2023/5 2023/7 2023/9 2023/11 2024/1 2024/3 6"#$%2024&'()*+,-.%/01234567$% 89:;<'()=>?@AB/CDEA2024&5F19G HIJKLMNLO \]^_PQRS !"#$%&'()*+,$S0740522020001Email$zengbiao@zts.com.cn!"#$-ƒ'()*+,$S0740522040004Email$wupeng@zts.com.cn!"#$/01'()*+,$S0740522080002Email$zhubr@zts.com.cn!"#$23ƒ'()*+,$S0740522100005Email$zhaoyp02@zts.com.cnPQRS 456783579(:5;(<=)50,9449(>?5;(<=)42,876 CD-TUVWfiY 10% 0%Ø"#$%&7( -10%)*300-20%-30%-40%-50% Z[AB GH Cffi (=) EPS PE PEG JK 2023A 2024E 2025E 2026E 2022 2024E 2025E 2026E !"#$ 101.18 4.45 5.41 6.66 8.11 22.73 18.70 15.19 12.48 0.9 %& '()* 203.00 10.03 11.97 14.75 17.59 20.24 16.96 13.76 11.54 0.9 %& !+,- 20.03 2.54 2.15 2.76 3.30 7.87 9.32 7.26 6.07 -0.6 %& 4,/0 54.42 2.67 4.56 5.73 6.43 20.39 11.93 9.50 8.46 0.2 %& 123 100.79 2.54 4.81 6.15 7.55 39.67 20.95 16.39 13.35 0.2 %& 45/6 47.50 1.45 1.84 2.51 3.14 32.67 25.82 18.92 15.13 1.0 %& LM$Cffi8NOP2024Q5R17STUffi !Ø#$%&'(2024)*+,-./01(23334.5996.7892:;< =>2?@ABCDEFGHIJK2M-.NOP*QRSTPØUV@JKWXYZ[\]^_/`aL60bc2dffi21.99fg2h?i9jklmhno\pqrętVuifiw*+,-.xyzQH[Q|]Q~ZÑÄWÅSÇu\ÉÑÖÜ1áà:â)äãåçé=èê22áàHëílìYîïñó24)áàçòHëíl\1ôöõúùffiûü†°d2¢£§/•¶ßéH®2Ø©™´¨pÆØ6±¨4”!+±ï¥µ™´¨jÁ¥µ±¨æØ^±2ǪºÆ¨ffiøç±ï2ôöõÑT¿¡¬ëƒz^éÎ6«»2™´…Æ*¥2ǪºÆ¨ ÀÃk±Q¨jÕffiŒ±ï3ôöõ!Ø*Œœ–헓ة锑’÷2ǪºÆ¨ΩØ*¥±W\ ÿ+#Ÿ⁄ؤbcm‹FG›fi#fl‡ÿ+·‚·ffi/·‚„·ffi8‰Âym‹\ÊÁËÈ%Íbc2MV–ÎÏÌ2Ó2027)ÔØ©ÿ+uÔ3‚ÒYâÚÅÛ2ÔØÙı3+ø20f‡–ˆ/)Qؘ¥µ3+ø650fî–ˆ/)Qد3+ø3GW/ )Q˘˙˚¢3+z˝12GWh/)2?XY*+,˛Ç/ˇu/!"ÔØ©ÿ+2#$%ØØffi2XY8‰Ø¤m‹™´#¨&'Ø,±¨()Ø+±¨l+Ø*±¨+,Ãk±¨ffi-Ø.±\ '/#'/0:Ø123é45%%26^?789:UVÇU23;ؤ<=”¤ é48ïúù>?â@'/m‹$bñ;Ú4†NAwé¤à™(*+,bñ2ÉÑÖÜBCDE»FGHI2'/JK¶ßwLMNïOPQRSTUiVWXY2úùffi[3\]ffiûFG°d;Œœ^Gz^é•£<_2'/§ó`^*éabKcl’de\4êºÆ#1Q4êºÆfghåçm‹#ºÆijigÚm‹hklé¨mno±2fpm‹é¨qr⁄s±2N;ijiâ@mt¬ëƒéau$5\2ºÆ¨vffi+,±W2QŒœwxyz[m‹;|]°d„~ư¥#Äz¨ÅÇ*¥±¨ÉÑØ*±¨ÖÜffiŒ±2áà¨ây¥µ±2äãEå¨çéÃk±W3Qyèêffiûëí2ijiDìØîñ…ó±4QJKëƒ23+òl2åç¶ßfiwéôöH®2ºÆ¨õún±¨_ù˚û±W5Qư¥†iJK~$=:ü†2ºÆ¨õon±¨[#*¥±¨°¢*¥±¨j£*¥±¨§•Œœ±¨¶óÃk±W6QØ©èêry<ߧól®2åç¶ß§ó©™2ºÆ¨´øÃk±¨¨5ffiŒ±¨ÆØffiŒ±¨vöffiŒ±¨j±'+±¨Ò9ª+±Wïffiû„ü†2¥µm‹håç*Œœ#HPBCQABCQHJTV%5\2ºÆ¨ù~Ãk±¨⁄–]ƒ±W7Qoÿª~º‚ffi°d2úùºÆry‘æ©™2¨&'Ø,±¨l+Ø*±¨çòø¿±¨+,Ãk±¨—Æɱ¨Æ\Ãk±¨¡¬Ãk±¨¡óØ*±W8Q™µ™ƒ˝V#¨<«ffiŒ±¨»…®+±¨çÉÃk±¨TCLñH±W Ø#[ JKÀ$224-25)çóëß\#Ÿ⁄ES#ÕŒ$kën[S– —·“2”‘aRS-ù'(V’÷uÿQ”‘Ÿ'( «⁄!2ˤ7GW‹§ 2.9GW3Ü6›fiRfl¢‡·‚„\#ŸqES#‰ÂÊA‹Á23)WË‚h12Ÿ eEPCuÿ‹fl¢ïÈŒfiR‹‡·hfl¢EPCuÿ2hN' «9:uÿ\#[ÍES#CZ1-3fiR‹N’2fpÎÏÌfiRfl¢ «N; «9:uÿ2ÖÜÓ)CZ7QCZ8QCZ9W3›[ ÌÔfiR#§óN’ï#õÇES#ÒpÚ[QõÇîÛ AEQîÛ=pöfiRfl¢ «uÿ2ÙıˆN' «uÿ\˜Ú223)¯FfiR#FGNñSe’0uÿ\#˘pES#23)˙Ó§„Ó4GWfiR‡·2ÖÜ24)FGN’2RS^ñ˚Ñé¸Ω˝1˛N;ˇH2˛2e"FGfl¢ «;[#⁄!\ ˜Ú2˘p*¯Fì$%fiR#˚>\#p(ES#2.65GW¯FfiR&‹‡·2§ó 24)l')N’2(4jÚ…0.85GW'( «uÿ\#l[ES#800MW¯F-ù '(uÿ2)ñ2*+Ÿe‹4-u[Ö.‚„\#¢⁄ES#/ñGQ'ˆÍ U1/U2Q'ˆ0N2Q'ˆ0BWfiR1:24)Ë4êfiR2˜Ú'ˆ0L‹Á‹' ( «⁄!2^ñëß\)2ES#30[ FG˝425¢300MWy67ˆ 500MWfiR&x23-24)‡·2(5¢fiRfl¢ «uÿïÚØ2wÒ89:fiR‡ ·2§óFG'(\Ǫ4êºÆ# 1Q[##¨⁄–Ø#±¨;<Ãk±¨=”Ø#±W 2Q>?/¤@#¨òÇÃk±¨Ø< +±¨jA +±¨w¶4’±¨[¤ رW 3QB7#¨*Cã±W 4QDEê#¨¶FÃk±¨GpÃk±¨]jÃk±¨çH4’±W 5Q”«I#¨Ja4+±¨K&L+±W MëÌNê#ø«„;ÖeïO¥µwLlPï¯Q9RïS·Tué…UA*„ ;Ø MïVJ–WXYxZ[ì\úé MW\ !"#$ 728/9:;2024<=>?@ABCD;.-6- 12E5FG34HIJKLM*NOPQR............................................-6- 2234JSTUVQR............................................................................-6- 32WXYF;AZ[JFG\][..........................................................-8- 1^_`a,WbF;AZ[......................................................................-8- 2^WXF;AZ[....................................................................................-9- 3^cd;eFG\][...........................................................................-10- 4^;ef>FGg[h\]ij.............................................................-11- 42f>kMlM[Jmno=................................................................-12- 1^WXf>kMJlMIp....................................................................-12- 2^E5WXf>mnJUVQR............................................................-13- 52E5qFGg4rffitQR................................................................-14- 62WXYuFvIpQR.......................................................................-15- w2xyz[|]~B3"g4rffitffitÄffiBÅ.....................................-16-12xyg4rQR..................................................................................-16- 22xy34ÇÉ=ÑJSÖ...................................................................-18- Ü2áFzàâäãkMåç:;"éèêáë~.........................................-18-12E5êáíìîï..............................................................................-18- 22êåákMIpñR...........................................................................-19- 32êåálMIpñR...........................................................................-20- 42“óò”ôöB"áFõúùìmnQR..............................................-22- û2ü†°¢...................................................................................................-26- 82ᣧ•...................................................................................................-27- %&#$ ¶ß1zE5FG34KLM*NOP®©™´¨ã3^.-6- ¶ß2z_`a,Wb=>?AZ[®Ø^......................................................-8- ¶ß3zWX