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20230314_华创证券_轮胎行业证券研究报告:全球轮胎市场2022年总结市场总需求稳定区域化及企业盈利分化明显_28页.pdf

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20230314_华创证券_轮胎行业证券研究报告:全球轮胎市场2022年总结市场总需求稳定区域化及企业盈利分化明显_28页.pdf

2009 1210 2023 03 14 2022 2022 2022 2.94-8.9%2.40/0.54-4.0%/-25.8%2022 17.49+0.03%15.39+0.65%/3.86/11.53+6.63%/-1.20%2.11-3.87%/0.42/1.69-18.69%/+0.72%2022/+12.1%/+6.1%+5%+10%2022 2.99-2.48%3310+14.93%2022-5.4%+0.5%2021+2022 2022 2022 2022 2021+601966.SH 601058.SH 002984.SZ 000589.SZ S0360522050001 S0360522100004%()8 0.00()959.95 0.10()923.82 0.13%1M 6M 12M-5.3%-7.1%2.1%-2.0%-4.6%9.0%2022H1 2022-09-01 2022-06-01-19%-5%10%25%22/03 22/05 22/08 22/10 22/12 23/032022-03-142023-03-13 300 2009 1210 2 2022.5 2022.5.7 2022.11 2022.13.13.15.17.18.20 2023.21.23.24 WUEVuNtOtQoPqOtQqNoRnM9PbP8OnPoOpNsRfQpPnOeRpOmR7NoPqRvPpNyQxNmNsP 2009 1210 3 1 2022 0.03%.5 2 2022 6.63%.5 3 2022 18.69%.5 4 2022 1.20%.6 5 2022 0.72%.6 6 2022.6 7 2022.6 8 2007-2022.7 9 2007-2022.7 10 2021-2023E.8 11 PCR/.8 12 TBR/.9 13 PCR TBR.9 14.10 15 PCR.10 16 TBR.11 17 2022.11 18 2021.12 19 2017-2022.12 20 2022 26.62%.13 21 2022 23.76%.13 22.14 23 2022.14 24 2022.15 25 2022.15 26 2022 20.15%.15 27 2022 8.87%.15 28 2022.16 29.16 30 2022.17 31 2022.17 32 2022 19.41%.17 33 2022 2.09.17 2009 1210 4 34 2022 1.85.18 35 2022.18 36 2020-2022.18 37 2022 16.90%.19 38 2022 8.68%.19 39.19 40.19 41.20 42.20 43 2022 17.37%.20 44 2022 68.02%.20 45 2022 63.2.21 46 2022.21 47.21 48 2023.21 49 2023.22 50 2023.23 51 2023.23 2009 1210 5 2022 2022 2022 2022 2022+17.49+0.03%2019 1.98%2020 2022 9.20+4.74%+10.98%2020 1 2022 0.03%2022 15.39+0.65%3.86+6.63%11.53-1.20%2022 2.11-3.87%0.42-18.69%1.69+0.72%2022 2.94-8.92%14.56+2.13%43.55%12.07%2 2022 6.63%3 2022 18.69%1529.31623.61679.21745.91807.91817.41785.31577.11748.4 1748.9-15%-10%-5%0%5%10%15%135014001450150015501600165017001750180018502013 2014 2015 2016 2017 2018 2019 2020 2021 2022-20%-15%-10%-5%0%5%10%0501001502002503003504004505002013 2014 2015 2016 2017 2018 2019 2020 2021 2022乘用车&轻卡 配套(百万条)同比(右 轴)-30%-20%-10%0%10%20%30%40%01020304050602013 2014 2015 2016 2017 2018 2019 2020 2021 2022卡客车配 套(百 万条)同比(右 轴)2009 1210 6 4 2022 1.20%5 2022 0.72%6 2022 7 2022 1 2022-2.6%6+7.0%2 2022 330 76.8-31.2%-51.2%2022 37.4%3 3-4 2022 4.3%3.7%+10.0%4-15%-10%-5%0%5%10%15%20%850900950100010501100115012002013 2014 2015 2016 2017 2018 2019 2020 2021 2022乘用车&轻卡 替换(百万条)同比(右 轴)-20%-10%0%10%20%30%40%50%0204060801001201401601802002013 2014 2015 2016 2017 2018 2019 2020 2021 2022卡客车替 换(百 万条)同比(右 轴)半钢胎 全钢胎 半钢胎 全钢胎2021 250.0 72.9 1279.0 146.52022 240.0 54.1 1299.0 156.8同比-4.0%-25.8%1.6%7.0%2021 115.0 28.7 247.0 23.22022 123.0 16.2 263.0 26.0同比 7.0%-43.6%6.5%12.1%2021 135.0 44.2 1032.0 123.32022 117.0 37.9 1036.0 130.8同比-13.3%-14.3%0.4%6.1%中国 除中国以外配套替换合计-10%-8%-6%-4%-2%0%2%4%6%8%10%01002003004005006002021 2022 2009 1210 7 2020-2022 20%8 2007-2022 9 2007-2022 2022 USTMA 2022 2.99-2.48%0.48 16.0%+11.40%2.51 84.0%-4.75%2022 2021 2023+1.31%2022 390 2022 同比亚太 欧洲 北美洲 中南美洲 印非中东 合计 亚太 欧洲 北美洲 中南美洲 印非中东 合计2007 8.1%4.5%-1.8%20.0%3.4%5.1%14.9%18.6%-32.0%27.3%-0.5%0.8%2008 1.9%-7.2%-16.5%8.2%13.8%-4.3%-1.8%-0.9%-16.5%10.2%3.0%-3.6%2009 3.1%-19.9%-32.3%-7.9%-16.9%-11.9%-15.4%-63.7%-37.9%-22.4%-62.5%-37.3%2010 29.1%14.6%38.6%13.2%20.0%25.3%26.1%53.8%25.9%41.2%33.3%33.1%2011-10.5%8.5%9.9%4.9%186.3%4.0%42.5%37.5%58.8%20.8%300.0%47.1%2012 11.1%-4.5%17.7%-0.5%-4.5%6.3%-9.7%1.8%0.0%-31.0%62.5%-3.6%2013 5.3%-0.9%4.8%5.1%-5.7%3.0%11.6%7.1%-7.4%40.0%-7.7%7.1%2014 3.8%3.1%4.9%-15.9%1.5%2.6%24.0%-3.3%18.0%-21.4%70.8%16.7%2015 0.6%4.2%3.8%-18.4%7.1%1.6%-18.1%8.6%10.2%-50.0%22.0%-5.7%2016 7.7%3.8%1.2%-13.5%8.7%4.8%78.0%0.0%-18.5%-18.2%6.0%27.8%2017 1.8%2.2%-4.8%23.1%15.1%2.2%27.4%11.1%11.3%11.1%-1.9%18.6%2018-3.1%0.8%-1.1%3.0%1.7%-1.3%-5.9%4.3%15.3%60.0%19.2%2.3%2019-6.5%-4.9%-4.1%-4.1%-17.0%-6.5%0.7%-8.2%1.5%18.8%-32.3%-4.1%2020-9.9%-22.4%-20.9%-31.9%-21.9%-16.6%23.8%-16.4%-29.0%-15.8%-45.2%2.6%2021 2.4%-2.1%1.0%17.1%27.1%3.3%-2.7%23.2%24.5%37.5%65.2%7.7%2022 7.2%-2.6%9.5%7.7%20.0%6.6%-37.4%2.9%9.8%13.6%39.5%-18.7%乘用车配套 商用车配套同比亚太 欧洲 北美洲 中南美洲 印非中东 合计 亚太 欧洲 北美洲 中南美洲 印非中东 合计2007 2.8%-1.6%3.0%3.3%3.3%1.3%11.4%2.8%-2.0%14.8%5.4%5.9%2008 2.7%-4.0%-5.3%2.4%3.2%-2.1%5.7%-9.7%-8.2%11.9%5.1%-0.3%2009-0.8%-5.2%-2.3%-4.4%-4.1%-3.3%-2.9%-19.8%-11.6%-18.6%-4.5%-9.6%2010 13.8%8.5%4.3%23.4%3.7%8.8%13.3%24.1%20.1%39.1%2.4%17.5%2011 3.1%9.0%-1.2%6.4%20.1%5.5%15.5%5.5%5.4%7.9%36.8%12.9%2012 4.6%-8.0%-3.6%2.3%-2.8%-2.9%2.3%-16.1%3.1%4.2%4.2%-0.3%2013 6.2%3.1%5.6%11.4%1.8%5.0%5.2%15.1%0.0%9.0%6.5%6.1%2014 5.2%1.3%4.9%4.4%5.6%3.8%37.6%20.2%13.4%29.4%106.8%38.0%2015 5.2%7.4%-0.2%2.5%9.6%4.6%-2.2%9.9%4.8%-7.8%11.4%2.5%2016 3.0%0.1%1.5%0.0%1.7%1.3%35.1%7.2%0.4%-0.8%-0.7%15.4%2017 4.0%4.0%-6.9%43.8%2.4%3.7%0.4%1.7%-10.0%40.3%2.6%2.5%2018-1.3%4.9%3.4%-5.7%-1.8%1.3%-4.2%-2.9%9.7%3.3%2.3%-0.5%2019 2.0%-1.9%14.9%-34.2%2.5%0.6%-1.0%3.4%-13.1%-1.1%-2.2%-2.2%2020-8.2%-11.1%-9.1%-22.5%-16.8%-11.1%-10.9%-3.7%26.7%-38.4%-17.4%-9.5%2021 6.9%15.0%14.6%34.9%21.3%14.4%-7.5%13.2%21.8%34.2%7.8%5.9%2022-4.3%0.3%-3.7%10.0%1.8%-1.2%-8.3%3.8%12.6%3.9%4.0%0.7%乘用车替换 商用车替换 2009 1210 8 3310+14.93%650 19.6%+10.17%2660 80.4%+16.16%2023-4.53%2022 150 2022 10 2021-2023E 2023E 2023 2022 2022 2021 42.6 2.40%41.6 11.23%37.4 6.4 1.59%6.3 12.50%5.6 6.4-1.54%6.5 10.17%5.9 55.4 1.84%54.4 11.25%48.9 215.8 0.98%213.7-4.94%224.8 37.9 1.88%37.2-3.63%38.6 25.2-5.26%26.6 16.16%22.9 278.9 0.50%277.5-3.07%286.3 334.3 0.72%331.9-0.98%335.2 USTMA 2022+2022 PCR/TBR 1.60/0.59+5.03%/+16.24%1 PCR-8.6%-12.1%+16.7%+27.0%PCR 287+2021 2022 PCR 2019 2 TBR+16.9%+37.4%+38.2%2.2 0.9 11 PCR/PCR 2022 3040 1014 1483 3118 1554 985 274 15988 2021 3327 996 1270 3128 1224 1002 312 15222 2020 3587 1029 1471 2167 987 637 233 13813 2019 3732 991 1695 2500 1191 944 222 15109 2022-8.6%1.8%16.7%-0.3%27.0%-1.7%-12.1%5.0%2021-7.2%-3.3%-13.7%44.4%24.1%57.3%33.5%10.2%2009 1210 9 2020-3.9%3.9%-13.2%-13.3%-17.1%-32.5%5.1%-8.6%2019 10.3%16.5%2.2%11.8%8.3%8.6%-70.7%3.8%2022 19.0%6.3%9.3%19.5%9.7%6.2%1.7%100.0%2021 21.9%6.5%8.3%20.5%8.0%6.6%2.0%100.0%2020 26.0%7.5%10.7%15.7%7.1%4.6%1.7%100.0%2019 24.7%6.6%11.2%16.5%7.9%6.3%1.5%100.0%USTMA+12 TBR/TBR 2022 1674 817 328 897 271 223 316 5895 2021 1433 595 296 936 296 234 228 5072 2020 1245 411 296 726 204 190 195 4089 2019 1219 286 266 695 261 214 343 4113 2022 16.9%37.4%10.9%-4.1%-8.5%-4.7%38.2%16.2%2021 15.1%44.8%-0.1%29.0%45.2%22.9%16.9%24.0%2020 2.2%43.8%11.4%4.5%-21.9%-11.1%-43.1%-0.6%2019 35.5%12.9%-11.2%-0.9%37.9%34.2%-65.6%-1.2%2022 28.4%13.9%5.6%15.2%4.6%3.8%5.4%100.0%2021 28.3%11.7%5.8%18.5%5.8%4.6%4.5%100.0%2020 30.5%10.0%7.2%17.8%5.0%4.7%4.8%100.0%2019 29.6%6.9%6.5%16.9%6.4%5.2%8.3%100.0%USTMA+13 PCR TBR PCR PCR TBR TBR 2022 10070-5.40%25530-2.60%3980 0.50%7660 4.90%2021 10645 16.70%26220 9.80%3960 21.90%7300 25.00%2020 9120-25.60%23880-10.80%3250-19.60%5840-7.70%2019 12250-3.00%26780 1.40%4040 1.50%6330-0.90%USTMA TBR PCR TBR 5 11 12 PCR TBR 1 2 PCR 12+2009 1210 10+TBR PCR TBR 275%22.2%Q4 TBR-13.6%19.8 29.4 Q4 TBR 209 14 USTMA Bloomberg TSNC 15 PCR USTMA 0250050007500100001250015000175002000022500020040060080010001200140016001800 PCR TBR-/FEU-/FEU 0%5%10%15%20%25%30%35%2020/1 2020/4 2020/7 2020/10 2021/1 2021/4 2021/7 2021/10 2022/1 2022/4 2022/7 2022/10+2009 1210 11 16 TBR USTMA 2022 2022 2022 28.28%15%17 73.13%2022 2021 2021 2022 2022 17 2022 Billion Yen Million Million$Billion Yen Billion KRW Billion Yen 4110.07 28590.00 20805.00 1098.66 8349.20 860.50 26.62%20.15%19.41%17.37%16.90%28.28%38.76%26.37%18.51%23.05%24.64%8.15%300.40 2009.00 209.00 9.42 657.52 45.90-23.76%8.87%-73.13%-68.02%8.68%-29.92%0%5%10%15%20%25%30%35%40%45%2020/1 2020/4 2020/7 2020/10 2021/1 2021/4 2021/7 2021/10 2022/1 2022/4 2022/7 2022/10+2009 1210 12 18 2021 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 756.9 811.9 833.0 844.3 891.0 995.3 1090.6 1133.1 39.2%39.7%40.4%42.8%38.9%38.7%38.7%38.8%6.8%8.9%8.4%-3.4%6.0%3.9%8.8%9.8%5448.0 5744.0 6012.0 6591.0 6481.0 6808.0 7443.0 7858.0 30.24%28.56%27.38%25.49%9.22%6.45%6.34%7.62%3511.0 3979.0 4934.0 5054.0 4908.0 5212.0 5311.0 5374.0 21.6%22.6%21.1%21.6%19.2%20.0%18.9%16.1%0.3%1.7%2.9%11.0%2.0%3.3%0.90%-1.95%8575.3 8354.4 8040.5 8795.0 9278.3 9444.1 10395.6 25.2%24.3%22.2%20.0%22.3%21.1%21.4%5.2%6.5%3.8%1.4%2.7%-2.6%-1.9%213.7 226.4 216.9 279.0 250.5 261.6 269.4 317.2 31.0%28.9%23.9%27.3%27.8%22.3%20.6%22.0%5.0%4.3%0.6%2.7%4.9%2.4%-0.8%-2.2%1244.7 1320.1 1414.5 1351.7 1521.1 1675.9 1836.3 3.0%7.6%7.4%6.3%7.2%7.3%6.88%1616.8 1806.4 1829.4 1889.7 1790.7 2040.0 2299.7 2263.8 30.0%27.7%28.0%23.9%23.9%25.8%23.9%26.4%6.5%4.2%5.8%15.6%9.9%1.0%Million Billion Yen Million$Billion KRW 19 2017-2022%2017 6.05%4.97%1.87%5.61%12.69%7.60%9.18%2018 7.11%0.89%0.02%0.88%8.91%-2.95%0.00%2019 0.02%6.79%-4.26%2.63%3.45%2.48%-0.24%2020-20.48%-13.30%-16.76%-12.82%-17.12%-19.18%-6.74%2021 8.39%15.96%41.86%15.69%18.36%23.92%10.67%2022 26.62%20.15%19.41%-17.37%-16.90%2017 37.90%32.54%23.79%25.80%30.38%34.06%34.06%2018 37.84%32.30%22.71%25.00%29.24%30.96%30.96%2019 37.55%29.34%21.32%23.80%28.58%27.93%27.93%2020 36.33%27.92%16.10%22.77%-29.49%2009 1210 13 2021 40.56%29.35%21.70%22.92%27.74%-27.28%2022 38.76%26.37%18.51%-23.05%-24.64%2017 7.91%7.74%2.25%6.78%5.35%8.79%8.79%2018 7.99%7.61%4.48%6.52%4.05%7.69%7.69%2019 8.30%7.26%-2.11%-2.75%1.35%6.10%6.10%2020-0.78%3.09%-10.18%-2.86%-5.60%-2021 9.68%7.75%4.46%4.31%3.15%6.04%8.46%2022 7.44%7.03%1.00%-0.86%-7.88%2021 2022 2022 41100.7 2153.7 26.62%4470.7 18.65%3004.0 157.0 23.76%2021 2022 2022 38.76%1.79 7.44%2.24 2022 4.96 8.46%22237.3 17.89%2570.1 35.23%1801.1 49.73%20 2022 26.62%21 2022 23.76%2022/+28.66%/+27.12%/+38.97%+11.11%/+20.23%/+64.27%2022/+22.16%/+13.43%/+12.78%+30.06%/+13.74%/+11.24%2022 PCR/TBR/ORR+1%/-1%/+7%ORR 2019 PCR/TBR-9%/-2%-30%-20%-10%0%10%20%30%0500100015002000250030003500400045002014 2015 2016 2017 2018 2019 2020 2021 2022营业收入(Billion Yen)同比(右 轴)-200%0%200%400%600%800%1000%1200%1400%1600%1800%-500501001502002503003504004502014 2015 2016 2017 2018 2019 2020 2021 2022归母净利 润(Billion Yen)同比(右 轴)2009 1210 14 2022 PCR/TBR+6%/+14%+4%/+1%2022 18 10%22 2021H1 2021H2 2022H1 2022H2 7893.00 9457.00 10048.00 12275.00 1121.00 1345.00 1191.00 1549.00(%)14.20 14.22 11.85 12.62 3699.00 4439.00 4847.00 5498.00 410.00 470.00 495.00 563.00(%)11.08 10.59 10.21 10.24 1912.00 2017.00 2566.00 2894.00 362.00 416.00 605.00 673.00(%)18.93 20.62 23.58 23.26 23 2022 2022/+18.70%/+36.67%/+25.38%/+18.13%2022Q4 2022 2022 20%1 2 ORR TBR 2009 1210 15 24 2022 25 2022 2022 285.90 2122.2 20.15%52.62 11.96%20.09 149.1 8.87%2022 26.37%2.98 7.03%0.72 2022 353.46 2.32%51.58%5.09 153.01 15.14%11.66 38.32%26 2022 20.15%27 2022 8.87%6.2%14.81 13.7%32.50+1.1%2.51+1.2%2.78 2.0%4.65 1 2022 2022+0.03%2 0%5%10%15%20%25%30%35%40%0500010000150002000025000日本 北美 欧洲 中国及亚 太2021 2022 2022 同比(右轴)-40%-30%-20%-10%0%10%20%30%40%21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4公司轮胎售价季度同比-15%-10%-5%0%5%10%15%20%25%050001000015000200002500030000350002014 2015 2016 2017 2018 2019 2020 2021 2022营业收入(Million)同比(右 轴)-100%-50%0%50%100%150%200%250%050010001500200025002014 2015 2016 2017 2018 2019 2020 2021 2022归母净利 润(Million)同比(右 轴)2009 1210 16 28 2022 2022/+17.84%/+19.72%/+25.63%+4.14%/+7.01%/+44.20%2022/+14.24%/+15.11%/+17.01%+18.80%/+4.14%/+40.55%2022 2022 18 29 2021H1 2021H2 2022H1 2022H2 55.62 64.36 65.99 75.39 7.30 9.13 7.82 9.29(%)13.10 14.19 11.90 12.30 28.97 33.36 34.69 39.93 2.86 3.13 3.14 3.27(%)9.90 9.38 9.10 8.20 27.33 28.31 32.21 37.69 4.05 3.19 4.34 6.10(%)14.80 11.27 13.50 16.20 2022+20.23%+30.17%2022 3 15 2022 6 28 2022 2022 2022 Price-mix+13.7%2022Q1/Q2/Q3/Q4 2009 1210 17+13.5%/+14.4%/+14.9%/+12.0%18 30 2022 31 2022 2022 208.05 1449.0 19.41%2.09 14.6 73.13%2022 18.51%3.19 1.00%3.46 2022 224.31 4.81%2022 106.85 5.58%-0.57 32 2022 19.41%33 2022 2.09 2022 1.85 2021 1520 2022 9060 9390 2021 1.34 1.44 980+7.31%0%5%10%15%20%25%30%35%020406080100120欧洲 法国 北美 其他2021 2022 2022 同比(右轴)0%2%4%6%8%10%12%14%16%21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4公司轮胎售价季度同比-20%-10%0%10%20%30%40%50%05000100001500020000250002014 2015 2016 2017 2018 2019 2020 2021 2022营业收入(Million$)同比(右 轴)-1500-1000-5000500100015002000250030002014 2015 2016 2017 2018 2019 2020 2021 2022归母净利 润(Million$)2009 1210 18 2021 3520 4060 540+15.34%34 2022 1.85 35 2022 2022+19.69%6100-74.48%2021-10.37%2022 910 2022 240 370 36 2020-2022 2022H2 2022H1 2021H2 2021H1 2022 2021 2020 42.40 38.10 44.90 27.70 80.50 72.60 44.40 7.10 7.40 6.50 6.80 14.50 13.30 12.30 49.50 45.50 51.40 34.50 95.00 85.90 56.70 20.10 22.90 23.20 18.50 43.00 41.70 34.00 6.00 6.10 4.80 6.20 12.10 11.00 10.50 26.10 29.00 28.00 24.70 55.10 52.70 44.50 10.60 9.80 11.00 8.80 20.40 19.80 16.60 7.70 6.30 6.40 4.50 14.00 10.90 8.20 18.30 16.10 17.40 13.30 34.40 30.70 24.80 93.90 90.60 96.80 72.50 184.50 169.30 126.00 2022 8.35 459.2 16.90%2022 4.52 17.95%2022 6575.2 36.2 8.68%2022 24.64%2.64 7.88%0.58 95.00 134.10 143.90 31.00 35.20 40.60 0204060801001201401601802002020 2021 2022替换(百万条)配套(百万条)-80%-60%-40%-20%0%20%40%0246810122021 2022 2022 同比(右轴)2009 1210 19 37 2022 16.90%38 2022 8.68%1 2022 18 2022Q4 53.5%2 18 2022Q4 58.8%3 2022Q4 18 Q3 Q4 50%4 2022Q4 2021 17.9%2021 2022 18 40.8%3.1 39 40-10%-5%0%5%10%15%20%01000200030004000500060007000800090002014 2015 2016 2017 2018 2019 2020 2021 2022营业收入(Billion KRW)同比(右 轴)-40%-30%-20%-10%0%10%20%30%40%50%01002003004005006007008009002014 2015 2016 2017 2018 2019 2020 2021 2022归母净利 润(Billion KRW)同比(右 轴)2009 1210 20 41 42 2022 10986.6 575.7 17.37%149.9 69.51%94.2 4.9 68.02%2022 23.05%4.69 0.86%2.29 5865.5 14.54%-136.3-92.0 31.9/52.0/2022 63.2 8.8%2023 67.3 6.5%2022 4%2%10%10%/18%/5%/13%2021 43 2022 17.37%44 2022 68.02%-20%-15%-10%-5%0%5%10%15%20%25%0200400600800100012002014 2015 2016 2017 2018 2019 2020 2021 2022营业收入(Billion Yen)同比(右 轴)-80%-60%-40%-20%0%20%40%60%80%100%0102030405060702014 2015 2016 2017 2018 2019 2020 2021 2022归母净利 润(Billion Yen)同比(右 轴)2009 1210 21 45 2022 63.2 46 2022 47 2021FY yoy 2022H1 yoy 2022FY yoy-4%-8%-2%2%4%1%9%14%10%10%-3%-10%1%-7%-18%18%3%-5%11%-8%-13%12%-1%-1%7%0%-4%2023 USTMA 2023 2023 2 28 USTMA 2023 2023 3.34+0.72%USTMA 2023/+2.4%/+1.6%/-1.5%100 USTMA 2023/+1.0%/+1.9%/-5.3%140 48 2023 2023E 2022 42.6 41.6 2.40%6.4 6.3 1.59%6.4 6.5-1.54%2009 1210 22 215.8 213.7 0.98%37.9 37.2 1.88%25.2 26.6-5.26%334.3 331.9 0.72%USTMA 2023 1 2023-2%+2%2 2023-2%+2%3 2023-1%+3%49 2023 2023 2023 2022 2023 0.97%4.15 6%5100 3350 2009 1210 23 50 2023 2023+2022 2022 2023 18 2021 38%2022 41%2023 45%2022 11%2023 20%51 2023 2022+2009 1210 24 2021 15%-25%+601966.SH 601058.SH 002984.SZ 000589.SZ 2009 1210 25 4 6 2022 2019“”2021“”2 2022 2 2022 2022 2022 2022 2023 2009 1210 26 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82756803 0755-82871425 0755-83024576 0755-82871425 021-20572536 021-20572551 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572560 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 27(300)6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融

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