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23Q3&SAC S0850515120001 SAC S0850523030004&SAC S0850523080002 2023 11 28 23Q3 5.7%300 50 Q3 20.1%23Q1-3 2.3%2023Q1 2023 1-10 1.4GW 2023 1-10 1433MW 2022 2 2023H1 798MW 7-10 635MW 525MW 89.32%PEM 6.28%SOEC 63MW 4.4%AEM 2023 1-10 710MW 2022 CR5 81%2023 1-9 2023 1-9 2876 2830 yoy+25.2%37.3%7-9 490 468 yoy-14.3%-33.3%9 14 9 2023 yoy+26.8%2023 Q3 1978 yoy+26.8%yoy+175.6%2023 1-9 4240 yoy+63.5%2023 Q4 2 WUCXwPnQnOrQtNtQnQsNoPaQbP6MpNmMmOoNiNnMnMeRsQvNbRrQrNuOsPyRMYnQzQ Q3 2.9%0.01pct 0.18%23 107 23Q2 2.9%23Q2 104 23Q1 6.3%0.18%0.01pct Q3 Q2 397 Q3 460 Q3 107+2.9%50%2023Q4 2024 2023Q4 2024 1 昇 2 3&4 5 6 7 1 2 3 4 3 1.2.&3.4.5.4 1.23Q3 5.7%300 50 Q3 20.1%23Q1-3 2.3%2023Q1 Wind PE Wind 5 2023/11/24%PE TTM PE 2023E 2022 23Q1 23Q2 23Q3 23 Q1-Q3 13 11-0.2 31.3 6.3-12.8 21.8 28 22-15.1 38.4-0.3-21.8 7.9 11 8 28.6 21.3-8.8-23.0-14.8 昇-3-35.5 25.3 4.8-28.9-6.6 1,885-20.7 0.5-22.9-13.9-33.3 33 28-5.5 18.0-14.3-4.0-2.9 68 55-17.1 21.5 3.6-2.6 22.6-58-53.1 26.8-7.4-7.1 9.1 16 15-26.5 15.8 24.2-6.0 35.2-31-42.8 4.5-6.2-9.0-10.8 14 15-8.2 5.6 0.6-0.5 5.8-10-43.7 3.9-19.2-0.3-16.3 14 15 4.6 11.5 20.2 5.4 41.3 21 17-46.5 17.2-10.0-8.1-3.0 10 11-35.2 12.6-12.1 0.2-0.8 55 55 18.1-10.4-4.9-17.8-29.9 47 30-30.4 23.8-5.2-12.6 2.5 11 10-28.6-3.7-4.5-2.4-10.3-144-29.8 6.2-11.6-7.6-13.2 1.Wind PE Wind 6 2023/11/24%PE TTM PE 2023E 2022 23Q1 23Q2 23Q3 23 Q1-Q3-U-33-50-61.8 24.3-7.6-11.1 2.1 25-25.9 8.2-6.3-16.9-15.8 16 16-41.6 23.9-1.2 1.9 24.8-4-29.7-0.4-7.1 9.3 1.2 24 22-40.1 2.3 10.5-7.5 4.5 40-39.0 3.8 0.4-4.7-0.7 39 30-15.2 18.8 13.8-20.2 7.8 SOFC 41 34-30.4-2.0-2.5 6.5 1.8 49 42-27.1 8.8-16.5 52.8 38.7 140 84-52.6 3.4-20.0-16.1-30.6 5 11-27.2-5.7-21.4 0.5-25.5 35 39-43.5 1.8-17.9-6.9-22.2 14 12-0.5-9.8-1.6-14.7-24.3 20-23.4 12.2-2.1 3.8 14.0 14 12-8.9 3.6 5.0-4.4 4.0 37 35-31.5 23.5 18.6-5.0 39.1-202 68-47.4 18.1 38.5-19.6 31.5 33,244 49-38.0 15.5-1.8 15.6 31.1 959 26-26.3 11.4-2.3-5.7 2.3 300 11 10-21.6 4.6-5.1-4.0-4.7 50 44 42-31.3 12.7-7.1-11.7-7.5 1.2.&3.4.5.7 2.&2023 1-10 1.4GW 2023 1-10 1433MW 2022 2 2023H1 798MW 7-10 635MW 525MW 89.32%PEM 6.28%SOEC 63MW 4.4%AEM 8 2023 1-10 89.32%6.28%4.40%0.00%ALK PEM SOEC AEM2.&+PEM 195MW PEM 50MW 80%PEM PEM+9 PEM 2.&2023 1-10 2022 CR5 23 10 31 710MW 2022 CR5 81%TOP5 210MW 127MW 125MW 63MW 50MW 29.58%17.89%17.61%8.87%7.04%10 2023 1-10 MW 210 127 125 63 50 40 27 25 16.5 9 0501001502002502.&2023 1-9 2023 1-9 2876 2830 yoy+25.2%37.3%7-9 490 468 yoy-14.3%-33.3%9 14 9 11 2023 1-9 65 100 401 406 744 670 244 102 144 163 40 478 303 423 955 277 177 14 020040060080010001200 2.&2023 yoy+26.8%2023 Q3 1978 yoy+26.8%yoy+175.6%2023 1-9 4240 yoy+63.5%2023 Q4 12 2023 1-9-100%-50%0%50%100%150%200%250%300%01000200030004000500060002017 2018 2019 2020 2021 2022 2023 1-9(yoy 1.2.&3.4.5.13 3.Q3 2.9%0.01pct 0.18%23 107 23Q2 2.9%23Q2 104 23Q1 6.3%0.18%0.01pct Wind 14 0.162%0.164%0.166%0.168%0.170%0.172%0.174%0.176%0.178%10010210410610811011222Q4 23Q1 23Q2 23Q3 3.Q3 Q2 397 Q3 460 Wind 15 2023Q3 2023Q2 1 176 54 122 2 82 14 68 3 38 15 36 4 23 2 23 5 21 5 21 6 18 4 21 7 12 1 16 8 12 12 14 9 11 0 11 10 10 4 11 11 9 2 11 12 8 3 7 13 8-13 6 14 7-4 5 15 6-30 5 3.Q3 107+2.9%50%Wind 16 2023Q3 2023Q2()(%)pct()(%)1 47 6.58%0.0772 0.0065 44 0.0706 2 15 33.80%0.0250 0.3198 11 0.0182 3 10 60.61%0.0170 0.5958 11 0.0171 4 8-21.57%0.0138-0.2328 6 0.0103 5 6 29.65%0.0101 0.0025 5 0.0088 6 4 0.0060 0.0060 5 0.0076 7 3-15.83%0.0043-0.0007 4 0.0068 8 3-38.08%0.0043-0.0025 3 0.0050 9 2 394.92%0.0027 0.0022 2 0.0036 10 1 130.32%0.0023 0.0013 2 0.0031 1.2.&3.4.5.17 4.2023Q4 2024 2023Q4 2024 昇&18 6.1 2 3 4 19 Tel:(021)23183818 Email:S0850515120001 Tel:(021)23185735 Email:S0850523030004 20 Tel:(021)23185617 Email:S0850523080002 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%21
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