2009 1210 2023 06 08 002658 11 8.73 2001 2012 2015 2016-2019 2021 243.82 yoy+9.69%2022 2022 11 20%-30%1 2023 2 2023 4 25 CBAM 2015-2016 1 Kore 2 Orthodyne 2023 5 2023 11 2023-2025 3.44 4.21 5.02 PE 16 13 11 2023 PE 20 11 G ReportFinancialIndex 2022A 2023E 2024E 2025E()1,505 1,860 2,279 2,715(%)9.0%23.6%22.5%19.1%()284 344 421 502(%)27.9%21.1%22.4%19.3%()0.45 0.55 0.67 0.80()19 16 13 11()2.1 2.0 1.9 1.8 2023 6 5 010-63214656 S0360518070002()63,011.46()34,239.60()55.01()29.89(%)22.00()4.16 12/10.05/6.73(12)-16%4%23%43%22/06 22/08 22/10 23/01 23/03 23/062022-06-062023-06-05 300 002658 2009 1210 2022/1 10%20%2023-2025 23%/24%/20%51%/51%/51%2 2023-2025 30%25%22%43%43%44%3 2023-2025 15%13%11%52%53%53%4 2023-2025 30%20%15%36%37%38%2023 11 2023-2025 3.44 4.21 5.02 PE 16 13 11 2023 PE 20 11 002658 2009 1210 3.6.6.6.7.8.8.9.10 800 13%.10“”.12.12 11.12.14.15 Vs.15.17 CBAM.18.18.19.20 Kore.20 1.20 2.20 3.21 Orthodyne.23 1.23 2.23 3.24.25.27 002658 2009 1210 4 1.6 2.6 3 2018-2022.7 4 2018-2022.7 5 2016.7 6 18-22%.8 7 18-22 ROE ROA%.8 8 18-22.8 9 18-22%.8 10 2018-2022%.9 11.9 12 70%.9 13.9 14 2020-23Q1.10 15 2020-23Q1.10 16.10 17 17-21.11 18 19-21.11 19.11 20.12 21.12 22 2022.13 23 22Q4 23Q1.13 24 7/.13 25.14 26.15 27.16 28 CEMS.16 29.17 30.17 31 CBAM ETS.18 32.18 33.19 002658 2009 1210 5 34 SCS-900/900C GHG.19 35 Kore.20 36 Kore.21 37 Kore.21 38 Kore.21 39 Kore.21 40 Kore.22 41.23 42 Orthodyne.23 43 Orthodyne.24 44 Orthodyne.24 45 Orthodyne.25 46.26 47.26 48.26 49.27 002658 2009 1210 6 2001 CEMS 2003 2007 2012 2015 KORE 2016 ORTHODYNE S.A.2020 CMMI 5 1 58.35%HKSCC 0.96%6 Kore 73.87%SDL Investment Orthdyne 100%2 Wind 2023.6.5 002658 2009 1210 7 2020 2012 2015 2.63 2020 88%2020 1.5 2022 15.05 8.97%2.84 27.89%2023 22Q1 21 23Q1 3 2018-2022 4 2018-2022 Wind Wind 5 2016 Wind 2022 3.03pct 46.45%18.86%2021 2.87pct 2022 ROE ROA 11.04%8.23%2019-10.00-5.000.005.0010.0015.0020.0025.000.002.004.006.008.0010.0012.0014.0016.002018 2019 2020 2021 2022 2023Q1(%)-80.00-60.00-40.00-20.000.0020.0040.0060.000.000.501.001.502.002.503.002018 2019 2020 2021 2022 2023Q1(%)46.81%71.36%80.36%85.49%87.96%92.88%0%10%20%30%40%50%60%70%80%90%100%0246810122016 2017 2018 2019 2020 2021 002658 2009 1210 8 6 18-22%7 18-22 ROE ROA%Wind Wind 22 8.61 20.27%9000 30.83%2.06 3.19 38.68%2931 70.08%8 18-22 9 18-22 Wind Wind 2022 2.53pct 27.22%1.2pct 11.37%0.33pct 8.95%1.02pct 6.44%0.01pct 0.46%23Q1 70%2019 43.11 2022 56.9 0.005.0010.0015.0020.0025.0030.0035.0040.0045.0050.002018 2019 2020 2021 2022 2023Q1 0.002.004.006.008.0010.0012.002018 2019 2020 2021 2022ROE ROA0.005.0010.0015.0020.002018 2019 2020 2021 2022 0.00%20.00%40.00%60.00%80.00%2018 2019 2020 2021 2022 002658 2009 1210 9 10 2018-2022%11 Wind Wind 12 70%13 Wind Wind 23Q1 Q1 2022 2.05 0.29 21 87.43%78.01%5.29 6.82-2.000.002.004.006.008.0010.0012.0014.0016.0018.002018 2019 2020 2021 2022 2023Q1 0%4%8%12%0.000.200.400.600.801.001.202018 2019 2020 2021 2022 68%71%68%69%69%0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022 1936210719412020194946.88 43.11 47.52 51.46 56.9050010001500200025002018 2019 2020 2021 2022()002658 2009 1210 10 14 2020-23Q1 15 2020-23Q1 Wind 23Q1 Wind 23Q1 16 Wind 800 13%800 30%2017 525.10 2021 867.26 10.56%2021 243.82 9.69%28.11%1.051.101.151.201.251.301.351.401.452302402502602702802903003102020 2021 2022 2023Q1()%0.000.501.001.502.002.503.003.500501001502002020 2021 2022 2023Q1()%0%10%20%30%40%50%60%70%80%90%100%0.000.501.001.502.002.503.002018 2019 2020 2021 2022 2023Q1 002658 2009 1210 11 17 17-21 18 19-21 19 2015 2020 2015 3 2016 2016 2017 2018 2020 2020-2035 2020 2035 2021 2025 2022 2022 2025 VOCs VOCs 525.1638.1712.2783.2867.2621.52%11.61%9.97%10.73%0%5%10%15%20%25%010020030040050060070080090010002017 2018 2019 2020 2021 193207.3243.87.41%17.61%0%2%4%6%8%10%12%14%16%18%20%0501001502002503002019 2020 2021 002658 2009 1210 12 PN 2022 300 80 VOCs 20 3.6+2022 2022 100 100 CO2 20 21 11 207724943435278333113419479437814731525501000200030004000500060002013 2014 2015 2016 2017 2018 2019 2020 2021 2022 002658 2009 1210 13 2021/2022 2022 2022 3 2022 35%2022Q4 2023Q1 52.89%38.55%22 2022 23 22Q4 23Q1 Wind Wind 7 30 150-200 1,20 4 20-25 20*4+25*2=130 2 30 50 30+50=80 30 210 7/2023-2025 1.65 11.55 24 7/2 20 40 2 20 40 2 25 50 1 30 30-40%-30%-20%-10%0%10%20%30%40%020040060080010001200140016001800-60%-40%-20%0%20%40%60%050010001500200025002021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 002658 2009 1210 14 1 50 50 210/7 1.65 11.55 2018 5 2019 4 5 25 mg/Nm3 SO2 NOx NH3 30 20 200 100 400 320 10 8 2014/2015 10 30 100 8 2021 10 1 10 50 100-2022 10 50 100 8-10 100 200 8 2021 10 35 100-2022 10 35 50-2024 10 10 35 20 100 50 5-2020-20 10-100 50 300 200 100 8-30 15 200 100 350 250 10 8-10 10 50 35 100 50-2022 2025 6 15%2021 34 23 1.45 11 8400 2021 10.33 15%002658 2009 1210 15 Vs.1 CO2 CO2 2 CEMS CO2 CO2 26 IPCC CAMD CO2 EIA CO2 EU ETS CO2 2013-2015 24 10 75+002658 2009 1210 16 3-4 2-4 10 27 1.5-2 28 CEMS CEMS 40 2 3.5 2 1 48.5 30-40 002658 2009 1210 17 29 RATA Relative Accuracy Test Audit,1 7%2 2%3 2%4 CEMS 10 5 40 2018 4 CEMS 2021 1 2023 30 2018 4 CEMS 2021 1 2021 9 2022 2022 1 2023 2 第一年 第二年 第三年 第四年 第五年 第六年 第七年 第八年 第九年 第十年硬件维护费用-9000-9180-9364-9551-9742-9937-10135-10338-10545-10756年度 RAT A 测试-10000-10200-10404-10612-10824-11041-11262-11487-11717-11951数据记录和报告-12000-12240-12485-12734-12989-13249-13514-13784-14060-14341保险费用-4000-4000-4000-4000-4000-4000-4000-4000-4000-4000净现金流出-32710-31112-29593-28149-26776-25472-24232-23053-21932-20867总额-748896 002658 2009 1210 18 2023 2 2023 5 29 5 CBAM CBAM 2023 4 25 2026 CBAM 31 CBAM ETS 161 91 20-28 32/160.86 26-28 652-690 11%-12%90.6 20-23 4295-4909 29%-33%CBAM 2225 8 3000 002658 2009 1210 19 1 5000 1.5 50 5 3 1 50 33 2225 1.5 50 166875 3000 1.5 50 225000 5000 1.5 50 375000 4 5 50 1000 293 3 50 43950 388 1 50 19400 831225 2023 5 29 93 2023 2 CO2 34 SCS-900/900C GHG SCS-900/900C GHG SCS-900/900C GHG+CO2 CH4 N2O SO2 CO NO O2 4/002658 2009 1210 20 Kore 1 1946 William Stephens TOF-MS 1978 Kore Dr.Barrie W.Griffiths 1982 CMS CCL 1992 Kore Technology Limited CMS 1993 DTI Kore SMART 1995 DTI Kore SPUR SurfaceSeer 2015 Kore 35 Kore Kore 2 Kore 1000 15-17 Kore Kore Kore 002658 2009 1210 21 36 Kore 37 Kore 38 Kore 3 m/z Kore 39 Kore Kore-60.00%-40.00%-20.00%0.00%20.00%40.00%60.00%0.00200.00400.00600.00800.001,000.001,200.001,400.002015 2016 2017 2018 2019 2020 2021 2022(%)65.63120.02171.3267.450.73-32.57122.910.18-50.000.0050.00100.00150.00200.002015 2016 2017 2018 2019 2020 2021 2022104.36-271.37220.09-43.22-10.56157.5857.583.77-300.00-200.00-100.000.00100.00200.00300.002015 2016 2017 2018 2019 2020 2021 2022 002658 2009 1210 22 Kore MS-200 VOCs PTR 3C VOCs SURFACESEER I TOF-SIMS 40 Kore MS-200 VOCs ppb()6 ppm(%)10s ppb VOCs/VOCs VOCs VOCs PTR 3C VOC PTR TOF VOC VOC SURFACESEER I TOF-SIMS SurfaceSeer S TOF-MS 25 kV(LMIG)Kore 3mm 400 m(5 m)175 ppm Kore 002658 2009 1210 23 Kore PTR3C 41 2023.5 258.88 2023.5/Orthodyne 1 Orthodyne 55 1923 1950 Orthodyne 2016 100%Orthodyne 42 Orthodyne Orthodyne 2 Orthodyne 002658 2009 1210 24 43 Orthodyne Orthodyne Orthodyne DID FID TCD Linde Air Liquide Air Products Oxair 44 Orthodyne DID Air Products Air Liquide FID 350 C 100%Air Products Air Liquide Oxair Linde Schelle TCD Linde Praxair Air Products Air Liquide Orthodyne 3 Orthodyne 95%Orthodyne 20 Orthodyne Orthodyne Orthodyne Orthodyne 002658 2009 1210 25 45 Orthodyne Orthodyne 1 10%15%20%2023-2025 23%/24%/20%51%/51%/51%2 2023-2025 30%25%22%43%43%44%3 2023-2025 15%13%11%52%53%53%4 2023-2025 30%20%15%36%37%38%002658 2009 1210 26 46 2022 2022 1%43%77%9%289%TO B 47 Wind 2023 Q1 48 2020 2021 2022/-22.43%-23.76%-22.97%/-4.91%29.6%20.27%/6.18%25.97%-0.56%2022 30.49%/2022 5.5%/2023 11 2023-2025 3.44 4.21 5.02 PE 16 13 11 002658 2009 1210 27 2023 PE 20 11 49 2023/06/02)EPS PE X 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 22.60-0.83 0.47 0.81 1.26-41 48 28 18 102 26.15 0.36 0.83 1.24 1.78 78 31 21 15 35 13.94 0.24 0.68 0.75 0.90 48 21 19 15 33 33 8.63 0.45 0.55 0.67 0.80 19 16 13 11 54 Wind EPS PE 2023 6 2 Wind G 2021 5525 2019 25%G 002658 2009 1210 28 Table_ValuationModels2 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 1,158 985 862 776 1,505 1,860 2,279 2,715 42 28 35 46 806 970 1,183 1,401 595 689 860 1,027 11 14 17 21 44 76 87 97 171 211 259 309 553 732 881 1,027 135 167 204 243 5 2 2 4 97 120 147 175 589 703 744 766 7 3 3 5 2,986 3,215 3,471 3,743-41-41-41-41 8 8 8 8-1-1-1-1 94 94 94 94-1-1-1-1 170 168 170 173 39 10 8 5 0 2 4 4 52 52 52 52 60 65 69 73 326 394 482 575 139 141 140 142 1 1 2 2 471 478 485 494 2 2 2 2 3,457 3,693 3,956 4,237 325 393 482 575 0 0 0 0 41 49 61 73 7 10 12 14 284 344 421 502 114 161 197 230 0 0 0 0 0 0 0 0 284 344 421 502 293 362 443 528 NOPLAT 290 346 423 506 3 3 3 3 EPS()0.45 0.55 0.67 0.80 298 298 298 298 74 92 111 135 789 926 1,064 1,208 2022A 2023E 2024E 2025E 1 1 2 3 0 0 0 0 9.0%23.6%22.5%19.1%3 4 4 3 EBIT 27.2%19.5%22.3%19.5%4 5 6 6 27.9%21.1%22.4%19.3%793 931 1,070 1,214 2,657 2,755 2,878 3,015 46.5%47.8%48.1%48.4%7 7 8 8 18.9%18.5%18.5%18.5%2,664 2,762 2,886 3,023 ROE 10.7%12.5%14.6%16.6%3,457 3,693 3,956 4,237 ROIC 14.8%17.0%19.7%22.3%22.9%25.2%27.1%28.6%2022A 2023E 2024E 2025E 11.4%11.0%10.5%10.1%205 105 210 320 3.8 3.5 3.3 3.1 328 379 457 540 3.1 2.7 2.4 2.2 28-179-149-146-103-111-188-187 0.4 0.5 0.6 0.6-33 51 37 35 132 124 122 125-16-34 53 77 57 51 55 55 530-39-40-42 254 238 245 245-35-37-39-42()0 0 0 0 0.45 0.55 0.67 0.80 565-2-1 0 0.33 0.17 0.33 0.51-200-239-293-364 4.22 4.37 4.57 4.78 14 1 1 1-195-323-389-459 P/E 19 16 13 11 1 1 1 1 P/B 2 2 2 2-20 82 94 93 EV/EBITDA 16 14 11 9 002658 2009 1210 29 2017 2019 2022 2022 002658 2009 1210 30 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-83024576 0755-82871425 021-20572536 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 002658 2009 1210 31 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