|2023 12 28 2024 2023/1/3-2023/12/15 27.3%2023/12/15 PE(FY1)/PE(FY2)19.3x/15.4x 2024 2024 2024 1+2 3 10%2022 2023 1-11 90%59%2024/980+/430+/200+30%/30%/50%990GWh 0 1 1 009 M9/2024 2 800V 3&2024 1 2 2024 3 800V S0680520030005 S0680522120002 1 2023-12-27 2 4 2023-12-24 3 CPIA 2023-12-17-48%-32%-16%0%16%2022-12 2023-04 2023-08 2023-12 300 2023 12 28 P.2 EPS P E 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 300750.SZ 6.99 10.23 13.54 17.54 23.32 15.93 12.04 9.29 300014.SZ 1.72 2.30 3.39 4.04 24.52 18.33 12.44 10.44 002074.SZ 0.17 0.27 0.65 0.95 125.76 79.19 32.89 22.51 300769.SZ 8.52-3.17 4.32 5.97 7.36-19.78 14.51 10.50 002812.SZ 4.09 3.00 3.37 3.88 13.89 18.94 16.86 14.65 300174.SZ 0.61 0.70 0.90 1.36 25.90 22.57 17.56 11.62 300491.SZ 0.25 0.59 1.00 1.72 88.44 37.47 22.11 12.85 603800.SH 0.51 0.96 1.96 3.33 52.90 28.10 13.77 8.10 Wind 0YFUvMnQsRmNpRsRsPqPpO8O9RaQtRrRsQnOjMqRsQiNoMwP9PpPvNNZqNqOwMmRpP 2023 12 28 P.3 2024.5 1.1.5 1.2+.6 1.3 30%.9 1.4+.10 1.5 2024 980 1850.12.15 2.1.15 2.2.17 2.2.1.17 2.2.2.21 2.2.3.21 2.2.4.23 2.2.5/.24 2.3.25.26 3.1.26 3.2 2024.27 3.3+.29 3.4.30.33.33 1 2023 300.5 2.5 3.6 4.6 5 2023 1-11.6 6 2023H2.7 7 2023.8 8.9 9.9 10.9 11.10 12.11 13.11 14 IRA.12 15 2021-2023 11.13 16.14 17.15 18 2022.15 19 2023 1-10.15 2023 12 28 P.4 20/.16 21/Wh.16 22 2023.16 23.17 24.17 25.17 26 2022 1-2023 11.18 27/.18 28 2022.18 29.19 30.19 31/.19 32 2023Q1.19 33.20 34.20 35.20 36/.21 37 2022.21 38.21 39.21 40/.22 41 2023H1.22 42 2023H1.22 43.23 44.23 45/.23 46/.23 47 2023H1.24 48.24 49.24 50 6um 2022 12-2023 10.25 51 12um 2022 12-2023 10.25 52 2023.25 53.27 54 800V.27 55/800V.28 56.29 57.30 58.31 59.32 60 2023 12 15.33 2023 12 28 P.5 2024 1.1 2023/1/3-2023/12/15 300 13.7%884039.WI 27.3%2023 1 2023 300 Wind/2023/1/3-2023/12/15 884785.WI 884869.WI 8841285.WI 884894.WI 8841283.WI 30.9%35.1%34.8%31.0%9.0%2 Wind-18%-13%-8%-3%2%7%12%-30%-25%-20%-15%-10%-5%0%5%10%15%20%2023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-112023-12 300 300-40%-30%-20%-10%0%10%20%2023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-112023-12 2023 12 28 P.6 1.2+1-11 36%2023 1-11 830.4+37%30.8%Q1 158.6+27%Q2 Q2 215.9+61%Q3 253.0+29%Q4 11 11 2024 3 4 1+2023 1-11 CR10 78.1%2023 1-11 35.3%7.8%6.5%6.0%5.7%5.0%4.8%3.1%2.1%1.8%78.1%2022 3.6 2.5pct 5 2023 1-11 2022 179.99 43.98 27.38 30.49 44.21 21.23 13.32 12.39 12.25 11.12 31.7%7.8%4.8%5.4%7.8%3.7%2.3%2.2%2.2%2.0%2023 1-11 240.59 52.79 43.96 40.99 39.07 34.27 32.57 20.89 14.20 12.55 35.3%7.8%6.5%6.0%5.7%5.0%4.8%3.1%2.1%1.8%2023 2023H2 9 M7 10 LS6 1 12 72 1 S7 M9 830.430.8%0%5%10%15%20%25%30%35%0100200300400500600700800900()40.8 52.5 65.3 63.6 71.7 80.678.084.690.495.6102.6-20%0%20%40%60%80%100%120%0204060801001202022 2023 23 2023 12 28 P.7 6 2023H2 05 8 9 DM-i 9 6 U8 SUV 9 20 L SUV 12 15 Model 3 9 1 Model Y SUV 10 1 GT 7 3 SSR 10 9 HT SUV 11 15 08 SUV 9 8 L6 9 16 L7 SUV 9 16 9 25 9 26 CS75 PLUS iDD SUV 8 28 L9 SUV 8 3 SUV 9 25 400 SUV 9 25 EC6 SUV 9 15 C11 SUV/7 14 C01/7 14 P7 7 11 G9 SUV 9 19 P5 9 25 M5 SUV/7 26 M7 SUV 9 12 M9 SUV/12 26 12 11 10 SUV 9 12 L9 SUV 11 14 S7 11 28 e-tron GT 7 27 i7 8 25 LS6 SUV 10 12 GT 10 18 X SUV 10 18 S7 SUV/11 6 40 11 1 07 PLUS 05 2000 20000 2023 12 28 P.8 7 2023 3000-2-12/1-12/31 1.8-AION S-6000 3 10 11 AION Y 99 5999 4000 2 AION V-5000 6500 Model 3/Y-8000-L7/L8/L9-2.5%12/1-12/31-5000 30 12/1-12/31 5000-12/8-12/17 P7i 2.6-12/8 G6 1-12/8 2024 G9-1500*4 12/8/12/17 C11/C01/T03 0.5-1.7 5000 12/1-12/31 LS6 1.2 3.76 12/1-12/31 001/009/X 1.6-8 6000 10/16/12/31 1999 8000-12/1-12/31 ID.3/ID.4X/ID.6X 4.3-7.5-ID.4 CROZZ 4.2-ID.6 CROZZ 6.8-2000 6000-12/1-12/31 MAX 2000 8000 299 1.2 12/1-12/31 i3 14.6-iX3 17.05-EQE 16-S/T 1-2-12/1-12/31 S 3 8000 12/1 2 2025 2026 6 19 2024/1/1-2025/12/31 3 2026/1/1-2027/12/31 1.5 2023 12 28 P.9 8 2014 8 1 2014 9 1 2017 12 31 2017 12 26 2018 1 1 2020 12 31 2020 4 16 2021 1 1 2022 12 31 2022 9 18 2023 1 1 2023 12 31 2023 6 19 2024 1 1 2025 12 31 1.3 30%2023 1-10 30%23.2%2022 260.2+15%23.0%+3.8pct 2023 1-10 248.0+30%23.2%8 27.0 69%9 B 10 78%9 10 Cleantechnica Best-selling-cars Cleantechnica 2023 12 16 2024 2023 12 18 248.0 23.2%0.0%5.0%10.0%15.0%20.0%25.0%050100150200250300 15.9 18.2 32.2 19.8 25.4 31.2 23.4 27.0 28.8 26.00%10%20%30%40%50%60%70%80%0510152025303540452022 2023 23 2023 12 28 P.10 11-BEV-12 16 2024 12 18 PHEV-2022 21 7 EV 4.5 7000 9 18 2024 1 12 12 14 7000 4.5-6 5000 PHEV 4.5-6 1000 21 4-23 Moves III BEV 30km 90km 4.5 5.3 8-9 1900 2600 7 6 27 15%2025 12 31 BEV 90km 4000 5500 7 PHEV 30km 90km 1900 2600 7 PHEV 90km 4000 5500 7 2023 2 0 g/k m 3.5 4500 7500 2022 BEV/PHEV 3000/2000 2023 3 4500/3000 2023 2023 3 BEV/PHEV 5000/4000 3000 5000 3 21g/km 60g/km 4.5 3000 6000 2000 4000 3 1.4+2023 1-10 50%9%2016-2022 15.7 92.1 CAGR 34.3%1-10 113.4+54%10 8.8%2022 2.1pct 2023 12 28 P.11 12 13 Argonne Marklines Argonne 2022 8 IRA 2022 8 IRA 9 7500 7500 IRA 2023 50%3750 2029 100%2023 12 4 FEOC FEOC FEOC 2024 FEOC 2025 FEOC FEOC 1 Subject to the Jurisdiction 1 4 2 4 2 Owned by,Controlled by,or Subject to the Direction 1 FEOC 25%2 FEOC FEOC FEOC FEOC FEOC 0%1%2%3%4%5%6%7%8%9%10%020406080100120 0%10%20%30%40%50%60%70%80%02468101214161 2 3 4 5 6 7 8 9 10 11 12 2022 2023 23 2023 12 28 P.12 14 IRA 2023 1 1 2023 4 17 FEOC 2023 1 1 4 17 2023 4 18 2032 12 31 1 2022 8 16 2 VIN 3 3750 3750 1 2 3 23/24/25/26/27 40%/50%/60%/70%/80%4 3750 3750 1 PACK 2 3 23/24 50%25/26/27/28 60%/70%/80%/90%29 100%SUV/8 5.5 2.5 4000 15 30 22.5-24-25 USA Treasury 1.5 2024 980 1850 2022 112.1 90%2023 1-11 159.8 59%2023 1-11+121%+89%+350%+342%2023 12 28 P.13 15 2021-2023 11 2021 2022 2023 1-11 106844 198272 86%185824 3%40662 79950 97%150089 121%56853 108968 92%130412 31%12030 68718 471%108660 89%1093 43487 3879%87510 111%17112 41895 145%82324 145%49046 58959 20%56987 3%6359 17325 172%56321 407%9424 39479 319%51817 41%4281 12426 190%51805 350%29031 32994 14%46241 52%82625 50898-38%46175-2%2741 4898 79%41517 861%3522 16030 355%39571 189%21138 37812 79%36254 7%18389 46755 154%34435-25%601 14030 2234%33321 172%4851 38837 701%31675-7%9666 15449 60%26154 87%1590 12049 6589%18502 106%7996 16215 103%18350 22%2069 3710 79%18290 533%17788 28179 58%17832-31%83 1551 1769%17558 1414%4102 6718 64%16690 181%703 3751 434%14715 342%4623 15122 227%13770-2%99671 9880-1%13148 48%11055 11153 1%12868 23%589967 1120524 90%1598089 59%2024 35%2024 988 44.0%1875 36.2%1TWh 41.5%2023 12 28 P.14 16 2020 2021 2022 2023E 2024E 2025E 111.1 298.7 567.4 760.0 988.0 1235.0 YOY 168.9%90.0%33.9%30.0%25.0%5.7%14.6%27.2%34.9%44.0%53.4%136.5 226.3 260.2 335.0 435.5 544.4 YOY 65.8%15.0%28.7%30.0%25.0%11.4%19.2%23.0%25.2%31.2%37.1%32.4 65.2 92.1 139.0 208.5 312.8 YOY 101.2%41.2%50.9%50.0%50.0%2.2%4.2%6.6%8.9%12.7%18.2%/32.5 59.3 89.4 143.1 243.2 413.5 YOY 82.7%50.8%60.0%70.0%70.0%312.5 649.5 1009.1 1377.1 1875.2 2505.6 YOY 107.9%55.4%36.5%36.2%33.6%4.0%8.0%12.6%15.8%20.5%26.1%kWh 47.0 46.4 51.3 51.0 53.0 55.0(GWh 146.8 301.5 517.9 702.3 993.9 1378.1 YOY 105.4%71.8%35.6%41.5%38.7%Argonne CleanTechnica EV-Sales INSIDE EVs Best Selling Cars JATO Marklines SNE Research 2023 12 28 P.15 2.1 2023 1-10 40%37%2023 1-10 552.2GWh+44%2022 1-10 203.8GWh+51%36.9%87.5GWh+67%15.8%LG 25.9GWh+75%4.7%SDI 17 SNE Research 18 2022 19 2023 1-10 SNE Research SNE Research 2021 2023 2023 10 17/0.55/0.46/Wh 41%/44%25%/29%59.5 97.0 116.7 146.8 298.6 517.9 552.2 41%63%20%26%103%73%44%0.0%20.0%40.0%60.0%80.0%100.0%120.0%01002003004005006002017 2019 2021 2023 1-10 GWh 37%LG 14%14%7%SKI5%SDI5%4%3%2%1%8%37%16%LG 14%7%SKI5%5%SDI4%2%2%1%7%2023 12 28 P.16 20/21/Wh 50%2023 12 15/71%/59%/31%/18%67%60%-65%/21%/20%50%22 2023 2023Q1-Q3 3669+40%334+63%2023Q1-Q3 311.5 2023 0102030405060702021-01 2021-07 2022-01 2022-07 2023-01 2023-07 00.10.20.30.40.50.60.70.80.912021-01 2021-09 2022-05 2023-01 2023-09 材料名称（均价）年初价 1 2 月 1 5 日 价 格 2 0 2 3 年 至 今 涨 幅氢氧化锂（万元/吨）52.50 9.95-81%碳 酸 锂（万 元/吨）50.75 11.00-78%硫 酸 钴（万 元/吨）4.90 3.05-38%硫 酸 镍（万 元/吨）3.88 2.65-32%硫 酸 锰（万 元/吨）0.67 0.55-17%N C M 5 2 3（万 元/吨）33.75 13.45-60%N C M 6 2 2（万 元/吨）36.45 14.65-60%N C M 8 1 1（万 元/吨）40.00 17.00-58%正磷酸铁（万元/吨）2.24 1.12-50%磷酸铁锂（万元/吨）16.20 4.65-71%负极材料人造石墨中端（万元/吨）4.80 3.30-31%负极材料天然石墨中端（万元/吨）5.10 4.20-18%磷酸铁锂电解液（万元/吨）5.30 2.05-61%三元电解液（万元/吨）7.05 2.48-65%六氟磷酸锂（万元/吨）23.25 7.75-67%9 m/湿 法 基 膜（元/平 方 米）1.45 1.15-21%16 m/干 法 基 膜（元/平 方 米）0.75 0.60-20%1 2 u m 铝 箔 加 工 费（万 元/吨）1.90 1.60-16%6 u m 电 池 级 铜 箔 加 工 费（万 元/吨）3.60 2.20-39%方形动力三元电池国产（元/Wh）0.92 0.52-44%方形动力磷酸铁锂电池国产（元/Wh）0.83 0.43-48%2023 12 28 P.17 23 Wind 24 25 Wind Wind 8 4C 12 4C 4.5C 2.0 3C 2.2 2.2.1 2023 1-11 68%GGII 2023Q1-Q3 182+40%120+64%1-11 229.7GWh 68%+44%+44%+11%-15%-10%-5%0%5%10%15%20%25%30%2021Q1 2021Q3 2022Q1 2022Q3 2023Q1 2023Q3 252329391705627829117314301121124613020%50%100%150%200%250%0200400600800100012001400160021/3/3121/6/3021/9/3021/12/3122/3/3122/6/3022/9/3022/12/3123/3/3123/6/3023/9/30 263540852078107135107116111-100%0%100%200%300%400%500%02040608010012014016021/3/3121/6/3021/9/3021/12/3122/3/3122/6/3022/9/3022/12/3123/3/3123/6/3023/9/30 2023 12 28 P.18 26 2022 1-2023 11 Wiind 1 2023 2023 10 31 6.15/62%37%CR2 45%2019 2022 CR3 57%54%2022 26%18%2023H1 Top2 45%2022 27/28 2022 2023Q3 2023Q1-Q3 250-14%-21-168%Q3 0%10%20%30%40%50%60%70%80%90%100%2022 1 2022 4 2022 7 2022 10 2023 1 2023 4 2023 7 2023 10 024681012141618202021-01 2021-09 2022-05 2023-01 2023-09 26%18%10%10%9%6%21%2023 12 28 P.19 29 30 Wind Wind 2 GGII 2023H1 30.3 15.4 50.8%4 10 31 NCM523/NCM622/NCM811 16.6/17.8/20.3/51%/50%/48%30%/27%/29%CR2 2022 9pct 2023 2023Q1 CR3 43%2022 9pct 31/32 2023Q1 SMM 2023Q3 2023Q1-Q3 579-26%26-51%162027537687128149787399-50%0%50%100%150%200%250%300%350%400%450%02040608010012014016021/3/3121/6/3021/9/3021/12/3122/3/3122/6/3022/9/3022/12/3123/3/3123/6/3023/9/30 2 2 29129116-15-6-1-300%-200%-100%0%100%200%300%400%500%600%700%-20-15-10-505101521/3/3121/6/3021/9/3021/12/3122/3/3122/6/3022/9/3022/12/3123/3/3123/6/3023/9/30 0510152025303540452021-01 2021-09 2022-05 2023-01 2023-09NCM523 NCM622 NCM81118%16%9%9%6%42%2023 12 28 P.20 5.66+14%2.37+246%33 34 Wind Wind+35 5 2022/5 2024 ECOPRO BM 4.3 2023/3 2023/4/28 SOP 18 SOP 6 3 2023/9 2024 4 12 2021/12 2 2024 11 2023/6-12 2023/9-6 2023/7-7-2024 2 2022 4 2023/8 2024 2025 5 2023/8 2025 5 2023/8 2026 4 2023/9 2 2025Q4 2027Q3 78103117166209272300341206170203-100%-50%0%50%100%150%200%250%300%05010015020025030035040021/3/3121/6/3021/9/3021/12/3122/3/3122/6/3022/9/3022/12/3123/3/3123/6/3023/9/30 699121521182196.610-100%0%100%200%300%400%500%600%051015202521/3/3121/6/3021/9/3021/12/3122/3/3122/6/3022/9/3022/12/3123/3/3123/6/3023/9/30 2023 12 28 P.21 2.2.2 2023H1 10 31/3.45/5.1 28%21%2023H1 26%25%15%36/37 2022 2023Q1-Q3 547+2%48-35%38 39 Wind Wind 2.2.3 10 31 9 m 16 m 1.25/0.65/14%13%7%0123456782021-01 2021-09 2022-05 2023-01 2023-09-26%16%11%47%81112123135146184207215175184188-50%0%50%100%150%200%05010015020025021/3/3121/6/3021/9/3021/12/3122/3/3122/6/3022/9/3022/12/3123/3/3123/6/3023/9/30 1015311824262425171813-100%0%100%200%300%400%500%600%0510152025303521/3/3121/6/3021/9/3021/12/3122/3/3122/6/3022/9/3022/12/3123/3/3123/6/3023/9/30 2023 12 28 P.22 40/45%2023H1 33%15%10%9%9%CR5 75.4%2023H1 45%2023H1 4.5pct 2023H1 66 17.3 26.2%2022 4.5pct 2023H1 CR3 76%41 2023H1 42 2023H1 2024 2023Q1-Q3 113-1%28-26%2024 0.00.20.40.60.81.01.21.41.62021-01 2021-05 2021-09 2022-01 2022-05 2022-09 2023-01 2023-05 2023-099m 16m 45%14%12%12%5%13%34%24%19%12%11%2023 12 28 P.23 43 44 Wind Wind 4 2023 9 5um 2.2.4 2023 10 31 9.25/60%/3.45/2.35/51%/56%45/46/2023H1 36%17%12%9%3%-5%1924243233384341323744-20%0%20%40%60%80%100%120%140%160%180%200%0510152025303540455021/3/3121/6/3021/9/3021/12/3122/3/3122/6/3022/9/3022/12/3123/3/3123/6/3023/9/30 57810111314989.510-50%0%50%100%150%200%250%024681012141621/3/3121/6/3021/9/3021/12/3122/3/3122/6/3022/9/3022/12/3123/3/3123/6/3023/9/30 0102030405060702021-01 2021-09 2022-05 2023-01 2023-09 024681012142021-01 2021-09 2022-05 2023-01 2023-09 2023 12 28 P.24 47 2023H1 2023Q1-Q3 177-26%25-56%2023 40%48 49 Wind Wind 2.2.5/2023H1 10 31 6 m 3.6/2.2/39%12 m 1.9/1.7/11%/36%17%12%9%5%5%4%4%10%2736487079758482605563-50%0%50%100%150%200%250%010203040506070809021/3/3121/6/3021/9/3021/12/3122/3/3122/6/3022/9/3022/12/3123/3/3123/6/3023/9/30 4812112019 1917997-100%0%100%200%300%400%500%600%700%051015202521/3/3121/6/3021/9/3021/12/3122/3/3122/6/3022/9/3022/12/3123/3/3123/6/3023/9/30 2023 12 28 P.25 50 6um 2022 12-2023 10 51 12um 2022 12-2023 10 2.3 2023 2023Q1-Q3 52 2023/2023/3/27 1.38 2023/3/28 2022 1152/2023/8/14 10 10 2023/9/8 50 2022 30 20 2023/11/27 4 4/2023/11/29 10.5 01234562021-12 2022-04 2022-08 2022-12 2023-04 2023-086m 6m 00.511.522.52021-08 2022-01 2022-06 2022-11 2023-04 2023-0912m 12m 2023 12 28 P.26 3.1 009 M9/1 9 2.43 10 PP 11 3.8-4.5/2 9 1.84 2024Q1 3 11 2022 2024 1 4 80m/min 1 9 8 MA 6 MC 2 10 3 9 10 3 4-6 4 2023 12 28 P.27 53 23 7 23 11 PP 9 2-3 1GWh 23 6 23 6 PET PP 23 8 PET PP 23 8 PP 23 9 25 4.2 40 24 3 23 9 2.43 23 5 23 7 23 10 2029 6 30,23 9 8 MA 6 MC 23 8 12-13 24 23 9 2.43 3.8-4.5/23 9 1.84 24Q1 80m/min 3.2 2024 2023 800V 2023 5 200km ES6 12 10%-80%SOC 5 25 G6 6 5C MEGA 12 1 2 54 800V G9 30.99-46.99 800V 5min 200km G6 20.99-27.69 800V 10min 300km 11 31.99-60.00 750V 10min 200km S HI 32.99 800V 10min 200km Tycan 89.80-183.80 800V 5min+100km Eletre 82.80-102.80 800V 20min 400km ZAKER EV 2023 12 28 P.28 8 16 4C 10 400km 700km 2023 2024Q1 55/800V/07 EV 800V 5min 150km 2023.11 800V-2023.11 X9 800V-2023.10 NT3 800V-2024 SSR 900V-2023.10 HT 800V 10min 450km 2023.10 V09 800V 1Omin 400km 2023.10 12 800V 10min 200km 2023.11 S7 800V 5min 200+km/15min 400+km 2023.11 ES 800V 10min 400km 2023.11 T5 800V 10min 260km 2023.11 007 800V 15min 610km 2023.11 E8 800V 5min 180km 2023.11 EM90 800V-2023.11 XC40 800V-2024 C.40 800V-2024 LS6 800V/875V 5min 200km/10min 350km/15min 500km 2023.10 SU7 800V-2023.11 Cybertruck 800V-2023.11.30 Semi 800V-2023.11.30 e-TRON A6 etron 800V 10min 300km 2024 RS6 E-tron 800V-2025 A6 E-tron 800V-2023.11 C10 800V-2023.11 Polestar5 800V 5min 160km 2024 12 7 2024 340 10 600kW 1 1 2023 12 28 P.29 56 1 600A 1000V 2 CE CB T V 600A 600KW 400V-1000V()()800A 30mm 30kW 40kW 1000V 800V 40kw 150-1000V IP65 75KW ACDC 63KW DCDC 800kW 800kW 40kwSIC 1 120/180/240KW 2 150-1000V 1 2 50 600 450 360-480kW 480kW 600A 1 500V 750V 1000V 1000V/600A/600KW 5 50 2 600kW 360kW 480kW 720kW 960kW 720kW 960kW 600kW 3.3+8 14 374 ES S7 4+2023 12 28 P.30 8 10 65 32 M3P 2023 2024 6200/11/57 M3P 2023 2023 5 LMFP L600 240Wh/kg 190Wh/kg 1000 18min 2024 2022 8 OS 180Wh/kg 80%700 2022 9 2025 SPS 2023 3 TP-MAX 2000 3000 EV 73 M6P 11 1 2023 1 5000 3.4 10 2023 A00 2 3 6 2 10 A00 2023 12 28 P.31 58 1 S9 2023 2 F1 2023 3 2 1MW/4MWh/5G 4G 2 50 2023 12 28 P.32 59 A00 2023 2 10 2 1.2 300/2023 6 2024 12 2000 4 10 5 NaFSI 2023 12 28 P.33 2024 2023 12 15 PE(FY1)PE(FY2)19.3x 15.4x 2022 5 2020 60 2023 12 15 Wind 2024 2024 800V 01020304050607080estpe_FY1 estpe_FY2 2023 12 28 P.34“”,“”“”6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%8 7 7 100077 868 One56 1 10 200120 021-38124100 1115 330038 0791-86281485 100 24 518033