20231024_方正证券_美护零售纺服行业证券研究报告：细分β＆强势α穿越周期关注行业阶段性复苏机会_60页.pdf
分析师联系人刘章明 登记编号：S1110516060001陈佳妮 登记编号：S1220520080002谷寒婷 张其超 廖捷细分 强 势 穿 越 周 期，关 注 行 业 阶 段 性 复 苏 机 会 2024 年 度 策 略 报 告美护零售纺服团队 行业专题报告证 券 研 究 报 告|零售行业|2023 年10 月24 日 Q3(1)2 3 23H1:2023 2024 24 2WUAZuNqNnOrQtNsRmRsNpO8O9R9PoMoOmOpMjMpOqQfQpNtN6MqRmQxNtOvNxNpPqN1 2024 3010203040506070-40%-30%-20%-10%0%10%20%30%40%-TTM 2023 10 18 25%24pct 10 18 41.7X 2019 27.3%2023.1.1-2023.10.18 wind 2023.10.184050100150200 TTM Q3 Q3 Q3 wind569 78 75 100 106 90 110 102 127 137 90 93 118 146 118 161 156 109 145 136 64%53%29%43%70%74%58%62%47%22%32%33%0%50%100%0100200 yoy-30%-20%-10%0%10%20%30%40%50%01002003004005006007002021.01-022021.032021.042021.052021.062021.072021.082021.092021.102021.112021.122022.01-022022.032022.042022.052022.062022.072022.082022.092022.102022.112022.122023.01-022023.032023.042023.052023.062023.072023.082023.09-50%-40%-30%-20%-10%0%10%02004006008002022-102022-112022-122023-012023-022023-032023-042023-052023-062023-072023-082023-09 yoy Q4 Q2 Q2 Q1 Q3 Q3 Q4/sku,618 11 11 sku sku,618 22 11 sku sku olay 6 11 11 SKUSKU vs618SKU vs 11 vs618 vs 11 17 6 9 29.00%-1.00%0.00%4 2 4 45.00%-3.00%-9 2 2 32.00%-6.00%3.00%8 0 0 24.00%-2.00%2.00%7 6 7 32.00%-2 1 2 19.00%-3.00%-6 1 4 28.00%-6.00%-3.00%3 0 3 33.00%-8.00%-3 0 3 32.00%-4.00%-7 1 5 31.00%9.00%-1.00%SKUSKU vs618SKU vs 11 vs618 vs 11 19 2 6 34.00%-3.00%-1.00%16 2-1 43.00%1.00%0.00%6 1 1 50.00%-3.00%2.00%9 1 2 40.00%-3.00%-2.00%5 0-2 35.00%-1.00%-14-2 0 44.00%-1.00%1.00%LA MER 7 2 1 54.00%-3.00%-3.00%OLAY 12 2 5 36.00%0.00%4.00%2 2-1 33.00%2.00%1.00%1 22 23 2 3 22 23 4 21 23 NMPA 21 7 2017-2019 2021 2022 2023 2009-2016 2017 II 2022 8 1 11 IPO 3 23/212.5/10 2011 2019 10.9/XVII INCI 0 1/I III XVII 3 alpha5 25 164.88 C-pro I II III XVII RHC 10.9 212.5 118kg 318kg/2.5 12 24Q1E NMPA/2012 I+III+12800 3-6 2012 80%+20%PMMA+13700 6-12 2009 I 5300 3 2017 I 13800 8-12 2019 I+16800 8-12 2021 III 6800 3-6 8+9/2.5 1500 3980 L-12800 PLLA-16800 PVA PVA Q-Med 6800 FilorgaFILLMED 500-7000 NCTF 600-5000 PLLA PCL PN/PDRN PHA CaHA PMMA PVA ADM ECM/PRP PRF CGF GLP-1RA Nature Drug Review Discovery 105473622%29%32%42%50%0%10%20%30%40%50%60%01000020000300004000050000600007000080000900002019 2020 2021 2022 2023H12019 2023H1 GLP-1 DKK million yoy GLP-1-1999 2001 2012 2021 2014 2023 2021 GLP-1/GPL-1 GLP-1 2019-2023H1 GLP-1 2023H1 77.6 50%Wegovy 17.11 367%2022 GLP-1RA 2022 2030 GLP-1RA 56 158 14%GLP-1 GLP-1 GLP-1RA GLP-1R,/GLP-1RA NMPA III GLP-1R insight 11 GLP-1R GLP-1R I GLP-1R,INSR II III GLP-1R GLP-1R GLP-1R/GIPR(GMA102)GLP-1R ecnoglutide GLP-1R supalutai GLP-1R rE-4 GLP-1R GLP-1R HS-20004 GLP-1R/GCGR Mazdutide/IBI362 GLP-1R BPI-3016 GLP-1R ZT002 GLP-1R ECC-5004 GLP-1R TJ-103 GLP-1R SHR-2042 GLP-1R/GIPR SCO-094 GLP-1R/GCGR DD01 GLP-1R/GCGR PB-718 GLP-1R/GCGR TB001 GLP-1R/GCGR SHR-1816 GLP-1R/FGF21R HEC88473 GLP-1R/FGF21R AP-026 GLP-1R/GCGR/FGF21R DR10624 GLP-1RA(2020 105 10 25%CAGR 2030 1000 GLP-1RA）7391 1051341721,0000200400600800100012002018 2019 2020E 2021F 2022F 2030F18-20:20%20-30:25%LipiVage Hutox 24E Daxxify 24E Cooltech Define 5G GLP-1RA()RZL012(24E 12 2022 27 II 02 III 02 II III III 94 125 172 215 192 303 357 399 458 502-50%0%50%100%02004006002016 2017 2018 2019 2020 2021E2022E2023E2024E2025E 25.2431.0536.5444.33 45.5550.5258.130%10%20%30%0501002016 2017 2018 2019 2020 2021 2022E yoy+13 2022 02()(),/,()II III03,I III()I II+2016 4.0 2019 4500/ai INTRAcel 2021 20000/2022/SMAS CC 2019 1900/AI DPL;M22 KL 2016 1300/Edge Alma Accent Harmony DPL Soprano R2 High Tech Sinclair F1 F2 F0 Cooltech Crystile Cooltech Define Elysion Primelase Reaction Preime DermaFacial EndyMed EndyMed Pro Newa Pure 1416.20%13.40%10.90%8.70%7.20%6%38%Alma Lumenis Cynosure Syneron C C 2017 38.2 2021 97.6 CAGR 26.4%2026 214.9 CAGR 17.1%2023 6 2 150%618 60%2 SEAYEO 618 GMV 3+C glacial spa LMNT C&15 38.250.366.281.497.6115.4135.2158.7185.4214.90%5%10%15%20%25%30%35%050100150200250 YOY LMNT one glacial spa 1 30W-40W 3+25842%1084.5 2 5W-10W 3+158%4790.5 3 5W-10W 1-3 149%2504.0 4 30W-40W 0.7-1 676%1762.5 5 NOWMI 1W-5W 0.7-1 2548%3566.1 2023 618 TOP5 2023.5.26-2023.6.18 2020 2021 2022 136.7 5.1%156.4 5.3%157.1 5.7%126.4 4.7%150.0 5.1%154.7 5.6%120.1 4.4%140.5 4.8%127.3 4.6%111.4 4.1%112.6 3.8%97.9 3.5%87.1 3.2%87.8 3.0%91.9 3.3%84.2 3.1%86.8 3.0%75.7 2.7%SKII 61.8 2.3%SKII 70.5 2.4%67.8 2.5%47.1 1.7%61.8 2.1%66.2 2.4%46.6 1.7%49.2 1.7%SKII 62.6 2.3%37.8 1.4%48.9 1.7%59.9 2.2%16 2023M1-9+GMV+MLYAAT-1002/A GABA/2022 9/2019 9 2013 1.2.1.2.3.4.5.6.7.1.2.SEPPIC Silab 10 17 2022H2-(SZ)-2023/4/10(SH)-2023/10/17-B(HK)-2023/6/12(HK)-2022/12/22(SZ)-2022/3/11 BJ-2023/7/20 SZ-2023/8/1(HK)-2022/11/46 7 8 9 10 1 IPO 2 4 5 NQ-2023/7/4 NQ-2023/6/14 SH)-2023/10/11 SH-2022/5/31 SZ-2023/9/263 18 2022/9/28 2022/2/23 2022/9/19 2022/12/15 2023/1/10 2023/2/3 2023/4/19 2022/7/19 2023/6/3 CVC 2023/6/16 2022/9/9 DOCUMENTS 2022/5/20 SPARTY Medulla Hotaru 2022/11/29 Microphyt 2022/9/23 Skinbetter Science 2023/1/13 Digital Village Feb-22 Haeckels Oct-22 Tom Ford Mar-23 Vyrao JB-2023/9/27 50%+27%50+%1 2 30-50 190%10%20%30%40%50%60%70%80%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022中国 日本 韩国 美国 法国/LC-12 1,8-C Rk3-1-NMN Rk3-5-ALA-20/Frost&Sullivan 21 19.70%20.50%23.80%22.60%14.80%5.60%14.00%14.30%21.30%14.50%12.70%9.10%8.10%8.90%7.80%6.00%3.00%3.70%7.60%5.10%4.10%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 Allergan LG Life Q-Med Humedix Filorga 1.5 Allergan-B2 B2 17840 2750 3980-12 3-4 3-4-Q3 wind(2023.10.23 wind 22 PE2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 774 1,264 1,920 2,704 3,636 97 40 29 21 127 109 272 398 490 64 47 32 26 369 971 950 1,273 1,534 67 39 29 24 22 103 244 326 413-9 7 5 707 2,499 2,974 3,612 4,382 33 24 20 16 150 180 447 561 679 94 34 27 22 57-76 25 144 239-72 232 40 24 3 40 46 57 71 13 7 6 4 13-86-162 64 125-66-8 21 11 92 16 237 313 387 764 39 29 24 PE2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 369 817 1,116 1,399 1,747 58 33 26 21 278.5476 1002 1,334 1,731 2,264 30 21 16 12 372 1051 1,349 1,705 2,127 60 28 22 17 63 125 300 401 468 47 21 16 14 93 174 278 356 451 78 33 26 21 160 472 688 796 917 46 23 20 17 92 45 348 444 536 237 26 21 17 105 388 743 944 1,132 23 14 11 9 21 70 112 159 190 35 19 14 11 91 147 301 397 484 82 30 23 19 23H1 yoy 23H1 yoy CU-20401 CU-40102 CU-102010.35 3161.65%-16.4-551.93%6.67 9.19%0.66 13.48%8.69 6.33%3.54-1.09%HPV HPV 3.16 105.15%1.09 177.66%5.79 31.93%1.19 52.10%2.15 202250.17%2022 0.72 2022 86.11%2022 1.40 17.49%0.26 40.97%ODM/OEM 2.13 11.24%0.22 340.47%232.1 2024 24 4(1)2 3 1 23 24 2 25社零、yoy 与平均增速6.7%-3.5%-11.1%-6.7%3.1%2.7%5.4%2.5%-0.5%-5.9%-1.8%3.5%10.6%18.4%12.7%3.1%2.5%4.6%5.5%2.7%2.7%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%0100002000030000400005000060000700008000090000社零总额（亿）yoy 期间增速均值 23 alpha 24 1 2/3 24 1 2 26社零线下零售额增长和网 上零售 额yoy5.2%-5.2%-11.4%-10.7%2.6%2.8%3.8%-0.1%-6.8%-9.5%-6.4%3.0%7.9%13.2%10.5%-0.4%-1.4%1.8%3.3%11.2%0.5%-10.2%2.9%3.9%2.4%9.4%8.9%14.8%0.4%9.3%5.0%16.6%31.2%17.3%9.8%12.3%11.0%10.5%-15%-10%-5%0%5%10%15%20%25%30%35%线下零售额当月同比增长 网上零售额当月同比增长-23H1:24 24 276.9%7.8%5.6%2.3%2.6%2.2%0.9%2.3%1.9%-4.3%-2.7%0.1%5.4%4.8%1.2%-0.6%-1.7%1.5%3.2%4.8%4.6%1.4%1.0%1.3%-6%-4%-2%0%2%4%6%8%10%2018 2019 2020 2021 2022 2023H1爱婴室 永辉超市 天虹股份 孩子王全国性零售（毛利润-四项费 用-税 金及附 加）占 比营收区域零售（毛利润-四 项费用-税金 及附加）占比 营收3.3%3.5%4.4%4.4%3.4%6.1%4.5%4.7%4.6%3.9%4.1%4.3%3.5%3.6%3.4%0.0%0.6%2.7%-1%0%1%2%3%4%5%6%7%2018 2019 2020 2021 2022 2023H1重庆百货 红旗连锁 家家悦 wind 2023H1.23H1 24 1 2 3 24 28公司 2021H1 2021 2022H1 2022 2023H1 2021H2 2022H1 2022H2 2023H1红旗连锁 3590 3602 3557 3561 3592 12-45 4 31重庆百货 313 304 294 291 288-9-10-3-3天虹股份 215 231 222 221 218 16-9-1-3家家悦 977 1018 992 1005 995 41-26 13-10孩子王 495 500 508 508 5 8 0爱婴室 526 488 471 460-38-17-11永辉超市 1026 1057 1060 1033 1008 31 3-27-25各 线 下零售 公司半 年度门 店/业态总 数及半 年度环 比增长 情况 wind LOGO LOGO 29 22 23:23 10 APP/APP/30 2023 4 2023 5 31 23 7 28 23 23Q2 221/3221Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2国内销售 17.88 19.46 20.31 20.56 18.23 15.33 18.52 15.08 21.53 21.37yoy 2%-21%-9%-27%18%39%国外销售 4.41 5.26 6.23 7.17 5.18 7.85 9.20 9.86 8.01 11.15yoy 17%49%48%38%55%42%营业收入（亿元）22.29 24.72 26.54 27.73 23.41 23.18 27.72 24.94 29.54 32.52yoy 5%-6%4%-10%26%40%中国名创优品门店数量 2812 2939 3035 3168 3197 3226 3296 3325 3383 3604环比增长 127 96 133 29 29 70 29 58 221海外名创优品门店数量 1775 1810 1836 1877 1916 1973 2027 2115 2131 2187环比增长 35 26 41 39 57 54 88 16 56归母净利润（亿元）1.22 1.15 1.52 1.85 0.97 2.05 4.12 3.52 4.66 5.39yoy-20%78%171%90%380%163%wind2.2 33 2023H1 1689 17.50%23H1 8.20%2023H1 554.88/+16.37%368.26/+14.82%146.31/+30.12%40.31/-7.65%23H1 34社 零 黄金珠 宝与yoy（亿元）wind 23H1545259222262240203250263247270289639205158220257247268 266246256245684288231266 267218283 27917.2%-20.8%-28.8%-16.0%7.1%21.7%7.2%1.1%-0.4%-5.2%-15.2%7.0%40.5%46.2%20.9%3.9%-11.7%5.6%4.9%-40%-30%-20%-10%0%10%20%30%40%50%0100200300400500600700800社零金银珠宝（亿）yoy 40 14 26 23Q1 13Q2 14Q1 14H2 14H2-15Q4 15Q3-Q4 2016Q1-Q2 16Q3-17Q4 17Q3-Q4 18Q4 20Q2 21Q1 21Q1 22Q2 Q4 23 H1:35时期 黄金 首饰 消费 y o y 期间金价涨幅 方向 黄金 首饰 消费 y o y 期间金价涨幅2013Q1 16.3%-4.3%不同向 2018Q3 8.0%-1.2%不同向2013Q2 80.5%-21.7%不同向 2018Q4 2.5%7.8%同向2013Q3+Q4 41.3%-5.6%不同向 2019Q1 4.2%-1.0%不同向2014Q1 30.2%9.0%同向 2019Q2-0.4%10.0%不同向2014Q2-5.7%1.6%不同向 2019Q3-12.0%11.2%不同向2014Q3+Q4-27.6%-8.1%同向 2019Q4-22.5%-1.1%同向2015Q1-2.7%-2.1%同向 2020Q1-51.1%6.9%不同向2015Q2-3.9%-0.3%同向 2020Q2-32.2%9.2%不同向2015Q3 15.1%-1.9%不同向 2020Q3-17.8%1.3%不同向2015Q4 52.4%-3.3%不同向 2020Q4-3.6%-3.2%同向2016Q1-14.4%14.7%不同向 2021Q1 83.8%-8.5%不同向2016Q2-21.0%10.1%不同向 2021Q2 54.9%2.5%同向2016Q3-23.1%1.2%不同向 2021Q3 33.5%-1.0%不同向2016Q4 2.0%-7.4%不同向 2021Q4 23.5%3.2%同向2017Q1-11.7%5.3%不同向 2022Q1-0.2%5.4%不同向2017Q2 8.7%-1.7%不同向 2022Q2-15.3%-0.6%同向2017Q3 26.0%1.6%同向 2022Q3 11.6%-0.4%不同向2017Q4 44.6%-1.6%不同向 2022Q4-27.5%5.3%不同向2018Q1 5.6%-0.9%不同向 2023Q1 12.3%7.4%同向2018Q2 7.2%-1.2%不同向 2023Q2 17.6%1.8%同向 wind历 史 黄金首 饰消费（吨）yoy 与期间 国内金 价涨幅 关系汇 总 1 2 10 1 2 24:36 23H1 17.5%:23H1 24 23H1 24 37公司 2020H1 2021H1 2022H1 2023H1 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2周大生-30.0%66.7%82.8%58.4%138.1%43.6%4.2%-18.7%49.6%68.6%潮宏基-20.1%62.8%-5.3%38.3%11.9%-21.7%4.6%-12.7%21.6%61.0%豫园股份 0.9%12.7%-3.8%21.9%12.7%-17.7%20.1%-11.4%24.6%24.9%老凤祥-5.8%19.3%6.8%19.6%7.2%6.3%8.8%6.4%33.2%3.2%中国黄金 72.1%-4.8%16.7%8.0%-17.6%0.4%-17.4%12.3%22.5%迪阿股份 177.7%-10.1%-40.5%12.6%-30.1%-12.2%-47.3%-42.3%-37.9%各 黄 金珠宝 公司营 收增长 情况 wind公司 2021H1 2021 2022H1 2022 2023H1 2021H2 2022H1 2022H2 2023H1周大生 4257 4502 4525 4616 4735 245 23 91 119潮宏基 995 1076 1098 1,076 1158 81 22-22 82豫园股份 3648 3959 4249 4565 4,892 311 290 316 327老凤祥 4945 5055 5609 5631 110 554 22中国黄金 3,721 3642 3660-79 18迪阿股份 461 552 688 676 91 136-12各 黄 金珠宝 公司半 年度门 店/业态总 数及半 年度环 比增长 情况:382016 2017 2018 2019 2020 2021 2022 3D IP 2 Rhythm Bells Ripple 5G IP IP LOVE100 IP,IP IP IP,WEI 2022 FIFA wind3 23 39 2024-10%-5%0%5%10%15%2023-012023-022023-032023-042023-052023-062023-072023-082023-092023-10 300()()()40 2023 2023 8 9 A A wind-20%-15%-10%-5%0%5%10%15%20%25%2023-012023-022023-032023-042023-052023-062023-072023-082023-092023-10 41 2023 10 16&2023 10 16 wind-60%-40%-20%0%20%40%60%80%300 361&42 A PE BF A PE TTM wind bloomberg 0102030405060702013-102014-032014-082015-012015-062015-112016-042016-092017-022017-072017-122018-052018-102019-032019-082020-012020-062020-112021-042021-092022-022022-072022-122023-05 01020304050607080901002008/012008/092009/052010/012010/092011/052012/012012/092013/052014/012014/092015/052016/012016/092017/052018/012018/092019/052020/012020/092021/052022/012022/092023/05 3.1 43 2024-40%-20%0%20%40%yoy yoy 2 CAGR 2 CAGR 2023 44 2023 5 6 8 2022.1-2023.8 wind 2021H1 2022H1 2023H1 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 13.9%-6.1%6.1%-5.2%-7.3%-3.3%-14.6%2.7%11.3%24.4%-7.8%8.8%-5.6%-10.9%-14.4%-23.8%0.8%20.6%43.8%1.0%23.8%16.3%-14.5%4.5%-13.8%11.5%40.8%35.3%8.6%28.2%30.2%-14.3%20.1%-12.2%33.1%20.3%25.1%-6.1%17.7%-5.1%-7.2%3.4%-19.0%9.0%28.2%35.4%-14.2%0.0%-7.4%-21.6%-11.7%-26.2%-10.5%13.5%73.7%-5.9%14.3%0.7%-13.9%0.5%-20.8%8.1%23.2%37.2%-18.6%13.4%-9.1%-27.6%-7.8%-22.1%2.3%26.5%22.4%-32.0%23.4%-29.9%-34.4%-4.0%-34.0%4.8%46.2%35.0%6.5%17.2%17.2%-3.7%0.2%-5.9%6.0%30.2%/55.9%-16.3%-14.2%-7.7%-26.1%-15.4%-32.3%-15.8%-11.9%13.6%-13.4%-1.4%0.0%-27.3%-5.8%-18.7%-9.3%9.7%55.5%13.8%14.2%65.0%21.7%13.0%12.4%37.5%14.8%361 15.7%17.6%18.0%2021H1 2022H1 2023H1 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 6.6%7.5%12.0%7.0%8.2%1.9%7.2%11.4%12.8%8.6%-4.7%6.6%-7.4%-0.8%-10.2%3.5%12.9%-1.2%13.3%13.4%17.1%17.8%7.4%12.2%6.4%20.1%13.7%20.3%22.5%24.7%26.2%16.3%30.6%23.3%27.9%19.0%16.0%13.0%14.8%13.6%12.3%11.0%7.5%14.0%15.7%18.4%11.0%10.7%12.3%9.4%7.4%-0.1%10.9%10.5%6.8%1.9%6.8%3.8%-0.7%4.2%0.0%8.8%4.3%28.8%22.9%24.6%25.2%20.1%20.0%1.3%26.9%22.3%5.8%1.8%2.3%4.2%-1.1%4.1%-75.4%4.6%0.3%18.5%5.9%10.2%9.1%2.1%7.6%-8.7%9.5%11.0%/8.2%3.2%7.0%7.7%-3.3%0.9%1.4%10.5%2.2%10.2%1.5%9.2%6.1%-5.0%5.1%8.2%10.4%7.9%17.8%14.7%17.5%19.1%17.5%15.1%10.1%10.3%10.2%361 14.9%16.2%17.5%2023 2024 45 4Q22 5 6 9 Q4 2024 Q4 Q4 24 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 40%-45%35%-40%10%-20%10%-20%10%-20%FILA 75%-80%30%-35%10%-20%10-20%Descente&Kolon115%-120%70%-75%35%-40%30%-35%40%-45%20%-25%40%-45%10-20%75-80%70-75%45-50%55.00%30%-35%20%-25%30%-35%20%-25%20%80%-90%90%-100%40%-50%30%-40%20%-30%10%-20%10-20%361 15%-20%15%361 20%-30%30%-35%15%-20%25%-30%20%-25%20%-25%20%-25%20 25%20 25%25 30%46 2023 10 20 PE BF 21.3 14.52018 25.3 20.9 2018 PE BF bloomberg 2018 PE BF 05101520253035404550PE Avg Avg+1SD Avg-1SD010203040506070PE Avg Avg+1SD Avg-1SD 2023 2024 47 2023 2023 2024-15%-10%-5%0%5%10%15%01000200030004000500060007000 yoy 0.0%1.0%2.0%3.0%4.0%5.0%20182019202020212022 48 1H23 wind-40%-30%-20%-10%0%10%20%30%40%-20%-15%-10%-5%0%5%10%15%20%25%30%1Q22 2Q22 3Q22 4Q22 1Q23 2Q233.2 24 49 2024 2H22 50 2H22 2H22 A 23 wind-50%-40%-30%-20%-10%0%10%20%30%40%50%0500010000150002000025000 yoy-50%-40%-30%-20%-10%0%10%20%30%40%50%05000100001500020000250002020-01 2020-09 2021-05 2022-01 2022-09 2023-05 yoy-50%0%50%100%2020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-07 yoy-50%-40%-30%-20%-10%0%10%20%30%40%50%0500100015002000250030003500400045002020-01 2020-09 2021-05 2022-01 2022-09 2023-05 yoy yoy 2H22 51/Q3 2H22 wind-40%-30%-20%-10%0%10%20%30%40%50%2020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-09-50%-30%-10%10%30%50%70%90%2020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-09 2H22 52 2023 A 3Q22 4Q22 2023 A A wind-50%-40%-30%-20%-10%0%10%20%30%40%50%60%1Q22 2Q22 3Q22 4Q22 1Q23 2Q23-20%0%20%40%60%80%1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 53 23H2 CPI 3-4%24 wind 0200040006000800010000120002000-062001-062002-062003-062004-062005-062006-062007-062008-062009-062010-062011-062012-062013-062014-062015-062016-062017-062018-062019-062020-062021-062022-062023-06:0%1%2%3%4%5%6%7%8%1991-061992-091993-121995-031996-061997-091998-122000-032001-062002-092003-122005-032006-062007-092008-122010-032011-062012-092013-122015-032016-062017-092018-122020-032021-062
报告吧