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2009 1210 2023 02 10 605499 240 240 192.34 Q4 Q4 Q4 20-30%22 30%20%25-30%PET Q3 PET 10%+2-3pcts 22H1 250 400 22 23 20+22/240 PET 22-23 EPS 3.46/4.76/6.04 3.43/4.58/5.85 PE 56/40/32 22 23 24 PE 40 240 ReportFinancialIndex 2021 2022E 2023E 2024E()6978 8445 10770 13371(%)40.7%21.0%27.5%24.1%()1193 1383 1904 2414(%)46.9%15.9%37.7%26.8%()2.98 3.46 4.76 6.04()64 56 40 32()18 15 12 10 2023 2 9 S0360520070001 S0360520090001 021-20572598 S0360518040001()40,001.00()7,601.00()702.14()133.42(%)54.18()12.01 12/187.61/115.50(12)605499 2022 2022-10-28 605499 2022 2022-10-13 605499 2022 2022-08-16-28%-14%1%16%22/02 22/04 22/07 22/09 22/11 23/022022-02-092023-02-08 300 605499 2009 1210 2 Table_ValuationModels2 2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 1019 1749 3057 4716 6978 8445 10770 13371 0 0 0 0 3882 5025 6154 7463 25 53 50 57 77 94 115 144 57 251 313 341 1368 1562 1970 2432 340 451 553 664 252 261 323 426 0 0 0 0 43 48 61 75 1411 860 1095 1448-11-9-11-14 2852 3364 5068 7226-1-1-1-1 0 0 0 0 0 0 0 0 0 0 0 0 117 150 152 139 1909 2807 3312 3764 23 70 70 54 187 187 312 412 21 85 50 40 323 353 337 304 1529 1769 2430 3078 2519 2515 2512 2508 2 2 2 2 4938 5862 6473 6988 17 17 17 17 7790 9226 11541 14214 1514 1754 2415 3063 624 824 1024 1224 321 371 511 649 18 27 28 29 1193 1383 1904 2414 536 633 787 939 0 0 0 0 0 0 0 0 1193 1383 1904 2414 1241 1502 1916 2379 NOPLAT 1184 1376 1895 2403 553 553 553 553 EPS()2.98 3.46 4.76 6.04 42 42 42 42 401 437 563 717 3415 4018 4913 5883 2021 2022E 2023E 2024E 26 76 146 196 0 0 0 0 40.7%21.0%27.5%24.1%111 111 111 111 EBIT 48.2%16.2%37.8%26.8%137 187 257 307 46.9%15.9%37.7%26.8%3552 4205 5170 6190 4238 5021 6371 8024 44.4%40.5%42.9%44.2%0 0 0 0 17.1%16.4%17.7%18.1%4238 5021 6371 8024 ROE 28.1%27.5%29.9%30.1%7790 9226 11541 14214 ROIC 70.6%45.8%45.1%43.2%45.6%45.6%44.8%43.5%2021 2022E 2023E 2024E 18.9%21.0%20.8%19.6%2077 1340 2401 3031 0.8 0.8 1.0 1.2 1367 1598 2225 2783 0.7 0.7 0.9 1.1-67-111-102-111 110-223-58-36 0.9 0.9 0.9 0.9 809 106 154 154 1 2 2 1-141-30 182 240 39 42 42 42-3563-1150-945-900 28 28 29 29-507-1152-947-901()0 0 0 0 2.98 3.46 4.76 6.04-3056 2 2 1 5.19 3.35 6.00 7.58 1307 540-148-472 10.59 12.55 15.93 20.06 218 250 270 250-627-560-770-975 P/E 64 56 40 32 1851 0 0 0 P/B 18 15 12 10-135 850 352 253 EV/EBITDA 47 41 29 23 605499 2009 1210 3 6 2020 2021 2018 2019 4 2020 2020 2020 2020 2021 14 2013 2021 2022 2022 605499 2009 1210 4 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82871425 0755-83024576 0755-82756804 0755-82756803 0755-82871425 021-20572536 021-20572551 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572560 021-20572509 021-20572548 021-20572573 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 0755 82756805 605499 2009 1210 5(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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