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%%%%2020 2021 2022 2023 2024 2025公司年报 公司年报公司年报公司年报33 公司官网2024-2025 71.30/71.74 YOY +0.5%/+0.6%77.55/82.29/86.45 YOY +8.1%/+6.1%/+5.1% 1 14.4%67.19/66.94 YOY +0.3%/-0.4%202514.4%+8.0%/+6.0%/+5.0%20262026Q1
2026-2028 72.30/76.63/80.47 YOYJITJIT2025202520262027-20282026+6.0%/+5.0% 2 0.18/0.18 YOY +1.9%/-3.0% 0.182026-2028 0.18/0.18/0.19 YOY +0.0%/+2.0%/+2.0%2026 2027-2028 3EMC 2024-20250.06/0.06 YOY +3.3%/-4.7% YOY+0.0%YOYEMCEMC4 2024-2025 3.86/4.56 YOY 2026-2028 5.02/5.42/5.74 YOY 2024-202514.5%/11.0%20252026-202812.9%/13.5%/14.0%12024-202515.0%/11.0%2026-202813.0%/13.6%/14.1%2 2024-2025-19.4%/-6.3%2026-20280.0%/2.0%/3.0%3EMC 2024-202527.1%2026-202827.1%4 2024-20257.3%/11.4% 2026-2028 12.0%/13.1%/13.1%4:营收拆分(单位:百万元)202420252026E2027E2028E67196694723076638047%0.29%-0.37%8.00%6.00%5.00%%14.99%11.03%13.00%13.56%14.08%1818181819%1.90%-3.04%0.00%2.00%2.00%%-19.40%-6.29%0.00%2.00%3.00%EMC66666%3.29%-4.73%0.00%0.00%0.00%%27.05%27.07%27.10%27.10%27.10%386456502542574%4.24%18.04%10.00%8.00%6.00%%7.31%11.35%12.00%13.06%13.08%71307174775582298645%0.50%0.61%8.10%6.12%5.06%%14.50%11.03%12.92%13.51%14.00%wind2024-2025 0.5%/0.5% 0.5%/0.4%/0.4% 4.0%/4.0% 2026-2028 4.0%2024-2025 0.6%/0.6% 2026-2028 0.7%/0.6%/0.6%2024-2025 2026-2028 0.5%/0.4%/0.3%2026-2028 77.55/82.29/86.45 YOY +8.1%/+6.1%/+5.1%4.38/5.15/5.89 +42.61%/+17.58%/+14.44% 0.45/0.53/0.60"+"++ "40.76% 202615 PE6.7315 PE6.73/" "EPS / PE20252026E2027E20252026E2027E002701.SZ120.050.39EPS / PE20252026E2027E20252026E2027E002701.SZ120.050.390.370.6615.1311.386.42601968.SH53.8636.2919.9416.62IFINDIFIND55|::2024A2025A2026E2027E2028E2024A2025A2026E2027E2028E4,1213,9874,5865,1125,7655245606337668491,0297501,0841,4121,8914253054355115852,1062,0872,2892,4272,5493843802892953018421,0281,0871,1461,197-447-181-135-82-76145123125127129000003,8173,7793,6033,4213,233-276-270342-117-11700000-313-286-121-121-1212,9102,8342,6792,5182,35233160002081321321321325046355751111029588-482-289-182-322-254364352340327312101400026135035035035089147-1-120-307,9387,7678,1898,5338,998-94-128-179-202-2233,9813,6203,7493,7453,813-488-321-1001,201834833713682-23017943284792,2992,4092,5382,6552,7535202892911,0841,4124813783783783782892911,0841,4121,891471579579579579287373373373373000001842062062062064,4524,2004,3284,3254,3929779779779779772024A2025A2026E2027E2028E2,4392,5722,8693,2213,6233,4163,5493,8464,1984,5990.5%0.6%8.1%6.1%5.1%71181511735.0%-30.6%4
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