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1/17 873577.NQ 2023 05 25 2023/5/24()12.60()15.47/10.50()6.73()4.41()0.53()0.35 3(%)0.03 S0790522080007 8%2022 41 5 2022 1.5+37.7%2226+21.7%2022 1993 500 418.20/30 2022 7321 3738 2021 13.5 26.52 2021-2026 CAGR 7.2%9.4%1.15%PE(TTM)36.4X PE(TTM)36.4X 2/17 1“”.4 2.5 2.1 2021 5.5 2.2 1993 500.5 2.3.6 2.4.7 2.5.10 3.10 3.1.10 3.2 CAGR 9.4%.11 3.3.13 4 PE(TTM)36.4X.14 5.15 1 2022 1.5+37.7%.4 2 2022 2226+21.7%.4 3.4 4 2022 1203.4 5.6 6.6 7 50%.7 8.10 9.10 10 6.24%.10 11 14.76%.10 12 200.11 13 2026 19.1.12 14 2026 41.63.13 15.13 16 2021 1.15%.14 17 2022.14 18.14 19.14 1.5 2 2021 5 28.5 3.7 4.8 5.9 6.9 3/17 7.12 8 PE(TTM)36.4X 30.2X.15 4/17 1 1 2022 1.5+37.7%2 2022 2226+21.7%Wind Wind 3 4 2022 1203 Wind Wind 2019 6 2022 8 2022 41 21 20 863 2022-40%-30%-20%-10%0%10%20%30%40%50%0.000.200.400.600.801.001.201.401.602018 2019 2020 2021 2022/yoy-30%-20%-10%0%10%20%30%05001,0001,5002,0002,5003,0002018 2019 2020 2021 2022/yoy0%5%10%15%20%25%30%35%40%45%50%2018 2019 2020 2021 2022 ROE0%2%4%6%8%10%12%02004006008001,0001,2001,4002018 2019 2020 2021 2022/5/17 5 1 X 5 5mg/cm2 200 10m/s 92%88%7MPa 10mg/m3 2022 2 2.1 2021 5 2021 3 2022 50 98 2 2021 5 28 2021 5 28 2021 8 2021 3018 2022 6 GJB9001C-2017 2022 7 2022 10 2.2 1993 500 1993 500 418.20/30 6/17 5 2.3 2022 12 31 002149.SZ 27,370,000 51.20%6 2022 7/17 3 1993.5 2001.11 2001.11 2005.4 2005.4-2016.3 2012.4 2012.3 2013.1 2013.1 2009.5 2019.5 2014.4 2018.8 2020.1 2019.3 2017.4 2003.7 2008.7 2008.7 2003.7 2006.12 2007.1 2008.12 2009.1 2013.2 2013.2 2003.3 2008.7 2010.7 1997.6 2000.12 2001.1 2005.4 2005.5 2.4 2022 7321 3738 2392 631 2022 7 50%Wind 1 0%10%20%30%40%50%0%10%20%30%40%50%60%8/17 4 5mg/m3 2mg/Nm 200pa 2 1 m-40 m 10 m-100 m 9/17 5 10um-100um,1mm-150mm 12 m100 m 6 m40 m 6 m100 m 2 m40 m 3 3 m-200 m 6 1200 1500mm 4 10/17 3 m-200 m 8 9 2.5 2022 4036 26.89%3876 44.17%10 6.24%11 14.76%Wind Wind 3 3.1 1-100 1 0m 4 m 0%1%2%3%4%5%6%7%02004006008001,000A B C D E 0%2%4%6%8%10%12%14%16%02004006008001,0001,2001,400A B C D E 11/17 12 200 3.2 CAGR 9.4%1 10%2 5mg/Nm3 3 12/17 NOx 30mg/Nm 20%4 30%7 10%20%30%2022 2021 13.5 26.52 2021-2026 CAGR 7.2%9.4%13 2026 19.1 05101520252017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 13/17 14 2026 41.63 3.3 1936 30 15 010203040502017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 14/17 16 2021 1.15%17 2022 Wind 18 19 Wind Wind 4 PE(TTM)36.4X PE(TTM)36.4X,41.66%,5.20%,1.96%,1.15%,1.09%,49.94%00.511.522019 2020 2021 2022 0%10%20%30%40%50%2019 2020 2021 2022 0%10%20%30%40%50%2019 2020 2021 2022 15/17 8 PE(TTM)36.4X 30.2X/PE(TTM)2022/2022/2022 2022 ROE 2022 833751 4.87 14.5 1.87 3335.14 17.87%15.71%6.55%300402 40.08 63.0 14.09 6036.68 4.28%9.23%4.18%600456 158.91 31.8 66.35 55715.80 10.13%9.11%3.69%36.4 31.8 873577 6.73 30.2 1.50 2226.46 14.83%14.16%8.01%Wind 2023.5.24 5 16/17 2017 7 1 R4 C4 C5 C4 C5 Buy 20%outperform 5%20%Neutral 5%5%underperform 5%overweight Neutral underperform 612 A 300 500 17/17 1788 1 10 200120 2030 1 45 518000 18 C2 9 100044 1 B 5 710065
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