Q1业绩强势反弹，储备项目支撑成长

Q1#$%&'()*+,-L/01+,-(603136) !"!"#$ 9:;<= %&'!"#$%2022&&'(2023&)*'+2022&,-./01233.6945/67-11.96%89:;<0.2045/67-60.57%8=> ;<0.1245/67-70.97%+2023Q1,-./01231.2045/? 2019Q1+35.34%89:;<0.1945/?2019Q1+27.62%@=>;< 0.1745/?2019Q1+14.06%+ ()*+,-./0123456,789 I/JK@LB&,-MNOPQRSTU1VWX@YZ*[./0 A)*+ffi(-) 28.3 21.2645/67+24.56%@\]^_`&1H+2023Q1,-0267 )./( 603136 +114.26%@abcdDef135.34%@1H./ghij+)klmn A)01234ffi(-) 33.03 oDpcq(rstuL@vwx1yz8[)klmno,-|]0 A)01235ffi(-) 20.51 ~(Ï0@Ä_ÅÇÉÑÖÜ@áàIäãå•é/è•êIíìè•#îïñóò)ôöõÅÇúù+ 6789 3,323.27 :;< 87.89 :;<=>?@ABCD0EF:GHIJKLABM*9 =)>?@)A 18,629 2022&,-û<üo36.24%/-13.79pct@û<üL†°¢no£§•¶ BCDEA)?@)A 18,629 ß®©7?™(ñó1V©7´Ö+2023Q1C¨r=ÆØFG@û<ü DEA):F(G-) 53 ?2019Q1L˘15.71pctd42.42%+2022&,-±˜Ë¥ü 2022&,-./023.6945/67-11.96%@AB&CDEFG@1H 6?@ ABC !021-20252670 !guximin_yj@chinastock.com.cn "#$%&'(!S0130522070001 D˜EFGHIJ KLMN2023-04-27 31.88%/+0.72pct@µ6Ë¥ü?oÿo+2023Q1,-±˜Ë¥ü 20.43%@?2019Q1L˘13.67pct@A+~ªË¥ü6.34%@ºÀË¥ü 15.40%+æøf¿Ë¡X¬â,-2023Q1;<üƒ18.06%@?2019Q1 ´Ö0.15pct@bcã0û<üä«+ NOPQRST:UVW0XYZ[\]Y^_`9 ,-»o… À)ÃÕvw”$œ–Õ@Äò—“”‘’"+÷±Æÿ@6)⁄±(¤±‹›Ægfl‡·@›_,-1Hj¶‚A8+„±Æÿ@ ,-‰ÆÂäí£§ÖÜÊÁÂËÈͱʫÎÏfl’"ÊIäãåÌ ±(_ÓÔeÒ’"ÚÏ‹o,-´Ûß„Ùıˆ+˜¯@,-˘e˙ ˚¸<0Å1˝6@´Û˛qˇ!˙"Ù#@$ãÄò¯Kò&+ OYab',-'‘„Ì(§)*h@+0ºÀ¡X?g@#3Ä_ÅÇÉÑÖÜ@-e˙3°.‹/X,-„0$œ+12342023-2025&,-9:;<567o1.96Ê2.30(2.65458fi9PE67o27XÊ23X(20X@:#ÀÄ;”<Ü+ cdSe'=Ëcq>ì3±ÊáÚÏ’">ì3±+ @fiBC300DEF 60% 50% 40% 30% 20% 10% 0% -10% 22/4/29 22/7/10 22/9/20 22/12/1 23/2/11 23/4/24 -20% 天目湖沪深300 HIJK!LMNO7PQRS OPQR TNOUVWXYZ!B[\]^_MH`ab cdefghijffil !"#$% &'()* 2023!04"29# °¢SVTU 2022A 2023E 2024E 2025E mn*i(o@-) 368.57 695.13 792.20 873.25 *ipq<?%A -11.96 88.60 13.96 10.23 rstuv?o@-A 20.31 196.49 230.35 264.99 uvpw?%A -60.57 867.60 17.23 15.03 xu<?%A 36.24 61.67 64.11 66.71 ffizEPS(-) 0.11 1.05 1.24 1.42 PE 263.75 27.26 23.25 20.21 PB 4.51 3.87 3.32 2.85 PS 14.53 7.70 6.76 6.13 /01!"23456 !"#$%&6()* 2022A 2023E 2024E 2025E uv[?o@-A 2022A 2023E 2024E 2025E DcH| 390.64 642.00 749.90 1066.00 mn*i 368.57 695.13 792.20 873.25 ]~ 366.80 591.74 719.24 1012.78 mnb> 235.00 266.45 284.30 290.72 Ä*ÅÇ 8.17 24.91 11.94 27.75 mnÉ~AÖÜ 1.13 1.39 1.58 1.75 áàÄ*Ç 1.68 2.74 2.96 3.46 mnâä 41.29 69.51 79.22 87.33 ãåÅÇ 6.19 8.90 7.74 8.43 çéâä 77.62 104.27 118.83 130.99 èê 5.01 10.91 5.24 10.79 ëíâä -1.40 -11.74 -5.92 -14.38 áì 2.79 2.79 2.79 2.79 H|îFïñ 0.00 0.00 0.00 0.00 óDcH| 1184.39 1264.68 1309.33 1327.80 dòffiF]c*ô 0.00 0.00 0.00 0.00 qöõH 10.02 13.36 17.81 23.74 õHt*ô 1.50 6.95 6.34 5.24 úùH| 914.62 979.53 1007.57 1012.72 mnuv 27.60 286.10 332.40 392.57 ûüH| 105.43 102.18 98.18 94.39 mn†*i 0.48 5.00 0.00 0.00 áì 154.32 169.61 185.78 196.95 mn†L¢ 1.64 0.00 0.00 0.00 H|=£ 1575.03 1906.68 2059.23 2393.80 uv=§ 26.44 291.10 332.40 392.57 Dc•¶ 192.13 305.46 202.07 242.21 ß®É 5.27 72.77 76.45 98.14 ©ö™Ç 80.00 52.50 25.00 6.67 tuv 21.16 218.32 255.95 294.43 ÄåÅÇ 44.25 118.97 55.59 113.72 ´9)¨ïô 0.86 21.83 25.59 29.44 áì 67.88 134.00 121.48 121.82 rXsdetuv 20.31 196.49 230.35 264.99 óDc•¶ 97.86 97.86 97.86 97.86 EBITDA 136.86 431.98 502.06 555.37 qö™Ç 0.00 0.00 0.00 0.00 EPS?-A 0.11 1.05 1.24 1.42 áì 97.86 97.86 97.86 97.86 •¶Æ£ 289.99 403.32 299.92 340.07 Ø¢ëí±< 2022A 2023E 2024E 2025E ´9)¨xô 97.34 119.17 144.77 174.21 mn*i -11.96% 88.60% 13.96% 10.23% rXsde)¨xô 1187.70 1384.19 1614.54 1879.53 mnuv -68.23% 936.50% 16.19% 18.10% •¶K)¨xô 1575.03 1906.68 2059.23 2393.80 rXsdetuv -60.57% 867.60% 17.23% 15.03% xu< 36.24% 61.67% 64.11% 66.71% ]~D¥[(o@-) 2022A 2023E 2024E 2025E tu< 5.51% 28.27% 29.08% 30.34% µmÉc]~D 113.87 485.36 375.22 507.53 ROE 1.71% 14.20% 14.27% 14.10% tuv 21.16 218.32 255.95 294.43 ROIC 1.37% 12.28% 13.24% 13.09% erffiµ 112.13 164.58 181.91 182.42 H|•¶< 18.41% 21.15% 14.56% 14.21% ëíâä 5.10 0.00 0.00 0.00 t•¶±< 22.57% 26.83% 17.05% 16.56% õHïñ -1.50 -6.95 -6.34 -5.24 Dc±< 2.03 2.10 3.71 4.40 mÆH~]c -22.40 114.42 -56.31 35.92 wc±< 1.96 2.03 3.63 4.31 áà -0.63 -5.00 0.00 0.00 =H|ªº< 0.23 0.36 0.38 0.36 õHÉc]~D -141.75 -232.92 -220.22 -195.65 Ä*[Ǫº< 45.09 27.90 66.37 31.47 H>L¢ -133.23 -207.44 -197.29 -173.09 Äå[Ǫº< 8.33 5.84 14.25 7.68 qöõH -9.99 -32.43 -29.27 -27.80 æ)*ô 0.11 1.05 1.24 1.42 áì 1.47 6.95 6.34 5.24 æ)µm]~ 0.61 2.61 2.01 2.72 øHÉc]~D -7.83 -27.50 -27.50 -18.33 æ)tH| 6.38 7.43 8.67 10.09 ©ö™Ç 0.00 -27.50 -27.50 -18.33 P/E 263.75 27.26 23.25 20.21 qö™Ç 0.00 0.00 0.00 0.00 P/B 4.51 3.87 3.32 2.85 áì -7.83 0.00 0.00 0.00 EV/EBITDA 35.42 11.33 9.44 7.97 ]~tpܧ -35.71 224.94 127.50 293.55 P/S 14.53 7.70 6.76 6.13 9¿JK!de9¿LMNO7PQRS HIJKLMNO PQR,STU)VWXHIJYZ[\]^_]`aGbcdeSUM@fghiVj#$Yklmnop!"qrs!"q3t!"Y2022u7vwx2345!"G yzNOY[|]1~V]ÄYÅÇqÉÑÖgÜy%&Yy%&áàâäÖãåyz1#$ÑçGyzéè1lêëHíìîkïqEñîïqóòôöîTïy%&1ÜõúùûÑçü†û°†@fG ¢£§â hV¢£õ• óò6-12¶vYhVß®©ûHIJ™´¨‘Æ:;ØÉ1hVß®±@finjâß®©4¥¨ß®ûµh2/”1ß®±úù%hVß®‚ªjâß®ºiæ%20%M[øG ¿¡úù%hVß®‚ªjâß®ºiæ%G2¬%hVß®ïjâß®ºiæ%@[Gæƒ%hVß®>njâß®ºiæ%10%M[øG :;¢£õ• úù%ßóò6-12¶vY:;6:‚ªHIJ©ûHIJ™´±¨‘Æ6«ºiæ%20%M[øG ¿¡úù%ßóò6-12¶vY:;6:‚ªHIJ©ûHIJ™´±¨‘Æ6«ºiæ%10%»20%G2¬%ßóò6-12¶vY:;6:ïHIJ©ûHIJ™´±¨‘Æ6«ºiæ%@[Gæƒ%ßóò6-12¶vY:;6:>nHIJ©ûHIJ™´±¨‘Æ6«º