13 3 a 2017 12 30 2017 19 6 75%7 5 60%3 4 45%1 3 33%1240 2150 73%13 30 b TOP20 2019 4-5 280 2019 34%10%28 7-8 TOP20 466 186 20-22 690 186 1 1240 2150 73%44%2 1690 2950 75%45%3 2080 3650 75%46%4 1350 2350 74%45%5 1910 3360 76%47%6 1400 2450 75%46%7 1760 3090 76%46%8 2200 3210 46%22%9 1640 2860 74%45%10 1430 2270 59%32%11 1550 2470 59%33%12 1180 1855 57%31%13 1850 2950 59%33%14 1480 2580 74%45%15 2530 4440 75%46%16 1480 2140 45%20%17 1390 2430 75%46%18 1260 2200 75%46%19 1250 2180 74%45%20 1050 1820 73%44%21 2550 3380 33%10%22 1340 2330 74%45%23 1260 2195 74%45%24 1310 2085 59%33%25 1130 1780 58%31%26 2390 4185 75%46%27 1540 2690 75%46%28 1180 1860 58%31%29 2340 3410 46%21%30 1760 3085 75%46%2024 2009 1210 14 14 TOP20 Wind 3 1 23Q3 2019 19 Q3 19+10%+14%19-4pct 16%10%5 Q3 19 2.6%15 16%Flight AI Flight AI 70%-80%498 41%2080 3650 75%50%1,825 36.9 2,920.0 40%59.1 825 32%1240 2150 73%50%1,075 28.5 1,720.0 39%45.6 557 30%1910 3360 76%50%1,680 28.3 2,688.0 41%45.4 509 39%1690 2950 75%50%1,475 28.9 2,360.0 40%46.3 300 46%2200 3210 46%40%1,284 17.7 2,247.0 2%31.0 300 45%1480 2580 74%40%1,032 14.0 1,806.0 22%24.4 200 34%2530 4440 75%40%1,776 12.1 3,108.0 23%21.2 634 18%1400 2445 75%40%978 11.3 1,711.5 22%19.8 236 36%2550 3380 33%40%1,352 11.5 2,366.0-7%20.2 276 39%1640 2870 75%50%1,435 15.5 2,296.0 40%24.8 439 24%1760 2810 60%40%1,124 12.0 1,967.0 12%21.1 251 33%1850 2950 59%40%1,180 9.8 2,065.0 12%17.1 318 30%1430 2070 45%40%828 7.9 1,449.0 1%13.8 141 42%1900 3030 59%40%1,212 7.3 2,121.0 12%12.7 184 35%1540 2690 75%40%1,076 7.0 1,883.0 22%12.2 255 30%1260 2200 75%40%880 6.8 1,540.0 22%11.9 97 75%1400 1850 32%50%925 6.7 1,480.0 6%10.8 157 50%930 1480 59%50%740 5.8 1,184.0 27%9.2 193 29%1480 2140 45%50%1,070 6.0 1,712.0 16%9.6 305 23%1180 1700 44%50%850 5.9 1,360.0 15%9.5 280 466 81634%2024 2009 1210 15 17 18 Flight AI Flight AI Q3 5 Q3 19 48%50%19+20/Flight AI 19 2023 2015-2019-37%-28%20-22 23 Q3 24%10%2019 21%19 5 Q3 19Q3113%2024 2009 1210 16 21%Wind 22%23%Wind Wind 2 2023 2024-23 5 2024 5.3%2023 5%2023 1-10 19 94%102%+38%Q1 4-10 99%107%+48%11-12 95%23 19 94%2024 23 24 7 23 19 23 6%2015 2016 2017 2018 2019 2020 2021 2022 23Q1 23Q2 23Q3 0.34 0.32 0.35 0.37 0.36 0.30 0.31 0.36 0.42 0.39 0.48 0.45 0.44 0.44 0.47 0.47 0.40 0.41 0.49 0.51 0.49 0.57 0.54 0.51 0.50 0.52 0.50 0.47 0.51 0.60 0.54 0.58 0.63-23%-27%-21%-21%-23%-25%-25%-27%-18%-20%-16%-37%-38%-31%-29%-28%-37%-40%-40%-24%-32%-24%2015 2016 2017 2018 2019 2020 2021 2022 23Q1 23Q2 23Q3 0.32 0.29 0.31 0.33 0.33 0.24 0.25 0.27 0.36 0.35 0.44 0.38 0.37 0.38 0.40 0.40 0.30 0.31 0.33 0.41 0.40 0.49 0.44 0.41 0.41 0.42 0.41 0.34 0.36 0.39 0.39 0.42 0.49-17%-22%-18%-19%-18%-21%-18%-18%-11%-12%-10%-27%-29%-24%-23%-21%-29%-29%-30%-8%-18%-10%2024 2009 1210 17 24 3 24 1 Q4 2023 VLCC 1 12 1 VLCC-TCE 5.3 TCE 5.5 5.3/2023Q4 VLCC-TCE 4.5-32.7%+56.7%TCE 5.7 6.4/-29.3%-29.1%+97.3%+146.7%2023 VLCC 4 OPEC+VLCC VLCC OPEC+2024 2009 1210 18 25 TCE$/day Wind 26 2023%Wind 2 2023 37.6-2.8%36.2-0.8%23.5 22 0.28 37.1+480.4%33.2+418.1%Q1-3 11.2 16.5 9.9 11 16.3 8.8 11 17.1 9.1 8.8 15.4 9-20%-10%0%10%20%30%40%50%1月 2月 3月 4月 5月 6月 7月 8月 9月 10 月 11月 300 2024 2009 1210 19 27%28 Q3%2 1 2026 VLCC 2.4%24-26 VLCC 3 3 12 26 29%Clarksons-100%0%100%200%300%400%500%600%0.05.010.015.020.025.030.035.040.045.0招商轮船 中远海能2022Q1-3 2023Q1-3 YOY0%10%20%30%40%50%60%70%80%90%100%0.02.04.06.08.010.012.0招商轮船 中远海能2022Q3 2023Q3 YOY0%10%20%30%40%50%60%VLCC 2024 2009 1210 20 30 31%Clarksons Clarksons 2 VLCC Clarksons 20232025 VLCC 32%Clarksons 3 20232025 VLCC 2.3%0.0%-0.5%2025 20232025 VLCC 7.0%4.3%2.7%30507090110130150VLCC 苏伊士 阿芙拉18.5%17.7%27.4%21.2%15.2%0-4 5-9 10-14 15-19 20 0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%2022 2023E 2024E 2025E 2024 2009 1210 21 33 VLCC Clarksons 3 2024 11 BDI 3346 12 4 BPI 6237 34 BDI 35 BCI Wind Wind-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%2020 2021 2022 2023E 2024E 2025E 2024 2009 1210 22 36 BPI 37 BSI Wind Wind 2024 Clarksons 20232025 4.8%1.9%1.5%5.0%-0.1%-0.7%3.6%4.8%3.3%7.0%-1.0%-0.7%38%Clarksons 7 32 11 25 2 18-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%2020 2021 2022 2023E 2024E 2025E 2024 2009 1210 23 8.3%2023 2.9%Clarksons 20232024 2.02.5%39 40-Clarksons Clarksons 2023 a 2023 34.3-43.4%3.6-75.9%97 1874.3 DWT 16 6 23 350 7.20 15%2023Q1-VLOC 7.88 BDI 500 9.27 BDI 1500 6.07 13.95 BDI 2500 24.60 32.48-100150200250300350-6%-4%-2%0%2%4%6%2020 2021 2022 2023E 2024E 2025E-2024 2009 1210 24 41-BDI 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 6000 6500 350 350 350 350 350 350 350 350 350 350 350 350 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 VLOC 2.32 2.32 2.32 2.32 2.32 2.32 2.32 2.32 2.32 2.32 2.32 2.32 VLOC 7.88 7.88 7.88 7.88 7.88 7.88 7.88 7.88 7.88 7.88 7.88 7.88-0.94 1.78 4.51 7.23 9.96 12.68 15.41 18.13 20.86 23.58 26.31 29.03-3.20 6.07 15.33 24.60 33.86 43.13 52.39 61.66 70.92 80.19 89.45 98.72 4.68 13.95 23.21 32.48 41.74 51.01 60.27 69.54 78.80 88.07 97.33 106.60 Clarkson Winds b 2023 82.0-33.4%6.1-81.7%282 540 DWT c 2023 7.2-21.3%29 169 DWT d 2023 8.2+6.6%32 161.2 DWT 42 DWT 16 6 97 1874.3 1 0 282 540 0 0 29 169.0 1 3 32 161.2 2024 2009 1210 25 4 VLCC VLOC 2023 43 44%VLCC VLCC TCE 1/VLCC 10.5 TCE 10 90.0 45-TCE 1 2 3 4 5 6 7 8 9 10 11 12 330 330 330 330 330 330 330 330 330 330 330 330 7.20 7.20 7.20 7.20 7.20 7.20 7.20 7.20 7.20 7.20 7.20 7.20 VLCC 52 52 52 52 52 52 52 52 52 52 52 52-14.8-2.5 8.4 18.9 29.4 39.9 50.4 60.9 71.4 81.9 92.4 102.9 10.9 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 Aframax 5 5 5 5 5 5 5 5 5 5 5 5-1.2 0.0 1.0 2.0 3.0 4.0 5.0 6.1 7.1 8.1 9.1 10.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0-16.0-2.5 9.4 20.9 32.4 43.9 55.4 67.0 78.5 90.0 101.5 113.0 Clarksons VLOC VLOC 050100150200250300350-3000%-2500%-2000%-1500%-1000%-500%0%500%1000%-30-20-100102030405060 YOY 2024 2009 1210 26+92 46 VLOC 47 VLOC 48 LNG VLOC LNG 2024-25 05101520253035402015 2016 2017 2018 2019 2020 2021 2022 2023H1 VLOC VLOC 010203040506070802015 2016 2017 2018 2019 2020 2021 2022 2023H1CAPESIZE PANAMAX ULTRAMAX SUPERMAXHANDYMAX HANDYSIZE 0204060801001201401601802002016 2017 2018 2019 2020 2021 2022 2023H1 2024 2009 1210 27 1 1 Q3 2023Q3 83.1+11%+9.7%21Q3 16.4%19Q3 28.7%2023Q1-Q2 78.4 75.8+29.5%17.4%2023 885.3+7.1%237.3+18.8%49 50 Wind Wind 2|2024 2009 1210 28 8 2022 55%A 2018 2022 5 70%2018 37%2022 63%2023 7 2023-2025 75%2018 40%2022 53%2023 4 2022-2024 55%51 Wind 现金分红比例%2019 2020 2021 2022粤高速A 70 70 70 70山东高速 60 90 63 68皖通高速 35 42 60 63宁沪高速 55 94 55 62招商公路 40 49 43 53深高速 45 46 52 50四川成渝 31 36 18 40赣粤高速 31 89 31 34百亿市值公司平均 46 64 49 55龙江交通 58 30 60 60福建高速 17 61 50 49四川成渝 31 36 18 40现代投资 25 46 39 35东莞控股 29 28 30 31楚天高速 42 35 30 31中原高速 9 32 30 30重庆路桥 32 30 30 30五洲交通 10 30 30 10城发环境 10 10 10 10行业整体分红比例 43 62 49 52 2024 2009 1210 29 52 12/8 Wind wind A*A+H 23 23/22 3 a 500 b 2021-22 23 19%c 7 4.3 2027 7 2023 25 2.31 26 2.46 29 4 617 54.3 11 1.1 53 55 4.8%527 42.4 12 1.6 62 5.0%338 34.3 10 1.1 68 60 6.1%209 24.6 9 1.2 50 55 6.5%179 17.4 10 1.5 63 6.1%175 16.5 11 1.8 70 70 6.6%134 13 10 0.9 40 3.9%120 1.3 31 100 12.1 8 0.6 34 4.1%11 1.2 55 91 1.9 30 89 0.8 49 81 0.7 30 64 8.4 8 0.8 31 4.1%61 0.6 35 52 1.1 60 51 0.8 10 27 1.4 29 2024 2009 1210 30 53 100%2022-23 H 4%d 23 22 40%1 26 20 2022 2 2024 23 14 02 6.09%3 2022 ETF ETF A 23 a 2018 40%2022 53%2023-2025 55%0.230.511.572.462.913.514.220%10%20%30%40%50%60%0.00.51.01.52.02.53.03.54.04.52023 2024 2025 2026 2027 2028 2029 2024 2009 1210 31 b 2023 2023 12 2%11 10 1 958 2023 11()100%44.1 2022 13.8 PE 1.2 PB 40%43.17%50%45%49%23 11 26.8 50%60%2 1 Q3 2023Q3 110.72+7.6%+6%2023Q1-Q2 14.8%11.3%2023 1484.3-3.2%309.07-6.6%54 55 Wind Wind 2 2015 2024 2009 1210 32 2023 7 100%50%100%67.56%60%53.88%64.91%100%5.77/2022 1 pb 56 3 2024 2009 1210 33 PB PB+1 2 3 24 1 23 1.89 88 24%23Q3 6490 2%1%23.2 39%26%57 23Q3 Wind 2 24 12 23Q3 1,351-2%29%2.9-64%-16%0.2%1,288-7%-13%2.9-44%-66%0.2%1,826-3%-3%8.3-23%0%0.5%1,485 2%-8%8.5-29%-7%0.6%539-2%-1%0.6-70%-67%0.1%6,490-2%-1%23.2-39%-26%0.4%2024 2009 1210 34 3+1 3+1 3 1+58 3+1 59 40 6%2024 2009 1210 35 60 61 CR4 Wind Wind 2023 2024 4 50%22 40%2022 6%10 27 2023 10 31 3 1.5-2 8/6 0.5-1 4 23 2024 ETF 1.3%2.0%2.5%2.9%3.8%5.6%6.1%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%2016 2017 2018 2019 2020 2021 2022CR4 5 0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0%2016 2017 2018 2019 2020 2021 2022 2024 2009 1210 36 1 1 1-10 1051.7 17%9643.8 12.3%1-10 9.17 4.1%22 11-12 18%1-10 32.3%18.5%17%8.3%2.3%22.4%+0.4pct 15.6%+1.9pct 14.5%+0.9pct 13.7%+2.8pct 1-10 2.4 6%2.4 7%2.24 10.1%62 Wind 0%10%20%30%40%50%60%70%02004006008001,0001,200 2024 2009 1210 37 63 64 65 2019-23 Wind 2 Q3 0.31-0.02 0.14-0.03 0.04-0.06-0.02 2024 2009 1210 38 66 67 2023 12 8 Wind 2*1 2024 10%-15%-0.30-0.20-0.10-0.10 0.20 0.30 0.40 0.5019Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3-50%-40%-30%-20%-10%0%10%20%300 2024 2009 1210 39 2024 2*2023 2800 1900 12 7 1979 4 7 1900 62.6 40%55.45 43.55%23Q1-3 17.2 24.6 21 15.2 21.9 18.4 66%77%7.3%Q2 20 Q3 12 20 Q2 26.1 Q3 68 69 2023 2022-23(15)(10)(5)0510152025303518Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3-5.0%0.0%5.0%10.0%15.0%20.0%25.0%18Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3 2024 2009 1210 40 24 1-2024 20 PE 10-4 10-1 1 12 1900 TEMU 2022+1 2024 2009 1210 41 a 23Q3/23Q3 48%2021-2022 6 3 23Q3 2021-2022 7 70 b+10 14 782 10 2023/17 782 SPA 184 1088 c 2023 H1 2110+160.8%48524+105%19.04 73.25%21Q1 21Q2 21Q3 21Q4 2021 22Q1 22Q2 22Q3 22Q4 2022 23Q1 23Q2 23Q3 24.00 29.90 28.54 41.87 124.31 39.28 30.69 33.33 29.54 132.84 24.16 21.12 19.25 7.00 7.72 6.65 7.33 28.70 6.87 4.09 6.49 6.10 23.54 5.53 6.14 5.82 14.06 18.46 14.44 22.13 69.08 19.93 15.14 20.74 22.35 78.16 16.02 20.75 23.43 21Q1 21Q2 21Q3 21Q4 2021 22Q1 22Q2 22Q3 22Q4 2022 23Q1 23Q2 23Q353%53%58%59%56%59%61%55%51%57%53%44%40%16%14%13%10%13%10%8%11%11%10%12%13%12%31%33%29%31%31%30%30%34%39%33%35%43%48%21Q1 21Q2 21Q3 21Q4 2021 22Q1 22Q2 22Q3 22Q4 2022 23Q1 23Q2 23Q329%29%36%37%33%40%40%32%27%35%30%27%13%51%42%31%22%37%44%-21%31%3%19%31%42%46%10%10%16%19%14%17%19%19%18%18%17%15%8%26%25%29%30%28%33%29%27%21%28%26%23%15%21Q1 21Q2 21Q3 21Q4 2021 22Q1 22Q2 22Q3 22Q4 2022 23Q1 23Q2 23Q359%64%70%73%67%71%86%65%65%72%62%50%36%30%24%14%8%17%14%-6%12%2%7%15%23%38%12%13%16%19%16%15%20%23%33%22%23%27%26%2024 2009 1210 42 23H1 5480+130.9%7.14 146.21%Q3 48%71 2 a 2021 2022 lazada Lazada Shopee b 10 2023-2025 60%21-22 35%50%2023-24 7.9 9.4 60%4.8%5.7%12 2023 10 1.3 1.7 2023 30.15%2 2018 2019 2020 2021 2022 2023H1 15,608 19,276 22,016 39,813 59,919 48,524 24%14%81%51%105%1.98 2.03 1.24 0.81 1.0525 0.548 3%-39%-35%30%131%168 175 182 332 632 453 4%4%82%90%287%2024 2009 1210 43 1 a 23Q3 10.5+296%+21%b 23Q3 PC-5%88 23Q2 180 23Q2 150 3171.82 0.97%Q3,72 PC 73 IDC 2 2023 10 100%1.8 11 1 2 2024 2009 1210 44 A 23Q3 23Q1-Q3 138.6-7%13.7-4%23Q3 53.2+11%+22%4.3-17%-15%74 23Q3 Wind 75 23Q1-Q3 Wind 25%8.2%21%13%/Q3 23Q3 31+9.7%+42%1.5-13%+2%1 23Q3 2.8 56%-1%0.5-16%-25%16%3.0 34%4%0.3-35%-32%10%3.9 17%-3%0.8 34%-12%21%5.1 40%20%0.6 39%-20%12%1.0-3%0%0.3-21%-1%31%31.0 10%42%1.5-13%2%5%6.4-15%-5%0.4-64%-40%6%53.2 11%22%4.3-17%-15%8%23Q1-Q3 9.1 62%1.8 16%20%8.8 43%1.2-13%13%11.6 24%2.4 30%21%12.0 19%2.0 52%17%2.9-1%0.9-9%29%76.3-16%4.0-15%5%18.4-24%1.4-42%8%139.1-7%13.7-4%10%2024 2009 1210 45=*+76=*77 1 a 2024 2009 1210 46 b 20-22 5.7 5.6 8.2 35%32%48%2014-22 CAGR 9%CA
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