24Q1需求回暖，看好产能释放+战略合作驱动增长

"#$n&'()*+f|-./0&' 202415273 456708 !ã1$%&88(&)* "#$%&'( +4-1/0123456789:;<=>?@AB &8$&3$8$ 3$ !#$ !7$ !&#$ !&7$ !##$ !#7$ !3#$ !ã1$%&'( @A(-.B2CD3EFGDGCHGBIJK&LGDGC1M;NOGJ.JBQRLST–JC.CVWXYZ[\]C.^_QRLST–CC._`Wa 94:; -.bcde4fgJD4hE;ij\J.VDRL-.kl4mnopq7irsD.CGQRLto;iujvJ.BGQRLhwxyzC[._CWaGBIJM;NO^.[`QRLST|C`.BCWL]T |GB._^WXYZ[\]~J.D`QRLST|[C.G`WL]T|VV.V^Wa GDGC1NOùÄÅÇɃÖÜáà|âäãåçéLGBIJèêɃkëíìNOîïñóaJòôöõóúùRû(GDGC1N #(#3!()#(#3!(7#(#3!&(#(#3!&##(#*!(##(#*!() (=>?@A?&BCDEFGH !"#$ffi&'(54.79 )*+/Š-*+&.*(5.83/5.83 )/0/Š-/0&.'(320/320 5212!3/!4ffi66.56/37.50 56789(%)21.6% /:986.97 CathayIndustrial OJV.D[QRLST–[.VVWLü†ST|G.GGWX°¢ST–JD.V_Wa -.)<=> -.£§B•¶ßùû®©™´|ã娆ÆØô±Lü†STñóa∆E¥µ~ɃÖÜáàLóúùRû¢≤ùÄ°nNOLö¤GDGC1ªóúùRûºÉST|CC.GCWXGòôö)æø¿Ü¡e(GDGC1NOJ.`BQRLST–CC.G_WLü†ST–CJ.CBWX °¢ST–G.[GWaè¬ÅÇôö)æø¿®oƒEr=+«»…  LèêÀÃÕŞfD–—“K‘–ÀÃ’"÷ŒÉÿŸ⁄L® ©\¤x‹°nNOau›fiflLGDGC1‡µ·‡~NOSTu ‚|[.[^W·–C`.GJWL‡~NO„âäãåçé‹îa-.GBIJNOñóÅÇèêɃkëÜ-.ßùûã冉Â?ô±a -.Êu®oÁƒE«»àLË\©È… ÍùÄa-.GDGC 1Î\x~C`.GBWLST–C._VÏÌÓÔau®oflL-.óúùR $n? ;<=*> !"#$%&' BiotechLtd. û—Ò·ôö)æø¿—ÒÎ\x~C_.[^W·–J_.VVWLST–G.[CÏÌÓÔ·–JD.^`ÏÌÓÔaóúùRû—ÒÎ\xè¬ÅÇßùû®oÁƒE«»àLÚ¢Ûfi‹ıLˆ˜ßùû¯-.ôöõóúùRû®oÎ\xST˘˙˚¿X1-.ôö)æø¿—Ò˛ƒE )*+,-./$)01234510333316789:$;<8=>;e:98=>@A=BCeA.AE7 !"#$FGH )*+,-./$)01234523133306789:$78IJA<e=@A=BCeA.AE7 «»àLˇ!®‹"–®©\¤x‹ıaGBIJ-.Î\x~G[. ^[WLST–`.C`ÏÌÓÔL]T–J.DGÏÌÓÔa fl#$%&®©™´–'(t)íì*óàñóa-.«‘$%&+—L,-'L-.ôö)æø¿fŒ-.$n*/Ü1®C •¶óúùRû–G•¶óúæø¿%&0EGC11%a23® =4ôö)æø¿%&o5EGB1678+ôÊu®©9ˇ*1®`DDD¶:;<=>?@0EGDGC116+ôòa-.b ¿ñA7BflDErFGH)~⁄I4fLÂJKL«ìôö)æø¿MtNO®or=+‘ŒaP~L-.EGB1J2QRâCS.TUV-.WXt7YZL[\ÈE¨E]^Íôö)æø ¿MtNO_`¤9abcÉdef–gãh*ijklmòa 67+Z(áo-.GB·G`·G^1YZ[\]~`.JJ·_.VG·JJ.[DQRLnopqLrs“tD”08a uvw>(%&6®ÖÜáàXɃÖÜáàXxy≤Fz+a Ë\á[dK|]~ PQRST UVUWX UVUYZ UVU[Z UVU\Z ]^#_&`a'( UbbY W[[\ [\U[ c[Uc de9fgh –bW.Wk \l.Ub [l.bl WW.lb ZmnopX&`a'( [YV.UW bbWY.bl b\cb.k[ UWbk.UV qrstuvwx&`a'( W\\.[U [bV.l[ ckU.VY bbck.c\ de9fgh –WW.c[ Wk.Wl [[.VY Yl.k[ ZyKf'z*h V.\W V.ll b.W\ U.VU /:9&yzZ( lc.Ub \U.[c YV.W\ Uc.Vk /v9&yzm( U.l\ U.cY U.[\ U.WY Z[zZmnopX [U.\l Uc.VY bk.bl bY.b\ 5|]~LiFiHÄÅtutÇÅÉÑÖÜáàâ !"#$%&'!"() !"#$%&'() 2023A 2024E 2025E 2026E *+!"K- 2023A 2024E 2025E 2026E ./$ 1234 !"#$ 2114 3556 5625 7527 !"#$ -13.4% 68.2% 58.2% 33.8% !"%& 1505 2460 3809 4912 !"'( -35.9% 37.7% 55.0% 49.0% )*+,- 28 39 62 83 ./01234'( -33.8% 39.4% 55.0% 49.0% 5678 38 57 90 120 9':; <=78 184 285 450 602 >'? 28.8% 30.8% 32.3% 34.7% @A78 189 285 450 602 4'? 17.3% 14.4% 14.1% 15.7% BC78 -211 -83 -30 -2 DEF 3.3% 4.4% 6.4% 8.6% GHIJKL -29 0 0 0 DEMN 1.4% 2.9% 4.7% 6.7% !"'( 454 626 970 1445OP:; !"R#$ 2 0 0 0 GHSP? 21.6% 20.8% 24.7% 26.9% !"RTU 7 0 0 0 VWX? 2.22 1.84 1.42 1.29 '(YZ 449 626 970 1445 ![:; \]) 40 56 87 130 ^#_`ab? 6.67 10.17 9.56 8.93 4'( 409 569 883 1315 cdab? 1.39 1.91 1.96 1.88 .14'( 367 511 792 1180 YGHab? 0.12 0.19 0.27 0.33 ef#ghij 0.63 0.88 1.36 2.02 efklhij 5678$ ef#g 0.63 0.88 1.36 2.02 dmG* 5390 2995 1838 1315 ef4GH 19.14 20.01 21.37 23.39 nop*qGH 0 0 0 0 rJX? ^#st+^#_` 306 521 823 1102 uF 87.21 62.57 40.36 27.09 vw`x 31 79 122 157 uy 2.86 2.74 2.56 2.34 cd 1466 2254 3490 4500 VWGHz[ 7571 6207 6671 75099:;<$ |]GH 3933 4972 5927 6790 4'( 409 569 883 1315 ~VÄÅ 5443 6250 7001 7699 ÇÉÑffi5 290 592 732 876 ÜáGH 704 687 669 652 ![G&àW -99 -982 -562 -490 âVWGHz[ 11263 13163 14890 16487 äã -29 28 51 63 GHY[ 18833 19369 21561 23995 å!çWé*V4Z 569 207 1104 1764 èêÀ` 746 995 1244 1493 G&íT -1428 -2421 -2421 -2421 ^wst+^w_` 1682 1629 2522 3253 äã -131 -74 -59 -81 äãVWSP 982 754 921 1061 ìGçWé*V4Z -1559 -2494 -2480 -2501 VWSPz[ 3410 3378 4687 5806 fîqG 4 2 0 0 äã 651 648 648 648 PCqG 647 -81 249 249 âVWSPz[ 651 648 648 648 äã -914 -29 -30 -35 SPz[ 4060 4026 5335 6454 ïGçWé*V4Z -262 -109 219 214 f& 583 583 583 583 é*+é*ñffiò4ô-Z -1211 -2395 -1157 -523 G&2ö* 8526 8528 8528 8528 õúù'( 2069 2504 3177 4180 ûüf†îg 3609 3667 3758 3893 äã -13 61 180 356 \°¢îgz[ 14773 15343 16226 17541 SPÑ\°¢îgY[ 18833 19369 21561 23995 KLMNO9P9=QRSTSURVWXYZ[\ )*+,-./012 ]K^_`a bc ^_ de fUV]Kghi^_`aOfUjklminopqirfituvwRxfUjklminopqiSTyffi[|]~£ÄÅÇÉÑffiÖÜiáàârfiäãråXYtuça£Äiáàâétuça£Äiè4O*ytuëíì133£Äîçaïñóòtuëóòô£îçaïÇÉÑtuëVö`õÇÉÑ£Äîçaïúùtuëûü£Äîçatuë`õ433|¢£§•¶ß£Äîçaé y®^_ ©™ ´ãoyrfiäãça£Äáâ¨53%ë1 Ø¢ ´ãoyrfiäãça£Äáâ¨03%±53%Q˘ V¥ ´ãoyrfiäãça£Äá⨖03%±03%Q˘ z ´ãoyrfiäãça£Äá⨖03%ëJ ]~^_ îSªt ´ã]~rfiäãça£Äáâ¨03%ë1 V¥ ´ã]~rfiäãça£Äá⨖03%±03%Q˘ ºSªt ´ã]~rfiäãça£Äá⨖03%ëJ ÇÉÑ^_ •æ ´ãÇÉÑrfiäãça£Äáâ¨03%ë1 ø¿•æ ´ãÇÉÑrfiäãça£Äáâ¨4%±03%Q˘ V¥ ´ãÇÉÑrfiäãça£Äá⨖4%±4%Q˘ z ´ãÇÉÑrfiäãça£Äá⨖4%ëJ 34562 ¡¬ªfUi!"#[ƒV|ÉVÜ«»… ÀÅ…VëÃÕŒœ–å—V±\^ffi|•æiXY“œ–å—é …fU\”‘iÄ’÷M‹ÿŸ⁄îǤi‹›fiSfliö‡R·‚„‰ÂÊÁ·ËÈÍÎRÏ̉ÂÅÓÔÅSéRfUÍÎÒÚ…STÛÙıˆ˜V¯ëÃXYj]VÅ1tSTÅç˘STÅXYKŒ˙˚STŸ¿Ó˛ˇœ!råSi#$˜%&R¸ªøeé 7862 VWXY()*+ST[ëJ,-.VWXY/Ü012V°X345aifl6XY]K78~9iKÖé …fUö‡÷MNSSflKL|:ÿŸ⁄îǤiKLRÿŸÏÌ;Ò<X=>ö‡ia?¥˜@A¥éfUqBCDEFRfUViö‡|\v§ÔGÒÀô\$XY©HiÈffi|8ffiRVWXYÒfiIJ‘…fUiqBKLMiNO«P+Q*+éÓ˛ÒRë…fU4SÛ‰ÂÊÁ|CT’…fUUÈVWé VWXYÇjÈÛX±…fU\Yö‡ÒƒM|(ÒäÍÎifUéfU\YKLÅZ[Õ\C]^Z[V¯SjÈ…fU_liÊÁRÇ`abcdÒe‚Ué VWXYÃÛ\fåg ÀÇh4¢(fUVijiST\j]iXYkl·m]noRpÇhî=>STiD| :qriD]Ks]ÅÕ9tu|:ÛÙ˘vŒw