20230926_国海证券_现磨咖啡行业深度报告新势力崛起之途_63页.pdf

()()()S0350521120001 S0350523050001 S()2023 09 26 2 2023/09/22 EPS PE 2022 2023E 2024E 2022 2023E 2024ELKNCY 34.50 11.03 16.35 21.21 79.6 22.5 15.1 SBUX 93.68 2.96 3.45 4.07 29.5 27.2 23.0/Wind EPS FY2022-FY2024 EPS CY2022-2024 EPS ADSZXFUvMrMoNrQoQpMrMqPmN6M8Q8OoMpPnPpMeRoOwPiNsQsNaQoPmRvPmOsRxNqMtR3+O2O 2021 6/388/867/2024 1917 2021-2024 CAGR 29.8%2025 85%CBNData 2025 25 64%2021 30/&Tims 1971 1987 1999 9 7 6638 258 41 Tim Hortons 1964+2018 Tims RBI CCG TIMS(Tim Hortons)TIMS Tims Go Tims Express+Tims 9 7 736 54 30 L2CM”2017 7-11 Costco+9 7 12129 301 19 2022 CEO 2 70 9 7 5425 313 12 2017 5 27 2 9 7 2901 296 8 Manner 2015 Manner COFFEE 9 7 837 31 22 4 2023 9 7 12129 5362 44%2023 9 7 18387 85%15258 SKU Quest Mobile 2023 4 Manner 300 LKNCY SKU SBUX 5 1.1+1.2 1.3 1.4 1.5 1.6.1 1.6.2&Tims 2.1.1 Starbucks 2.1.2 2.1.3 2.1.4 66.7%2.2.1 TIMS+2.2.2 Tims 50.7%L2C M”3.1.1:3.1.2 3.1.3:3.1.4:3.1.5 3.1.6 3.1.7 3.1.8 3.1.9 3.1.10 63.1.11 3.2.1 COTTI COFFEE 3.2.2 3.2.3 3.3.1 LUCKYCUP 3.3.2 3.4.1 3.4.2 MANNER COFFEE 3.4.3 Manner 79.7%55.1%.4.1 4.2.1 4.2.2 4.3 4.4.1 4.4.2 4.5.1+IP+4.5.2 4.6.1 4.6.2 4.7.1&4.7.2&4.7.3&4.8 7.81.1+O2O 1999 O2O+1980s1990s2016-20172018-20192020 wiswift 2022 91.2*2021 370308267243*CBNData2023 4 N=1124*CBNData2023 4,N=1039,5 20-40 50 1.8 CBNData 2023*2021101.3 50%2022-2023 CBNData*2021*2021 10 12 13 14.1%14.7%13.8%13.9%14.0%14.1%14.2%14.3%14.4%14.5%14.6%14.7%14.8%024681012142021 2022 2023%111.4 2021-2024 CAGR 29.8%*2020 2025 85%70%*2020121.5 2022.7+/25-40 15-25 30 10-20 10-20 8-15 6-12/COSTA Tims Peet s Coffee%Manner-K-7-11 COFE+131.6.1 CBNData 360ml 10081 Manner 729 Tims 667 3039 313 319 99 6 6402 Seesaw 139%Arabica 77 141“CBNData 2025 25 64%*2023 6*2021141.6.2*2023 9 7*2023 2021 CBNData 13%*2022 6 5 30/*202115.&Tims 162.1.1 Starbucks 1971 1987 1999 2023/08/28 258 6609 2025 区域 时间 合作方 星巴克最初持股 合作模式 后期模式华北 1999 汉鼎亚太、北京三元 0%授权经营 2006年转独资直营华东 2000 中国台湾统一集团 5%许可协议 2017年转独资直营华南 2001 香港美心集团 5%许可协议 2011年转独资直营西南 2005 星巴克 100%独资直营华中 2008 星巴克 100%独资直营东北 2005 星巴克 100%独资直营 FY2022 FY2022 CAGR 2x4x 30%9000 3002x1705,00010,00015,00020,00025,00030,00035,0001992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022营收(百万USD)净利润(百万USD)2.1.2 Bloomberg CAGR=48.3%CAGR=48.0%CAGR=23.5%CAGR=24.4%+CAGR=8.9%CAGR=24.8%2008 CEO 2022 YOY=11%2022 YOY=-21.9%182.1.3 Wi-Fi APP Bloomberg starbucksmelody 16542510151886350158868569124401668016858180662136625085293243266035711-10%0%10%20%30%40%50%60%70%05,00010,00015,00020,00025,00030,00035,00040,0001992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022直营 特许经营 门店合计 增长率 192.1.4 66.7%(2023/8/28)2023/08/28 29 6609 258 41 TOP5 202207-202307 0.7%19.4%40.5%34.3%4.3%0.7%学校 住宅 购物场所 办公场所 交通枢纽 医疗保健一线,33.2%新一线,33.5%二线,19.4%三线,8.6%四线,3.9%,1.5%1088943 933825520272214 209196155 149 13912610397 88 8572 6552 50 48 44 38 32 3219 9 602004006008001,0001,200上海浙江广东江苏北京四川湖北福建山东天津陕西重庆辽宁湖南河北安徽河南广西云南江西吉林海南贵州山西内蒙古黑龙江甘肃宁夏青海门店数5791587059556052 6069610561396185623262826388644365420%1%2%3%4%5%5,0005,5006,0006,5007,000门店数量 增速202.2.1 TIMS+1964 Tim Hortons 2023/6/30 Tims 5662 2018 Tims RBI Restaurant Brands International(Cartesian Capital Group)TIMS(Tim Hortons)TIMS 700+40 Tims Go Tims Express+Tims Tim Hortons THCH 2022 RBI 2023 2022 35 80150 404 Tims Go 2080 152 Tims Express 20 26Tim Hortons 1964 Tims 2018 Tims 2019 2020 2021 2022 2023 Popeyes Tims RBI Restaurant Brands International(Cartesian Capital Group)Tims Tims 4850 15-30 Tims Tims Tims SPAC+PIPE THCH Tims Popeyes Popeyes 212.2.2 Tims 50.7%(2023/8/28)2023/08/28 Tims 21 721 51 30 TOP5 202207-202307 2061028976702723 21 21 2016 15 138 74 3 2 1 1 1050100150200250上海 北京 江苏 浙江 广东 四川 湖北 山东 陕西 福建 重庆 辽宁 天津 河南 湖南 宁夏 新疆 吉林 安徽 海南 河北门店数一线,50.7%新一线,34.8%二线,9.6%三线,3.3%四线,1.5%学校,1.5%,14.2%购物场所,33.7%办公场所,47.0%交通枢纽,2.9%,0.7%458476495544581626641650 653679 6827067230%2%4%6%8%10%12%0200400600800门店数量 增速22.L2 CM233.1.1:2021 2023 9 7 12129 2019-2022 CAGR 63.8%2023H1 2023H1 106.4 86.5%2017 7-11 Costco iFinD 2019-2022 CAGR 63.8%2021 2023 9 1.2243.1.2+/+253.1.3:2017 6-2020 4 2020 4-2020 7)2020 7-2017 6 2020 1 2020 12 SEC 1.8 2021 4 2.5 2017 10 SOHO 2020 2 2021 10 1.75 2022 1 50%2018 12 2000 B 22 2020 4 2022 4 15 2019 5 IPO2020 6 Pink Sheet 2022 5 2019 12 4507 2020 7 CEO COO2023 6 263.1.4:2022 1 FY2022 Class A 383,425 18.6%Class B 144,778 100%Class B Class A 1:10 295,384 96%55.7%IDG Ares SSG Centurium Capital 2022 Luckin Coffee Inc.Luckin Coffee Investment Inc.廠 1 家子公司China Luckin76 家子公司Beijing WOFEVIE Luckin Coffee International Holding Inc.貿 Luckin Coffee(SGP)PTE.LTD.100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%55.7%2023 2 28273.1.5 17 58 CFO Reinout Hendrik Schakel 23 26 20 A Inc.Davis Polk&Wardwell LLP 20 2020 5 CEO COO CEO 2020 7 2023 9 22 283.1.6 1Q23 85%2022 2021 iFinD293.1.7 2021 iFinD Bloomberg 2018 10.2 36.7%2022 15 2022 61%2020 2019 26.9%20224.3%2021 303.1.8 2019 BP 313.1.9 2023 10836/7188/3648 2023 9 7 12129 2Q23 10836 94.5%71.8%75.8%43.6%41.6%41.2%19.4%9.2%29.6%20.8%0%10%20%30%40%50%60%70%80%90%100%1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23%323.1.1 0 IT O2O+APP+6.6 8.9 8.2 9.7 8.7 12.3 14.7 16.2 16.0 20.7 25.1 24.6 29.5 43.1 50.1%47.4%-7.5%-16.2%32.1%37.3%79.2%67.1%83.0%68.6%70.5%51.3%84.6%108.1%-40%-20%0%20%40%60%80%100%120%051015202530354045501Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23%333.1.11 2021Q3 20-30 CBD+80-200 343.2.1 COTTI COFFEE(COTTI COFFEE)2022 CEO 2 70 2023 8 8 5000 2023 8 8 116 6-12 40 40-150 150|353.2.2 2023/08/08 2023/08/08 307 4721 12 TOP5 609416369311286254217209190180171 1691600100200300400500600700 门店数一线,8.1%新一线,29.3%二线,24.0%三线,19.0%四线,13.1%五线,6.4%33 113 351 639 1,042 1,806 2,989 3,700 4,332 01,0002,0003,0004,0005,000202211 202212 202301 202302 202303 202304 202305 202306 202307 办公场所,39.5%购物场所,29.6%住宅,25.1%学校,4.9%交通枢纽,0.5%医疗保健,0.3%202210-202307 363.2.3-95,000 165,000 165,000 165,000 43,000 50,000 57,000 65,000-20,000 80,000 300,000 138,000 235,000 302,000 530,000 1 2 2 0%2-3 10%3-4 15%4-8 25%8 30%:*=-5/2,000/5,000/8,000/COTTI t+2 COTTI*373.3.1 LUCKYCUP 2017 5 27 2 2020 2020 4-30,000 10,000 4,000/4,800 80,000 30,000 158,800 2019 2020 4 2016 2017 9 2017 12 2018 2019 9 2020 2020 4 385556397779371081 1,104 1,104 1,104 1,104 1,104 1,1042,3652,5142,6562,7272,78505001,0001,5002,0002,5003,000202204 202205 202206 202207 202208 202209 202210 202211 202212 202301 202302 202303 202304 202305 202306 202307门店数量3.3.2 2023/08/09 2023/08/09 296 2814 8 TOP5 一线,1.0%新一线,18.7%二线,19.9%三线,29.2%四线,21.4%五线,9.8%538216202193158136 134 133 132100 9587 87 86715850 48 44 41 40 39 37 31 28157 5 2 10100200300400500600河南省山东省浙江省河北省江苏省陕西省辽宁省四川省江西省湖北省安徽是广东省福建省湖南省广西壮族自治区黑龙江省吉林省内蒙古自治区重庆市贵州省云南省甘肃省山西省天津市宁夏回族自治区青海省海南省上海市新疆维吾尔自治区西藏自治区门店数量202204-202307 学校,30.8%住宅,30.1%购物场所,27.1%办公场所,11.8%交通枢纽,0.1%医疗保健,0.1%39 Manner Coffee 2015 803 30 79.6%22 2021/6/16/M Stand 2017 182 17 63.7%43 2023/6/02 B+SeesawCoffee2012 160 10 71.9%37 2022/2/28 A+%Arabica 2013 14 76 28 50.0%41 2022/3/29/1966 158 18 67.1%46/3.4.1 M Stand 2023/8/9 2018 Manner M Stand Seesaw 250g 5 100g/80/403.4.2 MANNER COFFEE MANNER COFFEE MANNER COFFEE 2015 COFFEE 2018 MANNER 5 2021-06-16-2021-05-24 B 2021-02-24 A+-Dahlia Investments Pte.Ltd2020-12-24 A-COATUE PE ASIA34(HK)LIMITED H Sweet Co.,Limited2018-10-19 8000 CTG Evergreen Investment H(HK)Limited CTG Evergreen Investment J(HK)Limited H COOKIES CO.LIMITEDCOATUE PEASIA 44LLCH SWEET CO.LIMITED COATUE PE ASIA 42LLCCOATUE PE ASIA 54LLCDAHLIA INVESTMENTS PTE.LTD 18.59%18.59%17.51%16.08%8.12%7.21%6.95%3.32%1.43%1.14%1.07%2023/08/09 413.4.3 Manner 79.7%55.1%2023/08/08 2023 8 8 Manner Coffee 15 30 801 22 Manner Coffee TOP5 91.8%79.7%441 55.1%4314654825165505675966186456777187457740100200300400500600700800900202207 202208 202209 202210 202211 202212 202301 202302 202303 202304 202305 202306 202307门店数量一线,79.7%新一线,17.0%二线,3.0%三线,0.4%办公场所,55.0%购物场所,30.0%住宅,13.7%学校,1.1%交通枢纽,0.2%44199 9955412812 6 5 3 3 3 2 2 10100200300400500门店数量202207-20230742.434.1 Bloomberg 2023 9 7 2021 20223.7%202218.3%2022 2021 2020 2022 4.3%2018 59.9%2018 4%瑞幸咖啡 星巴克 奈雪的茶总店数 12129 6638 1279客单价（元）19 41 32一线城市 2375 2205 443新一线城市 3687 2218 427二线城市 2487 1285 278三线城市 1872 517 104四线城市 1239 262 23五线城市 469 97 4办公场所 8 14 292学校 2 0 1购物场所 5 17 639交通枢纽 0 2 10住宅 4 8 203医疗保健 0 0 0444.2.1 Manner Tims Nowwa M Stand 6638 12129 5425 837 2901 736 617 182 41 19 12 22 8 30 19 43 29 29 31 15 30 21 25 10 258 301 313 31 296 54 158 17 2205(33.22%)2375(19.58%)442(7.95%)651(77.78%)27(0.93%)369(50.14%)59(9.56%)116(63.74%)2218(33.41%)3687(30.4%)1639(29.47%)146(17.44%)540(18.61%)255(34.65%)132(21.39%)57(31.32%)1285(19.36)2487(20.5%1352(24.31%)36(4.30%)577(19.89%)74(10.05%)173(28.04%)7(3.85%)517(8.6%)1872(15.43%)1052(18.91%)4(0.48%)838(28.89%)25(3.40%)147(23.82%)2(1.10%)262(3.95%)1239(10.22%)721(12.96%)0 628(21.65%)13(1.77%)82(13.29%)0 97(1.46%)469(3.87%)356(6.4%)0 291(10.03%)0 24(3.89%)0 2023 9 7 2023 9 7 12129 29.5%3580 14.0%930 38.3%60.6%454.2.2 2023 9 7 44%41%+Tims 47%Manner 55%37%5362 Manner Tims 2023 9 7 5362 2280 1996 464 347 343 0.5%0.1%0.3%0.2%0.1%464.3 SKU 2023 6 13 18.9 15 2023 6 13 SKU 25 SKU CBNData(2023 4 2023 6 13 APP APP APP SKU Manner21 4 10 2 10 4 16 5*2023 6 13 57%*2023 6 13474.4.1 Growthbox 2-3 App 70%-80%20%-30%2-3 50-60 2 3 1 SOPSOP:App 484.4.2 Growthbox 2021 113 2.2/3 1000 495 542 19 9 20 7 20 10 1000 321 4 270 21 9 49522 4 44723 3 5-6 542 1+23 9 494.5.1+IP+IP Foodtalks 36Kr A+IP+IP 2022 4 2Q22 2400 4 10 JOJO 7 659 2023 9 542 1 2022 2 8 4.8 1684.21%2022 2 8 2022 2 18 U 504.5.2&Bannr(LBS)4.8 12 QuestMobile TOP1 2022 4 3000 2000 1600 80%CMO 30%28%MAU 10%*2023 4514.6.1 FoodTalks 100%2021 2.1 4.5 1.5 2022 1.2 3 300 524.6.2 FoodTalks Foodaily CBNData Manner ECOM 30 5 1 1 Nestle Keurig GreenMountain Folgers OATLY La Marzocco Verismo Mastrena OATLY La Marzocco Manner Manner 534.7.1&50 1 50 1 2022 1 50 50 1 296 296 346 346 346 396 396 14 15 14 15 16 15 16 0.41 0.44 0.48 0.52 0.55 0.59 0.63(12.43 13.32 14.53 15.57 16.61 17.82 19.01 5.11 5.11 5.97 5.97 5.97 6.84 6.84 41.10%38.36%41.10%38.36%35.97%38.36%35.97%7.32 8.21 8.56 9.60 10.63 10.98 12.17 58.90%61.64%58.90%61.64%64.03%61.64%64.03%1.32 1.32 1.32 1.32 1.32 1.32 1.32 10.59%9.88%9.06%8.45%7.92%7.39%6.92%2.20 2.20 2.20 2.20 2.20 2.20 2.20 17.70%16.52%15.14%14.13%13.25%12.35%11.57%0.10 0.10 0.11 0.11 0.11 0.13 0.13 0.77%0.72%0.77%0.72%0.67%0.72%0.67%1.35 1.35 1.58 1.58 1.58 1.81 1.81 10.90%10.17%10.90%10.17%9.54%10.17%9.54%0.46 0.46 0.46 0.46 0.46 0.46 0.46 3.69%3.44%3.16%2.95%2.76%2.57%2.41%1.90 2.78 2.89 3.93 4.96 5.07 6.26 15.26%20.91%19.88%25.22%29.89%28.44%32.91%36 36 36 36 36 36 36(24 16 16 12 9 9 7 25.2%19 15 2022 346 61.6%25.2%36 21%12 544.7.2&300 杯 350 杯 400 杯 300 300 300 350 350 350 400 400 400 14 15 16 14 15 16 14 15 16 0.42 0.45 0.48 0.49 0.53 0.56 0.56 0.6 0.64 12.60 13.50 14.40 14.70 15.75 16.80 16.80 18.00 19.20 5.18 5.18 5.18 6.04 6.04 6.04 6.91 6.91 6.91 7.42 8.32 9.22 8.66 9.71 10.76 9.89 11.09 12.29 58.90%61.64%64.03%58.90%61.64%64.03%58.90%61.64%64.03%1.33 1.63 1.99 1.76 2.18 2.60 2.26 2.74 3.22 10.53%12.06%13.81%11.99%13.86%15.50%13.44%15.21%16.76%1.32 1.32 1.32 1.32 1.32 1.32 1.32 1.32 1.32 10.44%9.75%9.14%8.95%8.36%7.83%7.83%7.31%6.85%2.20 2.20 2.20 2.20 2.20 2.20 2.20 2.20 2.20 17.46%16.30%15.28%14.97%13.97%13.10%13.10%12.22%11.46%0.10 0.10 0.10 0.11 0.11 0.11 0.13 0.13 0.13 0.77%0.72%0.67%0.77%0.72%0.67%0.77%0.72%0.67%1.37 1.37 1.37 1.60 1.60 1.60 1.83 1.83 1.83 10.90%10.17%9.54%10.90%10.17%9.54%10.90%10.17%9.54%0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 3.64%3.40%3.19%3.12%2.91%2.73%2.73%2.55%2.39%0.65 1.25 1.79 1.20 1.83 2.46 1.70 2.42 3.14 5.16%9.24%12.41%8.20%11.65%14.67%10.13%13.45%16.36%36 36 36 36 36 36 36 36 36(70 37 25 38 25 18 27 19 15&2 0%0%2-3 10%10%3-4 20%15%4-8 30%25%8 40%30%2023 5 15 400 11.78 400 11.78 0.28%350 15 11.65%36 21%25 350 400 450 350 350 350 400 400 400 450 450 450 10.78 11.78 12.78 10.78 11.78 12.78 10.78 11.78 12.78 0.38 0.41 0.45 0.43 0.47 0.51 0.49 0.53 0.58 11.32 12.37 13.42 12.94 14.14 15.34 14.55 15.90 17.25 5.67 5.67 5.67 6.48 6.48 6.48 7.29 7.29 7.29 5.65 6.70 7.75 6.46 7.66 8.86 7.26 8.61 9.96 49.91%54.16%57.75%49.91%54.16%57.75%49.91%54.16%57.75%0.66 0.92 1.19 0.86 1.16 1.51 1.07 1.43 1.84 5.85%7.48%8.85%6.68%8.23%9.83%7.32%9.02%10.66%1.48 1.48 1.48 1.48 1.48 1.48 1.48 1.48 1.48 13.09%11.98%11.04%11.46%10.48%9.66%10.18%9.32%8.59%2.40 2.40 2.40 2.40 2.40 2.40 2.40 2.40 2.40 21.20%19.40%17.89%18.55%16.98%15.65%16.49%15.09%13.91%0.21 0.21 0.21 0.24 0.24 0.24 0.27 0.27 0.27 1.86%1.70%1.56%1.86%1.70%1.56%1.86%1.70%1.56%1.61 1.61 1.61 1.84 1.84 1.84 2.07 2.07 2.07 14.19%12.99%11.97%14.19%12.99%11.97%14.19%12.99%11.97%0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 4.37%4.00%3.69%3.83%3.50%3.23%3.40%3.11%2.87%-1.21-0.42 0.37-0.86 0.04 0.90-0.52 0.47 1.41-10.66%-3.39%2.74%-6.66%0.28%5.84%-3.54%2.93%8.18%35.70 35.70 35.70 35.70 35.70 35.70 35.70 35.70 35.70(-123-50-97 3255 4.7.3&FY1Q21 FY2Q21 FY3Q21 FY4Q21 FY1Q22 FY2Q22 FY3Q22 FY4Q22 FY1Q23 FY2Q23 FY3Q23 100m 4863 4973 5135 5360 5557 5654 5761 6021 6090 6243 6480yoy 13.30%14.30%15.47%13.90%14.27%13.69%12.19%12.33%9.59%10.42%12.48%157 110 162 225 197 97 107 260 69 153 237 911.1 860.6 905.2 964 897.2 743.7 544.5 775.6 621.7 763.8 821.9 6.54 6.51 6.42 6.46 6.37 6.35 6.70 6.96 6.98 6.90 7.2258 59.61 56.00 58.14 62.27 57.15 47.19 36.48 54.00 43.42 52.69 59.39 4785 4918 5054 5248 5459 5606 5708 5891 6056 6167 6362 124.58 113.86 115.04 118.67 104.70 84.19 63.91 91.66 71.70 85.44 93.36yoy 82.74%14.36%-2.15%-15.96%-26.06%-44.44%-22.76%-31.52%1.49%46.08%41.53 37.95 38.35 39.56 34.90 28.06 21.30 30.55 23.90 28.48 31.1 4152.78 3795.30 3834.53 3955.75 3490.07 2806.35 2130.33 3055.40 2389.85 2848.10 3111.89 1.38 1.27 1.28 1.32 1.16 0.94 0.71 1.02 0.80 0.95 1.04 138.43 126.51 127.82 131.86 116.34 93.54 71.01 101.85 79.66 94.94 103.73 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 20m 4803 4951 5259 5671 6024 6580 7195 7846 8214 9351 10836yoy 0.29%-1.22%3.30%17.39%25.42%32.90%36.81%38.35%36.35%42.11%50.60%-28 148 308 412 353 556 615 651 368 1137 1485 13.46 12.69 19.14 23.50 24.33 24.05 32.99 38.95 36.95 44.37 62.01 4817 4877 5105 5465 5847.5 6302 6887.5 7520.5 8030 8782.5 10094 27.94 26.01 37.49 43.00 41.60 38.16 47.89 51.79 46.02 50.52 61.44yoy 86.65%48.90%46.68%27.76%20.42%10.61%32.40%28.28%9.31 8.67 12.50 14.33 13.87 12.72 15.96 17.26 15.34 16.84 20.48 4656.70 4335.67 6247.95 7167.45 6933.63 6359.35 7982.40 8631.17 7669.19 8419.64 10239.97 0.31 0.29 0.42 0.48 0.46 0.42 0.53 0.58 0.51 0.56 0.68 155.22 144.52 208.27 238.92 231.12 211.98 266.08 287.71 255.64 280.65 341.33 FY3Q23 2Q23 100 20+564.8(1/2)2022 9 18387 85%15258 2022 9 2023/09/07 1 2023 9 7 2 2022 9 5581 1852 1536 858 63%18%4%543 157 37 9.73%8.47%2.41%543 157 55 754 18 5725 1448 2048 584 67%18%5%393 106 27 6.86%7.35%1.33%557 123 73 752 226 5028 1897 1472 457 55%18%11%249 82 52 4.96%4.33%3.55%489 161 52 702 318 5633 1559 302 476 66%12%1%316 59 7 5.61%3.78%2.32%548 132 11 691 309 2076 1064 1213 469 49%21%8%230 98 38 11.07%9.26%3.09%283