资源描述
|2024 05 10 2023 103+10%1 27+13%20.6+16%5.2+213%19%+12pct 1.1+143%6.6+5%18%2 12+24%0.6+108%0.7+60%1.7+31%5%230 1 CR5 96%2024Q1 CR5 94%2023 CR5 90%3.7 56%26%28%3.9 67.6%2023 3pct 2 CR5 82%33%29%15%20%2023 1+18%27%1 5%2 4 2 10%1+7%2+9%S0680521120002 S0680522030004-32%-16%0%16%32%2023-05 2023-09 2024-01 2024-05 300 2024 05 10 P.2.4 1.1.5 1.2.5 1.3.6.7 2.1.7 2.2.8 2.3.9 2.4.10.12 3.1.12 3.2.13 3.3.15.17 4.1.17 4.2 10%.18 4.3.20.22.23 1%.4 2%.4 3%.4 4/kg.5 5%.5 6 2024%.5 7 2022.5 8 2024Q1%.6 9 2024Q1%.6 10 2023%.6 11 2022 2024%.6 12%.7 13%.7 14%.7 15 2019%.8 16%.8 17%.8 18%.9 19 2022%.9 20 2024.9 21%.10 22 2024Q1%.10 ZXEVuNtOsRpOpRtQmRtMqR9PdN7NsQrRnPnRiNmMqNeRmNqR7NpPyQuOmQsPxNpNsQ 2024 05 10 P.3 23 2024Q1.10 24 2024Q1%.11 25 2024Q1%.11 26 2023%.11 27%.12 28%.12 29%.12 30 2023 23Q4 24Q1%.13 31 2023 23Q4 24Q1%.13 32 2023%.13 33 2023%.13 34 2023 23Q4 24Q1%.14 35 2023 23Q4 24Q1%.14 36 2023 23Q4 24Q1%.14 37 2023 23Q4 24Q1%.14 38.15 39%.15 40.15 41.15 42.16 43.16 44%.17 45%.17 46%.17 47 2023 23Q4 24Q1%.18 48 2023 23Q4 24Q1%.18 49 2023%.18 50 2023%.18 51 2023%.19 52 2023 23Q4 24Q1%.19 53 2023 23Q4 24Q1%.19 54 2023 23Q4 24Q1%.19 55 2023 23Q4 24Q1%.19 56.20 57%.20 58.20 59.20 60.21 61.21 62 2019-2024%.22 63.22 2024 05 10 P.4 2024Q1 27.2+12.9%/+33.3%1%Wind Wind CEIC 2024Q1 6.6+5.1%/+0.1%2.2 2022 2024Q1 20.6+15.6%/+49.3%2%3%Wind CEIC Wind CEIC-90%-60%-30%0%30%60%90%120%01020304050601Q172Q173Q174Q171Q182Q183Q184Q181Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24%0%40%80%120%160%200%024681Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24%-120%-80%-40%0%40%80%120%01020304050601Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24%+tZmlDTKwQ2HVc8d5C6QFJKvZxvDHl7CnYBIQwX/6MMjB/0kGFLOgtHTlRqlMAi1 2024 05 10 P.5 1.1 2023 Q2 3.0/kg 2024Q1 5.2+212.8%/+11.9%2024Q1 1.1+143.2%4/kg 5%Wind 1.2 2024Q1 1.2-46.2%/-49.1%2023 1/3 2024Q1 18%2024 3 0.2 2023 0.9 6 2024%7 2022 0.00.51.01.52.02.53.03.54.04.50.01.02.03.04.05.06.01Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24/kg)-50%0%50%100%150%200%250%300%05,00010,00015,00020,00025,00030,00035,00040,0002021 2022 2023 1Q23 1Q24%33%32%18%7%9%1%0.00.30.60.91.21.51.82.122/01 22/06 22/11 23/04 23/09 24/02 2023 0.9 2024 05 10 P.6 1.3 CR5 2024Q1 CR5 95.7%2023 CR5 93.6%2024Q1 CR5 90.4%2024Q1 28.1%2024Q1 67.6%8 2024Q1%9 2024Q1%10 2023%11 2022 2024%28%22%19%14%8%9%34%26%15%12%9%4%44%21%16%7%6%6%59%65%68%0%20%40%60%80%100%2022 2023 2024Q1%2024 05 10 P.7 2024Q1 12.4+23.9%/-14.8%2.1+82.7%2024Q1 10.1+18.4%12%Wind 13%14%Wind Wind 2.1 2023 1.2 2024Q1 1.2+157.2%/+1.9%-60%-40%-20%0%20%40%60%80%100%0481216201Q172Q173Q174Q171Q182Q183Q184Q181Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24%-60%-40%-20%0%20%40%60%80%100%0.00.51.01.52.02.53.03.54.01Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24%-60%-40%-20%0%20%40%60%80%100%0.02.04.06.08.010.012.014.01Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24%2024 05 10 P.8 15 2019%Wind 16%17%Wind 2.2 2024 2024Q2 75%95%103%99%70%68%67%87%61%89%119%113%104%0%20%40%60%80%100%120%140%21/02 21/04 21/05 21/06 21/10 22/04 22/05 22/06 22/10 23/02 23/05 23/06 23/10 2019%-100%-50%0%50%100%150%200%0.00.20.40.60.81.01.21.41.61Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24%-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%01,0002,0003,0004,0005,0006,0007,0002019 2020 2021 2022 2023 1Q23 1Q24 yoy%2024 05 10 P.9 18%19 2022%Wind 20 2024 8 400 400 204 350 2024 2025 315 300 300 150 130 100 97 40 30 87 16 56 5 2024 987 2.3 2021 2023 CEIC 2024Q1 1.7+30.9%0.7+60.5%75%5%28%230-60%-40%-20%0%20%40%60%0.00.51.01.52.02.53.01Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24%0%10%20%30%40%50%60%70%80%90%100%2022 2023 1Q2418 11-12 10-11 8-9 6-8 5-6 2024 05 10 P.10 21%22 2024Q1%CEIC 23 2024Q1 2.4 2024Q1 33%2023 2-5-100%-50%0%50%100%150%200%0.00.51.01.52.02.51Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q24%43%9%5%4%32%2%5%050100150200250 2024Q1 2024 05 10 P.11 24 2024Q1%25 2024Q1%26 2023%33%29%9%6%5%18%15%20%10%6%4%45%,27%,33%,12%,6.06%,4.99%,16.50%2024 05 10 P.12 3.1 2023 2024Q1 35.6%/12.9%52.0%/33.1%47.5%/13.5%27%Wind 2022Q4 2023 2023Q1 2024Q1 28%29%Wind Wind-30%-20%-10%0%10%20%30%40%50%60%70%2023 4Q23 1Q24-60%-50%-40%-30%-20%-10%0%10%20%30%40%1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24(%)-300%-200%-100%0%100%200%300%400%500%600%700%1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24(%)2024 05 10 P.13 2023 2024Q1 2024Q1 2024Q1 30 2023 23Q4 24Q1%31 2023 23Q4 24Q1%Wind Wind 3.2 2023 57%50%32 2023%33 2023%3808.HK Wind 2024Q1-40%-20%0%20%40%60%80%100%120%2023%4Q23%1Q24%-200%0%200%400%600%800%1000%1200%1400%2023%4Q23%1Q24%19%57%47%21%47%81%43%53%79%53%0%10%20%30%40%50%60%70%80%90%100%0%5%10%15%20%25%2024 05 10 P.14 34 2023 23Q4 24Q1%Wind 1%35 2023 23Q4 24Q1%36 2023 23Q4 24Q1%Wind Wind 37 2023 23Q4 24Q1%Wind 8%8%19%11%21%11%9%20%9%24%6%8%15%12%22%0%5%10%15%20%25%2023 4Q23 1Q240%2%4%6%8%10%12%14%16%18%2023 4Q23 1Q240.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0%2023 4Q23 1Q241%3%10%2%5%2%5%3%1%6%1%3%5%2%6%0.0%2.0%4.0%6.0%8.0%10.0%12.0%2023 4Q23 1Q24 2024 05 10 P.15 3.3 38 39%Wind Wind 40 41 Wind Wind 0100200300400500600 2022 2023 1Q240%1%2%3%4%5%6%2022 2023-150-100-50050100150200250300 2023 4Q23 1Q2401020304050607080 2023 4Q23 1Q24 2024 05 10 P.16 42 43 Wind Wind-250-200-150-100-50050 2022 2023 1Q2401002003004005006007008009001,000 2022 2023 1Q24 2024 05 10 P.17 4.1 2023 2024Q1 19.6%/23.9%2023 2024Q 44%Wind 2023 2023 2024Q1 45%46%Wind Wind-100%-50%0%50%100%150%200%2023 4Q23 1Q24-30%-20%-10%0%10%20%30%40%50%60%1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24(%)-600%-400%-200%0%200%400%600%1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24(%)2024 05 10 P.18 47 2023 23Q4 24Q1%48 2023 23Q4 24Q1%Wind Wind 4.2 10%49 2023%50 2023%-50%0%50%100%150%200%2023%4Q23%1Q24%-200%-100%0%100%200%300%400%500%2023%4Q23%1Q24%53%38%57%28%34%15%31%41%13%46%12%31%0%10%20%30%40%50%60%70%80%90%100%28%45%51%28%72%55%49%72%0%10%20%30%40%50%60%70%80%90%100%2024 05 10 P.19 51 2023%52 2023 23Q4 24Q1%Wind 2 10%53 2023 23Q4 24Q1%54 2023 23Q4 24Q1%Wind Wind 55 2023 23Q4 24Q1%Wind 0%5%10%15%20%25%30%35%0%5%10%15%20%25%30%35%2023 4Q23 1Q240%5%10%15%20%25%2023 4Q23 1Q24-2.0%0.0%2.0%4.0%6.0%8.0%10.0%2023 4Q23 1Q247%1%2%-8%10%1%0%-15%10%1%3%0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%2023 4Q23 1Q24 2024 05 10 P.20 4.3 56 57%Wind Wind 58 59 Wind Wind 05101520253035404550 2022 2023 1Q240%1%1%2%2%3%3%4%4%5%2022 2023-1001020304050 2023 4Q23 1Q240123456 2023 4Q23 1Q24 2024 05 10 P.21 60 61 Wind Wind-50-40-30-20-100102030 2022 2023 1Q2401020304050607080 2022 2023 1Q24 2024 05 10 P.22 2024 439+9%385+9%54+11%1+10%100 29 25 24%2+31%6.6 3.6+45%1+7%2+9%62 2019-2024%2019 2020 2021 2022 2023 YoY(%)2024Q1 YoY(%)2024E YoY(%)432.2 513.1 478.0 329.9 403.3 22%103.3 10%439.3 9%385.0 468.3 427.5 289.1 354.5 23%90.9 8%385.0 9%117.4 161.7 139.3 67.2 91.1 36%27.2 13%100.2 10%110.4 155.4 126.9 50.8 63.9 26%20.6 16%71.2 11%7.0 6.3 12.4 16.4 27.1 66%6.6 5%29.0 7%8.4 13.5 5.2 2.6 14.4 460%5.2 213%24.5 70%7%8%4%4%16%12pct 19%12p c t 24%9p c t 10.3 12.1 13.3 7.4 7.8 7%2.2 23%8.6 10%171.2 202.6 197.3 157.1 186.2 19%47.1 2%199.2 7%65.3 70.8 60.4 50.7 61.8 22%11.8 25%68.6 11%20.9 21.2 17.2 6.8 7.6 12%2.5 20%8.4 10%47.2 44.8 50.5 40.8 48.8 20%12.4 24%54.3 11%7.2 5.6 4.7 4.9 5.1 2%1.3 79%6.6 31%5.2 4.4 3.6 3.5 2.6-27%0.6 108%3.0 18%2.0 1.2 1.1 1.4 2.5 78%0.7 60%3.6 45%5.9 4.3 4.0 3.4 3.7 9%0.8 89%4.0 10%31.0 33.1 40.2 31.5 39.1 24%10.1 18%42.6 9%2.9 1.8 1.6 1.0 1.0 0%0.2-46%1.0 5%Wind 63 2024-26E CAGR P/E 2023A 2024E 2025E 2026E 2023A 2024E 2025E 2026E 000951.S Z 193 10.8 14.3 18.0 22.4 28%17.8 13.5 10.7 8.6 000338.S Z 1,505 90.1 114.0 133.4 152.1 19%16.7 13.2 11.3 9.9 600066.S H 612 18.2 26.9 33.3 41.0 31%33.7 22.7 18.4 14.9 Wind Wind 2024 5 10 2024 05 10 P.23 2024 05 10 P.24 6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%8 7 7 100077 555 22 200120 021-38124100 1115 330038 0791-86281485 100 24 518033
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