您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[中泰证券]:23年报点评:业绩符合预期,储能+充电桩业务有望双赋能 - 发现报告

23年报点评:业绩符合预期,储能+充电桩业务有望双赋能

2024-03-27曾彪、吴鹏中泰证券静***
23年报点评:业绩符合预期,储能+充电桩业务有望双赋能

JKL300693SZV JKL23MI2NOPAQRSTUVW2XYZT abcI2024M3d28e ABCDE ffi2975 01S0740522020001 Emailzengbiaoztscomcn 23 01S0740522040004 Emailwupengztscomcn 232022A2023A2024E2025E2026E 7815032651388750876306 abcyoy4776473124 def78224403567745915 abcyoy9780413123 g5h072130183241296 g5ij9k065142138215262 dlmhc2128302927 PE412228162124101 PB8763493627 nog5pqrstu56vwxffizT5ffi2024F328Iffi 456785309 956785248 ffi2975 789201 9787365 0123456fi8 20300 202303 202304 202305 202306 202307 202308 202309 202310 202311 202312 202401 202402 202403 0 20 40 60 80 9 1DEFGHIJK5LMNOPQRSTUVWXYZ FGHI 45678920232023AB2651CDE764FG HIJ403CDE802KIL410DE17pctM23Q4AB91 8CDE615NE456FGHIJ130CDE402NE41 5KIL387DE50pctNE48pctO 2023PQRSUVWXYfiabO2023PQRBc91CdDE2557efghijklmnop23gh5GWqO2023KIL331DE107efrsEtulmvrswIxfizO78SUVWX301000kWL9PUVUVODD9UVrYrYrYYrrUVO 2023A7RmQRtubO2023 RBc85CdDE996KIL396DE43pctO 78G5fTCUCCUlmUVpL 224800kWjL0g1MWMW O78r“”‘’‘DAcr“rfiflbiO 2023R‘RbO2023RBc53CdDE41KIL537DE0878Qi0O2023‘Bc30CdDE158KIL449DE56pctO wIo678PQRrsc23ghlmDurPQffi7YlorPQ24ab78DP3O RD78R0lbi1O23478R0op782426FGHIJ05D577592Cdn6o724255064CqDE413123869ffifiPE05D162124101W cO l6oMABCMDEFffiGMUQoO wIoH 7 7 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E 542 777 1017 1528 012 2651 3887 5087 6306 3145 132 194 254 315 067 1564 2312 3052 3805 3189 786 1153 1509 1871 19 19 25 31 89 19 28 37 46 ABC 331 475 609 748 D 727 1074 1418 1768 EFBC 94 135 174 213 GH 21 30 40 49 IJBC 231 332 426 522 KLMN 410 478 545 612 OPBC 11 15 12 5 MNG 2616 3705 4780 6139 QCRSTU 8 10 11 10 KLVWX 3 4 6 7 RSTU 24 16 17 19 VWYZX 1 1 1 1 SN1 5 5 5 5 a 402 466 535 608 X1 0 0 1 0 bcde 71 151 221 281 KL1 59 46 52 49 fg 80 71 63 56 0 457 623 820 1009 KLhMN 175 189 200 209 0i12 1 2 2 1 hMNG 732 883 1027 1163 0ijk 2 2 2 2 G 3348 4588 5807 7302 lm 456 623 820 1008 nWo9 77 153 17 0 pq 55 56 75 93 345 210 304 394 481 r 401 567 745 915 389 908 1315 1701 2079 stYuT 2 0 0 0 19v 0 0 0 0 wxyzr 403 567 745 915 GH 284 417 545 676 NOPLAT 391 581 755 920 KL39 11 11 11 11 EPSY7130183241296 WhMN 11 11 11 11 KLMN 258 277 366 452 OP MNG 1758 2488 3045 3709 20232024E2025E2026E VWo9 102 102 102 102 6V 3 0 0 0 0 012V 764 466 309 240 KLhMN 32 132 132 132 EBITV 820 434 303 219 hMNG 134 234 234 234 wyzrV 802 407 314 229 G 1892 2722 3280 3944 wxyzpZ 1452 1863 2524 3355 410 405 400 397 stYuZ 3 3 3 3 r 151 146 146 145 pZG 1455 1866 2527 3359 ROE 277 304 295 272 YuZ3348458858077302 ROIC 351 344 349 317 M7 565 593 565 540 20232024E2025E2026E PZ 153 214 104 73 NM 439 428 665 812 MN 15 15 16 17 1 422 632 814 985 N 11 11 11 12 D 244 348 344 350 31 264 422 408 413 l 08 08 09 09 3 470 502 475 465 3189t 91 90 94 96 KL 55 64 127 125 389t 164 173 178 179 XNM 239 195 194 195 Dt 139 140 147 151 7jk 142 185 188 190 Y YZX 0 0 0 0 Y1 130 183 241 296 KLVW 97 10 6 5 YM 142 138 215 263 NM 36 3 231 106 Yr 470 602 816 1085 o9 11 76 136 17 S Yj 49 96 121 144 PE 228 162 124 101 Yu 38 0 0 0 PB 63 49 36 27 KL 36 23 26 55 EVEBITDA 100 69 54 44 Wind FGgh J 9K c o612LMsxfiDN2OPk15Q b o612LMsxfiDN2OPk515R o612LMsxfiDN2OPk105R S o612LMsxfiDN2OTk10Q R b o612LMsfiDN2OPk10Q o612LMsfiDN2OPk1010R S o612LMsfiDN2OTk10Q U63NDV9W612LMs789ffinXR2OqxfiDN2OxfiHOYA9QZ3002ODNMQ‘2nfia3qXb2Onfiba3qDNMcdQefgIr2ODN9Q3h5002OXij”kl’2ODNnmJnqO op9qr78nQstu78qvrpwxyzTpRO uVu78Ou78BBuVYDO uV2u78YDT7FXFIY7XOu78aNvuVFYYoV79TQOu78fiuVyT 9glbg48UxX4OuVyFYvYYSlO‘YnYpXu78VsefibgOuVy2TQ’L5‘O Ou78fiuVseyO Unu78Yu78TQV“78y9 pTQD78lXB‘l’YUVO u78Yu78XLTQuV796fiXflYO uVFop9qr78yO4fiu78LfiuV lY9YYYYvfiuVDX4O