资源描述
|2023 09 26 2024 80%60%70%70%2022 1 12 10 455GW 315GW 200GW 150GW 800-3000KM 9 1 8 1 115GW 4+1 4 1-GIS GIS CR3 100%81%CR3 83%GIS CR3 70%CR3 77%60%60%2024 2 8 2023 4 1100 10 9 1 25 22 3 2024-2025+S0680520030005 EPS P E 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 600312.SH 0.16 0.60 0.80 0.98 66.00 17.60 13.20 10.78 002028.SZ*1.59 2.18 2.72 3.34 31.05 22.62 18.06 14.75 601179.SH*0.17 0.16 0.26 0.35 40.01 29.63 18.45 13.50 600089.SH*3.39 2.73 2.50 2.50 4.57 5.25 5.74 5.75 600406.SH*0.99 0.92 1.08 1.24 27.45 23.82 20.42 17.76 000400.SZ*0.86 0.92 1.21 1.48 24.82 19.99 15.25 12.49 002270.SZ*0.38 0.60 0.75 0.90 29.60 19.80 15.72 13.22 300831.SZ 0.17-76.07-Wind*wind wind-16%0%16%2022-09 2023-01 2023-05 2023-09 300 2023 09 26 P.2.4 1.1.4 1.2 2023.7 1.3 9 1.10 1.4.13.16 2.1.16 2.2.16 2.2.1 GIS.16 2.2.2.19 2.3 GIS.20 2.4=GIS.22 2024.24 3.1 2000 2024.24 3.2.25.27 1.4 2.4 3.5 4.6 5.6 6.6 7.7 8 39.8 9 12.9 10.10 11.11 12 165GW 115GW 15.11 13 27.12 14 10.13 15.14 16 2000-2021.14 17.15 18.17 19.17 20.17 21.18 22.18 23.19 24.19 0YCXvMmRtQrQtNmPrMqPrQ8OcMaQsQqQtRtQfQrRuNkPtRoQ7NpOtOMYnNmMuOpOqN 2023 09 26 P.3 25.19 26(IGBT).20 27.21 28.21 29 2020-2023.22 30 2020-2023.22 31 CR3.22 32.23 33.23 34().23 35.24 36.25 2023 09 26 P.4 1.1 1000KV 800KV 2 2500KM 60%28%30%6KV-24KV 800KV 220KV 6KV-24KV(1000KV)220KV 1 2 800-3000KM 1.5 2 3 2/3-1/2 1.33 2500km 4.7%-6.9%/km 2.8%/km-2023 09 26 P.5 3 500kv 600-800 800kv 1000kv 1000-3000 1000 2023 09 26 P.6 4 IGBT()VSC()()800 1452km 8GW-5 6 _ 2023 09 26 P.7 1.2 2023 1+4 20 17 37 20 17 3 1 4 2006 8 1000kV-2006-2010(2011-2013)2011 2011-2013(2014-2017)2014(2018-2022)2018 12(2023)2022 24 14 2021-2022 4 2023 5 2 6 2 7 22 17 2014 12 2023 09 26 P.8 2018 22 17 5 8 39 GW 2006-2010-57 654 5-137 1438 5-233 1907 6.4-220 2059 7.2 2011-2013-197 649 5-234 2210 8-238 1680 8-200 603/-187 1451 5 2014-2017-178 730/-237 1720 8-268 780 10-175 608 5-162 1119 8-262 2383 8-50 240-242 1050/-254 1620 10-221 1234 10-222 1959 5-221 1238 10-35 228/-407 3324 12 GIL-48 5.4/-(-)146 816/2018 2022 38 1283 3/-60 320/-49 304/-243 1489 8-22 190/2023 09 26 P.9-226 1587 8-244 1711 8-185 1137 8-102 341/-307 2088 8 32 303 2/-84 626/-65 234/-299 2121 8 2022 1 12 2022 8 3 5 9 9 9 12 KV/1000 2022/9 2022/9/-1000 2022/8 2023/1/-800 2023/1 2023/2/-800 2023/2 2023/3/-800 2023/5 2023/6/-800 2023/7 2023/8/-800/-800/-800/-800/-660/-1000/2023 09 26 P.10 1.3 9 1 2023/150/165GW 97.05GW 2023 455GW 284GW 37GW 134GW 200GW 150GW 50GW 255GW 165GW 90GW 190GW 100%100%10 97.05GW 18 2023/455GW 200GW 75%150GW 255GW 65%165GW 190GW/100%100%50%95GW 97.05GW 2023 455GW 315GW 33 19 150GW 115GW 15 5+5 1+1+4 35GW 8-10GW 4 14 165GW 10-12GW 14 190GW 95GW 8 100%100%50%95GW 10-12GW 8 2023 09 26 P.11 11(GW)(GW)GW 97.05 2023/455 200GW 75%115 35/8-10 15 12 4 255GW 65%165 10-12 14 190/50%95 10-12 8 12 165GW 115GW 15 27 4 5 4-5-1 1-2023-08-28-5 1 5-400 660 1000 400 1000 400 500 500 500 3900 800 660 62%1100 332 1100 400 1100 400 600 200 600 200 4500 1000 532 73%1100 400 600 600 200 2300 400 200 48%1000 400 500 600 200 2100 400 200 48%600 400 600 396 400 800 300 624 500 200 500 200 800 200-3700 200 2620 100%（）2023 09 26 P.12-1-Y 9 2 9 1 8 8 2 1-2023 7 13 1 13 27/2021/11 2022/3/2022/1 2022/3/2022/6 2022/9/2022/9 2022/9/2022/9 2023/1/2023/1 2023/2/2023/2 2023/3/2023/5 2023/6/2023/7 2023/8/2/2023 09 26 P.13 10 9 1 150GW 9 5+4 1-14 10 25 22 3 150GW 22 14 8 3-1.4 2015 2016 GEIDCO GEIDCO 6+3 2035 36 5.5 1067 2023-2050 31 7.1 1555 2023 09 26 P.14 15 2035 2035-2050 2 7500 1600 118 1 3900 800 67 12 15330 5975 339 6 12500 4800 345-2 2800 1100 57 2 2200 1000 49 1 1150 400 16 2 5800 2400 111 2 1880 800 31 1 2000 800 38-12 23360 7400 463 16 40300 10600 853-5 3200 1400 43 3 4040 1800 92 36 55220 18675 1067 31 70740 22200 1555 2021 51 10 13 2022 191 327.71+5.1%58 49%/26%16 2000-2021 80km 30%28%24%13%5%2023 09 26 P.15+17 MW kV)2011 20 30 2013 200 160 2014 400 200 2015 1000 320 2016 3000 350 2019 5000 420 2020 4500 500 2020 8000 800 2021 1100 400 2024 2000 500 2023 09 26 P.16 2.1 150GW 15 10 9 1 5 2 41 410GW 41 31 2023 1 1 2024-2030 4 800-1000km 1300km 2.2 2.2.1 GIS GIS 2 GIS GIS 30 GIS GIS/GIS GIS 2023 09 26 P.17 18 19 20 GIS 33/17/5/2/1.5-GIS 33/17/5/2/1.5 43%/22%/6%/3%/2%2%25%47%26%8 56 2 40 2023 09 26 P.18 21 GIS 22%GIS GIS/GIS GIS SF6 SF6 1000kV/20 6 22 KM GW 36 45%32 37%32 47%32 45%33 43%12 15%26 31%13 19%15 21%17 22%7 9%5 6%4 5%4 5%5 6%5 6%3 4%5 7%5 7%4 6%3 4%1 1%4 5%3 4%3 4%2 2%3 4%0 0%2 3%2 3%2 3%2 3%1 2%1 1%2 2%1 1%2 3%1 1%/1 2%1 1%1 2%1 1%1 1%1 1%1 1%1 1%1 1%1 1%1 1%1 1%1 1%1 1%1 1%1 1%0 1%1 1%1 1%0 1%0 1%0 1%0 0%0 0%0 1%0 0%0 0%0 0%0 0%0 0%0 0%1 1%1 1%1 1%1 2%1 1%79 100%86 100%69 100%71 100%77 100%-926 2087 2121 1696 1708202 307 299 244 2638 8 8 8 8 3%22%43%32%2023 09 26 P.19 23 24 GIS 10/5/3-GIS 10/5/3 51%/27%/14%25 2.2.2 1000 6000 9 400 5%-15%2021 36 150/7 10 KM 1000kV 10.61 38%12.48 59%4.69 59%12.34 58%10.03 51%1000kV 5.95 21%2.59 12%7.52 35%5.35 27%1000kV 2.49 9%2.86 14%2.77 35%2.71 14%3.48 13%0.03 0%1.76 9%0.80 3%0.60 3%0.24 1%0.54 3%0.81 3%0.75 4%0.03 0%0.53 3%0.34 1%0.43 2%0.19 2%0.29 1%0.31 2%0.48 2%0.26 1%0.30 1%0.35 2%0.14 0%0.27 1%0.15 2%0.16 1%0.18 1%0.07 0%0.02 0%0.05 0%0.04 0%0.02 0%0.05 0%0.04 0%0.01 0%0.06 0%0.02 0%0.03 0%0.01 0%0.00 0%0.00 0%0.00 0%28 100%21 100%8 100%21 100%20 100%-341 65 626 140 293102 65 84 68 80 2023 09 26 P.20 800/IGBT 10nm(LCC HVDC)(IGBT)(VSC HVDC MMC VSC HVDC)(IGBT)IGBT 45%30%2 10%SwedeWater 26(IGBT)2.3 GIS 59%57%30%GIS GIS/GIS IGBT45%25%10%7%3%3%7%2023 09 26 P.21 ABB 2-4 2 27 wind GIS GIS GIS 800kv 5 28 wind 0%10%20%30%40%50%60%70%GIS 17%22%27%0%5%10%15%20%25%30%GIS 2023 09 26 P.22 2.4=GIS 3 6 1 1.5 2 2020-2023 CR3 100%81%CR3 83%GIS CR3 70%CR3 77%CR3 66%GIS CR3 52%CR3 45%29 2020-2023 2020-2023 30 2020-2023 2020-2023 31 CR3 TOP1 TOP2 TOP3 GIS 17%4%21%4%6%21%76%50%23%28%2%16%29%35%3%38%43%16%10%40%10%18%6%8%3%14%34%24%24%13%24%12%3%13%14%32%20%17%15%31%21%0%12%CR3 72%47%46%79%78%79%95%85%81%100%70%77%83%12%7%26%36%0%69%16%18%22%5%6%10%3%36%43%2%21%19%3%26%13%13%11%2%19%CR3 81%53%72%83%59%94%45%52%66%2023 09 26 P.23/IEC 35kV MR 500KV 500kV MR ABB 32 33 2 34()90%10%65%35%2023 09 26 P.24 2024 3.1 2000 2024 2023-2030 2000 2023-2025 3430/5870 856/1462 2023-2025 845/1430 2023-2025 13 1 2023 4 10 9 1 2026-2030 22 3 150GW 22-3 260 50 GIS 33/17/5/2/1.5 GIS 10/5/3 35 2023-2025 2026-2030 13 22 1 3 3430 5870 856 1462 429 726 221 374 GIS 65 110 26 44 19.5 33 1000KV GIS 10 30 1000KV 5 15 1000KV 3 9 2 2024 1-1.5 6 3-6 1-3 1.5 2 2023 5 2 6 2 2022 4 2 2024 2023 09 26 P.25 36 3.2 GIS GIS-2020-2023 GIS 43%35%29%GIS 5/1.7 GIS 25%GIS 2020-2023 22%/18%GIS 16%/10%GIS 800 2020-2023 GIS 31%/21%/15%/17%2023 09 26 P.26 2020-2023 34%43%33 3.45 2020-2023 50%/76%27%17 60%1100kV 800kV 2020-2023 13%/24%80%60%2021 2-3 2025()65%60%2023 09 26 P.27/150GW/2023 09 26 P.28“”,“”“”6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%8 7 7 100077 868 One56 1 10 200120 021-38124100 1115 330038 0791-86281485 100 24 518033
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