24Q1业绩亮眼，行业景气延续、产能释放驱动增长

1*$ 1)$ 7$ %$1$ !($ !'$ !&$ !11$ !1%$ !17$ "#$%&'( !"#$%& !"#$%&0()&&* "#$n&'()*|+,-ƒ&' 2024/5061 2345ƒ6 +4-(./0123.456789:;<=>? 7289 @ ?@(+,A0BA1CDBEBF/GBAHIJ&KBEBF/L9MNBEI.PQRSKTUVIW.QWXYZ[\]^IF._IRSKTUVF`P.WWXaBAHIL9MNQE.AQRSKTUVIQ.EAXKbU–IE.AWXaZ[\]^dA.AIRSKTUVIEP.FBXKbUVB.FIXa +,efIE2gC9h2]B.WPSKijkA.I_RSKglmFE.IXa+,enoPPIB.QIpSqr2stou2vwxa yz[|]~VÔÄÅffiÉÑKBAHIÖffiÜáàâMNäãa BEBF/åç)*ézèêëKíìîïñóòqôaöìõúù ()(*!)'()(*!)7()(*!)+()(*!1(()(%!)(()(%!)% (=>?@A?&BCDEFGH !"#$ffi&'(22.40 )*+/Š-*+&.*(14.74/14.74 )/0/Š-/0&.'(330/330 5212!3/!4ffi24.29/17.69 56789(%)51.7% /:923.58 ;<=*>?@ABCDEF !"#$%&' )*+,-./$)01234510333316789:$;<8=>;e:98=>@A=BCeA.AE7 !"#$FGH )*+,-./$)01234523133306789:$78IJA<e=@A=BCeA.AE7 ûü†íîMNIEA.P_ù_F._`RSKTUVBB.AWXùVIA.WWXa ÔÄõÖTUVBP.E_XK°ffiTU–Q.WIXaÔÄéÖTUVBE.A +,:;<= EXKéõm䢣§•¶ßa®©™´Äùå´Äù¨CÄéÖTUVI_.BEXùVFE.`_Xù–P.I_XaBAHIÔÄõÖTUVIF.A`XKb U–IP.IEXKbUÆØ@±©‚¥µóraœu∑‹öªºæKöéÔÄøffiU¿òKûü¡¬ºäÒVƒãm¡¬ºKKyz[|«]~£õÖ»Òäãa… ÀÃÕKBAHIöìå´ù ™´ÄŒ°ƒãmQ_.QFXù`F.EBXKTUVB._Pœ–t“ùVIB.QEœ–t“Kïñ”‘K+,é’]om¬~÷áaBAHI°ffiTUVI.WAXKbUV`.B`XK@±¿öKŸ⁄mƤ‹+,÷ffi›†éfifl‡·‚a„BAHI‰ÂffiÊÁÅ£ËȉÍÎÅffiórK+,BEBA/F£A0ÏÌCDÅffiÓa $n> ‰ÍÎffiÊÆØ÷áÔ]K¿öKŸêÜ⁄m¤ÒäÚ]^a +,BEBF/Ô]mBI.EIXKTUV`.Aœ–t“aìõùîõÔ]mdIA.`WXùB`.FQXKTUVW._Pœ–t“ùVP.AWœ–t“a+,BEBF/Ô ]mÛÙ÷á@±åçÛı’ˆffiÊq˜†¯˘˙˚fl‡÷áa…+,/&KBEBF/+,¸3˛ˇùi!˛ˇù"#ù´$yDùy&D'r°ffiTU()–_.EEXù–_.PBXù–IE.BWXù–IE.`IXù –IA.FIXa+,BAHIÔ]mdBF.AFXKTUVP.A`œ–t“KbU– E._Qœ–tK·‚@±‰ÍÎffiÊTUƤ£bUÁÅaI0‹ö *+,CD-¿ö.o*/01ÔÄŸ2õ34êÜ56fl7K+,⁄mœBI.E_X¤8A.QBXK9‹:;<⁄£=â+,Ã]>?K@A]u‹~¿ö:BCDEFa Gjyz[|«]~VHI¡Jé’KÖàâzLäãa+,¬ ~=MN`VQ”PQ£RS‚TUKƒV¯˘©ºW˙˚KGjé’åç‚£éfifl‡X‚YZ]~KBEBA/HI¡Jé’[K=âzLäãa…+,/&K+,\]é’^©uBEBA/_ãaI`öì:B(+,ab:B/éI`pcd+eÔÄfghi`GjBAjI_ãYk9:BIBEEpc.o†01ÄuBEBA/_ãYlm:B/éIBEEpc.o†01ÄnuBEBA/4éPEEpca B`öî:B(+,HI¡J:Boµ1*Ä£.o*Ä()uBEBF/Q0£IB0FpqorsK®IPEpc1t*Äé’uBEBA/_ãKIBEEpc.o†01ÄuBEBQ/_ãaGj+,BAùBQùBP/Z[\]^dBB.`FùBP.`BùFE._QRSKuÌvwKxyNz[”ƒ6a |]÷~( åÄ]ÅdžGµYûüäÒdžGµY‰ÍÎffiÊÛÙIâa Ã]Gë/J+ÖÜ XYZ[\ ]^]_` ]^]ab ]^]cb ]^]db ef#g&hi'( ]^jdc ]d_kl _^_al __ckl mn9opq jl.cl _^.lj jc.^c j^.da bstuv`&hi'( ]wkk.dc acc^.l] c]cw.ld cwaw.al xyzEF[|]&hi'( j_w^.dk ]]k].lc ]dkj.wj _^wc.j^ mn9opq _kd.ll d_.a_ jk.cd jc.la b~So'#*q ^.wa j.ca j.lj ].j^ /:9&~#b( ]_.k_ ja.c] j]._c j^.dd /[9&~#s( j.cl j.aa j.]w j.jc bÄ#bstuv` j]._] w.ad l.__ k._l 5ÅÇÉÑEFEÖÜáàâäãåç !"#$%&'!"() !"#$%&'() 2023A 2024E 2025E 2026E *+!"K- 2023A 2024E 2025E 2026E ./$ 1234 !"#$ 20165 26378 30348 33578 !"#$ 18.6% 30.8% 15.1% 10.6% !"%& 15929 20484 23250 25577 !"'( 873.9% 63.4% 18.9% 15.8% )*+,- 118 154 178 197 ./01234'( 376.9% 63.4% 17.6% 15.8% 5678 737 964 1109 1227 9':; <=78 662 923 1214 1343 >'? 21.0% 22.3% 23.4% 23.8% @A78 815 1187 1426 1578 4'? 6.9% 8.6% 8.8% 9.2% BC78 80 311 362 391 DEF 6.7% 9.9% 10.4% 10.8% GHIJKL -370 24 24 24 DEMN 4.4% 6.8% 7.1% 7.2% !"'( 1528 2497 2968 3438OP:; !"R#$ 8 8 8 8 GHSP? 51.7% 54.2% 54.5% 54.5% !"RTU 7 7 7 7 VWX? 0.74 0.75 0.76 0.80 '(YZ 1529 2498 2969 3439 ![:; \]) 139 225 297 344 ^#_`ab? 5.95 5.57 5.26 5.16 4'( 1391 2273 2672 3095 cdab? 4.38 4.85 4.64 4.60 .14'( 1391 2273 2672 3095 YGHab? 0.50 0.56 0.57 0.56 ef#ghij 0.94 1.54 1.81 2.10 efklhij 5678$ ef#g 0.94 1.54 1.81 2.10 dmG* 3980 4582 5854 8225 ef4GH 14.19 15.59 17.40 19.50 nop*qGH 27 27 27 27 rJX? ^#st+^#_` 4333 5793 6665 7375 uF 23.73 14.52 12.35 10.66 vw`x 380 596 677 745 uy 1.58 1.44 1.29 1.15 cd 4744 6126 6954 7649 VWGHz[ 13992 17672 20784 246769:;<$ |]GH 17379 19509 21556 23505 4'( 1391 2273 2672 3095 ~VÄÅ 7577 8607 9535 10370 ÇÉÑffi5 1366 1743 1929 2119 ÜáGH 1046 1130 1215 1299 ![G&àW -2034 -605 -316 -242 âVWGHz[ 29338 32481 35604 38537 äã 476 438 496 566 GHY[ 43330 50153 56388 63213 å!çWé*V4Z 1199 3848 4781 5538 èêÀ` 9355 11951 13991 16443 G&íT -3072 -5009 -5013 -5017 ^wst+^w_` 5382 6920 7855 8641 äã -54 116 -36 -35 äãVWSP 4174 4807 5396 5889 ìGçWé*V4Z -3126 -4893 -5049 -5052 VWSPz[ 18910 23679 27243 30973 fîqG 0 0 0 0 äã 3509 3495 3495 3495 PCqG 3259 2299 2040 2451 âVWSPz[ 3509 3495 3495 3495 äã -796 -653 -500 -567 SPz[ 22419 27174 30738 34468 ïGçWé*V4Z 2463 1646 1541 1885 f& 1474 1474 1474 1474 é*+é*ñffiò4ô-Z 706 602 1273 2371 G&2ö* 8898 8898 8898 8898 õúù'( 9477 11276 13547 16178 ûüf†îg 6 6 6 5 äã 1057 1325 1726 2190 \°¢îgz[ 20911 22978 25650 28745 SPÑ\°¢îgY[ 43330 50153 56388 63213 KLMNOPQPRSTUVWXYZ )*+,-./012 [K\]^_ `a \] bc dRT[Kefg\]^_OdRhijkglmnogpfirstuSvdRhijkglmnogPQwffiyz[|]~>ÄÅÇffiÉ3gÖÜápfiàâpäVWrsã_]~gÖÜáårsã_]~gçéO*wrsèêë133]~íã_ìîïñrsèïñó]íã_ìÄÅÇrsèTò^ôÄÅÇ]~íã_ìöõrsèúù]~íã_ìûürsè^ô433z†°¢£§•]~íã_å w¶\] ß® ©âmwpfiàâã_]~Öá™53´è¨ ÄÆ ©âmwpfiàâã_]~Öá™03´Ø53´O± Tî ©âmwpfiàâã_]~Öá™–03´Ø03´O± ¥ ©âmwpfiàâã_]~Öá™–03´èH [|\] íQÇr ©â[|pfiàâã_]~Öá™03´è¨ Tî ©â[|pfiàâã_]~Öá™–03´Ø03´O± ëQÇr ©â[|pfiàâã_]~Öá™–03´èH ÄÅÇ\] ªº ©âÄÅÇpfiàâã_]~Öá™03´è¨ Í檺 ©âÄÅÇpfiàâã_]~Öá™4´Ø03´O± Tî ©âÄÅÇpfiàâã_]~Öá™–4´Ø4´O± ¥ ©âÄÅÇpfiàâã_]~Öá™–4´èH 34562 ø¿¡dRg!"#y¬TzƒT3ùÈ«»…>«Tè ÀÃÕŒäœTØZ\ffizªºgVW–ÕŒäœå «dRZ—“g~”‘M’÷WÿíÄŸg⁄¤‹P›gòfiSfl‡·‚„‰ÂflÊÁËÈSÍ΂„>ÏÌ>PÓSdRËÈÔn«PQÒÚÛÙıTˆè VWh[T>¨rPQ>ã˜PQ>VWKï˘PQ>˙¿ÏP˝Õ˛päˇg!"ı#$S˙¡%cå 7862 TUVW&'()PQyèH*+,TUVW-3./0TüV123_g›4V