资源描述
*2023 11 30*1 2023+2023 11 24 81.7%8 1ZCXvMrMpMqRrPmPnQtMqR8OcMaQpNrRpNmPeRrQpNeRnNmNbRrQqMwMtRrOxNmPnN*C O N T E N T S 02&03 011 04 05*0101 3*015%03 4 CR3 6+35.87%16.18%13.65%34.31%*01504+5 2017-2018 2023H1+01020304050600%20%40%60%80%100%120%2012-08-24 2014-07-25 2016-06-24 2018-06-08 2020-05-22 2022-04-29%,%*C O N T E N T S1 02&03 01 04 05*01501 7%61%31%7%1%*01502+8 2023 0510152025302021/9/22021/11/22022/1/22022/3/22022/5/22022/7/22022/9/22022/11/22023/1/22023/3/22023/5/22023/7/22023/9/22023/11/2)0%20%40%60%80%100%2021/9/92021/11/92022/1/92022/3/92022/5/92022/7/92022/9/92022/11/92023/1/92023/3/92023/5/92023/7/92023/9/92023/11/9(%)0500010000150002000025000CCFEI:/CCFEI:1.5D-25*1.03/%*01503 8 9 2005 92 93.48%86 5 2 90 2006 97 100.00%97 4 6 95 5.67%5.43%12.8%2007 127 89.76%114 4 12 106 11.83%30.93%17.5%2008 142 69.72%99 4 7 95-10.08%11.81%-13.2%2009 163 81.10%132 5 9 128 34.40%14.79%33.5%2010 218 75.92%166 3 8 160 25.13%33.74%25.2%2011 293 63.00%185 10 16 179 11.43%34.40%11.5%2012 315 82.11%259 10 27 242 35.71%7.58%40.2%2013 332 91.02%302 11 17 296 21.98%5.27%16.7%2014 347 89.29%310 12 26 295-0.07%4.52%2.5%2015 361 88.05%318 14 22 310 4.82%4.04%2.6%2016 352 98.07%345 11 31 325 5.04%-2.49%8.6%2017 378 94.97%359 21 30 349 7.37%7.39%4.0%2018 455 79.40%362 19 37 344-1.44%20.51%0.8%2019 499 79.50%397 22 35 384 11.48%9.60%9.7%2020 489 72.08%352 15 38 330-14.03%-2.00%-11.1%2021 481 77.30%372 21 33 360 9.21%-1.64%5.5%2022 481 73.26%352 18 33 337-6.35%0.00%-5.2%2023E 449 84.93%381 16 33 364 7.92%-6.65%8.2%2024E 459 85.68%393 16 34 375 3.00%2.23%3.14%2025E 469 86.47%406 16 36 386 3.00%2.18%3.12%*01504 90%102023 2023/01 37 67.4%25.21 1.31 1.73 24.79 2023/02 37 69.7%26.07 0.91 2.29 24.69-0.40%3.41%2023/03 37 90.0%33.66 1.16 3.17 31.65 28.19%29.11%2023/04 37 81.2%30.39 1.07 3.05 28.41-10.24%-9.71%2023/05 37 84.5%31.63 1.47 2.8 30.30 6.65%4.08%2023/06 37 88.7%33.18 2.23 2.72 32.69 7.89%4.90%2023/07 37 88.2%33.02 1.36 2.71 31.67-3.12%-0.48%2023/08 37 88.4%33.09 2.16 2.28 32.97 4.11%0.21%2023/09 37 90.7%33.55 1.34 2.20 32.69-0.86%1.38%表需的预测参考2019年同期水平2023/10 38 89.4%33.99 1.94 2.00 33.93 3.80%1.31%2023/11(E)38 90.2%34.29 1.54 3 32.83-3.24%0.89%2023/12(E)38 90.2%34.29 1.27 2.4 33.16 1.01%0.00%2019 90%2023*C O N T E N T S1 02&03 01 04 05*01501 12%/2023 11 24 328 1.7/1.6-1.7/3 80 24 70 21 0%10%20%30%40%50%60%0100002000030000 1.5D 328*02 2017Q3 2021 2022 2014 2015 2018 2019 2020 2016 G20 70009000110001300015000170001900021000230002000300040005000600070008000900010000-Wind/13*C O N T E N T S1 02&03 01 04 05*01 15 2021 231.82 16.71 2021 PVC 2022 236.80 9.89 2022 PVC%iFind-100%-50%0%50%100%150%0501001502002502018 2019 2020 2021 2022 2023Q1-Q3*01 16 2022%2022%2022 34.32%36.13%6.91%2.33%4.12%0.89%3.03%11.01%-15.40%8.04%2.02%1.90%4.71%2022 61.95%0.56%22.49%2.50%3.55%0.53%3.03%-8.37%0.74%2.21%5.90%1.92%3.00%34.32%36.13%06.91%2.33%4.12%0.89%3.03%11.01%-15.40%8.04%2.02%1.90%4.71%PVC 61.95%0.56%22.49%2.50%3.55%0.53%3.03%-8.37%0.74%2.21%5.90%1.92%3.00%iFind iFind*01 17 2023-2025 8.88 13.21 17.86 EPS 0.43 0.64 0.87 2023 11 29 PE 13 9 6/2022A 2023E 2024E 2025E 23,680 22,216 23,312 26,022%2.1-6.2 4.9 11.6 989 888 1,321 1,786%-40.8-10.2 48.8 35.2 0.48 0.43 0.64 0.87 PE 12 13 9 6 PB 0.9 0.8 0.8 0.7 Wind 2023 11 29*02 18 2021 624.63 27.03 17.7 2021 PVC PVC PVC PVC 2021 2022 559.11 7.14 2022 PVC%iFind-500%0%500%1000%1500%2000%-10001002003004005006007008009002018 2019 2020 2021 2022 2023Q1-Q3*02 19 2022%2022%2022 47.52%23.03%6.56%6.33%6.12%4.84%3.80%1.26%0.45%0.10%2022 7.85%33.50%3.43%16.32%30.16%-0.27%2.33%6.26%0.34%0.07%47.52%23.03%6.56%6.33%6.12%4.84%3.80%1.26%0.45%0.10%7.85%33.50%3.43%16.32%30.16%-0.27%2.33%6.26%0.34%0.07%iFind iFind*02 20/2022A 2023E 2024E 2025E 55,911 50,902 52,062 53,257%-11.1-9.0 2.3 2.3 714 112 673 895%-74.0-84.4 502.0 33.1 0.28 0.04 0.26 0.35 PE 24 152 25 19 PB 0.7 0.7 0.6 0.6 Wind 2023 11 29 2023-2025 1.12 6.73 8.95 EPS 0.04 0.26 0.35 2023 11 29 PE 152 25 19*C O N T E N T S1 02&03 01 04 05*22*THANKS 23 S0100522050001 13916442311 S0100122080049 15000393047 8 1 5F 200120 28 A 18 100005 6001 32 05 518026*12 A 300 500 15%5%15%-5%5%5%5%-5%5%5%*24
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