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2009 1210 2023 05 22 688557 45.8 34.60 2022 2017-2022 1.51 9.15 CAGR 43.4%0.05 0.91 PLC 8-10%2022 2023-2025 13.0 18.0 23.8 1.45 2.07 2.86 EPS 1.99 2.85 3.93 2023 23 PE 45.8 ReportFinancialIndex 2022A 2023E 2024E 2025E()915 1,304 1,804 2,381(%)51.6%42.5%38.3%32.0%()91 145 207 286(%)12.4%59.9%43.3%37.8%()1.25 1.99 2.85 3.93()28 17 12 9()2.5 2.2 1.9 1.6 2023 5 19 021-20572562 S0360523020001 祎 S0360523030001()7,267.00()4,416.18()25.14()15.28(%)31.14()13.69 12/40.50/28.22(12)-13%6%26%45%22/05 22/08 22/10 22/12 23/03 23/052022-05-232023-05-19 300 688557 2009 1210 PLC 1 2 2023-2025 13.0 18.0 23.8 1.45 2.07 2.86 EPS 1.99 2.85 3.93 2023 23 PE 45.8 688557 2009 1210 3.6.6.6.9.10.11.13.15.18.22.22.22.24.28.29.30.32 688557 2009 1210 4 1.6 2.7 3.7 4.8 5.9 6 2023 3 31.9 7 2022.10 8.10 9.10 10 2017.11 11 2017.11 12 2017.11 13.12 14.12 15.13 16.13 17.14 18.14 19.16 20.16 21 GDP.16 22.16 23.17 24.18 25.19 26.19 27.19 28.20 29.20 30.20 31.20 32.21 33.21 688557 2009 1210 5 34 2014-2023.21 35 3.22 36.23 37.23 38.23 39.24 40.24 41.25 42 2022.27 43.27 44.28 45 2017-2019.28 46 5.29 47.30 48.31 49 2023/5/19.31 688557 2009 1210 6 1993 GIT 2013 2014 2018 2020 311 40 1 RaaS 2020-2022 87.4%/88.8%/92.9%688557 2009 1210 7 2 Wind 3/2D 3D 0.001.002.003.004.005.006.007.008.009.0010.002017 2018 2019 2020 2021 2022 688557 2009 1210 8 4 2022 688557 2009 1210 9 2022 5 35.86%3.37%30 2006 80 20 SCI EI 20 PLC 6 2023 3 31 Wind 2022 8 688557 2009 1210 10 7 2022 2022 1 2021 2022 40%2 2021 2022 25%2023 1 2021 2023 100%2 2021 2023 35%2024 1 2021 2024 150%2 2021 2024 50%2017-2022 1.51 9.15 CAGR 43.4%0.05 0.91 2022 51.6%2023 1 31.1%80.0%8 9 Wind Wind 2022 27.5%0%20%40%60%80%100%120%140%0123456789102017 2018 2019 2020 2021 2022 2023Q1(%)-20%0%20%40%60%80%100%120%-0.200.20.40.60.811.22017 2018 2019 2020 2021 2022 2023Q1(%)688557 2009 1210 11 10 2017 11 2017 Wind Wind 8%2022 12 2017 Wind 0%5%10%15%20%25%30%35%40%45%50%2017 2018 2019 2020 2021 2022 2023Q1(%)-5%0%5%10%15%20%2017 2018 2019 2020 2021 2022 2023Q1(%)-2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%2017 2018 2019 2020 2021 2022 2023Q1 688557 2009 1210 12 13 14 688557 2009 1210 13 15 16 PLC DCS SCADA 2020-2022 2022 347.6 3.7%2012-2022 7.0%688557 2009 1210 14 17 Wind 18 2015 1 2015 9,0%5%10%15%20%25%30%35%0.0050.00100.00150.00200.00250.00300.00350.00400.002004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 688557 2009 1210 15 2016 2,2016 7+2018 12 2019 4 2019 9 5879 2018 5 1 2019 12 31 50%2021 3 2022 10 2025 30 2023 3 50%2009 3.5/2021 10.99/688557 2009 1210 16 19 20 Wind Wind 2008-2021 GDP 2009 GDP 17.6%2021 GDP 14.6%GDP 8%-9%2025 GDP 12%21 GDP Wind 22 0%2%4%6%8%10%12%14%16%18%0246810122009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 yoy-10%-5%0%5%10%15%20%25%30%010020030040050060070080090010002009201020112012201320142015201620172018201920202021 yoy13.0%14.0%15.0%16.0%17.0%18.0%19.0%2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 688557 2009 1210 17 RFID/8867 20 23 8000 8000 8970 8970 40%50%8970 8970 3 13 4 1.5 3.14 3.14 1.3 1.3 3 3 4068 939 3661.55 844.97/100 100 762 141 4424 986 350 350 286.65 286.65 0 280 0 1400 0 1500 150 150 35 35 525 105 961.65 3441.65 25 6/162.5 39 688557 2009 1210 18/20 100 20 9036 7207 20 50 70 20 80 90 21 24 RFID 688557 2009 1210 19 2017-2022 2022 5%-6%25 Wind 26 27 2022 2.9 2018 3.9%0%1%2%3%4%5%6%7%020004000600080001000012000140002017 2018 2019 2020 2021 2022%688557 2009 1210 20 28 29 Wind Wind 2021 10 2025 46 17 7000 2012 2021 22.76 20.22%30 31 Wind Wind PACK 2022 23.02 3.13 2.83 31.04 050001000015000200002500030000350002018 2019 2020 2021 2022 024681012141618200100020003000400050006000Feb-17Jun-17Oct-17Feb-18Jun-18Oct-18Feb-19Jun-19Oct-19Feb-20Jun-20Oct-20Feb-21Jun-21Oct-21Feb-22Jun-22Oct-22Feb-23%0500001000001500002000002500003000002012 2013 2014 2015 2016 2017 2018 0%5%10%15%20%25%0500001000001500002000002500002017 2018 2019 2020 2021%688557 2009 1210 21 2022 147%Automotive Cells Company(ACC)2022 16%32 33 6m 4 2000 GGII 2020 2023 1650 34 2014-2023 GGII 688557 2009 1210 22 MMH 2007 3 35 3 Wind-0.100.10.20.30.40.50.62017 2018 2019 2020 2021 2022 688557 2009 1210 23 36 1991 7 1993 8 1993 9 1996 6 1996 7 1999 9 1999 9 2001 3 2011 7 2011 7 1999 9 2000 7 2000 7 2011 6 2011 7 2001 7 2009 4 2009 4 2011 12 2012 3 2021 6 21 2012 1 2017 6 2019 8 26 2012 1 2015 8 2015 11 2015 12 2017-2022 0.13/0.23/0.31/0.40/0.62/0.75 8%-10%2022 350 25.8%37 38 Wind Wind 0.0%2.0%4.0%6.0%8.0%10.0%12.0%00.10.20.30.40.50.60.70.82017 2018 2019 2020 2021 2022 23%24%25%26%27%28%29%30%31%0501001502002503003504002019 2020 2021 2022(%)688557 2009 1210 24 39 Wind PLC 40 S SLAM 3D 3D 0.0%2.0%4.0%6.0%8.0%10.0%12.0%2017 2018 2019 2020 2021 2022 688557 2009 1210 25 OpenGL Petri Unity3D Petri 41 S 240m/min 240m/min 240m/min 250m/min 80m/min 84m/min 90m/min 80m/min 75dB 80dB SLAM AGV 3D AGV AGV AGV 2m/s 1.5m/s AGV 5mm/s 10mm/s AGV 1m/s/AGV 1m/688557 2009 1210 26 3D/1,200/h 600/h 1,200/h S 5m/s 4m/s 4m/s 2m/s2 2m/s 1m/s 60kg 50kg 50kg 150mm-900mm 150mm-650mm 680mm SCL S 6m/s 5m/s 6m/s2 7m/s2 120m/min 120m/min 60m/min 600mm*400mm 4,000/h 4,800/h 6,000/h 70dB 75dB 85dB/WMS JB/T 7012-2008 2022 2022 688557 2009 1210 27 AGV AGV AGV CAD 42 2022 2022 76 159 55 43 2022 6 21 153 76 15 31 166 159 0 1 21 21 14 14 55 55 688557 2009 1210 28 35 67 395 311 2022 44 Wind 45 2017-2019 1504.59 2017 2027.78 2017 2591.07 2017 2428.97 2018 1542.5 2019 2160.53 2019 670.56 2020 MQC 1443.31 2017 16573.47 2018(DC)11859.04 2019 39.7%37.1%40.6%43.6%34.5%27.5%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%2017 2018 2019 2020 2021 2022 688557 2009 1210 29 2072.02 2020 P&G AS/RS P&G 8782.73 2019 P&G AS/RS P&G 1649.97 2019 ASRS P&G 6547.69 2020 2160.53 2018 1725.97 2019 2022 5 4 2022 2022 11.67 1.98 9676 2020-2022 71.0%51.6%13.9%46 5 2022 10.43 6-12 12 2022 2023 2.75 AGV RGV 0102030405060708000.511.522.533.544.552020 2021 2022%688557 2009 1210 30 47 2021 2022 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 2023 4 8406 4,540 2 AGV 1 2 3 2023-2025 5.7%5.6%5.6%4.3%4.3%4.3%2023 8.4%8.4%8.4%1 2022 11.7 2 1 2023-2025 45%40%33%2022 28%29%30%2 2023-2025 10%10%10%2022 688557 2009 1210 31 3 2023-2025 2022 48 2020A 2021A 2022A 2023E 2024E 2025E 39,484 53,247 84,969 123,205 172,487 229,408 YOY 14.28%34.86%59.58%45.00%40.00%33.00%41.08%31.39%25.48%28.00%29.00%30.00%4,119 4,060 3,957 4,353 4,788 5,267 YOY 4.62%-1.43%-2.54%10.00%10.00%10.00%54.70%52.14%49.15%49.20%49.20%49.20%1,461 2,398 2,508 2,759 3,035 3,338 YOY 56.93%64.13%4.59%10.00%10.00%10.00%78.85%58.09%58.49%58.50%58.50%58.50%60 633 39 39 39 39 YOY-25.93%955.00%-93.84%0.00%0.00%0.00%58.33%90.84%97.44%90.00%88.00%85.00%56 49 72 72 72 72 YOY 36.59%-12.50%46.94%0.00%0.00%0.00%89.29%87.76%63.89%63.90%63.90%63.90%45,180 60,387 91,545 130,428 180,421 238,124 YOY 14.26%33.66%51.60%42.47%38.33%31.98%43.63%34.51%27.46%29.39%30.06%30.84%Wind 2023-2025 13.0 18.0 23.8 1.45 2.07 2.86 EPS 1.99 2.85 3.93 2023 23 PE 45.8 49 2023/5/19 PE(2023E)PE(2024E)300532.SZ 64 20.98 17 12 603611.SH 58 21.66 11 9 300486.SZ 36 8.82 29 22 603666.SH 87 41.80 35 18 23 15 688557.SH 25 34.60 17 13 Wind wind 688557 2009 1210 32 1 2 3 688557 2009 1210 33 Table_ValuationModels2 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 159 130 180 366 915 1,304 1,804 2,381 4 2 4 6 664 921 1,262 1,647 359 419 558 716 7 10 14 18 14 59 80 111 53 74 101 133 248 337 448 584 40 56 78 102 16 104 180 215 75 110 152 200 254 263 288 330-1-1-1-1 1,055 1,314 1,739 2,328-9-9-10-11 46 65 90 119-9-10-11-12 0 0 0 0 0 0 0 0 260 302 341 377 6 6 6 6 11 11 11 11 31 35 40 45 14 14 13 13 96 157 225 310 134 135 135 136 2 2 2 2 464 526 590 656 2 2 2 2 1,519 1,840 2,329 2,984 96 157 225 311 0 10 20 30 6 13 18 25 97 111 190 303 91 145 207 286 176 219 298 413 0 0 0 0 0 0 0 0 91 145 207 286 155 221 305 403 NOPLAT 90 144 206 285 3 3 3 3 EPS()1.25 1.99 2.85 3.93 0 0 0 0 69 112 157 210 500 676 973 1,362 2022A 2023E 2024E 2025E 0 0 0 0 0 0 0 0 51.6%42.5%38.3%32.0%24 24 24 24 EBIT 10.8%63.1%43.5%38.0%24 24 24 24 12.4%59.9%43.3%37.8%524 700 997 1,386 995 1,140 1,333 1,598 27.5%29.4%30.1%30.8%0 0 0 0 9.9%11.1%11.5%12.0%995 1,140 1,333 1,598 ROE 9.1%12.7%15.6%17.9%1,519 1,840 2,329 2,984 ROIC 14.5%19.6%23.0%25.4%34.5%38.0%42.8%46.5%2022A 2023E 2024E 2025E 2.4%3.0%3.3%3.4%-93 12 110 251 2.1 1.9 1.8 1.7 104 163 229 310 1.6 1.4 1.3 1.3-20-89-111-135-75-92-152-179 0.6 0.7 0.8 0.8 43 57 158 228 119 107 97 96-145-27-14 28 76 77 74 78 175-62-62-62 129 114 112 113-70-61-61-61()0 0 0 0 1.25 1.99 2.85 3.93 245-1-1-1-1.28 0.16 1.51 3.46-25 21 3-4 13.69 15.68 18.34 21.99 0 10 10 10-25-15-23-32 P/E 28 17 12 9 0 0 0 0 P/B 3 2 2 2 0 26 15 18 EV/EBITDA 23 14 10 8 688557 2009 1210 34 CFA 5 7 2023 2019 2019 2022 Choice 祎 2023 2023 2023 688557 2009 1210 35 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-83024576 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572560 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 688557 2009 1210 36(300)6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522
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