20240523_国盛证券_汽车零部件行业专题研究：财报总结业绩表现优秀看好终端销量修复驱动持续增长_34页.pdf

|2024 05 23/1 2023H1+8153 8849 9%2 2023H2 M7 8837 8665 2%3 2024/1/2 2024/5/9 8570 8255 4%1+2023 1461+38%2024Q1 311+21%2023 181+38%2024Q1 39-9%2023 38+182%2024Q1 8+53%2023 9.4 2024Q1 8.5 2 2020-2022+1+2 3 4 2024 2025 5+5 1 2 3 S0680521120002 S0680524040005 1 2023-04-17-32%-16%0%16%32%2023-05 2023-09 2024-01 2024-05 300 2024 05 23 P.2.4 1.1.4 1.2.8.10 2.1.10 2.2.12 2.3+.17 2.4+.22 2.5+.29.32.33 1 300.4 2.5 3.5 4.5 5.6 6.7 7 A00/.8 8.8 9():/.8 10 INE()/.8 11:.9 12.10 13.10 14.11 15/.11 16/.12 17.12 18 FSD 20.13 19 NOA.14 20 NOA.14 21.15 22.15 23.16 24/.16 25/.17 26.17 27 2024 GW.18 28 2024 GW.18 29.18 ZXEVuNnQpMpOtNnOsPtMqR9P8Q9PtRoOsQtPeRpPsPkPoMmQaQmMxPNZtOqRNZrRrN 2024 05 23 P.3 30.19 31.19 32.20 33/.21 34/.21 35.22 36.23 37 WalkerX.23 38.24 39.25 40.26 41/.27 42/.28 43.29 44.30 45.30 46.31 47/.31 48/.32 49.32 2024 05 23 P.4/1 2023H1+2023/1/3 2023/6/30 8153 8849 9%2 2023H2 M7 2023/7/3 2023/12/29 8837 8665 2%3 2024/1/2 2024/5/9 2024/1/2 8570 8255 4%1 300 Wind 1.1+2023 9272+12%1461+38%2024 Q1 2105 324 1 2023 181+38%2024Q1 38.7-9%2 2023 38+182%2024Q1 8+53%3 2023 9.4 2024Q1 8.5 jN2JsBlZ4q6vv0Zs5Df3ypKvZxvDHl7CnYBIQwX/6MMFysm/jP+kjEYU4dWSRKCH 2024 05 23 P.5 2 3 Wind wind 4 Wind 1 2 tier1 tier2 tier1 3 01020304050602012-09 2014-06 2016-03 2017-12 2019-09 2021-06 2023-03:00.511.522.533.52022-03 2022-06 2022-09 2022-12 2023-03 2023-08 2023-12:024681012142020-12 2021-06 2021-12 2022-06 2022-12 2023-06 2023-12:2024 05 23 P.6 5 2024 05 23 P.7 6 2.76 2023 6 2 2022/3000 2021 50/8.23 2022 70 12.33 2023 11 175 75 9,500 2023/4,500 2023 9/4970 2022 110 3700 2017 15,000 2023 16,672 3.35 2020 2023 100/2.7 2021 2025 16.75 3.25 2023 7 8400 2024 4 1000 2024/850 Ebmeyer 2022/1500 2023/2/36 2024 05 23 P.8 1.2 1 2023 7%3%1%2024/1/2 2024/5/9+6%7%9%2020-2022 2 INE()2023/8/18-2023/12/29 79%2024/1/2 2024/5/9 75%7 A00/8 Wind wind 9():/10 INE()/Wind wind 2023 6.9 7.1 2024/1/2 2024/5/9 7.1 7.2 0500010000150002000025000300002019-01-02 2021-01-02 2023-01-02:(A00):0200400600800100012002019-01-02 2021-01-02 2023-01-02 010002000300040005000600070002019-01-02 2021-01-02 2023-01-02():():050010001500200025003000350040002023-08-18 2023-11-18 2024-02-18():INE()():INE()2024 05 23 P.9 11:Wind 5.65.866.26.46.66.877.27.47.62019-01-02 2020-01-02 2021-01-02 2022-01-02 2023-01-02 2024-01-02:2024 05 23 P.10 2.1&1 T 2 12 2021 2022 2023 yoy 2021 2022 2023 yoy 168.3 179.7 215.7 20%1.3-14.2 2.0 73.9 76.6 87.2 14%-2.0 5.0 4.5-10%42.1 51.5 58.6 14%4.2 5.7 6.5 15%46.1 69.5 105.7 52%2.8 4.7 8.1 71%26.6 36.7 46.0 25%4.2 5.1 5.5 7%8.2 8.6 9.1 6%1.6 1.0 0.6-45%8.3 11.2 15.2 35%0.7 0.5 0.9 99%1399.4 1582.7 1685.9 7%64.7 72.0 72.1 0%236.0 281.0 331.6 18%31.5 47.6 56.3 18%Wind 13 23Q1 23Q2 23Q1 23Q4 24Q1 qoq yoy 23Q1 23Q2 23Q1 23Q4 24Q1 qoq yoy 51.1 53.3 55.0 56.3 52.9-6%3%0.6 0.2 0.7 0.5 0.2-62%-68%17.7 21.1 22.4 26.0 18.1-30%2%0.7 1.6 1.9 0.4 1.4 301%117%13.7 15.1 15.3 14.5 15.9 9%16%1.5 1.8 2.0 1.1 2.0 70%27%21.7 24.6 26.9 32.5 30.5-6%40%1.5 2.2 1.9 2.4 2.0-17%35%8.4 10.0 12.3 15.2 10.6-30%25%0.9 1.4 1.5 1.6 1.0-36%13%1.5 2.2 2.6 2.8 2.2-20%50%-0.1 0.2 0.2 0.2 0.1-18%-329%2.8 3.4 4.0 5.0 5.7 14%103%0.1 0.2 0.3 0.3 0.3 16%187%368.2 401.6 445.9 470.3 370.2-21%1%14.3 14.1 19.0 24.7 12.6-49%-12%70.5 79.8 87.9 93.4 88.4-5%25%9.1 19.2 12.9 15.0 13.9-8%52%Wind 2024 05 23 P.11 14 2021 2022 2023 2021 2022 2023 123.9 136.0 147.6 74%76%68%18.6 17.4 20.9 25%23%24%33.3 42.1 49.5 79%82%84%2.3 6.1 7.7 5%9%7%0.1 0.8 1.2 0%2%3%0.1 0.1 0.1 1%1%1%0.1 0.1 0.2 2%1%1%249.2 286.4 310.8 18%18%18%110.7 128.3 147.9 47%46%45%Wind 2023 15/毛利率（%）净利率（%）2021 2022 2023 yoy 2021 2022 2023 yoy 继峰股份 14.1 13.1 14.8 1.7 0.7-8.1 1.0 9.1 模塑科技 17.3 17.6 17.4-0.2-2.7 6.5 5.2-1.3 岱美股份 24.8 23.1 27.3 4.2 9.9 11.1 11.2 0.1 新泉股份 21.3 19.7 20.0 0.3 6.2 6.8 7.6 0.8 常熟汽饰 24.1 21.7 20.4-1.2 15.4 13.7 11.7-2.1 明新旭腾 40.2 32.5 26.1-6.4 19.9 11.7 6.1-5.6 上海沿浦 19.2 13.2 16.1 3.0 8.5 4.1 5.8 1.7 华域汽车 14.4 14.2 13.3-0.9 5.7 5.1 4.8-0.3 福耀玻璃 35.9 34.0 35.4 1.4 13.3 16.9 17.0 0.1 Wind 2024 05 23 P.12 16/%23Q1 23Q2 23Q3 23Q4 24Q1 qoq yoy 23Q1 23Q2 23Q3 23Q4 24Q1 qoq yoy 13.9 14.5 15.1 15.4 14.7-0.8 0.8 1.3 0.4 1.4 0.8 0.3-0.6-1.0 17.6 20.3 17.8 14.5 17.2 2.7-0.4 3.7 7.5 8.5 1.5 7.9 6.5 4.2 27.5 28.1 28.2 25.1 27.8 2.7 0.3 11.2 12.3 13.1 7.9 12.3 4.4 1.1 19.8 19.9 19.5 20.8 20.1-0.7 0.3 7.1 9.0 6.9 7.5 6.7-0.8-0.4 21.4 20.2 19.6 20.8 17.0-3.8-4.4 10.8 13.9 12.3 10.1 9.7-0.4-1.1 21.0 28.6 28.2 24.8 27.4 2.6 6.4-3.8 10.2 8.7 5.7 5.8 0.1 9.6 13.2 15.9 18.1 16.3 12.9-3.4-0.3 3.9 6.0 7.9 5.0 5.7 0.7 1.8 13.9 12.5 12.3 14.5 12.5-2.0-1.3 4.6 4.0 4.7 5.8 3.9-1.9-0.7 33.2 35.0 36.3 36.5 36.8 0.3 3.6 13.0 24.1 14.7 16.1 15.7-0.4 2.7 Wind 2023 2022 17(%)(%)2021 2022 2023 24Q1 2021 2022 2023 24Q1 12.9 12.3 13.4 14.5 1.9 2.1 2.0 2.1 16.3 13.7 13.3 14.6 3.7 2.8 2.8 3.0 14.9 10.8 11.9 12.6 4.4 4.0 3.9 3.1 14.5 10.8 10.2 12.4 4.9 4.4 4.3 4.6 15.7 12.1 11.8 12.9 3.6 3.5 3.8 4.9 16.1 20.3 22.6 25.2 10.5 11.6 9.7 11.2 10.0 10.2 8.6 7.3 3.6 3.8 2.9 2.5 10.7 10.2 9.7 10.3 4.5 4.5 4.2 4.4 20.2 13.3 14.3 15.9 4.2 4.4 4.2 4.3 Wind 2.2+2023 L3/L4 NN FSD FSD FSD Supervised 12.3.3 1 NN 2024 05 23 P.13 2 HW4.0 5 FSD 1 FSD 2 3 FSD FSD 199 99 12 0.8 FSD 2024 4 28 4 4 FSD 18 FSD 20 NOA NOA L2 L3 NOA 1 2024 2 AITO NCA 2 XPILOT 4.0 NGP 243 2024 2024-2025 3 NOA 100 2025 L4 2024 05 23 P.14 19 NOA NOA NGP NCA NOA NOP+NOH 2022 Q2 4 NOH-HP550 Q3 9 2023 Q1 3 3-1 WEY DHT 4 Q2 6 6 6 Q3 10 NCA 6 9 NOA 10 7 NOP+9 chegn Q4 11 NGP 15 12 50 NCA 10 20 11 50 12 100 6 10 NOH HP570 2024 Q1 20 Q2 10 100 20 NOA M9 46.98-56.98 NCA MDC 1 3 11 MDC 610 200 TOPS M7 Max 28.98-32.98 NCA MDC 1 3 11 MDC 610 200 TOPS G6 Max 22.99-27.69 XNGP+2 5 12 Orin-X 508 TOPS P7i MAX 23.99-33.99 XNGP+2 5 12 Orin-X 508 TOPS X9 Pro 35.98-37.98 XPILOT+3 12 Orin-X 254 TOPS L7 Max 37.98 AD Max+1 1 11 Orin-X 508 TOPS L8 Air/Pro 33.98-35.98 AD Pro 5+1 10 5 128 TOPS L9 Max 45.98 AD Max+1 1 11 Orin-X 508 TOPS 2024 05 23 P.15&2023+21 2021 2022 2023 yoy 2021 2022 2023 yoy 79.1 82.5 102.5 24%9.5 9.4 11.0 17%28.1 33.8 46.3 37%3.9 4.5 6.1 35%34.9 55.4 74.7 35%5.0 7.0 8.9 28%95.7 149.3 219.1 47%8.3 11.8 15.5 31%44.9 56.4 71.4 27%3.0 3.8 4.6 22%456.7 497.9 557.3 12%-37.5 3.9 10.8 175%125.8 148.5 172.4 16%9.7 9.6 11.3 17%39.0 47.8 59.0 23%2.7 2.1 3.8 77%-W 32.6 40.2 46.8 16%1.5 2.3-2.2-193%Wind 22 23Q1 23Q2 23Q1 23Q4 24Q1 qoq yoy 23Q1 23Q2 23Q1 23Q4 24Q1 qoq yoy 19.2 25.0 28.1 30.1 24.1-20%25%2.0 2.6 3.1 3.2 2.4-24%19%9.1 10.5 12.3 14.3 14.2-1%55%1.3 1.4 1.8 1.5 2.2 42%66%15.0 15.9 20.1 23.7 18.6-21%24%1.7 1.8 2.4 3.0 2.1-29%22%39.8 47.4 57.5 74.4 56.5-24%42%3.3 2.8 3.5 5.9 3.8-34%16%13.2 15.5 19.3 23.4 19.9-15%51%0.8 1.0 1.2 1.7 1.4-15%84%132.2 137.9 143.0 144.2 132.8-8%0%2.0 2.8 3.0 3.0 3.1 1%53%38.6 43.3 45.9 44.7 46.9 5%22%2.6 2.7 3.4 2.6 3.6 41%38%11.9 14.3 15.4 17.4 14.8-15%25%0.9 0.9 1.5 0.4 0.7 70%-27%-W 7.4 9.6 11.6 18.2 8.9-51%20%-0.9 0.0-0.5-0.8-1.9 149%119%Wind 2024 05 23 P.16 23 2021 2022 2023 2021 2022 2023 1.0 1.3 3.5 1%2%3%9.3 10.8 14.7 33%32%32%5.6 8.2 8.7 16%15%12%7.8 11.1 16.4 8%7%8%13.2 15.5 16.3 29%27%23%341.7 378.1 425.0 75%76%76%69.6 78.4 91.0 55%53%53%24.3 26.5 30.1 62%55%51%-W 2.1 3.3 4.2 6%8%9%Wind/2023 23 24/%2021 2022 2023 yoy 2021 2022 2023 yoy 22.1 22.6 21.2-1.4 12.0 11.4 10.8-0.7 34.6 32.9 29.6-3.3 15.2 14.8 14.1-0.8 24.2 22.4 22.6 0.1 15.1 12.6 12.2-0.5 24.6 23.0 20.4-2.6 8.7 7.8 7.0-0.8 21.6 22.1 22.4 0.3 6.6 6.8 6.6-0.2 11.6 12.0 15.1 3.1-9.9 0.5 2.2 1.8 22.5 20.9 22.0 1.1 7.7 6.4 6.5 0.1 27.4 28.0 27.4-0.6 7.5 4.8 6.5 1.7-W 30.9 29.0 25.6-3.4 4.5 5.8-4.6-10.5 Wind 2024 05 23 P.17 25/%23Q1 23Q2 23Q3 23Q4 24Q1 qoq yoy 23Q1 23Q2 23Q3 23Q4 24Q1 qoq yoy 21.5 21.9 21.1 20.4 19.6-0.8-1.9 10.6 10.5 11.2 10.6 10.1-0.6-0.5 31.3 30.6 30.6 26.8 32.0 5.2 0.7 15.5 14.5 15.5 11.6 16.3 4.7 0.7 21.5 22.8 22.6 23.1 20.7-2.3-0.7 11.7 11.8 12.2 12.8 11.3-1.5-0.4 21.1 20.3 18.7 21.5 19.3-2.2-1.7 8.3 5.8 6.1 7.8 6.9-0.9-1.4 22.3 22.1 21.9 22.9 21.6-1.4-0.8 6.0 6.8 6.1 7.2 7.2 0.0 1.2 13.0 13.9 14.9 18.4 15.5-2.9 2.5 1.4 2.2 2.6 2.6 2.9 0.3 1.4 20.8 21.5 22.0 23.3 22.4-0.9 1.6 6.7 6.1 7.4 5.6 7.6 2.1 0.9 28.2 27.4 28.1 26.2 29.4 3.3 1.2 8.0 6.6 9.7 2.4 4.6 2.2-3.4-W 26.4 28.5 27.4 22.6 24.7 2.1-1.7-11.8-0.2-4.4-4.2-21.6-17-9.7 Wind 26(%)(%)2021 2022 2023 24Q1 2021 2022 2023 24Q1 9.2 10.6 9.5 10.2 4.9 6.3 6.0 5.8 19.2 17.6 15.9 15.9 10.8 11.1 9.6 7.5 9.7 9.4 9.0 8.8 6.9 6.8 6.0 6.0 15.3 15.3 12.9 13.0 10.2 10.8 9.0 9.3 15.6 15.2 14.7 14.1 7.7 8.4 8.5 8.1 15.9 11.7 12.3 11.8 5.1 4.3 4.6 4.6 15.2 13.7 14.1 13.8 4.6 4.4 4.5 4.6 20.1 20.9 19.7 22.0 7.2 6.8 8.0 8.9-W 26.8 26.0 30.2 49.6 14.0 16.3 20.7 32.7 Wind 2.3+SU7 2023 1461 38%950 38%2024 SU7 72 840 17%45%CTB 51000N m/deg 2024 05 23 P.18 1 2024 74GW/173GWh 33%/41%85%13%2 2024 474GW 16%9%27 2024 GW 28 2024 GW 29 2024 4 8.63 2023 170 15 20 20 2023 7 28 2023 2 3 2026 5 2017 TFH&0%20%40%60%80%100%120%140%010203040506070802020 2021 2022 2023 2024E储能装机量 同比增速0%10%20%30%40%50%60%70%01002003004005002017 2018 2019 2020 2021 2022 2023 2024E光伏装机量 同比增速 2024 05 23 P.19 30 2021 2022 2023 yoy 2021 2022 2023 yoy 41.1 52.3 51.0-2%1.0 2.4 0.5-79%114.6 159.9 197.0 23%10.2 17.0 21.5 26%30.2 44.5 48.3 9%4.1 7.0 7.1 2%16.1 17.4 21.3 22%1.2-1.5-5.6 266%32.1 42.7 59.6 40%3.1 6.5 9.1 41%60.2 67.3 71.1 6%4.6 6.8 5.7-16%60.0 66.7 76.1 14%3.0 4.7 4.2-9%24.1 30.0 29.1-3%2.1 2.0 1.4-31%11.6 15.5 20.2 31%1.0 1.3 1.5 9%18.4 32.2 40.7 26%1.5 4.0 3.2-21%23.7 42.9 57.0 33%0.6 2.6 4.1 59%186.3 213.7 233.6 9%4.5 4.9 6.1 23%10.4 11.7 18.8 61%1.2 1.4 2.0 44%27.7 33.6 39.1 17%3.9 4.5 5.0 11%8.1 13.9 26.0 87%0.8 1.5 3.1 109%22.8 31.7 31.9 1%1.0 2.2 1.4-39%Wind 31 23Q1 23Q2 23Q1 23Q4 24Q1 qoq yoy 23Q1 23Q2 23Q1 23Q4 24Q1 qoq yoy 12.7 12.9 12.6 12.8 14.8 16%16%0.0 0.1 0.4 0.0 0.6 8371%2344%44.7 46.9 49.9 55.5 56.9 3%27%4.5 6.4 5.0 5.5 6.5 17%43%11.7 11.9 12.1 12.6 11.4-10%-3%1.9 2.0 1.7 1.5 1.6 5%-18%4.5 4.9 5.7 6.3 5.0-20%13%-1.0-1.3-1.5-1.9-1.4-24%42%12.6 13.9 15.9 17.2 16.4-5%31%1.7 2.3 2.0 3.2 2.3-27%37%14.9 15.3 18.7 22.2 17.0-23%14%1.0 1.2 1.7 1.7 1.2-27%17%16.1 16.6 19.7 23.8 17.5-26%9%0.8 0.9 1.4 1.1 0.7-42%-14%5.3 6.3 8.3 9.2 7.1-22%34%0.2 0.3 0.5 0.4 0.2-54%-31%4.4 4.8 5.2 5.8 5.1-13%17%0.4 0.4 0.4 0.3 0.4 37%19%9.7 11.0 10.7 9.3 5.6-40%-43%0.9 1.0 1.0 0.3-0.2-169%-121%11.5 13.0 14.6 18.0 15.7-13%37%0.8 0.9 1.1 1.3 1.2-6%48%51.2 57.6 62.4 62.4 59.7-4%16%1.2 1.3 1.7 1.9 2.7 43%132%3.8 4.8 4.4 5.8 5.1-13%32%0.4 0.5 0.6 0.5 0.8 58%77%8.3 9.1 10.1 11.7 7.8-33%-6%1.1 1.4 1.4 1.1 1.1 5%8%4.1 6.1 6.8 9.0 8.0-11%93%0.3 0.6 0.9 1.3 1.0-20%193%8.2 7.9 7.5 8.3 7.7-7%-6%0.6 0.7 0.2 0.0 0.1-239%-89%Wind 2024 05 23 P.20 32 2021 2022 2023 2021 2022 2023 21.7 26.9 27.9 53%51%55%27.6 44.5 57.7 24%28%29%12.9 19.0 20.5 43%43%42%4.2 4.4 5.0 26%25%23%20.7 25.2 32.3 64%59%54%5.5 7.7 7.1 9%12%10%10.4 13.0 13.0 17%19%17%1.5 1.1 0.9 6%4%3%4.0 5.3 7.0 34%34%35%9.2 14.4 17.7 50%45%43%4.0 5.9 5.6 17%14%10%33.8 54.0 58.0 18%25%25%2.8 4.3 2.7 26%37%14%0.0 2.2 2.9 0%6%7%0.7 0.8 1.3 9%6%5%7.8 11.2 11.3 34%35%35%Wind 2024 05 23 P.21 33/%2021 2022 2023 yoy 2021 2022 2023 yoy 18.5 18.5 15.0-3.5 2.4 4.5 1.0-3.6 19.9 21.6 23.0 1.4 8.9 10.6 10.9 0.3 24.1 23.9 24.0 0.1 13.6 15.7 14.7-1.0 20.8 9.3-0.1-9.4 7.5-8.8-26.4-17.6 26.3 27.8 29.1 1.3 10.1 15.8 15.5-0.3 14.5 14.0 15.0 0.9 7.6 10.0 7.9-2.1 20.1 19.6 19.0-0.6 5.8 7.2 5.9-1.3 20.2 19.1 16.6-2.6 8.8 7.1 4.9-2.2 25.1 23.8 22.2-1.6 8.7 9.3 7.9-1.4 19.1 21.7 18.9-2.9 8.1 12.5 7.9-4.7 16.5 17.6 17.9 0.3 2.7 6.0 7.2 1.2 9.3 9.5 10.5 1.0 2.5 2.3 2.6 0.3 23.9 23.5 21.7-1.8 11.9 12.4 11.7-0.8 24.7 24.5 23.2-1.3 13.9 13.3 12.7-0.6 24.2 25.1 25.5 0.4 10.5 10.6 11.9 1.2 16.2 17.3 15.5-1.7 4.4 7.1 4.3-2.8 Wind 34/%23Q1 23Q2 23Q3 23Q4 24Q1 qoq yoy 23Q1 23Q2 23Q3 23Q4 24Q1 qoq yoy 14.3 12.1 17.7 15.8 16.6 0.8 2.3 0.2 0.9 2.8 0.1 4.2 4.1 4.0 21.9 23.3 22.7 24.1 22.4-1.7 0.6 10.2 13.8 10.1 9.9 11.4 1.5 1.2 25.8 24.3 25.3 20.9 23.8 3.0-2.0 16.4 16.9 14.0 11.8 13.8 2.0-2.6-5.8-5.1 2.1 6.0 0.6-5.4 6.4-22.3-27.2-25.6-29.6-28.0 1.5-5.8 29.6 28.5 28.8 29.4 29.7 0.3 0.0 14.0 16.9 12.8 18.1 14.9-3.3 0.9 14.7 14.2 15.4 15.3 13.0-2.3-1.7 7.0 8.1 8.9 7.5 7.2-0.3 0.2 18.5 18.3 20.3 18.7 15.0-3.7-3.5 4.7 5.7 7.2 5.6 3.6-2.0-1.1 17.1 17.6 17.7 14.6 12.1-2.5-5.1 4.7 4.6 6.2 4.0 2.4-1.6-2.3 22.4 24.2 24.5 18.2 21.2 3.0-1.2 8.5 8.7 8.6 6.3 8.0 1.7-0.5 21.1 17.5 21.4 15.2 10.8-4.4-10.3 9.5 9.3 9.1 3.0-3.5-6.5-13.0 18.5 17.4 18.5 17.4 16.1-1.2-2.4 7.2 6.6 7.6 7.2 7.8 0.5 0.6 9.8 10.3 11.1 10.6 9.7-0.9-0.2 2.3 2.3 2.7 3.2 4.7 1.6 2.4 23.4 19.7 29.1 16.5 23.7 7.3 0.3 11.3 11.7 15.6 8.9 16.2 7.3 5.0 22.6 26.7 23.7 20.6 23.2 2.6 0.6 12.9 15.6 13.7 9.4 14.7 5.3 1.8 20.9 26.9 23.7 28.1 25.7-2.4 4.8 8.3 10.0 12.7 14.1 12.6-1.5 4.3 18.6 18.3 16.5 9.1 13.4 4.3-5.2 6.8 8.3 2.6-0.5 0.8 1.3-5.9 Wind 2024 05 23 P.22 24Q1 35(%)(%)2021 2022 2023 24Q1 2021 2022 2023 24Q1 13.1 11.2 12.0 10.1 2.9 3.1 2.8 2.5 8.6 8.6 9.5 9.3 4.4 4.7 5.0 4.5 8.2 6.2 6.8 8.7 4.3 3.9 4.0 5.0 15.2 20.8 24.7 29.4 7.7 9.9 8.1 7.8 17.3 10.1 10.6 13.3 5.8 4.8 4.7 5.1 7.2 6.4 6.2 6.4 3.4 3.4 3.5 3.2 12.8 12.2 12.2 11.3 4.7 4.5 4.6 4.4 10.0 10.4 11.2 12.0 4.2 5.3 5.0 5.6 16.1 13.9 14.0 15.1 4.0 4.4 4.7 4.7 9.4 8.1 10.3 19.1 3.8 4.1 4.8 5.9 13.6 9.9 9.1 7.5 4.0 3.9 3.6 3.2 7.1 7.2 7.9 7.8 3.0 3.1 3.2 3.0 13.9 14.7 12.3 11.7 5.8 6.8 5.2 5.6 6.5 6.8 5.9 6.0 3.3 3.7 3.3 2.2 10.0 9.2 8.3 9.3 3.9 3.7 3.3 3.4 10.7 9.4 10.9 11.3 4.1 4.2 4.6 4.6 Wind 2.4+2025 2024 5 Optimus 2024 2025 Walker X H1 XR4 2025 1 WalkerS AI+2 9.9 Unitree G1 Optimus 10-14 Optimus 14 10-14 2024 05 23 P.23 1 2 3 4 36 AI DAY 2022 Optimus 28 1 1+1 Optimus/4/2 1 1 1%2 0.5%3 9.5mm 300mm 5N 50KN 0.1N.m 1000N.m 4 37 WalkerX 2024 05 23 P.24&38 2021 2022 2023 yoy 2021 2022 2023 yoy 114.6 159.9 197.0 23%10.2 17.0 21.5 26%160.2 213.5 245.6 15%16.8 25.7 29.2 14%53.9 68.4 80.7 18%3.3 5.8 8.2 40%27.1 29.6 25.4-14%2.8 2.5 1.4-43%4.4 4.5 3.6-20%1.9 1.6 0.8-46%24.2 32.0 31.1-3%1.2 1.5 1.4-6%1.9 3.2 2.8-11%0.5 1.0 0.8-20%36.8 41.9 41.4-1%1.3 0.8 0.8 8%9.5 9.0 10.9 21%0.8 0.7 0.7 10%10.6 11.0 13.4 22%2.0 2.3 2.6 15%14.2 18.1 21.0 16%1.7 2.5 2.4-4%17.4 17.1 18.8 10%0.7 0.5 0.5 11%7.1 7.5 7.4-2%0.9 1.2 1.5 22%10.3 10.6 10.7 1%2.5 2.6 3.1 20%2.6 3.7 3.8 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