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20240527_海通证券_食品行业专题报告:23年业绩平稳24Q1景气度有所提升_40页.pdf

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20240527_海通证券_食品行业专题报告:23年业绩平稳24Q1景气度有所提升_40页.pdf

Table_MainInfo/2024 05 27 Table_InvestInfo Table_QuoteInfo-16.88%-12.00%-7.11%-2.23%2.66%7.55%2023/5 2023/8 2023/11 2024/2 Table_ReportInfo 24Q1+6.8%2024.05.22 4 CPI 1%2024.05.16 2024.05.23 Table_AuthorInfo:Tel:(021)23183952 Email:S0850520020001:Tel:(021)23185685 Email:S0850520100001:Tel:(021)23154172 Email:S0850520050001 23 24Q1 Table_Summary 24Q1 23 C B 23/+1.73%/+21.72%/-4.03%569.2/108.52/90.61 24Q1 24Q1/+6.61%/+10.16%/+10.82%163.34/32.08/30.59 23 24Q1 23 24Q1 24Q1 23 24Q1 23/+1.0%/+19.7%1827/125 24Q1-3.4%/+57.6%463/63 23+0.44pct 30.0%24Q1+1.56pct 32.5%23/-0.51pct/-0.20pct/-0.01pct/+0.08pct/-0.64pct 16.8%/4.0%/0.7%/0.2%/21.7%24Q1+0.98pct/+0.23pct/-0.07pct/-0.37pct/+0.78pct 17.4%/4.3%/0.4%/-0.2%/21.9%23/24Q1+1.07pct/+5.30pct 6.8%/13.7%Table_StockInfo EPS 2023 2024E 2025E 603288 1.01 1.13 1.28 603027 0.52 0.67 0.82 603317 0.43 0.54 0.64 600872 2.16 0.93 1.20 600887 1.64 2.13 1.87 002557 1.58 2.04 2.38 003000 0.46 0.66 0.88 002847 1.84 2.42 3.22 资料来源:Wind,海通证券研究所 2 23 24 23/+0.99%/+6.13%365.15/25.36 24 24 24Q1/+32.64%/+23.03%121.70/10.85 23/24Q1+0.34pct/-0.70pct 6.94%/8.92%23 24Q1&1 2 3 4 ZXDWuNrMtQoPrPpMrMtMnMbRbP9PmOrRoMmQlOrRsPfQpNvM8OqQxPxNtPyQwMtPvN 3 1.24Q1.7 2.24Q1.19 3.23 24.28 4.38 5.39 4 1 2018.7 2 2018.7 3 2018.10 4 2015.1-2024.2.10 5/2015.4-2024.3.10 6 2019.1-2024.4.11 7/2022-2024.11 8 2018.13 9 2018.13 10 2018.13 11 2018.13 12 2018.16 13 2018.19 14 2018.19 15 2018.21 16.21 17.21 18/.21 19/.21 20 2018.23 21 2018.23 22 2018.23 23 2018.23 24 2018.26 25 A 2017.28 26 A 2017.28 27 A 2017.30 28 A 2017.30 29.31 30 A 2017.32 qAOGaVG/j0zRDvk/Lbbhv5KvZxvDHl7CnYBIQwX/6MN1fOLai45crIo1Nxc1az+8 5 31 A 2017.32 32 A 2017.33 33 A 2017.33 34 A 2017.33 35 A 2017.33 36 A 2017.33 37 A 2017.33 38 A 2017.35 39 A 2017.35 6 1.8 2.11 3.13 4.14 5.14 6.15 7.17 8.18 9.18 10.20 11.22 12.24 13.24 14.25 15.25 16.26 17.27 18.27 19 A 2023 24Q1.29 20 A 2023 24Q1.31 21 A/2023 24Q1.34 22 A.34 23 A 2023 24Q1.36 24 A/2023.36 25 A/24Q1.37 26 A 2023 24Q1.38 27 2024/5/24.38 7 1.24Q1 23 C B 23/+1.73%/+21.72%/-4.03%569.2/108.52/90.61 23-0.57pct 32.93%Q4-0.8pct 31.21%23/+0.03pct/+0.53pct/+0.27pct/+0.83pct 7.8%/6.57%/-1.26%/13.1%23Q4+0.95pct/+1.31pct/+0.08pct/+2.34pct 8.45%/7.32%/-1.62%/14.15%23/23Q4+3.13pct/+25.5pct 19.07%/35.19%24Q1 24Q1/+6.61%/+10.16%/+10.82%163.34/32.08/30.59+0.45pct 35.46%/-0.14pct/-0.17pct/+0.05pct/-0.26pct 7.51%/5.7%/-0.8%/12.41%1 2018 0%5%10%15%20%25%01002003004005006002018 2019 2020 2021 2022 2023 2024Q1 yoy Wind 2 2018-20%-15%-10%-5%0%5%10%15%20%25%30%0204060801001202018 2019 2020 2021 2022 2023 2024Q1 yoy Wind 23Q4 23 24Q1-3.58%+1.73%+6.61%23Q4 23 24Q1/-9.25%/+2.44%/+14.03%/+1.76%/-0.84%-1.44%/-1.52%/+16.7%/+5.74%/-3.86%+9.89%/-24.89%/+13.24%/+2.53%/-1.53%23Q4 23 24Q1-9.3%-4.1%+10.21%23 24Q1 23Q4 23 24Q1/-12.93%/-7.4%/-14.62%/+17.84%-8.83%/-6.08%/-3.74%/+19.35%+10.06%/+6.44%/+9.63%/+22.1%23Q4 23 24Q1-14.37%-3.78%+8.64%23 23Q4 23 24Q1/-17.25%/+18.13%/-18.69%/-21.13%+0.09%/+13.44%/-10.62%/-6.79%+13.44%/+16.83%/-5.54%/-0.31%23Q4 23 24Q1 8-0.82%+31.62%+9.28%23Q4 23 24Q1/-2.89%/-10.91%+34.85%/+11.75%+9.13%/-6.22%23Q4 23 24Q1+2.44%-1.52%-24.89%23Q4 23 24Q1/-2.89%/+7.43%/-36.96%+0.79/-8.39%/-23.57%-19.96%/-30.86%/-49.25%23Q4 23 24Q1+16.95%+17.02%+11.34%23Q4 23 24Q1/-6.01%/+35.78%/+85.62%/+134.66%/-41.08%+1.97%/+28.58%/+47.73%/+14.75%/-18.46%+1.18%/+17.75%/+21.79%23Q4 23 24Q1+24.11%+16.49%+14.73%23Q4 23 24Q1/+17.97%/+44.01%/+55.27%+16.34%/+18.28%/-26.94%+16.3%/+9.8%/-28.79%23Q4 23 24Q1+14.03%+16.7%+13.24%23Q4 23 24Q1/+19.46%/-4.26%/+35.11%+29.32%/+1.39%/+8.28%+27.7%/+5.76%/+0.56%23Q4 23 24Q1+1.76%+5.74%+2.53%23Q4 23 24Q1-1.79%+5.38%+5.37%23Q4 23 24Q1-0.84%-3.86%-1.53%23/-4.56%/-25.99%/-6.51%1 24Q1 23 23Q4 23Q3 23Q2 23Q1 24Q1 23 23Q4 23Q3 23Q2 23Q1 76.94 245.59 59.09 56.85 59.85 69.81 10.21%-4.10%-9.30%2.20%-5.34%-3.17%14.85 51.39 11.86 12.99 12.88 13.67 8.64%-3.78%-14.37%-0.38%-1.36%1.46%8.95 32.07 8.75 8.00 7.12 8.19 9.28%31.62%-0.82%48.45%33.76%69.81%100.73 329.05 79.71 77.84 79.84 91.66 9.89%-1.44%-9.25%5.11%-2.15%1.41%4.60 21.06 4.69 4.99 5.26 6.13-24.89%-1.52%2.44%0.03%-13.88%7.15%8.53 31.49 9.15 8.08 6.59 7.66 11.34%17.02%16.95%16.39%12.71%21.79%0.92 3.59 0.94 1.03 0.83 0.80 14.73%16.49%24.11%16.86%17.71%7.21%6.24 23.69 6.10 6.31 5.89 5.39 15.72%16.31%8.61%11.80%20.94%27.20%15.69 58.77 16.18 15.43 13.31 13.86 13.24%16.70%14.03%14.50%16.53%22.86%34.83 135.81 39.28 29.39 33.17 33.97 2.53%5.74%1.76%1.62%8.45%12.03%9 7.49 24.50 4.98 6.15 5.77 7.60-1.53%-3.86%-0.84%-1.50%-21.35%10.41%163.34 569.20 144.84 133.79 137.35 153.21 6.61%1.73%-3.58%4.79%0.22%5.97%Wind 24Q1 23-0.57pct 32.93%Q4-0.8pct 31.21%/23-0.45pct/-1.38pct/+1.35pct/-0.61pct/-2.43pct 34.65%/32.98%/36.03%/24.19%/50.72%Q4-1.45pct/+1.62pct/+1.88pct/-0.91pct/+3.35pct 32.79%/33.63%/36.62%/23.02%/50.65%24Q1+0.45pct 35.46%/24Q1+0.85pct/+6.29pct/+0.58pct/-0.74pct/-4.17pct 37.14%/41.38%/38.94%/24.66%/52.11%23-0.95pct 34.74%23Q4-1.71pct 32.34%24Q1+0.38pct 37.31%23+1.01pct 32.71%23Q4+1.49pct 33.14%24Q1+5.57pct 36.98%23+0.59pct 37.15%23Q4-4.36pct 35.4%24Q1-3.07pct 35.96%23-1.38pct 32.98%23Q4+1.62pct 33.63%24Q1+6.29pct 41.38%23+3.66pct 37.88%23Q4+6.32pct 40.3%24Q1+3.44pct 44.05%1 2 3 23-0.61pct 38.76%23Q4-0.46pct 37.62%24Q1-0.43pct 38.28%23-1.43pct 33.14%23Q4-4.4pct 30.95%24Q1-3.05pct 32.04%23-0.61pct 24.19%23Q4-0.91pct 23.02%24Q1-0.74pct 24.66%23-2.43pct 50.72%+40%23Q4+3.35pct 50.65%24Q1-4.17pct 52.11%10 3 2018 0%10%20%30%40%50%60%70%2018 2019 2020 2021 2022 2023 2024Q1 Wind 2023+29.39%-10.97%-12.88%-15.35%2023+2.34pct+2.62pct+0.44pct 2024Q1+10.44%-15.61%-2.58%-10.26%2024Q1+0.38pct+5.57pct-3.07pct 2023 2023 24Q1-25.69%-18.21%-12.88%-7.32%+3.66pct+3.43pct 2023.3.29 2024.4.7 2022 2023 2024 800/1100/800/5 6 4 2015.1-2024.2 0.600.700.800.901.001.101.201.301.401.50 wind 5/2015.4-2024.3 0200040006000800010000120002015-042015-092016-022016-072016-122017-052017-102018-032018-082019-012019-062019-112020-042020-092021-022021-072021-122022-052022-102023-032023-082024-01 Wind 11 6 2019.1-2024.4 0246810121402000400060008000100001200014000160002019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-052023-092024-01/kg wind 7/2022-2024 0200400600800100012002022 2023 2024 2023.3.29 2024.4.7 2 pct 24Q 23 23Q4 23Q3 23Q2 23Q1 24Q1 23 23Q4 23Q3 23Q2 23Q1 37.31%34.74%32.34%34.54%34.73%36.93%0.38-0.95-1.71-0.75-0.14-1.25 36.98%32.71%33.14%33.86%32.53%31.41%5.57 1.01 1.49 2.71 0.85-0.90 35.96%37.15%35.40%36.87%37.43%39.03%-3.07 0.59-4.36 3.33 1.71 4.05 37.14%34.65%32.79%34.67%34.61%36.29%0.85-0.45-1.45 0.23 0.20-0.84 41.38%32.98%33.63%26.14%36.46%35.08%6.29-1.38 1.62-7.77 3.25-2.82 44.05%37.88%40.30%38.06%31.13%40.62%3.44 3.66 6.32 5.40-3.38 4.66 38.28%38.76%37.62%38.42%40.55%38.71%-0.43-0.61-0.46-2.27 1.48-0.72 32.04%33.14%30.95%32.34%34.47%35.09%-3.05-1.43-4.40-2.22-0.54 2.06 38.94%36.03%36.62%35.75%33.20%38.36%0.58 1.35 1.88 1.76-1.81 3.27 24.66%24.19%23.02%24.97%23.65%25.40%-0.74-0.61-0.91 3.03-3.10-1.28 52.11%50.72%50.65%45.69%48.80%56.28%-4.17-2.43 3.35-7.71-8.87 3.91 35.46%32.93%31.21%32.85%32.49%35.01%0.45-0.57-0.80 0.39-1.45-0.53 Wind 24Q1 23/+0.03pct/+0.53pct/+0.831pct 7.8%/6.57%/13.1%23Q4+0.95pct/+1.31pct/+2.34pct 8.45%/7.32%/14.15%24Q1-0.14pct/-0.17pct/-0.26pct 7.51%/5.7%/12.41%23/+0.01pct/+0.62pct/+0.98pct 6.55%/6.11%/10.78%23Q4/-0.43pct/+1.93pct/+1.93pct 6.53%/7.57%/11.42%24Q1/+0.08pct/-0.46pct/-0.31pct 6.39%/4.91%/10.16%23/-0.06pct/+0.39/+0.81pct 5.32%/5.05%/7.99%0.7pct 0.85%23Q4/-0.68pct/+1.39pct/+1.3pct 4.9%/6.31%/7.7%24Q1/+0.27pct/-0.38pct/+0.11pct 5.5%/4.02%/8.19%23/12+0.04pct/+1.46pct/+1.46pct 8.9%/10.86%/19.64%0.01pct 1.38%23Q4/+0.73pct/+5.96pct/+6.72pct 10.66%/14.91%/25.41%24Q1/-0.85pct/-0.38pct/-1.27pct 7.73%/9.24%/16.86%23/-1.36pct/+0.92pct/-0.95pct 12.22%/6.56%/17.94%1.17pct 4.79%23Q4/-0.53pct/+0.42pct/-0.34pct 11.93%/6.17%/17.53%24Q1/+0.12pct/-1.15pct/-2.14pct 11.82%/5.44%/15.99%23/+2.43pct/-0.54 pct/+1.56pct 18.65%/8.76%/27.24%0.47pct 4.21%23Q4/+14.63pct/-1.98pct/+12.06pct 35.77%/10.05%/45.62%24Q1/+4.61pct/+2.97pct/+7.46pct 17.02%/10.93%/27.79%23/+0.28pct/+0.09pct/+0.51pct 14.62%/6.59%/21%23Q4/+2.2pct/-1.51pct/+0.76pct 16.93%/7.57%/22.49%24Q1/+0.73pct/-0.46pct/+0.04pct 15.64%/5.84%/21.31%23/+0.95pct/+0.54pct/+1.8pct 15.37%/7.31%/22.31%+1.13pct 8.31%23Q4/+4.03pct/-1.58pct/+2.62pct 18.47%/6.1%/24.31%24Q1/+2.18pct/-0.9pct/+1.36pct 17.02%/6.13%/22.88%23/+0.32pct/-1.87pct/-1.29pct 7.87%/12.28%/22.31%23Q4/+0.09pct/-4.34pct/-4.08pct 9.93%/9.68%/20.43%24Q1/+0.49pct/-1.87pct/-1.13pct 8.11%/13.6%/22.54%23/-0.61pct/-0.21pct/-0.94pct 14.64%/4.78%/19.29%0.92pct 11.96%23Q4/-0.09pct/-1.16pct/-1.34pct 15.69%/4.4%/20.08%24Q1/+0.73pct/-0.39pct/-1.56pct 14.85%/4.3%/18.97%23/-0.5pct/+0.61pct/+0.18pct 5.18%/7.82%/13.12%23Q4/0.12pct/+1.57pct/+0.59pct 4.98%/7.42%/12.61%24Q1/-0.37pct/+0.74pct/+0.54pct 4.84%/7.84%/13.25%23/-0.97pct/+0.28pct/-0.68pct 13.37%/3.83%/13.09%+1.69pct 6.72%23Q4/+9.05pct/+0.21pct/+10.26pct 13.21%/5.36%/13.36%24Q1/-5.63pct/-0.44pct/-6.51pct 12.21%/2.83%/10.77%13 8 2018 0%5%10%15%20%25%2018 2019 2020 2021 2022 2023 2024Q1 Wind 9 2018 0%2%4%6%8%10%12%2018 2019 2020 2021 2022 2023 2024Q1 Wind 10 2018-5%-4%-3%-2%-1%0%1%2%3%2018 2019 2020 2021 2022 2023 2024Q1 Wind 11 2018 0%5%10%15%20%25%30%35%2018 2019 2020 2021 2022 2023 2024Q1 Wind 3 pct 24Q1 23 23Q4 23Q3 23Q2 23 1 24Q1 23 23Q4 23Q3 23Q2 23Q1 5.50%5.32%4.90%5.59%5.57%5.23%0.27-0.06-0.68-0.28 0.89-0.20 7.73%8.90%10.66%8.12%8.40%8.58%-0.85 0.04 0.73-1.01 0.90-0.22 11.82%12.22%11.93%11.95%13.48%11.70%0.12-1.36-0.53-2.17-0.08-3.36 6.39%6.55%6.53%6.67%6.73%6.30%0.08 0.01-0.43-0.38 1.02-0.14 17.02%18.65%35.77%12.77%16.24%12.41%4.61 2.43 14.63-4.51 0.68 0.34 17.02%15.37%18.47%15.59%11.42%14.84%2.18 0.95 4.03 2.95-6.60 1.83 8.11%7.87%9.93%5.97%8.17%7.61%0.49 0.32 0.09-0.79 0.65 1.39 14.85%14.64%15.69%12.21%14.81%16.10%-1.24-0.61-0.09-2.01-1.91 1.88 15.64%14.62%16.93%13.57%12.72%14.91%0.73 0.28 2.20 0.65-4.10 1.90 4.84%5.18%4.98%5.69%4.93%5.21%-0.37-0.50 0.12-0.25-0.57-1.46 12.21%13.37%13.21%11.73%9.35%17.84%-5.63-0.97 9.05-11.08-1.44-0.02 7.51%7.80%8.45%7.71%7.35%7.66%-0.14 0.03 0.95-0.88 0.05-0.11 14 Wind 4 pct 24Q1 23 23Q 23Q3 23Q2 23Q1 24Q1 23 23 4 23Q3 23Q2 23Q1 4.02%5.05%6.31%4.90%4.72%4.40%-0.38 0.39 1.39-0.18-0.14 0.48 9.24%10.86%14.91%9.45%9.86%9.62%-0.38 1.46 5.96-2.06 0.60 1.66 5.44%6.56%6.17%7.00%6.54%6.59%-1.15 0.92 0.42 2.36 0.24 0.74 4.91%6.11%7.57%5.88%5.71%5.37%-0.46 0.62 1.93-0.30 0.05 0.75 10.93%8.76%10.05%9.20%8.14%7.96%2.97-0.54-1.98-0.26 0.88-1.21 6.13%7.31%6.10%7.03%9.64%7.02%-0.90 0.54-1.58-0.33 2.49 2.42 13.60%12.28%9.68%11.46%13.15%15.46%-1.87-1.87-4.34-1.57-1.91 0.72 4.30%4.78%4.40%4.49%5.58%4.69%-0.39-0.21-1.16-0.19 0.66-0.08 5.84%6.59%5.67%6.29%8.06%6.60%-0.77 0.09-1.51-0.32 1.38 1.26 7.84%7.82%7.42%8.86%8.12%7.10%0.74 0.61 1.57 1.28-0.50-0.07 2.83%3.83%5.36%3.41%3.69%3.27%-0.44 0.28 0.21 0.41 0.54-0.04 5.70%6.57%7.32%6.59%6.53%5.86%-0.17 0.53 1.31 0.07 0.19 0.54 Wind 5 pct 24Q1 23 23Q4 23Q3 23Q2 23Q1 24Q1 23 23Q4 23Q3 23Q2 23Q1 8.19%7.99%7.70%8.69%7.51%8.07%0.11 0.81 1.30 0.35 1.35 0.18 16.86%19.64%25.41%17.45%18.13%18.13%-1.27 1.46 6.72-3.11 1.34 1.43 15.99%17.94%17.53%17.91%18.25%18.13%-2.14-0.95-0.34-0.42-1.23-2.59 10.16%10.78%11.42%11.10%10.18%10.47%-0.31 0.98 1.93-0.12 1.45 0.58 27.79%27.24%45.62%21.60%24.27%20.33%7.46 1.56 12.06-5.07 1.35-1.13 22.88%22.31%24.31%22.28%20.48%21.52%1.36 1.80 2.62 2.68-3.42 4.64 22.54%20.83%20.43%18.15%21.89%23.67%-1.13-1.29-4.08-1.91-0.87 2.11 18.97%19.29%20.08%16.71%20.11%20.53%-1.56-0.94-1.34-1.93-1.52 1.34 21.31%21.00%22.49%19.73%20.40%21.26%0.04 0.51 0.76 0.50-2.46 3.20 13.25%13.12%12.61%15.22%12.28%12.70%0.54 0.18 0.59 2.72-0.35-2.13 10.77%13.09%13.36%11.52%9.01%17.28%-6.51-0.68 10.26-10.76-1.37-0.19 12.41%13.10%14.15%13.41%12.17%12.67%-0.26 0.83 2.34-0.09 0.67 0.29 Wind 15 6 23 pct 0.85%-0.70 1.38%-0.01 4.79%-1.17 4.21%0.47 8.31%1.13 1.95%0.74 11.96%-0.92 1.32%-0.52 6.72%-1.69 2023+24Q1 23 19.07%+3.13pct 15.92%-0.96pct Q4 25.5pct 35.19%/23-6.05pct/-2.33pct/+1.78pct/-0.93pct/-1.53pct 23.87%/4.13%/13.85%/9.35%/33.74%Q4 47.64pct/-7.36pct/+1.15pct/-1.86pct/-6.69pct 55.34%/-10.95%/13.05%/9.13%/33.57%24Q1 0.63pct 19.64%/24Q1+1.03pct/+0.1pct/+0.38pct/-1.22pct/+1.91pct 22.96%/11.99%/15.91%/9.16%/36.29%23-1.29pct 22.91%23Q4-1.53pct 21.97%24Q1+0.37pct 24.94%23+44.11pct 33.02%2022 11.78 2023H1 17.47 23Q4 323.33pct 250.34%24Q1+5.15pct 16.1%23+2.42pct 16.54%23Q4-1.37pct 16.37%24Q1-0.42pct 17.32%23 23-2.33pct 4.13%23Q4-7.36pct-10.95%24Q1+0.1pct 11.99%23+1.81pct 14.5%16 23Q4 2.44pct 14.9%24Q1+3.89pct 20.63%23-0.85pct 15.7%23Q4+3.15pct 15.86%24Q1+0.74pct 14.06%23+2.13pct 12.71%23Q4-1.18pct 9.85%24Q1-4.41pct 9.74%23-0.93pct 9.35%23Q4-1.86pct 9.13%24Q1-1.22pct 9.16%23 23-1.53pct 33.74%+40%23Q4-6.69pct 33.57%24Q1+1.91pct 36.29%5.6pct 12 2018 0%5%10%15%20%25%30%35%40%2018 2019 2020 2021 2022 2023 2024Q1 Wind 17 7 pct 24Q1 23 23Q4 23Q3 23Q2 23Q1 24Q1 23 23Q4 23Q3 23Q2 23Q1 24.94%22.91%21.97%21.68%23.07%24.57%0.37-1.29-1.53-1.22-1.67-0.79 16.10%33.02%250.34%13.12%-123.68%10.95%5.15 44.11 323.33 5.02-135.53-0.81 17.32%16.54%16.37%16.30%15.64%17.74%-0.42 2.42-1.37 3.59 3.69 6.28 22.96%23.87%55.34%19.70%-1.26%21.93%1.03 6.05 47.64 0.15-23.10-0.67 11.99%4.13%-10.95%2.95%9.62%11.89%0.10-2.33-7.36-2.38 1.33-1.61 20.63%14.50%14.90%13.93%12.06%16.74%3.89 1.81 2.44 2.68 0.83 0.78 14.06%15.70%15.86%17.24%15.88%13.33%0.74-0.85 3.15-0.82-1.11-4.88 9.74%12.71%9.85%11.90%15.21%14.15%-4.41 2.13-1.18 1.14 4.76 4.28 15.91%13.85%13.05%13.32%13.69%15.54%0.38 1.78 1.15 1.83 2.44 1.72 9.16%9.35%9.13%8.27%9.54%10.38%-1.22-0.93-1.86 0.34-2.08 0.07 36.29%33.74%33.57%30.72%36.26%34.38%1.91-1.53-6.69 1.84-4.94 3.27 19.64%19.07%35.19%16.33%4.79%19.01%0.63 3.13 25.50 0.37-14.32-0.37 Wind 24Q1 23 115.11+35.85%Q4 46.37+7.67%24Q1-4.38-129.46%23 659.64+8.02%Q4 194.12+9.29%24Q1 147.78-8.2%18 8 24Q1 23 23Q4 24Q1 23 23Q4 24Q1 23 23Q4 24Q1 23 23Q4-5.54 73.56 38.99-152.14%92.04%61.71%57.65 295.43 94.97-19.02%10.41%28.43%4.03 8.42-0.03 106.43%24.24%-102.37%16.64 57.02 13.22 13.60%-5.43%-19.61%1.63 4.70 1.56 5194.43%-39.22%-56.75%9.52 35.29 9.92 14.04%23.22%-11.32%0.11 86.68 40.52-99.12%64.12%39.77%83.81 387.74 118.11-11.02%8.76%16.28%-0.38 2.48 0.96-168.54%29.59%18.28%4.33 23.52 6.59-26.77%1.90%23.64%1.88 6.03 0.86 57.09%10.34%-793.51%8.98 33.35 7.04 12.96%7.72%-16.28%0.16 0.70 0.27 30.04%28.76%43.38%1.14 3.74 0.98 21.85%15.28%16.51%0.77 1.66 0.24 29.06%-34.01%-68.47%6.93 26.24 6.89 6.07%15.71%10.80%2.82 8.39 1.37 46.59%-1.61%67.98%17.05 63.33 14.92 10.58%11.34%-3.60%-6.59 13.21 1.77-622.85%23.58%-80.63%35.31 158.59 48.78-7.17%9.87%0.54%-0.34 4.35 1.76-77.25%-59.64%-47.17%7.27 26.46 5.73-1.84%-11.36%-14.95%-4.38 115.11 46.37-129.46%35.85%7.67%147.78 659.64 194.12-8.20%8.02%9.29%Wind 9 EPS PE PB 2023 2024E 2025E 2023 2024E 2025E 2023 2024E 2025E 603288.SH 36.01 2002.37 1.01 1.12 1.25 35.6 32.1 28.8 7.0 6.2 5.6 600872.SH 26.80 210.48 2.16 0.99 1.25 12.4 27.0 21.5 4.5 4.0 3.5 603027.SH 15.76 161.97 0.52 0.63 0.76 30.5 24.9 20.8 4.4 3.9 3.4 1.23 0.92 1.09 26.2 28.0 23.7 5.3 4.7 4.1 600305.SH 8.07 89.82 0.08 0.15 0.18 103.4 53.7 44.5 2.7 2.6 2.5 603317.SH 13.59 144.74 0.43 0.52 0.62

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