2022@P0+z2/'LC PQ% $Ⓒ#¢.*,( Co0fide0tiala0dPFotectedbyCo2yFightLaws 9;29] 9;þ9¬ 9]ƒ_· $9.,°9y¹$G@¨§z^J/ $9.,9$G@¨§z^JQ[ø‰2p.,¢Ìzę˃№þ-№ęË'Ç/ 9.,$ºzRyt]y¯zg(‰9y.ºVNR,A Сf´¸,þ±9`¦a 0.,&[mƒƒRƒ!/ 9.,$ÂAnalysys±9 9№,¢¥a^J9¯9RJF9,ªP?h6^J,¼9R²j,þJFQ[/ ƒ_·:ƒ_ÄÁnÇyt) №u [APPR¯7,a8AlÅ7³^J/ƒ_9ÎLAͯP9 £☞APPwiÈÐ,87AY^J0ƒþ‰ÆQ[¼9/ƒ_yS:A ¼ºz№eCz№$ÃQytⒸ, ¢b_Ⓒx$5¤HBAT‰1BnA,cs<7ÇyS:¿№A, \F¯№F¯<4µTµTÇÉ® ,þÀo‰lÉÇy$ $Ak47ϵ/ 2022/10/17 Qq22ƒ72 01 ø‰: zę,zVƒ n¬ÇC|¥x¹,ƒn=½Hª·Æƒ,xaz°"²·©\¾ 2%13-2%21l$wƒn=½HlE2%13-2%22l$wz°"ky' ² ƒn—½Hƒn=½þ,1H 35000 3%% 34% 36% 4%% 51% 5%% 43% 59% 5%% $= |¥oÀ VÂ= |¥oÀ 30000 25000 20000 15000 10000 5000 ' ²(*ňV7)№\¾ 276-9 2-631 3%115 2-4%% 252-7 23247 2%199 157-3 17647 11.-% 14.5% 15.1% -.-% 9.5% 1%.4% 6.%% 3.4% -%.-% 33257 40% 30% 20% 10% 0% 201320142015201620172018201920202021 0 2013201420152016201720182019202020212022F -10% ~w:w$¨´g8 ±9 ~wµ:$wz°"' ²¨´¯cp¦1z¡Ð9z₦V9`¬s(ƒ¬5i89`z4n,,þzƒÁU9z® -9$]9ƒ/t9zn2ÅÄǦyzAÃ[。 7 ±9 555.03026464.13 7 ±9 555.03026464.13 0¡/§ƒQ©,;wVA|¥t]ƒ¶。+2%13l“$=½”|¥,>2%21l“三½”|¥ƒ,VA|¥ºÀe,® ktfÀ[ęÇCn¬¼Qy,«³$mn3½$I?,zÆ.n¬qr。¸l,w:ƒn=½Hª·Æƒ,3¹z°"·?· ©½À,@]¦y·ºW‰,zky²\»Y2%21lS“/a”Kp。 2%22/1%/17 Q¢u!=ƒ?4 Kcw<VA[n½a,|zlƒªƒ'9©y£jc,k1|zcwƒy +)1/&+)++d$s—=YcþKcwƒnVAe~ —=YcKcw -№Yc|z6Ⓒƒ[½~ —=IB -№YcK¡Q©e~ 5&6&7%Qw|zg9eC&4|zg 15.5% %1.5% 1/.)% 14.5% 14.)% 04.1%/1.1%/2.1%0)./%/0.)%//.0%/0.+% ]\ƒ 4% 1% ]№ƒ3[81 13% 1+% ]№1[]·+&3[ 10% 3)% +1% 33% -S; 2% 2% [;¥$ƒ +0% 10% MAT2106MAT2206 2016201720182019202020212022E pnx :zir·u9yq pnx :+)++d1·u9y>]$s|zƒg¤#,N3+))) pnt:pnx ]a`z8Q¦Qcwg。Yc(9eC):E1ek;4Yc:11N:Yc,K,\,[,§b,W;5Yc:0c;6(7YcnQ¢:Hc,Ho©lU0nQ¢。 Du9y BBB.analCACA.=n Du9y BBB.analCACA.=n Du9y BBB.analCACA.=n +)++(1)(10 Qm.AƒC5 izLF[y(a½Qƒl,J[1lkHb2,7 iz&aƒlw2%16-2%22NizLF[1[y%`©H [yizn ~?₦clę [y~?ScV9RsÇtƒlęGsiz₦clę )/Pcs[lęK½¢ÇvÐlę P.N+ª 72% 57% 5%% 32% 3%% 25% 23% 19% 15% [yl [1l 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% [1l[yl]-LF 33.6% 32.3% 1-.2% 15.1% 15.7% 16.9% 15.4% 16.-% 9.5% 1%.4% 12.-% -.-% 6.%% 7.9% 3.4% -.9% 5.4% -%.-% 3.%% %.7% -4.6% 2016201720182019202020212022F \yem:2%22N-c`9f1]$Eizƒkgr#,0/2%%% \y_:[1laY$Eizƒoca|C%`©,:[N0|%`lęƒprcaC; '] ƒoca,=8pWRd6yca。 8`9f 666.14137575.24 8`9f 666.14137575.24 2%22/1%/17 nQwU4ƒj56 90lsztC=,nE6Ⓒ¹E6¤DEǃ№»µbz©ViDňQd/ Ân 90lcÆnQ¿,Uz»8K-0É¢;$¸ ¶q'Ⓒ,[3$³$Ê6ÎÌ4yÇ7 ÆⒸ¹ ¼.ƒo,90l9m'Ⓒ`ARÎⒸ¹,5N]Ãv¹ 36`A№'Ⓒ,[]Åz6k6Χz6½Ç7 ¤D3\ Uºƒ9z'Ⓒ],c9s9Äy,/Uºƒa·¡ 'Ⓒ÷©7 R½½Ï rpwJƒÏ$,UⒸÃv8trpwJ¾6ƒÏ Ⓒ7 !]9¾ R½U£&¬¥9¾°f'ⒸªÍRqJ,«:,Vú z'Ⓒx2¾Q7 2022j7$sz)ƒËw®jÐ№tF 18.0% 18.0% 8.2% 14.8% 41.0% 24ƒ-9 24ƒA30ƒ 31ƒA35ƒ 36ƒA40ƒ 41ƒþ-8 5~µ9 333.a1a04242./1 Uz)ƒËw®jÐ№t$,30ƒþ-9tFwÀ60%,90l5ªsz)ƒËw´t7~µ9 ·,]zCVÁ,z©Vt]n[ƒzⒸ»,tcÂnE6Ⓒ¹E6¤DEÇ,$,zęÇ[ltb]@ƒ7 2022/10/17 Q¤u@ƒC7 ty.]6qⒸ[di6,azVƒⒸ+Hn+:- lc371% lc 2022a8[99Ⓒ[$E~lR$5$ 43% azVg(zH 81.5% "_sDgx 86.6% 4ƒ+"Ce_JazoⒸⒸj 86.3% "_sⒸA· 83% "½c®ⒸqI9-Ç VN| rYk' ƒƒ z&c D` Nngb3 RN]©:$ElR5w9^SmRN]©:;;gx5w9^Sm 4w9^ 222.a0a/3131.c0 4w9^ 222.a0a/3131.c0 t]6qⒸ[di6,azVƒt$\,4ƒ+?548Q½c®[#‰,p_Ds6ⒸjA·6 ⒸI9ÇDV ½c, +FqⒸƒ,n+:-7 2022/10/17 iQwK*ƒf,8 ]ę²jC,g9l]3]²jK]ę,=$$_144G3E(y0ƒ RNplL 144L g8‰*e(0((^8xK144Rg§] 45.)%gQ0P3]³±K]ę©$?w<8‰A 1 $_ ( 55©P 1/.5% )5.(% 45.)% K]ę7v gg—²j )5.(%gQ·½;?w,43]³ ) 62©P ±. %7pp!S %7pp!¨ƒ7ppǸK]ę<8‰(U[½¢!sQƒ!n№Ç)A 4 $_[´ 1/.5%gQ3]³±. %7pp!S 5 )60©P %7pp!¨ƒ7ppǸK]ę©$?w<8‰A pkz:(0((^1xu¦9|<]`o]ę¬g,30(401 ©u¦9| ===.7n79ysys.8n 6 $~©P z:u¦ƒ\ b]8‰¥A¹c!¯ªwƒþtcR&cfcÇ3E,K]ę7v@¢ g8‰(¤]ę,vanzN¡®@¶µ]—Ap144r¹,$_144Rg§]>$3E0ƒ,vzg8‰(¤]ę]—A (0((%10%17 Qi%aƒC/ 02 : QH,Ⓒƒ W:pzD9 1QU7HE£sQ 01 04 l6Ⓒ •↖‰N5%g> •18cN5%> •Ic2IRxƒI5> •11 02 YEⒸ •ª½N5]ƒwfEⒸ •EⒸcc~#$5 •z!¨5fEⒸ •11 Fy •AN:5ƒqÀR •5l¾HCþ> •5.ƒ(N8«7¢ •11 05 q •Ⓒ]z!L9|þn •¾Hn^/ •z!2‰DG¡ •11 03 06 lADp a]jz:2022K8©$Na]0e9kb •Ic¾HS7m •Pnz!uQtw¥aA№ •V.sz! \¦¤S7m •1111 •7fdN •ccD<.tw¥RuQr •z!a[N7'n •11 /e9k www.analysys.cn 2022/10/17 [Qy&ƒ·)11 n:´7tG,¹§wo =,r,1A1·39[R.KsI»p 1/0sJ w/y:´£9 Ip¤,»p1/0 [¾¼»p1/0 1 ¾`¯a 2 w¼l 1*8.3 2¸_¼ 172.3 1*7.4 ¤¼ 172.3 iup$l 183.7$ 429.1 p$¤u 4 WWl ¤Q 153.2 ¨l 1*3.4 IVp 153.2 ½R³ 1*2.9 5 $¶$c .KnC»p1/0 .K8e»p1/0 29*.4 2*3.4 250.7 3 «v * [w68 ~y$k 7 .Kp 8 $®$º ~x9Vp $uC *09.7 ?ªµ[n68 1*0.1 152.3 wr²z:wr]2022b8~$d¡wr。1/0(14F87t/Foup0n67x)qw:]e|ƒ¥4n;g¬N(✍,gI9»p)=©c№gcqw;±yf,2ƒ¥4$;$$—½¥4ndT/l4$;$№ ½¥4ndT3*ƒ]w100。 ©[°9 AAA.4n49ysys.5n 2022/10/17 Qo)Aƒa12 bⒸk ^8 zⒸ NlvCp9,XzfE+3Pmp,jU7zR:Z№p9ⒸkþⒸcnNlIt;№M½]iD+3Py,\fL[RLK。Jz.wę3gxT`,tDXzfEgb\Ⓒ,“Ⓒ”№oR[BF Nb\,。 <_ hf-‰RsZg0,<_p9Ⓒkt(e~,a№D№RRg-‰H