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20240615_东方证券_汽车行业长期投资逻辑专题研究:出海、分红及拓成长空间的公司具备长线长投机会_40页.pdf

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20240615_东方证券_汽车行业长期投资逻辑专题研究:出海、分红及拓成长空间的公司具备长线长投机会_40页.pdf

|4 12 2022 95%2023 CR5/CR10 75.4%/96.3%2017 6.2%2023 30.3%2017-2023 50%2023 2.8%18.5%8.3%2.0%2023 182.8%/2024 06 15 S0860512060001 S0860523070005 0603-0609 2024-06-11 M7 0527-0602 2024-06-02 5 0520-0527 2024-05-27 2 1.5 2.6 2.1.6 2.2.10 2.3.16 3.21 3.1.21 3.2.24 4.29 4.1.29 4.2.32 4.3.33 5.35 6.36 ZXCXwPmRoNrQqOoNnQoRpOaQaO9PsQpPtRsOkPnNsMeRqRrO7NmMuMNZoNwOxNpNpR 3 1.5 2.7 3.7 4 2023.8 5 2023.8 6.8 7.8 8 2022.9 9 2023.9 10.10 11/.10 12.11 13.11 14 2022.11 15 2023.11 16.12 17.12 18.13 19 2023.14 20 2023 TOP20.14 21.16 22.17 23 17 24.19 25.20 26.20 27.21 28.21 29 2023.22 30 2023.22 31 2023.23 32 2023.23 33 2023.25 34 2023.26 4 35 2023.28 36 2023.28 37 2023.29 38 2023.29 39.30 40.33 1.9 2.11 3.13 4 2023 TOP20.15 5.18 6.19 7.20 8 2023.22 9 2023.23 10 2018.25 11 2018.27 12.30 13.34 14.35 15.36 CTb4sf2nRC0VXJE18EVS2ZDzSda0ryHb0G1WUCrSdD6kzVjRLyo4ue65L36HyMCy 5 1 4 12+1 2 3 4 1 6 2 2.1 2024 2022 95%98%2023 40 320 410 80 KD 2023 9 11 7 2 2020 40.1%1.36 2021 2021 2022 1.75 2.17 28.3%24.1%2023 2023 3.22 48.6%2024 1-4 1.32 57.4%3 2023 CR5/CR10 75.4%/96.3%2023 10165 78.9%23.4%2023 5000 2023 2023 CR5/CR10 79.7%/98.6%10139 80.7%31.5%2023 3000 2023-60%-40%-20%0%20%40%60%80%050001000015000200002500030000350002018 2019 2020 2021 2022 2023 2024M1-4 8 4 2023 5 2023 2017-2019 2020 6.1 2021 11.4 86.9%2022 17.5 53.5%2023 27.6 57.7%2017 6.2%2021 2022 26.0%2023 30.3%6 7 2022 59.9%2023 65.5%2023 2022 3.44 18.5%2023 11.16 224.2%36.4%23.4%16.0%15.2%12.1%8.7%7.2%4.8%3.1%3.0%2.8%3.7%31.5%13.8%13.3%11.4%9.7%7.4%4.1%3.6%3.1%0.6%1.4%-40%-20%0%20%40%60%80%100%0510152025302017 2018 2019 2020 2021 2022 2023 0%5%10%15%20%25%30%35%2017 2018 2019 2020 2021 2022 2023 9 2023 2023 2024 2024 8 2022 9 2023 2023 110 200 110 500 26 KD 2023 40%1 T7S TX MAX 05000100001500020000250003000035000400002022 0200004000060000800001000001200002023 10 2022 2021 2022 5.41 8.85 74.6%63.8%2023 13.01 46.9%2018 21.6%2023 57.3%2024 1 3.7 19.2%2017-2023 50%2020 17.2%24.9%10 11/2.2 2021 2023 2020 80.54 2023 443.32 3 CAGR 76.6%2020 21.86 2023 168.41 3 CAGR 97.5%2020 27.1%2024 1 39.6%2024 1 86.9%2023 91.8%13.1%2023 8.2%-40%-20%0%20%40%60%80%024681012142018 2019 2020 2021 2022 2023 0%10%20%30%40%50%60%2018 2019 2020 2021 2022 2023 11 12 13 2023 2023 64.07 36.4%2023 75.58 556.5%17.1%12.8 2023 56.1%14 2022 15 2023 2 2020 2021 2022 2023 2024 4 1 2 3 4 5 6 7 8 0%20%40%60%80%100%120%01002003004005002020 2021 2022 2023 2024Q1 YOY0%20%40%60%80%100%120%140%160%0501001502002020 2021 2022 2023 2024Q1 7.8%7.6%7.6%5.3%5.2%4.8%4.6%4.3%3.3%3.2%46.4%17.1%7.8%4.8%4.6%4.2%4.1%3.7%3.4%3.3%3.1%43.9%12 9 10 2019 9.8%2023 37.5%27.7 2019 2.6%2023 4.6%2.0 4 2019 88.5%2023 42.0%2019 22.4 2023 72.9 2019 9.1%2022 48.6%2023 41.4%2019 2.3 2023 71.8 2023 2024 4 14.0%4 8.56 1198%16 17 2 4 50.39%2023 2.8%18.5%8.3%2.0%0%20%40%60%80%100%2019 2020 2021 2022 2023 2024M1-4 0%20%40%60%80%100%2019 2020 2021 2022 2023 2024M1-4 13 3 2020 2020 1.09/1.18/1.12/2023 1.33/2.27/71.2%1.70/18 2023 2023 491 57.9%429.3 87.4%2023 109.9 92.5 2023 3.3 104.6%106.1%2023 4.7%5.2%13.4%25.5%30.5%30.3%0.4%0.5%1.0%1.8%2.8%3.0%2.7%8.3%14.2%18.3%18.5%15.9%1.7%2.0%3.8%6.2%8.3%8.0%0.1%0.1%0.2%0.8%2.0%3.5%2.4%3.9%8.1%13.4%16.1%15.4%0.00.51.01.52.02.52020 2021 2022 2023 2024M1-4 14 19 2023 CleanTechnica 2023 1368.9 35.7%2023 62.2%21.0%TOP20 100 2023 9 20 20 2023 TOP20 CleanTechnica 2023 TOP20 16 4 2 2 Model Y Model 3 7 5-50%0%50%100%150%200%250%300%350%020406080100120 2023 YOY050100150200250300350 15 4 2023 TOP20/2023 2023 1 Model Y 121.16 8.9%2(BEV+PHEV)63.65 4.6%3 Model 3 52.93 3.9%4 Plus(BEV+PHEV)45.63 3.3%5 Plus EV/Atto3 41.90 3.1%6 EV 35.46 2.6%7 EV 25.42 1.9%8 MINIEV 23.79 1.7%9 Aion Y 23.59 1.7%10(BEV+PHEV)22.80 1.7%11 Aion S 22.09 1.6%12 ID.4 19.27 1.4%13 16.92 1.2%14(BEV+PHEV)14.16 1.0%15 ID.3 13.93 1.0%16 Lumin 13.92 1.0%17 L7 13.41 1.0%18 D9(BEV+PHEV)/11.87 0.9%19 L8 11.80 0.9%20 L9 11.44 0.8%TOP20 605.12 44.2%763.81 55.8%1368.93 100.0%Clean Technica 2021 2023 30 16 21 2.3 2024 2023 10%5 14 8 1 17 22 Stellantis 23 2008 2009 2 301 2020 7-USMCA 25%2021 6 2022 8 18 3690 7500 5.4 2024 5 14 27.5%102.5%0%7.5%25%7.5%25%5 2009-2017 2017-2021 2021-2009 2 8310 2009 4 2010 8 170 2015 5 2016 2020 3050 2017 12 21%35%8%15.5%2020 7-25%62.5%75%70%75%65%60%2023 40 45 16 2021 1 2021 6 2021 11 1.2 2022 8 520 2022 8 3690 9 7500 5.4 1 50%3.75 2 40%3.75 3 Marklines 2021 360 2022 5 240 2 19 2021 24 2022 8 2023 5 Canary Media 6 17 X3 X4 X5 X6 X7 XM 149 164Gwh 105 165Gwh 44 40Gwh 93 65Gwh 10 EQ 100 145Gwh 139 30Gwh 52 90Gwh 36 4680 150 techcrunch 20 2020 2020 2022 2023 1479.81 1616.66 10.2%9.2%2023 8.3%2.1 30.5%5.0 18.5%0.2 2023 16.1%25 26(OICA)2022 2026 500 2026 200 2030 50%2025 100 500 Stellantis 2030 500 100%50%7 2022 2026 500 2023 60 2026 200 2030 2025 2025 100 2025 2250 12%2025 500 Ultium Cells 2024-40%-30%-20%-10%0%10%20%30%40%50%050010001500200020072008200920102011201220132014201520162017201820192020202120222023 YOY0%5%10%15%20%25%30%35%2019 2020 2021 2022 2023 21 Stellantis 2030 Stellantis 75 500 50%Stellantis 2030 3000 Stellantis 2017-2020 2020 2019 19.21 14.78 2021 2022 15.21 16.52 2.9%8.6%2 2019 2023 2023 42.13 2.9%2020 2023 2022-2.26-670 2023 34%3500 27 28 3 3.1 2023 20 A 182.8%2023 18.17 33.21 91.1%50%40%30%2023 30%7 2023-25%-20%-15%-10%-5%0%5%10%15%05101520252017 2018 2019 2020 2021 2022-250-200-150-100-500502019 2020 2021 2022 2023 22 11.3%2%3.6%3.5%2.7%2.0%15 2%29 2023 30 2023 Wind Wind 2023 260.81 45.2%2023 90.13 171.1%20%30%30 42.32 34.02 33.21 2023 8 2023 300.41 90.13 30.0%1.6%76.3%141.06 42.32 30.0%2.7%87.4%113.27 34.02 30.0%2.0%99.5%18.17 33.21 182.8%11.3%624.6%70.22 25.63 36.5%1.2%116.1%44.29 15.73 35.5%1.6%96.6%7.63 6.95 91.1%1.8%221.9%14.76 5.90 40.0%3.6%120.0%10.80 5.40 50.0%3.5%127.2%2.00 0.60 30.1%0.5%90.1%1.52 0.46 30.3%0.1%60.9%0.75 0.25 33.4%0.5%33.4%0.70 0.20 28.9%0.4%24.0%24.56 0.00 0.0%0.0%108.2%-3.37 0.00 0.0%0.0%0.0%-1.70 0.00 0.0%0.0%0.0%-2.02 0.00 0.0%0.0%0.0%9.09 0.00 0.0%0.0%0.0%-24.50 0.00 0.0%0.0%0.0%-54.00 0.00 0.0%0.0%0.0%0%50%100%150%200%0%2%4%6%8%10%12%23 Wind 2023 41 7 50%77.8%62.3%60.3%53.2%50.3%50.0%50.0%30%20%12 4 2023 6.6%2%4.9%4.6%4.0%3.5%2.8%2.3%2.1%33 1.7%31 2023 32 2023 Wind Wind 2023 41 192.59 38.3%2023 45.07 105.4%83.8%5.3 2023 41 10 45.07 33.93 23.65 11.13 2023 24 3 4 9 2023 90.14 45.07 50.0%4.0%128.4%56.29 33.93 60.3%3.5%205.4%72.14 23.65 32.8%4.6%112.3%29.21 11.13 38.1%1.0%113.8%18.37 9.77 53.2%6.6%177.7%21.51 6.47 30.1%0.8%90.2%30.91 5.59 18.1%1.4%77.1%10.28 5.14 50.0%4.9%256.5%0%10%20%30%40%50%60%70%80%90%0%1%2%3%4%5%6%7%24 6.54 5.09 77.8%2.8%245.4%15.47 4.66 30.1%0.6%86.0%13.91 4.19 30.1%1.5%90.3%10.83 3.66 33.8%1.4%68.0%11.02 3.41 30.9%0.9%96.9%9.13 2.79 30.6%1.3%105.0%11.31 2.63 23.3%1.6%77.4%6.09 2.42 39.8%0.8%133.5%7.14 2.15 30.1%1.2%57.1%4.23 2.13 50.3%2.1%93.8%4.49 1.99 44.4%0.0%42.1%4.65 1.84 39.5%1.0%104.3%5.46 1.64 30.0%2.3%91.4%4.97 1.51 30.3%1.7%30.3%8.91 1.47 16.5%0.5%48.6%8.06 1.46 18.1%0.6%77.8%3.79 1.36 35.8%1.1%117.2%1.98 1.23 62.3%1.3%170.6%8.16 1.00 12.3%0.5%37.2%6.12 0.82 13.4%0.5%51.7%2.25 0.80 35.6%1.1%99.0%2.38 0.72 30.4%1.2%81.6%2.02 0.63 31.0%0.9%101.4%1.59 0.50 31.2%0.8%95.4%1.47 0.46 31.1%1.1%83.4%3.09 0.42 13.6%0.5%41.3%2.02 0.32 15.8%0.4%46.6%0.91 0.30 32.9%0.6%69.4%1.46 0.28 18.9%0.5%66.0%0.50 0.00 0.0%0.0%61.4%-3.65 0.00 0.0%0.0%31.3%-W-2.17 0.00 0.0%0.0%0.0%2.04 0.00 0.0%0.0%119.2%Wind 3.2 25 2023 2023 1674.71 1436.36 671.24 576.27 527.29 496.18 1697.25 33 2023 Wind 2018 20 2018 2018-376.98 2019 117.05 2020 710.81 2023 928.85 10 2018 2018 2019 2020 2021 2022 2023 上汽集团-212.77-54.26 302.53-18.71 490.24-213.78 比亚迪 97.24 2.36 31.60 165.53 246.52 716.04 广汽集团-86.49-103.74-79.94-96.33-132.21 139.88 020040060080010001200140016001800 26 长城汽车-5.12 166.41 176.87 322.71 184.89 203.42 长安汽车-83.62-18.78 128.16 186.79 53.76 146.90 江铃汽车-18.92 9.70 19.31 13.62-14.28 34.90 中国重汽-3.63 21.60 23.52 20.07 71.51 6.01 中集车辆-6.47 8.42 12.78-4.02-2.89 4.72 宇通客车 11.81 26.65 42.39 10.45 21.66 20.53 一汽解放-0.40 20.83 65.96 133.59-86.72 17.53 东风汽车-13.45 7.48 17.25-2.66-2.55-7.29 江淮汽车 16.26 1.15-4.25 22.34 57.71-29.95 中通客车 5.20 1.36-5.15 4.33 4.31-0.62 金龙汽车 10.86-9.19-8.77 21.81 10.61 22.04 亚星客车 0.46-1.48 3.59-0.15-2.71 0.95 安凯客车-1.53-0.27 1.34-9.64 1.83-7.26 海马汽车-12.97-2.22-13.24-13.32-2.96-1.41 福田汽车-52.03 17.34 35.84-19.13-15.54-36.85 赛力斯-5.52-11.58-8.98-24.20 51.20-34.35 北汽蓝谷-15.89 35.27-29.99-30.70-15.19-52.57 Wind 2023 2023 551.84 363.87 150.55 150.07 100.03 22.75 8.39 40.03 54.28 16.26-30.73 2023 39.80 0.27 93.55 43.33 53.82 34 2023 02004006008001000 27 Wind 2018 2018 0 2020 2018 2020 2023 2018 2018 41 28 0 349.77 2019 432.68 31 0 2019 2022 178.13 2023 485.79 29 0 6 461.08 11 2018 2018 2019 2020 2021 2022 2023 184.29 218.07 168.88 119.24 61.18 262.97 15.21 43.60 113.87 48.72 40.45 101.06-5.20 1.44-0.38 5.13 18.12-18.66 17.13 24.14-1.89 33.89 14.98 29.29 2.27 19.17 13.96 41.78-9.67 22.53 29.21 9.33 0.57 1.73-7.27 23.03 14.92 23.05 15.49 9.07 5.79 22.20 4.35 15.59-8.42 1.17 8.18 5.31-12.36 1.56 17.27 20.49-1.85 5.52-3.55 0.05 1.84-11.63 22.44 5.98 3.48 5.61-3.36-5.94 0.02 8.63-19.32 2.66 5.05 7.41 1.32 5.22-1.29 6.53 2.00-1.44 1.51 1.37 3.87 3.15 4.51 5.44 2.02 9.55-1.59 2.53-0.63 4.65-1.36-10.22 14.16 2.30 2.11 2.04 2.12 2.55-11.43-0.30 1.70 1.60-7.73-5.48 2.52 10.96-4.84 1.10 6.71 6.45 0.97 10.88 0.28-4.09 0.28-5.84 4.49-3.89-6.11 7.72-0.96 1.97 0.79-8.47 3.39 4.26 0.16 3.47 4.70-1.55 2.19 0.60 7.95 6.91 28 0.20 0.66 6.10 1.64 0.77-14.69 7.95-1.28-1.78-6.22 2.34-1.19 1.40 2.65-7.56 3.13 1.86 3.24-2.33-3.62 0.75 3.37 1.45 0.82 88.75 33.86-11.49-14.20-2.46-0.93 7.22-0.42 2.28 1.70 0.71-1.20-6.09 4.82 14.12 0.87 2.27 0.26-1.17-0.20 0.91-1.71 0.35 1.50 1.30 0.33 0.76-5.54 6.37-2.16 1.96 6.77 10.58 1.19 7.70 0.72 0.44 1.22 0.65-1.09 0.64 4.62 0.67-0.22-2.32 0.36-2.20 4.19-1.97 0.69 0.14 1.16 0.79-4.23 0.78 0.14-3.17 1.50 0.30-0.58 1.26 0.13 0.08-3.82 0.73 1.81-W 0.00-0.37-4.04 2.87-8.01 1.29 0.22 0.20-1.69 0.27-3.72 2.38-2.21 0.73-0.17-3.11 2.34-1.00 3.77 0.18 2.19 4.34 1.52 7.16 Wind 2023 112.12 80.95 56.29 32.02 29.34-W-3.71-2.17 0.50 0.88 1.49 35 2023 36 2023 Wind Wind 2023 274.71 113.16 76.25 53.13 0.00.20.40.60.81.01.2-20-10010203040 0.00.20.40.60.81.01.202004006008001000 29 39.29-W-5.59-1.96 0.37 0.53 1.22 37 2023 38 2023 Wind Wind 4 4.1 AITO-300-200-1000100200300-10-8-6-4-202468 30 39 2022 2021 10 2022 7 0 1 12 2024-04-30 120 8 2027 2024-03-08 78 5 2024 10 2024-01-31 50 5 2025 1 2023-05-31 57 8 2024 11 2023-03-01 58 4 2024 6 2023-02-02 eQ5 eQ6 E6 80-100 7 2024 12 2022-11-25 18-25 5 2024 7 2022-07-12-31 2024-04-09 8 20-2024 12 2024-01-02 27 5 2025 3 2024-01-01 MIFA 10-2024 3 2023-12-28 5 108 10 2025 3 RAP4E 2023-12-06 36 2 2024 10 2023-12-04-2024 6 C5 2023-10-30 24 6 2024 ZS32 2023-10-20 VINFAST-2024 8 2023-02-27-2024 S59E2 2023-01-13-2024 3 C5 2022-12-26-2023 11 M116 2022-12-25-2023 8 2022-11-15 20 4 2024 2022-08-15-2024 S59 2022-06-21-2023 EC32 2022-06-02-2023 S73 2022-04-18-2023 C46DB 2023-11-21 MBEA SUV 2 8 2025 12 2023-08-09/20.244 5 2023 10 2023-06-19 6.561 5 2023 7 2023-01-30 5.1086 6 2023 9-10 2022-11-17 DFL-EK 10.47-2023 5 2022-11-06 DFL-EM2E 10.0518-2023 2 2022-11-03-5.0763 2 2023 1 2022-06-14 14.87 5-7 2022 5 4 2022-05-30 9.14-3-5 2022 5 32 11.56 2022-05-26 5.16 4 2022 8 2022-05-24 6.14 5 2022 7 2022-05-12 7.075 5 2022 11 4.2 Tier 1 2018 Tier 2 Tier 1 Tier 1 AITO L6/L7/L8/L9/MEGA M5/M7/M9 M8 2024 5 14.12 14.11 32.5%602.5%L6 M7 Ultra 2500T 3500T 4500T 9000T 2024 2+33 40 4.3 ChatGPT AI 2021 8 2022 9 Optimus 2024 5 Optimus Optimus 0.6m/s 2023 12 30%2024 1 2024 Optimus 2025 Optimus Optimus 2.5 2025 2023 11 1 2025 2 2027 Optimus 34 13 2023 4 2 2024 1 8 30 2024 1 50 300 2013 2020 RV 2023 3 2022 1/2023 2023 2024 4 15 1 2023 IMU IMU INS 2024 3 30%-40%35 2021 5 2021 11 5G 2023 6 5 2024 10%2025 50%14 PUE 1.04 GPU AI 1 H Y 5(002594)(000625)(600066)(600418)(000951)(600104)(603179)(002126)(603730)(600933)(601689)(301459)(601799)(603197)(300580)(605333)36(002997)(603009)(600741)(002050)(600660)(603596)(300258)(000338)(002920)(002906)(688533)(605128)(603997)15 Wind EPS Wind 6 2024 2023A 2024E 2025E 2026E 2023A 2024E 2025E 2026E600104.SH 14.30 1.22 1.28 1.39 1.50 11.73 11.20 10.27 9.52601238.SH 8.41 0.42 0.55 0.64 0.70 19.91 15.17 13.12 11.94000625.SZ 13.54 1.14 0.87 1.09 1.31 11.85 15.56 12.37 10.36601633.SH 24.74 0.82 1.22 1.52 1.83 30.10 20.33 16.23 13.55002594.SZ 253.05 10.33 12.65 15.80 19.15 24.51 20.00 16.02 13.21000951.SZ 14.96 0.92 1.21 1.53 1.89 16.27 12.32 9.80 7.90601127.SH 87.79-1.62 2.21 4.26 6.77-54.11 39.69 20.59 12.96000550.SZ 23.59 1.71 2.17 2.70 3.20 13.80 10.89 8.75 7.37603179.SH 43.70 1.65 2.28 2.98 3.72 26.44 19.14 14.67 11.74300926.SZ 18.96 0.76 1.13 1.55 2.07 24.85 16.78 12.20 9.16002126.SZ 18.27 0.74 1.03 1.38 1.71 24.55 17.73 13.26 10.68603730.SH 9.74 0.40 0.54 0.64 0.78 24.62 18.08 15.10 12.47002997.SZ 31.00 0.97 1.51 1.99 2.43 32.08 20.59 15.57 12.77600933.SH 16.66 0.93 1.16 1.46 1.80 17.83 14.35 11.41 9.26601689.SH 58.98 1.85 2.49 3.30 4.01 31.89 23.64 17.85 14.71603197.SH 35.35 1.79 2.39 3.18 3.97 19.79 14.81 11.13 8.90000700.SZ 5.38 0.49 0.64 0.74 0.84 11.00 8.45 7.32 6.40603305.SH 12.21 0.77 0.88 1.11 1.34 15.96 13.86 11.00 9.08002050.SZ 22.97 0.78 0.96 1.15 1.34 29.35 23.98 19.99 17.11688533.SH 28.25 0.99 1.54 2.02 2.50 28.43 18.38 13.96 11.29600741.SH 16.01 2.29 2.41 2.62 2.80 7.00 6.63 6.12 5.71603596.SH 37.75 1.47 1.94 2.54 3.20 25.68 19.44 14.87 11.79001311.SZ 26.59 2.08 2.58 3.14 3.66 12.79 10.29 8.48 7.27002920.SZ 101.25 2.79 3.79 4.90 6.19 36.33 26.75 20.66 16.35002906.SZ 27.54 0.89 1.22 1.59 2.01 31.08 22.63 17.27 13.72605133.SH 19.55 0.78 1.32 1.80 2.28 24.92 14.82 10.86 8.56002472.SZ 23.20 0.97 1.22 1.52 1.84 24.03 18.94 15.21 12.63601799.SH 123.81 3.86 5.29 6.78 8.38 32.09 23.42 18.27 14.77600660.SH 46.70 2.16 2.55 3.00 3.51 21.65 18.29 15.56 13.31603786.SH 67.74 1.51 2.17 2.80 3.47 44.93 31.26 24.17 19.55300258.SZ 8.78 0.49 0.61 0.76 0.91 17.80 14.44 11.56 9.62300258.SZ 8.78 0.49 0.61 0.76 0.91 17.80 14.44 11.56 9.62000338.SZ 15.96 1.03 1.31 1.53 1.74 15.45 12.22 10.43 9.19300580.SZ 17.40 0.53 0.69 0.89 1.08 32.96 25.26 19.58 16.09301459.SZ 41.06 1.73 2.31 2.97 3.65 23.77 17.79 13.83 11.26600114.SH 14.44 0.32 0.62 0.81 1.00 44.97 23.23 17.74 14.39603997.SH 11.02 0.16 0.36 0.77 1.03 68.43 30.37 14.25 10.69600699.SH 15.73 0.77 1.03 1.33 1.61 20.46 15.22 11.80 9.77603035.SH 13.39 1.44 1.75 2.11 2.57 9.32 7.64 6.35 5.21300969.SZ 80.35 2.53 3.44 4.48 5.38 31.81 23.34 17.92 14.95603348.SH 29.40 0.19 1.50 2.18 2.67 153.94 19.62 13.52 11.00605128.SH 29.31 0.77 1.63 2.20 2.84 38.06 18.02 13.32 10.33002765.SZ 4.95-0.56 0.23 0.33 0.43-8.89 21.20 14.99 11.39002101.SZ 11.08 0.64 0.77 0.87 0.90 17.42 14.43 12.69 12.25688326.SH 61.87-1.81 0.48 2.26 3.66-34.17 130.18 27.43 16.92300680.SZ 19.78 0.64 1.01 1.36 1.69 31.12 19.65 14.54 11.70 EPS PE 37 38 1%(301459)1%39 Tabl e_Disclai mer 12 A 300 500 15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer

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