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Table_Header 2023 12 8 Table_Title-2024 Table_Summary 2023 2023 1-10 2.9%2024 50%2021 46.7%2022 65.22%2022/83%/92%1916/2021 40.87/14.86 2021 10.98()2021/1.07/4.47/37.38/202.77/1 4 2024 2024 4 1 3%3.8%2024/10%/9.35%2 2023 2024 2024-2025/3822/5022 1.27-1.52 12 7 PE/PB 8.32/0.74 10 2.64%/0%12 7 EPS(/)PE()2022A 2023E 2024E 2022A 2023E 2024E 601186 1.96 2.14 2.37 3.94 3.56 3.21 601390 1.26 1.41 1.58 4.40 3.95 3.54 601668 1.22 1.32 1.46 4.47 3.61 3.26 601800 1.18 1.31 1.45 6.81 5.84 5.26 Wind Table_IndustryName Table_InvestRank Table_Authors 021-20252646 longtianguang_ S0130519060004 Table_IndustryData 2023-12-8 Table_Chart Table_Research 2023 _ 2023 _ 2022 _-15%-10%-5%0%5%10%15%20%25%30%23/01 23/02 23/03 23/04 23/05 23/06 23/07 23/08 23/09 23/10 23/11 23/12 300(SW)2 Table_ReportTypeIndex.3 50%.3.5.8.10.12.12 2024/10%/9.35%.16.18.19.22.22.23 2.24.27.27.28.29.30.32.32.35.36.37 1ZFUxOmRoNmNsMoNqNoRpO6MbPaQnPnNtRnOlOqRsQkPrQsO6MmMyRxNmMqNvPrMtQ 3 Table_ReportTypeIndex 50%2021 64.72%2022 65.22%2021 3.85 2021 46.7%1 2021 46.7%2 2022 65.22%2022 2022/60.134%/74.377%/53.909%/55.751%/58.219%/69.609%/68.54%/68.465%,8 63.63%65.22%3 2022 266 2022(63.56%)140(83.08%)(81.51%)(77.65%)(91.96%)(100%)46.70%38%40%42%44%46%48%2016 2017 2018 2019 2020 2021:10.64%65.22%y=1E-09x2-4E-05x+0.5958R=0.98670%20%40%60%80%1949195319571961196519691973197719811985198919931997200120052009201320172021()65.22%0%10%20%30%40%50%60%70%80%斯洛伐克斯洛文尼亚克罗地亚波兰中国立陶宛拉脱维亚爱沙尼亚捷克2022 4 Table_ReportTypeIndex 4 2022 50%2017-2021 1.1 2018-2022 1 5 2023/2024/2025/2026/2027 48.9%/50%/51.1%/52.2%/53.3%2027 70.22%2009 2022 Y=-0.0291*X2+1.7727*X+46.525 R2=0.9985 1 1949 2022 0.9867 2027/2028 69.7%/70.34%5 Wind 1981-2022 1-5 1991-1996 1996-2000 2001-2014 2001-2018 56.90%63.56%75.45%81.51%83.08%91.96%100.00%0%20%40%60%80%100%120%印度泰国世界阿拉伯联盟中国南非俄罗斯联邦欧洲联盟德国大韩民国法国拉丁美洲与加勒比海高收入国家加拿大美国英国沙特阿拉伯澳大利亚阿拉伯联合酋长国巴西日本阿根廷乌拉圭卡塔尔新加坡2022y=-0.0291x2+1.7727x+46.525R=0.99853035404550556065702009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022()5 Table_ReportTypeIndex 6 Wind 1 27626.32 1981-2022 2007 2007-2022 30123.3 2007-2022 1.3%1 24892.79 5 1 27626.32 7()Wind 2022 14.1175 0.06%2018 0%1%2%3%4%5%6%7%-20%-10%0%10%20%30%40%50%60%70%1980-12-311982-12-311984-12-311986-12-311988-12-311990-12-311992-12-311994-12-311996-12-311998-12-312000-12-312002-12-312004-12-312006-12-312008-12-312010-12-312012-12-312014-12-312016-12-312018-12-312020-12-312022-12-31 0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0%(10,000)0 10,000 20,000 30,000 40,000 50,000 60,000 1980-12-311982-12-311984-12-311986-12-311988-12-311990-12-311992-12-311994-12-311996-12-311998-12-312000-12-312002-12-312004-12-312006-12-312008-12-312010-12-312012-12-312014-12-312016-12-312018-12-312020-12-31 6 Table_ReportTypeIndex 8 Wind 2021 1062 7.52 2022 956 6.52 2017 9 Wind 2022 60 19.8%2011 13.7%6.1pct 60 2022 12 31 60 553.66 36.8%10 60 Wind-0.2%-0.1%0.0%0.1%0.2%0.3%0.4%0.5%0.6%0.7%0.8%0.9%115,000 120,000 125,000 130,000 135,000 140,000 145,000 200020022004200620082010201220142016201820202022()()YOY()-20%-15%-10%-5%0%5%10%0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 200220032004200520062007200820092010201120122013201420152016201720182019202020212022()()YOY()13.70%19.80%10%12%14%16%18%20%22%201120122013201420152016201720182019202020212022 60 7 Table_ReportTypeIndex 2017 22 2039 20 2007 51043 2022 311980 12.83%2022 121.02 6.9%7%50%11 Wind 15-25 1996 1995-2020 29.04%63.89%1996-2020 2020-2023 2023 GDP GDP 20 12()Wind 0%5%10%15%20%25%30%35%2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0%5%10%15%20%25%30%35%19961998200020022004200620082010201220142016201820202022():8 Table_ReportTypeIndex 2009 3 18 92 21.57%17.35%15.38%13.31%1 1 37,701.35 21.57%1,204 18.54%2 30,322.39 17.35%838 12.91%3 26,880.02 15.38%681 10.49%4 23,262.62 13.31%889 13.69%5 16,954.72 9.70%662 10.20%6 13,587.28 7.77%631 9.72%7 11,135.31 6.37%725 11.17%8 6,509.27 3.72%116 1.79%9 4,192.90 2.40%414 6.38%10 1,963.35 1.12%141 2.17%11 1,106.76 0.63%74 1.14%12 931.88 0.53%87 1.34%13 257.52 0.15%31 0.48%Wind(2023 10 19)2023/2024 19.5/20 2022 40384 2023 8 30978 Wind 10 19 35569.49 93.6%25%2023 3.9 20%19.5 2024 2023 4 20 13()Wind 13,207.0021,487.3036,018.70 35,844.0040,384.0036,782.00 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2018-102018-122019-022019-042019-062019-082019-102019-122020-022020-042020-062020-082020-102020-122021-022021-042021-062021-082021-102021-122022-022022-042022-062022-082022-102022-122023-022023-042023-062023-082023-10/9 Table_ReportTypeIndex 38.58 2014 2015 2022 35.0618 2023 8 38.748 38.5822 1658 23.8166 14.9314 2020 10 14()Wind 2015-2023 2018 15 Wind 3%3.8%2008 5.33 25.87 CAGR 11.95%2022 60.9318 2023 2023 10000 5000 38800 48800 3%3.8%0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 2017-112018-022018-052018-082018-112019-022019-052019-082019-112020-022020-052020-082020-112021-022021-052021-082021-112022-022022-052022-082022-112023-022023-052023-08-10%-5%0%5%10%15%20%201520162017201820192020202120222023H1 10 Table_ReportTypeIndex 16()Wind 2022 41.86 2022 GDP 1210207 203649.29 166620.1 77896.37 65326 260552.12 110607.51 2022 418611.85 102.7918 GDP CEIC 2022 94.01 2023 106.8 17 CEIC 2021 12 1 2014 10 2014 351 2014 12 31 0%5%10%15%20%25%30%0 50,000 100,000 150,000 200,000 250,000 300,000 200820092010201120122013201420152016201720182019202020212022 YOY1068039.850 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2017 2018 2019 2020 2021 2022 2023/11 Table_ReportTypeIndex 2015 2018 12 2019 6 5 2020 12 2019 6 2023 1-10 34387 30610 3777 10 1948 2 2019 6 40 2022 1 2022 12 30 155.94 20 3%/4.5%/10 10 3 AMC AMC AMC AMC AMC AMC AMC AMC 4 22 50 4 2008 2019 12 Table_ReportTypeIndex 1995-2021 54616 109767()62660 68102.7 201284 148553.35 87388 85544 41718 33401 31997 27716 1850-1910 37 6100 1916 408745 18 1995-2021()2021 1.07/4.47/2.4/4.1/4.02/4.86/3.37/2.92/1990-2021 19 1990-2021(/)2021 148553.35 109767 85544 68102.73 48149.91050000100000150000200000250000199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021 0 1 2 3 4 5 6 7 8 9 1990199219941996199820002002200420062008201020122014201620182020 13 Table_ReportTypeIndex 33401 27716 42000 38000 52.5%2022 15.5 20 2021 1990-2021 102.83 528.07 622.32 673.9 248.75/202.77/8.99/37.38/2022 535.48 685 149.52 21 2021/Wind 937 482 51.44%960 115 11.98%2021 16.91 6980 13155 11664 15860 10.6 1.2/1.18/1.58/1.72/2021 148553.35 1097678554468102.73 48149.91 33401277160 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 美国中国俄罗斯印度加拿大德国法国南非波兰意大利英国哈萨克斯坦西班牙罗马尼亚土耳其瑞典伊朗捷克匈牙利芬兰2021 0 50 100 150 200 250 300 1990199219941996199820002002200420062008201020122014201620182020 14 Table_ReportTypeIndex 3.35/3.19/22/Wind 2017 2020 14.78/2020 2020 29.30 79.97 157.36 121.96 23 2004-2022 2004-2022 10.34 19.28 2000/4.7/6/9.76/13.5/24.5 22 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 1990199219941996199820002002200420062008201020122014201620182020 15.290 2 4 6 8 10 12 14 16 18 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022(/)15 Table_ReportTypeIndex 24 2004-2022 2019 74.4 2022 91.4 4.73%1842 1995 39.92 2019 60.81 26.8 16.74 2019 967.46/105.87/2013 128.7 2.7 25 2004-2022 20 70 2015 3830 1.62 1.25(33240MGD)2015 511 2022 2.26 4.04%2022 98.11%0.22 70.06%1.47 19.280 5 10 15 20 25 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022()91.40 10 20 30 40 50 60 70 80 90 100 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022()16 Table_ReportTypeIndex 26 2004-2022 2024/10%/9.35%2023 1-10 419409 2.9%6.2%1-9 1-10 215863 0.5%1/3 1-9 9.1%4.9%0.1%0.5%3.5%27 2023 2023 GDP 5.2%2023 1-10 8.27%0.37pct 2023 1-10 5.9%24.8%5.7%2.2%226050 5,000 10,000 15,000 20,000 25,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022()-30%-20%-10%0%10%20%30%40%2014-022014-062014-102015-022015-062015-102016-022016-062016-102017-022017-062017-102018-022018-062018-102019-022019-062019-102020-022020-062020-102021-022021-062021-102022-022022-062022-102023-022023-062023-10:17 Table_ReportTypeIndex 28 1-10 25%11.1%0.8%2023 2024 29 11 12-25 11 10 3833/10 13 173/2023 9 14.8812 25.7%7 0.81pct 11 15 110.79 10 4.06%11 10 4.8/5mm 2072.50/10 2.68%2024/10%/9.35%2024 2024/10%/9.35%10%13%13%10%7%16%7%8%7%-30%-20%-10%0%10%20%30%40%14-0214-0614-1015-0215-0615-1016-0216-0616-1017-0217-0617-1018-0218-0618-1019-0219-0619-1020-0220-0620-1021-0221-0621-1022-0222-0622-1023-0223-0623-10-40%-30%-20%-10%0%10%20%30%40%50%14-0214-0614-1015-0215-0615-1016-0216-0616-1017-0217-0617-1018-0218-0618-1019-0219-0619-1020-0220-0620-1021-0221-0621-1022-0222-0622-1023-0223-0623-10:18 Table_ReportTypeIndex 2()2020 2021 2022 2023E 2024E:22585.37 23308.1 28971.97 37084.12 39680.01 YOY 17.00%3.20%24.30%28%7%:3042.87 2975.93 3172.34 3806.81 4111.35 YOY 8.60%-2.20%6.60%20.00%8%:9088.87 8707.14 9342.76 10090.18 10796.49 YOY 22.40%-4.20%7.30%8%7%:34161.44 34537.21 41202.89 50981.11 54587.86 YOY 17.60%1.10%19.30%23.73%7.07%:7423.29 7289.67 7420.88 9276.11 10203.72 YOY-2.20%-1.80%1.80%25%10%:48388.85 47808.18 49577.08 51064.40 54383.58 YOY 1.80%-1.20%3.70%3%7%:1447.17 1706.22 1987.75 2405.17 2790.00 YOY 9.50%17.90%16.50%21%16%10809.64 10928.55 13114.26 17048.54 19776.30 YOY 1.40%1.10%20.00%30%16%:68068.95 69158.05 75451.43 79794.21 87153.60 YOY 1.40%1.60%9.10%5.76%9.22%:10098.07 10229.35 11620.54 12433.98 14050.40 YOY 4.50%1.30%13.60%7%13%:8144.22 7932.47 8408.42 8492.50 9596.53 YOY 8.60%-2.60%6.00%1%13%:69196.09 68296.54 75194.49 75946.44 83541.08 YOY-1.40%-1.30%10.10%1%10%:87448.95 86399.56 95298.71 96872.92 107188.00 YOY 0.20%-1.20%10.30%1.65%10.65%189679.34 190094.83 211953.04 227648.24 248929.46 YOY 3.41%0.22%11.50%7.41%9.35%Wind 1 2023 1-10 5.7%0.8pct 30 Wind-40%-20%0%20%40%60%80%100%04-0204-1005-0606-0206-1007-0608-0208-1009-0610-0210-1011-0612-0212-1013-0614-0214-1015-0616-0216-1017-0618-0218-1019-0620-0220-1021-0622-0222-1023-06 19 Table_ReportTypeIndex 2022 10893 44%2023 8601 2023/2024 12600/14380 15.67%/14.13%31 Wind 2024 20 20 1.7 1 6000 2021 9853 2019 9 2035 123 1 2 3 123 1 2 3 2021 2 2021 2035 2035 70 20 46 2.5 27 36 400 80-5%0%5%10%15%20%25%30%35%40%45%50%0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2019 2020 2021 2022 2023(E)2024(E)/YOY 20 Table_ReportTypeIndex 32 2035 6 4 4 7 4 8 33 2023 1-9 2.145 4.25%2022 535 112 17.7 2035 600 1.29 135.6 165.2 116 21 Table_ReportTypeIndex 34 Wind 1-10 24.8%5089 7.1%1402 1276 35 Wind 1-10 21.3%/7.6%,2019/0.47/0.87/2.48 2019 10 36 Wind 15.67%-60%-40%-20%0%20%40%60%80%100%120%140%2002-03 2004-05 2006-07 2008-09 2010-11 2013-01 2015-03 2017-05 2019-07 2021-09-40%-20%0%20%40%60%80%14-0214-0614-1015-0215-0615-1016-0216-0616-1017-0217-0617-1018-0218-0618-1019-0219-0619-1020-0220-0620-1021-0221-0621-1022-0222-0622-1023-0223-0623-10:-100%-50%0%50%100%150%200%04-0205-0206-0207-0208-0209-0210-0211-0212-0213-0214-0215-0216-0217-0218-0219-0220-0221-0222-0223-02 22 Table_ReportTypeIndex 1-10 95922 9.3%1-9 0.2pct 92579 7.8%1-9 0.3pct 6.8%97161 4.9%1-9 1.7pct 10 16.69%5.43pct 10 20.34%0.58pct 37 Wind 2023 1-10 14.2%2022 2 2022 2023 9 30 64537 18.3%2021 7 2023 38 39 Wind Wind 2023 0.7%9 10-60%-40%-20%0%20%40%60%80%100%120%2005200620072008200920102011201220132014201520162017201820192020202120222023-40%-20%0%20%40%60%80%100%2003-02-282003-11-302004-09-302005-07-312006-05-312007-03-312007-12-312008-10-312009-08-312010-06-302011-04-302012-02-292012-11-302013-09-302014-07-312015-05-312016-03-312016-12-312017-10-312018-08-312019-06-302020-04-302021-02-282021-11-302022-09-302023-07-31-20%-10%0%10%20%30%40%50%2011-12-312012-06-302012-11-302013-05-312013-10-312014-04-302014-09-302015-03-312015-08-312016-02-292016-07-312016-12-312017-06-302017-11-302018-05-312018-10-312019-04-302019-09-302020-03-312020-08-312021-02-282021-07-312021-12-312022-06-302022-11-302023-05-312023-10-31 23 Table_ReportTypeIndex 40 Wind 1-10 79177 23.2%1-9 0.2pct 55151 19%1-9 0.8pct 10 21.23%6.05pct 13.38%10.53pct 41 Wind 9 1-10 TOP100 10%2024-5%0%5%10%15%20%25%30%35%40%45%50%2007-03-312011-03-312012-03-312012-09-302013-03-312013-09-302014-03-312014-09-302015-03-312015-09-302016-03-312016-09-302017-03-312017-09-302018-03-312018-09-302019-03-312019-09-302020-03-312020-09-302021-03-312021-09-302022-03-312022-09-302023-03-31:-60%-40%-20%0%20%40%60%80%20072008200920102011201220132014201520162017201820192020202120222023:24 Table_ReportTypeIndex 42 TOP100 7 8 2024 2 4 28 7 24 11 11 11 22 11 27 2023 16 2024-2025 3822 900 2600 2023 204 9 72%508 5200 392 50m2 60m2 80-100m2 65m2 3000 2023 28%1113.84 2024-2025 392 7644 2023.10-2025 8757.84 2024-2025 3822 2024-2025 5022 23 162.5 6 11 29 116 770.35 32 341.75 202514%-21.50%-48.90%-10.20%-17.90%-10%-60%-50%-40%-30%-20%-10%0%10%20%050001000015000200002500030000350002020 2021 2022 2023H1 2023Q1-3 2023.1-10TOP100/YOY 25 Table_ReportTypeIndex 68 323.16 18908 12 69.88 4 35.56 2024-2025 162 2024-2025 31 5022 4 28 7 21 7 24 7 28 1000 500 1000 10 9 2025 2027 3 2023-2025 30 10 1.3()62 2.7 2022 54 5500 2500 62 2032(2021-2025)2025 10000 6000 2000 1.6 100 22 134 2019-2025 55 56%2021 2035 1 10 2023 127 2000 6800 2023 300 20%100 2025 500 40%2035 2023 4 28 19 19 1 2 3 13 26 Table_ReportTypeIndex 2023 104 2023 19 1.4 2023 5 6 13 2023 5.3 865 1-8 4.98 836 94%162 4 2023(2023 1-8)1593 393 1071 2655 204 191 1606 4306 4339 3903 1816 1245 1152 2055 99%405 99%1224 98%1388 97%1179 94%4967 94%309 94%1687 93%3104 93%1790 92%1407 92%1786 89%708 85%27 Table_ReportTypeIndex 1347 85%240 80%1453 78%67 72%198 72%14 40%49802 94%1.27-1.52 3.97%50%0.25-0.3/63328-75594 5 1.27-1.52 5/()(0.25/)()0.3/6340.50 0.33%2,068.00 1,034.00 258.50 310.20 16410.00 0.98%16,000.00 8,000.00 2,000.00 2,400.00 1987.00 10.52%20,900.00 10,450.00 2,612.50 3,135.00 43263.52 0.23%10,000.00 5,000.00 1,250.00 1,500.00 7434.40 9.99%74,300.00 37,150.00 9,287.50 11,145.00 3969.81 15,779.97 7,889.98 1,972.50 2,366.99 11926.34 47,407.12 23,703.56 5,925.89 7,111.07 2460.08 9,778.80 4,889.40 1,222.35 1,466.82 8569.19 40,100.00 20,050.00 5,012.50 6,015.00 8318.09 33,064.35 16,532.17 4,133.04 4,959.65 5806.67 23,081.47 11,540.74 2,885.18 3,462.22 1010.30 4,015.94 2,007.97 501.99 602.39 6587.00 26,183.28 13,091.64 3,272.91 3,927.49 8367.03 33,258.88 16,629.44 4,157.36 4,988.83 1339.00 5,322.52 2,661.26 665.31 798.38 5116.00 20,336.06 10,168.03 2,542.01 3,050.41 5190.39 20,631.76 10,315.88 2,578.97 3,094.76 1199.84 4,769.36 2,384.68 596.17 715.40 4652.84 18,495.01 9,247.50 2,311.88 2,774.25 3799.93 15,104.69 7,552.35 1,888.09 2,265.70 10192.82 1.81%18,400.00 9,200.00 2,300.00 2,760.00 6194.72 24,623.97 12,311.98 3,078.00 3,693.60 5786.86 23,002.73 11,501.36 2,875.34 3,450.41 175922.33 3.97%506,623.90 253,311.95 63327.99 75993.58 Wind 28 Table_ReportTypeIndex 6.93 11 20 7.1643 2024 43 Wind 2023 5143(+-50)4.57%6 2023 2.1%10 2022 3.2%2021 6%11 17 80.16/82.1/1.81%11 10 API 46475.6 2016 OPEC+44 45 API Wind Wind 2022 1584.37 14.88%54.15 16.88%50.08 44.35%2,969.23 10.07%2023 131
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