JKLM(688503.SH)/Z[
\]
JKLM23N;Iƒ#23N2OP8QRS24NTUVWLECOXY
^_`a;=>Iƒ2024N3b31c
23 2022A 2023A 2024E 2025E 2026E
\-]^_78&` 6,504 10,290 15,174 18,244 20,917
abcyoy% 28% 58% 47% 20% 15%
def_78&` 391 442 755 949 1,065
abcyoy% 59% 13% 71% 26% 12%
g5]Z_&` 2.36 2.67 4.56 5.73 6.43
g5hi9j -7.33 -16.08 -6.05 -0.06 1.69
dkU]Zc 9% 9% 14% 15% 15%
P/E 24.4 21.6 12.6 10.0 9.0
P/B 2.1 1.9 1.8 1.5 1.3
ƒ"#$%&'()=>?@ABCDE
!"ffi$%57.59&'()%*+
,-./01%S0740522020001
Email%zengbiao@zts.com.cn
'()%23
,-./01%S0740522040004
Email%wupeng@zts.com.cn
lm%g5nopqrs56tuvffixTyz5ffi[|2024]3~29S]Äffi
*+,-
456(785) 166
9:56(785) 120
!ffi(&) 57.59
!;(78&) 9,539
9:!;(78&) 6,908
./012-3456fi8
20%!"#$%&300
2023-03
2023-04
2023-05
2023-06
2023-07
2023-08
2023-09
2023-10
2023-11
2023-12
2024-01
2024-02
2024-03
0%
-20%
-40%
-60%
-80%
9:;<
1DEFGHIJKLM%NOPQRSTU-VWX'YZ[
FGHI
456789:2023;;<=2023>;?@AB102.90C=DE+58.2%=FGHIJ4.42C=DE+13.0%=KIL9.8%=DE-1.6pctM23Q4?@AB28.91C=DE+78.0%=NE-10.2%=FGHIJ0.01C=DE-98.6%=NE-99.
3%=KIL6.7%=DE-5.0pct=NE-5.4pctO
PQR2023;>STUVWXY=Z[\"B]^_`aO2023;78?@TUZ[B]102.0C=DE+57.6%=?@TUZ[bc2003d=DE+45.8%=
?@TUZ[KIL9.6%=DE-1.8pctO
e^TUZ[fghijk=DlmnoTUZ[pqO78fg>rstTUuvZ[wxyz[|]~=?@N^TOPConvÄÅÇÉZÑ[fgÖTOPConvÄÜáà|ärãáfgÖLECOåçZ[ÖP+^PolyéèZ[êëfgíìîïêëfg*ñfOóHJTòô[öõr=?@òvúÖÇùûüÖò†
°yz*¢Zfg£§=•¶?@Zß®[öfg©vúÖZ™ñ*´¨˜òOóXBCÇô[öÆØ±Qr¥òô[öõr=DµOÅ+,yzËsO†ª=78fgºoTUZ[mn=[æïø¿¡\¬Eøƒö*]~=†Eø9ECAuv”Öï«i»5… À]*ï^ÃÕ”Öú0”Æœ–”íO†ª=78—†E“uvÖ”é‘ryzË«’÷s’ÿŸv⁄Ö¤‹v⁄ÆT›fi5¡\íO
fl‡>r:·=‚Å`Q*Dl„ljÂÊÃüO78?@Á†BËÈÍZ=ÎÏÈÍZÌó23Q4?@dkÓÔZ≈bcODl=ÒÚ;f3000dZ≈ÛÎÍÙó24;ıfO†ª=78ˆ˜ı¯3C˘:·300d˙˚≈ÛÎOfl¸‡f\
˝˛ÍÙ`ˇ!IÖ"†°$%&=DlR(w,)ƒö**+,-ÊÉÂO
sÙ)36¸‡TOPConvÄ/°>ru]LECO01=782˝LECO[ö3
|Le^„j=ÍÙ?@^_4ñ=QeLECO5Í6Ç7ffi=9:78ñffi;
jO†ª=78fl‡‰Â<Í=:·=ÍÙ„jZ≈>‰E?=Ë«’`ˇ\@O
!IAB-ı¯Ck6DEFTUf\GHeIíJK=LM¸N78\@=A
ˆ7824-26;?@FGHIJ0OP7.6/9.5/10.7C˘QÏABR24-25;8.5/10.2CS=DE+71%/+26%/+12%=TÏUffi¬ÂPE0OP12.6/10.0/9.0V=WXYZ][CkO
\]„^6TU]~_¶A`MGHeIM*au]bc_¶A`íO
!IABd
!"#$% ®©:™7£ &'% ®©:™7£
()*+ 2023 2024E 2025E 2026E ()*+ 2023 2024E 2025E 2026E
,-!. 749 1,104 1,328 1,522 /012 10,290 15,174 18,244 20,917
3145 989 1,458 1,753 2,010 /067 9,280 13,479 16,147 18,546
3189 1,825 2,691 3,235 3,709 :.;<= 15 22 26 30
>?89 40 59 70 81 @ABC 40 56 67 76
D, 1,327 1,927 2,309 2,652 EFBC 87 122 145 166
GH!" 0 0 0 0 IJBC 294 413 491 563
KLMN!" 1,864 2,087 2,227 2,349 OPBC 39 147 198 221
MN!"G) 6,794 9,326 10,923 12,323 QCRSTU -46 -64 -81 -97
KLVWX! 0 0 0 0 !"RSTU -48 -40 -40 -40
VWYZX! 229 229 229 229 [\]S^N1_ -13 0 0 0
`a!" 160 233 304 372 X!1_ 41 0 0 0
bcde 43 123 193 253 KL1_ 29 21 21 24
fg!" 115 128 140 150 /0&' 498 852 1,072 1,202
KLhMN!" 154 172 187 199 /0i12 1 0 0 0
hMN!"G) 702 886 1,052 1,203 /0ijk 1 0 0 0
!"G) 7,496 10,212 11,975 13,526 &'lm 498 852 1,072 1,202
nWo9 1,930 3,800 4,580 5,065 pq: 57 97 123 137
3?45 396 564 662 745 r&' 441 755 949 1,065
3?89 80 114 134 150 stYuT_ -1 0 0 0
>19v 0 0 0 0 wxy[zr&' 442 755 949 1,065
GH#$ 5 7 9 10 NOPLAT 475 885 1,124 1,260
KL3?9 36 36 36 36 EPS[|]~Y7ŠÅ2.674.565.736.43
Ç*ÉÑWÖhMN#$ 6 6 6 6
KLMN#$ 99 128 165 190 ÜáOPàâ
MN#$G) 2,552 4,655 5,592 6,202 ()*+20232024E2025E2026E
VWo9 0 0 0 0 6Väã
3?$å 0 0 0 0 /012çVâ 58.2% 47.5% 20.2% 14.7%
KLhMN#$ 23 123 123 123 EBITçVâ 16.8% 86.3% 27.0% 12.1%
hMN#$G) 23 123 123 123 wy[zr&'çVâ 13.0% 70.7% 25.8% 12.2%
#$G) 2,576 4,779 5,716 6,326 é&äã
wxy[zpèêZ_ 4,920 5,433 6,259 7,200 ë&â 9.8% 11.2% 11.5% 11.3%
stYuZ_ 0 0 0 0 r&â 4.3% 5.0% 5.2% 5.1%
pèêZ_G) 4,920 5,433 6,259 7,200 ROE 9.0% 13.9% 15.2% 14.8%
#$íYuZ_7,49610,21211,97513,526 ROIC 10.5% 13.1% 13.8% 13.4%
ì$äã
î.Mï%®©:™7£ !"#$â 34.4% 46.8% 47.7% 46.8%
()*+20232024E2025E2026E $PZ_à 39.8% 72.3% 75.2% 72.1%
ñ/óNî.M -2,664 -1,002 -10 281 MNàâ 2.7 2.0 2.0 2.0
î.1_ 547 944 1,206 1,361 òNàâ 2.1 1.6 1.5 1.6
D,ôö -722 -600 -381 -343 /õäã
ñ/ú31ôö -932 -1,314 -811 -701 l!"ùûâ 1.4 1.5 1.5 1.5
ñ/ú3?ôö 145 202 118 100 3189ùûüt 51 54 58 60
KLôö -1,701 -234 -142 -136 3?89ùûüt 4 3 3 3
X!óNî.M 133 -226 -226 -226 D,ùûüt 37 43 47 48
!7jk -135 -208 -211 -214 †Y°¢[£Å
YZX! -229 0 0 0 †Y1_ 2.67 4.56 5.73 6.43
KLVW!"^§ 497 -18 -15 -12 †Yñ/î.M -16.08 -6.05 -0.06 1.70
•!óNî.M 2,362 1,583 459 140 †Yr!" 29.70 32.80 37.79 43.47
o9ç= 1,167 1,870 780 485 ¶Sàâ
Y&;&ßj? -61 -266 -358 -406 P/E 21.6 12.6 10.0 9.0
Yu•! 0 0 0 0 P/B 1.9 1.8 1.5 1.3
KLôö 1,256 -21 37 61 EV/EBITDA 96 56 44 39
!"#Wind$%&'()*+
FGƒ"ef#
Ck f.
UgCk Z] A`hi6~12îÓjk¬D`/l2mn¨ó15%•fl
`X A`hi6~12îÓjk¬D`/l2mn¨ó5%~15%(o
XÍ A`hi6~12îÓjk¬D`/l2mn¨ó-10%~+5%(o
pX A`hi6~12îÓjk¬D`/l2mq¨ó10%•fl
¡\Ck `X A`hi6~12îÓj¬D`/l2mn¨ó10%•fl
rü A`hi6~12îÓj¬D`/l2mn¨ó-10%~+10%(o
pX A`hi6~12îÓj¬D`/l2mq¨ó10%•fl
st6Ck3lP