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|2024 07 18 1970s-1990s 1990 30 2020-2022 1 2 3 FOB 1970s-1990s S0680521080001 S0680524070002 1 6 2024-07-17 2 6 2024-07-17 3 6 2024-07-16-32%-16%0%16%32%2023-07 2023-11 2024-03 2024-07 300 2024 07 18 P.2 1 2 3+Hisense+OEM+TCL ODM EPS P E 2023A 2024E 2025E 2026E 2023A 2024E 2025E 2026E 000333.SZ 4.84 5.47 6.04 6.66 12.98 11.49 10.40 9.43 600690.SH 1.76 2.03 2.33 2.67 15.15 13.13 11.44 9.99 000921.SZ 2.04 2.36 2.70 3.05 13.39 11.58 10.12 8.96 000521.SZ 0.72 0.88 1.02 1.16 10.46 8.56 7.38 6.49 600839.SH 002668.SZ TCL 0.73 0.85 0.98 1.10 11.59 9.95 8.63 7.69 Wind 1ZFUvMtOmPpOpRoNqNsNpO7NdN7NoMmMnPrNkPrRsNiNpOuN6MqQzRwMnQrRvPmPqO 2024 07 18 P.3 1.5 1.1 2020-2022.5 1.2.7 2.10 2.1.10 2.2.14 2.3.20 3.21 3.1.21 3.2.23 4.26 4.1.26 4.2 TCL.29.30 1 2020.5-2022.2.5 2 2020.5-2022.2.5 3 2020.6 4 2021.6 5 2020-2023.6 6 2019-2022.7 7 2019-2022.7 8 2020-2022/.7 9 2020-2022.7 10.8 11.9 12.9 13.11 14 1970-1990.11 15 1970-2009.12 16.13 17.14 18.15 19/.15 20/.15 21 2023.16 22 2023.16 23 2023.16 24.17 25 60%.17 26 90%.17 27.18 2024 07 18 P.4 28.18 29.19 30.19 31.20 32%.21 33%.22 34%.22 35.23 36 34.24 37.24 38.25 39.26 40.27 41.28 42.29 43.30 0Y+73/UD09YprmilYOaj0UnPyPSCGvG90wyKf2tEx5uXEv2L9QsZGn7t/lZdWc2A 2024 07 18 P.5 1.2020-2022 1 2 3 FOB 1.1 2020-2022+2020-2022 2017-2020 2020-2022 2020 5-2022 2 322%494%+1 2020.5-2022.2 2 2020.5-2022.2 Wind 1998 1 1=1000 2021 2020 2.58%2021 1.39pct FOB 2020 TCL 1.16%2020 0.51%010002000300040005000600070002017-01 2019-01 2021-01 2023-01 2024 07 18 P.6 3 2020 4 2021 2021 2021 2022 2022 2023 TCL TCL 2022 TCL 5 2020-2023 Wind 2021 3 2021 10 2021 12 2022 2 2021 2021 2021Q2 2021 Q2 Q4 TCL 2 TCL 1 0.0%0.5%1.0%1.5%2.0%2.5%3.0%TCL/0.0%1.0%2.0%3.0%4.0%5.0%2020 2021 2022 2023/2024 07 18 P.7 6 2019-2022 7 2019-2022 Wind Wind TCL 8 2020-2022/9 2020-2022 Wind Wind 1.2 2024 4 6 28 4 3 61%62%62%50%SCFI 2023 12 1 473%328%376%279%2022 1 4 60%40%2021-15%-10%-5%0%5%10%15%20%2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q4 TCL-4%-2%0%2%4%2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q4-2%0%2%4%2019H12019A2020H12020A2021H12021A2022H12022ATCL TCL0200040006000800010000120002015-01-022015-08-022016-03-022016-10-022017-05-022017-12-022018-07-022019-02-022019-09-022020-04-022020-11-022021-06-022022-01-022022-08-022023-03-02:LME:LME 5.65.866.26.46.66.877.27.47.62015-06-242016-01-242016-08-242017-03-242017-10-242018-05-242018-12-242019-07-242020-02-242020-09-242021-04-242021-11-242022-06-242023-01-242023-08-24:2024 07 18 P.8 10 Wind=/1 2634 2634 1784 1784 406L 10kg 43 2 175 55 197 437/FEU 0.35 1.11 0.31 0.14m 40 68m 90%FEU 3 SCFI 2023 2024 6 28 80%2023 2023 1800/FEU 2023 3.27%10.38%4.28%1.93%6 28 2024 07 18 P.9 2023 12 1 5 2023 12.92 40.99 16.9 7.63pct FOB FOB 11 Wind 12 Wind 2024 07 18 P.10 2.1970s-1990s 1990 30 2.1 1960-1970 1960 1970-1990 Corolla Civic 1990-2000 Prius 1990 2010-2019 2010 2019 2020-2023 2020 2024 07 18 P.11 13 Wind JAMA carfromjapan International Trade Administration 1970-1990 1960 2 1970 29 1990 86 1995 14 1970-1990 Wind 0204060801001201401960 1975 1985 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021/2024 07 18 P.12 1970s-1990s 1970-2009+VVT-i+80%1972 15 1970-2009 Wind+20 1 2 3 1 2 3 4 2024 07 18 P.13 16 1985/1970s 2024 07 18 P.14 17 Wind carfromjapan 2.2 1980s 1990s 20 80%1998 2000s 20 2001 WTO 2010s 2008 2024 07 18 P.15 18 Wind 2008 30.19 2012 67.32 2008 19/20/Wind Wind 2023 90%0204060801001201983 1988 1993 1998 2003 2008 2013 2018 0204060801001201401601802001981 1986 1991 1996 2001 2006 2011 2016 2021 2024 07 18 P.16 21 2023 22 2023 23 2023 0%10%20%30%40%50%60%70%80%90%100%0%10%20%30%40%50%60%70%80%90%100%0%10%20%30%40%50%60%70%80%90%100%2024 07 18 P.17 24 2019 70%2023 80%63%2023 85%95%25 60%26 90%2019 2023 2023 0%10%20%30%40%50%60%70%80%90%/0%10%20%30%40%50%60%70%80%90%100%2024 07 18 P.18 27 28 2010+2024 07 18 P.19 Hisense B C 29 30 2024 07 18 P.20 2.3 1970s-1990s 1 1970s-1990s 2+3 31 2024 07 18 P.21 3.3.1 CR3 CR3 34%2023 CR3 58.7%CR3 30%32%CR3 CR3 46%2023 CR3 63.4%CR3 58%40%30%2024 07 18 P.22 33%CR3 CR3 75%CR3 50%2023 CR3 68.1%CR3 50%34%2024 07 18 P.23 3.2 35 2023 34 11 9 8 6 2023 2024 07 18 P.24 36 34 2023 80 2023 Susegana 12 37 2023 31、LG 25 2024 07 18 P.25 38 2024 07 18 P.26 4.4.1+OEM OBM Comfee Eureka 13 Eureka 2023 10 17 40 21 40%2023 OBM 40%200 5000 9000 2023 27.16%39 Wind 2024 07 18 P.27+1998 35 143 126 23 2016 GEA 2023 7.6%2023 27%40 Wind 2024 07 18 P.28 Hisense 80%+34 26 66 1994 100+Hisense 2017-2023 CAGR 20.2%26%42.6%2017 2021 37%59%80%41 2024 07 18 P.29 4.2 TCL OEM+160 30 11 OEM 42 2024 07 18 P.30 TCL ODM ODM 2023 16 34%10 130 ODM 2023 16 2023 39%109.34 2023 14.02%43 2024 07 18 P.31 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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