3年报&24一季报点评：业绩表现强劲，光储全球优势突出

JKLM(300274.SZ)/L] ^_ JKLM23N;&24OP;Iƒ#2QRSTUVKWXYZ6[\ `abc;</=>Iƒ2024N4d23e ƒ"#$%&'()=>?@ABCDE !"ffi$%96.98&'()%*+ ,-./01%S0740522020001 Email%zengbiao@zts.com.cn '()%23 ,-./01%S0740522040004 Email%wupeng@zts.com.cn 232022A2023A2024E2025E2026E ^-_`a78&b40,25772,25196,119119,664141,831 cdeyoy%66.8%79.5%33.0%24.5%18.5% fgha78&b3,5939,44011,19113,46915,615 cdeyoy%127.0%162.7%18.6%20.4%15.9% i5_ja&b2.426.367.549.0710.51 i5kl9m0.824.704.846.537.90 fno_je18%32%29%26%23% P/E40.115.312.910.79.2 P/B7.75.23.92.92.2 pq%i5rstuvw56xyz[|U]~5ffizÄ2024Å4Ç23I_Ñffi *+,- FGHI 45672023889:2023;8<=>?722.51@:AB+79.5%:CDEF G94.40@:AB+162.7%:HFI30.4%:AB+5.8pctJ23Q4<=>?258. 36@:AB+43.3%:KB+45.2%:CDEFG22.17@:AB+44.6%:KB-2 2.7%:HFI28.6%:AB+5.1pct:KB-5.7pctL 456(785) 1,485 456720248MN9:24Q1<=>?126.14@:AB+0.3%:KB-51.2%: 9:56(785) 1,140 CDEFG20.96@:AB+39.0%:KB-5.4%:HFI36.7%:AB+8.7pct: !ffi(&) 96.98 !;(78&) 144,030 9:!;(78&) 110,551 ./012-3456fi8 4"Ø$%&300 30% 20% 10% 2023-04 2023-05 2023-06 2023-07 2023-08 2023-09 2023-10 2023-11 2023-12 2024-01 2024-02 2024-03 2024-04 0% -10% -20% -30% 9:;< 1DEFGHIJKLMNOFG%PQRTUKVWXYZ[\] KB+8.0pctL OPQRST1U23Q4CDEFGKBVW22.7%:X,YZ[N\]^_`]^a14.4@:X,bcdeO"fg_`LT2U24Q1CDEFGAB^h39%:X,ijkO"lmnopq:rstuvw6gAB^h37%:xyz[|] ~?BÄÅÇÉÑÖHFI^hL jÜuvwádàâäãåO"20238<=?B276.5@:AB+61.0%:<=HFI37.9%:AB+5.5pctLYjÜuvwçé:;èêëà|íìàîm^h:238<=6g130GW:AB+69%LAïîmyñ]~ó6òôö:õöó6*úŠ2000VnûuvwYü†°¢£§•¶jÜß®©™´¨“6d:t2000ViÆYØæ±iF¥Mµ¨“<·:µÁz媺oñæøLY¿dvŠwçé:238<=6g32GW:¡¬I;è¥M:AB+40%:Eƒz1]~6g4.6GW:AB+190%:4567¤O«»…vŠw ÀÃÕ:AïÅ“ŒvŠwœ–OF« µ<·:Ih“”‘n’÷áÿÿvŠwŸ¿d⁄´I¤‹›fi:fl<45¤Oçh‡·L k‚iÆO"20238<=?B178.0@:AB+75.8%:<=HFI37.5%:AB+14.2pctL;脉òÂ>ÇqÊÁËÈ:20238<=k‚iÆ;è6gÍ1 0.5GWh:Îm88ƒÏÌO¥MLÓ]~Ô√:ÒÚz[⁄Œ‡ÒÛÙıˆ:“ ”£˜d¯˘©PowerTitan2.0˙ÿk‚iÆ:˚Ù314Ah⁄¸Íd˝:˛ˇ!B"PCS:<=¿úŠM$É:Aï%&'()d“*+:<=iÆØnñŸØ -;ŸØ./JÒÚƒÏ01k¡ı:“”£˜d¯˘2kM$©PowerStackk ‚iƤ‹›fiLÓ¡ıÔ√:+3;èn~4(0¡ı‰5678:45k‚] ~9:ÛÙZ;Ÿ<Ÿ=á6>™?¡ı:6@AŸ<ÏŸBCŸDBEáÏ•F ‡G*HIk‚JKîm‡L ö‚MNO76O"20238<=?B247.3@:AB+113.2%:<=HFI16.4%:AB+4.6pctL45ÊÁÚ•PjÜâŒ:oñQRQ)S"‚àŸÑTUV 45QR WX™YŸ„ÉUVZ"Ÿîm[⁄]~ò*+Çq:<=¬\I]ÁoY:]^ •PjÜ¥M_>:20238;8öo`aAÁoY‘200%L20238”Qbƒ" de2.1GW:07"dea5.1GWTfiÛde¿fghiffika3.3l/WUL mÖnoS45jÜuvwO"pqrî¤O6nosJk‚O";ŸtŸ@⁄F Eá¡ıîm„‰:248z[6>¡ı⁄kæøu[vwxn:45\oyz- ;[|*]~4Í]|~iÛÙŠ:Å0ÇÉJö‚MNO76O"YÑÛÖffi kîmÜ·áˆV:ÍFe\oYàâL45äãö‚MXåV:Å~éàŸ> èàò]~à÷êë:;èçhÇqí”:√/45OP6nL ìFpë6NORÃSïñ45;èÉ„\78]|45ìFÇqîmËÈ:ó ò1ô45OP:p]4524-268<=CDEFG0sö111.9/134.7/156.2T/R pë`24-25895.1/121.1@U:AB+19%/+20%/+16%:õRúffifiÛPE0s ö12.9/10.7/9.2ù:rî£ûB©RÃL ¿ü^†Sæøg|pqJêëy°J¢£§ffik•TáL ìFpë¶ !"#$% ®©:™7£ &'% ®©:™7£ ()*+ 2023 2024E 2025E 2026E ()*+ 2023 2024E 2025E 2026E ,-!. 18,031 22,807 31,275 41,837 /012 72,251 96,119 119,664 141,831 3145 694 923 1,149 1,362 /067 50,318 69,046 86,818 103,615 3189 21,098 28,067 34,942 41,415 :.;<= 324 481 598 709 >?89 543 745 937 1,118 @ABC 5,167 6,874 8,558 10,143 D, 21,442 29,422 36,995 44,153 EFBC 873 1,162 1,446 1,714 GH!" 2,009 2,672 3,327 3,943 IJBC 2,447 3,256 4,053 4,804 KLMN!" 7,478 9,263 11,024 12,682 OPBC 21 280 301 256 MN!"G) 69,284 91,227 116,323 142,567 QCRSTU -728 -800 -900 -1,000 KLVWX! 320 426 531 629 !"RSTU -1,301 -1,000 -1,000 -1,000 VWYZX! 440 440 440 440 [\]S^N1_ 36 24 10 24 `a!" 6,438 5,981 5,573 5,210 X!1_ 97 100 100 100 bcde 1,686 1,766 1,836 1,896 KL1_ 266 244 255 249 fg!" 732 1,080 1,393 1,675 /0&' 11,466 13,584 16,351 18,959 KLhMN!" 3,976 4,015 4,047 4,072 /0i12 26 25 25 25 hMN!"G) 13,593 13,708 13,819 13,922 /0ijk 32 23 24 26 !"G) 82,877 104,935 130,142 156,489 &'lm 11,460 13,586 16,352 18,958 nWo9 2,793 2,793 2,793 2,793 pq: 1,851 2,194 2,641 3,063 3?45 12,915 17,367 21,401 25,030 r&' 9,609 11,392 13,711 15,895 3?89 15,571 20,939 25,802 30,179 stYuT_ 169 201 241 280 >19v 0 0 0 0 wxy[zr&' 9,440 11,191 13,470 15,615 GH#$ 6,565 8,734 10,873 12,887 NOPLAT 9,626 11,626 13,963 16,110 KL3?9 1,418 1,418 1,418 1,418 EPS[|]~Y7ŠÅ6.367.549.0710.51 Ç*ÉÑWÖhMN#$ 1,342 1,342 1,342 1,342 KLMN#$ 5,333 5,764 6,582 7,371 ÜáOPàâ MN#$G) 45,937 58,357 70,211 81,020 ()*+20232024E2025E2026E VWo9 4,180 4,180 4,180 4,180 6Väã 3?$å 0 0 0 0 /012çVâ 79.5% 33.0% 24.5% 18.5% KLhMN#$ 3,305 3,213 3,213 3,213 EBITçVâ 214.0% 20.8% 20.1% 15.4% hMN#$G) 7,485 7,393 7,393 7,393 wy[zr&'çVâ 162.7% 18.6% 20.4% 15.9% #$G) 53,422 65,751 77,604 88,413 é&äã wxy[zpèêZ_ 27,705 37,235 50,347 65,605 ë&â 30.4% 28.2% 27.4% 26.9% stYuZ_ 1,749 1,950 2,191 2,471 r&â 13.3% 11.9% 11.5% 11.2% pèêZ_G) 29,454 39,185 52,538 68,076 ROE 32.0% 28.6% 25.6% 22.9% #$íYuZ_82,877104,935130,142156,489 ROIC 33.2% 31.4% 28.9% 26.3% ì$äã î.Mï%®©:™7£ !"#$â 64.5% 62.7% 59.6% 56.5% ()*+20232024E2025E2026E $PZ_à 39.5% 29.4% 21.9% 16.9% ñ/óNî.M 6,982 7,188 9,693 11,726 MNàâ 1.5 1.6 1.7 1.8 î.1_ 10,202 12,323 14,666 16,807 òNàâ 1.0 1.1 1.1 1.2 D,ôö -2,381 -7,981 -7,573 -7,158 /õäã ñ/ú31ôö -5,760 -6,401 -6,293 -5,867 l!"ùûâ 0.9 0.9 0.9 0.9 ñ/ú3?ôö 3,218 9,821 8,896 8,006 3189ùûüt 87 92 95 97 KLôö 1,703 -574 -3 -63 3?89ùûüt 104 95 97 97 X!óNî.M -3,821 -551 -566 -551 D,ùûüt 145 133 138 141 !7jk -3,356 -622 -629 -635 †Y°¢[£Å YZX! -212 0 0