《滬電股份-公司研究報告：數據中心和汽車PCB雙輪驅動-240924（27頁）.pdf》由會員分享，可在線閱讀，更多相關《滬電股份-公司研究報告：數據中心和汽車PCB雙輪驅動-240924（27頁）.pdf（27頁珍藏版）》請在三個皮匠報告上搜索。

1、!#$%&()*+,-.*/01234 Table_Title!#$%&()*+,PCB-./0 Table_StockNameRptType!#$!#$%002463&!#$!#$%!#$%&()*+()*+!#$%2024-09-23 56789:32.17;12?/89:41.96/18.80 ABC8DEB:1915.16 FGBC8DEB:1912.88 FGBHI8%:100.0 AJK8L9:616 FGJK8L9:615 !%&()!%&()300*+,-*+,-Table_Author./01./01234234&()*%&()*%S0010523060001+,%+,% .

2、/01./01567567&()*%&()*%S0010524070001+,%+,% ,-./%,-./%l(89:1(89:1;?ABCDEFGHIJK=?ABCDEFGHIJK!L 1992 MNOPQBRSTMUVWXYZB!R_abcaNdaefaghijklNmnopq+BrstuvwxBy PCB stzU|ef!|t8Uam!PCB ePDD“”aC”aFG8=B Pt”ai!U=e8U|-.U GPUX/0U;Y123B456st7123gh 2022 MU7 100 6Y 2024 MU 780 6BOmdia 2029 MBgh8 1510 6 PCB e|9:&;Z?3

3、-5 MB NZ?2-3 M ABC&#DEFGaCFGHIaJKLijk|B PCB eM|mN(OEP_UQ9R)*B7:UB7:UeSTBnU PCB UC7:BnUUXUV,AWU7:X%&mU5 l FG8KX.7XYvFG8KX.7XYvPCBstst GGPCBZNYQL8KGB8KGZNYQL8KGB8KGBEV_G#G#PCB%ZFabcGU%ZFabcGU56$BGz$BGzPCB%Z%Zdc;e8fgaBGdc;e8fgaBGPCB%ZUB%ZUBh8fga-30%-10%10%30%50%70%90%9/2312/233/246/24滬電股份滬深300Table_Com

4、panyRptType1 (89:(89:002463_ !#$%&()*+,-.*2/27/01234 U BMSBattery Management SystemB8ijkga_|lKmno8KGpc+BqQl FPCFlexible Printed CircuitBrst8_ Bv08fgaU PCB%Zdc ALKuviNXB#Gwxyz8i8ALKuviNXB#Gwxyz8i8eCcM7X0B GeCcM7X0B GPCBPP48B hLugaB hLugaTl%-;UTl%-;UHDIHigh Density Interconnect_ B%&_ B%&48UU3$B$BL3PLu

5、gawUPLugawULIDARLight Detection and RangingB|8_lUB|8_lUHDI%&8C6BqQG%&8C6BqQGPCBZcU|QZcU|Q l !U=e8U|e8U|B|g=AI9-;UstX(89:y9-;UstX(89:yAI,&B&BPCB|?AB!e-B|?AB!e-BYB#$“”NYB#$“”N l*AI 7ZB!V7ZBPCB stopBPCB=Nd;Table_Profit l|xx:66-./012-./012 2023A 2024E 2025E 2026E MN5O 8938 11828 14711 17147 5OPH8%:7.2%3

6、2.3%24.4%16.6%QRSTUVWX 1513 2474 3280 3899 VWXPH8%:11.1%63.6%32.6%18.9%YWZ8%:31.2%36.1%37.3%37.5%ROE8%:15.5%21.5%22.2%20.9%B589:0.79 1.29 1.71 2.04 P/E 27.84 24.89 18.77 15.79 P/B 4.31 5.36 4.17 3.30 EV/EBITDA 20.35 19.36 14.38 11.67 _awindbcd/012e Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*

7、3/27 /01234!#$!#$1345.6345.6PCB789:;789:;?ABCDE=?ABCDE.5 1.1FGHIJKLMNOABP78FGHIJKLMNOABP78PCBQR9:;STUVWXYZQR9:;STUVWXYZ.5 1.2A_abcdefg=hiA_abcdefg=hi.8 1.3AjkGlmjnoCAjkGlmjnoC.9 1.4 PCB=pqrstuvwxyz=pqrstuvwxyz.10 2 AI|xyoC|xyoC.13 2.1Tx7Tx7.13 2.2CAPEXxy“”xy“”.13 2.2 AI0oC3|0oC?PCBoDEoDE.15 2.4 AIxy

8、xyPCB66.16 3-VWxy-VWxyPCB.18 3.1VWVWPCBxygxyg.18 3.2-VWa-VWaPCB66.19 3.3VW6VW6PCB|6|6.19 4AQR6AQR6.22 4.1AQRAQR.22 4.2AA.24 L%L%.25/0!/0!.26 Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*4/27 /01234%&#$%&#$1A-.QRA-.QR.5 2A-.:A-.:.6 3AF5.OAF5.O.7 4A_A_20249.8 5AdeAde.9 6AoAo2017-2024H1.9 7AoAo20

9、17-2024H1.9 8A_A_2024H1.10 9A-.8A-.82015-2024H1.10 10 2024PCB():.11 11 2024/2023PCBoCoC().11 12 2023-2028PCBrUoCrUoC:.12 13 PCBrUoCrUoC(:):.12 14ATATPCBAlFrAlFr.13 15;a:;a:CAPEX.14 16|.6B|.6B.14 173030.15 1833.15 19 2019-20243 3 .15 20 a:6 a:6PCB B_ B_.16 21!a:6#6$!a:6#6$ROADMAP.16 22%&(%&(PCB)*+,-.

10、6/01$)*+,-.6/01$.17 23AVWAVWPCBAlFrAlFr.18 242024-VW2oC-VW2oC27%.19 2533W2456733W245672016-2030E.20 26389:389:PCB|.21 2789:;89:;.22 28AdeAde.23 Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*5/27 /01234 1!#$#$%PCB&()*+&()*+AI,-./0,-./01234512345 1.10123456789:0123456789:;=?PCBABCDABCDE:FGHIJKLMN

11、E:FGHIJKLMN!L 1992 MNOPQB RSTMUVWXYZB!R_a bcaNdaefaghijklNmnopq+BrstuvwxBy PCB stzU|ef!|t8Uam!PCB ePDD“”aC”aFG8=B Pt”ai 1A-.QRA-.QR _afgBhijklmno&pbcd/012e!eO!eO FG FGjkjkBB!eGga,ga,Kga,8gaB8ijkgaB5BLKuv-ga(z8,y),G8,G”,i8”8”jkjkBB!e-,;”/,8?“,/8jkB8jkB!e;Xt,8”8”(KK)jkBjkB!=(KK)jkBjkB!e;,X(+,)jkBjkB!e

12、”eBBATE mUeBmeBXtjkBtjkB!?dede=VWVW=AWBCDEFBCDgBCDD-BCGHIBCJK89:LMBCNODPQRSDWTUDWKVWXYDZ=XI_TDabDcdeDcfghfijDklmDnopqr stDuvwDutx=-X“-X“=yzyzE D78X“gg9|=stNnqroqrSDS7 =g g=780=7 6Tq txDqq txSDN-SDvwDgDijgijD)=QRQRN N$S S=78D wNS=7 p 6DcdeD7 p 67deTD=kZkZ=PX“”6KK=jUfNeSD,+6T=gDD8DaDX“=XITDabDcdeDklmn

13、opqr st=_afgBhijqrst&pbcd/012e!(NO 1992 M 4 1995MM10!B!B-./-./dePXde-U6GdeEdePXde-U6GdeE/-/-U/g6JU/g6J U8T|ZE|A6S?%PzK A?!U#?$%de A8-?&:TX“VW6 cde de B#pp(3)(3)B#B#(3)*-.+P,-A34+./0+,21-X2?Gl A3-4 56(569:7B#A89:2;B&/68989:/?-a6AB56:;B/2:TCDP%E%FGT%HI%#JHIK34.A(L!ML!MB#B#BGTUVWXAY PQRSr Z 6xo A56_6VW

14、U$:;B X#&A*8O76/$J_xyjn*i x2a”bc7PdyVWUoCerd6|fX“(g3B#Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*7/27 /01234 3AFAF5.O5.O=5.Oh5.Oh=-.de%iKCO%5.UAB#-.de%iKCO%5.UAB#=AA*T89(B#*T89(B#=?=A-./-%1jkl6mnUo=pqAr)-./dePXde-U6GdeE/-U/g6J=:$sTX“=pqAr)U8T|ZE|A6S?%PzK A?!U#?$%de2/ntttt suvn w+4de=pqAr)xy*

15、A-.+P lTlde-.+zl cde dede8U2FA1de5|A8-?&:TX“VW6 cde de=B#=pq n!?ceS_y7NPP“h“”Scde$,&6W%i02182961d0=p=(3)B#=pq n!UA6Gl%X,%UX“6$621%0,1d0(3)*-.+P,-A34+./0+,21-X2?Gl=A3-4=56(B#=pq n!UA6GlP/%X,7NcdeS%UX“6$,&,1d,de0=56(HIG“”HIBAiznU/HI-?+,VWF56(E256(:a6a=569:7B#=pq n!UA6GlP9:7HI,0N%3KSHI0,6%N%S,deiN%3KS?

16、21%=89:=pq !A89:2;B&/68989:/?-a6AB56:;B/2:TCDP%E%FGT%HI%#JHIK34.A(=L!MB#=pq n!L!M-.Gl%U6%X%/%21%de%de0,1d0pq n!Ay xL!M 6E xL!MZ n6A,PQRSr xL!M 6L!M8 n#AU2!=PQRSr 6Upq !BGTUVWXAY PQRSr Z 6xo BYPQRSr Z6=?PQRSr-UVN3ATUVS?Aizn3 PQRSr 6GlL2b”BVWU+,9:667#A PQRSr&gde6?+,Ax6 PQRSr APC$Q 6$lUZ nD=pq !A56_6VW

17、U$:;BX#&A*8O76/$J_xyjn*ix2a”bc7PdyVWUoCerd6|fX“=pq !?de6|%s67+,Q de*6A L!M2 PQRSr&E dyGWX;BL!MBPA6UAA PQRSr&gde6?+,Q+,?de:6/g=(g3B#=pq n!(g3PAUAB#Gl/%i%W%1%X,%7”NcdeS%UX“6$%+,-/6,o1d0de0Ax(g3 6A,(UAx(g36=k=pq k!(g3/iz$/$6X“ys?l/=_afgBhijbfgBhuBvbfgBh 2024 wxw3bfgBh 2023 ww3bfgBh 2022 ww3bfgBh 2019 w

18、w3bfgBh 2017 ww3bfgBh 2015 ww3bcd/012e 1.2;,;l+;l+,TSTS,U9U9,VV,P;tU_#P;tU_#!3 Aa 2,r 63,V 51,12,!_#z$a;uv#,N!U%ZU=_op 5AAdede _afgBhijkl|no&pbcd/012e 1.3;e=e8U|tD“8U|iVB|/;eUEsa 8sa;L0Ta 1sijk!PCIe6.0 U&De_2;3 224Gbps(102.4T 4c 1.6T)Ue|_N;OAM/UBB2.0 e5c67;GPU 8eDS 6 9 HDI U2B:c;e.B800G 5c672024MM!F

19、GtMM!FGt11.456B:,;6B:,;3.94%BB,tU,tU22.09%!T;?AXzTGUEVBAB:V SIPafi HDI e!FGtB-e 2023 MU 25.96%Y 33.69%!eBtD“8!eBtD“82015MMUU10.10%B B 2024MMUMMU41.59%FGmn FGmn2015MUMU18.01%BB2024MMUMMU24.99%8AA_2024H1 9AA-.8-.82015-2024H1 _awindbcd/012e _awindbcd/012e 1.4 PCBfghijk:lmnopqfghijk:lmnopq 2024 MMBaBPCB

20、 stBUXBM2024 MMTC.U2024 MyUMB Prismark C,PCB YBZ:,Y 5.0%Bk:,Y 7.2%kmnZU-;YDEU%&FGUZHI 企業通訊市場板,73.81%汽車板,22.09%辦公及工業設備板,3.97%消費電子板,0.14%0.005.0010.0015.0020.0025.0030.0035.0040.0045.002015201620172018201920202021202220232024H1企業通訊市場板毛利率（%）汽車板毛利率（%）Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*11

21、/27 /01234 10 2024PCB()wxB 4 PCB stUeTXVWUBPrismark 2023-2028 M PCB ZEY 4.2%BUB 2028 M PCB Z8 465 6 Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*12/27 /01234 12 2023-2028PCBrUoCrUoC:_aPrismark2024Q1 1234bfgBh 2024 wxw3bcd/012e:13%#.63K Prismark T PCB U.YB 2023 MU265 6NY 2028 MU 325 6BMMEY 5.4%

22、B/CUYB!XCU PCB gh 2024 MU 97.81 2028 MU 142.21 B2023-2028 MUCAGR E 11.6%By#CAGR U 5.4%UU 2$T 13 PCBrUoCrUoC(:)iVB|/;eUEsa8sa;L0Ta1sijk!PCIe6.0 U&De_2;3 224Gbps(102.4T 4c 1.6T)Ue|_N;OAM/UBB2.0 e5c67;GPU 8eDS 6 9 HDI U2B:c;e.B800G 5c67,BtD“PCB,2015 MU 64.6%B 2024 MU 73.8%14ATATPCBAlFrAlFr _aWindbcd/01

23、2e 2.2CAPEXno!no!OpenAI VJ ChatGPT GPT g$U-hGPT g$BGPT3 y 1750 _CNUabhB h GPT4 U_C!B,”BkN!BBsBt gB.,!B,”BNNAIGCUlPUlP 58.0%60.0%62.0%64.0%66.0%68.0%70.0%72.0%74.0%76.0%2015201620172018201920202021202220232024H1Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*14/27 /01234 15;a:;a:CAPEX 16|.6|.6BB _

24、aInformationisBeautifulbcd/012e _abcd/012e jkmh_Cce_CghBno9pBnU CPU+05P GPU Ughqs,qQBmTCh_Cgh8N-B rDS,U-s-tE-u2B3 AI tVW 2.2 AIde:de:xy“”xy“”Omdia SqR.I!1*SqR6 GPU 67oCVzK=y*%V 2022 6%100 oC 2024 6 780 Omdia 2029 1510 AIo9%:o9%:pq IDC Sq2023 30 94&2022 oC 104%GPU 0+-Zq 92%6 87&NPU%ASIC FPGA GPU 0+&4

25、9%6oq&J 8%6C 7 2023;21%DH%*Hq&J 70%60(S%*%DH*HC 50%+6=6+6Y=0J 60%6x.%Tk!S=Cz+6o#3)$_ 3ade,6H z,&3 AI 6s%z,&3;8 AI 6”3K(MxKAI;)6*+,AI=y-“”._/0AI=17g0?/B23-$40y.,/5X67Bxyde3&BP%z8 7 AI=g%s6a AI 06|%oxy AI 062oCIDC 2028 30 124 GPU 0C 33%6;a AI 9o:;sG?%A%BC/B%BD:GE;IIaJSq6a6%c1KX6&=g1Table_CompanyRptTyp

26、e1 (89:(89:002463_ !#$%&()*+,-.*15/27 /01234 6B=ChatGPT%Sora%LG%BRzM AI 9oa.?N1+OP2024 3(QgSERST%UVI%W/XUrY6Z:916,=Z6&a AI 06g&16.173030 1833 _aIDCbcd/012e _aIDCbcd/012e 2023 36J 140 deGPU q 85%636C 20Z6 14%I6q&67%6_yxa66:11a61KX6b3a a twiB8PUB At./0B2024 Mgh 749 6 19 2019-20243 3 _a3jbcd/012e 02004

27、00600800201920202021202220232024E2019-2024中國交換機市場規模趨勢（億元）Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*16/27 /01234|a|aoa4aa|a|aoa4aaPCBiNiNNd,;B 8Nd,;B 832%.-|a oa 4a a.-|a oa 4a aPCBB,.-B,.-14%aa10%aa10%aa8%aa7%20 a:6 a:6PCB B_ B_ _akN12bcd/012e 2.4 AI noN noNPCB$P8 Hot Chips2024 1!JUeKB!“6UB

28、lackwell GPUBw”HBM3e zBw NVSwitch5B 1.8TB/UB800Gb/U ConnectX-8 oBP 800GB/BMy PCBimwU|21!a:6#6$!a:6#6$roadmap _abcd/012e 芯片,32%光器件,14%插接件,10%阻容器件,10%殼體,8%PCB,7%其他,19%Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*17/27 /01234 PCB e|9:&;Z?3-5 MB NZ?2-3 M ABC&#DEFGa CFGHIaJKLijk|B PCB eM|mN(OEP_UQ(

29、OEP_UQ9R)*B7:UB7:UeSTBnU9R)*B7:UB7:UeSTBnUPCBUC7:BnUC7:BnUUssscscd6%&:6Kd6%&:6K 22%&(%&(PCB)*+,-.6/01$)*+,-.6/01$1efg1efg_ IntelX86g_g_ AMDX86g_g_ DPDPARMgg_ 0(Purley Whitley Eaglestream BirchStream Rome Milan Genoa Turin hiBj g_ Skylake Icelake SapphireRapids GraniteRapids Zen2 Zen3 Zen4 Zen5 920)1

30、4nm 10nm 7nm 7nm 7nm 7nm 5nm 4nm/3nm 7nm/k5 4W *|DDR DDR3 DDR4 DDR5 DDR5 DDR4 DDR4 DDR5 DDR5 DDR4 PCIe PCIe3.0(4G/8G)PCIe4.0(8G/16G)PCIe5.0(16G/32G)PCIe5.0(16G/32G)PCIe4.0(8G/16G)PCIe4.0(8G/16G)PCIe5.0(16G/32G)PCIe5.0(16G/32G)PCIe4.0(8G/16G)0PCB)S 10-12L 12-18L 14-20L 14-20L 12-14L 14-16L 14-18L 14-

31、18L 12-18L BGAPitch 1.0-1.2mm 1mm 0.94mm 0.94mm 1.0mm 1.0mm 0.938mm 0.938mm 0.90mm BGA s 1.6-2.0mm 2.0-2.5mm 2.5-3.5mm 2.5-3.5mm 2.0-2.5mm 2.0-2.5mm 2.0-2.5mm 2.0-2.5mm 1.6-2.5mm sc 9:1 10:1 14:1 14:1 10:1 10:1 14:1 14:1 10:1 SkipViade b -.l8 ITmn%mn mn mn mn mn mn mn mn mn%mn _anbcd/012e Table_Comp

32、anyRptType1 (89:(89:002463_ !#$%&()*+,-.*18/27 /01234 3;?A89BC;?A89BCPCBDEFGDEFG 3.1rsOtIJrsOtIJPCBnoZnoZ 2024 MMB G PCB?k-B*iAe%&5HIBNd FGst 2023 MYUstB)*6KrU jFGUXB 4|Y23B FG%&opBFGstU“z”M+kn5BG%yHIGUlB FGvUNd gB*aizPwiUHIBFG66U+B!MDE6stkU-s gB2024 MM!FGt 11.45 6B:,;3.94%B4*FGtqiHIBFG:,0.8 6.2024

33、MMZB!T;?AXzTGUEVB AB:V SIPa fiHDI e;DSXtEU)EB p2Pack FG 800V P;STUM7UvW2024MM!4z8alMM!4z8alHDIULKULKuv-P.faaUauv-P.faaUap2Packi-FGei-FGeNYB!FGtU,NYB!FGtU,2023MUMU25.96%YY33.69%YZBSTekUGNdUZk-“8KFGU;STen._UjYFGst_e“66sUBgFGst8a.XwiT#s+5U71B_N%&XTa;9 HDIa;a;a;a;NijUFG.?UYZY1 23AVWAVWPCBAlAlFrFr _aWind

34、bcd/012e 0.0%5.0%10.0%15.0%20.0%25.0%30.0%2015201620172018201920202021202220232024H1汽車板市場占比Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*19/27 /01234 3.2IJTIJTPCBNN(TrendForce UCaX)*B PCB 2023 MST8,-;Bh 2023 MU7)BRn PCB tUHIm-/?BFGUw1VJUC)*B2023 MG?c 2,170 Bc#2023 Me,35%B88 24%B2cUVW+2024 Mk 40

35、%B8e8 30%YZB 2030 M8e1 50%UBe,70%P 2533W2456733W245672016-2030E _abbcd/012e ALKuviNXB#Gwxyz8i8eCALKuviNXB#Gwxyz8i8eCcM7X0BGcM7X0BGPCBPP48BhLugaTl%-;UBhLugaTl%-;UHDIHigh Density Interconnect_ B%&_ B%&48UU3$B$BL3PPLugawULugawULIDARLight Detection and RangingB|8_lUB|8_lUHDI%&8C6BqQG%&8C6BqQGPCBZcU|QZcU

36、|Q 2030MLKuvGgagh8MLKuvGgagh85,00066(&UCBLKuvqQVWB2030 MLKuvGgaUgh8 5,000 6BaFXr,y|eB,#D 2020 MS 120%UYB 2030 MQ 2,4006UghB:LKuvU+|Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*22/27 /01234 2789:;89:;_abcd/012e 401HI%JKLMN01HI%JKLMNOPQROPQR 4.1;AB;AB!nPQU-B.P_XeNz=2024MM!V 3.67 6B:,Y 61.34%B u

37、5 Va8 X 1,r!ziBCD“a;”aCiBV|/V|/Class8PU,VaPU,VaNoEtch1_1_&22Stub6/7milmaxU;Es_VaU;Es_VaPCB?8_j3Vi?8_j3VieV.B D BHS#DeweB:&OKS#De;0,e.B 112Gbps Uevse24e5B3 9 HDI U UBB ec5B PFGAaGPUaXPU iSTU#D.gJ;.B 112Gbps 51.2T U6R 800G5c5B224Gbps Ue(102.4T 4c 1.6T)vsBNPO/CPO STU/wEV;eU;0 PCB 5c5q:gT9 HDI e FG8Bn;i

38、NX;7sFG8Bn;iNX;7sPCBU|0B|U|0B|r?TE,UNr?TE,UNPCBTPsUTPsUPCBBfBfdomain controllerBTBTboxieie:cC,UBPCB mUEH8|&B!cUvsPEs./!X;FG?wA)EqVm_B:XzTyGlNEgB:V;UFG8 Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*23/27 /01234 28AdeAde(1“”(1“”“”“”“”“”TU _TU _?Lowlosskk b-J P-k-0.35mmPitchxxg1g1-no no-no?HDI121

39、2+102.4TSwitch/Routerklno1#|Nqrklno1bno TUNGJ+AI klJb?qr NoEtchnono-?klJ -3-5%b kl-no?no?no/?no(bkl BackdrillStub7milmax+Stub!#no!#no?PCBStub(+#bkl N+M$%$%PCBnono kl$%b-no?&?&PCBnono ($%(s)kl Class8-*+no-*+no-?klJ *+no,-.bkl-no/0/0Stub6milmax1212?/0 Stub 1b-kl23?PCBStub(kl-no 4545224Gbps?1?1,645 224

40、GpbsZ23+1-2 78 224GbpsZkl 9:klb-no;GFgno;GFgno 45gno?.gno,-bnokl=qrB%(bklno,-9:klb-no 0.35mmPitchxxg1g1 klno-b2CklD/no,kl-no 5AEF-;1AEF-;1-SLT klnob klno?AHDISLTklkl-no GHGH5AAHDI11-InomklJOnomkls)I2C-TUklK7Kb-Lno-nob-NMNO GH?GH?HDI11 GH?GH?PCB8PQRS8PQRSTable_CompanyRptType1 (89:(89:002463_ !#$%&()*

41、+,-.*24/27 /01234+TpUVno1+TpUVno1 WXgYZno1WXgYZno1 gY8no1gY8no1 Semi-flexDecap2.1no1no1 GH_y;ab_GH_y;ab_$%1$%1 GHGH4D_y;no_y;no11 PCBGcdZno1GcdZno1 gefGggheg&igefGggheg&ijZxno1jZxno1&i?+;&i?+;11 2CkD/lmkn lmkl8|_bA|_bAHDInno;1o;1 2CA HDI no;noD/(noM_kl-nobkl8|-(*+?.|-(*+?.4D;1;1 2C?.4D;noD/*+?.4D;O-

42、no?A?AHDItutu2mil.11-2mil.2mil -no HDC?&i;no1?&i;no1 2C HDC noD/&i;noO-no _afgBh 2023 ww3bcd/012e 4.2;e8U|e8U|AI 9-;UstX(89:y AI,&B PCB|?AB!e-BYB#$“”N STUVWSTUVW AI 7ZB!V7ZBPCB stopBPCB=Nd;Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*26/27 /01234!#$%&()!#$%&()Table_Finace kTkT :DE9 WXTWXT :DE9

43、 ww 2023A 2024E 2025E 2026E ww 2023A 2024E 2025E 2026E FekFek 9:;=?;=;9?=A?B?=MN5OMN5O:A:=:B:=;9=9A:=BBC=;:BB=:B;9=MNCC C?B=9?C=ABA=99=5 BC:9=BAC=;C=;9A=MN+K CC=:A=:=9=5 B=;=?=;C=?;A=C=?=:=B=V8 AC=B;:=B;=99=“”=BC=BC99=8 DC:=D;=D9=D:9=Fek BC9=BA;=:9=9A=kK DC=D=D?=D=FekFek:A?=AB=A;?;=ACBA=T7Ke5=;?=?=;

44、A=C;=9A=A;=V5 A=?=;=?=MNWXMNWX C=B:?C=9:C=;?=?;?=MN 5O C=9=9=9=Fek;:A;=?B=MN 9=9=9=9=kAkA?=A9?=B;:A=BA?;=WXAWXA?=B:?C=9:C=;?B=CA:9=:=A?9=e BC=?9=;9=?C=;=?:;=9;=:;=VWXVWX=B;AA=?=:;=;C?=B DB=B?=A=Fe A=BB?9=QRSTUVWXQRSTUVWX?=:AA=FeFe 9?=;=A;=:;=EBITDA B=B:=;=;:=:;C=:C=:BC=:E9A=EBA=E9;=Fe BA=C:=C:=C:=CA

45、:=:A=A;=;=(HZ(HZ B?=9:=ww 2023A 2024E 2025E 2026E BC A=A;=A;=A=CC=CC=MN5O 9EBFBEFB;E;FCECF“5 9A=:A=B=:A=MNWX:E?FC9E;FBECF:EAFQRSTUB A9:?=;:?=;9C;=:CC=QR5STUVW EFCECFBECF:EAFmBmB?=A9?=B;:A=BA?;=WW YWZ8%:EBFCEF9EF9E?FFTFT !:#$%VWZ8%:EAFBBEFBBE9Fww 2023A 2024E 2025E 2026E ROE8%:?E?FBEAFM-eFM-eF BB;=B9=

46、BA=A;=ROIC8%:E:FCE?F9EAF9EBFVWX=B;AA=A:=;A=;9=;B=;C9=kZ8%:E9F;F9E:FCBECF?EF DBB=D?=D;=D?=FeHZ E?C=E?=E:=BE=Me=DCAB=D?EA9=E:B=EB=E;?=MF?=B:C=;9=;?B=MM-eF-eF D=DB?=D9=DC;9=AkZ EC=ECC=EC9=EC;=C D9A:=D9CB=DC9=DCBC=5Z EC=EA?=EA9=E:?=DA?=DC?=DC?=DC?=Z EBB=BE:=BEC;=BE?:=F DA99=D9B?=9=;=B89:B89:-eF-eF;B:=DC

47、A=B=E9A=EBA=E9;=BA=BMF:E9=E;=C=9CA=D=D=D=BVk?E=9E9=AE9?=GBs=6KHZ6KHZ CTs B=P/E B9E:;=B;E:A=:E99=?E9A=F D?:=D9=D:=DA=P/B;E=?EC=;E=VsVs:C=C;=B?CE?=AEC=;E:=EC9=_aTUT4bcd/012e Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*27/27 /01234 UU 234Gt2RE1234Gt2RE1S0010523060001_ 1HIJjkJKBJJKBLP_J8g_ 1HIJjk

48、JKBJJKBLP_J8gJJ8MjRBJMOVj8NBMjRBJMOVj8NBTMTYBRk-kORk-kYBRk-kORk-kstSX./gNBPYjQRy./n,BkSTU8ststSX./gNBPYjQRy./n,BkSTU8st 567 Gt2RE1 S0010524070001_ 1 VWdJ1XJdPB XYJC./XJK 2022M0L2ZB#$MEMS XFaAI aPCBa&i-./0./0 d./02Zt1”U2Z_Gt&BPabUGtatcdUjBEEgUxBeOaw6dBdlUCXxQL!xBd-n!xU:s/s7fMg92BM792hdUxX71VMg5UxXijk

49、?_d-S7la7aqQM71dU“mij/ho/oMglRUnoB./p7*MgqjUi/HIBg rTrT L2Z9:!R2ZstjkuN15:B2Z_t&dL2Z9:!L-vBX7hwaxyaDz_?dUxQEg|BL2Z:a1B4n!xU:ss7fMg92MgBdUx/Uij7TNnMg-UMgBd!ad!N/ewT7eB7e.+BM7nMg-dUMgz4UMgH8SMgTMeiBgf6UMg-d!ad!N/ewTL2ZwT1U!VsU2ZqvsB!?s/dkFBqRL2ZRkBdUMg.7PMgjRMglRUa/eB/.V“Mg/-B/PMgFd!U/jRf/dz4BwL2ZqBq6

50、#L2ZB7ndvsiUXfqRd!BL/eVdBU“TML/Ve”d!q9“TMU !#$!#$PdVJ 6 6zB2Z/st C_mn:Zm2Z&s CU.:B A 9P()300 C:qPqN nU_/qf CnfU_:P C:P8 C/c 500 C:f1 stNgstNg qQ 6 6U+u:C 5%P;sqQ 6 6U+:CU5K.m-5%5%;qQ 6 6U+:C 5%P;!Ng!Ng qQ 6-12 6U+u:C 15%P qQ 6-12 6U+u:C 5%15%sqQ 6-12 6U+:CU5K.m-5%5%qQ 6-12 6U+:C 5%6qQ 6-12 6U+:C 15%P N|UB/e!kjU7sB/e/B“6UN