20230624_海通证券_煤炭行业证券研究报告：韧性犹在重估可期_45页.pdf

SAC S0850517120001 SAC S0850520090001 SAC S0850515120001 2023 6 24 1.2016 7 6 7 22 3-6 30%25%22 10 1 2023 6 9 wind 2 050010001500200025000.400.500.600.700.800.901.001.101.201.301.40Jan/16Apr/16Jul/16Oct/16Jan/17Apr/17Jul/17Oct/17Jan/18Apr/18Jul/18Oct/18Jan/19Apr/19Jul/19Oct/19Jan/20Apr/20Jul/20Oct/20Jan/21Apr/21Jul/21Oct/21Jan/22Apr/22Jul/22Oct/22Jan/23Apr/23/5500/XVBYzQqNnOoPpRnOsPqPoP7NcM8OtRrRsQpMeRnNsMiNoMnQbRoOzRxNqMqPuOoPoM2.1 23 23 22 3-4 23 21/22 4 2 wind 3 3%-50-30-1010305070Feb/17Aug/17Feb/18Aug/18Feb/19Aug/19Feb/20Aug/20Feb/21Aug/21Feb/22Aug/22Feb/23:-30-20-10010203040Mar/17Sep/17Mar/18Sep/18Mar/19Sep/19Mar/20Sep/20Mar/21Sep/21Mar/22Sep/22Mar/23:2.2 4%wind 4 5%556065707580851 1 1 4 2 2 3 1 3 4 4 3 5 2 6 1 6 4 7 2 7 5 8 3 9 2 10 1 10 4 11 2 12 1 12 4 2019 2020 2021 2022 20235560657075808590951 1 1 4 2 2 3 1 3 4 4 3 5 2 6 1 6 4 7 2 7 5 8 3 9 2 10 1 10 4 11 2 12 1 12 4 2019 2020 2021 2022 20232.3 4 6 5 6 2 5 5 6 6 wind 5 7 1502002503003504004505002 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 202360%62%64%66%68%70%72%74%76%78%80%3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 20233.1 23 4+2.6%2022 24%22 46%4 1-4+4.8%2/3 5.8%/5.5%/4.6%/2.5%/1.6%/25.1%71.7%-0.9pct 8 wind 6 9%-40-30-20-100102030405060-50050100150200250300Feb/11Feb/12Feb/13Feb/14Feb/15Feb/16Feb/17Feb/18Feb/19Feb/20Feb/21Feb/22Feb/23/%-20-10010203040Mar/19Jun/19Sep/19Dec/19Mar/20Jun/20Sep/20Dec/20Mar/21Jun/21Sep/21Dec/21Mar/22Jun/22Sep/22Dec/22Mar/23 YOY YOY YOY YOY 3.2 22 23 22/+5.2%/0.7%13.2/4.9 37.4%-1.6pct 2016-2021 2.9pct 23 1-4/+2%/1%4.4/1.6 37.5%4 2.4 54.6%20182022 43.6%/47.6%/49.9%/52.6%/53.9%10 sxcoal 7 11 024681012142017 2018 2019 2020 2021 2022 23.1-4 22.1-4 012345678 2019 2020 2021 2022 23.1-44.1 5 1-5 1.8+89.6%3800 23002800 CCI 4700 1-4 113/123/91/39/5 4/5 5 31 30/12 wind sxcoal 8 13 0500100015002000250030003500400045001-2 3 4 5 6 7 8 9 10 11 12 2020 2021 2022 2023-500-400-300-200-1000100200300400050010001500200025003000Jan/17Apr/17Jul/17Oct/17Jan/18Apr/18Jul/18Oct/18Jan/19Apr/19Jul/19Oct/19Jan/20Apr/20Jul/20Oct/20Jan/21Apr/21Jul/21Oct/21Jan/22Apr/22Jul/22Oct/22Jan/23Apr/23-CCI 4700/5500/4.2 4 1.1 5249 89.2%3214 72.6%22 75%69%1354 159%22 14%20%4 509 578 14 sxcoal 9 15 2023 1-4 0500010000150002000025000300002018 2019 2020 2021 2022 23.1-4 22.1-4 68.6%5.2%19.8%,1.2%4.3 49%20162020 85%2021 37%22 44%/33%/12%/7%1-4 51%/31%/7%/6%4 3114+88.6%+1193 350%+466 92.5%-147 73.6%-90-33.8%16 sxcoal 10 17 2023 1-4 0100020003000400050006000700080002018 2019 2020 2021 2022 23.1-4 22.1-4 49.2%1.7%31.2%,7.1%5.7%4.4 2016 1-4 1 wind sxcoal 11-2015 49627 4715 54342 52775 1567 2016 44438 5810 50248 53391-3143 2017 44571 6760 51331 51451-120 2018 45406 6424 51830 51952-122 2019 48060 7326 55385 55204 181 2020 48510 7169 55679 55771-92 2021 48991 5461 54451 54542-91 2022 49351 6358 55709 55618 91 23.1-4 16472 3109 19581 19346 235 22.1-4 16301 1637 17938 18277-339 5.1 6 3627+19%6 CCTD 7796+33%18 cctd 12 19 CCTD 180020002200240026002800300032003400360038001 2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 2023400050006000700080009000100001 2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 20235.2 6 2 729/655-19%/-35%21-30%/-54%4 2071 20 sxcoal 13 21 05001000150020002500Jan/18Jul/18Jan/19Jul/19Jan/20Jul/20Jan/21Jul/21Jan/22Jul/22Jan/23 0500100015002000250030001 2 3 4 5 6 7 8 9 10 11 12 2018 2019 20202021 2022 20236.1 2 wind 14/2017 333615 352400 3.31%27000 101900 2018 352559 5.68%368300 4.51%43444 24500 103000 2019 361164 2.44%384600 4.43%19405 10800 100000 2020 378986 4.93%390200 1.46%26822 9000 96699 2021 405883 7.10%413000 5.84%29897 3000 84761 2022 433140 6.72%456000 10.41%30257 3000 79504 2023E 442270 2.11%465120 2.00%11131 2000 76374 2024E 451463 2.08%469771 1.00%10692 1500 71681 2025E 460498 2.00%473529 0.80%10035 1000 65646 2022 45.6+10.4%21/22 3 2325 2325 1 12%6.2 3 wind sxcoal 15 2018 2019 2020 2021 2022 2023E 2024E 2025E 317567 334967 341080 366791 393467 401784 407609 412562 YOY 3.3%5.5%1.8%7.5%7.3%2.1%1.4%1.2%295976 312466 317937 339893 370518 377284 382374 386570 YOY 3.0%5.6%1.8%6.9%9.0%1.8%1.3%1.1%21591 22501 23143 26898 22949 24500 25235 25992 YOY 7.4%4.2%2.9%16.2%-14.7%6.8%3%3%318803 329951 340781 366956 374518 384817 395984 407521 197096 205060 208550 225427 236398 243490 248360 253327 YOY 4.8%4.0%1.7%8.1%4.9%3.0%2.0%2.0%55406 59318 60503 59777 53321 53321 54388 55475 YOY-6.0%7.1%2.0%-1.2%-10.8%0.0%2.0%2.0%28098 28789 29581 30646 32178 33787 35477 37250 YOY-1.0%2.5%2.8%3.6%5.0%5.0%5.0%5.0%280601 293167 298634 315850 321898 330598 338224 346053 YOY 1.9%4.5%1.9%5.8%1.9%2.7%2.3%2.3%88%89%88%86%86%86%86%85%318418 329488 340550 366705 374143 384417 395584 407121 YOY 3.4%3.5%3.4%7.7%2.0%2.7%2.9%2.9%385 463 232 251 375 400 400 400 YOY-34.4%20.2%-50.0%8%49%7%0%0%-1236 5016 298-165 18949 16967 11626 5041 5500 647 587 571 1012 1220 1000 950 900 23E/24E/25E 2%/1%/0.8%23E/24E/25E 0.5%/-0.5%/-0.5%/23E 3.0%/0%/5.0%24E 2.0%/2.0%/5.0%25E 2.0%/2.0%/5.0%6.3 16 4 wind sxcoal 2018 2019 2020 2021 2022 2023E 2024E 2025E 51937 55525 55766 54460 55734 56781 56892 56872 YOY 0.7%6.9%0.4%-2.3%2.3%1.9%0.2%0.0%111388 118826 121570 125409 131899 132559 131896 131237 YOY 1.6%6.7%2.3%3.2%5.2%0.5%-0.5%-0.5%45406 48060 48510 48991 49351 49597 49349 49103 YOY 1.9%5.8%0.9%1.0%0.7%0.5%-0.5%-0.5%6532 7466 7256 5470 6384 7184 7543 7769 YOY-6.6%14.3%-2.8%-24.6%16.7%12.5%5.0%3.0%52060 55344 55858 54551 55644 56200 56762 57329 51952 55204 55771 54542 55618 56175 56736 57304 YOY 1.0%6.3%1.0%-2.2%2.0%1.0%1.0%1.0%108 140 87 9 25 25 25 25 YOY-53.1%29.9%-37.5%-89.5%179%0%0%0%-122 181-92-91 90 581 130-457 1764 1716 1496 2515 2832 2150 2050 2100 23E/24E/25E 0.5%/-0.5%/-0.5%37%23E 800 24E/25E 5%/5%23E/24E/25E 1%/1%/1%23E/24E/25E 25 6.4 3 6 23 700/1000/22 5500/wind 17 23/050010001500200025003000Jan/15Jul/15Jan/16Jul/16Jan/17Jul/17Jan/18Jul/18Jan/19Jul/19Jan/20Jul/20Jan/21Jul/21Jan/22Jul/22Jan/23725 725 720 720 719 719 719 719 719 719 728 728 728 727 724 723 719 709 4505005506006507007508002018 2019 20202021 2022 20236.5 6 750850/2500/1800/4-5 5 31 6 2+4+4”20002200/24/wind 18 050010001500200025003000350040004500Jan/15Jul/15Jan/16Jul/16Jan/17Jul/17Jan/18Jul/18Jan/19Jul/19Jan/20Jul/20Jan/21Jul/21Jan/22Jul/22Jan/23:():(A8%,V25%,0.9%S,G85):2#(A10%,V22%,0.8%S,G82.5):19 7.1 23 2023 6%2425 5%2627 4%2830 3.5%/3%/2.5%2025 2030 2030 2060 2330 22 2025 2030 2030 2060 2330 7800 2325 70/71/71GW 2627 73GW 2830 78GW 22 2026 814GW 2325 88/95/110GW 22 2730 122/124/126/128GW 600 20 7.2 23-25 5.3%3.1%26-30 3.4%0.4%BP wind 21 5 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 7.14 7.42 8.11 8.39 8.89 9.34 9.80 10.20 10.60 10.97 11.30 11.59 YOY 5.2%3.8%9.4%3.4%6.0%5.0%5.0%4.0%4.0%3.5%3.0%2.5%11.91 12.45 12.97 13.32 13.95 14.35 14.61 14.80 15.06 15.16 15.15 14.90 5.17 5.28 5.77 5.85 6.13 6.30 6.42 6.50 6.62 6.66 6.66 6.55 YOY 3.7%2.2%9.3%1.4%4.7%2.8%1.8%1.3%1.8%0.7%-0.1%-1.6%3.56 3.70 3.91 4.14 4.20 4.30 4.60 4.70 4.80 5.00 5.20 5.54 1.15 1.21 1.18 1.20 1.22 1.25 1.34 1.37 1.40 1.45 1.51 1.61 YOY 4.6%5.3%-2.5%1.5%1.6%2.4%7.0%2.2%2.1%4.2%4.0%6.5%0.49 0.50 0.53 0.56 0.57 0.64 0.72 0.81 0.86 0.92 0.99 1.08 0.35 0.37 0.41 0.42 0.44 0.50 0.56 0.63 0.67 0.72 0.77 0.84 YOY 18.3%5.1%11.3%2.5%6.0%12.0%13.2%12.5%6.2%7.0%7.6%9.1%2.10 2.82 3.28 3.65 4.35 5.06 5.77 6.50 7.23 8.01 8.79 9.57 0.36 0.41 0.57 0.69 0.82 0.95 1.09 1.22 1.36 1.51 1.65 1.80 YOY 10.0%15.9%36.7%21.2%19.2%16.3%14.0%12.6%11.2%10.8%9.7%8.9%2.05 2.53 3.07 3.93 4.81 5.76 6.86 8.14 9.36 10.60 11.86 13.14 0.12 0.14 0.18 0.23 0.28 0.34 0.40 0.47 0.56 0.64 0.71 0.79 YOY 31.0%21.2%29.3%24.7%22.4%19.8%19.1%18.7%18.3%13.2%11.9%10.8%7.3 2/1.8 kwh/w 3.8%/6.6%50MW 3 300g/kwh 2kwh 25 2200 0.4%52.3kwh 3.8%1.793kwh 25 1200 0.8%27kwh 6.6%22 7.4 50MW 3 49.5MW 33 1.5MW 2.4 235/3600/2400 3 GWEC 23()()(3)19.2 19.2 10 10(3)3.6 3.6 2.4 2.4 0.8 2 1.2 14 14+25 25 1.85 6 3.96 0.18 3 3 3.5 3.5,2.5 2.5 12 12 10 10 160 160 300m3 300m3 35 35()()(33)85.8 429 343.2 150mm 95.44 95.44(14km)49 49(8)72 360 288(25km)350 350(50)3000 3000(kgce/t)(t)(tce)1380 13035 17986 3656 314 1149 229 4554 1042 5050 6 30 5778 660 3813 1103 40 44 527 399 210 24274 1.5MW 8 1km/L 630 6892GJ 49.5MW 7.5 1.433kwh 4.82g 5.78g 1.5%1.433kwh 24 0.069kwh/W 1.2kg-1kg 1.05kg-1kg 1kg-156 156mm 49 1-4.45Wp 1050g/218Wp=4.82g/Wp 4.82g/Wp*1.2=5.78g/Wp 12kwh/kg 80kwh/kg 8kwh/kg 0.45kwh/0.1kwh/Wp 0.35kwh/Wp 0.36kwh/W=0.3kwh/W+0.01kwh/W+0.05kwh/W MW 5000 1500 850 0.11kwh/w=0.06kwh/W+0.05wkh/W MW 70 0.385kwh/W 0.037kwh/W 0.101kwh/W 0.100kwh/W 0.350kwh/W 25 8.1 IEA 2025 25 22 8%New Hope Carmichael 2028 Ironbark Goonyella Vickery Olive Downs Hillalong 2021-22 1.63 2027-28 1.72 IEA 2023 4 59 3.62 2022/23/24/25/26-29 8.3/41.1/25/61.1/226.5 26 25 26 8.1 27 Russell Vale Underground Expansion Revised Project Wollongong Coal E 2021 1 CC MA Burton Bowen Coking Coal N 2022 2 TC,CC MA Mavis Downs-Millenium MetRes E 2022 1.2 CC,PCI MA Stratford extension Yancoal Australia E 2022 1.2 TC MA Tahmoor South Coal Project SIMEC Group E 2022 1 CC MA Vulcan Mine Complex Vitrinite N 2022 1.9 CC MA Mandalong Southern Extension Project Centennial Coal E 2022+.TC MA Curragh Extension Coronado Global E 2023 3 TC,CC MA Dartbrook Australian Pacific Coal R 2023 6 TC LA New Acland(Stage 3)New Hope E 2023 7.5 TC LA Olive Downs South Pembroke Resources N 2023 4.5 CC MA Wilton-Fairhill Futura Resources N 2023 2.6 CC MA Chain Valley Extension Delta Coal E 2023+2 TC MA Hillalong Shandong Energy Group N 2023+4.2 TC,CC MA Ironbark No.1(Ellensfield)Fitzroy Australia Resources N 2023+2.7 TC,CC MA Mangoola Coal Continued Operations Project Glencore E 2023+5 TC LA Maxwell Project Malabar Coal N 2023+3.6 TC,CC MA Meandu King 2 East Project Stanwell E 2024 5 TC LA Saraji East BHP Billiton/Mitsubishi Alliance N 2024 7 CC LA Angus Place West Centennial Coal N 2024+2 TC LA Isaac Plains Complex-Isaac Downs Project Stanmore Coal N 2024+2.4 TC,CC MA Mount Owen(Glendell Mine)Continued Operations Project Glencore E 2024+7 TC,CC LA Walton Aquila Resources N 2024+1.6 PCI LA Dysart East Bengal Energy N 2025 1.2 CC LA Eagle Downs South32/Aquila Resources N 2025 4.5 TC,CC LA Vickery Extension Project Whitehaven N 2025 5.5 TC,CC LA Gemini Coal Mine Magnetic South N 2025+1.9 CC LA Hunter Valley Operations Continuations Project Yancoal/Glencore E 2025+42 TC,CC LA Jellinbah Central North Extension Jellinbah Group N 2025+1 PCI LA Rolleston Expansion Project Glencore E 2025+5 TC LA 6 2025-TC PCI CC 8.2 IEA 2.2%2025 5.82 IEA 2.2%2025 5.82 28 27 2021-2025 IEA Adaro MetCoal Companies(AMC)Concessions Adaro N CC LA Arthaco Prima Energi IATA N TC LA Bukit Enim Energi Adaro N TC LA Tambang Benua Alam Raya(TBAR)project Cokal N CC LA Tekno Orbit Persada MEC Coal N TC LA 7 8.3 2025 3%IEA 2023 9%2024 Baikal-Amur Tran-Siberian IEA 2025 2025 3%2021 3000 2023-2025 2800 2028 25%1.3 29 28 2021-2025 IEA 8 Amaam Tiger Realm Coal N 2022 5 CC LA Chernogorsky SUEK E 2023 3.5 TC MA Elegest Expansion Tuva Energy Industry Corporation(TEPK)E.10 CC LA Inaglinsky-2 Kolmar E.8 CC LA Karakansky(Stage III)/Karakansky Globoky Karakan Invest N 2019 3 TC LA Pravoberezhny SUEK E 2024 3 TC LA West-Taymyr Industrial Cluster AEON N 2023 5 CC MA Tikhova Stage 2 Industrial Metallurgical Holding E 2025 1.3 CC LA 8.4 2025 6.1%Alpha Metallurgical Resources IEA 2025 6.1%4.43 2028 2022 3500 2028 3000 30 29 2021-2025 IEA 9 Blue Creek No.1 Warrior Met Coal E 2025 4.3 CC LA Elk Creek Ramaco Carbon LCC E 2023 0.9 CC MA Itmann Consol Energy N 2022 0.6 CC MA Longview North Central Ressources,LLC N 2023 3 CC MA RAM Mine Ramaco Resources,Inc.N 2023 0.5 CC LA River View Henderson Portal 1 Alliance Coal LLC N 2025.TC LA 8.5 2024 2021 1.6GW 2024 3 IEA 2024 IEA Silesia Bogdanka 31 30 2021-2025 10 Jan Karski Project Prairie Mining N 6.3 CC LA IEA 8.6 1500 22 10 10 Transnet IEA 2025 2.17 32 31 2016-2022 11 Argent Colliery Glencore/Shanduka N.1.2 TC LA Umzila coal mine Canyon Coal N 2023 3.6 TC MA Boikarabelo Stage 2 Resource Generation E 2025+6 TC LA Eloff coal project Universal Coal E.2.4 TC MA Gila coal mine Canyon Coal N.1.8 TC LA Gugulethu coal mine Canyon Coal N 2023 3.6 TC MA Khwezela extension Thungela Resources Limited E 2030 4.6 TC LA Koornfontein OC Black Royalty Minerals E 2023 3 TC MA Liberty Coal Mine Expansion Templar Capital E.12 TC LA Makhado Phase 1 MC Mining N 2023 1.1 TC,CC MA Makhado Phase 2 MC Mining E 2025 0.6 TC,CC LA New Largo Seriti N.12 TC LA Ukwenama coal mine Canyon Coal N.0.6 TC LA Weltevreden coal project Seriti E.TC MA Sukuma coal mine Canyon Coal N 2023 7 TC LA Thuso coal project Canyon Coal N 2023 1.2 TC LA IEA 8.7 23Q1 23Q1 11 11 19.9+6.1%5.5%19-22 11 85%92%90%23Q1 23 88.6+6.5%33 12 23Q1 2019%2020%2021%2022%23Q1%79.44 1.7%75.75-4.8%78.88 3.9%83.18 5.4%IEA 22 1 38.50 4.0%39.00 1.4%41.30 5.7%45.60 10.5%11.53 5.5%2 7.32-1.6%7.41 0.8%8.04 7.0%9.09 12.1%2.97 9.8%3 6.40-6.7%4.89-23.7%5.25 8.0%5.42 3.4%1.37 1.7%4 5.91 1.2%5.44-8.0%5.40-0.7%5.25-2.8%5 6.16 9.5%5.63-8.3%6.14 8.9%6.85 11.6%1.70 12.0%6 4.37 1.0%4.01-8.2%4.37 8.8%4.37 0.4%1.07-2.5%7 2.59 2.2%2.47-4.4%2.29-8.0%2.31-1.2%8 1.31-21.0%1.07-18.2%1.26 17.7%1.31 3.6%0.34 1.6%1-2 9 1.12-8.2%1.00-10.4%1.07 6.7%1.08 0.5%0.23-19.1%10 1.15-2.6%1.13-1.6%1.16 2.0%1.18 1.5%0.30-1.5%8.7 23Q1 23Q1 3.11+20.5%34 13 23Q1 2019%2020%2021%2022%23Q1%14.55 1.3%12.98-10.8%13.68 5.0%12.05 5.8%3.11 20.5%2019-2021 IEA 2022 2023 Refinitiv 1 4.59 7.0%4.07-11.4%4.27 5.1%4.67 9.2%0.75 70.5%1-2 2 3.96 2.4%3.71-6.4%3.71-0.2%3.40-7.2%0.81-5.0%Refinitiv 3 1.90 0.1%1.93 1.7%2.12 9.7%2.11-7.5%0.45 23.8%Refinitiv 4 0.84-19.7%0.64-26.3%0.77 23.4%0.77-0.4%0.17 17.6%1-2 5 0.75-14.0%0.71-4.7%0.60-16.2%0.61 2.2%0.09-2.3%1-2 6 0.76-4.2%0.73-3.0%0.66-12.8%0.71 8.1%0.15-7.9%7 0.37 1.0%0.29-21.7%0.16-43.7%0.32 97.1%0.14 461.0%8 0.36 5.4%0.36-1.3%0.32 0.6%0.37 17.8%0.06 6.4%1-2 9 0.28 5.5%0.23-0.9%0.31 2.0%0.33 6.6%8.7 23Q1 23Q1 3.11+20.5%35 14 23Q1 2019%2020%2021%2022%23Q1%14.39 2.0%13.41-9.2%13.71 5.0%12.05 5.8%3.11 20.5%2019-2021 IEA 2022 2023 Refinitiv 1 3.00 6.3%3.04 1.5%3.23 6.6%2.93-9.2%1.02 96.1%2 2.49 9.7%2.19-12.4%2.12-3.2%2.28 8.1%0.48 14.9%Refinitiv 3 1.87-2.1%1.74-6.8%1.85 6.2%1.84-0.4%0.45-6.1%4 1.41-4.9%1.23-12.7%1.26 1.8%1.25-0.4%0.31 1.4%5 0.68-2.5%0.63-5.9%0.69 9.3%0.63-7.9%0.13-8.7%6 0.40.-14.7 0.30-26.3%0.32 25.4%0.44 8.1%0.06-11.5%1-2 7 0.36-5.2%0.39 7.4%0.38-6.2%0.38 1.2%0.06 0.9%1-2 8 0.44 91.9%0.55 25.0%0.36-33.8%0.32-12.1%0.09 35.3%9 0.33 8.6%0.35 6.1%0.33-6.6%0.32-2.8%10 0.30 18.0%0.23-22.6%0.31 4.2%0.32 2.5%8.8 23 IEA 2022 20%1350 23 1500+10%36 IEA 32 2017-2023 37 Alpha 9.1 38 2019 2020 2021 2022 YOY 2023E YOY 34880 28270 29160 30700 31340 2%31340 0%12005 11494 12536 13588 15728 16%17428 11%16901 10639 12027 10503 9953-5%13453 35%12949 10184 11001 11420 11917 4%14000 17%3210 3841 3791 4042 4057 0%4257 5%4600 4600 4599 4598 4600 0%4800 4%4000 4101 4322 4610 4523-2%4800 6%3047 2832 3082 2885 3030 5%3262 7%3780 3419 3544 4450 4385-1%4385 0%3555 2084 2168 2258 2290 1%2330 2%5200 4818 5162 5436 5690 5%5686 0%15 9.2 2022-2024 60%2019-2021 50%2022-2024 60%2020-2022 40%40 2020-2024 50%0.5/35%2024-2026 60%2021-2023 10%39 20230612 PE-TTM PB-MRQ 20221231 2022 20221231 2023E 277 3.9 1.6 135