1&2023 292.8GW+138%2024 2023 24/25 4 2023-2025 5/+2414.9%/+522.4%CR5 26.3%24 23 24 24-2-3 24 101 2023 50.6 13.5+20.6%+18.8%5840 2024 02 25 S0590521100002 1 2024.02.20 2 N 2024.02.18-50%-30%-10%10%2023/2 2023/6 2023/10 2024/2 300 2 5 1 2 1 2 WUFUyRnQmPqRoQsRqNrOpO6M9RaQoMpPoMnRjMoOtRiNmOsM6MoOyQMYtQtOwMrMtR 3 1.6 1.1.6 1.2.7 2.10 2.1.10 2.2.12 3.16 3.1.17 3.2.30 3.3.35 4.36 4.1.36 4.2.38 5.42 1.6 2%.7 4.8 5.9 6.9 7.11 8.11 9.11 10.11 11.12 12.12 13 2022 2023 5.12 14 2023 5%.13 15-.13 16 vs.14 17 vs.14 18 vs.14 19 2023-2026.15 20/.16 21 2015-2022.17 22.17 23 2015-2023%.17 24 2023 1-12%.17 25 2015-2023%.18 26 2023%.18 27.19 28 2015-2023%.19 4 29 2023 1-12%.19 30 2015-2023%.20 31 2022 2023%.20 32 2015-2023%.20 33 2023%.21 34 2023 1-12 TOP5%.21 35 2015-2023%.22 36 2022 2023%.22 37 2015-2023%.22 38 2023%.23 39 2023 1-12 TOP5%.23 40 2015-2023%.24 41 2022 2023%.24 42 2015-2023%.24 43 2022 2023 1-12%24 44 2015-2023%.25 45 2023%.25 46 2023 1-12 TOP5%.26 47 2015-2023%.26 48 2022 2023 1-12%26 49 2015-2023%.27 50 2023%.27 51 2023 1-12 TOP5%.28 52 2015-2023%.28 53 2022 2023 1-12%28 54 2015-2023%.29 55 2023%.29 56 2023 1-12 TOP5%.29 57 2015-2023%.30 58 2023 1-12%30 59 2015-2023%.31 60 2022 2023 1-12%.31 61 2015-2023%.31 62 2023%.32 63 2023 1-12 TOP5%.32 64 2015-2023%.33 65 2022 2023 1-12%.33 66 2015-2023%.33 67 2023%.34 68 2023 1-12 TOP5%.34 69.34 70%.35 71 GW%.35 5 72.36 73.37 74.38 75.38 76.39 77.40 78.41 79.41 6 1.1.1 2021 2023 2023-2025 2023 2024 8 24 14 24/25 4 1 2023 36%2023 292.8GW+138%121214 4212154 43 1 1122 212212 422 21012345678910 2014 5 12 2018 9 2021-2022 4 24 14 2023 2024/2025 4/4 2005 2009-1000 2010-800 7 2%Wind 2024 2023 9675+34.2%5275+5.2%2024 3 Wind 1.2 2022 1 30()2030 455GW 97.05GW 2023 719%21%24%27%30%36%0%5%10%15%20%25%30%35%40%0500001000001500002000002500003000003500002018 2019 2020 2021 2022 2023 01000020000300004000050000600007000080000900001000000200040006000800010000120002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 8 30GW 200GW 1.6 2024 4 MW 2023/6 50 2000 2023/6 15 150 2023/2 150 150 2023/9 100 1000 2023/7 800MW 800 2023/3 120)250 2023/2 50MW 50 2023/4 300MW 300 2023/3 200MW 200 2023/6 500 2023/5 300MW 300 2023/5 100MW 100 2023/6 100 1000 2023/6 100 1000 9 2023/6 105 1050 2023/7 45 40 400 2023/7 300MW 300 2023/9 50 500 2023/6 550MW 550 2023/9 100 1000 150GW 165GW 94GW 40GW 275GW 10GW 28 5 GW 3900 1500 2400 4200 9000 16500 8100 14000 31500 2100 1100 1000 11400 20300 4500 1200 3300 2300 1200 1100 3700 0 3700 0 3700 3500 0 3500 9900 13400 20000 5000 15000 25500 9000 16500 45500 14000 31500 2023 2024 2023 4 24 14 3800 6(km)()10-800kV 1784 334 2023/2 2025()-800kV 937.9 206.6 2023/2 2023/3-800kV 2300 288 2023/7 2023/8 2025()-800kV 1619 274.82 2023/5 2023/6 2025()-800kV 2023 5-800kV-800kV 765 2025()23 5-800kV 1063 2023()23 8-800kV 2025()23 11 1000kV 287 38 2022/3 2023()-1000kV 238 71 2022/3 2023()1000kV 926 91 2022 2022/9-1000kV 366 64 2023 7 1000kV 658 288 2022/9-1000kV 2023 1 2.2.1 2023 2023 5 2022 23.5%1000/750/500kV 2022 118.8%/139.0%/35.6%2022 2021 2023 5 2021 244.9%500kV 2021 123.2%11 7 8&2023 5 2022 1000/750/500kV 2022 133.3%/105.0%/167.1%9 10 ifind ifind&2023 5 32 2021 167.7%89 2021 167.7%800kV 27%0100020003000400050002020 2021 2022 2023 5 1000kV 750kV 500kV 330kV 220kV 110kV 66kV 35kV0501001502002502020 2021 2022 2023 5 750kV 500kV0200040006000800010000120002020 2021 2022 2023 5 1000kV 750kV 500kV 330kV 220kV 110kV 66kV 35kV0501001502002503002020 2021 2022 2023 5 800kV 400kV 150kV 12 11 12 2.2 2023 5 385.0+2414.9%262.1+522.4%+35.1%/+59.5%13 2022 2023 5 5 7.2%6.2%5.7%4.4%2.8%CR5 26.3%0510152025303540452020 2021 2022 2023 0204060801002020 2021 2022 2023 800kV 400kV 150kV-500%0%500%1000%1500%2000%2500%3000%01002003004005006002022 5 2023 5 yoy 13 14 2023 5%-800kV 2023 147.43 2 3 3 5 34.8 19.6 13.3 8.0 5.4 23.6%13.3%9.0%5.4%3.7%15-,7.2%,6.2%,5.7%,4.4%,2.8%,73.7%,23.57%,13.26%,9.00%,5.41%,3.65%,3.62%,2.87%,2.76%,1.77%,1.75%14 2024 2024 5 1-2-800 800 16 vs(IGBT),800 kV 5000 MW(),1100kV 12000 MW 57%3-4 IGBT 40%-50%17 vs 18 vs 70.6%36.7%23.5%51.6%5.9%11.7%0%20%40%60%80%100%57.0%27.0%29.0%54.0%14.0%19.0%0%20%40%60%80%100%15 230 270 0.8/GW 3/GW 8GW 2024-2026 1152/1251/1653+55%/9%/32%2024 101 30 71 19 2023-2026 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 5373 5012 4699 4951 5012 5300 5512 5732 5962 yoy-6.7%-6.2%5.4%1.2%5.7%4.0%4.0%4.0%4 3 3 3 4 6 5 5 6 2 2 1 2 4 2 1 1 1 1 1 1 1 0 4 1 1 2 1 1 3 3 3 100 100 100 230 230 230 270 268 266 438.5 460 531 478 154.5 741.2 1151.7 1251.0 1653.4 yoy 4.9%15.4%-10.0%-67.7%379.7%55.4%8.6%32.2%8%9%11%10%3%14%21%22%28%/GW 0.8 0.8 0.7 0.7/GW 3.0 3.0 2.9 2.8 GW 8.0 8.0 8.0 8.0 48 101 99 106 48 30 29 39 71 70 67 2023 63400-70400/3400-4350/17500-19500/16 20/Wind 24 25 3.11 24 5840 4.55 5840 4000 1700 2022 10 Digitalising the energy system-EU action plan 2020-2030 5840 4000 1700 IEA 2015-2022 716 5105 563 3994 2015 530 2022 650 01000020000300004000050000600007000080000:17 21 2015-2022 22 IEA IEA 40%40 3.1 2023 2023 47.8+20.6%12 4.2-1.5%2023 21.2 26.5-16.7%60.8%3 1.7 5.3+6.0%105.2%23 2015-2023%24 2023 1-12%2015-2023 600 630 650 650710770830890780910 860 830780740710830530520520540 550570620650050010001500200025002015 2016 2017 2018 2019 2020 2021 2022 010020030040050060070080090010002015 2016 2017 2018 2019 2020 2021 2022 10 635/70%907/-10%-5%0%5%10%15%20%25%30%0510152025302015 2016 2017 2018 2019 2020 2021 2022 2023 yoy-60%-40%-20%0%20%40%60%80%0.00.51.01.52.02.53.03.5 yoy 18 2023 50%17%12%-8pct+4pct+2pct 25 2015-2023%2015 2016 2017 2018 2019 2020 2021 2022 2023 57%61%63%59%66%66%64%58%50%13%9%9%7%9%9%6%7%8%10%10%11%11%9%9%12%13%17%7%7%5%11%6%6%8%10%12%11%11%10%10%9%8%8%10%10%1%1%1%2%2%1%2%2%2%2023 2023 10 49%5 11%9%5%4%4%26 2023%10KV 1-500KVA 35kV 630-6300kVA 11%9%5%4%4%4%3%3%3%3%51%19 110kV 8000-63000kVA 220kV 90000KVA 27 650kVA 650kVA-10MVA 10MVA-220MVA 220MVA-330MVA 330MVA-400MVA 400MVA-500MVA 500MVA 1kVA 1-16kVA 16-500kVA 500kVA 2023 2023 21.2-16.7%17.83 3.4-18.4%-6.2%28 2015-2023%29 2023 1-12%1-20%-10%0%10%20%30%40%05101520252015 2016 2017 2018 2019 2020 2021 2022 2023 yoy-50%-40%-30%-20%-10%0%10%20%30%0.00.51.01.52.0 20 2023 17.9-18.4%12 1.5-14.8%+5.1%2023 12.0 2.4 2.0 2022-14.6%-18.0%-33.0%30 2015-2023%31 2022 2023%2015-2023 60%2023 67%14%11%+3pct+0pct-1pct 32 2015-2023%2015 2016 2017 2018 2019 2020 2021 2022 2023 66%66%64%63%66%66%66%64%67%1%1%1%1%1%1%1%1%1%15%14%16%15%14%13%14%14%14%2%2%3%5%5%6%6%7%6%15%16%16%15%13%12%11%13%11%1%1%1%1%1%1%1%1%1%2023 2023 10 77%5 27%10%10%6%5%-30%-20%-10%0%10%20%30%40%0.05.010.015.020.025.02015 2016 2017 2018 2019 2020 2021 2022 2023 yoy-40%-30%-20%-10%0%10%20%30%40%50%0.000.501.001.502.002.502022 2023 21 33 2023%34 2023 1-12 TOP5%2 2023 3.4-5.9%12 0.3-13.1%+5.8%2023 2.0 0.6 0.2 2022+3.9%-12.2%-58.8%27%10%10%6%5%5%4%4%3%3%23%0.37 0.43 0.50 0.47 0.42 0.44 0.19 0.13 0.18 0.19 0.15 0.16 0.16 0.07 0.16 0.16 0.13 0.14 0.09 0.07 0.10 0.09 0.11 0.08 0.06 0.06 0.08 0.08 0.07 0.06 57%63%59%59%58%60%0.41 0.40 0.40 0.31 0.34 0.37 0.16 0.16 0.15 0.12 0.16 0.15 0.16 0.15 0.14 0.12 0.15 0.14 0.09 0.09 0.10 0.09 0.09 0.10 0.08 0.09 0.09 0.07 0.08 0.10 60%58%58%58%59%59%2023/12 2023/7 2023/8 2023/9 2023/10 2023/112023/5 2023/6 2023/1 2023/2 2023/3 2023/4 22 35 2015-2023%36 2022 2023%2015-2023 50%2023 58%18%5%+6pct-1pct-7pct 37 2015-2023%2015 2016 2017 2018 2019 2020 2021 2022 2023 46%64%66%57%64%63%63%52%58%21%9%9%8%6%8%7%10%9%12%12%11%14%11%16%16%19%18%12%2%3%6%7%7%7%12%5%8%10%9%7%9%4%2%2%5%1%2%3%8%3%3%4%4%5%2023 2023 10 56%5 11%7%7%6%5%-10%0%10%20%30%40%50%60%0.00.51.01.52.02.53.03.54.02015 2016 2017 2018 2019 2020 2021 2022 2023 yoy-60%-40%-20%0%20%40%60%80%0.000.100.200.300.400.502022 2023 23 38 2023%39 2023 1-12 TOP5%2023 2023 26.5+60.8%12 2.4+27.9%-5.4%Global Market Insights 2032 370 2023 2032 CAGR 6.5%11%7%7%6%5%4%4%4%4%4%44%0.04 0.02 0.03 0.03 0.03 0.06 0.03 0.02 0.03 0.03 0.03 0.04 0.02 0.02 0.03 0.03 0.03 0.02 0.02 0.01 0.02 0.02 0.02 0.02 0.02 0.01 0.02 0.02 0.02 0.01 43%41%42%43%47%47%0.03 0.07 0.04 0.03 0.04 0.03 0.03 0.05 0.03 0.02 0.03 0.02 0.02 0.03 0.03 0.01 0.02 0.02 0.02 0.03 0.02 0.01 0.01 0.02 0.02 0.02 0.01 0.01 0.01 0.02 39%55%42%39%43%43%2023/122023/1 2023/2 2023/3 2023/4 2023/5 2023/62023/7 2023/8 2023/9 2023/10 2023/11 24 40 2015-2023%41 2022 2023%1 2023 3.8+96.7%12 0.57+289.8%+37.1%2023 1.2 1.1 0.6 2022+34.5%+2619.2%+4.7%42 2015-2023%43 2022 2023 1-12%2015-2023 2023 31%16%30%-15pct-14pct+18pct-40%-20%0%20%40%60%80%0510152025302015 2016 2017 2018 2019 2020 2021 2022 2023-100%-50%0%50%100%150%0.00.51.01.52.02.53.03.51 2 3 4 5 6 7 8 9 10 11 12 2022 2023-40%-20%0%20%40%60%80%100%120%0.01.02.03.04.05.02015 2016 2017 2018 2019 2020 2021 2022 2023 yoy-50%0%50%100%150%200%250%300%350%0.000.100.200.300.400.500.600.702022 2023 25 44 2015-2023%2015 2016 2017 2018 2019 2020 2021 2022 2023 42.3%46.2%50.1%49.9%55.5%42.7%46.7%45.5%31.1%47.4%43.7%31.9%30.5%33.1%41.4%34.9%30.8%16.4%2.5%3.2%3.9%6.5%2.9%4.8%4.7%3.7%5.9%7.3%6.0%11.1%10.8%6.6%9.7%12.3%15.5%14.1%0.1%0.6%2.8%1.7%1.2%1.1%0.4%2.2%29.7%0.4%0.4%0.2%0.6%0.7%0.3%1.0%2.3%2.7%2023 2023 10 57%5 29%9%3%3%3%45 2023%29%9%3%3%3%2%2%2%2%2%43%26 46 2023 1-12 TOP5%2 2023 7.7+94.6%12 0.66+79.5%+16.2%2023 2.5 2.1 1.4 2022+108.8%+49.4%+339.2%47 2015-2023%48 2022 2023 1-12%2015-2023 2023 32%28%19%+2pct-8pct+11pct 0.02 0.02 0.04 0.05 0.07 0.05 0.01 0.02 0.03 0.04 0.03 0.04 0.01 0.01 0.02 0.01 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 35%44%46%49%47%53%0.06 0.15 0.14 0.21 0.11 0.21 0.04 0.04 0.02 0.03 0.05 0.05 0.03 0.01 0.02 0.01 0.03 0.03 0.01 0.01 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.02 0.01 51%65%56%64%52%56%2023/1 2023/2 2023/3 2023/4 2023/62023/7 2023/8 2023/9 2023/10 2023/11 2023/122023/5-50%0%50%100%150%0.02.04.06.08.010.02015 2016 2017 2018 2019 2020 2021 2022 2023 yoy-100%-50%0%50%100%150%200%250%0.00.20.40.60.81.01 2 3 4 5 6 7 8 9 10 11 12 2022 2023 27 49 2015-2023%2015 2016 2017 2018 2019 2020 2021 2022 2023 67.4%64.4%61.4%54.9%58.7%60.3%53.8%36.2%27.8%18.8%22.6%30.4%27.0%17.8%13.3%14.6%9.1%11.1%2.8%4.8%1.7%7.4%11.2%9.6%14.0%30.2%32.3%6.4%3.5%4.9%7.1%9.7%11.6%8.8%8.3%18.7%1.3%2.5%0.5%1.6%1.0%1.8%6.4%14.7%8.8%3.3%2.2%1.1%1.9%1.6%3.3%2.4%1.6%1.2%2023 2023 10 51%5 10%9%8%5%4%50 2023%10%9%8%5%4%4%3%3%3%2%49%28 51 2023 1-12 TOP5%3 2023 15.0+41.8%12 1.19-14.4%-25.2%2023 6.8 2.5 2.3 2022+9.1%+83.8%+232.5%52 2015-2023%53 2022 2023 1-12%2015-2023 2023 26%17%34%-33pct+4pct+27pct 0.04 0.04 0.07 0.06 0.14 0.15 0.04 0.04 0.06 0.05 0.08 0.10 0.04 0.02 0.02 0.04 0.06 0.10 0.04 0.02 0.02 0.04 0.04 0.05 0.03 0.01 0.02 0.04 0.04 0.03 37%44%46%42%46%56%0.15 0.15 0.12 0.09 0.07 0.08 0.07 0.09 0.11 0.04 0.04 0.07 0.06 0.09 0.10 0.04 0.04 0.06 0.06 0.07 0.06 0.04 0.03 0.05 0.04 0.05 0.05 0.04 0.03 0.04 48%54%53%41%38%46%2023/5 2023/62023/7 2023/8 2023/9 2023/10 2023/11 2023/122023/1 2023/2 2023/3 2023/4-40%-20%0%20%40%60%02468101214162015 2016 2017 2018 2019 2020 2021 2022 2023 yoy-100%-50%0%50%100%150%0.00.51.01.52.02.51 2 3 4 5 6 7 8 9 10 11 12 2022 2023 29 54 2015-2023%2015 2016 2017 2018 2019 2020 2021 2022 2023 44.7%51.4%61.7%54.3%68.7%69.7%63.9%58.8%26.3%26.9%21.4%18.1%11.4%14.9%15.9%13.7%13.7%12.7%3.1%3.7%5.3%3.1%2.4%1.8%5.9%6.5%34.2%15.5%18.6%9.7%24.1%5.9%5.1%11.6%12.9%16.7%7.3%3.6%3.4%3.6%5.4%5.5%2.2%4.5%6.2%2.5%1.3%1.8%3.4%2.6%1.9%2.7%3.6%3.9%2023 2023 10 70%5 20%9%8%6%6%55 2023%56 2023 1-12 TOP5%20%9%8%6%6%6%4%4%4%3%30%0.21 0.10 0.18 0.34 0.32 0.16 0.20 0.08 0.17 0.16 0.15 0.12 0.17 0.04 0.08 0.15 0.09 0.12 0.09 0.04 0.08 0.13 0.09 0.10 0.09 0.03 0.07 0.05 0.08 0.10 62%61%55%60%62%45%0.30 0.13 0.39 0.13 0.25 0.16 0.11 0.11 0.20 0.12 0.14 0.15 0.10 0.09 0.20 0.11 0.14 0.10 0.07 0.09 0.13 0.11 0.09 0.10 0.07 0.08 0.11 0.09 0.09 0.08 51%49%51%42%45%49%2023/5 2023/62023/7 2023/8 2023/9 2023/10 2023/11 2023/122023/1 2023/2 2023/3 2023/4 30 3.2 2023 13.5+18.8%12 1.1+2.6%2023+15.8%+23.0%2023 57 2015-2023%58 2023 1-12%1 2023 7.7+15.8%12 0.67+2.7%-18.9%2023 2.8 2.6 1.5 2022+16.4%+47.9%-2.6%-40%-20%0%20%40%60%0.02.04.06.08.010.02015 2016 2017 2018 2019 2020 2021 2022 2023-20%0%20%40%60%80%100%0.00.20.40.60.81.0 31 59 2015-2023%60 2022 2023 1-12%2015-2023 2023 37%34%19%+0pct+7pct-3pct 61 2015-2023%2015 2016 2017 2018 2019 2020 2021 2022 2023 25%30%32%30%47%42%38%37%37%41%35%34%34%27%32%33%27%34%19%21%22%24%18%17%19%22%19%13%12%11%11%7%7%9%10%7%0%0%0%0%0%1%0%0%0%2%2%1%1%2%2%2%4%3%2023 2023 10 40%5 6%5%5%4%4%-20%-10%0%10%20%30%40%50%0.02.04.06.08.010.02015 2016 2017 2018 2019 2020 2021 2022 2023 yoy-60%-40%-20%0%20%40%60%80%100%0.00.20.40.60.81.02022 2023 32 62 2023%63 2023 1-12 TOP5%2 2023 5.8+23.0%12 0.41+2.3%-24.9%2023 3.3 1.4 0.7 2022+7.9%+39.0%+86.8%6%5%5%4%4%4%3%3%3%3%60%0.02 0.04 0.05 0.05 0.04 0.09 0.02 0.03 0.04 0.04 0.04 0.06 0.02 0.03 0.04 0.04 0.04 0.05 0.02 0.03 0.03 0.03 0.03 0.05 0.02 0.02 0.03 0.03 0.03 0.05 28%41%27%27%30%36%0.05 0.05 0.07 0.06 0.11 0.08 0.05 0.04 0.07 0.05 0.09 0.04 0.03 0.04 0.05 0.04 0.04 0.04 0.02 0.04 0.03 0.04 0.03 0.04 0.02 0.03 0.02 0.03 0.03 0.03 33%32%34%31%37%34%2023/122023/1 2023/2 2023/3 2023/4 2023/5 2023/62023/7 2023/8 2023/9 2023/10 2023/11 33 64 2015-2023%65 2022 2023 1-12%2015-2023 2023 57%24%12%-8pct+3pct+4pct 66 2015-2023%2015 2016 2017 2018 2019 2020 2021 2022 2023 32%32%36%32%41%76%28%21%24%14%14%13%15%12%3%10%8%12%42%43%45%48%41%18%56%65%57%10%8%6%5%5%2%4%4%6%0%0%0%0%0%0%0%0%0%2%1%0%0%0%0%0%1%1%2023 2023 10 46%5 7%7%5%5%4%-100%-50%0%50%100%150%200%0.01.02.03.04.05.06.07.08.02015 2016 2017 2018 2019 2020 2021 2022 2023 yoy-40%-20%0%20%40%60%80%0.00.10.20.30.40.50.60.72022 2023 34 67 2023%68 2023 1-12 TOP5%69/2022 2023H1 EPC 55.7%7%7%5%5%4%4%4%4%3%3%54%0.05 0.04 0.10 0.05 0.06 0.08 0.04 0.03 0.05 0.04 0.05 0.07 0.03 0.03 0.02 0.03 0.04 0.05 0.03 0.02 0.02 0.03 0.03 0.04 0.03 0.02 0.02 0.03 0.03 0.03 39%42%44%35%37%44%0.04 0.08 0.04 0.04 0.05 0.03 0.03 0.06 0.03 0.03 0.05 0.03 0.03 0.04 0.03 0.02 0.05 0.03 0.03 0.03 0.03 0.02 0.03 0.03 0.02 0.03 0.03 0.02 0.03 0.02 35%42%34%35%39%34%2023/122023/1 2023/2 2023/3 2023/4 2023/5 2023/62023/7 2023/8 2023/9 2023/10 2023/11 35 18.0%17.7%20.4%EPC 14.1%13.8%8.9%15.4%EPC 6.6%7.8%2.9%2.9%2.2%1.5%2.4%0.5%1.1%Wind 3.3 2020-2022 46.2 259.3 CAGR 137%14.5GW 51.1GW CAGR 87%70%71 GW%Wind Wind 29.1 34.0 65.1 72.8 17.1 59.7 194.2 201.7 0%50%100%150%200%250%300%0501001502002502020 2021 2022 2023M1-M10 yoy yoy 1.4 4.2 19.4 21.0 12.2 14.5 29.3 51.1 67.1-100%-50%0%50%100%150%200%250%300%350%400%01020304050607080 GW yoy 36 72:20/kW 25/kW:2:+24 10:0.01MW 15 30 400/MWh:3 MW 10/MW:4.4.1 2023 292.8GW+138%2023 275GW 10GW 28 24/25 4 GIS 37 23 2023-2025 199.33/252.49/302.49+10.70%/+26.67%/+19.80%7.41/12.15/14.92+21.02%/+63.96%/+22.77%EPS 0.14/0.24/0.29/2024 25 PE 5.93“”73 2021 2022 2023E 2024E 2025E()14181 18006 19933 25249 30249-10.26%26.98%10.70%26.67%19.80%EBITDA 1453 1583 2409 3170 3541 544 612 741 1215 1492%124.56%12.55%21.02%63.96%22.77%EPS/0.11 0.12 0.14 0.24 0.29 P/E 49.3 43.8 36.2 22.1 18.0 P/B 1.3 1.3 1.2 1.2 1.2 EV/EBITDA 16.2 11.0 8.3 6.6 5.9 iFind 2024 2 21 3-4 2023-2025 187.08/242.77/297.84+25.41%/+29.76%/+22.68%8.74/10.99/14.07+15.15%/+25.74%/+27.97%EPS 0.86/1.08/1.38/2