23H1!E#$%&'()*+ę-./ *+,(600933)-./ƒ01|2023.07.14 ƒ"#$% !"# $%&'()* SAC+,-./ yueqinghui@sczq.com.cn 01/ 1!"# $%&00 0#$ 0 !0#$ ?@ABCDEFGHIJ 1&!J() *!456 11!2e3 7!/e0 *$!+e- 1&!J() FGHIJKILM NOPQBR +NOPffiRST22.89 UVW+X/+YffiRST26.19/16.25Z[\R]^T27.98 &'() NOWX2023IYIZ[\]^/_`aH]bcdefghi`.kl–n.Hlopqrstukl.vnw–vn.kxwycdz[efghi`.k– n.Hopqrstuv|.kkw–H_x._]w~ ºÄ/ _`aHIefghiÅÇqÉÑÖÜáà~NO[\ÇâqäãåçéèêëíuìîïDqñóòôèXöõúùûü†u°q¢£§•¶ß §®©™´ÉÑÖÜáà~r¨NONäÆØäãÇhhiqNO[\ ±©ffi[¥µÜ¶§_Í√íuÿÜáàÇâ~ ªºoæø¿¡¬qª§Ìƒá~äãåÈàè«DqNO»Öæ… ¿? ÀÃr¨qÕŒªºœ–u°qµÜ§_Í√~—æ…¿“”¡ ¬‘£§•$%œ–¿’÷0”ÿŠ⁄¿qÑ%¤‹à›ffifiíÅ~NO¢fl‡·‚„·‰ÂÊÁËȪPÍqNOÉÑÎÏqª§ÌƒáqÌh§_±©Óƒíu~ ÔÇÁË[ÒÚPÍqòôèXöæâÛÙâıÔˆ˜~NOõúñó £PÍÁ˶¯˘Xöq¢[ÒÚ·˙˚Ò¸ÊÍË˝˛NO~NOk Z_\R]^T 3.69 `a(RbaT 8.96 ȪPÍ£§•$%œ–¿’÷0”ÿŠ⁄¿-.~NO/012?@ `ZcRbST 205.11 34·56¯˘£§•$%ª[789”q±hå:(Näòô£§• FGHIJKILM STUV $%ª[ÕŒ;óè<=h~ ,(Á>/NOª§“”/0qg@œ–ïAqõúµÜ¯˘Xö~] ˇHnIWXÔÇ"#$%&q'"#()“*+H_opq,([ÒÚ ghi(600933.SH)Jjklmnopqrstuv 2022Vw)xyJz"[|]~pCÄÅÇÉÑCÖÜáAfiäãåçé 2022Vzèê*xyJ[v]~ëZíêìp~ìî~ïñó b_x_`–_x_lIBCl]._Dk`.nDv`.|opqfi8efghi |.lDHH.vDHl.kopqF;?‹fi8_x_`–_x_lIGHI _`.vDHk.xDH_.vqJÖKLM”Ä°~ OPíQ/RST¤UtVqª§WX“’]Ûqg@µÜ“’]Ûq £§•$%YZ“’]Û~ Ìh][ 2022A 2023E 2024E 2025E òORbST 42.7 56.2 73.4 93.8 òO]|R%T 33.1 31.7 30.6 27.9 _vôRbST 6.5 8.5 11.9 15.7 _vô]|R%T 109.3 30.7 40.6 31.9 EPS(S/a) 0.73 0.96 1.35 1.78 PE 31.2 23.9 17.0 12.9 FGHIJWindpöõúù !"#$%&3()*+,-./012345 23045672389 !"#$%&6()* 2022 2023E 2024E 2025E +,-ø%&6()* 2022 2023E 2024E 2025E -/!" 5207 4683 5784 7363 012/+,- 647 321 490 672 +, 2514 1193 1265 1586 345 649 847 1191 1572 6789 1345 1745 2280 2915 :;<= 503 123 115 107 >?679 66 87 113 145 @ABC -31 -9 -3 -33 DE89 90 116 148 189 F!GH -24 -56 -46 -56 IJ 862 1106 1409 1800 1K!,L/ -511 -626 -825 -993 >M 296 390 509 651 >? 36 9 12 14 N-/!" 4717 4795 4881 4975 F!2/+,- -1620 -146 -156 -146 OPF! 8 8 8 8 !QRS 1374 150 150 150 TU!" 2689 2838 2987 3136 OPF! 910 0 0 0 VW!" 577 519 467 421 >M -1156 4 -6 4 >M 811 811 811 811 X!2/+,- 2082 -1497 -262 -205 !"YZ 9924 9478 10665 12338 [P\9 531 -1290 0 0 -/#$ 2100 976 1191 1468 OP\9 0 -12 0 0 [P\9 1290 0 0 0 >M 1464 -203 -265 -238 6E89 472 611 778 995 +,3]^_ 1110 -1321 72 321 >M 18 23 29 37 `a@Abc 2022 2023E 2024E 2025E N-/#$ 2210 2210 2210 2210 dOef OP\90 0 0 0 1g7h 33.1% 31.7% 30.6% 27.9% >M659 659 659 659 1g45 117.7% 30.9% 41.1% 32.0% #$iZ4310 3186 3400 3678 jklmn345 109.3% 30.7% 40.6% 31.9% opqrst 201 234 281 343 u4ef jklmnqrst 5413 6058 6984 8317 v4c 27.8% 29.0% 30.7% 30.8% #$wqrst 9924 9478 10665 12338 34c 15.2% 15.1% 16.2% 16.8% 45%&6()* 2022 2023E 2024E 2025E ROE 12.0% 14.0% 17.1% 18.9% 1g7h 4265 5617 7337 9381 ROIC 8.5% 13.8% 16.9% 18.4% 1gdQ 3081 3990 5083 6495 x$ef 1gy,z[^ 29 38 50 64 !"#$c 43.4% 33.6% 31.9% 29.8% 1gBC 64 84 109 140 3#$bc 13.1% 0.0% 0.0% 0.0% |]BC 205 258 338 432 -/bc 2.48 4.80 4.86 5.01 ~iBC 251 328 428 519 Ä/bc 2.07 3.67 3.67 3.79 @ABC -87 -9 -3 -33 1Kef !"ÅÇGH -32 -15 -10 -15 Y!"ÉÑc 0.43 0.59 0.69 0.76 mÖffiÇL/7t -4 -4 -4 -4 6789ÉÑc 3.88 3.54 3.55 3.52 F!37t 55 60 50 60 6E89ÉÑc 6.57 5.93 5.89 5.90 1g45 741 970 1369 1807 áqàâ()) 1gä7h 6 6 5 5 áq7t 0.73 0.96 1.35 1.78 1gäRS 5 5 5 5 áq01+, 0.73 0.36 0.55 0.76 45Y_ 742 971 1369 1807 áq3!" 6.13 6.86 7.91 9.42 ãåy 68 90 131 173 çÇbc 345 674 881 1238 1633 P/E 31.2 23.9 17.0 12.9 opqrGt 25 33 47 62 P/B 3.73 3.34 2.90 2.43 jklmn345 649 847 1191 1572 EBITDA 654 1084 1480 1881 EPS&)* 0.73 0.96 1.35 1.78 !"#$%&3()*+,-./0123451 ;<=/> !"#qb[åcdøeqfghåi),a·jk,aqflm£no$%p÷·pq~2021I5ˇÕM& r,aqst$%u[UV~ ;<=ø@ Q`^"vwıÍxyz[|ÃUV]ºq_~µ˝·g]¶NkqœÄ“äÅÇp÷jÃÉÑÖÜáq[|àfi`^Ãâä¶]ºst~ ABø@ Q`^ã&r,aå3±çNOEéèêæi,ëíìîÃ,a,(ïñ[¥(UJó[~Q`^ò¢(TÃ˚ •’]ºÃôöõú&r,aùIûüq†&r,a“»,°wıˆÖ5¢ˆ~£Ê§•·Ñ¶ß®©™´l¨Q`^3ÆÃè9,(.÷n¥ØL±’≥Ô˜~q¢ÅǨ¥µ“–ÙfiÅÇ3Ã*3ñœ~,(|8FfiQ`^æ當Ѷóuµ˝Ä;qß8r¨©à_ÕÃ,(.÷n¥ØL¶≥Ô˜~qªº¨gØæ·ø[·n¥·¿CÊj¡ïñ¬[n¥˚ƒÃѶ~fiBRÖ|@«Q`^ò»ÙÃ… ÀÃq&r,a’/Ö°TÕ3Ƶ“ŒœÅÇØætÅ~,(|˜Õ–[ô,(—“ßÕuŒœ,(OPqÅÇ”‘Ã(N,a,(Cã Ö|(œ,a,(’÷Ã&¡Ö]ÿŒŸµI⁄¤~ Q`^ò‹Ã§•·STÖ()›èfií7fl‡·[‚©«q“„›“8ú‰IôZ·ÂLÖùÂ,aÖ°Ê)Á›èúËÖºËÈÍ~£Ê§•·ST’][⁄˜ÎÏÌûffi¨ÓÔ~+ÉÃÒdÚ“8[IIÀÒdÃ]Q¶œ»~¢“r¨Ûq&r,aû§íWôÛQ`^ò‹Ñ¶·Ä;’][“…ÙÃUV`^~ &r,aÃYZ3Æ·ıˆ3Ʊ’°Ê¬[3˜û§íBR“r¯Ë¶˘w·˙«“rÃ()jØ1]ÿÖ& ¡WÒÛQ`^Ѷ’Á>“…ÙÃ?@ÄĶ/Öıˆ]º~&r,a¸±à˝Ñ¶’Á>o`^ò±˛C| óuÓ£Ãˇ¥~&r,aÃÕB⁄d±’°Ê,([¥⁄dû§µ˝!ôÛQ`^æÃѶÖÁ>“…Ùà ,(—“~ ¢Øæ"ûÃ#L·q&r,aû§íÖ±Q`^æí’NOòWuÃ,aÿ$ßóuıˆq›û§I%&NOí7Öî¨í7,('u[¥(¥~)˝q,(|8F©™´&r,a’/Ö°ST3Æû§*¢ÜáQ`^]ºg]ˆÃ+¢hã,-~,(|ÍMàQ`^‰I,(Ö°Ê—ÔÃ/…§0BR~ Q`^Ã12fiI&r,aò±q®3&¡"ûÅÇ4–¶*3“m±ÅÇ”‘üW·51·îó·67·WÒÖfl«~ ƒ"C@ 1.!"#$%&'() ûFyo.üa†yoÑ°zyo ¢)*£§,/6•¶W/Zíß®ü© ™´¨p)*£§I,/6•¶W/ÆØaffiR]°z±LT/õø¥µfiaì/òù300±L/õø¥üg¨ 2.!"#$%*+() )*£§I,/6•¶W/ÆØaffiR] °z±LT/õø¥µfiaì/òù300 ±L/õø¥üg¨ *+,- !"#$ƒ&ªºµfiòù300±Lõ¥152¢1 ]øµfiòù300±Lõ¥52-15%¿¡ ¬ïµfiòù300±Lõ¥652-52¿¡ƒøµfiòù300±Lø¥52¢1 '(#$ƒ&®k°zë«»…Zíß® ¬ï°z »…Zíß®g(øÀ ®Ã°zÕŒ»…Zíß®