上能电气(300827)24半年报点评:海外拓展逐步兑现,盈利能力提升显著.pdf

2024-09-06 15:35
中泰证券
上能电气(300827)24半年报点评:海外拓展逐步兑现,盈利能力提升显著.pdf

!"#$%&"()*+,-./01[Table_Title]!"#$%&"()!"#$%35.01&"()%*+,-./01%S0740522020001Email%zengbiao@zts.com.cn"()%23,-./01%S0740522040004Email%wupeng@zts.com.cn[Table_Profit]*+,-456(785)3589:56(785)259!#(&)35.01!;(78&)12,5359:!;(78&)9,053[Table_QuotePic]./012-345678?@5ABC9:;?@ABCDE232022A2023A2024E2025E2026Eo-pqr78&s2,3394,9336,8779,44912,072mtuyoy%114.1%110.9%39.4%37.4%27.8%vwxr78&s822865638421,150mtuyoy%38.5%250.5%96.9%49.6%36.6%y5pzr&s0.230.801.572.353.21y5c{9n0.42-0.101.312.112.77v|}pzu8%16%25%28%28%P/E153.743.822.314.910.9P/B12.27.15.64.13.0~%y5??????56?????U??5#??2024e9?4?p?#备注:每股指标按照最新股本数全面摊薄FGHIn456789:2024;2024;?EF-11.5%>GHIJK1.61D>EF+18.9%>LJM23.0%>EF+5.6pctN24Q2@ABC12.15D>EF-22.0%>OF+70.7%>GHIJK1.10D>EF+11.1%>OF+114.5%>LJM22.6%>EF+6.0pct>OF-0.9pctPnQRST62024?Y,Z[]^_Q"V`abNGHIJKcd.e>Y,ZfgChiFcd>fgjJklmnopqjJstP2024H1fgCh4.7Du>EFcd115%>ChiF24.7%>EFcd15pctPn2024?EF+6%>LJM22.5%>EF+3pct>Y,Z|}~l???78_???mno??N[Q"Ch5.1D>EF-38%>LJM22.7%>EF+11pct>Y,Z?LJM*[^_ChiFabPnw[Q"??????+fg???e_?>????QR????PØ?????>???yz{??3-350kW??M???>^??yz{??2500-8800kW?M???>??????}?*??P[????^??[z?{????[z?{?[^_Z]>@A125~8000kW??M???>????9????????????????}?PØ?|}??>??S&PGlobal?WoodMackenzie]?>2023;78wxyz{???????????>??????n;?Т???*?Q??N??EESA]?>2023;78ե??Q??[???ۣMPCS215kW????????n>|}????P78?????߾?????????Z>E????_???ֲ?????????????Y,|}:?P??>[PCS???|}????????????>)ͥ???|}[??V?!?>78V?"#?;$%*&?"(Š)*+rmno?,[??>-.QR??PnjJ/0?1"T?62378fg??4o!?>56?778QR>/?782024-2026;@AGHIJK0895.6/8.4/11.5Du:>/0;5.1/7.4/10.3DuEF+97%/+50%/+37%>=>>?@?PE08922/15/11A>B>CDhET?PnFGcH6??I?/JNKLMNNOPQ?RSqNfgTUI?/J?PJKLM24NO;I!#PQRSTUVWX?@KYZ[]JKLM(300827.SZ)/LY^_`abc;I!2024O9d5e[Table_Industry]!"#$%&"()*+,-./01jJ/0V!"#Wind$%&"()*+!"#$%&"%()*+20232024E2025E2026E()*+20232024E2025E2026E,-!.2,0282,1372,4973,096/0124,9336,8779,44912,0723145122170233298/0673,9845,4147,4419,46231892,0912,9154,0055,117:.;?8939527292@ABC236330425543D,1,3321,8102,4883,164EFBC90117142181GH!"141197270346IJBC269358472604KLMN!"5207139691,229OPBC6292622MN!"G)6,1317,79810,26412,995QCRSTU-74-46-60-53KLVWX!1111!"RSTU-10-4-7-6VWYZX!0000[]S^N1_0000`a!"308369433499X!1_2222bcde1898168228KL1_38202020fg!"131234327411/0&"3015938871,210KLhMN!"351386414436/0i120010hMN!"G)8101,0891,3441,576/0ijk2232!"G)6,9418,88711,60814,571&"lm2995918851,208nWo9534534534534pq:142945603?451,7412,3193,1243,893r&"2855628401,1483?892,0202,6913,6244,516stYuT_-1-1-2-2>19v0000wxy[zr&"2865638421,150GH#$80111153196NOPLAT2915898651,168KL3?9140140140140EPS{|}~Y7??0.801.572.353.21Ç*ÉÑWÖhMN#$147147147147KLMN#$316409540683ÜáOPàâMN#$G)4,9786,3528,26210,108()*+20232024E2025E2026EVWo91531531531536Väã3?$å0000/012çVâ110.9%39.4%37.4%27.8%KLhMN#$47147147147EBITçVâ220.0%103.4%46.9%35.0%hMN#$G)199299299299wy[zr&"çVâ250.5%96.9%49.6%36.6%#$G)5,1786,6518,56110,407é&äãwxy[zpèêZ_1,7562,2313,0424,162ë&â19.2%21.3%21.3%21.6%stYuZ_6542r&â5.8%8.2%8.9%9.5%pèêZ_G)1,7632,2363,0464,164ROE16.2%25.2%27.6%27.6%#$íYuZ_6,9418,88711,60814,571ROIC13.2%21.5%24.7%25.6%ì$äãî.Mï%!"#$â74.6%74.8%73.8%71.4%()*+20232024E202

点击免费阅读完整报告
© 2017-2023 上海俟德教育科技有限公司
沪ICP备17027418号-1 | 增值电信业务经营许可证:沪B2-20210551
回顶部
报告群
公众号
小程序
APP
在线客服
收起