20230827_国联证券_新型电力系统行业深度研究系列报告边际改善利润修复电改促火电价值重估_53页.pdf

1+&13.7 8000 1 1 2 3,ROE 4+A EPS PE CAGR-3 2023E 2024E 2025E 2023E 2024E 2025E 0.83 1.00 1.13 10.3 8.6 7.6-0.40 0.48 0.57 8.6 7.1 6.1-0.59 0.67 0.71 10.8 9.5 9.0-A 0.59 0.67 0.87 10.9 9.6 7.4-0.73 0.77 1.31 8.1 7.7 4.5 149.99%0.42 0.50 0.51 10.9 9.1 8.9-iFinD 2023 08 25 2023 08 27 S0590521100002 1 2023.08.03 2 8 2023.08.03-20%-10%0%10%2022/8 2022/12 2023/4 2023/8 300 2 2015 9 20%2022+2023 2024-2025+-+0YEVzQrMsRoPpRtQnQtMmNaQcM6MpNpPtRnOeRqQvNfQmOwOaQpOmMvPnRmMxNtPyQ 3 1.&.6 1.1.6 1.2.12 2.15 2.1.15 2.2.25 2.3+.29 3.36 3.1+.36 3.2.39 3.3.41 3.4.43 3.5 A.45 3.6.47 3.7.49 4.51 1 2012-2022.6 2 2022.7 3 2017-2022 kWh.8 4 2017-2022.8 5 2019-23 7.9 6“”.9 7 2025.10 8 2021 17.11 9.12 10.12 11 2019-23 6 kWh.13 12 2022.13 13 2010/2021.14 14.14 15 1985.16 16.17 17 2022.18 18 2022.18 19 2022.18 20 2022/MWh.18 21 2023 7.19 22-.19 23 2021-23.20 24 2021-23.20 25.21 26+.21 27.21 28 2023/03/15.21 4 29.22 30 2005-2017.22 31 2015.23 32 2004-2019/kWh.24 33/MWh.24 34 2023 2022.25 35 2020-23 8.26 36 202009-202307 Q5500.26 37 2022 6-2023 6.27 38 2023.28 39.28 40.29 41=+.30 42 2021“”.31 43.32 44 2022.33 45 2020-2022.33 46 2023.34 47/.34 48.35 49 2021-23 6 GW.36 50 2021-23 6 MW.36 51 24 2022 MW.37 52.38 53 24 2022 MW.39 54.40 55.40 56.40 57.40 58.41 59.42 60.42 61.43 62.43 63.43 64.44 65.44 66.45 67.45 68.45 69 A.46 70 A.46 71 A.47 72 A.47 73 A.47 74.48 75.48 76/.49 77.49 78.49 79.50 80.50 5 81.51 82.51 83.51 6 1.&1.1 2012-2022 2021 646 0.1229kg 793.9 2022 2022 8.39 2022 8.6 2025 1.4 2022 2025 9.5 3.22%4.8%2022 8.6 2022 1-12 2025 9.94 2022 3.6%2012-21 5.92%2025 5%2025 10 2022 1.36 1 2012-2022 2022 02004006008001,0001,200020,00040,00060,00080,000100,0002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2025 5%10 7 18 70%80%40%2 2022 97.71%1.89%0.02%0.39%0.00%2.30%97.57%0.00%2.02%0.41%0.00%2.43%96.01%0.00%2.05%1.92%0.00%3.98%91.96%1.68%3.25%3.10%0.00%8.04%87.94%0.48%6.18%1.79%3.61%12.06%87.52%2.86%5.76%3.87%0.00%12.48%85.77%0.75%9.83%3.65%0.00%14.23%84.87%3.59%9.24%2.30%0.00%15.13%83.79%5.29%7.17%3.74%0.00%16.20%81.34%0.53%7.52%1.60%9.01%18.66%81.07%0.57%15.84%2.53%0.00%18.93%79.05%0.85%11.62%8.49%0.00%20.95%78.64%17.98%2.94%0.44%0.00%21.36%78.23%0.72%15.95%5.10%0.00%21.77%78.10%6.43%11.96%3.51%0.00%21.90%76.34%2.69%16.46%4.51%0.00%23.66%74.23%4.16%2.20%1.66%17.75%25.77%72.77%2.86%4.49%1.06%18.82%27.23%68.35%9.63%18.13%3.90%0.00%31.66%65.26%1.78%10.21%1.42%21.31%34.73%64.51%3.63%1.29%0.00%27.68%32.60%64.05%26.83%4.82%4.29%0.00%35.95%61.39%27.28%9.80%1.54%0.00%38.61%57.54%15.82%18.68%7.96%0.00%42.46%55.21%8.42%7.39%0.12%28.86%44.79%53.74%27.09%8.87%1.51%8.78%46.26%53.29%39.36%4.75%2.61%0.00%46.72%18.56%46.89%13.12%21.44%0.00%81.45%17.09%79.45%2.91%0.56%0.00%82.91%12.25%81.08%5.67%1.00%0.00%87.75%2.80%90.20%0.00%6.94%0.00%97.14%2000 31 2022 18 13 17-21 9,154 kWh 22 13,151 kWh 3,997 kWh 17-21 11,241 kWh 22 10,663 kWh 578 kWh 8 3 2017-2022 kWh Wind-2022 973 2017-21 479 103.2%4 2017-2022 Wind 9-2,500-2,000-1,500-1,000-50005001,0001,5002,0002,500 17-21 2022-2,200-1,700-1,200-700-2003008001,3001,800 2017-21 2022 9“”2022 8 2021 18.25GW 15.96%5 2019-23 7 6 Wind 2035 2017-22 CAGR 10.39%40%2022 8 500kV 8 1.3 4.73 0501001502002503003504004502023 2019 20202021 2022 10 7 2025 2021 17 2871 18.3%58.7%13 4048 2032 50.2%4 839 11 8 2021 17 2021()(%)283 283 100%640 4422 88%361.9 361.9 100%720 5026 101%217.6 217.6 100%500 4352 87%156.2 156.2 100%500 3124 62%237.9 237.9 100%500 4758 95%227.1 227.1 100%800 2839 57%271.6 271.3 100%800 3395 68%151.5 148.9 98%800 1894 38%150.5 146 97%800 1881 38%265.4 101 38%1000 2654 53%446.1 159.7 36%800 5576 112%319.6 107.8 34%1000 3196 64%550.6 172.9 31%1100 5005 100%271.9 70.9 26%800 3399 68%504.1 116.4 23%800 6301 126%185.9 41.6 22%1000 1859 37%285.7 50.4 18%800 3571 71%2019-2021=/=/5000 1 2 1 2 12 1.2 90%95%97%95%6 9 10 2023 9.15 6%2023 1-6 4.3 5%2023 2023 9.15 6%2023 8000 1 13 2022 8 8520 12%2023 1.15 10%2023 4380 10.2%2023 2.45 10%2023 13.7 2022 8000 11 2019-23 6 kWh 12 2022 2022 2022 2021 2022/8/8 4846 4175.5 16.1%2022/8/3 10077.8 8862 13.7%2022/7/25 2142.62 2038 5.1%2022/7/12 12600 12040 4.7%2022/6/20 4276.8 4198.2 1.9%2022/6/20 7108-2022/7/14 3500 3353 4.4%2022/7/11 10190 10022 1.7%2022/7/25 14200 13500 5.2%2021 2010-2021 6,884 6,950 7,369 6,901 7,222 7,751 01,0002,0003,0004,0005,0006,0007,0008,0009,0001 2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 2023 14 13 2010/2021 2010 2021 CAGR 2010 2021 CAGR 6543 13500 6.81%4060 7866.6 6.20%0.61%6034 12040 6.48%3864 7101 5.69%0.79%4183 10022 8.27%2821 5514 6.28%1.99%2091 5167 8.57%1549 3275 7.04%1.53%1871 4740 8.82%1078 2715 8.76%0.06%1025 2435 8.18%626 1341 7.17%1.01%1244 3042 8.47%993 2236 7.66%0.81%2300 4179 5.58%2692 4294 4.34%1.24%2078 3654 5.26%1715 2576 3.77%1.50%1869 3821 6.72%1460 2608 5.42%1.30%14 ifind 2025 30%-10.00%-5.00%0.00%5.00%10.00%15.00%20.00%25.00%30.00%2021-032021-042021-052021-062021-072021-082021-092021-102021-112021-122022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-06%15 2.2002 2015 9 2.1 1 1985 2 1985 1985 1992 1986 1992 3 1998 4 2004 2003 2004 5 2019+2019 2020 1 1+-15%+10%16 2021 2021 10 2021 1439-20%+20%20%6+15 1985 1985 1985 1985-1993 1986 1992 1998 90 2004 2003 2015 2015 9 2015 11 2015 3169-2019 10 2019 1658+10%15%2021 10 2021 1439 20%+0.25-0.45/kWh 17 2019 10 1658+2021 10 1439 20%2022 60.8%2022 11 1 2 16 18 17 2022 18 2022 19 2022 20 2022/MWh 2022 2022 278 1900 02004006008001,0001,200/MWh/MWh 02004006008001,000/MWh-/MWh-/MWh 02004006008001,0001,2001,400-/MWh-/MWh 05001,0001,5002,0002,5003,0003,5004,000 19 21 2023 7()()13()2021 12 1()()()()()2022 6 1()2022 7()2022 11()2022 9()2022 9()2022 3 30()2022 11 2022 12 2022 7 2023 4 2022 7 2023 1 2022 7 2023 7 2022 7 2023 5 2023 5 2023 4 2023 4 2023 5=+()+-22-2022 12 22 2023 20 2022 9.72%2023 19.63%23 2021-23 24 2021-23/MWh 2023 391 3351.65 466.65 19.35%38.24 465.14 18.96%3389.89 466.64 19.35%17.74 468.58 19.84%2022 2529.4 466.78 117.89 464.76 2647.29 466.69 9.24 462.88 2021 2305.54 364.59 6.57 393.59 2312.11 364.67/MWh 2023 463 2426.5 553.88 19.63%32.97 552.28 19.28%13.3 553.96 19.65%15.63 529.94 19.04%21.21 2022 453 2541.64 497.04 9.72%6.79 513.89 13.44%21 25 26+1 2022 8-9 0.717/kWh 6-7 0.521/kWh 10-11 0.557/kWh 2 2023 3 15 1366.4/0/27 28 2023/03/15 1 80%10%10%2-20%+20%2023 02004006008001000120014001600/KWh/KWh 22 29/MWh 418.84 86.84 230.61-101.39 248.69-83.31 332 405.42 107.62 243.03-54.77 281.23-16.57 297.8 6-12 409.36 126.46 204.87-78.03 189.02-93.88 282.9 504.71 129.91 242.74-132.06 392.98 18.18 374.8 355.27-19.53 360.87-13.93 80%-2004-2019 2004 2005 5 2017 7 12 8 5 30 2005-2017/kWh/kWh 2004 6 0.327 2005 5 0.343 0.016 2006 6 0.355 0.012 2008 7 0.372 0.017 2008 8 0.391 0.019 2009 11 0.394 0.003 2011 6 0.408 0.014 2011 12 0.434 0.026 2013 9 0.421-0.013 2014 9 0.411-0.009 2015 4 0.394-0.018 2016 1 0.364-0.029 2017 7 0.374 0.009 2015 2015 23 20153169 2014()1 1 31 2015 1 2015 2005-2018 2016 2018 2019 10 2019 1658+24 32 2004-2019/kWh Wind 2023 3 4 2022 5/6/7 2023 6/7 525.86/517.07/kWh 2022 4.51%/4.04%33/MWh 2022 24 534.60531.50525.60538.41548.31525.86517.074004254504755005255501 2 3 4 5 6 7 8 9 10 11 12 2022 2023 25 2.2+10 31 2023 Q5500 675/2022 25/22 700/3.57%4 3 2023 100%2023 2022 34 2023 2022 2023 8 10 Q5500/Q5000/Q4500 838/733/633/26.56%/27.35%/29.51%2022 3 9 50.2%/51.46%/53.32%26 35 2020-23 8 Wind 2023 8 1 Q5500/Q5500 932/905/18.53%/20.47%2022 3 15 43.13%/44.41%30-50/36 202009-202307 Q5500 Wind 2023 3 2023 4 1 2023 12 31 3 3 14 2006001000140018002020-01-03 2021-01-03 2022-01-03 2023-01-03 Q5500/Q5000/Q4500/050010001500200025003000 Q5500/Q5500/27 2023 3 151%6 110%37 2022 6-2023 6 60%40%2023 7 2023 1-6 2.5%4.2%0.9%5 6 0.6%0.1%-33%-22%6%1%9%-8%0%71%151%73%93%110%-50%0%50%100%150%200%01000200030004000500060007000%28 38 2023 Wind 2023 1 6 8 7 1390 1680 39 ifind 7 27 11292 21.3%22-30-10%0%10%20%30%40%50%60%05001000150020002500%600800100012001400160018001 2 3 4 5 6 7 8 9 10 11 12 2020 2021 2022 2023 29 40 Wind 2.3+2023 7 11 600070008000900010000110001200013000 30 41=+&4 1 2002 2 2006 2006 3 2014 2014 10 2015 20159 31 4 2021 2021 12 2022 42 2021 32 43 6 33 2 2022 90000 320 33 44 2022 2021 12 1 2022 7/10/11/12 2 1.8/1.7/1.9/2.3 9 PJM 45 2020-2022 2023 6 27.1 20 2023 8.83 2.54 2.46 1.73 9.74 024681012-2-1.5-1-0.500.511.522.532020/1/12020/2/12020/3/12020/4/12020/5/12020/6/12020/7/12020/8/12020/9/12020/10/12020/11/12020/12/12021/1/12021/2/12021/3/12021/4/12021/5/12021/6/12021/7/12021/8/12021/9/12021/10/12021/11/12021/12/12022/1/12022/2/12022/3/12022/4/12022/5/12022/6/12022/7/12022/8/12022/9/12022/10/12022/11/12022/12/1 34 278 1.9%1%2015 PJM 2.5%8%3-5%2030 2015 2%15%46 2023 47/48.8%278 111 438 1.9%0.76%3%PJM 5%27%2.5%2015 8%2015 3%-5%2023 15%2030 PJM 1 2 35 3 PJM 48/2020.4 2022.11 0.0991/2020.11 2022,12 40%10%220/kWh 30%90%2021.10 2022.9 2022.11 2020 3 2022 3 36 0.0991/kWh 2022 5 1 3.3.1+2021 2022 2022 68.5W 52GW 428.5%2023 6 36.8GW 36GW 1 2 49 2021-23 6 GW 50 2021-23 6 MW 24 2022 A 156.3%91.35%85.2%58.1%57.6%18.3 13.0 49.3 20.8 68.5 66.0 30.1 36.8 46.4 0.010.020.030.040.050.060.070.080.0 2021 2022 202305000100001500020000250003000035000 2023 2022 37 51 24 2022 MW 2022 2022/10874 6634 4932 45.36%A 1080 1080 920 85.19%A 26942 20550 7456 27.67%9530 9530 3540 37.15%9150 9150 700 7.65%3470 3470 2000 57.64%8800 8800 436.4 4.96%3400 3400 6290 6290 2270 36.09%7660 7660 11845 14437 5000 42.21%106796 94058 8970 8.40%12595.2 9848 745 5.91%30639.5 26955 4860 15.86%51599.1 43370 7891.1 15.29%4034.5 3140 1200 29.74%2890 2230 2640 91.35%17800 17800 365 2.05%11826 8400 3440 3440 2000 58.14%1280 1280 2000 156.25%71835 70815 5500 7.66%11400 11400 53614.18 47514 3197 5.96%2022 A 38 52 77.8%22.2%A 100.00%A 96.6%100.0%100.0 100.0%100.0%100.0%100.0%100.0%66.6%33.4%2.5%2.0%3.4%2.6%3.1%2.1%1.3%1.8%20.3%5.0%9.2%4.7%3.5%7.8%4.2%2.4%7.0%1.5%3.8%7.2%0.1%1.9%2.4%41.7%28.8%4.1%15.1%1.2%0.8%8.4%88.9 4.8%2.07%4.17%11.3%3.0%3.8%6.1%13.6%8.1%43.3%1.6%5.5%0.8%2.8%100.0%100.0%7.9%3.9%3.9%0.2%58.9%7.4%17.8%59.9%31.8%8.3%100.0%100%6.8%4.4%2.7%9.7%15.1%14.1%19.6%6.7%0.7%1.3%6.2%4.7%4.6%1.2%0.9%1.1%100.0%12.1%5.3%10.9%19.5%9.4%5.6%4.2%4.2%14.1%5.6%2.5%5.1%1.5%2022 50/80/100/2022/80/A 39 53 24 2022 MW 2022 g/kwh 50/80/100/22/GW 663 302.3 411.1 1179.8 5.9 9.44 11.8 22 1.42 A 112.2 300 60 180 0.9 1.44 1.8-0.6 1.28 A 2694.2 302.9 2086.7 6320.61 31.6 50.56 63.21-30 1.88 886 303.6 411.9 1250.53 6.25 10 12.51 4.3 1.13 915 300 384.89 1154.67 5.77 9.24 11.55 1 1.01 347 313.5 185.13 580.38 2.9 4.64 5.8 1.8 1.34 880 300 459.12 1377.36 6.89 11.02 13.77-6.8 1.25 340 302.4 95.4 288.49 1.44 2.31 2.88 0.1 0.68 629 295 311.6 919.22 4.6 7.35 9.19 1.2 1.17 766 296.7 258.9 768.16 3.84 6.15 7.68-21.4 0.8 1443.7 298.7 664.7 1985.46 9.93 15.88 19.85 0.7 1.1 10695.6 287.69 4152.4 11946.04 59.73 95.57 119.46-73.9 0.89 1272.32 290 496.6 1440.14 7.2 11.52 14.4 3.2 0.91 3063.95 296.1 1518.3 4495.69 22.48 35.97 44.96-18.2 1.17 5228.91 287.1 2111.9 6063.26 30.32 48.51 60.63 1 0.93 403.45 306.8 167.3 513.28 2.57 4.11 5.13 13.5 1.02 289 300 184.42 553.26 2.77 4.43 5.53-0.2 1.53 1780 318.4 793.86 2527.65 12.64 20.22 25.28 8 1.14 1182.6 249.31 371.27 925.61 4.63 7.4 9.26 10.8 0.63 524 312.4 179.9 562.01 2.81 4.5 5.62 0.3 0.86 128 320.8 59.5 190.88 0.95 1.53 1.91 8.5 1.19 7183.5 295.1 3883.3 11459.62 57.3 91.68 114.6 28.2 1.28 1140 300 576.21 1728.63 8.64 13.83 17.29 17.4 1.21 5361.42 290.8 2137.8 6216.72 31.08 49.73 62.17-4.1 0.93+3.2 2022 127GW 106.96GW 94.1GW 12.74GW 13.6GW 6.28GW 2020-2022 11335.7/11869.5/12722.8 2020-2023H1 1694.39/2046.05/2467.25/1260.32-2.39%/20.75%/20.31%/7.84%2022 40 54 55 ifind ifind 21 22 23H1 21-22 23H1 63.08 309.67%56 57 ifind ifind 2021 2023 12.04%5.25%1694 2046 2467 1260-2.39%20.75%20.31%7.84%-5%0%5%10%15%20%25%05001,0001,5002,0002,5003,0002020 2021 2022 2023H1 YoY%46-103-74 63 191.51%-324.85%26.17%309.67%-400%-300%-200%-100%0%100%200%300%400%-150-100-500501002020 2021 2022 2023H1 YoY%17.44%-0.33%3.04%12.04%3.37%-6.19%-4.09%5.25%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%2020 2021 2022 2023H1%0.09%0.09%0.07%0.09%2.92%2.73%2.28%2.13%5.21%4.18%3.85%3.49%0.0%1.0%2.0%3.0%4.0%5.0%6.0%2020 2021 2022 2023H1%41 20-23H1 2.92%2.73%2.28%2.13%20-23H1 5.21%4.18%3.85%3.49%20-22 6.68 13.25 16.08 2023-2025 2582.26/2623.77/2682.65 4.66%/1.61%/2.24%130.66/156.56/176.95 276.87%/19.82%/13.02%EPS 0.83/1.00/1.13/2024 10 xPE 10/58 2021 2022 2023E 2024E 2025E()205079 246725 258226 262377 268265 21.03%20.31%4.66%1.61%2.24%EBITDA 15886 23132 63035 71615 77975-10006-7387 13066 15656 17695%-319.19%26.17%276.87%19.82%13.02%EPS/-0.64-0.47 0.83 1.00 1.13 P/E-13.5-18.2 10.3 8.6 7.6 P/B 2.4 2.9 2.3 1.9 1.6 EV/EBITDA 27.3 18.0 7.2 6.4 6.0 ifind 2023 08 25 3.3,28 2022 97.38GW 71.84GW 73.77%14.96GW 15.36%7.46GW 7.66%3.13GW 3.21%2020 13.99/-0.15%2021 88GW 99.8GW 3774 4641 16.55%2022 14.4%23Q1 22 5.39%-3.1%42 59 60 ifind ifind 21 22 2021 291.49/47.87%-19.68 2022 27.47 21 22 2021 7.25%-2.03%22 21.46%13.48%3.56%23Q1 13.34%5.20%2021 2022 20-23Q1 7.50%4.72%3.92%3.83%20-23Q1 0.95%1.04%0.91%1.19%20-23Q1 0.16%0.03%0.02%0.02%1164 1682 1927 453-0.15%16.55%14.40%-3.10%-5%0%5%10%15%20%05001,0001,5002,0002,5002020 2021 2022 2023Q1 YoY%26-18 28 10 50.96%-142.38%262.96%-8.73%-200%-150%-100%-50%0%50%100%150%200%250%300%-30-20-100102030402020 2021 2022 2023Q1 YoY%43 61 62 ifind ifind 2023-2025 1949.79/2039.81/2146.95 1.19%/4.62%/5.25%71.89/86.31/100.9 154.50%/20.07%/16.88%EPS 0.40/0.48/0.57/2024 10 xPE 4.8/63 2021 2022 2023E 2024E 2025E()168185 192681 194979 203981 214695 44.46%14.56%1.19%4.62%5.25%EBITDA 24069 35927 44199 54408 64046-1845 2825 7189 8631 10088%-170.08%253.07%154.50%20.07%16.88%EPS/-0.10 0.16 0.40 0.48 0.57 P/E-33.4 21.8 8.6 7.1 6.1 P/B 1.4 1.4 1.2 1.1 1.0 EV/EBITDA 12.4 9.4 8.1 7.4 7.0 ifind 2023 08 25 3.4 23Q1 958 5 953 23%;500 22 6.6 76%400 20.79%7.25%13.48%13.34%6.62%-2.03%3.56%5.20%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%2020 2021 2022 2023Q1%0.16%0.03%0.02%0.02%0.95%1.04%0.91%1.19%7.50%4.72%3.92%3.83%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%2020 2021 2022 2023Q1%44 2020-2022 4201 4436 4840 348.97 365.68 411.25 2020-2023Q1 167.52 210.32 242.76 58.06 4.1%25.55%15.42%-8.65%23 264 64 65 ifind ifind 21 20%2021 0.346/2022 0.4/50%2022 0.9%0.75%23Q1 4.55%2.85%22-23Q1 4.25 1.26 20-23Q1 21 21-22 2022 168 210 243 58 4.10%25.55%15.42%-8.65%-15%-10%-5%0%5%10%15%20%25%30%0501001502002503002020 2021 2022 2023Q1 YoY%10-13 4 1 30.97%-231.91%131.99%-8.56%-300%-250%-200%-150%-100%-50%0%50%100%150%200%-15-10-50510152020 2021 2022 2023Q1%45 66 67 ifind ifind 2023-2025 286.93/314.33/329.59 18.2%/9.55%/4.85%13.37/15.17/16.05 214.44%/13.44%/5.85%EPS 0.59/0.67/0.71/2024 12xPE 8.04/68 2021 2022 2023E 2024E 2025E()21032 24276 28693 31433 32959 25.55%15.42%18.20%9.55%4.85%EBITDA-949 1885 4332 5048 5406-1329 425 1337 1517 1605%-231.10%131.99%214.44%13.44%5.85%EPS/-0.59 0.19 0.59 0.67 0.71 P/E-10.8 33.9 10.8 9.5 9.0 P/B 1.2 1.0 0.9 0.9 0.8 EV/EBITDA-29.1 18.2 9.3 8.1 7.6 ifind 2023 08 25 3.5 A 23Q1 29.7GW 26.94GW 20.55GW 6.39GW 2.35GW 0.18GW 0.13GW 0.1GW 14 GW 1.6GW 2.8GW 9.6GW 8.76%-4.59%0.90%4.55%7.93%-10.43%0.75%2.85%-15.0%-10.0%-5.0%0.0%5.0%10.0%2020 2021 2