˝u
3»pUˇj‚37oM\_#)‰¢
F.]
“>$;F6
~Cz‚o”»G1*<
]‚_#)‰20>23“¢.K6/1d
*
G"-A‡3»p8pM6"x7'0i>·1c3PpL
^F>c‚o⁄P2G0038‚)2022“352>pL)‰
34%]8)73%‚-."‹5#?]0L˙*·2pM6"x
´0Cl--.'‚2020“D30631M_
‚0u1C
KG(‘«)ŁAP()«
l-˝fL‚pM?6"Qx
70i—˙·3Cc5⁄>Cj¸p
19.00 500
M6"x‚o⁄c3u5‚2024“CXuGAH24¿6¨ıye7
17.00 400
pCc5⁄D˚+^>Cj
B‚"K4.2%>
15.00 300
G"-A‡¢#.
U],”]73N
3]ı
»3N>·126K
13.00 200
4,”?•"xp]`L‚o⁄35Av20‚23“3
11.00 100
c]H
69."2%‚E„2020“
2].3pct>G"#1˝:`-
9.000
E⁄6Q>CjN']A35L-60%‚?_˜NL+U)8‚,”1¿
230504 230704 230904 231104 240104 240304
v>o⁄c3PpP‚3»Pp>CRP32020“
,”46.2%]2f023“@“6,1”.8%>-A‡p]`LD
ŁAP%†$a@300
1B9“55#\UˇjL
˙·2c
G"#1˝¢c.
]8)‰2018
“,”16.5%]8)2022“,”23.6%‚¢.^QP¢!º´~F
•Z`fl5—cJ(_d
ø 20222023 2024E 2025E 2026E
p0HN2020 “,”H v()« 12,56311,534 13,042 15,098 17,318
¶e,”.J@N…~3»B>‚?QF6!]>3
G"-A‡¢.#›Ll
·1K3>
p0KE„!‚1
Qo>⁄#›'q5¤ƒ⁄‚c3
H v ˝x 34.61% -8.19% 13.07% 15.76% 14.71%
¡ > (@)« 681 997 1,184 1,380 1,598
4.77ı5˜yK2f023“,”9.86ı5˜y‚“C>K27).‰4%‚
0']-2020“,”36585˜yK
y˙·2¢.0#›1¿po‚⁄¢.¢
2f023“,”67095˜
202‚3“¢.#›Ll
¡>@˝x55.42%46.39%18.78%16.53%15.83%
8V?(v«)0.6060.8871.0541.2281.423
9.8ıy‚B"
3K7.3%‚F“KE„˙o!
⁄#›'q5¤ƒ
?˘H¯ºPv3.210.941.421.832.09
⁄=¢.¢
G´"#1˝¢‚
#.›Ll^3»pH0
N,”
ROE(¡K>‚)(8[
)11.43%14.90%15.92%16.61%17.16%
?)‰2020“,”9.9%@]2f023“,”14.1%˙·30#›8p
0L*LJ‚o⁄MordorIntelligence‚2023“*9p80L*N”Ap789.8ı5˜y‚¢.8)‰ß2.1p%‚FK0L*E„]
I^Zorxj
P/E26.8818.3615.4613.2611.45
P/B3.072.742.472.201.97
y‚[vk¢PBoæ
G"N”#2024/2025/2026“¢.)"11_.#8ı/13.8ı
/16.0ıy‚B+1"8.8%/+16.5%/+15.8%‚/E˚PSp
1.05/1.23/1.42y6>9
d6
-r#OL˙>Cju1OL˙#›L8p5:[OL>
»-$
1=3»pUˇ3j‚7oM\_#)‰......]4
1.1¢."ıM˘3Uˇj‚P4ı.U4
1.2CX>)˘$;F6~Cz‚5:[C^Ho...”..D...t4
2=0Cl-70i—‚Cc5⁄>Cj¸M6"x‚-A‡pM6"x.0.i...c..?7
2.1c3PpL)‰?...].0..L.*7
2.22O¿˝fQH?‚0Cl-...L...8.¥..‡8
2.3Cc5⁄>Cj¸M6"x‚3==,”§?.Q..#..F..610
3=¢.¶eN…~‚-˜p]`LD>C.j..u.1....N...L11
3.1-˜]`LC`ıD>Cju1NL‚UˇjLc.......Q11
3.2¢.¶eN…~>P‚F“c]8.).‰......].E..„..!14
4=¢.^c3p0#›,”%⁄#wc~p‚FK.0..L.*.E.„...]17
5=,_N”#D¸Cz.0.A19
5.1,_N”#19
5.2¸Cz0Af..r20
6=OL
../.p20
4>-$
4> 1 ˘ ¢ .G
4> 2 ˘ ¢ .
4> 3 ˘ ¢ .l
4> 4 ˘ ¢ .l
4> 5 ˘ ¢ ."
4> 6 ˘ ¢ .
<.4./p4
e3»
>pPUˇj
2602·2“:[l‚ı
.y5
5]G<8Pp......P5
82018“C›@¸]‚K7.ı..D...t5
_)‰"j'F“.7..'0.i6
M_)2‰0188“t:....]6
4> 7 ˘ ¢.,”K6d=1* 8 ˘ ¢ .N L52>1*< ´+U ƒH‚ ]=..=...t:....o...”6
4> 9 ˘ ¢ .P “F60¯ P =$;F6 ~Cz ...˝8.¥...‡...F..~7
4> 10 ˘ c3p8p?œW0ic?7
4> 11 ˘ G3PpL)‰75.#.....]7
4> 12 ˘ G3PpL)‰"j'-."˜E3?20]202L*“·8
4> 13 ˘L q?•(L‚pL)‰20E2„1“·8
4> 14 ˘ P+UL4L?E„].....0..L.*8
4> 15 ˘ peG3K6dN6],”2021p“·9
4> 16 ˘ pM6"xD0 C l- t:!..-....'9
4>17˘0Cl-u1´8p)„§^#9
4>18˘q26lCc20-18“70i—/50k·gy10
4>19˘pCc5⁄>Cju1?e7…p..8..p.M.6.".x10
4>20˘p>P,”-.'e7u.111
4>21˘3¨t=/"d"]L(1,”¨tLr?•"x..Q11
4>22˘&?H
kW)‰FF·
“@..].......................................................12
4>23˘c]qH,”"HC...ª..@...]12
4>24˘E⁄p>CjNEæ“~..A.L.....7..ı13
4>25˘]c1¿rvLc‚663p>
20P2U3ˇ“j6·
...............................13
4>26˘]P¢pK6d"_)‰*Q·"„˝....p..p...`14
4>27˘p>PjGLc~..˚..D...t14
4>28˘¢..JCo+^)‰DtQ˜%"
20¢22.“·
.............................................15
4>29˘¢.]73N…~3»1.¿../15
4>30˘LW40044
4F0U0P¢H`
...p15
4>31˘R4YTN3..p15
4>32˘¢.c]`p8)‰F“D..t......]16
4>33˘¢.pPl·ıyN…~.1....¿.../16
4>34˘¢.p"_)‰1b...6...L..U16
4>35˘¢.pK6d-·=yQ˜.1....¿../17
4>36˘c3p0HN.K..E..„..!17
4>37˘c3p0']-FF!......]17
4>38˘¢.#›LlE惓!FU....K18
4>39˘¢.3p0#›,”3NFF!.....Q18
4>40˘2022“*9p8pLCz(8.).‰..E.„.Q19
4>41˘¢.-."˜*9pUˇj?E„]F3C.‹0..L.*19
4> 42 ˘ ¢.,_N”#20
4> 43 ˘ %"¢.fr".E.„20
1o¡ˆ † ¡bgX j @´·6
1.1¢."ıM˘3¢.?F70“,” Uˇ [ j‚ … P4ıU
(o>⁄¢.˛5 ‚c36 L ?L¢.C1b6 plFV
‚‚F1
1˜955“‚e36˚
1,56U
‘H&0ANfl-$
>19697“‚6L
PK4o,⁄n¢>.¢ ¢‚ .,”q:[P ;aP p
´ pZ] ‚#º- 31ME⁄E´ \E p K.Kq, =U
?…- ,1'KdM,G,,”.J =lFV ´K6d‚ p 2L;"f1¨2HL ‚)‰
10KWf405KW,”MFD%*" p=8o8l=+kp4œ1 p G D G
> ,” "#+ = "j1G , ‚!L
^A6@8>
U“6>23^Oˇ$e@8>2012“8>8‚¢.
4>1˘¢.G<4/p
E⁄Ep\Ep"#+/"jM,G,q
G p G8o8l p K.,
$˘˘¢.˛5 3‚H An.J0‹v
1.2CX>)$;F˘6~Cz‚5:[C^Ho”Dt
¢.ep>PUˇj‚l
65”q0i—>o⁄¢.¢
2‚023“¢.lE
1f15.3
ıy>¢.,”p6G^—¢.6’\
qP=]CzF:[~)‰=»GCz$˘“>,”CA‚‹pP
2020“C›(CˆCW)dl>‹Pq?•¢p.6,”CX¢.6H=ˆC9˝,”
‚2023“6>6‚¢.9¢0&(5c3´6FLCX?LCY,”1@¢.
‚N”A2024“
4>2˘¢.e3»p>PUˇj6·2022“:[l‚ıy 180
160 140 120 100 80 60 40 20 0
$˘˘:¢.¢
3H‚
An.J0‹v
4>3˘¢.l5]G<8PpP
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0% 2017201820192020202120222023
¿U¿U
$˘˘¢.¢‚3HAn.J0‹v
¢.lF“KıjD>2t012“@8‚¢
:.[Pl5…9…¤“,B”9“‚o
⁄¢.¢
201‚8“¢.):[Pl56.8ıy
-‚."2012“,”“C>K)-‰10.p8%>
|82019“C›‚¢.l~)Dt,”K7oı⁄>¢.¢‚2021“/2022“/2023“
/2024“6¢.2023“:[lALq?•321022“3==FEeMp6"x‚
_#Kq?•315”o”="_)‰Q2022‚“˚l*!tNflArJ7
cK,>6yA¢w-r>G"N”gA-.'C_3V,”§?QFF!#F6>
4>4˘¢.l82018“C›@¸]‚K7ıDt
14040%
12030%
10020%
8010%
600%
40-10%
20-20% 0
20172018201920202021202220232024Q1
-30%
Hv(L)«yoy(X)ł
$˘˘¢.¢‚3HAn.J0‹v
4>5˘¢."_)