2009 1210 2023 12 01 2024 2023 1.33 13.9%927 19.9%2022 2023 GDP 1.52 2023 3D 2023 9 87.2 9 3.1%10 9.3%10 7.6%2024 2023 10 34%11%I、II 021-20572562 S0360523020001 祎 S0360523030001 S0360523080009%()607 0.08()44,062.51 4.98()33,283.10 4.85%1M 6M 12M 1.8%-4.3%-5.1%4.2%4.6%4.2%20231120-20231126 2023-11-26 20231113-20231119/2023-11-20 Optimus 2023-11-16-12%-5%2%9%22/11 23/02 23/04 23/07 23/09 23/112022-11-302023-11-30 300 2024 2009 1210 2、2023 9+5.5%-1.2%9 1.46 1.31 1.33 2024 1 Optimus/2 3&3C 3D 0-1 EPS PE PB 2023E 2024E 2025E 2023E 2024E 2025E 2023E 66.01 1.88 2.46 3.21 35.20 26.80 20.58 7.53 8.39 0.74 0.97 1.28 11.40 8.61 6.57 1.90 39.52 1.59 2.17 2.82 24.80 18.21 13.99 2.76 31.07 1.78 2.42 3.10 17.43 12.85 10.01 2.54 37.68 2.00 2.85 3.94 18.88 13.23 9.57 2.47 31.49 1.12 1.44 1.71 28.15 21.94 18.42 3.65 39.00 1.04 1.47 1.97 37.62 26.54 19.81 6.91 26.59 0.20 0.36 0.60 134.29 74.61 44.27 4.03 16.28 1.80 2.10 2.48 9.06 7.75 6.55 1.56 17.87 0.69 0.93 1.25 25.74 19.13 14.29 3.65 34.50 1.11 1.37 1.71 31.14 25.25 20.14 3.98 87.38 2.88 4.32 5.79 30.36 20.24 15.10 4.32 13.65 0.68 0.95 1.24 19.93 14.37 11.01 1.70 83.11 1.23 1.76 2.37 67.79 47.18 35.03 6.65 54.31 1.59 2.20 2.97 34.17 24.64 18.26 3.03 46.00 1.36 2.01 2.73 33.84 22.89 16.88 8.35 Wind 2023 11 30 ZXEVvMnQnOoPqOsRrMrOoPaQbP9PnPqQmOnOlOmNsQkPoOoR9PnNyRuOoMnOwMoMqR 2024 2009 1210 1 2 3 4 5 6 3D 7 1 2 3C 3 1 2 3 2024 2009 1210 4.8.8 1.8 2.9.10.12.13 15 3D.19.22.25“”.25 1&.25 2.27 3.28 3C.29 1 3D MIM CNC.29 2 3C.32.32.34.34.35.38.40 2024 2009 1210 5 1.8 2%.8 3 2023%.8 4.9 5.10 6.11 7 2023.11 8.12 9 2022.12 10.13 11.13 12.14 13.14 14.15 15.16 16.16 17.16 18.16 19.17 20.17 21.17 22.18 23.18 24.18 25.18 26.19 27.19 28.19 29.19 30.20 31.20 32.20 33.21 2024 2009 1210 6 34.21 35.21 36.21 37.22 38 3D.22 39 3D 3C.22 40.23 41.23 42 20212023M10.23 43/.24 44/.24 45/.24 46/m3.24 47 Optimus.25 48.26 49.26 50.27 51.27 52.27 53.28 54.28 55.29 56 Optimus.29 57.30 58 3D.30 59 3D.30 60 2020 MIM.31 61 MIM.31 62 3D MIM CNC.31 63 3C.32 64“”.33 65.33 66.33 67.34 68 2019-2027E.35 2024 2009 1210 7 69 2009-2019.35 70 2010-2021.35 71 2016-2025 OPE.35 72 20202023M10.36 73 20202023M10.36 74 20162023 10.36 75.36 76 20162023 10.37 77 20182023 9.37 78 20202023H1.37 79 20182023.37 80 20182023M10.38 81 20182023M10.38 82 20082023M9 PMI.39 83 2022.40 2024 2009 1210 8 1 OEM 2023、OEM、1 2%2022 42.3%2022 50%PLC 2022 PLC 51%12%PLC 88%2023 2024 3 2023%Wind 0100200300400500600700800900 OEM-30%-20%-10%0%10%20%30%40%50%60%OEM 68.55 19.59 12.24 7.19 7.13 6.25 6.02 3.06 2.03 0%5%10%15%20%25%30%35%40%45%010203040506070802023H1 2024 2009 1210 9 2024 2023 2、4 Wind 2022 2022 8.9 3.9%2023 8.1 6.5%2022 2023 3.04 110%2022 719.8 119.6 16.7%95.57 13.3%PLC PLC 8.1 7.6 2.5 1.6 0.3 6.5%34.5%6.9%26.2%4.7%136.8%61.5%35.5%173.9%7.1%0%20%40%60%80%100%120%140%160%180%200%0123456789 2023H1 2024 2009 1210 10 PLC+2022 2012 2.7 2022 28.2 1 2 3 4、5 RV-10%0%10%20%30%40%50%60%70%80%0510152025302012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Q1-Q3 YOY 2024 2009 1210 11 2021 32.1%2023 44.8%2024 6 GGII 2023 890 28.9%519.37 12.61%ABB 6.57 1.70%35.92%60%5.50 36.48%10240 122%9567 118%、7 2023 GGII 2022 12-2023 8 0%10%20%30%40%50%60%70%80%90%100%21Q1-Q4 22Q1 22Q1-Q2 22Q1-Q3 22Q1-Q4 23Q1 23Q1-Q2 23Q1-Q3 0%20%40%60%80%100%120%140%ABB 2023 2024 2009 1210 12、2021 709 218 31 2021 703 236 34%、8 9 2022-500501001502002502018 2019 2020 2021 2022 0102030405060 2024 2009 1210 13 10 Wind、2022 4276 4.54%2018-2022 CAGR 11.06%GDP 5.28%2.1 11 Wind 0%10%20%30%40%50%60%70%80%2016 2017 2018 2019 2020 2021 2022 0%2%4%6%8%10%12%14%16%18%20%0500100015002000250030003500400045002014 2015 2016 2017 2018 2019 2020 2021 2022 GDP 2024 2009 1210 14 2022 75.51%19.69%1.18pct 2013 12 2022 61.66%2013 2022 1759.23 6.18%13 2022 830+12.6%2022 1640.37 2%54.6%56.1%60.0%63.2%64.3%65.9%68.0%70.4%73.2%75.5%42.6%40.6%38.1%34.5%31.3%27.7%25.2%22.8%20.9%19.7%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2009 1210 15 2016 47.1%2022 38.4%14 PHM、2023 10 7.6%2023 9 87.2 10 9.3%2023 9 3.1%0.0%5.0%10.0%15.0%20.0%25.0%0200400600800100012001400160018002016 2017 2018 2019 2020 2021 2022 2024 2009 1210 16 15 16 Wind Wind 17 18 Wind Wind 2023 2023 2023 11 10 2023 50.9%80%-100%80%81.8%-40.00-20.000.0020.0040.002019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-10:80.0085.0090.0095.00100.00105.00110.00115.00120.00125.00130.002019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-07:6.007.008.009.0010.0011.0012.0013.0014.0015.002019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-10:M2:0.005.0010.0015.0020.0025.002018-022018-052018-082018-112019-022019-052019-082019-112020-022020-052020-082020-112021-022021-052021-082021-112022-022022-052022-082022-112023-022023-052023-08:2024 2009 1210 17 19 20 2023 6-10-2.0%-2.3%-1.5%-2.2%-1.2%21 Wind 6 86(58)36.88%140 2023 1-9 2023 1-9 7.31 10.24%23.81%18.25%80-100%,50.90%50-80%,29.10%30-50%,10.90%0-30%,9.10%,38.20%,20.00%,23.60%,3.60%,14.50%-50.00-40.00-30.00-20.00-10.000.0010.0020.0030.0040.00:2024 2009 1210 18 22 23 24 2013 2017 2021 4 2022 4 2022 2023 2024 24 25 2024 2015 2022 30.1 43.9 6.9%2022 3.7 5%2022 2.5 1.8%2024 2009 1210 19 26 27 Wind 28 29 SWOP 3D-60.00-40.00-20.000.0020.0040.0060.002016-022016-072016-122017-052017-102018-032018-082019-012019-062019-112020-042020-092021-022021-072021-122022-052022-102023-032023-08:0%5%10%15%20%25%30%35%40%01002003004005006007008002017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E%2024 2009 1210 20 30 Wind 31 32 2023 2023 2023 0%5%10%15%20%25%30%35%40%45%50%0246810121416182021 2022 2023E 0%10%20%30%40%50%60%051015202530352018 2019 2020 2021 2022 2023E 2024 2009 1210 21 10kW 10kW 33 34 2023 2023 2023 2018-2022 22.6 35.7 12.11%35 36 2023 2023 3D 3D-5%0%5%10%15%20%25%30%35%0204060801001201401602018 2019 2020 2021 2022 2023E 0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022 2023E1KW-3KW 3KW-6KW 6KW-10KW 10KW0%2%4%6%8%10%12%14%16%18%20%0510152025303540452018 2019 2020 2021 2022 2023E 0%5%10%15%20%25%30%0500010000150002000025000300003500040000450002018 2019 2020 2021 2022 2023E 2024 2009 1210 22 37/0.1-2mm 10-500mm/s TFT-LCD 5 m 500nm FMM 38 3D 39 3D 3C SLM AOC MOPA/2023 2024 2009 1210 23 2021 5 2023 10 40 41 Wind Wind 1994 10=100 2023 10 5.46 47.01%42 20212023M10 Wind 20192021 2022 2023 5 0%10%20%30%40%50%60%70%80%2018-01 2019-01 2020-01 2021-01 2022-01 2023-01中国电炉 开工率 中国电炉 产能利 用率0204060801001201401601802002018-01 2019-01 2020-01 2021-01 2022-01 2023-01钢材综合 价格指 数0%5%10%15%20%25%30%35%40%45%50%01000020000300004000050000600002021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-122022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-062023-072023-082023-092023-10 2024 2009 1210 24 43/44/Wind Wind 2021 6500/2022 2023 10 2022 2022 2023 11 23 50000 550/m3 45/46/m3 Wind iFind GDP 1.52 GDP 02004006008001000120014001600180020001/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/12019 2020 2021 2022 2023020040060080010001200140016001/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/12019 2020 2021 2022 2023010002000300040005000600070001/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/12019 2020 2021 2022 202301000020000300004000050000600000100000200000300000400000500000600000 2024 2009 1210 25 180 m3 150 m3 2 12 SPV 2023 1&1 Optimus/Optimus/Optimus Optimus 47 Optimus AI Day 2024 2009 1210 26 2 48 3&49 2024 2009 1210 27 2 50 2023 20 51 52 ISweek 2024 2009 1210 28/IMU/、IMU、53 Yole 3 AI+54 2023 2024 2009 1210 29 55 2023 Atlas 200 Asimo 250 Cyber One 60-70 Optimus 2 56 Optimus AI Day 3C 1 3D MIM CNC CNC 2024 2009 1210 30 CNC 57 IPO 3000 500 200 50 140 IPO:4,000 4,000 1,000 300 20 500 10 IPO 18,000 600 PCB 180 83 150 200 3,000 170 3D 3D 3D 3D 58 3D 59 3D Wohlers Associates 0%5%10%15%20%25%30%35%40%0204060801001201401601802002017 2018 2019 2020 2021 2022 0%5%10%15%20%25%30%35%0501001502002503003504002019 2020 2021 2022 2023E 2024 2009 1210 31 MIM MIM MIM MIM MIM 60 2020 MIM 61 MIM 3D MIM CNC MIM 3D MIM,56.3%,11.7%,8.3%,6.9%,4.5%,3.5%0%2%4%6%8%10%12%14%16%18%20%01020304050607080901002016 2017 2018 2019 2020 2021 2022E%62 3D MIM CNC 3D MIM CNC“”“”SLM SLS 0.1mm 0.1-1 0 m Ra 2 m-R a 1 0 m Ra 0.1 m 2024 2009 1210 32 2 3C Magic Vs2 3D 3D 3D 3D 63 3C 3D MIM-PET/PP/2024 2009 1210 33 64 65-2017 6 0-1 66 2023 5 8 MA 6 MC 2023 6 PET 2023 4 009 2023 10 2024 2009 1210 34 2023 4 M9 2023 229 30 2023 9+5.5%-1.2%2023 9 1.46 1.31 1.33 2023 9 13-230913 2024 67 Wind Grand View Research 2019-2027 792 1318 8 CAGR 6.57%1.001.101.201.301.401.501.601.701.801.902.002019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-09:2024 2009 1210 35 68 2019-2027E 69 2009-2019 Grand View Research NAFEM OPE 2020 OPE 251 5.46%OPE 5.25%2025 324 TraQline OPE Outdoor Power Equipment 2010 57%2021 35%13%36%70 2010-2021 71 2016-2025 OPE TraQline 2021 4 2022 511 2022 12 12 2023 10 7.49 42.99%20212022 792 1,318 02004006008001000120014002019 2027E全球()CAGR=6.57%81 149 18 39 0204060801001201401602009 2019 2009 2019北美餐饮设备 北美商用制冷设备()北美市场占全球比20%CAGR=6.27%制冷设备占比20-25%CAGR=7.83%0.0%2.0%4.0%6.0%8.0%10.0%12.0%0501001502002503003502017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E YOY 2024 2009 1210 36 72 20202023M10 73 20202023M10 2017 13.06 107.37%68 2024 2009 2013 2016 1 2022 6 2023 3 74 20162023 10 75 Wind 2016 7327 2022 109457 20162022 CAGR 56.93%2023 10 88525-1.04%2022 10337 72.23%2023 9 11605 59.13%010000200003000040000500006000070000800001 月 2月 3月 4月 5月 6月 7月 8月 9 月 10 月 11月 12月2020 2021 2022 2023-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%0.020.040.060.080.0100.0120.0140.0160.01月 2月 3 月 4 月 5月 6月 7月 8月 9月 10月 11 月 12 月2020 2021 2022 2023 2023 同比6299313063118432020907729286427435715188974871050000100000150000200000250000300000350000-100.0%-50.0%0.0%50.0%100.0%150.0%200.0%2007-032008-012008-112009-092010-072011-052012-032013-012013-112014-092015-072016-052017-032018-012018-112019-092020-072021-052022-032023-01 2024 2009 1210 37 76 20162023 10 77 20182023 9 2023 2023 7.47%6.71%8.62%3.94%1.12pct 0.39pct 1.39pct 0.90pct 3 2022 2023 303.81 78 20202023H1 79 20182023 Wind Wind 73279672191002661634741684271094578852502000040000600008000010000012000040314534378260021033711605020004000600080001000012000140002018 2019 2020 2021 2022 23M1M90.0%50.0%100.0%150.0%200.0%01002003004002020 2021 2022 2023H1 YoY YoY YoY YoY0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%2018 2019 2020 2021 2022 23Q1Q3 2024 2009 1210 38 2024 2024 2023 2023 12 5 7 2023 10 64.5 9.03%9 10 2021 2023 2023 10 32.9 10.60%33.79%80 20182023M10 81 20182023M10 II PMI PMI 0200004000060000800001000001200001月 2月 3月 4月 5 月 6月 7 月 8月 9 月 10 月 11月 12 月2018 2019 2020 2021 2022 202305000100001500020000250003000035000400001月 2 月 3 月 4月 5月 6月 7月 8月 9 月 10 月 11 月 12月2018 2019 2020 2021 2022 2023 2024 2009 1210 39 2022 I 6.5%5.2%5.1%2022 II 16.2%82 20082023M9 PMI Wind I II WITS 2022 200.63 104.80 52.24%III 55.79%63.20%I II II 12.59%I II 18.33%4.90%2024 2009 1210 40 83 2022 WITS 2022 2023 3 2023/20.21%11.01%/20.24%8.35%2023 33%6pct 50%34%34%54.03%5.02pct PMI I II 1 2 3 4 39.46%12.59%55.79%63.20%52.24%18.33%4.90%34.05%30.42%27.39%0%10%20%30%40%50%60%70%I 类车 II 类车 III 类车 IV+V 类车 合计中国销量 占全球 销量比 例 中国出口 销量占 全球除 中国销 量比例 2024 2009 1210 41 CFA 5 7 2023 2019 2019 2022 Choice 祎 2023 2023 2023 2023 2024 2009 1210 42 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2024 2009 1210 43 A 300 500/6 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