20230927_招商证券_电力设备及新能源行业光伏系列报告：国内外装机态势与产业利润分配都显著变化光伏板块大幅调整但积极因素在出现_48页.pdf

|2023 09 27/2023 A 5468 31%681 28%4136 37%429.5 74%N TOPCon A 1-6 78.4GW 154%1-8 113GW 154.5%;1-6 106GW 30.2%Q3 6 6.x/3.1-3.3/0.69-0.73/W 1.15-1.3/W 40%Q2 2020 7-2022 10 884045.WI PE-TTM 30 PE-TTM 14 2023 29.99%30.92 15.33 A 2022 5%4.5%5.7 5128.3 6.3 4263.9 6.0%1m 6m 12m-4.0-17.5-20.9-3.5-9.2-17.2 1 2023 75 2023-08-08 2 1032023-07-21 3 742023-07-18 S1090515050001 S1090519120001 S1090521070003-30-20-1001020Sep-22 Jan-23 May-23 Sep-23(%)电力设备及新能源 沪深300 76 2 22EPS 23EPS 24EPS 23PE 24PE PB 9.76 0.29 0.80 1.00 12 10 3 24.60 2.35 3.03 3.98 8 6 3 86.85 5.07 11.38 15.38 8 6 4 26.14 1.95 2.42 2.72 11 10 3 84.02 2.42 5.82 7.29 14 12 5 31.00 5.71 4.00 3.11 8 10 2 13.00 0.70 1.20 1.60 11 8 2 27.27 1.19 1.4 1.88 19 15 4 74.04 3.50 3.94 5.73 19 13 3 105.18 2.94 14.83 24.41 7 4 7 14.55 4.09 2.68 2.41 6 6 1 72.84 3.01 4.64 7.16 16 10 3 43.33 0.73 1.88 6.46 23 7 4 29.44 1.69 3.46 4.47 9 7 2 127.01 5.27 9.56 13.73 13 9 8 TCL 22.08 2.11 2.46 2.98 9 7 2 40.60 7.38 6.71 8.76 6 5 1 10.43 0.51 1.24 1.71 8 6 3 18.22 1.06 1.71 2.28 11 8 1 39.92 3.07 4.26 5.05 9 8 3 76.10 2.81 4.34 6.36 18 12 4 76.76 6.35 6.1 9.18 13 8 7 27.92 0.99 1.26 1.71 22 16 4 20.71 1.79 1.78 2.46 12 8 4 28.97 0.34 1.18 1.90 25 15 7 65.50-0.17 3.96 6.06 17 11 6 17.43 0.75 1.1 1.69 16 10 4 wind ZXEVwPmRoNoPpRnOrMqPpO8OdN7NnPrRmOtQfQpPvMfQmOxP6MrQqQxNrQxOxNmRsQ 3 2023.8 1.1.8 1.2.11 1.3.12.18 2.1.18 2.2.20 2.3 TOPCon.22 2.4.25 2.5.28 2.6 N.32.36 3.1.36 3.2.38 3.3.39.43.44 1 GW.8 2.8 3 GW.8 4.8 5 MW.10 6.10 7.10 8.10 9.10 10.10 4 11.11 12.11 13.11 14.11 15 Euribor-3m.11 16 sofr-3m.11 17/W.12 18.12 19/kg.12 20.12 21.13 22.13 23.13 24.13 25.14 26.14 27.14 28.14 29/W.14 30/W.14 31/kg.18 32/W.18 33 2023H1.18 34 2023H1.18 35 2023Q2.19 36 2023Q2.19 37/.20 38/W.20 39 2023H1.20 40 2023H1.20 41 2023Q2.21 42 2023Q2.21 5 43/W.23 44/W.23 45 2023H1.23 46 2023H1.23 47 2023Q2.23 48 2023Q2.23 49 N/P/W.24 50/W.25 51/W.25 52 2023H1.26 53 2023H1.26 54 2023Q2.26 55 2023Q2.26 56.29 57.29 58.29 59.29 60 GW.30 61.30 62.30 63/.30 64/d.30 65/.30 66.33 67 TOPCon.33 68.33 69 TOPCon.33 70 TOPCon.33 71 Poly.34 72 xBC.34 73.35 74.35 6 75 884045.WI PE-TTM.36 76 2023 9 17.36 77.39 78.39 79 2023.39 80.40 81.40 82.40 83 2022.40 84.40 85.40 86 IRR.41 87 IRR 10%2h.41 88 2023/.41 89 IRR.41 90 2021.41 91.41 92 LCOE USD/MWh.42 93.42 94.42 1.12 2.14 3 ROE.15 4 ROA.16 5 ROE.19 6.19 7.19 8.20 9 ROE.21 10.21 11.22 7 12.22 13 ROE.24 14.24 15.24 16.24 17 ROE.26 18.26 19.27 20.27 21.30 22.31 23.31 24.31 25.32 26 PB.37 27 PE.37 28 wind.43 8 2023 1.1 IRR 1-6 78.4GW 154%37.46GW 40.96GW 1.2-1.3/W 1 GW 2 H1 Q3 106GW 30.2%2022 23H1 22H1 81%3 GW 4 PVinfolink PVinfolink 2022 05101520251-2 3 4 5 6 7 8 9 10 11 12 2020 2021 2022 2023-100%-50%0%50%100%150%200%250%2019 2020 2021 2022 202305101520251 2 3 4 5 6 7 8 9 10 11 12 2020 2021 2022 20230%20%40%60%80%100%120%1 2 3 4 5 6 7 8 9 10 11 12 2021 2022 2023 9 7 14.5GW 20%8 17.3GW 11.7GW Q2 5.6GW 1.7-7%0.6+14%38.3+150%138+18%6-7 Q3 4.6+7%31.6-4%10.3+35%72.7-2%3.2+45%24.3+59%GW Q1 5.0+353%12.2+125%7 4534+42%-53%1.7+41%-28%10 5 MW 6 SEIA 7 8 9 10 0.000.100.200.300.400.500.601 2 3 4 5 6 7 8 9 10 11 12 2022 2023 0.00.00.00.10.10.10.10.11 2 3 4 5 6 7 8 9 10 11 12 2022 2023 0123456781 2 3 4 5 6 7 8 9 10 11 12 2022 2023 0510152025301 2 3 4 5 6 7 8 9 10 11 12 2022 2023 11 11 12 13 14 Tradingeconomics Tradingeconomics 15 Euribor-3m 16 sofr-3m euribor-rates newyorkfed 1.2 6 6.x/0.00.20.40.60.81.01.21.41 2 3 4 5 6 7 8 9 10 11 12 2022 2023 0123456781 2 3 4 5 6 7 8 9 10 11 12 2022 2023 12 9 N 9.x/P 7-8/3.1-3.3/0.69-0.73/W 1.15-1.3/W 40%1/kg 182/182PERC/W PERC/W 79 3.3 0.66 1.1 85 3.35 0.69 1.21 92 3.4 0.73 1.35 PVinfolink 17/W 18 Solarzoom 19/kg 20 1.3 38 14 3 4 2 5 5 20 5 3 3 5 3 2023 5467.8 31%681.11 28%4135.7 0.00.51.01.52.02.52022/12/072022/12/212023/1/42023/1/182023/2/82023/2/222023/3/82023/3/222023/4/52023/4/192023/5/052023/5/172023/5/312023-6-142023/6/282023-7-122023-7-262023-8-9 0501001502002503003502021/1/62021/03/102021/04/282021/6/232021/8/112021/9/292021/11/242022/1/122022/3/92022/4/272022/6/222022/8/102022/9/282022/11/232023/1/112023/3/82023/4/262023-6-142023-8-212.9%11.3%9.8%8.5%7.4%6.4%5.4%0%2%4%6%8%10%12%14%3.3/W 3.5/W 3.7/W 3.9/W 4.1/W 4.3/W 4.5/WIRR 0.4/kWh+1200h 13 37%429.48 74%2023 4443.3 27%558.9 23%3111.2 33%307.27 81%2019 2022 2022 23Q1 Q2 W 0.4+/W 0.07/W 0.1+/W 0.05-0.09/W 2021 0.06/W N 0.1/W 21 22 23 24 0%10%20%30%40%50%60%70%80%90%0.01000.02000.03000.04000.05000.06000.02017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023H1收入 同比增速0%20%40%60%80%100%120%0.00100.00200.00300.00400.00500.00600.00700.00800.002017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023H1归母净利润 同比增速0%10%20%30%40%50%60%70%80%90%0.0500.01000.01500.02000.02500.03000.03500.04000.04500.02017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023H1收入 同比增速-10%0%10%20%30%40%50%60%70%80%90%100%0.0050.00100.00150.00200.00250.00300.00350.00400.00450.00500.002017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023H1归母净利润 同比增速 14 25 26 27 28 29/W 30/W Solarzoom 2 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2022H1 2023H1 4.9%7.8%7.4%7.1%8.4%13.8%22.7%23.6%23.1%21.7%30.5%20.3%10.2%22.4%52.8%61.8%58.3%47.5%6.2%6.9%6.4%6.5%7.2%16.0%23.8%24.7%20.8%TCL 6.0%6.1%5.7%7.5%7.7%10.8%10.6%10.2%13.9%17.2%29.9%29.4%23.0%17.6%15.7%13.8%13.8%14.2%14.3%19.3%21.4%13.4%11.0%15.9%3.6%8.1%0.2%0%10%20%30%40%50%60%70%80%90%100%0.0500.01000.01500.02000.02500.03000.03500.04000.04500.05000.02017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023H1收入 同比增速0%20%40%60%80%100%120%140%160%180%0.00100.00200.00300.00400.00500.00600.002017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023H1归母净利润 同比增速0%10%20%30%40%50%60%70%80%90%100%0.0500.01000.01500.02000.02500.03000.03500.02017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023H1收入 同比增速0%20%40%60%80%100%120%0.0050.00100.00150.00200.00250.00300.00350.002017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023H1归母净利润 同比增速0.00.20.40.60.81.01.22021/1/62021/03/172021/5/192021/7/142021/9/82021/11/102022/1/52022/3/92022/5/112022/7/62022/8/312022/11/022022/12/282023/3/12023/4/262023/6/21-0.020.030.080.130.180.230.280.330.380.430.48 P N 15 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2022H1 2023H1 7.3%5.4%10.2%8.5%6.5%8.9%7.2%8.9%5.7%12.8%133.5%12.3%9.6%8.3%-0.7%6.6%3.7%8.1%5.8%5.9%4.6%2.1%1.6%-4.7%7.1%7.9%10.1%13.5%21.7%11.7%16.9%15.9%11.2%11.4%12.8%14.1%6.2%6.2%1.4%6.1%6.0%5.1%7.6%6.2%12.3%2.3%2.2%2.3%3.0%4.2%4.2%4.3%3.7%7.7%7.1%1.0%1.1%4.7%3.1%2.8%3.6%2.7%7.2%10.3%6.0%2.3%6.8%1.5%-0.1%3.3%4.0%5.0%9.1%11.4%7.9%7.0%10.2%7.1%9.2%7.7%15.4%7.0%5.1%6.7%10.9%16.3%10.4%13.5%3.4%19.3%10.4%14.3%14.2%11.1%15.3%14.3%18.0%16.3%19.3%-7.9%5.2%17.5%21.0%25.4%34.6%39.2%32.6%5.4%5.6%15.5%15.5%26.9%25.9%19.7%6.6%8.0%8.4%9.1%7.7%5.4%3.5%5.4%6.2%11.9%7.0%6.1%10.1%12.6%13.9%25.6%18.9%25.8%21.5%12.8%15.6%15.0%18.6%17.1%8.4%11.7%8.3%7.5%5.4%3.8%6.3%15.1%8.1%0.9%7.4%-1.4%6.3%9.0%11.4%6.7%2.9%5.9%-4.6%13.6%6.7%6.8%2.9%7.8%9.9%-3.9%4.9%0.0%9.7%8.3%4.6%6.2%10.2%6.6%2.8%4.4%4.7%8.0%6.4%6.7%5.4%5.2%3.3%-0.6%1.6%5.7%11.1%8.0%7.0%6.9%5.8%8.9%11.4%8.6%3.3%20.3%14.3%13.3%14.9%26.0%24.3%13.7%13.7%11.2%35.6%26.4%26.4%30.6%40.7%34.5%21.1%22.9%13.8%1.2%-1.2%5.4%-7.9%7.8%2.8%2.7%3.0%2.4%50.9%54.5%47.5%34.2%37.6%41.3%40.3%43.3%41.5%5.2%2.5%-7.2%2.5%4.2%4.2%4.3%4.7%1.6%21.2%25.6%10.3%-17.5%0.6%-29.5%14.0%14.9%20.3%19.1%23.9%13.2%-22.5%5.2%2.5%5.6%7.6%-10.0%24.3%30.3%11.1%4.4%7.8%-30.2%3.1%0.5%1.5%4.6%2.7%4.7%7.1%9.1%0.6%1.2%0.0%5.0%10.0%7.7%5.3%1.4%5.3%2.7%4.3%7.2%2.2%8.6%6.7%3.1%-4.2%7.8%4.8%7.6%4.7%12.5%Wind 3 ROE 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2022H1 2023H1 14.5%16.1%14.4%16.3%15.0%24.1%52.3%28.9%21.8%28.7%45.7%16.8%7.8%26.1%54.2%61.7%36.5%10.1%9.9%8.3%6.6%6.0%6.9%17.7%31.2%14.9%12.6%TCL 3.9%5.2%5.0%6.6%6.5%15.8%19.7%8.9%11.4%16.3%46.2%19.9%11.4%24.3%33.9%30.4%19.0%7.8%4.2%6.1%6.7%3.8%6.0%9.0%3.9%3.5%0.5%7.6%4.6%11.7%9.1%6.1%13.5%20.7%13.7%9.0%5.2%14.6%3.5%46.0%21.7%-2.4%32.9%11.1%14.1%10.5%9.6%4.7%1.9%1.4%-17.4%69.9%23.1%32.7%19.7%29.4%16.7%24.0%27.3%22.0%27.0%12.9%14.0%1.6%1.8%0.4%27.0%13.3%13.1%25.2%8.5%16.0%5.6%5.6%5.0%5.5%9.1%11.2%16.9%6.3%12.6%27.4%4.0%3.9%17.2%9.8%8.8%14.6%4.8%13.3%20.2%11.5%3.1%12.4%2.0%-0.5%10.6%5.8%7.1%12.6%15.9%11.1%11.0%20.5%12.1%20.9%5.7%20.8%40.3%29.7%19.4%27.8%27.8%18.0%33.2%3.3%29.1%16 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2022H1 2023H1 31.6%64.2%40.6%20.8%23.6%23.3%32.7%15.8%10.6%0.0%-11.3%8.6%34.4%32.0%6.3%8.6%3.3%5.5%0.0%0.0%103.7%62.0%61.6%42.5%18.0%6.9%3.6%30.2%26.7%23.5%22.5%12.3%6.8%8.5%2.5%10.5%47.5%44.3%36.6%59.3%54.0%33.0%45.3%16.3%28.5%18.6%11.9%14.2%15.8%20.1%20.7%12.1%8.4%6.2%14.7%8.5%6.3%13.5%34.5%16.5%2.1%8.4%-1.4%0.0%0.0%10.5%14.7%19.8%16.2%7.2%7.4%-5.1%16.0%6.3%5.7%2.8%8.2%12.7%-5.6%3.0%0.1%14.5%10.1%6.8%10.0%18.2%9.5%3.4%2.3%3.0%111.9%36.3%18.6%19.2%13.3%10.6%-1.9%2.9%19.8%8.3%7.0%6.0%5.8%5.0%10.1%14.5%5.8%2.0%21.8%13.7%11.8%17.5%27.7%22.3%16.4%8.0%7.4%33.2%28.5%18.1%19.6%22.4%17.3%12.7%6.3%4.7%0.8%-1.1%3.6%-4.5%6.2%1.9%2.6%1.3%1.2%79.7%125.0%95.9%31.0%18.6%20.4%32.3%16.1%16.5%4.6%2.0%-4.9%3.1%4.4%4.5%5.2%3.1%0.9%18.2%29.0%6.3%-8.5%0.3%-15.8%15.0%7.3%10.7%28.8%35.3%14.3%-15.3%4.4%2.5%6.2%3.9%-3.5%18.4%24.7%7.6%2.0%3.7%-14.0%2.2%0.2%0.6%8.5%8.1%13.7%19.7%16.9%0.6%1.8%0.0%3.9%20.0%11.5%7.0%3.9%14.7%10.1%16.0%12.1%3.9%11.2%6.7%2.6%-6.1%7.4%4.9%10.5%2.8%9.4%Wind ipo 4 ROA 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2022H1 2023H1 7.4%8.7%6.3%6.3%6.7%11.5%27.7%14.5%11.4%8.0%16.4%7.9%3.3%11.5%36.4%51.2%29.0%8.8%3.5%3.3%2.9%2.5%3.0%8.3%15.4%7.2%5.8%TCL 1.8%2.2%2.1%2.7%2.7%6.5%7.6%3.9%4.2%11.0%28.1%15.3%8.2%13.9%17.7%17.1%9.4%4.5%2.3%2.9%3.0%1.7%2.7%4.5%2.0%1.8%0.1%3.3%2.3%6.6%5.5%3.4%5.2%6.8%3.0%3.0%3.5%10.3%3.5%13.4%7.7%-0.8%10.9%3.2%4.9%4.2%4.3%2.3%0.9%0.7%-3.4%10.6%5.8%6.7%10.6%13.6%7.1%11.2%11.8%9.8%12.4%5.7%6.2%1.5%1.6%0.3%8.6%4.7%4.4%8.6%2.7%6.3%1.4%1.6%1.7%2.1%3.0%3.4%4.8%1.8%3.7%7.2%1.0%0.9%3.6%2.2%1.8%3.3%1.0%3.4%7.9%5.2%1.3%4.4%0.9%-0.1%2.8%1.6%2.0%5.9%7.3%4.7%4.4%7.8%4.8%7.1%2.0%6.6%12.1%9.8%7.1%11.2%14.5%8.9%13.4%1.2%11.5%15.8%31.8%20.6%13.1%15.0%10.2%10.0%4.8%3.6%0.0%-4.3%2.0%9.8%16.8%5.7%7.7%3.1%4.8%0.0%0.0%6.7%8.9%20.6%19.4%12.9%5.7%2.5%5.4%7.0%7.2%6.6%4.3%2.4%2.2%0.8%2.6%18.2%17.6%14.1%25.0%26.5%20.7%24.5%9.3%13.3%16.4%10.5%12.3%12.9%15.8%17.4%9.3%7.1%4.2%9.2%5.3%3.6%7.2%17.4%9.7%1.0%4.2%-0.6%0.0%0.0%6.9%10.1%13.6%9.7%3.9%4.4%-2.5%12.5%4.7%4.2%1.9%4.4%6.6%-2.8%1.7%0.0%5.0%4.1%2.4%3.5%6.8%4.4%1.6%1.3%1.3%17 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2022H1 2023H1 32.1%16.7%8.5%8.7%6.6%4.8%-0.8%1.1%5.0%8.1%8.0%6.6%6.4%4.5%8.2%11.6%4.6%1.7%13.2%8.2%6.3%8.8%15.0%13.1%8.1%4.1%3.2%13.5%11.8%8.0%9.2%12.7%10.6%7.7%3.9%2.7%0.5%-0.4%1.8%-2.4%3.6%1.3%1.7%0.9%0.8%52.1%81.3%72.0%25.8%16.9%18.7%26.3%13.5%12.7%3.0%1.4%-3.6%1.6%2.4%2.3%2.5%1.5%0.4%10.7%15.8%3.4%-4.3%0.1%-7.2%6.9%3.6%5.4%15.7%20.3%8.6%-8.9%2.3%1.2%2.8%1.9%-1.6%13.7%19.6%5.8%1.2%2.2%-8.9%1.4%0.1%0.3%3.6%3.6%5.2%6.8%8.0%0.3%0.8%0.0%1.6%10.6%7.6%4.6%0.9%5.3%2.9%4.6%3.5%1.0%5.6%3.0%1.2%-2.0%3.2%2.4%5.1%1.4%4.7%Wind ipo 18 2.1 2020 2022 8 11 303/kg 2023 1332.1 15%251.63 12%2023 Q2 688.2 5%7%89.26 44%45%Q2 Q2 23%408 8%10%6 6.x/9 N 9.x/P 7-8/31/kg 32/W PVinfo PVinfo 33 2023H1 34 2023H1 05010015020025030035000.050.10.150.20.250.30.350.40.450.52017 2018 2019 2020 2021 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q20%20%40%60%80%100%120%140%0.0200.0400.0600.0800.01000.01200.01400.02017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023H1收入 同比增速-50%0%50%100%150%200%250%300%0.0050.00100.00150.00200.00250.00300.00350.002017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023H1归母净利润 同比增速 19 35 2023Q2 36 2023Q2 5 ROE 2018 年 2019 年 2020 年 2021 年 2022 年 2022H1 2023H1 毛利率 通威股份 18.9%18.7%17.1%27.7%38.2%35.1%34.1%大全能源 32.7%22.3%33.6%65.7%74.8%70.5%57.7%特变电工 19.7%20.6%20.6%30.3%38.6%38.3%32.2%净利率 通威股份 7.4%7.1%8.4%13.8%22.7%23.6%23.1%大全能源 20.3%10.2%22.4%52.8%61.8%58.3%47.5%特变电工 6.4%6.5%7.2%16.0%23.8%24.7%20.8%ROE 通威股份 14.4%16.3%15.0%24.1%52.3%28.9%21.8%大全能源 16.8%7.8%26.1%54.2%61.7%36.5%10.1%特变电工 6.6%6.0%6.9%17.7%31.2%14.9%12.6%6 2018 2019 2020 2021 2022 2023H1 60.4%61.4%50.9%52.8%49.6%53.2%48.7%63.4%48.1%26.7%12.9%12.9%57.9%57.9%57.4%54.9%52.9%53.8%104.7 141.7 115.9 182.1 309.6 407.5 11.8 26.6 19.1 1.8 2.1 0.0 253.2 291.0 304.1 304.2 341.9 372.9 3.3 7.6 6.8 9.1 11.8 7.1 0.8 0.8 1.9 1.8 1.3 0.5 9.9 10.7 12.8 12.6 14.5 7.0 24.3 19.4 59.9 29.0 351.9 200.4 4.4 3.5 4.2 45.9 236.6 185.7 173.2 168.9 169.1 159.6 121.6 191.9 7 2018 2019 2020 2021 2022 2023H1 167.5 245.3 298.2 372.9 532.9 542.1 37.9 64.6 64.8 61.4 91.1 177.7 247.2 283.3 339.6 422.8 577.6 587.7 83.7 35.9 30.0 106.4 40.0 115.3 0%20%40%60%80%100%120%0.0100.0200.0300.0400.0500.0600.0700.0800.0900.021Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2收入 同比增速-100%-50%0%50%100%150%200%250%300%0.0050.00100.00150.00200.00250.0021Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2归母净利润 同比增速 20 1.0 0.4 0.8 36.9 74.2 16.2 85.8 86.8 97.5 59.1 151.3 183.6 8 2018 2019 2020 2021 2022 2023H1 31.00 23.57 30.25 76.18 438.18 211.56(4.16)(7.58)4.16 26.44 153.67 54.08 25.81 40.41 52.58 116.57 217.52 122.32 20.19 26.35 36.08 82.08 257.26 132.70 4.05 2.47 10.43 57.24 191.21 44.26 20.48 20.18 24.87 72.55 158.83 74.67 2.2 2022 2023 1%300.2 21%24.92 TCL 1%50%182%77%37/38/W PVinfo PVinfo 39 2023H1 40 2023H1 0.002.004.006.008.0010.0012.002020-12-022021-02-022021-04-022021-06-022021-08-022021-10-022021-12-022022-02-022022-04-022022-06-022022-08-022022-10-022022-12-022023-02-022023-04-022023-06-022023-08-02182 21000.050.10.150.20.252017 2018 2019 2020 2021 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q20%20%40%60%80%100%120%0.0100.0200.0300.0400.0500.0600.0700.02017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023H1收入 同比增速-50%0%50%100%150%200%250%0.0010.0020.0030.0040.0050.0060.0070.002017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023H1归母净利润 同比增速 21 41 2023Q2 42 2023Q2 9 ROE 2018 2019 2020 2021 2022 2022H1 2023H1 TCL 17.4%19.5%18.9%21.7%17.8%17.7%23.2%47.5%38.9%27.5%19.7%21.4%20.2%22.0%45.1%34.5%32.6%34.4%16.2%19.3%14.5%29.2%28.8%29.5%27.8%16.5%20.2%13.8%TCL 5.7%7.5%7.7%10.8%10.6%10.2%13.9%29.4%23.0%17.6%15.7%13.8%13.8%14.2%21.4%13.4%11.0%15.9%3.6%8.1%0.2%10.2%8.5%6.5%8.9%7.2%8.9%5.7%ROE TCL 5.0%6.6%6.5%15.8%19.7%8.9%11.4%19.9%11.4%24.3%33.9%30.4%19.0%7.8%6.7%3.8%6.0%9.0%3.9%3.5%0.5%11.7%9.1%6.1%13.5%20.7%13.7%9.0%10 2018 2019 2020 2021 2022 2023H1 TCL 63.2%58.2%52.2%46.6%56.9%52.3%11.7%38.2%45.7%48.7%40.4%42.8%54.3%56.9%54.4%50.4%49.6%50.2%41.5%40.4%46.2%72.7%68.5%70.0%TCL 158.6 183.8 188.4 216.6 392.8 437.9 0.0 1.8 3.3 3.2 2.1 5.2 57.6 34.5 29.8 33.9 36.6 37.7 4.3 3.7 3.8 14.9 42.6 69.0 TCL 7.1 10.1 10.9 9.4 10.4 7.0 0.0 0.0 0.3 0.3 1.4 0.5 2.5 4.1 4.3 4.9 4.9 2.1 0.2 0.2 0.2 0.3 2.0 1.5 TCL 37.0 51.4 46.1 103.1 99.3 95.1 9.2 2.2 3.9 11.4 31.3 37.1 3.0 8.3 3.3 30.9 24.2 20.5 8.4 8.4 10.0 10.0 15.2 10.3 0%20%40%60%80%100%120%0.050.0100.0150.0200.0250.0300.0350.021Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2收入 同比增速-40%-20%0%20%40%60%80%100%120%0.005.0010.0015.0020.0025.0030.0035.0040.0045.0021Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2归母净利润 同比增速 22 11 2018 2019 2020 2021 2022 2023H1 TCL 172.3 204.9 252.7 296.2 416.2 506.1 1.3 6.0 15.3 41.2 46.9 46.5 82.8 90.3 113.7 96.5 94.4 91.2 4.6 4.5 4.4 11.2 70.4 86.8 TCL 45.8 51.2 79.8 91.1 139.6 128.5 0.0 2.6 6.0 5.8 25.1 51.7 15.9 24.4 2.0 7.4 5.1 12.4 0.2 0.3 0.1 18.8 16.8 7.6 12 2018 2019 2020 2021 2022 2023H