20230908_国泰君安证券_建筑工程行业研究报告国改深化提质增效行动推动央企加大并购重组力度_56页1.pdf
Table_MainInfo Table_Title 2023.09.08()()()021-38676162 010-83939793 021-38038262 S0880516030004 S0880122020030 S0880123030056/Table_Summary(1)8 18(2)8 16(3)7 24(4)7 13 14(1)(ROE)(2)(3)(4)(1)(2)(3)(4)(5)(1)/(2)2017 PE 25 10 37 14 44 16(3)PB 0.63(1.1)/0.61(1.1)/0.50(1.3)/0.61(1.2)/0.78 PB1.25 80%(4),Table_Invest Table_subIndustry Table_DocReport/2023.09.06 2023.09.03 2023.08.27 2023.08.21 2023.08.13 Table_industryInf o 2 of 56 1.6 2.8 2.1.8 2.2.11 2.3.“”.14 2.3.1.43.11%55.62%.14 2.3.2.15 2.3.3.16 2.4.17 2.4.1.62.86%.17 2.4.2.18 2.4.3.20 2.5.20 2.5.1.34%.20 2.5.2.21 2.5.3.2022.22 2.6.23 2.6.1.19.19%54.06%.23 2.6.2.24 2.6.3.2022.26 2.7.26 2.7.1.45.98%.26 2.7.2.27 2.7.3.28 2.8.29 2.8.1.47.28%.29 2.8.2.30 2.8.3.32 2.9.33 2.9.1.46.59%.33 2.9.2.34 2.9.3.2021.36 2.10.37 2.10.1.57.64%.37 2.10.2.38 2.10.3.40 2.11.41 2.11.1.44.82%.41 2.11.2.41 2.11.3.43 2.12.56.42%/.44 2.12.1.56.42%74.57%.44 2.12.2.45 2.12.3./.47 2.12.4.2021-2022 160%.48 ZXCXwPqNtQqRqOoNrMtMpObRdN6MtRpPtRnOfQrRuNkPnNxP9PmNmRNZrQqQvPnNzR 3 of 56 3.49 3.1./.52 3.2./.53 4.55 5.55 4 of 56 1.7 2.8 3:/2022.12 4:/.13 5:/.14 6.16 7 2022 4.81%.16 8 2018-2022.17 9.17 10.19 11 2022 22.34%.19 12 2021-2022.20 13 2022.20 14.22 15.23 16 2020.23 17.25 18 2022 75.42%.25 19.26 20 2021-2022.26 21.27 22 2018-2022.29 23 2018-2022.29 24.31 25 2022 3.32%.32 26 2020-2022.33 27 2021-2022.33 28.35 29 2022 55.11%.36 30 2021.37 31 2020.37 32.39 33:2022 69.52%.39 34:2020-2022.40 35:2018-2022.40 36:2019-2022.40 37:.42 38:2019-2022.44 39:2014-2018.44 40.46 41:2022 53.38%.47 42/.47 43 2021-2022/.48 44.49 45 ROE(%).50 5 of 56 46(%).51 47 3.51 48.51 49 PE PE.52 50 2023H1.53 51 2022.53 52.53 53.54 54 2023H1.55 55(9 7).55 1 55.62%.15 2 62.86%.18 3 34%.21 4.24 5 45.98%.27 6 47.28%.30 7 47.28%.34 8 57.64%.38 9 44.82%.41 10 74.57%.45 11.49 6 of 56 1.6 14 6 21 7 13 14 7 18(1)(2)8 16 8 18 7 of 56 8 18 IPO REITs 1 2023/8/18 2023/8/16 2023/7/24(1)(2)(3)2023/7/18 7 18(1)(2)2023/7/13 2023/7/5 8 of 56 2023/6/21 2023/6/14 2023/6/9 ESG 2023/5/27(1)5 27(2)(3)(4)2.2.1.2023(1)(2)(3)2(1)(2)1 5 N 9 of 56 N(3)(1)2023 GDP(2)(3)(4)2023(1)(2)PPP PPP(3)11 2022 A ESG 35(1)1 7 2 5 2 4(2)10 of 56(1)(2)(3)(1)(2)(3)(4)2022 A(1)2022(2)A 2023 5(1)(2)(1)(2)2022 11 of 56 2023-2025+(1)(2)2023-2025 9 51 1,986 BIM 10 153 10 2.2./2022 2021 2022 2021 2021 2018 171.98 2022 312.76 CAGR 16.1%82.08 136.87 CAGR 13.6%2022 13.25%14.50%2021 3.6pct 8.79pct 2022 6.16%-6.34%2021 4.87%18.46%2019 2018 2020 40%58.48%43.02%44.02%2022 1.42%26.97pct 2022 15.93%-5.62%2019-2022 2019-2021 12 of 56 66 28.14 83.75 36.68 2022 22.66%-34.21%2022 2020 2020 2021-108%436.9%2022 200%3:/2022 2018 2019 2020 2021 2022%171.98 7.04 236.78 37.68 251.88 6.38 276.18 9.65 312.76 13.25 82.08/106.06 29.22 113.08 6.61 119.54 5.71 136.87 14.50 196.80-4.37 201.08 2.17 162.06-19.02 179.93 11.03 191.04 6.16 104.86 0.61 92.06-12.20 80.39-12.68 90.13 12.12 84.41-6.34 179.35 11.70 201.97 12.61 223.93 10.87 246.91 10.26 266.42 7.90/382.41 16.09 418.81 9.52 449.44 7.31 514.08 14.43 509.50-1.16/19.32 24.05 30.61 58.48 36.59 19.51 46.33 26.64 54.15 16.87 12.43 43.02 15.38 23.8 22.15 44.02 28.44 28.39 28.85 1.42 76.95 3.79 72.39-5.92 79.87 10.33 86.32 8.07 114.35 15.93 53.17 3.13 53.39 0.41 47.51-11 43.82-9.46 41.76-5.62 63.72 5.12 66.00 3.58 78.62 19.13 83.75 6.52 102.72 22.66 13.75-30.99 28.14 104.67 35.63 26.64 36.68 2.94 24.13-34.21 47.03-9.57 51.12 8.71 46.71-8.64 65.04 39.26 78.09 20.07/13.68 39.98 15.92 16.41 11.33-28.81 18.10 18.99 21.94 21.06/5.89 18.01 7.06 19.87 7.51 6.39 6.24-16.99 6.36 1.97 49.56 19.19 53.80 8.54 56.03 4.11 52.69-5.96 48.73-7.53 4.41 2.01 5.35 24.01 6.02 12.59 6.49 7.79 6.31-2.74/12.00-19.1 10.54-22.0-0.84-108 2.82 436.9 3.34 18.3 32.27-0.47 31.25 11.42 39.39 27.8 29.56-24.8-27.50-200 Wind 13 of 56/2022 9.81%9.80%0.01pct 13.74%6.07%7.67pct 13.89%8.91%4.98pct/2018 11.64%14.77%12.58%9.34%12.21%9.64%2.3pct 2.56pct 2.94pct 2019 22.20%2022 13.89%8.31pct 2021 2.85pct 4:/2018 2019 2020 2021 2022 9.90%9.77%9.95%10.00%9.81%9.89%9.76%9.94%9.98%9.80%13.49%12.76%13.02%12.52%11.65%15.04%14.61%14.69%13.77%12.97%9.78%9.64%9.26%9.60%10.09%/11.89%11.10%10.83%11.33%10.46%/11.64%10.80%11.02%9.49%9.34%11.35%10.90%11.31%10.41%10.26%14.77%14.06%14.23%13.11%12.21%13.37%13.00%13.01%11.69%12.00%12.58%11.63%11.35%10.62%9.64%12.63%11.68%11.35%10.67%/13.74%13.50%13.65%13.16%12.42%/18.56%16.82%16.05%17.18%16.97%29.73%30.22%26.22%23.88%16.94%14.81%14.52%10.02%10.69%13.74%5.82%5.97%5.95%5.86%6.07%11.64%12.57%11.00%8.25%9.29%/19.28%22.20%18.22%15.58%13.89%11.47%11.15%11.51%8.68%8.91%Wind 14 of 56 2022 3.04%3.02%0.02pct 2022 5.98%2.57%3.29%0.38%3.64pct 2.91pct 2020 2022 3%6.01%5.98%5:/2018 2019 2020 2021 2022 2.36%2.99%2.81%2.85%3.04%2.35%2.97%2.80%2.84%3.02%4.13%3.90%3.08%3.43%3.44%3.69%3.59%3.48%3.62%3.52%2.72%2.72%2.82%2.87%2.90%/4.62%4.45%4.39%4.11%3.37%/2.55%3.17%3.51%3.64%3.66%2.43%2.82%3.52%3.94%3.91%3.37%3.05%3.17%3.00%2.74%2.61%2.62%2.57%2.25%2.25%2.61%2.24%2.34%2.32%2.18%2.03%2.19%2.30%2.31%/3.94%3.90%3.20%2.98%2.84%/6.53%6.54%4.97%5.61%6.01%6.40%7.25%8.47%9.33%6.45%6.19%6.69%6.10%5.19%5.98%2.75%2.75%2.79%2.71%2.57%5.09%4.01%4.14%4.18%3.55%/11.61%9.82%-1.28%3.02%3.29%2.26%2.62%2.83%1.99%0.38%Wind 2.3.2.3.1.43.11%55.62%()43.11%12.51%15 of 56 55.62%1 55.62%Wind 2.3.2.5%70%2%2022 16.96%9.6%56.70%37.54%5.76%16 of 56 6()55.62%10.02 100%5 98%75 100%40 7 2022 4.81%2021 2022()()125.89 5.37%10.78%119.55 4.81%12.47%1,602.03 68.28%1.98%1,728.22 69.51%1.78%366.34 15.61%9.70%421.68 16.96%9.60%247.62 10.55%21.51%212.48 8.55%29.28%0.59 0.03%97.75%1.58 0.06%83.05%3.77 0.16%75.10%2.85 0.11%47.19%2,346.24 100%5.86%2,486.36 100%6.07%2.3.3.2021 1.55%2022 2.94%2021-16.99%2022 1.97%ROE 2019 15.57%2022 8.89%17 of 56 8 2018-2022 2018 2019 2020 2021 2022()9,981.41 11,060.17 12,850.66 13,050.01 13,433.27 2.58%10.81%16.19%1.55%2.94%()589.18 706.24 751.38 623.71 636.01 18.01%19.87%6.39%-16.99%1.97%ROE()15.07%15.57%14.06%10.54%8.98%Wind 2021/2022 6.20/5.97%2021 4.16%-5.96%2022-7.52%2022 7.6 9 2018 2019 2020 2021 2022()207,064.25 212,832.87 220,935.71 234,624.22 248,635.60 14.15%2.79%3.81%6.20%5.97%()4,956.39 5,379.63 5,603.24 5,269.11 4,872.61 19.19%8.54%4.16%-5.96%-7.52%ROE(TTM)13.46%12.87%14.90%14.32%11.83%Wind 2.4.2.4.1.62.86%()62.86%1%18 of 56 2 62.86%Wind 2.4.2.2022 22.34%10.76%()2021 12 28(CMEC)()()()()()100%CMEC 19 of 56 30 10()77.21%41.26 100%8.70 62.86%12.37 100%6.70 100%1.60 70 100%9.68 100%83.37 47.15%72.14 87.90%30.24 A+H 41.60%13.07 68.70%14.96 11 2022 22.34%2021 2022()()680.36 18.36%14.51%768.41 22.34%10.76%731.84 19.75%10.55%711.62 20.69%10.97%2095.90 56.56%4.25%1719.67 50.00%4.99%65.84 1.78%91.79%59.43 1.73%87.37%182.76 4.93%24.98%191.82 5.58%26.93%-51.25-1.38%2.97%-11.79-0.34%27.85%3705.45 100%9.97%3439.16 100%10.08%20 of 56 2.4.3.2021-2022 2021 8.46%436.93%2022 12.47%18.26%2021 ROE-7.11%2.67%2022 3.08%12 2021-2022 2018 2019 2020 2021 2022()10,150.38 10,656.80 7,965.99 8,639.76 9,717.24-6.95%4.99%-25.25%8.46%12.47%()1,200.35 1,053.72-83.83 282.44 334.02-19.12%-12.22%-107.96%436.93%18.26%ROE()13.85%10.14%-7.11%2.67%3.08%Wind 2022 2021 28.74%2022-7.19%2022 27.5-200.37%ROE 2020 5.71%2021 4.08%2022-4.39%13 2022 2018 2019 2020 2021 2022()300,465.46 297,907.41 287,813.26 370,545.29 343,915.60 3.89%-0.77%-3.24%28.74%-7.19%()3,226.78 3,124.64 3,939.06 2,955.79-2,750.48-0.47%11.42%27.80%-24.80%-200.37%ROE(TTM)4.78%4.56%5.71%4.08%-4.39%Wind 2.5.2.5.1.34%34%()34%34%2023 7 7 100%21 of 56 2022 75.86 95.97%2.29 2.89%3 34%Wind 2.5.2.ETC ETC()100%22 of 56 14()100%5 34%6.45,100%1.04 100%0.7 100%0.5 100%6 14.7%5 PPP SPV 100%0.01 89%1 2.5.3.2022 2018 2021 23 of 56 2021 62.73%2022 2021-31.96%2019 2020 2021 2020-38.45%2021 120.46%2022 2022 2021 39.08%ROE 2018 2020 2021 2022 2020 4.65%2022 12.60%15 2018 2019 2020 2021 2022()5,351.40 5,951.18 7,139.20 11,617.93 7,904.97-24.88%11.21%19.96%62.73%-31.96%()353.28 186.28 114.66 252.78 351.58 43.73%-47.27%-38.45%120.46%39.08%ROE()20.36%8.06%4.65%9.93%12.60%Wind 2020 2020 AAA 2018-2021 2020 405.27%2021 94.69%2022 1.54%2020-16.07%2021 112.17%ROE 2021 0.18%2022H1 0.20%16 2020 2018 2019 2020 2021 2022H1()581.33 1,326.05 6,700.17 13,044.50 5,699.93-128.11%405.27%94.69%1.54%()27.35 78.17 65.61 139.19 165.11-185.85%-16.07%112.17%8.88%ROE(TTM)0.07%0.15%0.10%0.18%0.20%Wind 2.6.2.6.1.19.19%54.06%24 of 56()19.19%31.46%3.41%54.06%2023 6 30()2022 4 Wind 2.6.2.75%17%()()()()90%10%25 of 56 17()62.30%222.62 61.87%15.54 51%60.40()()90%51%62.98 51%66.75.100%28.20 60.89%10.00 18 2022 75.42%2021 2022()()8599.51 79.56%7.37%8203.13 75.42%0.65%1902.41 17.60%1.26%1877.26 17.26%1.63%330.34 3.06%2.79%392.29 3.61%1.58%2503.51 23.16%6.63%2679.59 24.64%3.28%137.86 1.28%-11.11%125.13 1.15%-12.87%77.30 0.72%13.13%86.14 0.79%32.83%5.88 0.05%-760.54%9.52 0.09%-154.94%-2748.56-25.43%3.69%-2495.99-22.95%0.97%10808.25 100%6.31%10877.07 100%1.39%26 of 56 2.6.3.2022 2021 6.98%2022 18.00%2021 7.79%2022-2.74%ROE 5 10%2021 11.01%2022 9.92%19 2018 2019 2020 2021 2022()8,366.83 13,414.08 14,827.49 15,862.34 18,717.84 6.46%60.32%10.54%6.98%18.00%()440.96 534.71 602.00 648.90 631.11 5.55%21.26%12.59%7.79%-2.74%ROE()9.20%10.85%11.19%11.01%9.92%Wind 2021 60.42%2022 11.87%2021-17.52%2022-13.20%2022 26.6 ROE 2021 8.52%6.24%2022 5.23%20 2021-2022 2018 2019 2020 2021 2022()438,620.02 552,206.16 673,738.67 1,080,825.00 1,087,707.20 9.52%25.90%22.01%60.42%11.87%()14,341.76 20,043.54 25,038.26 20,650.89 16,768.52 9611.38%39.76%24.92%-17.52%-13.20%ROE(TTM)5.70%7.33%8.52%6.24%5.23%Wind 2.7.2.7.1.45.98%45.98%45.98%8.27%5.63%100%2021 27 of 56 71.84%2022 62.25%10.68%2022 32.90%43.91%5 45.98%Wind 2.7.2.21 60.87%5.36 2022 25.06 3.07%100%100%28 of 56 100.00%4.55 100.00%3.5 59.80%1 100.00%1.29 100.00%0.02 Wind 2.7.3.2018-2022 2021 17.44%2022 3.07%2019 2020 2021-13.29%2022 7.46%2022 2018 ROE 5-6.5%29 of 56 22 2018-2022 2018 2019 2020 2021 2022()1,619.51 1,776.49 2,070.52 2,431.56 2,506.26 33.17%9.69%16.55%17.44%3.07%()226.74 155.31 179.33 155.50 167.10 17.79%-31.50%15.47%-13.29%7.46%ROE()8.80%5.67%6.29%5.24%5.43%Wind 2018-2022 2021 4.82%2022 7.36%2021 5.98%2022 8.92%ROE 8-9%23 2018-2022 2018 2019 2020 2021 2022()249,556.13 250,145.49 267,319.39 280,070.20 299,116.39 7.79%0.27%6.87%4.82%7.36%()16,296.35 18,157.62 18,872.53 19,989.43 21,787.79 8.37%11.42%4.54%5.98%8.92%ROE(TTM)8.53%8.60%8.71%8.41%8.19%Wind 2.8.2.8.1.47.28%(47.28%)2014 2022 17.86 63.82%8.74 31.25%30 of 56 6 47.28%Wind 2.8.2.6 18 170 80%2022 2020 2021 2021 8.40%2022 2022 15.82%100%31 of 56 2022 23.79%3%-4%2020 42.12%2022 10.52%24/()31.63%16.59 98.86%7 100.00%1.5 100.00%60 100.00%3 100.00%43.5 51%10.4 47.27%5.61.Wind 32 of 56 25 2022 3.32%2020 2021 2022/()()()16,055.04 45.15%-13.43%23,432.96 52.77%45.95%21,464.54 33.04%-8.40%/0.00%/0.00%/18,883.16 29.06%/8,128.54 22.86%61.27%9,695.62 21.83%19.28%10,278.08 15.82%6.01%6,723.95 18.91%3.94%6,440.94 14.50%-4.21%7,973.02 12.27%23.79%1,520.82 4.28%42.12%1,952.49 4.40%28.38%2,157.85 3.32%10.52%581.60 1.64%72.78%315.68 0.71%-45.72%1,085.78 1.67%243.95%558.68 1.57%69.25%668.08 1.50%19.58%702.01 1.08%5.08%462.87 1.30%-40.53%423.52 0.95%-8.50%563.74 0.87%33.11%381.04 1.07%-14.50%281.37 0.63%-26.16%201.60 0.31%-28.35%182.28 0.51%-55.19%822.59 1.85%351.28%178.71 0.28%-78.27%117.10 0.33%-15.06%112.95 0.25%-3.54%115.25 0.18%2.04%850.08 2.39%-37.78%259.34 0.58%-69.49%1,369.53 2.11%428.08%35,562.00 100.00%/44,405.54 100.00%/64,973.28 100.00%/Wind 2.8.3.2020-2022 2022 5 2019 15%2022 14.04%2019 ROE 4 14-15%33 of 56 26 2020-2022 2018 2019 2020 2021 2022()1648.84 1619.1 1909.94 2356.96 2798.19 20.04%-1.80%17.96%23.40%18.72%()436.79 324.79 363.24 388.32 442.84 51.23%-25.64%11.84%6.90%14.04%ROE()22.33%14.59%14.63%14.14%14.68%Wind 2021-2022 ROE 2021 24.87%2022 44.93%2022 53.9-0.71%2021 325.51%ROE 2020 1.55%2021 5.86%2022 5.11%27 2021-2022 2018 2019 2020 2021 2022()31,152.50 35,338.93 36,129.73 45,114.53 65,386.67 4.81%13.44%2.24%24.87%44.93%()2,526.01 2,480.17 1,276.45 5,431.48 5,392.94 4.28%-1.81%-48.53%325.51%-0.71%ROE(TTM)3.49%3.20%1.55%5.86%5.11%Wind 2.9.2.9.1.46.59%(46.59%)(46.59%)A 2022 37.78 66.05%13.06 22.84%34 of 56 7 47.28%Wind 2.9.2.2020-2022 2020 26.16%2021 23.57%2022 18.76%A 2020-2022 2020 56.01%2021 54.29%2022 55.11%92.81%7.19%100%35 of 56 AGV 2020-2022 2020-2022 2020 2021 5%28()100.00%0.31 100.00%1.85 100.00%1.08/100.00%0.29 51.84%2.14 50.62%4.28 A 36 of 56 51.00%1.02 80%100%10 100%0.5 Wind 29 2022 55.11%2020 2021 2022/()()()17.63 19.42%26.16%22.36 23.09%23.57%26.70 25.77%18.76%50.83 56.01%10.06%52.57 54.29%12.71%57.10 55.11%13.31%4.16 4.59%32.41%5.01 5.17%28.94%5.87 5.66%25.21%12.69 13.99%8.47%11.46 11.83%9.08%7.58 7.32%11.21%4.28 4.71%-4.05%4.35 4.49%-4.37%4.97 4.80%0.00%-0.86-0.95%/-1.39-1.44%/-1.90-1.83%/2.02 2.23%/2.48 2.56%45.16%3.28 3.17%28.96%90.75 100 13.49%96.84 100.00%15.68%103.62 100.00%15.26%2.9.3.2021 2018-2022 2021 2018 24.43%2019 2019 2020 2019 70%2020 2020 2021 2021 37 of 56 3.30%151.82%2021 ROE 2019 2019 4.14%2022 13.15%30 2021 2018 2019 2020 2021 2022()5225.35 5581.33 5096.63 5265.05 5719.63 24.43%6.81%-8.68%3.30%8.63%()212.2 58.61 63.85 160.79 207.09 5.74%-72.38%8.94%151.82%28.80%ROE()15.43%4.14%4.61%11.08%13.15%Wind 2020 2021 2018-2020 2021 2019 ROE 2019-2022 ROE 2019 0.16%2022 4.12%31 2020 2018 2019 2020 2021 2022()12,448.34 10,349.46 9,075.47 9,684.26 10,361.53-0.32%-16.86%-12.31%6.71%6.99%()118.79 6.89 149.64 179.55 208.51 127.76%-94.20%2071.84%19.99%16.13%ROE(TTM)3.07%0.16%2.89%3.50%4.12%Wind 2.10.2.10.1.57.64%57.64%100%100%46.23%38 of 56 8 57.64%2.10.2.70%60%EPC BOT BT 2020-22 11%2021 2022 50.20%59.64%50%2021 2022 16.22%45.61%2020-22 22.82%18.43%16.81%1.43pct 5.39pct 1.62pct 6.11%6.14%6.05%19.53%19.57%16.44%11.00%12.06%19.28%2020-22 15.49%13.78%13.31%中交房地产 中国交建 振华重工（装备制造业）房 地 产 开发 中 房 地产 绿 地 中国 中 交 地 产 中 交 海 外 房 地 产 中 交 鼎信投 资 100%57.64%基建设计 规 划 设计院 勘 察 设计院 公 路 工程咨 询 中 交 桥 梁 技 术 有限公司 基建建设 中 国 路桥 中 国 港湾 航 务 工程局 公 路 隧道工 程局 中 交 投 资 公 司 疏浚业务 中 交 疏浚集 团股份 有 限 公 司 天航局 上航局 广航局 46.23%中水电公司（水利水电）业）100%39 of 56 F&G 2021-2022 14.50%16.96%2022 40.46 75%2023 1 32()59.63%161.66 100%50 46.23%52.68 100%26.27 80 32 33:2022 69.52%2020 2021 2022()()()5678.84 77.60%13.54%6142.49 73.37%8.16%6466.15 69.52%5.27%713.33 9.75%2.42%1071.41 12.80%50.20%1710.38 18.39%59.64%447.11 6.11%10.30%514.27 6.14%15.02%563.08 6.05%9.49%382.40 5.23%11.00%428.52 5.12%12.06%511.13 5.50%19.28%225.44 3.08%-7.38%258.14 3.08%14.50%301.92 3.25%16.96%243.67 3.33%42.80%336.22 4.02%37.98%133.55 1.44%-60.28%-372.40-5.09%-379.19-4.53%-385.08-4.14%7318.39 100%12.17%8371.86 100%14.39%9,717.24 100%16.07%40 of 56 34:2020-2022 2020 2021 2022()()()671.02 13.94%11.82%697.84 4.00%11.36%711.43 1.95%-0.36%169.91-3.38%23.82%197.47 16.22%18.43%287.53 45.61%-1.62%87.31 7.22%19.53%100.62 15.24%19.57%92.57-8.00%-3.13%59.25 31.90%15.49%59.03-0.37%13.78%68.04 15.26%-0.47%31.30-17.74%13.88%23.12-26.13%8.96%40.46 75.00%4.44%46.36 100.52%19.02%59.17 27.63%17.60%34.12-42.34%7.95%-3.26 0.88%5.96-1.57%-27.48 1061.87 12.26%14.51%1143.23 7.66%13.66%9,717.24 5.55%-0.69%2.10.3.2018-2022 2018 4908.72 2022 7202.75 CAGR 10.06%2019 2020 2019-21 2022 191 6.16%35:2018-2022 2018 2019 2020 2021 2022 4908.72 5547.92 6275.86 6856.39 7202.75 1.67%13.02%12.99%9.25%5.02%196.80 201.08 162.
报告吧