JKffiM#NOPGQRSTUVRWX0YK2Z[\
JKffiM(603105.SH)/W]^_`a;=>Iƒ2024b5c6d
23 2022A 2023A 2024E 2025E 2026E
a-bcd78&e 650 686 811 981 1,145
fghyoy% 46.0% 5.6% 18.3% 20.9% 16.7%
iSjd78&e 192 220 271 339 395
fghyoy% 74.1% 14.9% 23.0% 25.1% 16.5%
k5bld&e 0.38 0.44 0.54 0.68 0.79
k5mn9R 1.15 0.72 1.02 1.13 1.25
iopblh 11% 11% 12% 14% 14%
P/E 23.7 20.6 16.7 13.4 11.5
P/B 2.6 2.2 2.0 1.8 1.6
ƒ"#$%&'()=>?@ABCDE
!"ffi$%9.06&'()%*+
,-./01%S0740522020001
Email%zengbiao@zts.com.cn
'()%23
,-./01%S0740522040004
Email%wupeng@zts.com.cn
qr%k5stuvw]56xyz[|V]~5ffiyÄ2024Å4Ç30IbÑffi
FGHI
*+,-
456(785) 500
9:56(785) 500
!ffi(&) 9.06
!;(78&) 4,530
9:!;(78&) 4,530
./012-3456fi8
40%!"ffi$%&300
20%
2023-04
2023-05
2023-06
2023-07
2023-08
2023-09
2023-10
2023-11
2023-12
2024-01
2024-02
2024-03
2024-04
0%
-20%
-40%
-60%
9:;<
1DEFGHIJKffiM%'NOPQRSTUVWXYK+Z[\]^
_`
45672023889:2023;8<=>?6.86@ABC+5.6%ADEFGH2.
20@ABC+15.0%AIGJ57.4%ABC+2.5pctK23Q4<=>?1.43@AB
C+8.6%ALC-32.7%ADEFGH0.34@ABC+12.3%ALC-55.1%AIGJ51.6%ABC+11.1pctALC-10.1pctM456720248NO9:24Q1<=>
?1.59@ABC+25.0%ALC+11.6%ADEFGH0.31@ABC+3.3%ALC-9.4%AIGJ47.3%ABC-5.7pctALC-4.3pctM
07PQRSTUVWXAYZ[\]^_`abcdef"ghMQR6Sf"<=iGjkA238QR6S?l6.0@mABC+12.8%AIGJ65.7%ABC+0.1pctAnof"FGJ32.1%ABC+2.6pctMpqA45rstu07PQRSTvwxiy828MWAzW[|]]|~êÄÅoB*tu07PQRSTy163MWAB_ÇÉ6[ÑÖÜ|á07PàpAWâäã45å"çéèêëíÜìîMïñAóQR[fffiôöëõúùûüAQR†°~EPC¢G£§•A45^_`a¶ßbcf"ghA®IGJ©ñ™´QR†°~¨ñEPCÅÆM
Øå07PQRSTé±êπAU≠¥XQµ;N3ã7sMNü˘A6Sf"Sª?lº¢ìæAø¿U¡?l=¬µAƒubµ]«µë»];S… Àmãf"6Ãø¿WÕê¬LuKzNü˘A45œWGW–ubf—«êπA45Ñ“”‘’÷ö¶ÿ*ubfŸ«Aø⁄;¤6S+;S+µ‹N3ã›"Afi`fl‡ubfêπ·‚MïñA45p3[248¥¡ubµàp„ÇN¡gh*‰ÂAvÊÁ«µë»*Ë6]ÈÍAgÎjwµõ]ÌÓPÔLSπ~vjwµõë»AÒp3ÚÛÙıM
¢Gˆ˜¯Ùê˘–:07PSTÙê¯˙>f"U≠6ÃA˚ʵ;ë»KgAWâ¥L45f˛6ÃMˇ!ëf"#Ê$èàpvwX` %&A'()*¢G
ˆ˜Aˆs24-268<=DEFGH0+ƒ2.7/3.4/4.0@m,q-ˆ˜‚24-25
83.5/4.5@m3ABCk/23%/25%/17%A0q1·©ZPE0+ƒ17/13/11
2A3u45l”˘–M
78ø9:[f:;<èˆ=Kë»·>?@ALKÚÛBÃ<èˆ= M
¢Gˆ˜C
!"#$% ®©:™7£ &'% ®©:™7£
()*+ 2023 2024E 2025E 2026E ()*+ 2023 2024E 2025E 2026E
,-!. 685 813 1,062 1,372 /012 686 811 981 1,145
3145 0 0 0 0 /067 292 363 437 529
3189 180 212 257 300 :.;<= 3 3 4 5
>?89 2 3 3 4 @ABC 2 2 3 3
D, 31 38 46 56 EFBC 53 63 74 85
GH!" 0 0 0 0 IJBC 20 24 29 33
KLMN!" 53 63 76 88 OPBC 73 64 62 59
MN!"G) 951 1,129 1,444 1,820 QCRSTU -7 -1 -4 -3
KLVWX! 5 5 5 5 !"RSTU 0 0 0 0
VWYZX! 2 2 2 2 [\]S^N1_ 0 0 -1 0
`a!" 2,893 2,812 2,746 2,694 X!1_ 0 0 0 0
bcde 224 304 374 434 KL1_ 8 10 9 9
fg!" 42 44 47 49 /0&' 244 301 377 438
KLhMN!" 235 234 234 234 /0i12 0 1 0 1
hMN!"G) 3,400 3,401 3,408 3,417 /0ijk 0 1 1 1
!"G) 4,351 4,530 4,852 5,238 &'lm 244 301 376 438
nWo9 160 160 160 160 pq: 24 30 37 43
3?45 106 130 153 181 r&' 220 271 339 395
3?89 82 100 118 140 stYuT_ 0 0 0 0
>19v 0 0 0 0 wxy[zr&' 220 271 339 395
GH#$ 13 15 18 21 NOPLAT 286 328 395 448
KL3?9 6 6 6 6 EPS[|]~Y7ŠÅ0.440.540.680.79
Ç*ÉÑWÖhMN#$ 192 192 192 192
KLMN#$ 46 42 47 52 ÜáOPàâ
MN#$G) 605 645 694 752 ()*+20232024E2025E2026E
VWo9 837 837 837 837 6Väã
3?$å 734 734 734 734 /012çVâ 5.6% 18.3% 20.9% 16.7%
KLhMN#$ 103 103 103 103 EBITçVâ 9.9% 14.8% 20.2% 13.5%
hMN#$G) 1,674 1,674 1,674 1,674 wy[zr&'çVâ 14.9% 23.0% 25.1% 16.5%
#$G) 2,279 2,319 2,368 2,426 é&äã
wxy[zpèêZ_ 2,071 2,211 2,484 2,812 ë&â 57.4% 55.2% 55.4% 53.8%
stYuZ_ 0 0 0 0 r&â 32.1% 33.4% 34.6% 34.5%
pèêZ_G) 2,071 2,211 2,484 2,812 ROE 10.6% 12.2% 13.6% 14.0%
#$íYuZ_4,3514,5304,8525,238 ROIC 8.3% 9.2% 10.3% 10.9%
ì$äã
î.Mï%®©:™7£ !"#$â 52.4% 51.2% 48.8% 46.3%
()*+20232024E2025E2026E $PZ_à 97.8% 91.6% 81.6% 72.1%
ñ/óNî.M 359 510 566 623 MNàâ 1.6 1.8 2.1 2.4
î.1_ 471 521 582 631 òNàâ 1.5 1.7 2.0 2.3
D,ôö -16 -7 -8 -10 /õäã
ñ/ú31ôö -110 -33 -45 -44 l!"ùûâ 0.2 0.2 0.2 0.2
ñ/ú3?ôö -102 41 41 50 3189ùûüt 65 87 86 87
KLôö 117 -11 -5 -5 3?89ùûüt 91 90 90 88
X!óNî.M -480 -187 -188 -187 D,ùûüt 28 34 35 35
!7jk -528 -188 -188 -187 †Y°¢[£Å
YZX! -2 0 0 0 †Y1_ 0.44 0.54 0.68 0.79
KLVW!"^§ 50 1 0 0 †Yñ/î.M 0.72 1.02 1.13 1.25
•!óNî.M 612 -195 -129 -126 †Yr!" 4.14 4.42 4.97 5.62
o9ç= 610 0 0 0 ¶Sàâ
Y&;&ßj? -124 -153 -173 -190 P/E 20.6 16.7 13.4 11.5
Yu•! 0 0 0 0 P/B 2.2 2.0 1.8 1.6
KLôö 126 -42 44 64 EV/EBITDA 34 31 27 25
!"#Wind$%&'()*+
FGƒ"ef#
˘– D.
1E˘– 5l ˆ=FG6~12H¢IJ©B=KL2MN@[15%OP
ku ˆ=FG6~12H¢IJ©B=KL2MN@[5%~15%(Q
uW ˆ=FG6~12H¢IJ©B=KL2MN@[-10%~+5%(Q
Ru ˆ=FG6~12H¢IJ©B=KL2MS@[10%OP
[f˘– ku ˆ=FG6~12H¢I©B=KL2MN@[10%OP
Vö ˆ=FG6~12H¢I©B=KL2MN@[-10%~+10%(Q
Ru ˆ=FG6~12H¢I©B=KL2MS@[10%OP
TU:˘–3Lƒ9V67W)*6~12H¢I451·,X[f2M3J©B=KL2M*J©ÚÛC=MdVA1ÚÛOYfi3002MƒKLKZ[\ÚÛO[\Ç2,]©^_Ö`3*3X[\aÚ2M,]©aÚÖ`3*3ƒKLKbcÚÛOdefgGVh2MƒKLAi1ÚÛO3j5002MXklmnno2MƒKL,zWD.*oñ3M
Ø"ø$%
Vpqr1sWt45,O)uv4w45”3xWVhqryz[|]~6ÄÑ*qrÙêÅÇf"ê>M
w9VÉ¿w45*Ÿ«Ñ—Mw45<6%ñ?Ö?Üw9Vá®dƒŸ«M
w9VKàw45èdËâÖ~äƒÑã*4åêçX<ÂbËêçAéèêëí*Ëâì‹AÕ;îï]Ÿì~4&Aìñ<óóòô[ü*öõXûüMw45Õ;ú<ùq‘’ãû*Lüö~†cöAAw9VV*êç]õ¢]ˆ˜£éè9V§-4å67_*•¶AÑõ6ffi_bcMw45©w9V®©ãûÑ
[<6™´¨*\„)a™*]AÙêíZ0t[ÆUJZ*ØZX*]Mw9V®“*êç]ux]õ¢]ãû襘±ø¿∑Ÿ«ëTˇ(—A<îÇóòÙê]¥µ]6sX´"*âµ|ë|_Aw45