
0 Y N,l ?![ h–?[ &&”(5¥ONªAoº ß? ß etjee ; q[XTLDQJ#JWVMKDDVR[FLRDPR#J\WXM[DLVQFRP #JWMDVFRP '666 qA‘! h;&($;Nu;NfiMud”o;Nu;NfiMud‡&&(;5Nud « ,lPh¨;9dh;,lcwc‘c(O ›qA w*Nz:»X0x wBƒ.‡0fivV¶ „h¨ccc"Pchc „h¨ccdh;,lQ¨T‘!„ w¨˛6»X0Nz:q N w]WW)¢ ‡c‡i($c!”:‡ch ”?c/P,ld9T‘!„ ,lc2£cfi‡c,cŒLd woNocovc| .x &($;Nhu;N Mfi udh;‡o˙&o´ &($Nu¢;;NfiMu 0¢;n[<d”Noh;Nu¢; ;NfiMu¢;dh;R”N /oNfi«:h”oMu«o´ Mudh;” &N& N(5 u¢;d o/o.w!w˙¸$N?y”#wx˙¸ $N?yg7Do:)h”cw˙”cw˙ %o%cw˙Ocw˙+¢?Dfi ‡d¸$‹Y•»›*”¸$?yd$››¸$”? y”#”?y]·d–››/_,Bƒ”GY?y]·d ;g˙$!_,BeHß4ªV[ł˛”¥ 0¤¨»ı0&&‡˙(&5pLYNW¨”¥0d‡ &&˙(&5 ‚›e·sNTd l–4ªV_,B ‚[ł¤¨»ı&0& ˙(‡&5 ‰¤pLY N”|oX7”¥0(_$””¥0?y…*„]·s‡ ßTlNª¢Qcª¢QP¨»d”¥0"‡ ›e_,B›[[£ªxc¨_ßr1w´ 80qAł—˛@d‡o˙&]´$¨ 7&&”(¥5 0[[ƒ.d˙—!‡&&˙(&5 sN‡o˙ &´$¨ &&7”(¥5 0[[.d!JøW] ‹‡£¨2£˝‡j‡c[(0d‡o˙ &ƒ.¶ n_d mFO»£! mn£¨8,Bc,BcDNOcn,Bd øoO|WP!Ł|!|‘˝‡V: ,c¡/,l"Ø|1x!8ST˝‡‡|"Œ| !º!:,Bc‡˝‡¯c˘Wd ¢!ß›$c»)gGYd ;g˙ ˆ ...$........................................................................... ,lPh;¨.9................................................................... o/PU........................................................................... ,lßh;7„.....M.................................................... ,lh˙dh;„..d.....A.................................................. ¢..................................................................................... 1.;g˙$ _,BeHß4ªV[ł˛”¥0¤ »ı0&‡&(˙5&pLYNW¨”¥0d ‡&&(˙5&‚›e·sNd›1w [¨&&(58ßW¥»G0¥”oN¶)ß&&(5d›eoXh »‡‡¥ &&/(5#8 ¨d› e‡o˙&sN¶ &h&( #5˙1¶o´ ´œd›e_,B—„¶w1w 8W¥¸ßxd;Dº˛»¨ ‰‡1w[¨˜[¨˙&dsN ›ed 1‡w &&(˛5[[»¨»”¥0#pLYN¨»” ‡o˙&¶»&&(5˙o´´œ Hh«d_,B‚—„¶w1w 8W¥¸ßx[[˛»¨ T»l ”–¥04d ªV_,B‚[ł¤¨»&&ı(0˙5&‡ ‰¤pLYN”|oX7”¥0(_$””¥0 ·s‡„ßTlNª¢Qcª¢QP ¥0"‡d ‡o˙&]&&(”57¥0[[.d› e_,B›[[£ª¨xc_ßr1w 80qAł—˛@d‡o˙&]´7&&(”5¥0[[ƒ.d ˙—!‡&&(˙5&sN‡o˙&´$&¨&( ”¥0[[.d!JøW]‹‡£¨2£j‡c[(d0‡o˙&ƒ. _mndFO»£!m ,BcDNOc n,Bd øoO| !Ł|!|‘˝‡V:,c¡/ 1x!8ST˝‡‡|"Œ|!º!c ‡˝‡c¯˘dW ¶‡FGd EPS( M) PE d ¯K fi M 2023A 2024E 2025E 2022A 2023E 2024E ˙ ? 8 ,B [ DNO [ ,B [ ,B [ 2 £ [ 8 S T [ :,B [ |‘ [ ‡ [ l WWi!nd c‡\ ŒYN _! fi Y FG ‡\,l rdY6NqA*+. ’ 2.,lPh;¨9 ˙&ߢ!h;,lcwc‘c(O„h¨c cc"PchcNh¨„ccd ¨T‘!‡c‡i($c!”: ‡ch”?c/P,ld 9T!‘,lc2£cfi‡ c,cŒLd ˝!,lP¨9T‘ 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% -10.00% -15.00% ‡‡i($!”:‡h”?/P,lŒL,fi‡2£,l lW:!L cQ‡G\ŒYN 3.o/PU h;‡o˙&o´&($Nu¢; ; N fiu M u ¢ dh ;R ” Mu « u o ´ ¢; 0¢;n[<d”Noh ;;NfiMu¢; N/oNhfi”o«: Mudh;”N&&(N5 d ww˙¸$N?y”#x„ ”#[w˙¸$N?yg7 w˙”cw˙%o%cw˙ D+¢?fi‡d[7$cl¶ + $[ » ‡d¸$ ‹ ›› ¸$ ”?y”# ” Y•»›*” ?y]·d–›› ƒ”GY?y]·doW! KWWSVZZZPHHJRYFKWPO ˝!h;&($Nh‡«:uMud 800,000120.00 700,000 600,000 500,000 100.00 167 80.00 400,00060.00 300,000 200,000 100,000 40.00 20.00 0 ‡h”#z87Jz NhuNfi/uM 0.00 lW!‡Ro´ªNc‡\ŒYN 4. , lß h ; 7 „M / ‡ V ‡ß¥ ” J ! ‡ eS W¨˛6»X0!]·)V V—8NfW¨˛6»X0 7)…głFrRVd·[˙ &6 $ »o cX ¥0 W - ! $P ´ O) d ›‹ ! [ KW W S Z Z Z S EF J R Y F Q d A [ q W , l d ¢ g ‹ £ &`M ‰ " ¢ º h , ˙B d d J › ‹ J £ F. & M‰`M ‰ )d )" ·[]C)c‘º·[‡ycdnh[[wC!orV 5.,lh˙dh;„ ¢ºh˙dJJF`.M‰)d /‡d¢g‹£&`M‰)" ¢ºh˙dJJF.M‰)d ,B d ¢ g ‹£ & ` M ‰ " ¢ º h˙ d J J F`. M ‰ )d 8 ,B d ¢ g ‹£ & ` M ‰ )" ¢ º h˙ d J J F`. M ‰ )d ´ ,B d ¢ g ‹£ & ` M ‰ )" ¢ º h˙ d J J F`. M ‰ )d Ms ŒL›ed„¶h”NŒ ˜»/Ifi”·&Ms‰dd cP ‡dL„V—„¶twL„V—¿ g fl r g fi L —# x JV —d & j ‡ R» d Y d › !k e Md › e 6.¢ ß›$c»)gGYd \(§9]-Aæ-J,·hAæh¯CtBJCtl 68> 65§9]-AæhJJ‚‚,·Aæh¯CtBJCtlF-(,·CJ7+7-¸¨AæzpG+X,·w88?$PFkE`*65,·6|J*6@¨\z$5.‘P¶65,·.D0ƒ?&ب¸"r)0߈?…!¨5AŒ=+1\9Ø, ¡¨('!>˜ ]CS> \zı¸-#K„Aæh6-9L ,·’fg˜\zıX-(£#»AŁ Œf‘\z6<?flz˜ (˜ ;10 \ (¯,· gfl+X ˜ \ ( =Jf ,·ı ;n ¨ ƒ ıj¸ 6< n ¨ † = ·@+ \z,·$"0,·Ct¨\()B1y,·⁄W.FWMˆ…W=+Aæ˜\zpE›,·Ctˆ??æ #[ıP\(3\z,·T¨\zp7,·AæhF¯Ct7,·,·’lˆ’lœ¯CtfwC˜Ej>,·>)˝˜X=<&O¨\(*>\zpE›Ctˆ??æœ#[=08$,·z˜\(=Aæ1X0(1˜<&¨\()\zp[X=*FJ.,·ı;*i¨¯Ct65˜8>|£#-(˜, i˜ \z]p7,·¯Ctœ=7-=F28Z[g¨=·@g/æŒB*A˜X+ı;¨\z],· w=·@)+Œ,·¯Ct*A˜X+ı;¨\(ˆ\(F65£6j·=flB*¯Ct650˚9Y¨=>¯Ct6Ctf,œ¨=)+Œfl+X\z],·+ØpE8$,·+aCO+CS+˜¯Ct65ı#?¨ƒ! 1>\(ˆ\(F65£6j·£˜ \(Y+XL˜/ºfG0ZFJZN¶ˆGLF£6j·[L$,·#q˜!¨¯Ct65˜#?¨X# ;¨\(œƒp£6j·7-J19z]‘,·(p>|,·AæhFOsƒF>|AæhFOsC¨ (¸F65„¸¯CtK&>|ˆCRNfiLFæ615yH-(=£‰=˜X#»AŁ,·ı;¨\(,·7-ı+\zp‘,·(,·:»˜ 2j9NL¨¯CtM0BX~˜¯Ct65=˜6\jz*¯Ctª1,·_0633P¨=˜Aj\z8!,·T Xª˚¯Ct]¨†9M0?–¨¯Ct65ıACJŒBƒBX~ª1˜ \z(xsıj\(p9¨Z4MAٍ+j·…ZŒ=˙+?6+(xˆ=fˆ>FE+X˜† >|E+Xˆ:,·¨M0XqAŁ,·93$fl+X¨ƒ#>*4j-#K„Aæh.D0ƒ¨D=˙)\zF>|+9˘ˇ?,P8†…i˜ 9\(F,·ƒj·˜;10B ¯Ct65˜8>|63+Bj·?–"r9„$B4 j·)8j!F1>|jCOCS˜FJE!FD·9˙œ,·Aæh˜\z=·@\(ABj· j · ¯ F1 \ z¨I+aB FF6< C \ z] ¯Ct*A¨\(ˆ\(F65£6j·=jBj·[gfl+X\zFzpE›ØEC§,·+ A4 B$ > ˛1 -( )" $!300 7 # 1u5% : BX~˛ 1 -( )" $!300 7 # uß5% 15%[L$ 6/¯CtA4 ]W -( )" $!300 7 # uß-5% 5% 1-( )" $!300 7 ;C5%: A4B$> 1.¯Ct*A,·"E‡7 ¯CtA46j6/A4…>|JA4 z312>,·Z8,·2j>)j "E‡7¨z3 12>Z,· 8,· (6’˜F>|J7¯,·#Cu-( O,·"$!3007#Cuj*˜ 2.¯Ct*A,·A47 ˛1>nj" 3$!007 z31>2,·Z8,·(6 ˜F>|J7,·#¯Cu-()<O,·"$! >|J¯CtA4 ]W*\>"$3!0071£ 3007,·#Cu˜ -#K„Aæh.D0ƒp 1>na"3$0!07 :#§$!cG ‘p:#§2M„jL(D669’~ j20r $!c2/¿+‘j,œ+‘D6003’9Cv ]B;27r G2?fljH=‰W9>’+Hb=‰ >]18‹r F5F200041518026100032 +eB˜021¯38676666˜0755¯23976888˜010¯83939888 E-mailgtjaresearch@gtjas.com