资源描述
()()()S0350521080006 S0350521120002 S()2023 08 03 2 300 1M 3M 12M-0.3%-10.1%25.2%300 4.0%-0.8%-4.6%-0.2058-0.03240.14090.31420.48760.6609 300 _ 5 6*2023/07/21 _ 4 AIGC*2023/05/21 _ 3 AIGC+*2023/04/11 _ 2 AIGC*2023/03/15 _ 1 AIGC*2023/02/05 _ 12 12 GMV*2023/01/081ZDWvMrMoNmNpRtQrMpQqRbR8QaQmOrRsQmPeRqQwOeRmMmQ9PpPxPMYoNpRvPtPmP3 wind 8 2 1=0.9213 2023 8 2 Wind PE()2022A 2023E 2024E 2022A 2023E 2024E 2022A 2023E 2024E002739.SZ-27.8 21.4-19.2 10.9 14.2-1908.5%156.9%30.0%303.8 603103.SH-38.8 30.6-3.2 3.0 3.8-2422.5%193.2%26.9%114.8 600977.SH-30.3 24.5-2.1 9.2 11.3-190.9%527.2%23.4%277.8 601595.SH-105.6 54.6-3.3 1.1 2.0-1630.7%131.4%93.3%110.9 300251.SZ-31.7 19.5-7.1 7.8 12.7-128.7%209.1%62.9%246.7 002027.SZ 38.7 21.5 17.6 27.9 50.2 61.4-54.0%80.0%22.3%1080.3 001330.SZ-29.0 17.9-0.7 4.3 6.9-119.9%689.4%62.2%123.3 1896.HK 87.0 19.0 14.0 1.1 4.8 6.5-71.5%357.7%35.5%91.5 002905.SZ-3.8-7.1%-39.1 300291.SZ 302.0 19.7 14.5 0.2 3.2 4.3-68.6%1435.9%35.8%62.8 4 2023H1 2023H1 262.9 52.9%51.9%0.7%2023H1 2021H1 88.6%107.5%2019H1 83.9%74.6%112.5%1 2023H1 2019H1 1/3.0/0.9pct 2 2022 15.6%2018 22.5pct 2023H1/21.5%/24.7%2023H1 56%42%3 27-29%2023 4 2023/12225/74756 7 31)2022 432/1964 2023H1 15.8%2019H1 2.7pct 2023 2023 135 2019 123 7 31 35.0/20.6/15.4 1 24.1/13.0 2 2023 6 41.3 2019 7 31 7 87 7 2023 176.8/185.0/192.1 4 2023 571.4/589.4/607.6 448.7/494.6/540.6 2019 89.1%/91.9%/94.7%2023H1 2 1 1 2 7 2 5 2023H1 62023H1 2018H1-2023H1 YOY 2018H1-2023H1 YOY 2018H1-2023H1 9.01 8.11 0.60 6.82 3.98 6.04-10.0%-92.6%1034.8%-41.6%51.9%2018H1 2019H1 2020H1 2021H1 2022H1 2023H1 YOY320.3 313.2 22.5 275.7 171.9 262.9-2.2%-92.8%1127.1%-37.7%52.9%2018H1 2019H1 2020H1 2021H1 2022H1 2023H1 YOY17 13 6 11 8 10 13%11%5%9%6%8%2018H1 2019H1 2020H1 2021H1 2022H1 2023H1 2018H1-2023H1 YOY 2023H1 262.9 yoy+52.9%yoy+51.9%yoy+0.7%2023H1 2021H1 95.3%88.6%107.5%2023H1 2019H1 83.9%74.6%112.5%35.6 38.6 37.4 40.4 43.2 43.5 8.7%-3.2%8.1%6.8%0.7%2018H1 2019H1 2020H1 2021H1 2022H1 2023H1 YOY734 112 42 47 37 42 57 79 32 83 36 41 101 39 19 29 34 41 87 0501001501 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2021 2023 2023H1/2021 2023 7 7 31 2023 2021 6 2019 7 7 9680 26200 12158 11195 9646 11985 16081 21819 9300 22508 10358 11394 20118 8649 4908 7503 8684 10578 21218 0500010000150002000025000300001 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2021 2023 82023H1 7 2019 2023 7 7 31 2023 1 6 7 2019 2023 1 2023 7 2019 34.942.634.242.238.434.935.7 36.034.837.034.835.950.244.638.938.339.3 39.141.101020304050601 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2021 2023 15%0%5%10%15%20%25%30%1 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2021 2023 914.7%17.7%12.3%13.6%11.6%15.1%15.9%12.8%13.1%38.0%40.7%35.5%39.8%35.6%40.7%39.1%37.1%37.9%20.6%19.6%21.7%20.6%21.7%20.1%20.2%21.3%21.0%18.0%15.1%20.7%17.6%21.3%16.7%16.8%19.5%19.3%8.6%7.0%9.9%8.3%9.6%7.4%8.0%9.3%8.7%2019Q1 2019Q2 2021Q1 2021Q2 2023Q1 2023Q2 2019H1 2021H1 2023H1 17.0%22.0%14.8%16.9%14.2%19.2%19.0%15.5%16.1%37.3%40.4%34.7%39.1%34.6%39.3%38.5%36.2%36.5%20.1%18.1%21.2%19.6%21.2%18.9%19.3%20.7%20.3%17.4%13.3%20.0%16.3%20.8%15.6%15.7%18.7%18.8%8.3%6.2%9.4%8.0%9.2%7.0%7.5%8.9%8.4%2019Q1 2019Q2 2021Q1 2021Q2 2023Q1 2023Q2 2019H1 2021H1 2023H1 02040602019Q1 2019Q2 2021Q1 2021Q2 2023Q1 2023Q2 2019H1 2021H1 2023H1 2023H1 16.1%/36.5%2019H1 19.0%/38.5%2021H1 2019H1 3.5pct 2019Q1 2021Q1/Q2 Q1 2019H1-2023 H1 2023H1 2019H1 13.2%7.8%11.4%14.4%13.3%10 TOP20 80%5/7 7 31 2023 TOP20/1 41.65 1 22 7 45.44 4.05 4.05 5.55 2.452 2 36.9 1 22 8.3 40.29 4.80 4.80 4.04 2.873 31.95 6 22 6.4 35.03 1.59 3.19 6.03 2.274 18.85 7 6 7.5 20.62 0.65 3.04 2.5 1.145 14.06 7 8 8.2 15.36 0.89 1.79 2.59 2.426 13.77 1 22 7.1 14.95 1.33 1.33 1.77 1.057 10.74 4 28 5.9 11.85 0.34 1.84 0.81 0.728 10.77 7 20 7.8 11.84 0.49 2.43 3.16-9 10 8.61 5 17 6.2 9.84 1.04 2.82 0.95 0.4210 8.78 1 22 6.6 9.31 1.37 1.37 0.93 0.5211 8.41 1 22 7.2 9.2 0.73 0.73 0.91 0.6712 7.77 4 28 6.6 8.45 0.75 2.04 0.62 0.4813 6.97 3 24 7.3 8.08 0.95 2.47 1.25 0.4514 6.36 3 10 7.7 7.01 0.24 0.87 1.02 0.6815 5.72 4 20 8.9 6.56 0.94 1.7 0.71 0.1316 5.73 6 9 6 6.53 0.76 1.94 0.7 0.2717 3 5.3 5 5 8.4 6.06 0.42 1.44 1.05 0.5318 3.99 7 28 7.4 4.35 0.75 1.82-19 3.88 6 21 7.9 4.28 0.28 0.49 0.57 0.1620 3.61 1 22 5 3.93 1.27 1.27 0.23 0.12Top20 253.82 278.98 317.41H1Top20 79.97%11/2022 2018 22.5pct 2023/1/1.9 1.9 0.5 1.1 0.9 1.3 0.8 0.9 0.7 0.8 0.9 1.1 2018 2019 2020 2021 2022 2023H1 20.8%22.9%19.4%12.2%16.3%21.5%79.2%77.1%80.6%87.8%83.7%78.5%2018 2019 2020 2021 2022 2023H1 38.0%37.4%16.1%16.3%15.6%24.7%62.0%62.6%83.9%83.7%84.4%75.3%2018 2019 2020 2021 2022 2023H1 12/2023H1 129 56%42%2021H1 0.9/1.7/4.8 16719129721191611122721281618222723342023H12022H12021H1 18 31113103 465725 193949 21275 101747 45242023H12022H12021H1 1.1 0.8 1.6 1.8 0.3 1.7 4.4 0.6 1.7 1.0 0.6 2.0 5.9 0.5 3.3 1.0 0.8 0.7 2021H1 2022H1 2023H113 2023H1 2023 7 31 2023H1 5-10 2021H1 15pct 6 20+2021H1 7pct 2018-2022 TOP1/3/10/20 42%45%35%20%9%18%13%20%28%13%7%9%6%11%4%3%5%3%3%2%3%2021H1 2022H1 2023H120 10-20 5-10 2-5 1-2 5000-1 5000 TOP1/3/10/20 6.0%7.9%15.3%12.3%13.6%16.7%21.8%37.1%33.4%32.8%40.0%44.7%66.8%52.7%60.8%57.5%62.4%85.2%69.1%78.1%2018 2019 2020 2021 2022TOP1 TOP3 TOP10 TOP20 2 2 2 4 1 3 4 4 10 11 3 9 11 11 9 9 10 12 2021H1 2022H1 2023H120 10-20 5-10 2-5 1-2 5000-1 14 2023 7 31 2022 68%2018 10pct/7 31 2023 128.5 2019 2023 10%9%0%17%20%3%7%20%9%5%29%28%18%16%30%8%7%21%7%4%58%61%66%62%68%0%10%20%30%40%50%60%70%80%2018 2019 2020 2021 2022 10 59 7 15 8 8 45 7 4 178 6 46 6 68 2 15 9 2 1 128 0204060801001201401601802002018 2019 2020 2021 2022 2023124 123 127 2 7 4 19 10 5 8 135 050100150 2018 2019 2021 202315 2023H1 2021H1 2.8pct 2023/7 31/7 31 2023/12225/74756 2022 432/1964/2020/2022 2023H1/2021H1 2.8pct 1.8pct 3402742909526946151768324727107541376720747566459 7877 9319 10416 11470 11977 12458 12657 122252015 2016 2017 2018 2019 2020 2021 2022 2023 7.2%7.4%6.5%32.4%31.9%32.9%25.0%25.0%23.2%21.6%23.3%20.9%13.7%12.4%16.4%2021H1 2022H1 2023H1 145.8118.1 116.8106.3 98.828.863.539.4771.3634.0649.6615.1586.2173.3385.0238.42015 2016 2017 2018 2019 2020 2021 2022 16 SFC 2023H1 2019H1 2.7pct SFC Q2 Q1 Q1 50%2019H1/2023H1 62.6%/68.5%SFC90%2023H1 13.1%3.4%2.6%2.6%2.0%1.3%1.7%15.8%3.6%2.3%2.1%2.3%1.2%1.9%0%5%10%15%20%SFC 2019H1 2021H1 2022H1 2023H115.3%3.8%2.2%2.0%2.3%1.0%1.8%16.5%3.5%2.4%2.2%2.3%1.5%2.0%0%2%4%6%8%10%12%14%16%18%SFC 2019Q1 2019Q2 2021Q1 2021Q2 2023Q1 2023Q2 2019H1 11.8%3.0%27.8%32.2%23.1%61.8%7.6%41.0%28.5%43.7%49.3%39.1%31.4%47.4%18.5%16.0%13.0%10.4%21.1%4.3%29.0%28.6%52.5%15.2%8.2%16.6%2.9%16.3%SFC 11.2%4.6%27.5%40.2%24.2%60.4%8.5%46.3%32.8%47.2%42.5%41.1%32.4%47.9%17.9%14.1%14.2%8.8%22.1%4.4%26.1%24.6%48.5%10.8%8.4%12.5%2.7%17.2%SFC 17-9 8 8-5 1 17-5 52 19 14-1-2 16 10 5 21 5-4-2 10-5 4-5 SFC 2020 2021 2022 2023H1-1105770-361983-163671291173 386834714941-6-1254-2739-51 SFC 2020 2021 2022 2023H1 2023 10-20 50-60 50 11 10 6563671861398679607081310100200300400500600700800 SFC2019 2020 2021 2022 2023H15806230612881026654 621425614998501000200030004000500060007000 SFC2019 2020 2021 2022 2023H118 2023 19 2023 2023 7 7 31()2018 YOY()2018 YOY()2018 YOY 2018 173.8-28.63%4.96-35.04-13.60%2019 177.8 2.30%27.72%5.02 1.21%35.42 1.08%12.40%2021 73.8-57.54%15.69%2.02-59.27%36.53 4.26%5.40%15%0%5%10%15%20%25%30%1 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2021 2023 0500010000150002000025000300001 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2021 2023 0204060801001201401 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2021 2023 208 7 6 0100002000030000400005000060000700001 3 5 7 9 11 13 15 17 19 21 23 25 27 29 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 2 4 6 8 10 12 14 16 18 20 22 24 26 28 302018 2019 2023 2023 2023 7 7 31 5/6/7 2018/2019/2023 7 31 41 1 5 3 9 5 6 12 9 7 13 8 15 10 7 2 6 8 4 5 8 8 8 7 10 14 11 8 10 3 3 4 3 8 12 11 11 12 10 2018 2019 2023 21 7 31 2023 1.1-7.31 7 31 2023 135 2018 11 2021 TOP3 TOP10/2019 TOP10 7 2021/2018 2019 2021 2023 173.8 177.78 73.81 128.5 124 123 127 135TOP3 42.09%43.68%40.22%55.10%TOP10 73.46%77.97%65.89%83.28%26 22 18 19 17 10 11 10 65.38%45.45%61.11%52.63%/TOP10 6.48 6.99 6.44-2018 2019 2021 2023 8 6 7 6 6 5 4 5 6 3 3 3 5 2 1 2 1 2 1 1 1 1 1 1 1 1 1 1 26 22 18 19 22 7 20181 30.99 2018/7/5 9 31 17.8%11.7%19.4%2 25.20 2018/7/27 6.6 25.48 14.5%8.6%20.6%3 2 16.96 2018/6/15 6.6 16.96 9.7%8.7%13.5%4 13.24 2018/8/10 7.1 13.55 7.6%4.8%20.1%5 10.29 2018/8/10 5.7 10.54 5.9%3.9%17.5%6 2 6.85 2018/8/24 7.2 8.32 3.9%3.4%12.2%7 6.70 2018/7/20 6.3 6.7 3.8%3.7%12.4%8 6.06 2018/7/27 6.1 6.06 3.4%3.0%14.3%9 5.84 2018/7/13 7 5.84 3.3%3.5%13.1%10 5.55 2018/8/10 3.2 5.55 3.1%1.9%22.3%20191 47.06 2019/7/26 8.4 50.36 26.4%14.1%18.7%2 16.42 2019/8/1 6.4 17.07 9.2%6.5%18.0%/3 14.17 2019/6/28 7.6 14.18 7.9%7.1%11.7%4 2 13.11 2019/7/5 6 13.13 7.3%6.5%13.0%5 11.19 2019/8/23 6.3 14.35 6.2%4.3%14.2%6 8.77 2019/7/18 6.2 8.78 4.9%4.7%12.5%7 8.33 2019/7/12 7.2 8.34 4.6%4.4%10.9%8 2 7.76 2019/5/31 6.2 9.37 4.3%4.8%9.6%9 2 6.90 2019/8/7 6.2 7.02 3.8%3.2%15.0%10 4.88 2019/6/21 9.4 4.88 2.7%3.9%9.4%20211 13.22 2021/7/9 6.9 13.29 17.9%10.3%8.1%2 10.83 2021/7/30 7.2 13.29 14.6%9.2%6.4%3 2 5.63 2021/7/23 6.8 5.8 7.6%6.4%5.5%4 1921 5.02 2021/7/1 6.7 5.05 6.8%5.6%5.9%5 3.75 2021/7/30 7.1 3.87 5.0%5.2%5.1%6 2.64 2021/6/11 6.3 2.64 3.5%4.1%5.4%7 2.09 2021/8/27 7.5 6.13 2.8%1.6%6.4%8 2 1.98 2021/6/11 7 1.98 2.6%2.8%5.9%9 9 1.86 2021/5/21 5.1 13.92 2.5%2.9%3.4%10 1.61 2021/7/17 3.8 1.61 2.1%2.5%5.0%TOP10 TOP10 2018/2019/2021 TOP1/2018/2019/2021 TOP10 2021 23 2023 7 31 2023 2021 2019 2.45/0.21/0.36pct 2021/SFC 2019 2021 2023 2019 2019 20.94 12.74%12.84%10.16 15.16%2.42%14.46%17.69 15.19%2.45%15.54%5.57 3.39%3.42%2.42 3.61%0.22%3.58%4.19 3.60%0.21%3.66%4.18 2.54%2.52%1.54 2.30%-0.25%2.33%2.71 2.33%-0.22%2.28%4.39 2.67%2.71%1.57 2.34%-0.33%2.31%2.41 2.07%-0.60%2.05%3.43 2.09%2.04%1.43 2.13%0.05%1.90%2.45 2.10%0.02%2.24%SFC 1.98 1.20%1.19%0.87 1.29%0.09%1.08%1.44 1.24%0.03%1.16%2.69 1.64%1.65%1.14 1.70%0.06%1.73%2.33 2.00%0.36%1.92%24 8/2023 2023 TOP3 22.6 18.5 1 24.1 13.0 8 2 93/65()6 1 35.03 2023/6/22,/2:6.53 2023/6/9-,/3!4.28 2023/6/21,/7 1 20.62 2023/7/6,2 15.36 2023/7/8,-,/3 11.84 2023/7/20,/4 7 3.3 2023/7/14,/5 3 2.84 2023/7/6,/6 3.08 2023/7/14,-/7 4.35 2023/7/28,./8(1 93.3 2023/8/11,/2 2 65 2023/8/4,/3 34 2023/8/18,/4 18.9 2023/8/18,/5 16.7 2023/8/22,-/6 13 2023/8/17,/7 14.1 2023/8/30-/7 31 2023 7 31 252023 185 7 31 TOP3()1 35.03 35.26 2023/6/22,/35.1 35.3 35.5 2 11.84 24.06 2023/7/20,/20.0 22.0 23.0 3 20.62 22.59 2023/7/6,21.0 22.6 23.0 4 4.35 12.95 2023/7/28,/12.5 13.0 14.0 5 2-2023/8/4,/12.6 13.5 14.4 6-2023/8/11,/7.2 8.0 8.8 7 15.36 18.51 2023/7/8,-/17.0 18.0 19.0 8:6.53 6.54 2023/6/9-/6.5 6.5 6.6 9!4.28 4.28 2023/6/21,/4.3 4.3 4.3 10 7 3.30 3.59 2023/7/14/3.6 3.6 3.7 11 3.57-2023/6/2/3.6 3.6 3.6 12 2.91 3.11 2023/7/21,/3.5 3.6 3.7 13 3.08 3.53 2023/7/14,-/3.3 3.4 3.5 14 1.90 2.62 2023/7/21/2.6 2.6 3.0 15 3 2.84-2023/7/6,/2.8 2.9 2.9 2023 TOP15 155.59 162.82 169.00 2023 TOP15/TOP15 176.80 185.02 192.05 2023 YOY 2019-0.55%4.07%8.02%2019 TOP15 86.40%2023 88%2023 176.80/185.02/192.05 TOP15 2 26 2023 272023 30()/2/65 2023 8 4/-93.3 2023 8 11 2/-12.3 2023 8 12 21-1.7 2023 8 17/-13 2023 8 17/34 2023 8 18/-18.9 2023 8 18/8.6 2023 8 18/-16.7 2023 8 22-5.6 2023 8 22/8.2 2023 8 25 2.9 2023 9 9/4.6 2023 9 9/-7.9 2023 10 1/15 2023 11 11/-9.5 2023 12 29 4/-99.2 2023/-33.2 2023/-7.5 2023/36.8 2023/-10.4 2023/-1.3 2023/-0.4 2023-2023/-0.1 2023/()/2023 7 21 14.1 2023 8 30 2/2023 11 10 1 2023/-2023 8 4 1.3 2023 8 11 2/2023 9 8 0.1 2023 4/2023 9 22 1.2 2023 10/2023 10 27 0.2 2023 2/2023 11 3 1.3 2023282023 589.4 2023E yoy 2022 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222023E 2023E 2023E 171.0 218.0 296.0 437.7 454.5 558.5 607.0 641.5 203.1 470.3 299.4 571.4 589.4 607.6 yoy-26.3%29.7%37.0%49.1%3.8%22.6%8.7%5.7%-68.4%131.7%-36.4%90.9%96.9%103.0%4.8 6.1 8.3 12.6 13.7 16.2 17.2 17.3 5.5 11.7 7.1 13.4 13.7 14.1 yoy-37.1%27.1%36.1%51.8%8.9%18.1%5.9%0.6%-68.2%112.6%-39.0%88.4%93.6%98.7%35.63 35.74 35.66 36.07 33.17 34.43 35.33 37.12 37.00 40.30 42.16 42.72 42.89 43.07 yoy-7.9%2.0%0.7%-1.8%-4.7%3.9%2.6%5.0%-0.5%9.0%4.4%1.3%1.7%2.1%=*2022 2.4%2023 1.8%/1.4%/1%42.7/42.9/43.1 2023H1 2019H1 74.5%2023H2 2023H2 2019H2 80%/84%/88%13.4/13.7/14.1 2023 571.4/589.4/607.6 2019 89.1%/91.9%/94.7%2930 2023H1 2 1 1 2 7 2 31,300 300 300 300 20%300 10%20%300-10%10%300 10%9 6 5 2 32 R3“”“”/“”33 28F 518041 0755-83706353 C1 200023 021-61981300 168 25F 100044 010-88576597
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