20231105_华创证券_汽车行业3Q23财报总结：成长逻辑持续兑现经营业绩延续向上_32页.pdf

2009 1210 2023 11 5 3Q23 3Q23 3Q23 686+4%+12%97+24%-6%7-8 236+26%+16%35%3Q-15%1Q22-1Q23 3Q23+3Q23 3022+31%+17%&ASP 19.3%+2.0PP+3.5PP 3Q 12.5%+0.6PP+0.6PP+153+63%+1.1 5.0%+1.0PP+2.2PP 3Q23 3Q23 0.1%+0.3PP+0.8PP+5.1%+1.2PP+2.9PP+1.6PP 3Q23+11%+8%20.3%+1.9PP-0.1PP 12.8%+1.5PP+1.2PP 6.0%-0.1PP-0.7PP+10%+7%3Q23 1PP+7.0%+1.6PP+0.9PP 2-3 1 9 2 2-3 EPS 3Q23 1 2+3 1-2 021-20572543 S0360519070003 021-20572532 S0360522030001%()223 0.03()35,078.40 4.00()26,342.09 3.89%1M 6M 12M 3.1%12.1%2.1%6.7%23.9%5.5%2Q 3Q 2023-09-19 2023-09-17 2023-09-08-12%-3%6%15%22/11 23/01 23/03 23/06 23/08 23/102022-11-032023-11-02 300 3Q23 2009 1210 2 1.5 2.3Q23.7 2.1.7 2.2.9 3.+.12 3.1.12 3.2.12 3.3.14 3.4.16 3.5.18 4.+1.6PP.19 4.1.19 4.2.20 4.3.20 4.4.21 4.5.23 4.6.23 5.25 5.1.25 5.2.25 5.3.25 5.4.26 5.5.26 6.28 7.29 1ZDWzQnQmPmNqOsRtOsNpO9P9R7NmOoOmOoNfQpOmNkPqQpR9PoOyQMYnRoQuOtRnQ 3Q23 2009 1210 3 1 2023 10 30.5 2 2015-2023%.7 3 2015-2023%.7 4.7 5.7 6 2015-2023%.8 7 2015-2023%.8 8 M1.8 9-.8 10 2015.9 11 2015.9 12%10/25.9 13 10/25.9 14 3Q23.10 15.10 16 300 11 1.10 17 11 1.10 18 PE TTM 11 1.10 19 PE TTM 11 1.10 20.11 21 2010-2023%.12 22 2010-2023%.12 23 2009-2023%.13 24 2009-2023%.13 25 2023 10 27.14 26 2009-2023%.15 27 2009-2023%.15 28 2009-2023%.16 29 2018-2023%.16 30 2010-2023%.16 31 2010-2023%.16 32 2009-2023%.17 33 2009-2023%.17 3Q23 2009 1210 4 34 2009-2023%.17 35 2018-2023+%.17 36 2015-2023.18 37 2015-2023.18 38 2010-2023 7-9.19 39 2010-2023 6-8.19 40 2010-2023%.19 41 2010-2023%.19 42 2009-2023%.20 43 2009-2023%.20 44 2009-2023%.21 45 2009-2023%.21 46 2009-2023%.21 47 2018-2023%.21 48 2009-2023%.22 49 2009-2023+%.22 50 2010-2023%.23 51 2009-2023%.23 52 2015-2023.23 53 2015-2023.23 54 3Q23.24 55 3Q23.24 56 2010-2023%.25 57 2010-2023%.25 58 2009-2023%.25 59 2009-2023%.25 60 2009-2023%.26 61 2009-2023%.26 62 2009-2023%.26 63 2009-2023%.26 64 2015-2023.27 65 2015-2022.27 66 2015-2023.27 67 2015-2023.27 3Q23 2009 1210 5 1.ST A 247 2023 10 30 3.85 A 4.3%&ASP 3Q23 3Q-15%1Q22-1Q23 2Q 3Q 1 2023 10 30 1 10 15,909 2 6 536 3 8 1,827 4 12 878 5 211 19,358*ST 3Q23 2009 1210 6-UW A 6 247 38,509 A 4.3%Wind 3Q23 2009 1210 7 2.3Q23 2.1 3Q23 3Q23 783+6%+9%2Q 3Q 3Q23 6%2 2015-2023%3 2015-2023%vs 3Q23+1.1PP 3Q23 236+26%+16%35%+6.4PP+1.1PP 1Q23 2Q 3Q 439-6%+10%3Q23 79+40%+11%4 5 vs 3Q23 686+4%+12%97+24%-6%7-8 2,1078%-20%0%20%40%60%-1,00001,0002,0003,000%7836%-50%0%50%100%-50005001,000%0%100%200%300%0100200300%-40%10%60%110%-400-2000200400600800%3Q23 2009 1210 8 236+26%+16%35%3Q-15%1Q22-1Q23 6 2015-2023%7 2015-2023%8 M1 9-Wind 6864%-50%0%50%100%-4000400800%9724%-50%0%50%100%-1000100200%-10010203040-250255075100 M1 0.00.51.01.52.02.5 3Q23 2009 1210 9 10 2015 11 2015 12%10/25 13 10/25 2.2 3Q23 3.76%2Q23 3.63%3Q23 0.13PP 3.76%3Q23 0.13PP 2023 10 30 0.98%1.24%0.11%0.05%0.08%0.06%2.15%2.13%0.06%0.05%0501001502002503003500501001502002503001%2%3%4%5%6%2,0003,0004,0005,0006,0007,0008,0009,000 3Q23 2009 1210 10 14 3Q23 15 Wind Wind 16 300 11 1 17 11 1 Wind Wind 18 PE TTM 11 1 19 PE TTM 11 1 Wind Wind 0%2%4%6%8%10%12%051015202530 5,000 10,000 15,000 20,000 25,0000.01.53.04.56.0 vs 300 3,000 4,000 5,000 6,000 7,000 8,0001.01.52.02.53.03.5 vs 21.8 01020304050 300 23.0 020406080 3Q23 2009 1210 11 20 2023Q3 2023Q2 1 208-1.3%325 2 86-2.2%125 3 63-6.3%113 4 59-13.6%111 5 53-5.5%62 6 49-0.8%62 7 48 0.4%60 8 45-7.4%58 9 39-2.5%56 10 34-0.4%50 Wind 3Q23 2009 1210 12 3.+3.1&ASP 3022+31%+17%4938+13%+14%&ASP 1622+38%+16%427+48%+38%495+33%+21%361+14%+2.5%1916-7%+9%21 2010-2023%22 2010-2023%Wind Wind 3.2 3Q 3Q23 19.3%+2.0PP+3.5PP 3Q23 19.3%+2.0PP+3.5PP 3Q23-49%-40%3Q23 3Q23 14.8%+2.5PP+3.9PP 1)3Q23 15.9%+2.0PP+2.6PP 2)3Q23 11.5%+2.2PP+2.7PP 30.8%-100%-50%0%50%100%150%2010 2012 2014 2016 2018 2020 202213.2%-100%-50%0%50%100%150%2010 2012 2014 2016 2018 2020 2022 3Q23 2009 1210 13 23 2009-2023%24 2009-2023%Wind Wind 4Q22 1Q23 3Q23 9-13 2021 4Q22+3Q23 1-49%-40%2-9%+2%3-4%+1%4-16%-3%5-30%-4%6-36%-17%7-74%-61%8-4%-2%14.8%19.3%0%5%10%15%20%25%2009 2011 2013 2015 2017 2019 2021 2023%11.5%15.9%0%5%10%15%20%2009 2011 2013 2015 2017 2019 2021 2023%3Q23 2009 1210 14 25 2023 10 27 Wind 3.3 1)2)3)3Q23 1 3Q23 12.5%+0.6PP+0.6PP 2 3Q23 11.3%+0.6PP+0.5PP 20-03 20-06 20-09 20-12 21-03 21-06 21-09 21-12 22-03 22-06 22-09 22-12 23-03 23-06 23-09 23-12 48,791 44,034 40,015 44,117 74,759 88,900 110,141 210,057 422,034 471,153 482,246 552,183 402,843 254,593 240,627 170,490 166,920 4,428 4,282 4,456 4,700 5,093 5,699 5,964 5,725 5,492 5,534 4,791 4,648 4,812 4,660 4,669 4,705 4,697 13,259 12,988 14,629 15,761 16,251 18,572 20,530 20,020 22,175 20,613 18,392 18,760 18,450 18,521 18,828 19,107 18,900 11,240 9,948 11,102 13,918 14,726 13,285 13,051 14,096 13,992 12,847 11,975 12,258 12,491 11,750 12,270 13,113 13,100 44,820 43,962 51,389 54,548 62,766 70,481 69,643 71,020 71,703 71,884 61,041 65,483 68,542 67,442 69,033 66,714 66,865 602 526 539 564 569 651 587 460 544 520 526 505 396 376 331 307 305 2,679 2,214 2,864 3,775 5,704 6,215 4,231 3,366 4,284 4,001 3,605 3,483 2,634 1,830 1,033 1,282 1,145 6,388 6,019 6,857 8,145 8,423 9,482 9,873 10,719 9,175 8,843 6,723 6,254 6,444 5,921 6,189 6,038 6,015 1,588 1,358 1,530 1,712 1,579 1,865 2,401 3,391 2,544 2,809 2,822 2,716 2,732 2,490 2,460 3,232 3,232 6.28 5.19 5.62 5.59 6.69 7.77 7.89 8.37 9.19 9.25 9.24 8.56 8.79 8.96 9.24 9.32 9.32 6.58 5.46 5.87 5.84 6.94 8.01 8.13 8.62 9.46 9.51 9.51 8.84 9.05 9.26 9.56 9.65 9.65 20-03 20-06 20-09 20-12 21-03 21-06 21-09 21-12 22-03 22-06 22-09 22-12 23-03 23-06 23-09 23-12-38%-42%-39%-21%53%102%175%376%465%430%338%163%-5%-46%-49%-65%150%69%-1%-5%0%6%15%33%34%22%8%-3%-20%-19%-12%-16%-16%-2%39%22%-2%-8%4%12%23%43%40%27%36%11%-10%-6%-17%-10%-9%4%58%29%-4%-14%4%18%31%34%18%1%-5%-3%-8%-13%-11%-9%-4%10%31%25%-8%-8%10%15%40%60%36%30%14%2%-12%-8%-4%-6%-4%9%58%37%69%52%39%22%-5%24%9%-18%-4%-20%-10%10%-27%-28%-36%-42%12%11%281%185%166%149%113%181%48%-11%-25%-36%-15%3%-39%-54%-74%-64%91%115%-8%-11%-2%14%32%58%44%32%9%-7%-32%-42%-30%-33%-30%-10%64%36%-18%-30%-12%1%-1%37%57%98%61%51%18%-20%7%-11%-12%15%77%23%-11%-23%-18%-19%7%50%40%50%37%19%17%2%-4%-3%0%1%52%17%-11%-22%-18%-18%5%47%38%48%36%19%17%3%-4%-3%1%1%49%15%20-03 20-06 20-09 20-12 21-03 21-06 21-09 21-12 22-03 22-06 22-09 22-12 23-03 23-06 23-09 23-12-12%-10%-9%10%69%19%24%91%101%12%2%15%-27%-37%-40%-33%317%-67.5%0%-3%4%5%8%12%5%-4%-4%1%-13%-3%4%-3%-3%1%5%-0.3%-6%-2%13%8%3%14%11%-2%11%-7%-11%2%-2%0%2%3%29%3.1%-5%-11%12%25%6%-10%-2%8%-1%-8%-7%2%2%-6%-2%12%18%9.2%-6%-2%17%6%15%12%-1%2%1%0%-15%7%5%-2%1%-1%30%6.9%30%-13%2%5%1%14%-10%-22%18%-4%1%-4%-21%-5%-17%-18%-43%-46.6%77%-17%29%32%51%9%-32%-20%27%-7%-10%-3%-24%-31%-61%-30%-60%-68.1%-11%-6%14%19%3%13%4%9%-14%-4%-24%-7%3%-8%-4%2%-12%-6.6%-6%-14%13%12%-8%18%29%41%-25%10%0%-4%1%-9%-10%30%111%17.5%-9%-17%8%-1%20%16%2%6%10%0.6%-0.1%-7.3%2.7%1.9%5.1%4.0%66%3.3%-8%-17%8%-1%19%15%1%6%10%1%0%-7%2%2%6%4%64%4%3Q23 2009 1210 15 26 2009-2023%27 2009-2023%Wind Wind 3Q23 3Q23-0.4PP-0.3PP 1 3Q23 4.6%-0.4PP-0.3PP 2 3Q23 4.4%-0.2PP-0.1PP 3Q23-0.4PP-0.4PP 1 3Q23 2.5%-0.4PP-0.4PP 2 3Q23 2.7%-0.2PP-0.3PP 3Q23 1 3Q23 5.2%+1.1PP+0.4PP 2 3Q23 4.1%+0.8PP+0.3PP+2.1PP-1.5PP+0.02PP-0.2PP-0.1PP 11.3%12.5%0%5%10%15%20%2009 2011 2013 2015 2017 2019 2021 2023%4.4%4.6%0%2%4%6%8%10%2009 2011 2013 2015 2017 2019 2021 2023%3Q23 2009 1210 16 28 2009-2023%29 2018-2023%Wind Wind 3.4+3Q 1 3Q23 153+63%+1.1+73%/+5.4+80%/+54%+42%/+2.1 2 3Q23 218+30%+61%30 2010-2023%31 2010-2023%Wind Wind 3Q23 1 3Q23 4.5%+1.1PP+2.2PP 3Q23 3.5%+0.7PP+1.3PP 2 3Q23 5.0%+1.0PP+2.2PP 3Q23 2.7%2.5%0%2%4%6%8%10%2009 2011 2013 2015 2017 2019 2021 2023%4.1%5.2%0%1%2%3%4%5%6%2018 2019 2020 2021 2022 2023 63%-100%-50%0%50%100%150%200%2010 2012 2014 2016 2018 2020 202230%-100%-50%0%50%100%2010 2012 2014 2016 2018 2020 2022 3Q23 2009 1210 17 4.4%+0.6PP+1.3PP 32 2009-2023%33 2009-2023%Wind Wind 3Q23+3Q23 1)3Q23 0.1%+0.3PP+0.8PP 2)3Q23 0.1%+0.2PP+0.6PP 1.0%+0.5PP+1.6PP-0.1%+0.3PP+0.7PP 0.2%+0.2PP+0.4PP-0.2%+0.6PP+0.6PP-0.3%-0.2PP+0.03PP+1)3Q23+5.1%+1.2PP+2.9PP 2)3Q23 4.5%+0.7PP+1.9PP 34 2009-2023%35 2018-2023+%Wind Wind 3.5%4.5%-12%-8%-4%0%4%8%12%16%2009 2011 2013 2015 2017 2019 2021 2023%4.4%5.0%-10%0%10%20%2009 2011 2013 2015 2017 2019 2021 2023%0.1%0.1%-4%-2%0%2%4%2009 2011 2013 2015 2017 2019 2021 2023%4.5%5.1%0%5%10%15%2009 2011 2013 2015 2017 2019 2021 2023 3Q23 2009 1210 18 3.5 3Q23-176-195-611 3Q23-217-259-551 1+65+70+29 2-240-242-483 3-41-65+59 4+45-58-34 5-48+38-88 3Q23+327-149-432 3Q23+469-105-458 1+105+126+70 2+159-320-516 3+142+44-26 4+40+6+32 5+6+30-52 36 2015-2023 37 2015-2023 Wind Wind-217.3-176.2-400-20002004006002023 2022 2021 2020 2019 2018 2017 2016 2015 468.8326.8-400-20002004006008001,0002023 2022 2021 2020 2019 2018 2017 2016 2015 3Q23 2009 1210 19 4.+1.6PP 4.1 3Q23+1%+13%3Q23 676+2%+14%T-1 652+1%+12%T-1 38 2010-2023 7-9 39 2010-2023 6-8 3Q23 3Q23+11%+8%1)+11%+8%2)3628+11%+5%3)2409 9.8%+5%40 2010-2023%41 2010-2023%Wind Wind 676 2%-60%-40%-20%0%20%40%60%80%-600-400-20002004006008002010Q1 2013Q1 2016Q1 2019Q1 2022Q1%652 1%-40%-20%0%20%40%60%80%-400-20002004006008002010Q1 2013Q1 2016Q1 2019Q1 2022Q1%10.6%10.5%-100%-50%0%50%100%150%2010 2012 2014 2016 2018 2020 2022 9.8%-100%-50%0%50%100%150%2010 2012 2014 2016 2018 2020 2022 3Q23 2009 1210 20 4.2 3Q23+1.9PP-0.1PP 1)20.3%+1.9PP-0.1PP 2)18.2%+1.8PP+0.3PP 3)18.0%+1.4PP+0.01PP-46%-10%-6%-16%-33%-9%-28%-54%-37%+5%-3%-8%-6%-5%-31%42 2009-2023%43 2009-2023%Wind Wind 4.3 3Q23+1.5PP+1.2PP 1)12.8%+1.5PP+1.2PP 2)11.9%+0.9PP+1.0PP 3)12.6%+0.7PP+1.2PP 3Q23 1)2.0%+0.05PP+0.1PP 2)2.6%+0.1PP+0.02PP 3)2.2%+0.1PP+0.1PP 18.2%20.3%10%15%20%25%30%2009 2011 2013 2015 2017 2019 2021 2023 18.0%0%10%20%30%40%2009 2011 2013 2015 2017 2019 2021 2023 3Q23 2009 1210 21 44 2009-2023%45 2009-2023%Wind Wind 3Q23 1)5.2%-0.1PP+0.07PP 2)4.5%+0.02PP-0.2PP 3)4.5%+0.1PP-0.01PP 3Q23 1)4.4%+0.1PP+0.07PP 2)4.0%-0.2PP-0.01PP 3)5.1%-0.3PP+0.03PP 46 2009-2023%47 2018-2023%Wind Wind 4.4 3Q23 11.9%12.8%0%5%10%15%20%25%2009 2011 2013 2015 2017 2019 2021 2023 2.6%2.0%0%1%2%3%4%5%6%2009 2011 2013 2015 2017 2019 2021 2023 4.5%5.2%0%2%4%6%8%10%2009 2011 2013 2015 2017 2019 2021 2023 4.0%4.4%0%1%2%3%4%5%2018 2019 2020 2021 2022 2023 3Q23 2009 1210 22 1)+10%+7%2)214+27%+2%3)144+23%-1%3Q23 1)6.0%-0.1PP-0.7PP 2)5.9%+0.8PP-0.2PP 3)6.0%+0.6PP-0.3PP 3Q23+3Q23 1)7.0%+1.6PP+0.9PP 2)6.7%+1.8PP+1.0PP 3)6.8%+1.5PP+0.8PP 48 2009-2023%49 2009-2023+%Wind Wind 0.8%0.6%-1.0%-0.5%0.0%0.5%1.0%1.5%2.0%2009 2011 2013 2015 2017 2019 2021 2023 6.7%7.0%0%5%10%15%2009 2011 2013 2015 2017 2019 2021 2023 3Q23 2009 1210 23 50 2010-2023%51 2009-2023%Wind Wind 4.5 3Q23+25+33 1)+102+108-28 2)+79+25+33 3Q23+87-41 1)+320+202-115 2)+190+87-41 52 2015-2023 53 2015-2023 Wind Wind 4.6 3Q23 A 3Q23 26.6%9.7%-100%-50%0%50%100%2010 2012 2014 2016 2018 2020 2022 5.9%6.0%0%5%10%15%2009 2011 2013 2015 2017 2019 2021 2023 101.5-300-1001003005002023 2022 2021 2020 2019 2018 2017 2016 2015319.8-20002004006002023 2022 2021 2020 2019 2018 2017 2016 2015 3Q23 2009 1210 24 54 3Q23 Wind 55 3Q23 Wind 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 0.1 0.2 0.5 0.1 0.2 0.2 0.0-0.2 0.1 0.1 0.0-0.1 0.1 0.5 1.0 2280%115%0.0 0.0 0.0 0.1 0.0 0.0-0.1 0.1 0.0 0.0 0.0-0.3 0.0 0.0 0.0 2236%724%0.0 0.2 0.1 0.2 0.1 0.1-0.1 0.1 0.0 0.0 0.0 0.1 0.0-0.1 0.1 1635%-0.3-0.4-0.8-11.6-0.9-1.0-1.2-3.7 0.0 0.1 0.0 0.1 0.0 0.0 0.2 1598%530%0.0 0.0 0.1 0.1 0.0 0.1 0.0 0.3 0.2 0.1 0.1-0.1-0.1-0.2 0.7 1305%-0.2-0.1-0.1-0.3 0.0-0.1 0.0 0.1 0.0-0.1 0.0 2.4 1.1 0.6 0.2 779%-63%0.5 1.1 0.6 1.0 1.0 0.9 0.2 0.3 0.5 0.2 0.1 0.1 0.7 0.6 0.7 491%7%0.0 0.0 0.4 0.3 0.4 0.3 0.2 0.1 0.1 0.0 0.0 0.0 0.1 0.1 0.2 319%173%25.9 31.1 30.0 25.7 43.7 38.9 19.4 13.7 13.1 16.4 7.8 19.5 22.5 25.4 32.1 309%26%-0.2 0.2 0.0 0.1 0.0-0.4-0.5-0.5 0.5 3.0 1.7 3.0 3.5 6.0 6.8 308%13%3.7 5.2 7.0 6.2 4.9 2.8 1.5-1.4-0.9 2.0 1.1 0.8 2.1 3.5 4.0 278%15%0.1 0.2 0.2 0.3 0.2 0.2 0.1 0.2 0.1 0.2 0.1 0.1 0.1 0.2 0.3 260%53%0.2-0.2-0.2 0.4 0.3 0.0 0.0-0.8-0.2-0.4 0.1 0.7 0.3 0.4 0.2 252%-53%-0.3-0.1 0.1 0.5 0.2 0.2 0.0 0.1 0.2 0.1 0.1 0.3 0.4 0.3 0.3 243%0%0.6 1.0 1.6 1.1 1.1 1.2 1.1 1.0 0.6 0.2 0.2-0.2 0.6 1.2 0.5 231%-55%0.9 1.2 1.4 1.7 1.7 1.4 1.3 1.0 0.9 0.4 0.3 0.4 1.0 1.1 1.0 225%-8%0.0 0.2 0.2 0.0 0.2 0.1 0.1-0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.2 218%88%0.3 1.6 2.1 7.3 1.0 0.9 0.5 1.2 0.6 1.0 1.0 1.7 0.9 2.5 2.9 203%18%-0.2 2.7 0.4 0.3 0.3 0.8-0.2 0.1 0.4 0.4 0.3 0.8 0.6 0.7 0.8 196%15%0.3 0.4 0.5 0.9 0.4 1.1 0.5 0.4 0.1 0.7 0.3 0.4 0.9 0.9 0.8 185%-10%1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 0.0 0.0 0.0 0.1 0.0 0.0-0.1 0.1 0.0 0.0 0.0-0.3 0.0 0.0 0.0 2236%724%-0.3-0.4-0.8-11.6-0.9-1.0-1.2-3.7 0.0 0.1 0.0 0.1 0.0 0.0 0.2 1598%530%-0.3 0.6 0.7 1.2 0.2 1.4 0.8 0.4 0.4 0.4 0.2-0.1 0.3 0.1 0.3 97%418%0.1 0.2 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.2 0.1 0.0 0.1-57%315%-0.6-3.6 0.6 0.2 1.4 0.7-0.3-0.5-0.5-1.4 1.0-13.9 0.7 0.2 0.8-28%252%0.1 0.2 0.4 0.1 0.5 0.2 0.0 0.3 0.8 0.6 1.2-0.2 0.0 0.1 0.4-71%215%0.0 0.0 0.4 0.3 0.4 0.3 0.2 0.1 0.1 0.0 0.0 0.0 0.1 0.1 0.2 319%173%0.1 0.2 0.5 0.1 0.2 0.2 0.0-0.2 0.1 0.1 0.0-0.1 0.1 0.5 1.0 2280%115%0.0 0.4 0.2 0.2 0.2 0.4 0.5 0.3 0.2 0.2 0.7 0.5 0.3 0.2 0.5-26%113%0.0 0.2 0.2 0.1 0.1 0.1 0.1-0.1 0.0-0.2 0.0-0.3 0.0 0.0 0.1 111%0.3 0.5 0.5 1.2 1.0 0.9 0.6 1.2 0.8 0.6 1.1 0.1 1.3 0.6 1.2 5%109%-0.1 0.0 0.2 1.1 0.1 0.1 0.4 0.3 0.2 0.2 0.3 0.2 0.1 0.2 0.4 28%104%-0.4 0.0 0.4-1.7 0.6 0.1 0.5-0.6 0.4 8.6 0.1-7.9-0.2 0.0 0.1 54%98%0.1 0.2 0.2 0.1 0.3 0.2 0.2 0.1 0.0 0.0 0.1-0.2 0.4 0.1 0.3 179%94%0.0 0.2 0.2 0.0 0.2 0.1 0.1-0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.2 218%88%0.3 0.2 0.2 0.4 0.5 0.3 0.2 0.4 0.4 0.2 0.3 0.4 0.3 0.2 0.4 29%84%0.1 0.2 0.3 0.3 0.3 0.3 0.2 0.4 0.2 0.2 0.4 0.4 0.3 0.3 0.5 53%77%-0.2-0.2 0.0-2.5 0.2 0.2-0.2-1.6-0.6 0.4 0.5 0.9 0.4 0.1 0.2-53%76%0.0 0.2 0.3 0.3 0.5 0.7 0.5-0.4 0.4 0.5 0.8 0.4 0.6 0.7 1.2 61%76%1.1 2.3 1.9 2.4 2.1 1.0 0.4 1.9 2.3 2.1 2.8 3.0 2.8 1.5 2.7-7%75%3Q23 2009 1210 25 5.5.1 3Q23+33.1%+29.7%3Q23 149+33%-2%78+61%+4%47+19%-16%3Q23 703+30%-5%151+99%-20%141+14%+2%56 2010-2023%57 2010-2023%Wind Wind 5.2 3Q23 3Q23 18.6%+2.1PP+1.8PP 3Q23 10.8%+1.1PP-0.3PP 58 2009-2023%59 2009-2023%Wind Wind 5.3 3Q23 14.7%9.3%3Q23 14.7%-0.9PP+2.2PP 3Q23 9.3%-1.2PP+1.0PP 33.1%-100%-50%0%50%100%2010 2012 2014 2016 2018 2020 202229.7%-100%-50%0%50%100%150%2010 2012 2014 2016 2018 2020 202218.6%0%10%20%30%2009 2011 2013 2015 2017 2019 2021 202310.8%0%5%10%15%20%2009 2011 2013 2015 2017 2019 2021 2023 3Q23 2009 1210 26 60 2009-2023%61 2009-2023%Wind Wind 5.4 3Q23 2.4PP 3Q23+3.6%+2.9PP+1.7PP 3Q23+1.2%+2.1PP-2.4PP 62 2009-2023%63 2009-2023%Wind Wind 5.5 3Q23 3Q23+14.9+6.1+1.8 3Q23+129+104.8+86.2 3Q23 3Q23+42.2+30.6+6.3 3Q23+139.9+133.3+54 14.7%0%5%10%15%20%25%30%2009 2011 2013 2015 2017 2019 2021 20239.3%0%5%10%15%20%2009 2011 2013 2015 2017 2019 2021 20233.6%-5%0%5%10%2009 2011 2013 2015 2017 2019 2021 20231.2%-12%-9%-6%-3%0%3%6%2009 2011 2013 2015 2017 2019 2021 2023 3Q23 2009 1210 27 64 2015-2023 65 2015-2022 Wind Wind 66 2015-2023 67 2015-2023 Wind Wind 14.9-50-25025502023 2022 2021 2020 2019 2018 2017 2016 201542.2-60-40-200204060802023 2022 2021 2020 2019 2018 2017 2016 2015129.0-100-500501001502002023 202