深度报告-20221230-国金证券-士兰微-600460.SH-乘国产替代东风_IDM助功率器件_集成IC两翼齐飞_37页_5mb.pdf

-1-33.04 41.00()()14.16 A()14.16()467.87()59.15/30.22 300 3857 3074 1.-2022.11.2 SA C S1130518070003(8621)61038318 fanzhiyuan SA C S1130520090004 liuyanxue SA C S1130520080003 dengxiaolu IDM IC()2020 2021 2022E 2023E 2024E()4,281 7,194 8,539 10,483 12,755 37.61%68.07%18.70%22.77%21.67%()68 1,518 997 1,165 1,571 365.16%2145.25%-34.30%16.84%34.82%()0.052 1.072 0.704 0.823 1.109 0.11 0.68 0.58 1.32 1.59 ROE()()1.96%23.68%13.64%13.94%16.08%P/E 485.25 50.57 48.12 41.18 30.54 P/B 9.51 11.97 6.57 5.74 4.91 IGBT MOSFET IC IPM MEMS PMIC MCU 22 H1 54%32%IDM 4 12 22 20%6%+IGBT IPM MOS SiC 1 25/IGBT 991/497 CAGR 18%/17%2022 40%2021 IGBT/IPM 2.6%2.2%IDM 2 2021 MOSFET 110 3%3 10 65 36 12 14.4 SiC 720 MEMS IC MCU IDM 1 2020 MEMS IC MCU 120 330 160 CAGR 10%10%2 IDM 20162021 CAGR 20%20222024 10 11.7 15.7-34%17%35%41 50*2023EPS 05001000150020002500300035004000450030.2235.8141.446.9952.5858.17211229220329220629220929221229人民币(元)成交金额(百万元)成交金额 士兰微 沪深300 2022 年 12 月 30 日 电子组 士兰微 买入（维持评级）-2-IDM.6 1.IC IDM 4 12 6 2.8 IGBT.10 1.IGBT.10 2.14 2.1 IGBT IPM.15 2.2&IGBT.16 2.3 IGBT 8 12 17 3.MOS MOS.20+IC.22 1.,+22 2.+.24 2.1 MEMS 26 183 25 2.2 PMIC 25 526.27 2.3 MCU 26 272.28 LED.30 1.30 2.Mini LED.31.32 1.20222024 10 11.7 15.7.32 2.41.34.34 1 2022 H1.6 2 2022 H1.6 3.6 4.7 5.7 6.7 7.8 8:TOP 5.8 9.9 10.9-3-11.9 12.9 13.10 14.10 15:TOP 5.10 16 2020 IGBT.11 17 IGBT.11 18 20202025 IGBT.11 19 20202025 IGBT.11 20 IGBT MOSFET.11 21 430.12 22 2020 IGBT.13 23 2021 IGBT.13 24 2021 IPM.13 25 2021 IGBT.13 26 IGBT.14 27 2022 IGBT.14 28 IGBT.14 29.15 30.15 31 2019 2022H1 IPM.16 32 2017 2022H1 IPM.16 33&IGBT.16 34 IGBT.17 35 IGBT.17 36 8 12.18 37 2022 1-9.18 38 IGBT.19 39 2020 48V().19 40 2020 HEV BEV.19 41 SiC.20 42 SiC IGBT.20 43 MOSFET.21 44 MOSFET.21 45 率半导体.21 46 BJT MOS IGBT.21 47 MOSFET.21 48:MOSFET.22 49 2017-2024 MOSFET.22-4-50 2017-2024 MOSFET.22 51.23 52.23 53.23 54.23 55 2017 2027.24 56 2017 2022H1.24 57 2021 TOP 10.24 58 IC.24 59 2017 2022H1.25 60 MEMS.25 61 MEMS.25 62 20182026 MEMS).26 63 MEMS.26 64 MEMS).26 65 MEMS.26 66 MEMS).26 67 MEMS.26 68 2019 MEMS.27 69 2020 MEMS.27 70.27 71 PMIC.27 72 2016 2025 PMIC.28 73 2016 2025 PMIC.28 74 2021.28 75 2021.28 76 2020 MCU.29 77 2020 MCU.29 78 20172026 MCU.29 79 2021 2026 MCU.29 80 2020 MCU TOP 10.30 81 2021 MCU.30 82 LED.30 83 20172022 LED.31 84 LED 21.31 85 LED.31 86 LED.31 87 2020 2026 LED.32 88 2019 2026 LED.32-5-89 2020 2026 Mini LED.32 90 Mini LED.32 91 2019 2021 LED TOP5.32 92 2021 LED.32 93 20212023 19%23%22%.33 94 41.34-6-IDM 1.IC IDM 4 12 1997 20 IDM 2022 H1 54%32%9%53%41%5%IGBT MOSFET FRD LED LED LED 1 2022 H1 2 2022 H1 wind wind 3 MOSFET IGBT PIM TVS FRD SBD VIVO IPM MCU MEMS AC-DC DC-DC LED GaN GaAs LED NEC IDM+1 2020 2021 2022 4.9 6.3 5.0 2675 40%1378 IC 3 2 2021 V IGBT FRD IGBT SiC MOSFET-7-4 5 wind wind 4/5/6/8/12 1 4 GaN GaAS LED 7.2/5/6 23/8 6/12 4.5/70/5/6/8/12 2 22 10 12 3 36/FS-IGBT 12/T-DPMOSFET 12/SGT-MOSFET 12/22 6 2025 720/3 22 7 6 SiC 3 14.4/SiC MOSFET 12/SiC SBD 2.4/10 65 36 12 14.4 SiC 720 6/98.75%5 12/6 11/8 68.35%8 6/18.72%12 4.5/3/0.5/34.72%GaN GaAS LED 4 7.2/2025 6 SiC 14.4/57.78%LED 4 6/70%70/5/6/8/12 2025 720/-8-/100%IPM 1.3 PIM 150 10 MEMS 2 4,000 43%61%LED 7 1 36 12 39 30 2 SiC 15 8 3 30 11 4 17 17 101 65 wind+8 7 VIVO OPPO NEC 8:TOP 5 wind 2.1 2 3 2020 2022Q3 43 72 62 38%68%20%2020 2022Q3 0.7 15 8 2019 2020 LED 2021 2145%15 5.3 9-9-9 10 wind wind+19 21 22+2019 2021 1 8/12 MOS 2+3 2022 30%12%LED 11 12 wind wind-10-13 14 wind wind IGBT 1.IGBT IGBT BJT MOSFET 2021 IGBT 84 20162021 CAGR 16%40%IGBT IPM 2021 IPM 26%24%50%IGBT 2021 22 20162021 CAGR 19%IPM 2021 20 20162021 CAGR 11%IGBT 2021 42 20162021 CAGR 17%15:TOP 5 Omdia IGBT 600V IGBT 600V-1200V IGBT-20%-10%0%10%20%30%40%50%0510152025303540452016 2017 2018 2019 2020 2021 IPM-YOY IPM-YOY-YOY-11-UPS 1700V IGBT Yole 2020 31%24%11%6%4%16 2020 IGBT 17 IGBT Yole IGBT IGBT&2025 IGBT 991 20222025 CAGR 17%IGBT 497 20222025 CAGR 18%&18 20202025 IGBT 19 20202025 IGBT+IGBT 50 1)2)2022 1 11 430 2022 142 2 5 2022 2023 IGBT 3 1 2022 4 16 12 2021 8 4-5 20 20 IGBT MOSFET IGBT 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 0200400600800100012002020 2021 2022E 2023E 2024E 2025E&01002003004005006002020 2021 2022E 2023E 2024E 2025E&-12-IGBT 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 22-30 18-20 18-26 18-26 26-52 39-50 39-50 39-50 39-50 39-50 13-20 13-20 18-22 18-26 26-52 26-52 26-52 39-52 39-52 39-52 SMA MOSFET 24-28-18-20 18-22 26-40 26-40 36-52 36-52 52-65 50-54-15-22-16-26 18-32 26-36 26-36 26-36 36-52 36-52 36-52-SMA-SMA SMA 21 430 IGBT Yole 2020 CR3 50%27%IGBT 2021 CR3 53%29%2.6%IPM 2021 CR3 57%30%1.6%2.2%0501001502002503003504004505002021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4-13-IGBT 2020 CR3 57%33%3%22 2020 IGBT 23 2021 IGBT Yole Omdia 24 2021 IPM 25 2021 IGBT Omdia Omdia 2019 12%Yole 2015 10%2019 12%,29.3%,15.6%,7.7%,5.5%,9.3%,4.6%,4.2%,3.8%,3.1%,2.6%,14.3%,29.6%,11.8%,9.5%,10.9%,4.2%,15.2%,2.9%,1.7%,2.2%,1.0%,11.0%,33.0%,12.4%,11.4%,6.6%,3.6%,3.0%,2.6%,2.6%,2.6%,2.6%,19.6%-14-26 IGBT Yole 2022 37%1 2 3 IGBT+IDM IGBT 2022 8 Fab IGBT 60%2022 90%+2022 IGBT 37%27 2022 IGBT 28 IGBT 2.IGBT MOS TVS FRD SBD 2020 2021 2022H1 22 38 23 45%73%33%5 12.5 7 IGBT IGBT-15-29 30 wind 2.1 IGBT IPM IGBT 600V IPM 1200 V PIM IPM 2020 2021 2022 H1 4.1 8.6 6.6 140%100%60%2020 IPM 9 1.6%-16-31 2019 2022H1 IPM 32 2017 2022H1 IPM wind wind IGBT 2025 IGBT 94 266 2022 2025 CAGR 5%4%2.2&IGBT 2025&IGBT 135 2022-2025 CAGR 37%2025 IGBT 33 2022-2025 CAGR 17%IGBT IGBT IGBT IGBT 5&MW 2000-5000 MW 2500-3500 IGBT 3000/MW 2100/GW IGBT 11%-12%93%-94%35%IGBT 7%IGBT 2100/GW 33&IGBT 2020 2021 2022E 2023E 2024E 2025E&IGBT 30 38 53 81 105 135 YOY/CAGR 28%37%53%31%28%431 551 753 1154 1507 1925 IGBT 7%7%7%7%7%7%GW 146 174 230 350 430 516 1.GW 49 53 90 140 175 210 40%40%35%35%30%30%60%60%65%65%70%70%/W 0.16 0.15 0.15 0.14 0.14 0.14/W 0.22 0.22 0.2 0.19 0.18 0.17 31 32 47 69 74 88 64 70 117 173 221 250 2.GW 97 121 140 210 255 306 35%35%35%35%30%30%-17-2020 2021 2022E 2023E 2024E 2025E 65%65%65%65%70%70%/W 0.22 0.21 0.2 0.19 0.18 0.18/W 0.33 0.33 0.32 0.31 0.3 0.29 75 89 98 140 138 165 208 259 291 423 536 622 GW 5 11 25 50 90 160 7%10%15%20%25%30%/W 1 0.9 0.8 0.7 0.6 0.5 53 102 200 350 540 800 IGBT 20 20 21 28 30 33 GW 95 94 99 131 142 157 IGBT GW 2100 2100 2100 2100 2100 2100 GWEC IRENA CPIA IGBT IGBT 2020 0 IGBT 2021 IGBT IGBT IC IGBT 34 IGBT IGBT IGBT&-&2.3 IGBT 8 12 IDM+IGBT PIM 750V/950A IGBT FRD 2022 H1 IPM TOP IGBT 8 12 8 12 IGBT 12 2022 H1 7 PIM IDM Fabless IDM PIM 35 IGBT IGBT-18-IGBT IGBT 7-+IGBT 60/IGBT 60/22 6 EDT 2+-IGBT 20/IGBT 5+6 30/8 36/2023 3 8 50/IGBT 4+4 6 8 12/8 2.4/8 36/IGBT 5-+5 144/6 132/8 72/12 54/12 30/2025 720/IGBT 5-+6 276/8 156/12 36/TGBT IGBT-IGBT 7+2022 H1 50 6 30/3300V 400/2025 IGBT 6 RTMOS 8 36/30/90/IGBT 2024 8 36 36 36 8 12 37 2022 1-9 NE-19-IGBT 2025 IGBT 332 159 2020-2025 CAGR 45%48%IGBT IGBT IGBT 220V DC-DC IGBT IGBT PTC DC-AC IGBT IGBT IGBT 1700 2025 2320 29%1325 50%IGBT 394 159 2022-2025 CAGR 34%24%38 IGBT 2020 2021 2022E 2023E 2024E 2025E IGBT 53 104 163 231 313 394 YOY/CAGR 41%103%48%42%35%26%7797 8000 8000 8000 8000 8000 4%8%12.0%17%23%29%312 644 960 1360 1840 2320 IGBT/1700 1700 1700 1700 1700 1700 IGBT 23 56 117 153 189 225 YOY/CAGR 13%146%96%31%24%19%2554 2628 2651 2651 2651 2651 5%13%26%34%42%50%137 345 689 901 1113 1325 IGBT/1700 1700 1700 1700 1700 1700 EVtank IGBT 39 2020 48V()40 2020 HEV BEV SiC 2000 6 SiC 1 SiC 2025 SiC 15%SiC 2025 SiC 225 CAGR 48%2 10 SiC SiC 0100200300400500600700Non-Power-trainICE Power trainxEV SensorsxEV MCUsxEV PowerxEV OthersTotal semi BoM0100200300400500600700800900Non-Power-trainICE Power trainxEV SensorsxEV MCUsxEV PowerxEV OthersTotal semi BoM-20-2022 2000 6 SiC 2023 6000 41 SiC 42 SiC IGBT 2020 2021 2022E 2023E 2024E 2025E 7797 8000 8000 8000 8000 8000 4%8%12.0%17%23%29%312 644 960 1360 1840 2320 IGBT/1700 1700 1700 1700 1700 1700 SiC 5%7%9%11%13%15%SiC IGBT 5.5 5.0 4.7 4.4 4.1 3.8 SiC 15 39 69 112 167 225 YOY/CAGR 116%165%78%62%49%35%EVtank IGBT 3.MOS MOS IGBT MOSFET 2020 31%41%MOSFET 20%10%25%-21-43 MOSFET 44 MOSFET Yole 45 率半 导 体 46 BJT MOS IGBT 特性 BJT MOSFET IGBT 驱动方法 电流 电压 电压 驱动电路 复杂 简单 简单 输入阻抗 低 高 高 驱动功率 高 低 低 开关速度 慢（us）快（ns）中 开关频率 低 快（小于1MHz）中 安全工作区 窄 宽 宽 饱和电压 低 高 低 MOSFET MOSFET MOSFET 47 MOSFET MOSFET T-LVMOS MOS MOS-22-30V1500V SiC-MOS MOSFET 2020 2.2%2021 3%MOSFET SGT-MOS 12 48:MOSFET wind Omdia 2024 MOSFET 77 20202024 CAGR 1%MOSFET 30 20202024 CAGR 1%40%3 49 2017-2024 MOSFET 50 2017-2024 MOSFET Omdia Omdia+IC 1.,+IC 82%IC IC IC IC 0.0%5.0%10.0%15.0%20.0%25.0%30.0%2020 2021-23-PMIC DC/DC AC/DC IC MCU 51 52 WSTS 32%30%2020 62%22%8%8%34%53 54 WSTS 2017 5411 2021 1.04 CAGR 18%IC Insights 21 8%27 1.6 21 43%30%26%21 2788 21 TOP 10 3%-24-55 2017 2027 56 2017 2022H1 IC insights CSIA CSIA 57 2021 TOP 10 58 IC 系统 设备 核心芯片 市占率 计算机系统 服务器 CPU 0%个人电脑 CPU/GPU 0%工业应用 CPU 20%通用电子系统 可编程逻辑设备 FPGA/EPLD 0%数字信号处理 器 DSP 0%存储设备 半导体存储器 DRAM 0%Nand Flash 0%Nor Flash 5%显示视频系统 高清、智能电视 图像处理器 5%显示驱动 0%Gartner 2.+2022 H1 13.5 32%5 41%39%MCU ASIC MEMS 32 MCU LED AC-DC-25-59 2017 2022H1 wind 2.1 MEMS 26 183 MEMS MEMS IDM MEMS 2022 H1 MEMS MEMS 22 H1 2020 2021 2022H1 1.2 2.6 1.5 90%117%8%1 IDM 2 3 20%60 MEMS 61 MEMS 产品 产品种数 应用领域 三轴加速度传感器 1 种 平板显示器、手环、手机 环境光传感器 2 种 平板显示器、手环、手机 距离传感器 1 种 密码锁、手环、手机 心率传感器 2 种 手环 硅麦克风传感器 2 种 手机配件、音响设备、自学习遥控器、手机 wind Yole 2020 MEMS 120.5 2026 182.6 CAGR 7%MEMS 20 17%15%12.5%0%20%40%60%80%100%120%140%0.00.51.01.52.02.53.02018 2019 2020 2021 2022H1 YOY-26-MEMS 2020 59%71 2026 113 CAGR 8%2020 18%7%4%13 5 3 MEMS 2020 17%20 2026 28.6 CAGR 6%62 20182026 MEMS)63 MEMS Yole Yole 64 MEMS)65 MEMS Yole Yole 66 MEMS)67 MEMS-27-Yole Yole MEMS TOP 10 2019 2020 57.6%56%20 4%6 68 2019 MEMS 69 2020 MEMS Yole Yole 2.2 PMIC 25 526 PMIC DC/DC AC/DC/25%24%18%70 71 PMIC Frost&Sullivan Gartner PMIC 1999 PMIC 2007 PMIC DC/DC AC/DC LED PMIC 8 12 Frost&Sullivan 2020 PMIC 329 2025 525.6 CAGR 10%2020 PMIC 118 2025 234.5 CAGR 15%-28-PMIC PMIC ADAS PMIC 2018 15 2025 21 CAGR 5%72 2016 2025 PMIC 73 2016 2025 PMIC Frost&Sullivan Frost&Sullivan PMIC 2021 CR10 75%2%74 2021 75 2021 Omdia 2.3 MCU 26 272 MCU CPU RAM ROM 2020 26%19%15%MCU 4/8/16/32/64 MCU MCU MCU 16 32 MCU,15.4%,9.6%,11.1%,7.9%,3.7%,4.0%,5.2%,5.2%,5.6%,3.7%,3.1%,25.5%2.26%1.63%1.34%1.26%1.05%0.86%0.80%0.70%0.71%0.49%0.49%0.32%0.27%0.23%0.00%0.50%1.00%1.50%2.00%2.50%-29-76 2020 MCU 77 2020 MCU MCU MCU 8 32 ASSP 8 MCU 32 MCU MCU 2022 7 MCU MCU 32 MCU 7 8 32 MCU MCU 38-52 Microchip 8 32 MCU 52 MCU IC insights 2021 MCU 196 2026 272 CAGR 6.7%32 MCU 2026 200 CAGR 9.4%2021 MCU 291 2026 427 CAGR 8%78 20172026 MCU 79 2021 2026 MCU IC insights MCU 2020 MCU TOP10 89%2%TOP 5 12.6%4.4%-30-80 2020 MCU TOP 10 81 2021 MCU IC insights IHS LED 1.LED LED LED LED LED LED 2004 LED 2009 LED 2012 PSS LED LED 4 6/70/5/6/8/12 4 LED 7.2/2016 0.9mm*0.9mm mini RGB Ag 82 LED 19 20 21 LED 2019 2020 2021 81%7 18%LED-31-4 1”2022 H1 LED 3.6 24%16%83 20172022 LED 84 LED 21 CSA wind LED LED 85 LED 86 LED wind 2.Mini LED LED inside 2021 LED 176.5 2026 303 CAGR 11%2021 LED 218 2026 279 CAGR 5%Mini LED LED LED Micro LED Mini LED Mini LED 2021 Mini LED 188 2026 1250 CAGR 46%LED 20%LED inside 2021 LED 17 2026 29 CAGR 11.5%-32-87 2020 2026 LED 88 2019 2026 LED TrendForce 89 2020 2026 Mini LED 90 Mini LED LED inside LED LED TOP5 2019 69%2021 79%32%14%12%91 2019 2021 LED TOP5 92 2021 LED TrendForce 1.20222024 10 11.7 15.7-33-2022-2024 85 105 128 19%23%22%IGBT IGBT+IDM+SiC MOS 1 2025 IGBT 954 20202025 CAGR 16%IGBT 458 20202025 CAGR 21%2030 IGBT 1609 20202030 CAGR 13%IGBT 732 20202030 CAGR 15%2 IPM 8 12 IGBT MOS 2022 2024 25%33%30%3 20222024 30%28%28%1 MEMS PMIC IDM MEMS 2 MCU MCU 32 MCU 3 2022 2024 16%12%12%20222024 38%35%35%LED LED Mini LED 2022 2024 LED 5%12%2022-2024 10 11.7 15.7-34%17%35%8 12 1.5%4.5%4.3%4%8%7.5%7%93 20212023 19%23%22%2018 2019 2020 2021 2022E 2023E 2024E 30.26 31.11 42.81 71.94 85.39 104.83 127.55 YOY 10%3%38%68%19%23%22%7.70 6.06 9.63 23.88 25.87 29.72 36.26 25%19%23%33%30%28%28%14.75 15.18 22.03 38.13 47.50 63.32 82.00 YOY 29%3%45%73%25%33%30%3.96 3.32 5.36 12.54 14.25 17.73 22.96 27%22%24%33%30%28%28%9.63 10.37 14.20 22.94 26.60 29.80 33.37 YOY-9%8%37%62%16%12%12%-34-2018 2019 2020 2021 2022E 2023E 2024E 2.91 2.42 3.70 9.58 10.11 10.43 11.68 30%23%26%42%38%35%35%5.05 4.23 3.91 7.08 7.43 7.80 8.19 YOY 0%-16%-8%81%5%5%5%0.61(0.24)(0.49)1.28 0.89 0.94 0.98 12%-6%-12%18%12%12%12%0.53 0.61 0.82 1.19 1.24 1.31 1.37 YOY 363%15%35%45%5%5%5%0.04 0.02 0.09(0.07)0.10 0.10 0.11 8%4%11%-6%8%8%8%wind 2.41 PMIC LED IDM MOS 2023 50 PE 41 94 41 EPS PE 2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 603290.SH 317 541 2.3 4.7 6.6 9.0 136 67 48 35 688261.SH 234 158 2.9 4.3 5.7 7.5 80 54 41 31 688536.SH 285 341 5.5 3.6 6.2 8.5 52 80 46 33 300661.SZ 173 616 3.0 2.8 3.6 4.7 58 61 48 37 600703.SH 18 878 0.3 0.3 0.5 0.7 60 51 33 24 77 63 43 32 600460.SH 34 480 1.1 0.7 0.8 1.1 32 48 41 31 wind wind 2022 12 26 2022 9 1 8235 6%-35-2019 2020 2021 2022E 2023E 2024E 2019 2020 2021 2022E 2023E 2024E 3,111 4,281 7,194 8,539 10,483 12,755 1,082 1,110 2,323 2,003 2,317 2,596 37.6%68.1%18.7%22.8%21.7%1,228 1,802 2,483 2,759 3,131 3,523-2,505-3,317-4,806-5,952-7,511-9,130 1,422 1,388 1,913 2,609 3,087 3,752%80.5%77.5%66.8%69.7%71.6%71.6%80 80 131 525 533 545 606 963 2,388 2,587 2,972 3,626 3,812 4,380 6,850 7,896 9,067 10,416%19.5%22.5%33.2%30.3%28.4%28.4%42.8%44.5%49.6%49.2%50.8%53.0%-25-26-39-43-48-54 731 873 1,736 1,736 1,736 1,736%0.8%0.6%0.5%0.5%0.5%0.4%3,571 3,618 4,619 5,906 6,417 6,772-104-113-121-128-157-191%40.1%36.8%33.5%36.8%36.0%34.5%3.3%2.6%1.7%1.5%1.5%1.5%289 327 363 469 580 684-233-248-302-384-451-510 5,101 5,460 6,956 8,154 8,775 9,234%7.5%5.8%4.2%4.5%4.3%4.0%57.2%55.5%50.4%50.8%49.2%47.0%-334-429-587-683-786-893 8,913 9,840 13,806 16,049 17,842 19,650%10.7%10.0%8.2%8.0%7.5%7.0%2,240 2,485 3,105 5,129 5,446 5,402 EBIT-90 147 1,338 1,349 1,530 1,978 893 926 1,438 1,412 1,703 1,993%n.a 3.4%18.6%15.8%14.6%15.5%253 272 465 368 435 514-109-168-181-205-178-150 3,386 3,682 5,008 6,910 7,584 7,908%3.5%3.9%2.5%2.4%1.7%1.2%486 664 356 356 356 356-91-135-96-95-101-112 803 987 1,333 777 847 917 18 5 686 120 0 0 4,675 5,333 6,698 8,043 8,788 9,181 7-4-75-100 10 10 3,379 3,448 6,410 7,308 8,356 9,770%-5.5%n.a n.a n.a 0.8%0.6%1,312 1,312 1,416 1,416 1,416 1,416-131-36 1,735 1,140 1,331 1,795 1,106 1,154 2,513 3,411 4,459 5,873 n.a n.a 24.1%13.3%12.7%14.1%859 1,059 698 698 698 698 1-2-4 0 0 0 8,913 9,840 13,806 16,049 17,842 19,650-130-38 1,731 1,140 1,331 1,795 n.a n.a 24.1%13.3%12.7%14.1%23 15-213-142-166-224 2019 2020 2021 2022E 2023E 2024E n.a n.a 12.3%12.5%12.5%12.5%-107-23 1,518 997 1,165 1,571 0.011 0.052 1.072 0.704 0.823 1.109-122-90 0 0 0 0 2.575 2.628 4.527 5.161 5.901 6.899 15 68 1,518 997 1,165 1,571 0.101 0.111 0.678 0.584 1.324 1.594 0.5%1.6%21.1%11.7%11.1%12.3%0.040 0.050 0.016 0.070 0.082 0.111 0.43%1.96%23.68%13.64%13.94%16.08%2019 2020 2021 2022E 2023E 2024E 0.16%0.69%10.99%6.21%6.53%7.99%-107-23 1,518 997 1,165 1,571-1.07%1.15%11.01%8.75%9.01%10.66%-122-90 0 0 0 0 501 600 627 752 947 1,128 2.80%37.61%68.07%18.70%22.77%21.67%66 149-316 258