1、!#$%&()*+,-./0!#$%&()*+,-./01 Table_Title 23456789:;23456789:;?=?456(785)166 9:56(785)37!#(&)57.75!;(78&)9,565 9:!;(78&)2,128 Table_QuotePic ABCDEABCDE-FGHIJKFGHIJK?5ABC LMNOLMNO PQRSTUVWXPQRSTUVWX!2021A 2022A 2023E 2024E 2025E#$%&()*+5,084 6,504 10,839 14,935 18,650,-.yoy%103%28%67%38%25%/01()*+247
2、 391 618 845 1,018,-.yoy%99%59%58%37%21%23%4*+1.49 2.36 3.73 5.10 6.15 235678-6.39-7.33-5.33-2.53-0.04/9:%4.20%9%12%14%15%P/E 38.8 24.4 15.5 11.3 9.4 P/B 7.7 2.1 1.9 1.6 1.4 DE%FG 2023 H 12 I 1 JKL#MN5OPQRST56UVWXY YZ,YZ,n;?ABCDEFGHIJK$LMN;?ABCDEFGHIJK$LMNOPQ 2015 RSTH2021 RSUVWXYZBCDEH2022R_abHcdef
3、DEghijk*lmEgnopnq:rs$tHuvDE$t%&wxy 95%N2018-2022 ROP#%z/01R CAGR|U 133.7%/197.4%H23 Rd|74.0/4.4*H,-51.6%/45.5%H4,-N n K$?K$?“”H“”HNNN”N HDE”8,-+”H 2021-2025 RVWBD”CAGR U 39%H 2025 RVWBD”8 7390 Huv TOPCon DE 56%HHJT DE 20%N n OP?:rOP?:r+-bH-bH+Y0NY0N 1+:rK$FH,:rK$FH,?OP:r PERC/TOPCon/HJT/XBC:rvN.g8gs
4、!QrNHOPH 2023H1H0 335HyKH:$H-,N 2+-H-HTOPConb.b.?OPAK$RHgggs-NiR TOPCon:HZt9j&Y-HTOPCon DE:r!#Q1 10%$Q3 35%Hb.#Q1%25%&$Q3%30%-40%N()*TOPCon:+,8HOPf-.YZb/,800N 3+:12,-3+:12,-3HH$4F5K$4F5K?2022 RHBCDE18 1374 HVWbf.41.40%H6K$7+89NcdHR:3000 jDE:;c?R 9 AVB:H:3000/RHCDE 600 cQ 11BF!HGHE 500 IJKHQ 2024H1 B
5、:HLOPMASDNO 4100 ZDE:PQHfRSK$”NTOHUVHOPW.XYZ!ZH0o_5QKN 4+PQaDaHf-b5cdPQaDaHf-b5cd+SS?eDafDNDagh 300-500*/KGHiDajDESXkHlTemjnoNOPDaD:Hcd PERC Dapq 100%D:+TOPCon rkD:.50%HSadstuvwxH%yz|D*:;Da:!#$%!#$%&()*+,-./01234&()*+,-./01234 _7688503.SHggbUVgbfK$hgYO-9(N wWeWdWdY9XaVtRrRqRpRoO7NcM7NnPrRmOoNiNnMpNk
6、PmMmR8OnMmQMYtQsPuOsQsR!#$%&()*+,-./0!#$%&()*+,-./01 56785678!#$%&()*+,-./!#$%&()*+,-./.-6-0123456#$%&()789:;.-6-?A4BC#$%&DE-?)FGHI:JKL.-7-M?NO401-PQRST)UVWXSY.-8-Z_abc)Z_abc)Ndefghijkdefghijk.-10-Zlmno)%&Spqrst.-10-N duvwxyz)bckij|p_.-11-)N d+%:jif.-14-S“”)j.-16-:J:J+BC);BC);)lmuvzS.-21-!-)TOPCon y