产能逐步出清下盈利拐点已现，龙头优势明显反转可期

 5Ĭĭŏ 202571879 ghTUV5 :;<=>?!@ABCDEFGHIJKL)M NO#PQRSI!TUV>WXYZ[\]A^<_`TUVaLb/Z[c3Xdef#PghQRijkl:mno NOpqrTUVl:mnsXZ[NO:;t\TUVuvWwMxmkJyz{|}3TUV>W~XYTUVZ[€‚}3ƒ€JZ[\]A^<_qNOa`TUVaLb„}qrc…†‡3ˆ‰€ttŠr„‹ŒŽZ[‘’:;k“”†a)•–„Š—W@A N˜™š›œP˜TOPConTUžfpŸxBCdX/qrL¡¢Ž£ŠN˜TU¤7¥™š›œP˜’pŸ>¦~§‚20247¨©ª«74%N˜¬®¯°}ijTOPCon±€‚HIJ§²³”pŸxBC¢ŽŠ´μ¶Žo·¸~:¹M’#sŠº»¼½ˆ‰¾¿ÀÁd´ÂÃdXÄŨ©xBCˆ§Ž<7ƪ´TOPCon 20297jǝžfpŸxBC¬®¯°}TOPConÈÉTBC’pŸTOPConTU pŸŒÊÇmk|Ë ijĴ¥ĵ: FactSet ňʼn, CPAbob.wen@bocomgroup.com(86) 21 6065 3667 ŊĔŋwallace.cheng@bocomgroup.com(852) 3766 1810 :;<=>?!@ABCDE/qr:;ÌÍ20237k¥TUV€Î!ÏuXr’#!ЗWÑAfÒ!5ÓÔÕ5ÑAÖ×´Ö×Ød!Ù:;DÚÛÜ:::;Ý!ÞßàŽ20247108k¥—W@AfÒáªBCDEÄÅâÕ5Ö×ãäåMfҐæçèf!:;Éš>?éêTUV:;ÌÍsëìijN˜:;¨©º20257íî1.2ï¿ðŽghp:ñ}òEóíôõ—W@ADö÷øùúM2H25°aûÖ@20267A^Žüù«ýþÿô FGHIJĀāKL)MĂ{㥹Ć/ćĈ~:L¡¢ŽĉĊ’#½ċ¶HIÄÅČčij°a‚Ďď°aTOPConxЗWÑAHIŠĄ0.02-0.03đĒēĔĕ!éĖHIJu)åMėfĘę:;<=>?ĚěFGĀāKL)MÄÅĂ{TOPConFG㥹Ć（002865 CH）„N˜>¦~ŠĜĚěaĝ@AHIJéꎏ»Ğ}ğ:;¿ðwMxĠ•–‡3ˆ‰Š€ġAĢģÂ20267ĤĥsoĂĦħĨĩĪī÷ĬĭéêĂĦħĨBCFGĮįąĆ（600732 CH）qrijĤĥDKİĢKL¨MĩĪ}±Ĭĭ !"#$%&'()*+,-./BOCM0https://research.bocomgroup.com iŌ Z[gh:ñŐőÇŒõœŔöWTUVŕŖ#PNO:;........................................................................................................6ŗŘ>Wƒ€}3TUVFGÇ¿HI................................................................................................................................................7Z[‘řŚśA^”ŜŝdsXZ[ˆ‰........................................................................................................................................9 Ãð/TOPCon 20297jǝžfpŸTBC<_Şş...................................................................................................................11ijŠš/N˜ŢœP˜’pŸ®..................................................................................................................................................11TOPConHJTBCďXN˜TU®¯°‚s.....................................................................................................................................12Őţ/TOPCon±€‚HIJxBCÐ#®’Ť™šť§ˆ‰.............................................................................................14 ˆ‰ÎĞ– N˜ˆ‰Ŧ}nŠrŧŨTUˆ‰............................................................................15 ŨěQRijˆ§ŽsŠ..................................................................................................................................................................15N˜ˆ‰Ŧ}n‚ŧŨTUˆ‰£Š..................................................................................................................................................16 FG@AHIJ:;<=>?!—W@ABCDE...........................................................17 ’#:ĊV’#§‚DЫũk!ĉĊ’#Ç¿!ÐŪū....................................................................................................18TUV@ABCDEŬŇTOPConFGaÑA0DޤLŭ.......................................................................................................20 㥹Ć(002865 CH) -TUVFGKL)MŽ}ğ‘ř¿ð•–Z[Š]A^..............29ĮįąĆ(600732 CH) -wM@AØdsXĤĥDKİĢKL¨MĂĪ}±..................48 ōijıIJ/:;<=>?!TUV@ABCDEFGHIJKL)MĂ{ăĄąĆ TUVűgh:ñŲų®Ŵŵ/TUV L¡¢Ž”ghÂT’#ŶŷsXűgh:ñŲų®ŴŵŸr®ij#μ…ŹŦ˜5ghpź¬Ŵŵ}ŻżsŠTUVa)pIJĐTUĚěapIJĐNOŨěaij¬§Žũˆ‰Ć] ijĴ¥ĵ/1234 NO#PQRSI!TUV>WXYZ[\]A^<_`TUVaLb/Z[c3Xdef#PghQRijkl:mnoNOpqrTUVl:mnsXZ[NO:;t\TUVuvWwMxmkJyz{|}3TUV>W~XYTUVZ[€‚}3ƒ€JZ[\]A^<_qNOa`TUVaLb ijĴ¥ĵ/¬$%ijĴ1234 :;<=>?!@ABCDE/qr:;ÌÍ20237k¥TUV€Î!ÏuXr’#!ЗW@AfÒ!5ÓÔÕ5ÑAÖ×´Ö×Ød!Ù:;DÚÛÜ:::;Ý!ÞßàŽ20247108k¥—W@AfÒáªBCDEÄÅâÕ5Ö×ãäåMfҐæçèf!:;Éš>?éêTUV:;ÌÍsëìijN˜:;¨©º20257íî1.2ï¿ðŽghp:ñ}òEóíôõ—W@ADö÷øùúM2025!ũ7°aûÖ@20267A^Žüù«ýþÿô ijĴ¥ĵ/Infolink1234 FGHIJĢKL)MĂ{㥹Ć/ćĈ~:L¡¢ŽĉĊ’#½ċ¶HIÄÅČčij°a‚Ďď°aTOPConxЗWÑAHIŠĄ0.02-0.03đHIJu)åMėfĘę:;<=>?ĚěFGĢKL)M 1)ÄÅĂ{TOPConFG㥹ĆĒ002865 CHĖ$%>¦~åMÊĜĚěajƮŏr5Ž`N˜L˜202371H24 N˜>¦~ŠĜĝ—W@AHIJ:;<=>?@Aüù)MéêŚś‡3Š€ˆ‰Ž»Ğ}ğ:;¿ðwMxĠ•–‡3Š€ġA$%20267ĢģÂiją€”“20267ĤĥsoĂĦħĨĩĪī÷Ĭĭ 2)ÄÅéêĂĦħĨBCFGĮįąĆĒ600732 CHĖ$%ƯưTUVFGP˜TUêœ>¦~åMŠĜĝϤ7¥ƱƲrƳƪN˜ABCTU®ƴIö÷!ƵNOŴŵNO~:L¡¢ŽåMÊĜÕƶĝ´ÄÅâABCNOij’#ÇsŠ„Ð#Ʒˆ‰Ş–ƸnÇíêūƹƺ$%wMxĢØdsXijĤĥDKİĢKL¨MĩĪ}±Ĭĭ Z[ÇvŠŎ~TUVçŏ±>Z¾\]A^ Z[gh:ñŐőÇŒõœŔöWTUVŕŖ#PNO:; Ęę¬3”gh:…ƻc3Xdef#PghQR:;ijkl:mnoNOpƼZ[NO:;¤7¥™šƽƾqrTUVl:mnsXZ[#PNO:;t\TUV„}Z[NO:;Xď3ƿ‡3/ǀn/Pǁ„20247ƭ#PTUV:;vWǂŠĄ40/50/19GWuÄŨ©wMxmkJyz ÄÅâ*}3TUV>W;ǃkDŽŠš20247TUV>WYåpIJ¥Džǀn10M24>W>¦~é‚Yå14.1džLJĒé‚32%Ė„}ǀnYå19.6džLJĒé‚161%Ė[ǀLjYå2.8džLJĒé‚12.1ïĖ„‹pIJ>W3ljNJXc!Є}NjnjǍ/ǎ3!Ð2.6/3.1džLJĒé‚-37%/-89%ĖÐǏsXPǁ„!Ð1.1džLJĒé‚-9%ĖǀLjǐYNjnjǍǎ3½3ǑǒpIJűqr‡320247”Ǔǔǎ3Ǖ¥ǖǗNjnjǍǘğǔǗǙ3ghNOö5μKÞǚ*ǛğǔǗNO:~qǘǜ3ljLb«ǀLj qrŠ†‡3TUVƏ#ǝ*}3öWǛpIJ*ğǔǗǞ3½3öWǟǠŻżǝǡƊXŴā!2024788‡3Ǣ„ŀ7ghTU201†ǣǤ]*ǥ#5GWDŽÞ«12.5GWĠǃ„#PTUVǦ…wv ijĴ¥ĵ/Infolink1234 ijĴ¥ĵ/ZǧǨ1234 ŗŘ>Wƒ€}3TUVFGÇ¿HI ij}3l:ghTUÕƶˆ‰§²pӌÊ20237§Õƶ>¦~92.1%ijZ[TUV:;³X}3ŨěNOağǔǗ:;pIJǩrDžóĚěTUVaZ[:;ǪŬ}