充 电 桩：柳 暗花 明 又一 村，充 电 桩迎 黄 金期证券研究报告 行业 深 度报 告发布日期：2023 年4 月24 日本报告 由中 信建 投证 券股 份有限 公司 在中 华人 民共 和国（仅为 本报 告目 的，不包括 香港、澳 门、台湾）提供。在 遵守 适用 的法 律法规 情况 下，本报 告亦 可能由 中信 建投（国 际）证券有 限公 司在 香港 提供。同时请参阅最后一 页的 重要声 明。分 析 师：许 琳010-85159272SAC 执证编号：S1440522110001分 析 师：朱 玥010-85159272SAC 执证编号：S1440521100008 2 2021-2022 2023 2022 25 88 300.8 51%+/2023-2025 2020-2022 132 351 688 10%165%97%2023 950+39%2021-2022 2023 2022 25+259.2 789.9 45%27%65 222.8 51%194.2 590.4 45%2022 25 88 300.8 51%115%+1 2 3/40%20%2022 25+74.9 326/55.1 219.3 14.3 87.9+11.6 61.6 10-20pct WUAZvMnQoNrQtNpMtOqPmN7NcMbRmOrRoMoNfQoOmQlOpNsP9PnNzRwMpNvNMYtRoO 31/4 OBC 7kW 5-8 OBC 1-2 60-180kW 6-8 360kW 480kW 项目 直流充电桩 交流充电桩提供电流类型 直流电 交流电是否需要搭配车载充电器否 是结构 一体机 分体机 壁挂式使用场景商场、公园等非集中充电场所高速公路服务区、公交车、物流车等集中充电场所一般家用或安装于小区停车场输出功率 60-180kW 360-480kW6-15kW(主流7kW)输出电流电压 750/1000V，80-250A220V/16A 与220V/32A充电时间 20min-60min 5-6h对电池损害 对电池衰减较大 对电池衰减小体积 体积大，占地面积大 体积小对电网要求对电网供电能力要求高，审批较为繁琐对电网供电能力要求低，审批较为简单MCU低压差线性稳器低压差线性稳器主控制器通信模块网络模块接触器充电枪交流充电桩继电器计量模块计量模块充电枪接触器主控制器功率模块辅助电源通信模块 IEC/Mode 1-45 Mode1-Mode4 IEC Mode 1/2/3/4 Mode1-Mode4 Mode1-Mode4 Mode1-Mode4 RF Wireless World piwinenergy Deltrix Charger V An kW Mode 1 250 16 3.3 480Mode 2-AC 250 32 6.6 480Mode 3-250 32 12 480Mode 4-400 200 50-150 30-1/Level 1-36 Level 1 Level 2 Level 3 Level 3 DC Fast Charging TeslaSupercharging/Level 1-3 Forbes Wheels Level 1 Level 2 Level 3 120V 240V/208V 400-900V 1-1.4kW 3.9-19.2kW 24-300kW 2.1%78.9%18.9%72 8 2022 12 521+99%2022 12 2.51:1 2022 12 1310 521 2.51:1 2022 2017 2017 2020 5.35:13.43:13.35:13.12:12.93:12.99:12.51:12.42:12.31:12.22:12345601,0002,0003,0004,0005,0002016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E 44.677.7121.9168.1261.752188614172126118.7%74.3%56.9%37.9%55.7%99.1%70.0%60.0%50.0%0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0%05001,0001,5002,0002,5002017 2018 2019 2020 2021 2022 2023E 2024E 2025E 80%9 80%20%80%2022 76.1 444.8 80%6.111.020.530.947.076.131.8 66.7 100.4 137.2 214.7 444.8 62%107%0%20%40%60%80%100%120%140%160%180%200%01002003004005006002017 2018 2019 2020 2021 2022直流（万台）交流（万台）交直流一体（万台）直流同比增速 交流同比增速0%10%20%30%40%50%60%70%80%90%100%2016 2017 2018 2019 2020 2021 2022直流（万台）交流（万台）交直流一体（万台）+50%10 50%+22 30%+11.9pct 1 2 5.6%3 2022+132%22 30%+11.9pct 56.6%132.1%0%50%100%150%200%250%300%01002003004005006002017 2018 2019 2020 2021 2022公共桩 私人专用桩 共享私桩 公共桩增速 私用桩增速0%10%20%30%40%50%60%0.0010.0020.0030.0040.0050.0060.0070.0080.002021-012021-022021-032021-042021-052021-062021-072021-082021-092021-102021-112021-122022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-02随车配建私桩增量（万台）新能源乘用车销量（万辆）私桩新车配建率 2022-25 45%27%11 2022 25 259.2 789.9 45%27%65 222.8 51%194.2 590.4 45%2022 12+521 259.2+177%2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E 50.7 76.7 124.8 120.6 130.3 328.0 627.9 886.6 1115.0 1286.0 32.7 57.1 105.3 106.2 118.4 309.6 594.5 846.6 1065.0 1230.0%51%63%-3%8%152%91%41%26%15%109 153 261 381 492 784 1373 2191 3196 4322 14.1 21.4 30.0 51.6 80.7 114.7 179.7 287.5 445.7 668.5%52%40%72%56%42%57%60%55%50%69%48%39%42%48%44%34%29%28%28%7.7 7.1 8.7 7.4 6.1 6.8 7.6 7.6 7.2 6.5 3.6 6.1 11.0 20.5 30.9 47.0 76.1 129.4 213.9 334.2%26%29%37%40%38%41%42%45%48%50%5.2 8.6 19.0 30.1 49.8 67.7 103.6 158.1 231.7 334.2%37%40%63%58%62%59%58%55%52%50%5.3 6.6 0.1 0 0 0 0 0 0 0 7.3 8.6 21.6 29.1 34.0 65.0 107.8 158.1 222.8 6.3 23.2 47.7 70.3 87.4 147.0 341.2 690.0 1166.1 1733.1%268%106%47%24%68%132%102%69%49%31%52%61%58%52%56%66%71%72%72%16.9 24.5 22.6 17.1 59.6 194.2 355.6 489.9 590.4 30%23%21%14%19%33%42%46%48%20.4 44.6 77.7 121.9 168.1 261.7 520.9 977.5 1611.7 2401.6 5.3 3.4 3.4 3.1 2.9 3.0 2.6 2.2 2.0 1.8 11.5 31.8 66.7 100.4 137.2 214.7 444.8 848.1 1397.8 2067.4 3.6 6.1 11.0 20.5 30.9 47.0 76.1 129.4 213.9 334.2 24.2 33.1 44.2 46.2 93.6 259.2 456.6 634.2 789.9%37%34%5%103%177%76%39%25%20.3 34.9 33.7 36.8 77.5 230.1 403.3 549.7 669.6 2.5 4.9 9.5 10.4 16.1 29.1 53.3 84.5 120.3 12 2017-2021 13.3 33.4 2019 39%,2021 8.2 2020 2017-2021 6.43 16.47 2019 6.14 25.78 IEA IEA 20%59%0%24%164%44%68%1%11%0%20%40%60%80%100%120%140%160%180%05101520253035402017 2018 2019 2020 2021欧洲 法国 德国 意大利 西班牙 英国16.4713.2125.7810.361.8920.440.005.0010.0015.0020.0025.0030.002017 2018 2019 2020 2021欧洲 法国 德国 意大利 西班牙 英国 80%-90%13 80%-90%2017-2021 2021 87%1 2 IEA IEA IEA 8%10%12%14%13%14%19%92%90%88%86%87%86%81%0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100.00%2017 2018 2019 2020 2021 2025E 2030E公共快充桩 公共慢充桩1.1 1.5 2.5 3.8 4.4 12.2 13.7 18.6 24.0 29.0 0.005.0010.0015.0020.0025.0030.0035.0040.002017 2018 2019 2020 2021公共快充桩 公共慢充桩 2022 25 14 40 42%14 2022 25 49.8 141.8 IEA 2016 2017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 22.3 31.1 40.7 59.6 141.1 234.6 262.3 307.1 353.2 395.4 21.0 29.4 38.1 56.7 137.1 228.3 255.7 299.2 344.0 385.3 1.3 1.6 2.5 2.9 4.0 6.3 6.6 7.9 9.1 10.0%39%31%47%137%66%12%17%15%12%64.4 92.8 132.4 186.7 332.5 563.7 820.8 1121.7 1467.8 1855.3%44%43%41%78%70%46%37%31%26%12.1 13.3 15.2 21.1 27.4 35.8 49.8 71.8 101.8 141.8%81%10%14%39%30%31%39%44%42%39%0.9 1.1 1.5 2.5 3.7 5.0 7.5 12.2 20.4 34.0%8%8%10%12%14%14%15%17%20%24%11.2 12.2 13.7 18.6 23.7 30.8 42.3 59.6 81.5 107.8%92%92%90%88%86%86%85%83%80%76%5.3 7.0 8.7 8.8 12.1 15.7 16.5 15.6 14.4 13.1 5.4 1.2 1.9 5.9 6.3 8.4 14.0 22.0 30.0 40.0%-79%61%215%7%34%66%57%36%33%0.2 0.4 1.0 1.3 1.2 2.5 4.7 8.2 13.7 1.0 1.5 4.9 5.0 7.2 11.5 17.3 21.8 26.3 80%-90%15 20 115903 114451 961907402953095 44040 3907119015 18881 147651405010942 9077 80530%10%20%30%40%50%60%70%80%90%100%2022Q1 2021 2020 2019 2018 2017 2016公共充电桩数量 私人充电桩数量14521826122161209349055 4969134411671531081865 10240%10%20%30%40%50%60%70%80%90%100%2022Q1 2021 2020 2019 2018 2017新增公共充电桩 新增私人充电桩 Level 2 16 Level 1 Level 2 Level 3 Level 2 Level 1 PHEV 10 Level 1 Level 2 Level 3 15 80%Level 2 Level 3 Level 2 Level 2 Level 3 Level 2 Lv2 80%+22 Lv2 9.8 22 Lv3 2.6 9.8 7.6 4.6 3.0 2.3 1.7 1.2 1.2 1.1 1.0 0.8 0.6 0.5 0.4 0246810122022 2021 2020 2019 2018 2017 2016公共充电桩Level 2 充电口 私人充电桩Level 2 充电口2.6 2.1 1.5 1.0 0.7 0.4 0.3 0.00.51.01.52.02.53.02022 2021 2020 2019 2018 2017 2016公共充电桩Level 3 充电口私人充电桩Level 3 充电口0%10%20%30%40%50%60%70%80%90%100%Level 1 充电口数量 Level 2 充电口数量 Level 3 充电口数量 2022 25 2.0 20 115%17 2022 25 13.4 51.4 56%IEA 2016 2017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 16.0 19.8 36.1 32.7 29.5 63.1 100.0 179.1 277.6 383.0%24%82%-10%-10%114%58%79%55%38%56.4 76.2 112.3 145.0 177.8 234.0 325 491 749 1102%35%47%29%23%32%39%51%53%47%3.8 4.3 5.4 7.7 9.6 11.4 13.4 19.4 31.4 51.4%14%25%42%25%19%17%45%62%64%0.3 0.3 0.4 1.3 1.7 2.4 3.2 5.1 8.8 15.4%8%8%8%17%18%21%24%26%28%30%3.5 4.0 5.0 6.4 8.2 9.0 10.2 14.4 22.6 36.0%92%92%92%83%85%79%76%74%72%70%14.8 17.6 20.7 18.8 18.5 20.4 24.1 25.2 23.8 21.4 0.7 0.5 1.1 2.3 1.9 1.8 2.0 6.0 12.0 20.0%-20%104%111%-16%-5%10%200%100%67%0.0 0.1 0.9 0.4 0.7 0.8 1.8 3.7 6.6 0.5 1.0 1.4 1.8 0.8 1.2 4.2 8.3 13.4 2022 25 88 300.8 51%18 2022 25 266 926.3 52%IEA 2016 2017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 93.6 137.0 218.3 227.7 317.0 657.1 1050.2 1468.8 1894.5 2287.6%46%59%4%39%107%60%40%29%21%50.7 76.7 124.8 120.6 130.3 328.0 627.9 886.6 1115.0 1286.0 22.3 31.1 40.7 59.6 141.1 234.6 262.3 307.1 353.2 395.4 16.0 19.8 36.1 32.7 29.5 63.1 100.0 179.1 277.6 383.0 4.7 9.4 16.7 14.8 16.1 31.3 60.0 96.0 148.8 223.2 251.3 352.7 552.2 773.3 1078.7 1689.4 2682.8 4059.1 5809.9 7888.7%40%57%40%39%57%59%51%43%36%33.1 44.0 57.4 89.4 129.2 178.0 266.0 411.8 625.4 926.3%33%30%56%45%38%49%55%52%48%5.7 8.7 14.3 26.0 38.5 57.2 90.7 152.6 251.9 397.3%17%20%25%29%30%32%34%37%40%43%27.4 35.3 43.2 62.4 91.0 120.7 175.3 259.2 373.5 529.0%83%80%75%70%70%68%66%63%60%57%7.6 8.0 9.6 8.7 8.3 9.5 10.1 9.9 9.3 8.5 10.9 13.4 31.9 39.9 48.8 88.0 145.8 213.6 300.8%23%138%25%22%80%66%47%41%3.1 5.6 11.6 12.5 18.7 33.5 61.9 99.3 145.3 7.8 7.9 19.2 28.6 29.8 54.5 83.9 114.3 155.5 193 2014 11 2000-8000 2016 1 1.2-2/2015 10 2020 480 50 430 500 2019 6 10%2020 3 100 80%2021 5 2025 80%60%2022 1 2000 2023 2 2023-2025 1:1 10%2022 4 150-300/50/180kw 5 2.7-12.6 7kw 3000 350-2100 2022 7 400-700/200-300/150 90%0.05-0.2/2022 9 50%600/300/2022/2025 25%15%2025 2025/70/16.3 3.8/25 10.81 2.84/35.54 6.09/3.3 5 20/2.5/20 1.39 24 1.84 24/20/1 8/0.8/3.4 10/0.6/30/100/4 22 75 50 IRA 2021 2022 12 31 30%6%10 3 3-5 120kw 5 30%1.5 4.5-7.5 30%1000 7kw 500 150 1 2 2024 7 1 55%2021 11 BIL 75 50 1 50 NEVI 2 25 2022 9 DOT 9 9 35 1 23 75%3-5 120kw 5 7 1.4-2.3 1 1.6-2.7 50kW 99.99kW DCFC 75%,DCFC 60000 75%,DCFC 50000 100kW DCFC 75%,EV 80000 75%,EV 70000 Level 2 75%,5000 75%,4500 Level 2 75%,6000 75%,5500 24 20191 30000 2 300 15000 1 600 2 OCPP 900 20211 2021/2022 200%2 2023/2024 150%2022 12 31 45%1500 2023 30%1 0.13/kWh 480 35%11 50%35%9 20161 2022 3 31 60%1800 2 2022 4 1 50%2700 300 50%960 2020 4.5 900 2019 3000 10%2000 20191 50kW 30%2 50kW 35%-55%70%-80%1 40 75%2 75%350 25 2021 22 165%96%2023 2019-2021 1373 179.7 7.6 820.8 49.8 16.5 324.6 13.4 24.2 IEA 26 120kW 2.5-3 4.5-5 2 40%-50%ABB Chargepoint-120kW 31530123456-2 Chargingshop 27 GB/T CCS1 CCS2 CHAdeMO 3-6 8 1 CE UL+CE LVD LVDLVDLVD 284 29 2014/CR4 20 80.7%64.6%CR4 20 91%48%30 2014-2020 2014 3 2017 2021-2020 CR4 20 91%48%CR4 2020 80.7%64.6%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022特锐德 星星充电 云快充 国家电网 小桔充电蔚景云 深圳车电网 南方电网 其他 CR40%10%20%30%40%50%60%70%80%90%100%2020 2021 2022特锐德 星星充电 云快充 国家电网 小桔快充蔚景云 深圳车电网 南方电网 万城万充 汇充电依威能源 万马爱充 上汽安悦 中国普天 CR4 Charge Point Operator Mobility Service Provider CPO MSP 2017 IONITY CPOCPOMSP CPO CPO MSP MSP CPOMSPMSP31 WattLogic 32 ABB ABB 2021 ABB 40%EVBox 2020 7000 2021-2023 70%ABB GreenFlux licargo chargeupeurope EVBox Investor Presentation ABB 1988 2010 2021 12 31 ABB 52.5 50 2.5 1836 Evlink 2021 50 15 1847 eMobility EVBox 2010 EVBox 70 35 20 Chargepoint 2007 2007 6 ChargePoint 50%Level 3 33 ChargePoint Tesla 50%28 ChargePoint+50%Tesla Electrify America EV connect EV go Volta blink Shell Level 3 Tesla Electrify America 70%10 EVSE 序号 运营商 充电站 E V S E 端口 充电站比例 端口比例1 ChargePoint 26926 49149 49.2%33.6%2 Tesla Supercharger 1527 15703 2.8%10.7%3 Tesla Destination 4421 11221 8.1%7.7%4 Semaconnect 1877 6004 3.4%4.1%5 Blink 1380 3802 2.5%2.6%6 Electrify America 847 3727 1.5%2.5%7 EV connect 831 3644 1.5%2.5%8 Volta 1335 3183 2.4%2.2%9 Shell Recharge 1066 2814 1.9%1.9%10 PowerFlex 144 2581 0.3%1.8%11 EV go 848 2579 1.6%1.8%54687 146476 100%100%合计序号 运营商 充电站 E V S E 端口 充电站比例 E V S E 端口 比例1 Tesla Supercharger 1527 15703 23.2%59.1%2 Electrify America 818 3556 12.4%13.4%3 EVgo 815 2181 12.4%8.2%4 ChargePoint 1769 1775 26.8%6.7%5 Shell Recharge 309 561 4.7%2.1%6 Francis 121 532 1.8%2.0%7 EV Connect 149 271 2.3%1.0%8 EV Charging Solutions 46 220 0.7%0.8%9 Volta 78 105 1.2%0.4%10 Blink 26 67 0.4%0.3%5658 24971 86%94%6594 26554 100%100%合计全美共计 34 2022 7.6 42%58%1/20%20%2 15%5%3 CR4 65%2022 24.2 24%76%1/Chargepoint 50%2 10%Electrify America 2%3/Blink 6%Shell 2%CR2 60%Chargepoint 202116.5 15%85%1/ABB 40%2/EV Box Chargepoint ABB40%ABB Chargepoint IEA 35 wind 20%-30%10pct+15-20%20%30%+30%20%365+37 2022 170 9 4.48 408=7=0.5(SOC 30%-80%)9.4 401 10 0.5(SOC 30%-80%)13.08 510 8.64 0.5(SOC 30%-80%)16.58Aion S 460 10 0.78(SOC 30%-80%)17.98Model 3 675 10 1(SOC 0%-100%)36.79Model Y 660 10 1(SOC 0%-100%)39.49C 715 9 0.5(SOC 30%-80%)26.98A0&A00AB 38 Model 3 Taycan 800V 800V 350kW 6C 8C SOC10%-50%250kw G9+4C 800V 600A 430kW 35%2 Elektro Auto Taycon Model 3 2022 2022 2019 2017 430 300 270 250 600+-337 625 800 800 800 400-158 117-800V 39 2019 Taycan 800V IONIQ5/6 V Plus e-tron GT RS e-tron GT Lucid Air Plus EV6 LYRIQ G9 14 800V 800V 23 800V 800V CS1E CY1ETaycan Cross Turismo2019 2020 2021 2022 2023 2024 Taycan J1 350kW IONIQ5 E-GMP IONIQ721 24 PLUSMacan EV PPE E-GMP EV6 EV9 23 H1 e 3.0 22 2 IONIQ6 E-GMP 22 9 J1 22 4 23 IONIQ5 N S HI 22 5 LYRIQ 800V e-tron GT J1 A6-etron PPE 23 RS e-tron GT J1 22 12 AION V plus 6C(800V)101 G922 9 Lucid Air 2021 2022 2023 2024 W01 W02 400V 800V 40 800V 400V 1 800V+400V 800V 400V PTC 2 800V+800V 800V 23 400V 800V 1 800V 2 DC/DC 800V+400V 800V+800V 800V 800V 41 锂 电池 42/LS PVC 65%2009 LS 2014/2022 65%2019 LS 2022 2021 TV EV 2019+2022 2018 30kW40kW 360kW 480kW 59 74 2020+2022+2021 3DG 2022 S4 36%2020 SC 2021 30%35%+446/40%45 7kW 220V 32A OBC 1000 40%180kW 40.6%360kW 6 38%充电枪（+5 米线，双枪）21.2%主控板7.4%外壳钣金件14.1%接触器（2 个）2.4%继电器（4 个）1.9%电表1.2%连接器0.7%触控板、显示器、刷卡模块等3.5%其他元器件（塑壳、连接线等）7.0%其中：功率器件IGBT11.7%其中：结构件11.7%其中：电感电容9.3%其中：传感器、PCB 等4.7%其中：DSP 芯片3.3%充电模块40.6%充电枪（6个）8.3%充电枪线12.4%主控板、通讯模块、检测模块等7.0%功率切换单元12.0%外壳钣金件4.1%接触器、继电器、熔断器、断路器2.8%电表0.3%线缆0.6%连接器1.0%触控板、显示器、刷卡模块等4.1%其他元器件（冷却系统）9.3%其中：IGBT9.5%其中：结构件9.5%其中：电感电容7.6%其中：传感器、PCB 等3.8%其中：DSP 芯片2.7%其中：其他4.9%充电模块38.0%2022 25 212.6 913.5 63%46 2022 25 212.6 913.5 63%180.4 839.9 32.2 73.7 2017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 2.5 4.9 9.5 10.4 16.1 29.1 53.3 84.5 120.3 360kW 0.3 1.4 5.2 13.3 26.2 42.1%3%9%18%25%31%35%180kW 2.5 4.9 9.5 10.1 14.7 23.9 40.0 58.3 78.2%100%100%100%97%91%82%75%69%65%360kW 14.5 14.4 14.4 14.3 13.5 12.7180kW 5.3 5.0 4.8 4.6 4.5 4.4 4.2 4.1 3.9 13.4 24.3 45.6 50.9 86.8 180.4 358.3 592.9 839.9 20.3 34.9 33.7 36.8 77.5 230.1 403.3 549.7 669.6 3.4 10.4 11.1 19.7 17.9 35.9 54.5 73.6 102.5 16.9 24.5 22.6 17.1 59.6 194.2 355.6 489.9 590.4 0.23 0.20 0.18 0.16 0.15 0.14 0.13 0.12 0.11 4.7 7.0 6.1 5.9 11.6 32.2 52.4 66.0 73.7 0.8 2.1 2.0 3.2 2.7 5.0 7.1 8.8 11.3 3.9 4.9 4.1 2.7 8.9 27.2 46.2 58.8 64.9 18.1 31.3 51.7 56.8 98.4 212.6 410.8 658.9 913.5 47 40%10%-20%2021 2022E 2023E 2024E 2025E 14.4 14.4 14.3 13.5 12.7%38%38%37%37%37%8%8%9%9%9%12%12%12%12%12%7%7%7%8%8%12%12%11%10%10%4%4%4%4%4%18%18%20%19%19%4.5 4.4 4.2 4.1 3.9%44%44%43%42%42%20%20%20%20%20%7%7%7%7%7%13%13%14%14%14%16%16%16%17%17%0.15 0.14 0.13 0.12 0.11%57%57%57%57%57%12%12%12%12%12%8%8%8%8%8%7%7%7%7%7%16%16%16%16%16%48 2022 25 74.9 326+55.1 219.3 2021 2022E 2023E 2024E 2025E 16.1 29.1 53.3 84.5 120.3 360kW 1.4 5.2 13.3 26.2 42.1 180kW 14.7 23.9 40.0 58.3 78.2 77.5 230.1 403.3 549.7 669.6 98.4 212.6 410.8 658.9 913.5 360kW 20.9 75.4 190.5 353.8 534.9 30kw 12 7.9 28.7 70.5 130.9 197.9 6 1.7 6.4 16.7 32.0 49.9 2.6 9.4 23.6 43.9 66.4 1.5 5.3 13.3 28.3 42.8 2.5 9.1 21.0 35.4 53.5 0.9 3.1 8.0 14.9 22.6 3.8 13.5 37.4 68.4 101.8180kW 65.9 105.0 167.8 239.1 305.0 30kw 6 29.0 46.2 72.2 100.4 128.1+5 13.2 21.0 33.6 47.8 61.0 4.6 7.3 11.7 16.7 21.4 8.8 14.1 22.7 32.4 41.5 10.3 16.4 27.7 41.7 53.1 11.6 32.2 52.4 66.0 73.7 6.6 18.3 29.8 37.5 41.9 1.4 3.8 6.2 7.8 8.7 0.9 2.6 4.2 5.3 5.9 0.8 2.3 3.8 4.8 5.4 1.9 5.1 8.4 10.5 11.836.974.9142.7231.3326.024.155.1103.7161.3219.30%20%40%60%80%100%120%140%0.050.0100.0150.0200.0250.0300.0350.02021 2022E 2023E 2024E 2025E充电模块 充电枪、线缆充电模块同比 充电枪、线缆同比 2022 25 44.2 255.1 79%49 2022 25 14.3 87.9+11.6 61.6 IEA 2021 2022E 2023E 2024E 2025E 14.4 23.0 38.0 55.5 78.0 11.9 18.6 29.4 40.7 53.0 0.8 1.2 4.2 8.3 13.4 7.2 11.5 17.3 21.8 26.3 3.9 5.9 8.0 10.6 13.3 2.6 4.4 8.6 14.8 25.0 0.7 0.8 1.8 3.7 6.6 1.2 2.5 4.7 8.2 13.7 0.6 1.1 2.0 2.9 4.7 0.4 0.4 0.3 0.3 0.3%57%57%57%57%57%12%12%12%12%12%8%8%8%8%8%7%7%7%7%7%16%16%16%16%16%8.5 8.6 8.8 9.1 9.5%38%38%37%37%37%8%8%9%9%9%12%12%12%12%12%7%7%7%8%8%12%12%11%10%10%4%4%4%4%4%18%18%20%19%19%2021 2022E 2023E 2024E 2025E 26.3 44.2 85.5 148.0 255.1 4