IJKL(300048.SZ)/\] ^_ IJKL#24H1MNOPQRSTU1V>?LWXYZ[ `abc:;/<=Hƒ2024d8e19f 23 2022A 2023A 2024E 2025E 2026E p-qrs78&t 1,424 1,491 3,858 4,939 5,917 umvyoy% 18.2% 4.7% 158.7% 28.0% 19.8% wxys78&t 26 -220 46 147 271 umvyoy% -49.0% -958.4% 121.1% 216.4% 83.9% z5q[s&t 0.02 -0.20 0.04 0.13 0.24 z5|]9~ 0.15 0.11 -0.41 -0.03 0.09 wÉÄq[v 1% -13% 3% 8% 12% P/E 199.4 -23.2 110.0 34.8 18.9 P/B 2.7 3.1 3.0 2.7 2.4 ƒ"#$%&'%(<=>?@ABCD !"ffi$%4.58&'()%*+ ,-./01%S0740522020001 Email%zengbiao@zts.com.cn '()%23 ,-./01%S0740522040004 Email%wupeng@zts.com.cn ÅÇ%z5ÉÑÖÜáL56àâäffiŠTçé5ffièê2024^8ë16íqìffi )*+, 456(785) 1,116 9:56(785) 1,115 !ffi(&) 4.58 !;(78&) 5,112 9:!;(78&) 5,107 -ffi/01-2345fi7 10%!"#$%&300 2023-08 2023-09 2023-10 2023-11 2023-12 2024-01 2024-02 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 0% -10% -20% -30% 89:; 1DEFGHIJKLM%NOPQRSTUVWMXYZ[\ 2]DEFGHIJKLM23^F&24 H_F`a%24Q1-bcdefT -ghi+UVWMjklmno\ EFGH 456789:2024;<;=>2024;1<;@ABC17.09D>EF+136.6%>GHIJK0.09D>EF+471.1%>LJM16.0%>EF-3.9pctN24Q2@ABC10.11D>EF+158.7%>OF+44.6%>GHIJK-0.02D>EF+16.2%>OF-122.5%>LJM15.4%>EF-3.3pct>OF-1.6pctP QRST620241<;BQCU@AEFVWXY>IJKZ[;E\]^_&> `,abcEPCQ"CUVWXY>EdefghijijklP78mnopq78rstuffiw>`BbcEPCQ">x20241<;@AIJK0.38DP Q"y0620241<;zh[t|]~@ACU0.58D>EF+58%>@ALJM15.8%>EF+11pctNbcEPC|@ACU12.05D>EF+433%>@ALJM9.8%>EF+2pctNWÄÅ|@ACU3.51D>EF-0.3%>@ALJM30.9%>EF+7.9pctP bcEPC+z[/bcÇWÅ+WÄÅÉV`BÑÖÜá>àâ78äY\9ãP bcEPCQ"6zhbcEPCåçéAèªëíìîïNñóQbcEPC òô+Söõúùû>üE†*°¢]Q£îï>§•¶ßñóQbc9ã® ©NEd>78™r´Q¨ïìÆ:Ø◊±Q">Úfi¥µhz*∑∆tu˙ƒ“†µ”¥µtuºASø>¿∆¡eY¬ÕP z[/bcÇWÅQ"6ƒ”h«»…ëîï> çÀ¿ÇWÅÃÕŒœÃÕ –—ÃBMSÃEMS“`,Š/5‘’5a÷*’ÿtŸP⁄Æ>’¤’]* z[]~‹›fifl‡·P‚„>78&x¤9bcÇWÅÉÂÇWÅÃÊęb[“¡]~Ëę>ÈÍxÎÏá»çÌÓ¡XflP WÄÅQ"62024;1<;>ÔTWÄÅCUEFXYÒÚ10%>LJMEFìÛÒ7Ùı0S>ˆ˜¯¶ßÔTWÄÅ~˘˙»˚¸*öõ˝˛P ˇJ!ë‘#pT$6òô`Q%k†*pu&t>78xñQ’âë‘b[Q"'ÈZVeY()>EdghÆ*+CU+,-.>\)ghMÈÍn/á»çìÛÎÏˇJ0ËP12!37824-26;@AGHIJK0¥40.5/1.5/2.7D>EF+121%/+216%/+84%>5Æ6ffifi8PE0¥4110/35/199>:;“X;”T$P <=ì>6˙ƒ?@!\NöõAã?@!\NíìkB“P ˇJ!ëC !"#$% ®©:™7£ &'% ®©:™7£ ()*+ 2023 2024E 2025E 2026E ()*+ 2023 2024E 2025E 2026E ,-!. 668 1,729 2,213 2,651 /012 1,491 3,858 4,939 5,917 3145 15 38 49 59 /067 1,237 3,301 4,165 4,962 3189 802 1,439 1,842 2,206 :.;<= 11 28 35 41 >?89 12 33 41 49 @ABC 149 135 153 166 D, 418 652 823 980 EFBC 124 123 143 160 GH!" 193 498 638 764 IJBC 147 193 222 249 KLMN!" 241 622 797 955 OPBC -7 22 35 27 MN!"G) 2,157 4,513 5,765 6,900 QCRSTU 10 15 12 13 KLVWX! 0 0 0 0 !"RSTU -54 -28 -41 -34 VWYZX! 0 0 0 0 [\]S^N1_ 0 0 -1 0 `a!" 689 749 816 889 X!1_ -8 -4 -6 -5 bcde 58 138 208 268 KL1_ 17 18 18 18 fg!" 113 111 110 108 /0&' -207 55 166 303 KLhMN!" 149 152 154 156 /0i12 2 2 2 2 hMN!"G) 1,010 1,151 1,288 1,421 /0ijk 14 6 7 9 !"G) 3,166 5,663 7,052 8,321 &'lm -219 51 161 296 nWo9 0 1,736 2,485 3,049 pq: 3 4 13 23 3?45 153 330 408 477 r&' -222 47 148 273 3?89 904 1,320 1,633 1,906 stYuT_ -2 0 1 2 >19v 0 0 0 0 wxy[zr&' -220 46 147 271 GH#$ 113 293 375 449 NOPLAT -229 68 180 297 KL3?9 110 50 50 50 EPS[|]~Y7ŠÅ-0.200.040.130.24 Ç*ÉÑWÖhMN#$ 1 1 1 1 KLMN#$ 110 108 126 142 ÜáOPàâ MN#$G) 1,390 3,837 5,078 6,074 ()*+20232024E2025E2026E VWo9 0 0 0 0 6Väã 3?$å 0 0 0 0 /012çVâ 4.7% 158.7% 28.0% 19.8% KLhMN#$ 53 53 53 53 EBITçVâ -591.1% -132.5% 167.0% 64.7% hMN#$G) 53 53 53 53 wy[zr&'çVâ -958.4% -121.1% 216.4% 83.9% #$G) 1,443 3,890 5,131 6,127 é&äã wxy[zpèêZ_ 1,676 1,725 1,872 2,143 ë&â 17.0% 14.5% 15.7% 16.1% stYuZ_ 47 47 49 51 r&â -14.9% 1.2% 3.0% 4.6% pèêZ_G) 1,723 1,773 1,921 2,194 ROE -12.8% 2.6% 7.7% 12.3% #$íYuZ_3,1665,6637,0528,321 ROIC -13.1% 2.3% 4.7% 6.4% ì$äã î.Mï%®©:™7£ !"#$â 45.6% 68.7% 72.8% 73.6% ()*+20232024E2025E2026E $PZ_à 3.1% 100.9% 132.2% 141.5% ñ/óNî.M 124 -455 -31 99 MNàâ 1.6 1.2 1.1 1.1 î.1_ -166 121 239 359 òNàâ 1.3 1.0 1.0 1.0 D,ôö -145 -233 -171 -157 /õäã ñ/ú31ôö 47 -652 -382 -348 l!"ùûâ 0.5 0.7 0.7 0.7 ñ/ú3?ôö 532 534 391 342 3189ùûüt 182 105 120 123 KLôö -144 -225 -108 -96 3?89ùûüt 197 121 128 128 X!óNî.M -36 -197 -200 -198 D,ùûüt 101 58 64 65 !7jk -111 -190 -191 -191 †Y°¢[£Å YZX! 0 0 0 0 †Y1_ -0.20 0.04 0.13 0.24 KLVW!"^§ 75 -7 -9 -7 †Yñ/î.M 0.11 -0.41 -0.03 0.09 •!óNî.M 20 1,713 715 537 †Yr!" 1.50 1.55 1.68 1.92 o9ç= -17 1,736 750 564 ¶Sàâ Y&;&ßj? 0 -39 -99 -138 P/E -23.2 110.0 34.8 18.9 Yu•! 33 0 0 0 P/B 3.1 3.0 2.7 2.4 KLôö 4 16 64 111 EV/EBITDA -25 32 16 11 !"#Wind$%&'()*+ EFƒ"hi# T$ D. 6ET$ FU !\ÎÏ6~12ÙGßHfiE\IJ2KLWx15%M1 X; !\ÎÏ6~12ÙGßHfiE\IJ2KLWx5%~15%() ;È !\ÎÏ6~12ÙGßHfiE\IJ2KLWx-10%~+5%() N; !\ÎÏ6~12ÙGßHfiE\IJ2KOWx10%M1 ´QT$ X; !\ÎÏ6~12ÙGßfiE\IJ2KLWx10%M1 äP !\ÎÏ6~12ÙGßfiE\IJ2KLWx-10%~+10%() N; !\ÎÏ6~12ÙGßfiE\IJ2KOWx10%M1 QR6T$3J4=S9:T)*6~12ÙGß786ffiUV´Q2KWHfiE\IJ2K*HfiöõCAPXäA6öõMYZ3002K4IJN¡É—öõMÉ—e2UÚfiü[_\3*WVÉ—]ö2KUÚfi]ö_\3*W4IJN^_öõM`abcJä¶2K4IJ>†6öõM3d5002KVefghŠr2K4IJUjÈD.*k„WP Ø"ø$% älmn6oÈp78UMnqr“f78”W'Èä¶mnstiuvwxyz*mn#p[|Q"p]Pf=S~5f78*ÄzÅhPf78?xÇÉCÑCÖf=SÜáX4ÄzP f=SIàf78@X¤âÑwä4zã*7‹påV@˝ç¤på>éè¯êë*¤âíS>Ÿƒ∑∆ÃÄíú7&>™ì?îïñ˙ÉS*óòVôöPf78Ÿƒõ?úmùûãü*J†Pú¿¢P>£f=Sä*påÃò§Ã!ë•éè=Så¶7‹9:d*ß®>ztx©dç¢Pf78fif=S™´ãüzx?9‡¨®*ÆØn]‡8±>#pë85’´>RH8*è¡V8±Pf=S™¥*påÃñ'Ãò§Ããü@àëµì5∏ÄzêKΩ(h>?Àeïñ#pÃônÃx3Vª