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|2023 02 22+8-10 2010 2021-2022 2020 1065 776 27%2022 0 PE10X PE10X PE10X PE23X S0680518030004 S0680518010003 S0680519070003 S0680122060010 1 2023-02-19 2 2023-02-12 3 2023-02-05 EPS P E 2021A 2022E 2023E 2024E 2021A 2022E 2023E 2024E 002081.SZ-1.86 0.46 0.58 0.65-12.2 9.8 8.8 002713.SZ 0.18-1.74 0.36 0.52 44.6-4.7 23.0 15.7 002375.SZ-0.66 0.34 0.49 0.60-14.8 10.3 8.3 601886.SH-0.89 0.72 0.82 0.94-9.0 11.2 9.8 8.5 Wind-32%-16%0%2022-02 2022-06 2022-10 2023-02 300 2023 02 22 P.2 1.需求端：“至暗时 刻”已 过，短期 拐点显 现.4 1.1.4 1.1.1.4 1.1.2.5 1.1.3.7 1.2.3.8 1.3.长 期视角 看，装 饰具 备 消费属性，长坡 厚雪.10 2.11 2.1.11 2.2.12 2.2.1.12 2.2.2.17 3.19 4.21 5.21 1.4 2.4 3.4 4.4 5.5 6.5 7.6 8.6 9.6 10.7 11.7 12.8 13.8 14.9 15.9 16.9 17 14 MA7.10 18 14 MA7.10 19.10 20.11 21 2020-2022Q3.11 22 2020-2022Q3.12 23.13 24.13 25.13 26.14 2023 02 22 P.3 27.14 28.15 29.15 30.15 31.16 32.16 33.17 34.17 35 2020.17 36.19 37.20 38.21 2023 02 22 P.4 1.需求 端：“至暗时 刻”已过，短 期拐 点显 现 1.1.1.1.1.Wind 2022 12 2023 1 1 2 Wind Wind 3 4 Wind Wind 0100020003000400011 7 11 15 11 23 12 1 12 9 12 17 12 25 1 2 1 10 1 18 1 26 2 3 2 11 2019.11-2020.2 2020.11-2021.22021.11-2022.2 2022.11-2023.20.60.811.21.41.61.8211 7 11 15 11 23 12 1 12 9 12 17 12 25 1 2 1 10 1 18 1 26 2 3 2 11 2019.11-2020.2 2020.11-2021.22021.11-2022.2 2022.11-2023.20200400600800100012002022-11-072022-11-152022-11-232022-12-012022-12-092022-12-172022-12-252023-01-022023-01-102023-01-182023-01-262023-02-032023-02-11 00.511.522.52022-11-072022-11-152022-11-232022-12-012022-12-092022-12-172022-12-252023-01-022023-01-102023-01-182023-01-262023-02-032023-02-11 2023 02 22 P.5 5 Wind 6 Wind 1.1.2.2023 2023 2022 11%2023 8%-25%-20%-15%-10%-5%0%5%10%15%050010001500200025002019-032019-062019-092019-122020-032020-062020-092020-122021-032021-062021-092021-122022-032022-062022-09 2.08 2.47 2.76 2.87 3.03 2.96 2.82 2.86 2.57 2.53 2.63 00.511.522.533.52012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 02 22 P.6 7 Wind 8 Wind 9 Wind-40%-30%-20%-10%0%10%20%30%40%50%2010-102011-032011-082012-012012-062012-112013-042013-092014-022014-072014-122015-052015-102016-032016-082017-012017-062017-112018-042018-092019-022019-072019-122020-052020-102021-032021-082022-01-15%-10%-5%0%5%10%15%20%25%30%0200040006000800010000120001400016000200420052006200720082009201020112012201320142015201620172018201920202021-10%-5%0%5%10%15%20%25%30%35%0100020003000400050006000200420052006200720082009201020112012201320142015201620172018201920202021 2023 02 22 P.7 1.1.3.2023 2022 9 2019-2020 2 22 3 2022-2023 2022 11 19%2022 2019 2023 2023 2020 2023 10 Wind 11 Wind 10.311.616.419.117.720.118.015.416.717.920.922.722.419.905101520252008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-60-40-200204060801002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022(%)%2023 02 22 P.8 1.2.3+B2C C 2020 26163 2025 37817 7.6%12*2025 2020-2025 1 2 34%14.6%10.2%10.2%50%13 Wind 0%2%4%6%8%10%12%14%05000100001500020000250003000035000400002016 2017 2018 2019 2020 2025E 2023 02 22 P.9 14 15 Wind 16*2021 6 14 2018 3-6 2023 0%1%2%3%4%5%6%13.81414.214.414.614.81515.215.415.615.82017 2018 2019 2020 2021-1.0%0.0%1.0%2.0%3.0%4.0%5.0%12901300131013201330134013501360137013802017 2018 2019 2020 2021 0.1%1.5%1.6%5.4%6.5%7.6%8.2%10.2%10.2%14.6%34.2%0%5%10%15%20%25%30%35%40%2023 02 22 P.10 17 14 MA7 18 14 MA7 Wind Wind 1.3.长 期视 角看，装饰 具备 消费属 性，长坡厚 雪 8-10 2010 19 051015202530352017 2018 2019 2020 2021 2022 2023 0102030405060702017 2018 2019 2020 2021 2022 2023 0%2%4%6%8%10%12%14%16%0100002000030000400005000060000700002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2023 02 22 P.11 2.2.1.2020 2021 2020-2022 133/113/81 2019 20 2021Q1 2022Q1-3 18%/114%Q3 24%/126%1+2 21 2020-2022Q3 Wind 46133113810204060801001201402019 2020 2021 2022-40%-30%-20%-10%0%10%20%30%40%50%60%0501001502002503003504004502020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2023 02 22 P.12 22 2020-2022Q3 Wind 2.2.2.2.1 C 2022 2023 EPC 1 6000 HBA Internationnal BIM 2022Q3 61.97 1.09%3.36 0.26%EPC-250-200-150-100-500502020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2023 02 22 P.13 23 Wind 24 Wind 25-50%-40%-30%-20%-10%0%10%20%30%40%010203040506070809010020Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3-1200%-1000%-800%-600%-400%-200%0%200%-70-60-50-40-30-20-100102020Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3-80%-60%-40%-20%0%20%40%60%0204060801001201402018Q1 2018Q3 2019Q1 2019Q3 2020Q1 2020Q3 2021Q1 2021Q3 2022Q1 2022Q3%2023 02 22 P.14 26 Wind BIPV 16 4 2022 BIPV-2022 PDC1-0401 H07-1A 1.58 2022Q1-Q4 33.45/35.14/25.38/46.16-31.62%/-19.81%/-19.56%/-4.71%Q4 Q3 2020-2022 9.09%/10.34%/11.95%BIPV 27 Wind 23.24%23.43%22.26%21.26%21.02%20.79%21.76%24.67%26.32%21.74%24.06%00.050.10.150.20.250.32012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Q1-3-30%-20%-10%0%10%20%30%40%05101520253035404520Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 2023 02 22 P.15 28 Wind 29 30 Wind-400%-350%-300%-250%-200%-150%-100%-50%0%50%-14-12-10-8-6-4-202420Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3-40%-20%0%20%40%60%80%100%120%140%01020304050602018Q1 2018Q3 2019Q1 2019Q3 2020Q1 2020Q3 2021Q1 2021Q3 2022Q1 2022Q3%15.97%15.45%13.90%10.22%9.58%8.98%7.98%8.63%9.09%10.34%11.95%00.020.040.060.080.10.120.140.160.182012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Q1-3 2023 02 22 P.16+1997 26 2020 C 2023 3 0.1%10 3 1 DIM+SKU 3D 2 SaaS 3 360 4 SaaS 1 2 3-31 32 Wind Wind 37.2%36.9%37.2%34.4%36.3%35.0%16.1%15.8%17.1%17.1%15.4%11.6%0%5%10%15%20%25%30%35%40%2016 2017 2018 2019 2020 2021 0%50%100%150%200%250%300%350%01234562013 2014 2015 2016 2017 2018 2019 2020 2021 2023 02 22 P.17 33 2.2.2*ST 5 35 2020 2020Q1 22.00%2020Q4 5.01%;2022Q1 5.99%2020Q4 29.99%2021Q1 4.88%2021Q3 2.22%2022Q1 4.99%34*ST 2023 02 22 P.18 2021Q4 9.39%2022Q1 7.04%2020Q3 29.99%2022Q3 2.21%2020Q1 5.10%;2020Q1 5.30%2020Q3*ST 29.99%BIPV 100+2020 2022 1 22%31%7.07 4.05%1 2021 5.8 2 3 BIPV 2021 12 2021-16.52 2021 17.87 53.96%2021 12 4.5 2022 4 23.9 11.9 44.3%3.69 2021 1 1 EPC 2 BIPV 400 BIPV 0 1 1 N BIPV BIPV 2023 02 22 P.19 3+X 2021 12 2022 1 5 22.91%29.95%1 2021 5 2022 3/12 3/1.5 22 2 139 2021 6 2022 30 3 3+X 3+X 1 2 3+3.2020 2020 1065 776 27%2022 0 36 2020 002047.SZ 62.17 77.39-19.67%002081.SZ 145.78 236.06-38.25%002325.SZ 38.29 40.11-4.53%002375.SZ 65.26 77.72-16.03%002482.SZ ST 29.67 67.33-55.94%002504.SZ ST 14.67 32.83-55.31%2023 02 22 P.20 002620.SZ 23.22 23.13 0.35%002713.SZ 30.84 29.83 3.38%002781.SZ*ST 8.62 36.59-76.45%002789.SZ 26.18 22.85 14.59%002811.SZ 22.23 28.67-22.49%002822.SZ 35.97 67.58-46.78%002830.SZ 17.80 18.85-5.59%002856.SZ 14.82 22.75-34.88%601886.SH 89.39 83.78 6.70%603030.SH 15.84 31.05-49.01%603828.SH 22.16 28.66-22.69%300621.SZ 19.64 21.66-9.31%603081.SH 61.17 65.53-6.65%002989.SZ 32.61 53.46-38.99%776.31 1065.85-27.17%Wind*2023/2/15 37 2019 2020 2021 2022 002047.SZ 2 7 0 26 002081.SZ 91 97 35 7 002325.SZ 2 0 0 0 002375.SZ 34 124 117 0 002482.SZ ST 15 1 1 0 002504.SZ ST 0 0 0 0 002620.SZ 1 1 0 0 002713.SZ 24 19 12 0 002781.SZ*ST 0 0 0 0 002789.SZ 0 0 0 0 002811.SZ 0 0 0 0 002822.SZ 6 4 0 0 002830.SZ 0 1 0 0 002856.SZ 0 0 0 0 601886.SH 1 2 8 28 603030.SH 15 3 0 0 603828.SH 4 0 5 0 300621.SZ 0 3 0 0 603081.SH 0 0 0 0 002989.SZ 0 14 1 0 Wind 2023 02 22 P.21 4.PE10X PE10X PE10X PE23X 38 EPS PE PB 2021A 2022E 2023E 2024E 2021A 2022E 2023E 2024E 5.65-1.86 0.46 0.58 0.65-12.2 9.8 8.8 1.21 4.98-0.66 0.34 0.49 0.60-14.8 10.3 8.3 0.86 8.03-0.89 0.72 0.82 0.94-9.0 11.2 9.8 8.5 1.44 8.24 0.18-1.74 0.36 0.52 44.6-4.7 23.0 15.7 7.16 Wind*2023/2/21 5.2023 02 22 P.22“”,“”“”6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%26 3 100032 010-57671718 868 One56 1 10 200120 021-38124100 1115 330038 0791-86281485 100 24 518033
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