资源描述
|2024 05 08 2023&2024Q1 2023 2023 3609.4 5.4%220.5 0.9%1725.5%211.9%2024Q1 803.3 4.8%8.2%2023 23.7%0.6pct 6.6%0.5pct yoy+0.2pct yoy-0.3pct yoy+6.8%2024Q1 24.7%9.2%2023 14.7%2023 438.5 yoy+33.6%181.1 yoy+11.4%142.3 yoy+5.1%28.3 yoy+200.1%9.3 yoy+159.2%39.8 yoy+98.1%56.2 yoy-74.9%-564.8 yoy-16.6%/yoy+25.2%/+4.7%/+4.2%/+2.9%/-0.7%/-2.7%/yoy+1725.5%/+211.9%/+0.2%/-14.8%/-21.4%/-206.9%1 2 S0680518020001 S0680123080022 S0680123070014 1 2024-04-28 2 2024-04-14 3 2024-03-31 EPS P E 2023A 2024E 2025E 2026E 2023A 2024E 2025E 2026E 300779.SZ 0.99 1.73 3.09 3.88 52.54 30.06 16.83 13.40 603588.SH 0.33 0.59 0.80 0.95 21.36 11.95 8.81 7.42 600461.SH 0.88 0.99 1.08 1.17 12.09 10.75 9.85 9.09 Wind-48%-32%-16%0%16%2023-05 2023-08 2023-12 2024-05 300 2024 05 08 P.2.4.9 2.1.9 2.2.10 2.3.13 2.4.14 2.5.16 2.6.18.20.20 1 98.4 2%.5 3%.5 4%.5 5%.5 6%.6 7%.6 8%.6 9 2020-2023.6 10.7 11.7 12.7 13.7 14 2018-2023%.8 15 2018-2023%.8 16.8 17.8 18%.9 19 2023%.9 20%.10 21 2023%.10 22%.11 23 2023%.11 24%.12 25 2023%.12 26 2022 2023.12 27%.13 28 2023%.13 29%.14 30 2023%.14 31%.15 YWAZyRmRsRmNoQmPmRpQrQ6MbP8OpNoOnPnRiNnNmRkPrRvM6MqQvNxNoNzRMYmMmO2024 05 08 P.3 32 2023%.15 33%.15 34 2023%.16 35 2022 2023.16 36%.17 37 2023%.17 38%.17 39 2023%.18 40%.18 41 2023%.19 42%.19 43 2023%.19 2024 05 08 P.4 2023 98 6 1 98 Wind 2023 2023 3609.4 5.4%220.5 0.9%Qwj1WqjmxTMfxhZf/L+Th5KvZxvDHl7CnYBIQwX/6MOcAefhiZb22n1feVs5NYe6 2024 05 08 P.5 1725.5%211.9%2024Q1 2023Q4 101.9%1508%2024Q1 4790.2%8.2%2024Q1 803.3 4.8%2023Q4 2%3%Wind Wind 2023 yoy+25.2%yoy+4.7%yoy+4.2%yoy+2.9%yoy-0.7%yoy-2.7%yoy+1725.5%yoy+211.9%yoy+0.2%yoy-14.8%yoy-21.4%yoy-206.9%4%5%Wind Wind 0%2%4%6%8%10%12%14%16%18%050010001500200025003000350040002019 2020 2021 2022 2023 2024Q1%-20%-15%-10%-5%0%5%10%15%20%0501001502002503002019 2020 2021 2022 2023 2024Q1%-40%-20%0%20%40%60%80%100%2016 2017 2018 2019 2020 2021 2022 2023-500%0%500%1000%1500%2000%2017 2018 2019 2020 2021 2022 2023 2024 05 08 P.6 2023 2023 23.7%0.6pct 6.6%0.5pct yoy+0.2pct yoy-0.3pct yoy+6.8%2024Q1 24.7%9.2%2023 2.8%+3.3pct 4.8%+3.1pct 6.0%-0.3pct 3.3%-1.1pct-2.8%-4.1pct 13.9%-3.6pct 6%7%Wind Wind 2023 2023 14.7%2.3%yoy+0.0pct 6.1%yoy+0.0pct 3.6%yoy-0.0pct 2.7%yoy-0.0pct 2024Q1 14.4%8%9 2020-2023 Wind Wind 2023 438.5 yoy+33.6%0%5%10%15%20%25%30%35%2017 2019 2021 2023-10%-5%0%5%10%15%20%2018 2019 2020 2021 2022 20233.3%3.0%2.7%2.4%2.2%2.3%2.1%6.7%6.6%6.7%6.6%6.1%6.1%6.2%3.6%3.8%3.9%3.8%3.7%3.6%3.9%2.3%2.3%2.4%2.5%2.7%2.7%2.2%0%1%2%3%4%5%6%7%8%2018 2019 2020 2021 2022 2023 2024Q1 0204060801001201401601802002020 2021 2022 2023 2024 05 08 P.7 181.1 yoy+11.4%142.3 yoy+5.1%28.3 yoy+200.1%9.3 yoy+159.2%39.8 yoy+98.1%56.2 yoy-74.9%-564.8 yoy-16.6%10 11 Wind Wind 12 13 Wind Wind 2023 58.9%0.9pct 57.3%0.6pct 63.8%1.0%55.9%0.9pct 61.8%1.2pct 43.8%1.8pct 64.8%3.3%2024Q1-1000-800-600-400-20002004006002018 2019 2020 2021 2022 2023-500501001502002018 2019 2020 2021 2022 2023-350-300-250-200-150-100-5002018 2019 2020 2021 2022 2023-100-500501001502002503002018 2019 2020 2021 2022 2023 2024 05 08 P.8 14 2018-2023%15 2018-2023%Wind Wind 2023 2023 262.5%9.8%710.7%20.9%288.5%10.1%250.8%6.6%238.1%24.2%224.8%6.6%147.9%8.4%16 17 Wind Wind 54%55%56%57%58%59%60%61%62%63%64%2018 2019 2020 2021 2022 2023 2024Q1 0%20%40%60%80%100%120%2020 2021 2022 2023 2.70 2.78 3.12 2.91 2.63 2.32.42.52.62.72.82.933.13.22019 2020 2021 2022 20230.01.02.03.04.05.06.07.08.02019 2020 2021 2022 2023 2024 05 08 P.9 2.1 2023 1528.1 4.2%83.1 0.2%1 15.8%108.2%EPC 35.5%23.9%2 194.8%5499.8%47.5%36.4%3 3.4 173.1%18%Wind 19 2023%Wind 118.0 114.075.3 82.9 83.11147.11286.11480.91466.01528.128.2%-3.4%-33.9%10.0%0.2%30.6%12.1%15.1%-1.0%4.2%-40%-30%-20%-10%0%10%20%30%40%0200400600800100012001400160018002019 2020 2021 2022 2023%-100%-50%0%50%100%150%200%2024 05 08 P.10 2023 21.7%6.0%0.26pct 55.9%0.9pct 18.6 181.1 14 PPP 20%Wind 21 2023%Wind 2.2 2023 2023 770.4 2.9%97.1 14.8%7.2%1908.6%43.6%9.7160.0183.2156.0162.5181.158.6%58.5%55.0%55.0%55.9%25.7%25.7%21.8%22.0%21.7%0%10%20%30%40%50%60%70%1401451501551601651701751801851902019 2020 2021 2022 2023-40%-20%0%20%40%60%80%2024 05 08 P.11 7.2 55.1%22%Wind 23 2023%Wind 2023 2023 31.2%0.6pct 142.3 6.9 1.2pct 61.8%75.791.4111.2 114.097.1472.0554.0693.1748.8770.418.7%20.8%21.7%2.5%-14.8%18.1%17.4%25.1%8.0%2.9%-20%-15%-10%-5%0%5%10%15%20%25%30%01002003004005006007008009002019 2020 2021 2022 2023%-80%-60%-40%-20%0%20%40%60%80%100%2024 05 08 P.12 24%Wind 25 2023%Wind 2023 3.9pct 2023 0.4 98.8%26 2022 2023 Wind 154.5168.2120.6135.4142.355.0%57.9%58.9%60.6%61.8%34.0%34.2%32.4%31.8%31.2%0%10%20%30%40%50%60%70%0204060801001201401601802019 2020 2021 2022 2023 0%10%20%30%40%50%60%-5.00.05.010.015.020.025.030.035.0 2022 2023 2024 05 08 P.13 2.3 2023 2023 104.5 2.7%2023-2.1 206.9%30.7%51.8%1 2 3 27%Wind 28 2023%Wind 2023 39.4%0.4pct-2.8%4.0pct 43.8%1.8pct 9.3 3.6 9.510.85.02.0-2.1113.6 113.6112.4107.4104.5-40.4%13.7%-54.2%-59.6%-206.9%8.6%0.1%-1.1%-4.4%-2.7%-250%-200%-150%-100%-50%0%50%-200204060801001202019 2020 2021 2022 2023%-100%-80%-60%-40%-20%0%20%40%2024 05 08 P.14 29%Wind 30 2023%Wind 2.4 2023 2023 391.9 0.7%17.8 5.7 211.9%PPP 2023 4.7 5.1%-0.3 2768.0%2023 9.2 16.9%6.5 400.4%22.622.05.33.69.342.6%43.6%41.5%41.9%43.8%42.3%41.4%40.0%39.0%39.4%36%37%38%39%40%41%42%43%44%45%05101520252019 2020 2021 2022 2023-40%-20%0%20%40%60%80%2024 05 08 P.15 31%Wind 32 2023%Wind 2023 26.8%1.1pct 57.3%0.6pct 37.6 34.8 33%Wind 30.60.9 1.05.717.83 403.9374.8409.8394.7 391.9-17.4%-97.1%12.9%469.5%211.9%6.3%-7.2%9.3%-3.7%-0.7%-200%-100%0%100%200%300%400%500%0501001502002503003504004502019 2020 2021 2022 2023-100%-80%-60%-40%-20%0%20%40%60%80%100%60.946.01.834.837.6100.7%102.5%57.6%57.9%57.3%31.5%31.4%27.3%25.7%26.8%0%20%40%60%80%100%120%0102030405060702019 2020 2021 2022 2023 2024 05 08 P.16 34 2023%Wind 2023 2.4pct 5.0 1.3 1.5 35 2022 2023 Wind 2.5 2023 371.3 4.7%11.5 21.4%2023 2.8%292.1%2023 34.4 140.2%2.2 123.3%2023 5.2 9.5%507.3%-100%-80%-60%-40%-20%0%20%40%60%80%-2.0-1.0-1.0 2.0 3.0 4.0 5.0 6.0 2022 2023 2024 05 08 P.17 36%Wind 37 2023%Wind 2023 21.0%0.8pct 63.8%0.1pct 39.8 20.1 2023 1.3 329.1%2023 0.4 191.8%38%Wind 18.410.417.114.6 11.5272.9 273.6333.6354.5371.393.5%-43.3%64.1%-14.6%-21.4%8.5%0.2%21.9%6.2%4.7%-60%-40%-20%0%20%40%60%80%100%120%0501001502002503003504002019 2020 2021 2022 2023-100%-80%-60%-40%-20%0%20%40%60%80%100%27.328.025.320.139.859.3%62.1%66.8%63.7%63.8%21.2%19.6%21.4%21.8%21.0%0%10%20%30%40%50%60%70%80%0510152025303540452019 2020 2021 2022 2023 2024 05 08 P.18 39 2023%Wind 2.6 2023 2023 443.2 25.2%13.1 1725.5%2023 231.5 59.9%15.0 57.1%11.3 54.1%1.4 59.5%40%Wind-100%-80%-60%-40%-20%0%20%40%60%80%100%7.5-14.6-2.1-0.813.1211.5182.0195.3354.1443.239.7%-296.0%85.8%60.9%1725.5%-24.1%-14.0%7.3%81.3%25.2%-500%0%500%1000%1500%2000%-10001002003004005002019 2020 2021 2022 2023 2024 05 08 P.19 41 2023%Wind 2023 13.4%0.7pct 57.7%3.8pct 28.3-28.2 2023 5.4 205.9%42%Wind 43 2023%Wind-100%-80%-60%-40%-20%0%20%40%60%80%100%52.3-2.48.8-28.228.343.0%46.7%49.7%53.9%57.7%18.9%18.0%17.8%14.1%13.4%0%10%20%30%40%50%60%70%-40-30-20-1001020304050602019 2020 2021 2022 2023-60%-40%-20%0%20%40%60%80%100%2024 05 08 P.20 2023 2023 10.7 yoy+194.8%1.4 yoy+5499.8%1 2 1 2023 64 2 2021 16.7/2200/2023 2023 7.4 1.9 20/2023 12 4&1 2 3 2024 05 08 P.21“”“”“”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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