*As of December 31,2022.Data provided by PitchBook,January 18,2023Global|US Americas Europe|Asia$10.0$4.9$40.0$120.0$270.0$825.0$0$200$400$600$800$1,000$1,20020152016201720182019202020212022*SeedAngelABCD 41 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCDeal share by series in the Americas20152022*,number of closed dealsDeal share by series in the Americas20152022*,VC invested($B)Global|US Americas Europe|Asia$0$50$100$150$200$250$300$35020152016201720182019202020212022*Series D Series CSeries BSeries AAngel&seed02,0004,0006,0008,00010,00012,00014,00016,00020152016201720182019202020212022*Series D Series CSeries BSeries AAngel&seedSource:Venture Pulse,Q422,Global Analysis of Venture Funding,KPMG Private Enterprise. We went to the web browser of creative cloud and chose the version Copyright 2023.All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based views of the commercial real estate market.Although CBRE believes its views reflect market conditions on the date of this presentation,they are subject tosignificant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,projections and analyses,andactual market conditions inthe future may cause CBREscurrent viewsto later beincorrect.CBREhasno obligation to update itsviewshereinifits opinions,projections,analyses ormarket circumstances laterchange.Nothing in this report should be construed as an indicator of the future performance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all liability forsecurities purchased or sold based on information herein,and by viewing this report,you waive all claims againstCBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of theinformationherein. I have got this Context-Visibility Error on Cisco ISE 3.0 when Ive just finished installing the new deployment of Cisco ISE on one of my customers. *the workbook you are trying to save has the same name as the currently open workbook.". WebIf you are a technical professional, find local recruiters, don't touch dice.com. Error code 86 when updating Creative Cloud desktop app. ERP *As of December 31,2022.Data provided by PitchBook,January 18,202329 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCVenture-backed exit activity in the US2015Q422After the lofty heights of exits in 2020 and 2021,a potentially likely regression has now developed further into a skid.The final quarter of 2022 saw the lowest count of exits completed in years,culminating in lower exit value than recorded in a single quarter since the start of 2015.Should this trend persist,liquidity concerns may become even more of a crunch going forward,but for now the slowdown in exits is not yet overly concerning until it stretches further along.29GlobalUS Americas|Europe|Asia$12.3$19.4$23.6$22.1$13.1$18.6$22.0$11.0$33.6$20.6$16.3$31.7$19.7$36.8$34.9$36.7$51.5$148.3$45.1$24.3$16.8$31.9$103.7$173.6$84.8$268.9$201.7$197.8$34.0$17.3$14.8$5.20100200300400500600$0$50$100$150$200$250$300Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q420152016201720182019202020212022Exit value($B)Exit countSource:Venture Pulse,Q422,Global Analysis of Venture Funding,KPMG Private Enterprise. I believe this is tied to "file in use - another user editting" but have not confirmed yet. Web500 Click on [Edit Profile], Your resume is no more Searchable on Dice, Underneath your Name and Address fields you should see a slider labeled. 1 0 obj
jwfiredragon 4 yr. ago Huh, that's weird. >> My Action Parameter panel does not show "Visibility" as an option inside of the block than. WebLa Voce di Novara un giornale senza aggettivi e senza etichette. How do I unlock value in a brand acquisition?
It does not restart the Application Server, just a few interactive commands via the CLI to Cisco ISE console. Improving the copy in the close modal and post notices - 2023 edition. I=yki! Connect via console or SSH to the Primary Administration Node (some output ommited for brevity), then perform application configure ise command, followed by option [20] Reset Context Visibility` and agreement to proceed y. The time needed might be different in regard to your deployment condition. WebWritable: Go to your builds folder/file and make sure it hasn't been set to read-only. When you have access, perform this command: 1. application config ise. *As of December 31,2022.Data provided by PitchBook,January 18,2023All in all,dealmaking in the Americas has slowed back to historical averages after the record-breaking run across 2021 and the first half of 2022.Caution is on the rise across the board as economic prospects and global uncertainty.although figures are still healthy compared to even 2020 levels,2022 saw softening in the pace of dealmaking overall,back to quarterly tallies reminiscent of the late 2010s.Global|US Americas Europe|Asia$21.9$22.6$23.6$21.6$22.2$27.5$19.5$17.8$19.4$24.2$26.6$24.4$32.6$33.7$36.4$50.3$42.4$40.3$41.4$36.1$40.9$39.7$51.0$48.8$83.0$93.0$98.3$102.0$88.7$80.4$49.6$39.201,0002,0003,0004,0005,0006,0007,000$0$20$40$60$80$100$120Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q420152016201720182019202020212022Deal value($B)Deal countAngel&seedEarly VCLater VCVenture growth38 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCMedian deal size($M)by stage in the Americas20152022*Up,flat or down rounds in the Americas20152022*Global|US Americas Europe|Asia$2.0$8.4$10.0$18.6$0$5$10$15$20$25$30$3520152016201720182019202020212022*Angel&seedEarly VCLater VCVenture growth0 0Pp0 152016201720182019202020212022*UpFlatDownSource:Venture Pulse,Q422,Global Analysis of Venture Funding,KPMG Private Enterprise. My job search is over, and I would like it to be unavailable to employers. I'm having issues with saving controller profiles and memory cards. This page has been translated for your convenience with an automatic translation service. Like you this has only appeared recently. "869 jx9PvpDNh9w,X\c46eA^b9~| ahNs3Y.p-JHSgAn=Qd>#qcj Qu*97fxQso>;T&oq19J /!/x}fRt9NU2' rj/ A#R`[`KAQG?\gSXZ9Tz"MiHRT6P1] >MlhbrNL _1F%~:Y,m].9h+aIYx_m&I=$og,&1_D\2?]CbMz6yM#VJs=*B#6L7S4v78+nUm-|Zg8
d2Hpy?s7p736+ck./y@tcUx+R)@^6LmU=3{bJ4kdu~V'6/ http://community.dice.com/t5/Customer-Support/Resume-on-Dice/m-p/152250/highlight/true. *As of December 31,2022.Data provided by PitchBook,January 18,202382 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCVenture-backed exit activity in Asia2015Q422Unlike elsewhere,exit volume has remained choppy yet not terribly low relative to historical levels,while exit values remain muted but on the steadier side.This should ensure a trickle of liquidity back into the ecosystem,over time.That said,it remains to be seen if exits grow choppier over the coming year given the array of challenges geopolitical issues to capital availability.Historically,a lot of the larger fundraising rounds in Hong Kong have been fintech related.The FTX situation will likely see crypto investors pulling back and scrutinizing deals more,but this could actually be beneficial for Hong Kong moving forward as the government has passed the new regulatory and licensing regime for virtual asset service providers to provide clarity on the regulatory requirements and better protection to users and investors.Irene ChuPartner&Head of New Economy and Life Sciences,Hong Kong(SAR)KPMG China82#Q4VCGlobal|US|Americas|EuropeAsia$5.4$9.9$4.2$13.3$6.8$4.5$41.0$8.0$6.7$8.0$16.3$33.0$6.9$47.6$65.3$11.4$8.2$26.5$26.5$25.2$22.9$34.5$55.7$46.1$180.0$128.2$29.1$118.7$29.2$28.2$98.2$27.7050100150200250$0$20$40$60$80$100$120$140$160$180$200Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420152016201720182019202020212022Exit value($B)Exit countSource:Venture Pulse,Q422,Global Analysis of Venture Funding,KPMG Private Enterprise. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. Najlepsze komendy na FPS CS GO, Komenda na WH CS GO | Legalny wallhack w Counter Strike. 1. Jak zwikszy FPS W CS GO? Naslovna . WebSOLUTION: Settings > Network & Internet > Mobile Network > Turn off VOLTE. You can follow the question or vote as helpful, but you cannot reply to this thread. , [ : (, )] 1 S1130522030001 S1130522010001 2022 330 -31.1%23232.4/ 29.6%/ 80%1-2 50.4 -15.2% b 2022 23 90.1% 8.9% 6pcts23 2 1.4 / 133%/ 124% 4.8%1-2 2.0w, 48.2%// 22 72.4%/65.5%/32.8%/ 4.7%/4.2%(TCO)1 TCO 14.2% 15.4 2 TCO 11.7% 26.6 3TCO 40.5% 17.9 23-25 1 TCO 93.1/91.0/89.3 2 200.8/196.9/193.6 3 26.3/25.2/24.3 / 23-25 384.8/447.7/486.1 16.6%/ 16.4%/ 8.6%CAGR 13.8% 89.6/120.5/132.7 176.7/192.5/210.6 37.4/40/44.4 23-25,4.5/9.0/14.66.4%/9.0%/12.9% 8k/1.2w/1.8w 8%/10%/12.9% 25/35/45w18%/22.8%/26.5% 2 .5 1.1 .5 1.2 .5 1.3 .10 .11 2.1 .11 2.2 .12 2.3 .14 2.4 .17 23-25 .18 3.1 23-25 384.8/447.7/486.1 .18 3.2 23-25 .18 .19 4.1 .19 4.2 .19 4.3 .21 .23 .23 12013-22 .5 22013-22 .5 32021-23 .5 42021-23 .5 5.6 6.6 7.6 82008-10 .6 92020 .6 1008-22 .7 11.7 12 PMI .8 PWgUhUUZkYhUoNpMtR7N9R9PmOrRmOpMiNpPmQjMqQsRbRnNvNNZtQsNwMnMtP 3 13 GDP 2023 .8 14.8 15.8 162019-2022 .8 17.9 18.9 19 10 YOY.10 2021-23 .10 2121-23 .10 22 10 .11 232022 .11 2422 .11 252021-23 YOY.12 262021-22 .12 27 2021-22 .12 2822 .13 29.13 30.13 31.13 32.14 33.14 34.15 35.15 36 23-25 .16 37 23-25 .16 38 23-25 .16 39.17 40.17 41 2021/22 .17 422022 .17 4322 .18 44 23-25 .18 45 23-25 .19 46 2021/2022 .19 47.19 4 482022 .20 492022 .20 50 2021-22 .20 51 2021-22 .20 522022 .21 532022 .21 542022 .21 552022 .21 56.22 57.22 58.22 592022 .23 60.23 61.23 5 1.1 1.1 22 2022330-31.1%23232.4/ 29.6%/ 80%1-2 50.4 -15.2%2022 258.2 -38.9%23 2 28.2 / 17%/ 107%1-2 41.9 -0.3%1 12 2013013-2222 2 220132013-2222 1 12 2 / 3-4 b 23 384.8 15.2%3 32 2021021-2323 4 42 2021021-2323 22 58.2 44.9% 2.7 1.3 18.9 60.7% 32.5%23 2 5.8 / 67.2/ 15.1%1-2 10.8 32.9%1.2 1.2 1.1.2 2.1.1 = -40%-30%-20%-10%0 000200300400500600YOY-40%-20%0 0203040506070YOY010203040506070202120222023010203040506070202120222023 6 5 5 2022 16.1%()48.9%/4.8% 2.4% 3.1%6 67 7 108-10 08 & 08-10 8 82 2008008-1010 9 92 20 02 20 0 4000 3700 15000 1500 2100 3700 2020 2 9 2020 3 3 2020 4 7 2020 4 7 0100200300400500201820192020202120220 0 182019202020212022 7 10000 1200 2020 5 18 211-15 11 12 15 345.1 -9%316-20 2016 2016 365.1 2018 437 19.7%420-22 20 a 2020 513.3 18.7%21 7 10100 08 8-2222 08-1011-1516-2021-22 341.4/382.8/432.8/404.7 1111 1.1.2 2.2.2 22 23-25 12262.5331.4430.4403.3381.1405.52379.13345.13365.1416.1437.1432.4513.3479.3330-40%-30%-20%-10%0 000200300400500600200820092010201120122013201420152016201720182019202020212022YOY341.4 382.8 432.8 404.7 0501001502002503003504004505002008-20102011-20152016-20202021-2022 8 1212 PMIPMI 1313 GDPGDP 2 2023023 2023 GDP 4.3%123 2 PMI 47 52.622 50.1% 5.4%31 91.2 7.91414 1515 b 20-21 23 7 1 b a 3-6 23 161620192019-20222022 a 120 7 a444546474849505152535421221421621821102112222224226228221022122320%2%4%6%8 08200920102011201220132014201520162017201820192020202120222023E7080901001101201300102030405060701234567891011122019202020212022 9 4-6 53.4/52/53.6 32%/ 48%/ 63%7 44.7 -16.6%221 7 a 288.4 60.2%6 44.6 7 31.2 -30%21H2 200 40%1717 2013 6-10 b 50-60 1818 20212023 2021 10 26 2022 2022 314 2022 10 10 2022 11 7 2023 15 2025 60% 4 2023 26 10 1.3 1.3 22 22 289.3 -32.5% 40.8-19.2%23 2 29 / 82%/ 28%1-2 44.9 -17%2 3.3 / 44%/ 57%1-2 5.4 2%1919 1010 YOYYOY 22 222.8 -42.1% 34.4 -4.6%23 2 25.1 / 12%/ 110%1-2 37.1 -3% 3.1 / 73%/ 88%1-2 4.8 26%20202 21 1-2323 21212 21 1-2323 22 166.6 64.5%-27.5% 47.9 18.6%-66.1%22 28.3-0.9% 11%2 / 1314 /2.9 64.5%/63% 5.9 76.6%23 122 126 48.9%-100%-50%0P00 0%000020304050607021121321521721921112212232252272292211231YOYYOY01000002000003000004000005000006000007000002021 2021 20222022 2023 2023 11 2222 1 10 0 23232 2022022 222 1 9 1 8 322 -68.6% 31% 16% 77%21 87% b 3-4 23 24242 22 2 2.1 2.1 22 23 90.1% 8.9% 6pct23 2 13,546 / 133%/ 124% 6.9%1-2 19579 48.2% 4.7%0 0 132014201520162017201820192020202120220500001000001500002000002500000 0 182019202020212022 12 25252 2021021-2323 YOYYOY26262 2021021-2222 22 9.5 105% 4.2% 3pct 22 13.5 82.9% 39.3% 18.8pct2 4696 / 46.3%/ 56.4% 3.5% 8850 / 240%/ 192% 15% 8082 297%2727 20212021-2222 2.2.2 2 22 / 3.96/6.48 23 1 11-12 22 11/12 2.7/6.5 83%/ 121% 16.3%/29.6%23 1 & 4.4%22 -100%00 0000P000002000030000400005000060000700002021202220232021202220230%5 %05%1 2 3 4 5 6 7 8 9 10111220212022 13 28282222 2929 2.5L 4.5 2 (3 5) 2 2 3 80%3030 10 6 2 12343131 (20222025 ) 2025 50%01000020000300004000050000600007000020212022 14 2.2.3 3 2.3.1 2.3.1 15.415.4 6-8 7 1/ 20/60 2 0.5L/km 2 0# 7.4 /L 1 Kwh 1 /Kwh3 100km4 2.35/2.27 3232 20 60 94.5 25.6 /Kwh/ 0.5 1 //Kwh 7.4 1 7 7 / 100 100 / 36,500 36,500 16.45 15.92 / 0.85 1.27 / 1.5 1 6%6% 108.5 93.1 6%/ 108.5/93.1 15.4 14.2%2.3.2 2.3.2 / 200km 1// 32/75/75 2 0.4L/km 1.5-1.8 1.65/ 1.1/1 /Kwh3 300km4//2.59/2.66/2.66 5 7 6%// 227.4/200.8/190.7 / 11.7%/16.1%3333 32 75 75 /170-210 170-210 /5 2.5 226.9 139.1 126.5 /Kwh/ 0.4 1.65 1.65 15 //Kwh 7.4 1.1 1 7 7 7 / 300 300 300 / 109,500 109,500 109,500 18.15 18.65 18.65 / 1.09 1.66 1.66 / 1.5 1 1 6%6% 227.4 200.8 190.7 TCO 5 2.5-3 2.3.3 2.3.3 1 17 7.9.9 400-500km 200-400km 50-200km 3434 8-9 8 1/ 8/13.7 2 7.6 /L 0.1L/km 0.2 Kwh/3 150km/4/ 1.67/0.96 3535 8 13.7 33.3 8.8 /Kwh/ 0.1 0.2 //Kwh 7.6 1 8 8 / 150 150 / 54,750 54,750 13.38 7.47 / 0.67 0.73 / 1 0.2 57.0X.6c.7RTVXbdf 2020212022 16 6%6% 44.2 26.3 6%/ 44.2/26.3 17.9 40.5%2.3.4 2.3.4 23-25 0.83/0.7/0.59 /Wh// 150/282/80KWh 23-25 60.0/58.0/56.4 75.0/71.3/68.2 13.7/12.6/11.8 6% 23-25 93.1/91.0/89.3 200.8/196.9/193.6 26.3/25.2/24.3 ,3636 2 23 3-2525 2023E 2024E 2025E Kwh 150 150 150 /Wh 0.83 0.70 0.59 12.42 10.44 8.82 60.0 58.0 56.4 25.6 25.6 25.6 14.42 14.25 14.13 6% 93.1 91.0 89.3 3737 2 23 3-2525 2023E 2024E 2025E Kwh 282.0 282.0 282.0 /Wh 0.83 0.70 0.59 23.35 19.63 16.58 75.0 71.3 68.2 139.1 139.1 139.1 18.6 18.4 18.1 6% 200.8 196.9 193.6 3838 2 23 3-2525 2023E 2024E 2025E Kwh 80 80 80 /Wh 0.83 0.70 0.59 6.62 5.57 4.70 13.7 12.6 11.8 8.8 8.8 8.8 7.68 7.57 7.50 6% 26.3 25.2 24.3 17 2.2.4 4 2.2.4 4.1.1 / 23257/19140 2%/9.2%22 72.4%/65.5% 13.8pct/17.3pct2022 9.3 176.1% 32.8% 20.9%pct23 2 8082 / 297.3%/ 274.0% 27.8% 765 / 34.4%/-11.3% 35.7%3939 4040 // VAN 22 23 2.2.4 4.2.2 / 1 22 22584 134%22 4.7% 4pct2 1164 / 25.8%/-15.2% 2.0%2 22 70077 96% 4.2%2022 4141 2021/222021/22 42422 2022022 2022 2021 2022 2022YOY 2022 23257 22806 32109 2.0r.4% 70077 35722 1665952 96.2%4.2% 92854 33626 282944 176.12.8% 345 209 32570 65.1%1.1% 1491 1319 59994 13.0%2.5% 19140 17534 29231 9.2e.5% 22584 9653 479360 134.0%4.7% 012345678901000200030004000500060007000-40%-30%-20%-10%0 000200300400500600700800YOY0500100015002000250030003500 18 2022 8 2022 9 43432 22 2 24 () 6 8 ():4.5 :: () 2 23 3-2525 3.13.1 2323-2525 384.8/447.7/486.1384.8/447.7/486.1 23-25 11-2 2 b a 1 23-25 384.8/447.7/486.1 16.6%/ 16.4%/ 8.6%CAGR 13.8%123 7 b a2 24 24-25 24 50-60 4444 2 23 3-2525 2020 2021 2022 2023E 2024E 2025E 513.3 479.3 330.0 384.8 447.7 486.1 161.9 139.6 67.2 89.6 120.5 132.7 15.9 17.9 9.6 15.7 17.7 18.7 219.9 211.1 161.8 176.7 192.5 210.6 70.8 60.4 50.7 55.7 66.0 68.0 34.4 41.1 32.0 37.4 40.0 44.4 10.4 9.4 8.8 9.7 11.1 11.8 1 23-25 89.6/120.5/132.7 33.3%/ 34.5%/ 10.2%2 23-25 176.7/192.5/210.6 9.2%/ 9%/ 9.4% 23-25 37.4/40/44.4 17%/ 7%/ 11.2%3 23-25 9.7/11/1/11.8 9.8%/14.3%/6.4% 213.23.2 2323-2525 23-25 23-25 4.5/9.0/14.6 6.4%/9.0%/12.9% 23-25 25/35/45 18%/22.8%/26.5% 23-25 10/12/14 8%/10%/12.9% 19 4545 2 23 3-2525 2020 2021 2022 2023E 2024E 2025E 2590 9653 22584 45168 90336 144538 25028 57220 149333 250000 350000 450000 3885 4189 5546 8000 12000 18000 0.16%0.68%4.7%6.4%9.0.9% 1.58%3.71.84.97.83&.50% 2.7%4.1%6.8%8.0.0.9% 80% 23-25 4.14.1 22 2022 32.1 -42.3% 29.5 -20.3% 21.0 -47.9%22/21 16669/719820841/1137113464/5808 131.6%/83.3%/131.8%4646 2021/20222021/2022 4747 4.24.2 4.2.1 4.2.1 22 96,075 -67.4% 20.1% 79,810 -64.3% 16.7% 64,377 -66.9%2022 4124 175.5% 18.3% 2799 317.1% 12.4% 2420 280.5% 10.7%020000040000060000020212022050001000015000200002500020212022 20 48482 2022022 49492 2022022 4.4.2.22.2 2022 105945 -50.9% 19.8% 78664 -41.0% 14.7% 60987 -36.5% 11.4% 8002 100.5% 21.3%/ 7174/4264 38.9%/12.5% 19.1%/11.3%5050 2 2021021-2222 5151 2 2021021-2222 4.4.2.32.3 22 59000 -6.7% 19.4%10240 20%2022 58088 -25.2% 19.1%2022 29346 -12.6% 7123 24.3% 18282 19.5% 41 445 0-1 2022 10488 50 % 10307/10240 20.1%16.7%13.4%10.1%7.3%3.9%2.2%2.2%1.8%1.8%20.6%,18.3%,12.4%,10.7%,7.3%,6.7%,6.5%,6.2%,5.2%,3.5%,3.0%,20.10000 100000 150000 200000 25000020212022020004000600080001000020212022 21 52522 2022022 53532 2022022 4.4.2.42.4 17794 -38.9% 28.7%2022 9107 -8.1% 51.2%54542 2022022 55552 2022022 4.4.3 3 4.4.3 3.1.1 22 24.9 121415.9 24% 8.9 50% 23 4.4.3 3.2.2 2023 32.1 -42% 16669 131.6% 5.2% 3.9pct2022 48277 15.03%-64.9%/ 10.6/11.8 33%/36.8%/0100002000030000400005000060000700000200040006000800010000120001400016000180002000002000400060008000100001200014000160001800020000010002000300040005000600070008000900010000 22 5656 5757 2021 2022 2021 2022 399 1247 30.88Q.51% 368 656 2.27%5.69% 3789 4264 1.75%4.02% 1596 7123 4.75$.27% 0 1651 0.00%1.40% 22 120 0.21%2.59% 255 424 43.66P.72% 769 1184 0.56%2.45% 4.4.3 3.3.3 22 4124 175.5% 19065 -56.4%22 21.6% 21 18.2pct5858 2022 1-10 61% 22 1-10 22.5% 2022 12 9 28 9 2 4.4.3 3.4.4 / 2022 2000 2434 201% 2253 309% 1000 1656/134322 2705/2421 321.3%/ 280.7%,0.8%,3.6%,33.0%,9.1%,36.8%,1.4%,0.3%,15.0% 23 59592 2022022 4.4.3 3.5.5 2022 29,998 -27.3% 14,029 9.3% 46.8% 15.5pct2022 17794 9104 28.7% 21.5%6060 6161 2021 2022 2021 2022 4336 4083 32.77R.15% 3 15 100.00.33% 443 1441 76.25y.79% 648 1061 9.28 .67% 9 23 2.46%6.05% 352 397 32.656.66% 5573 5024 35.08P.42% 1477 1985 47.39R.46% 22 3784 21.4% 1985 34.4% 20 050010001500200025003000,26.10%,0.06%,6.02%,17.11%,1.27%,3.61%,33.22%,12.61% 24 36 15% 36 5% 36 -5%5% 36 5% 25 C3 ( C3 021-60753903 021-61038200 201204 1088 7 010-85950438 100005 26 8 0755-83831378 0755-83830558 518000 1-1 T3-2402, Table_Info1Table_Info1 Table_Date 2023-03-31 Table_Invest : Table_PicQuote Table_Trend%1M 3M 12M -6%3%-2%-5%-1%3%Table_Market 114 6454 2431 27.41 1.8 4843 249 %44.24 Table_Report Lululemon -20221011 -20220317 2022 -20211221 Table_Author S0550520040001 021-20361258 Table_Title / Table_Summary OEM/ODM 20222022 1-9 54.44% 8.61 192.13% 2.1 . 15% 10 .1996 2015 /. 2020 .2022H1 ////76.92%.2022H1 109.5% 21.65%. 20 2/3// 64.1%/32.08%/51.75% Table_CompanyFinance EPS PE 2022E 2023E 2024E 2022E 2023E 2024E 15.17 0.53 0.78 1.08 28.62 19.45 14.05 51.66 2.79 3.3 3.93 18.52 15.65 13.15 5.97 0.62 0.73 0.83 9.63 8.17 7.19 -20%-15%-10%-5%0%5 22/42022/72022/102023/1300 2/33 / 1..5 1.1..5 1.2..7 1.3. .8 1.3.1..8 1.3.2..10 1.3.3..12 2..14 2.1..14 2.2. 15%.15 2.3..17 2.4..19 3..23 4..30 1.5 22022H1 .6 32022H1 .6 4.6 5.6 6 ODM/OEM .7 7 ODM/OEM .7 8.8 9.8 10.11 11.13 12.13 13.14 14.14 152022 7 .15 16.15 17.16 18.16 19.17 20.18 21.19 RUkYlYRUkYlYmPtQtR6McM6MoMmMmOsRfQnNsOjMnNmP8OqQzRwMrNsRNZpNsO 3/33 / 22.20 23.20 24// GDP .20 25.20 26.21 272015-2019 .21 28.22 29.22 30.23 31.23 322018-2022Q3 .23 332018-2022Q3 .23 342022H1 .24 352022H1 .24 362018-2022Q3 .24 372018-2022Q3 .24 382022H1 .25 392022H1 .25 40.25 412018-2022Q3 .26 422018-2022Q3 .26 432022H1 .26 442022H1 .26 45.26 462018-2022Q3 .27 472018-2022Q3 .27 482022H1 .27 492022H1 .27 50.27 512018-2022Q3 .28 522018-2022Q3 .28 532018-2022Q3 .28 542018-2022Q3 .29 552018-2022Q3 .29 562018-2022Q3 .29 572018-2022Q3 .29 582018-2022Q3 .30 592018-2022Q3 .30 1.9 2.11 3.12 4.13 5.14 6.16 4/33 / 8.17 9.18 10.19 11.21 12.22 13 ROE .30 5/33 / 1. 1.1. 1998 ODM/OEM NewellVFFenix20182021 CAGR 16.45% CAGR 17.36%2022 54.44% 8.61 1 2022H1 53.4% 28.8% 80% 2021 // 11.8%/2.9%/2.7%2022H1 98%2022H1 // 56.5%/22.4%/19.1%2021 PEAK 2002 2016 2021 29.54 118.23 38.9321.92 6/33 / ODM/OEM ODM ODM OEM2019-2021 ODM/OEM CAGR 27.13%/6.49%ODM 2022H1 ODM/OEM 2.47/3.24 43.14%/56.52% ODM 2022H1 ODM/OEM 33.6%/19.86% 22022H1 32022H1 4 5 53.4%28.8%11.8%2.9%2.7%0.3%56.5%22.4%19.1%1.6%0.3%-100%-50%0P004681020182019202020212022.1-6yoyyoyyoyyoy-100%-50%0P004681020182019202020212022.1-6yoyyoyyoyyoy 7/33 / 6 ODM/OEM 7 ODM/OEM 1.2. 11998-2007 1998 2003 2002 22008-2015 2008 Fenix 2010-2015 32016 2016 2016 2019 OBS2020 PEAK 2023 -10%0 0Pp23452019202020212022H1ODMOEMyoyODMyoyOEM0 0Pp 19202020212022H1ODMOEMODMOEM 8/33 / 8 1.3. 1.3.1. 10 2019-2022H1 75%2022H1 76.92%2022H1 Newell/VF/REI/Oberalp/Bergans 36.35%/12.7%/18.75%/5.46%/3.67%2021 9 9/33 / 1 logo / NewellBrandsInc 94.59 NewellBrandsInc.Coleman 1901 VFCorporation 92.39 VFCorporation 1899 TheNorthFace 1966 VFCorporation FenixOutdoor InternationalAG 7.26 FenixOutdoorInternationalAG Fjallraven 1960 100 BergansFritidAS -Bergans 1908 MontBellCo.,Ltd. -Mont-bell 1975 OberalpGroup -Salewa 1935 SalewaRecreationalEquipment,Inc. 31 REISpotlightGroup HoldingsPtyLtd -SpotlightGroupHoldings MountainDesigns SpotlightGroupHoldings 1975 KlattermusenAB -Klattermusen 1975BystronicAG 12.2 BystronicAG 1986 Mammut BystronicAG 5 EquipOutdoor TechnologiesUK Ltd -Rab 1981 10/33 / 1.3.2. 2018-2021 CAGR 29.34%2022H1 109.5% 3.07 2021 2018-2021 CAGR 19.89%2022H1 21.65% 1.65 2021 2022H1 2018-2021 CAGR -5.39%2022H1 8.23% 0.162020 Kanken 2021 2018-2021 CAGR 3.17%2022H1 0.31% 0.68 ElevenateAB -Elevenate 2010 TheWarehouse GroupLimited 30.71 TheWarehouseGroupLimited 1982 Torpedo7 TWG CampSpa -Camp 1889 HelsportA/S -Helsport 1951 1970 11/33 / 10 2017 2018 2 2019 2020 2021 2022H1 1.51 1.70 3.09 3.07 22.74 .19#.59&.91%48.62 54.85 72.8 56.72 /311.24 309.91 424.60 540.40 1.65 1.65 2.56 1.65 21.36#.60!.64&.69%153.03 128.85 164.32 99.79 /107.69 128.10 155.50 165.78 0.77 0.77 0.33 0.16 16.31.59.80.01%97.32 100.23 43.41 23.4 /79.03 76.58 76.11 69.98 1.83 1.64 1.58 0.68 19.69#.54.17.84%55.92 48.65 55.21 26.99 /327.95 336.65 285.64 250.87 12/33 / 1.3.3. 4 2022H1 64.1%32.08%2.43%51.75%2019 2022H1 85% 3 / 13/33 / 4 1998 4.2 2002 4.4 2016 3.7 PEAK 2020 3 11 12 4.12 25 0.93 6 1 7500 1353.13 35 0.98 4 1 7000 1278.48 0.6 0.71 0 00 182019202020212022H10 0Pp 182019202020212022H1 14/33 / 2. 2.1. 2020 / 53%/15.8% Statista 2020 28%16002021-2025CAGR7%2025 2363 2022 58.2% 41.08% 39.81% 38.22% 13 14 2022 2022 7 70% 2022 5 41.089.818.22).19(.24&.33%.05#.14.12.00.15%1.27%0 0P%64.5X.2B.09.77.4.6.1%0 % 5 25 9,308.02 6 /7500 /1353.13 35 9,774.21 4 / 7000 /1278.48 5,992.50 7,136.43 9,000.00- 15/33 / 2-3 152022 7 16 2.2. 15% 60 70 1995 94.5%34442 %9%6%6%6%3%1%0%0%5 %05% 16/33 / 6 1960s 1960s1970s 1970s GDP/3,007.12 3,007.125,234.3 5,234.369,287.54 - 1995 94.5% 15% 1995 29%2015 13.6%2020 2020 2pct 15.8% Statista 2021 20.52% 37.65 /2021 23.23%21.64%21.67% 17 18Statista Statista 10 Camping World 11 10 0%5 %05601964196819721976198019841988199219962000200420082012201620200500100015002000250030003500400020082009201020112012201320142015201620172018201920202021/// 17/33 / 8 logo 2021 Camping World 69.1 11 //72.1%/15.9%/8.7% Columbia Sportswear 31.3 1.1 ///65.9%/14.9%/10.5%/7ckers Outdoor 25.5 8.9 /68.8%/31.2%Johnson Outdoors 7.4 /// 70.8%/9.5%/9.1%/10.6%// 92%/7%/1% 20192021 CR3 26.1%HasbroNerf202118.9%Mega HouseMGA Little Likes 2017 2021 4.7% 19 2.3. 1965 1975 0%5 %05 12201320142015201620172018201920202021MGASpin MasterWham-O 18/33 / 1996 1580 90 2000 700 4 2015 9 1975 1975 1996 1997 2014 2015 GDP/475.324,674.45 4,674.4539,150.03 39,150.0338,475.4 38,475.439,285.16 GDP 1965s 1970s 1980s 1990s-2015s 1965 1580 760 1000 2000 700 2021 10% 2019 10.6% 2020 2020-2022E 3 3.28% CAGR 2024 20 Snow Peak Mont-Bell Snow Peak Mont-BellSnow Peak 1958 90 Mont-Bell-6%-4%-2%0%2%4%6%8&0027002800290030003100320033002018201920202021E2022E2023E2024Eyoy 19/33 / 10 logo Snow Peak 1958 Mont-bell 2015 2021 CR3 59%Agatsuma Anpanman Mega HouseMGA Little LikesMaruka 36.3%14.6%8.1% 21 2.4. 2000 COCA 2002-2012 CAGR 47.38%2013 2013-2020 CAGR 4.42%20200 0Pp 12201320142015201620172018201920202021AgatsumaMega HouseMaruka 20/33 / 22 23 COCA 2019 GDP 1 80 2021 3 24// GDP 25Wind Wind 2015-2019 3.28 2019 1778 2020 2021 2.13 King ABC Camping -10%0 0Pp01001502002503002002200320042005200620072008200920102011201220132014201520162017201820192020010,00020,00030,00040,00050,00060,00070,000197119761981198619911996200120062011201620210 0Pp0100150200250300350200420052006200720082009201020112012201320142015201620172018201920202021 21/33 / 11 2009 2010 2014 2015 2020 4.35 2016 2016 2016-2025 2019 2019 2019 2021 2021-2025 2025 38.5% 5 2022 2022-2025 2025 100 3 26 272015-2019 1,112 1,648 1,862 2,312 3,298 9,233 21,321 48.20.99$.17B.659.960.92%0 00000 0000100001500020000250002015 2016 2017 2018 2019 2020 2021yoy237 469 825 1,239 1,565 178 489 448 451 213 415 958 1,273 1,690 1,778 020040060080010001200140016001800200020152016201720182019 22/33 / 12 2020 20 King 2020 2021 26 12 50 ABC Camping Country 2019 2 5 KOA 1962 500 6 32% 27%BC 28 29 23/33 / 900-1000 2019 939 492 447 1000 /3000 /5000 /1 201987%/81%/72%/63% 30 31 COCA COCA 3. OEM/ODM TOC 2022.1-9 49.99% 8.61 322018-2022Q3 332018-2022Q3 45850450751948249049243344144845644344544702004006008001,0001,200201320142015201620172018201950p0 15201620172018201910003000500010 0P2345678910201820192020202122Q1-3yoy-50%0P00 0%01223201820192020202122Q1-3yoy 24/33 / 342022H1 352022H1 2022 1-9 59.96% 11.58 362018-2022Q3 372018-2022Q3 53.4%28.8%11.8%2.9%2.7%0.3%ODM43%OEM57%-10%0 0Pp468101214201820192020202122Q1-3yoy-20%-10%0 0Pp1223201820192020202122Q1-3yoy 25/33 / 382022H1 392022H1 40 TPU SEA TO SUMMITKathmanduINTERSPORTREI 2021 0.04%2022.1-9 20.83% 8.03 ,83.5%,11.3%,5.0%,0.2%,93.48%,6.5204060801001201402017-032018-032019-032020-032021-032022-03PE 26/33 / 412018-2022Q3 422018-2022Q3 432022H1 442022H1 45 toB Nike 0 0P23456789201820192020202122Q1-3yoy-20%-10%0 0Pp1223201820192020202122Q1-3yoy,75.5%,13.1%,6.6%,4.8%,99.96%,0.04020304050607080902021-052021-082021-112022-022022-052022-082022-112023-02PE 27/33 / toC 90 2021 63.98%2022.1-9 37.19% 21.6 462018-2022Q3 472018-2022Q3 482022H1 492022H1 50 -40%-20%0 01015202530201820192020202122Q1-3yoy-100%-50%0P001223201820192020202122Q1-3yoy,68.8%,16.4%,14.8%,63.98%,36.02020304050607080901002016-122017-122018-122019-122020-122021-122022-12PE 28/33 / 2022 6.62pct 27.08% 512018-2022Q3 522018-2022Q3 532018-2022Q3 2022.1-9 0.06pct 0.42% toC 2022.1-9 0.59pct 2.16% toC -0.1%0.0%0.1%0.2%0.3%0.4%0.5%0.6%0.7%0%5 %0 1820192020202122Q1-30%5 %05E 1820192020202122Q1-30%5 %0 1820192020202122Q1-3 29/33 / 2022.1-9 0.24pct 2.46% 2022 2022 1756.25 3.06% 2022.1-9 5.07pct-5.08% 542018-2022Q3 552018-2022Q3 562018-2022Q3 572018-2022Q3 ROE 2021 2022 ROE 16.8pct 36.08%0%2%4%6%8 1820192020202122Q1-30%1%2%3%4%5%6%7%8%9 1820192020202122Q1-30%1%1%2%2%3%3%4%4 1820192020202122Q1-3-6%-4%-2%0%2%4%6 1820192020202122Q1-3 30/33 / 13 ROE 20182018 20192019 20202020 20212021 2022.12022.1-9 9 ROEROE 17.58.84.05#.896.08% 12.73.89%9.97.03$.41% 1.06 1.20 1.16 1.33 1.11 -1.37 1.38 1.38 1.34 2022.1-93.4%2022.1-9 46 582018-2022Q3 592018-2022Q3 4. 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ChatGPTAI3.CROBiotech AI AI CRO/AI BiotechChatGPTAIAI05Partone35361ChatGPTChatGPT2ChatGPTChatGPT3ChatGPTAI95% 3763001 30010%2 30010%3 30010% 38Z39833000//39 7291258E433200127 (8621)80108518 (8621)80106010 http:/, Table_Info1Table_Info1 Table_Date 2023-03-31 Table_Invest : Table_PicQuote Table_Trend%1M 3M 12M -4%1%-10%-3%-3%-5%Table_Market 362 59791 28512 30.09 3.20 21373 1963 %41.82 Table_Report -20230331 -20230329 -20230329 DS8201 -20230322 Table_Author S0550521080003 010-63210890 Table_Title / GLP-1 Table_Summary GLP-1 GLP-1RA GLP-1 GLP-1 GLP-1RA GLP-1 GLP-1 II 2021 5.37 1.4 IDF 2030 6.42 2045 7.82 GLP-12021 30 2025 96 GLP-1 GLP-1RA GLP-1R GLP-1A 2022 1769.54 25.7% 88.4% GLP-1 47.1% 11.6%2022 1485.06 83%2022 555.25 2021 477.47 16.3% 30% GLP-1 GLP-1R 3 GLP-1 Table_CompanyFinance EPS PE 2021A 2022E 2023E 2021A 2022E 2023E 42.82 0.71 0.57 0.65 71.42 75.12 65.88 46.34 1.32 1.39 1.62 30.56 33.34 28.60 EPS PE 2022A 2023E 2024E 2022A 2023E 2024E 30.77-1.46-0.82-0.42-20.10-31.26-73.26 -25%-20%-15%-10%-5%0%5 22/42022/72022/102023/1300 2/30 / 1.GLP-1 GLP-1RA.4 1.1.GLP-1 .4 1.1.1. GLP-1 .4 1.1.2.GLP-1 .6 1.2.GLP-1 .7 1.2.1.GLP-1 .7 1.2.2.GLP-1 .8 1.3.GLP-1RA .8 1.3.1. GLP-1RA.9 1.3.2. GLP-1RA DPP-4 .10 1.4.GLP-1RA.11 2..12 2.1..12 2.1.1.GLP-1RA .12 2.1.2..12 2.1.3..15 2.1.3.1..16 2.1.3.2..16 2.1.3.3. .17 2.1.4..18 2.2.GLP-1 .18 3.GLP-1 .20 3.1..20 3.2..24 4..26 4.1..26 4.2..27 4.3..27 1GLP-1 .4 2GLP-1 .5 3GLP-1 .5 4 GLP-1 .6 5GLP-1 .7 6 GLP-1 .9 72012-2022 .10 PWkYkZOXgUjWnOnOtRbRcM7NmOnNmOoNlOoOsOiNnNtQbRqQuNwMoPtQxNtOqN 3/30 / 8GLP-1RA .10 9 GLP-1 2016-2030E.11 10 GLP-1 GLP-1RA .12 11T2DM .13 14.15 152016-2021.15 17.16 21GLP-1RA .18 22 GLP-1 .18 23.19 24.19 252016-2025E.20 26.21 272018-2022 .21 282018-2022 .22 292018-2022 .24 302013-2022.24 312013-2022.24 32 2022 .25 332013-2022 .25 342013-2022 .26 1GLP-1 .8 2 WHO .19 32022 GLP-1 .23 4/30 / 1.GLP-1 GLP-1RA 1.1.GLP-1 1.1.1. GLP-1 1902 Bayliss Starling 1906 Moore 1932La Barre 1GLP-1 GIP-1GLP-11971 Brown GIP1975 Samols Marks 1983 Bell GLP GLP-1 GLP-2 5/30 / 2GLP-1 cDNA GLP-1 GLP-1 7-367-36-GLP-1 GLP-1 T2DM 3GLP-1 . GLP-1 His7Gly10Phe12Thr13Asp15Phe28 Ile29 GLP-1 GLP-1 GLP-1R His7Gly10Asp15 Phe28 GLP-1R GLP-1 -IVDPP-4 GLP-19-36 DPP-4 24.11NEP 24.11 GLP-1 GLP-1 GLP-1 2-3 min 6/30 / GLP-1 -1 glucagon-like peptide-1 receptor agonistGLP-RA1.1.2.GLP-1 GLP-1 GLP-1 4 GLP-1 GLP-1 GLP-1 GLP-1R AC AC ATP cAMP cAMP APKAEpac2 PKA ATP K Ca2 PKA Ca2 Ca2 PKA IP3 Ca2 Epac2 Ras 1Rap1 CPLC IP3 DAG Ca2 Ca2 7/30 / ATP 5GLP-1 GLP-1 /GLP-1 ATP K Ca2 Ca2 GLP-1 Ca2 1.2.GLP-1 1.2.1.GLP-1 GLP-1 GLP-1 GLP-1RA GLP-1 GLP-1 3060 min 13 hGLP-1 GLP-1 GIP CCK GLP-1 GLP-1 GLP-1 GLP-1 8/30 / GLP-1 GLP-l GLP-1RGLP-1 GLP-1ReceptorGLP-1R 7 G B 1GLP-1 2 2 2 / 2 GFR / - 1.2.2.GLP-1 GLP-1 GLP-1 GLP-1 GLP-1 GLP-1 GLP-1 GLP-1 DPP-4 GLP-1 GLP-1R DPP-4 GLP-1 GLP-11.3.GLP-1RA GLP-1 DPP-4 1-2 GLP-1 GLP-1RA 11 GLP-1RA GLP-1 53% GLP-1RA 9/30 / 1.3.1. GLP-1RA 1992 Exendin-41995 Exendin-4 Amylin PharmaceuticalsInc Exendin-4 Byetta 30 GLP-1 53% C-DPP-4 GLP-1 Exendin-4 N- Exendin-4 -4DPP-4Exendin-4 GLP-1 C- GLP-1Exendin-4 C- 9 C- GLP-1 12 6 GLP-1 Drug Development Research 2005 GLP-1RA FDA 2006 ADA GLP-1RA 2009 8 DL--Co- 2 mg 1 2 10/30 / 72012-2022 1.3.2. GLP-1RA DPP-4 8GLP-1RA Nat Rev Endocrinol(2020 ) 2008 GLP-1RA 1 DPP-4 20132014 2 GLP-1 1 2 GLP-1 120h ADA GLP-1RA 2017 FDA 74206327316254176126110685537151440580578574584549448385280010020030040050060070020122013201420152016201720182019202020212022 11/30 / 160 hmajor adverse cardiovascular eventMACEADA GLP-1RA EMA 2022 EMA BMI 30 kg/m2 BMI 27 kg/m2 2019 GLP-1RA 2021 4 2021 6 FDA BMI30kg/m2BMI27kg/m21.4.GLP-1RA GLP-1 GLP-1RA II GLP-1 2022 GLP-1 9% GLP-1 31% GLP-1 GLP-1 GLP-1 2021 GLP-1 2.6% GLP-1 2022 132.5% Frost&Sullivan 2030 GLP-1 515 GLP-1 9 GLP-1 2016-2030E Frost&Sullivan 0.40.40.71.42.858.110.513.416.522.629.937.444.851.50102030405060 12/30 / 2. 2.1. 2.1.1.GLP-1RA GLP-1 DPP-4 GLP-1RA GLP-1 GLP-1 GLP-1 GLP-1RA DPP-4 10 GLP-1 GLP-1RA J med chem. 2.1.2. ADA 90%-95%1. PAX4 TM6SF2 DNA 13/30 / 2. 11T2DM Nature Reviews Endocrinology WHO 2021 79 5.37 6.8%202120197400 16% IDF 2030 6.42 2045 7.82 21.8% 14/30 / 122021 IDF IDF 2011 9004 2021 1.4 2045 1.74 2011 8.8% 10 10.6% 132000-2045E IDF 2013 5480 2021 11740 2021 1838 1511942462853663824154254635376437832324404390981101141161411641748.8%9.2.6.9.9.6%8.5%8.4%8.8%8.8%9.3%9.8%0.0%2.0%4.0%6.0%8.0.0.0002003004005006007008009002000200320072010201120132015201720192021 E2030 E2045 15/30 / 2013 330 2021 1650 2021 1174 700 2022 GLP-1 SGLT2 14 152016-2021 IDF IDF 2.1.3. -GLP-1 DPP-4SGLT-2 16 2020 548673727760966335111010916514371,6221,7111,6411,83833346654993611740200400600800100012001400160018002000201320152017201920214394654935085255863013313694044024540100200300400500600700201620172018201920202021($)() 16/30 / 2.1.3.1. 12 17 2.1.3.2. --DPP-4 A1CDPP-4 --2SGLT-2 20 50 BASsBAS colesevelamWelchol BAS - B12 SGLT-2 17/30 / BAS 2.1.3.3. 2021 DPP-4 100 2022 792022 153 182018-2022 GLP-1RA top1GLP-1 SGLT-2 Rybelsus GLP-1 GLP-1 2022 37% 225.9 2021 2022 95.2%38.3%2022 GLP-1 GLP-1 63% 35% GLP-1 SGLT-2 192022 202022 GLP-1 90.8112.383.7163.3225.9110.4107.6104.290.479.6204.6201.5187.8173.2153.547.158.668.797.3123.820.522.814.710.811.223.7%-25.5.28.3%-40%-20%0 00%0.050.0100.0150.0200.0250.020182019202020212022GLP-1DPP-4SGLT2GLP-1DPP-4,79.6,13%GLP-1,221.03,37%GLP-1R/GIPR,4.83,1%insulin,153.47,26%SGLT2,123.76,21%,11.19,2%,2.8,1%,79.2,35%,143.8,63%,2.3,1% 18/30 / 2.1.4. 2020 II ASCVD II GLP-1RAGLP-1RA GLP-1RA II GLP-1RA 21GLP-1RA 22 GLP-1 Lancet. Int J Clin Pract. GLP-1 GLP-1 / 12 HbA1c 7.7-8.5% 0.8-1.1%GLP-1 DPP-4 GLP-1 2.2.GLP-1 20%BMIBMI 28 19/30 / 2 WHO WHO Frost&Sullivan 2022 2.4 2021 0.1 2025 2.7 2020 12.11 18.2% II 23 24Frost&Sullivan Frost&Sullivan Frost&Sullivan 2021 30 2020 11 57.89% 2025 96 1.811.9122.12.22.32.42.700.511.522.532016 2017 2018 2019 2020 2021 2022 2025E9.9510.4510.9711.5312.110246810121420162017201820192020 20/30 / 252016-2025E Frost&Sullivan FDA 5 XenicalAlliQsymiaContraveSaxendaWegovy GLP-1RA GLP-1RAGLP-1 GLP-1R -1GLP-1GLP-1 GLP-1R/GIPR 22.5% GLP-1 GLP-1 3.GLP-1 3.1. Novo Nordisk 1989 NovoLet212009 GLP-1 GLP-1 32511193044597696-3300sXG4)&%-50%0P00 004060801001202016201720182019202020212022E2023E2024E2025E 21/30 / 26 2022 1769.54 25.7%88.4% GLP-1 47.1% 11.6%2022 1485.06 83%2022 555.25 2021 477.47 16.3% 30% 272018-2022 111,831 122,021 126,946 140,800 176,954 94,214 101,933 106,014 117,142 148,506 38,628 38,951 42,138 47,757 55,525 0.1%9.1%4.0.9%.7.2.5.5.2.94.51.93.23.91.4%0.0 .0.0.0.00.00.00.00.0%-20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,0002018A2019A2020A2021A2022AYOY 22/30 / GLP-1 2022 GLP-1 2022 833.71 2021 535.97 55.6% 2022 GLP-1 2018 23.4% 2022 47.1% 2021 560.06 2022 529.52 39.8% 29.9%2022 GLP-1 282018-2022 270%RybelsusOzempicWegovy 2022 772 45%VictozaSaxenda2022 229 2019 22.6% 2022 13%Wegovy 346.5%23.4.23.08.1G.1S.3H.9D.59.8).9%3.8%3.5%3.2%2.6%1.8%3.5%4.7%4.4%6.0%9.5.0.7.9.6.6%0.0.0 .00.0.0P.0.0p.0.0.00.0 18A2019A2020A2021A2022AGLP-1 23/30 / 32022 GLP-1 ()2017A 2018A 2019A 2020A 2021A 2022A GLP-1 23,173 26,129 33,221 41,831 53,597 83,371 Rybelsus-50 1,873 4,838 11,299 Ozempic-1,796 11,237 21,211 33,705 59,750 Victoza 23,173 24,333 21,934 18,747 15,054 12,322 2,562 3,869 5,679 5,608 8,400 16,864 Wegovy-1,386 6,188 Saxenda 2,562 3,869 5,679 5,608 7,014 10,676 2017A 2018A 2019A 2020A 2021A 2022A GLP-1 12.8.1%.9(.1U.6%Rybelsus 3646.08.33.5%Ozempic 525.7.8X.9w.3%Victoza 5.0%-9.9%-14.5%-19.7%-18.1% 51.0F.8%-1.3I.80.8%Wegovy 346.5%Saxenda 51.0F.8%-1.3%.1R.2% 2022 EMEAROW 35.4%17.3%28.2% 1.2% GLP-1 2020 74 2022 148 2022 GLP-1 NASHRNAi 24/30 / 292018-2022 3.2. 1876 5 10 140 2022 37000 8900 24%2022 285.4 71.9 25.2% 64.4 22.6% 302013-2022 312013-2022 1923 2022 TrulicityHumalogJardianceHumulin14,805 14,220 15,462 17,772 24,047 13.2.7.2.6.6%0.0%2.0%4.0%6.0%8.0.0.0.0.0.0 .0%-5,000 10,000 15,000 20,000 25,000 30,0002018A2019A2020A2021A2022A231.1 196.2 199.6 212.2 228.7 245.6 223.2 245.4 283.2 285.4 2.3%-15.1%1.7%6.3%7.8%7.4%-9.1%9.9.4%0.8%-20.0%-15.0%-10.0%-5.0%0.0%5.0.0.0 .0%-50.0 100.0 150.0 200.0 250.0 300.02013 2014 2015 2016 2017 2018 2019 2020 2021 2022YOY78.8t.9t.8s.4s.5s.8x.8w.7t.2v.8#.9$.1$.0$.7#.1!.6%.1$.8$.8%.20.83.82.70.4(.8.0.8$.9.7.6%0.0.0 .00.0.0P.0.0p.0.0.0 13 2014 2015 2016 2017 2018 2019 2020 2021 2022& 25/30 / BasaglarMounjaro48.5%GLP-127.8%GLP-1 Trulicity2017 20.3 8.9% 2022 74.4 26.1% 2020 32 2022 2022 2022 2021 73.1 2022 66.3 2022 62.5 2020 2021 -25.5%-9.9%2022 11.9% 332013-2022 49.1 49.3 50.4 56.5 60.7 64.3 47.2 54.8 73.1 66.3 46.8 23.9 24.1 27.4-2.0 32.3 83.2 61.9 55.8 62.4 0.5%2.1.3%7.3%5.9%-26.6.13.4%-9.3 .3.2.1.9%-0.9.27.3%.2.7!.9%-30.0%-20.0%-10.0%0.0.0 .00.0.0P.0%-10.0-10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.02013201420152016201720182019202020212022YOY 26/30 / 2022 181.9 63.7% 342013-2022 Tirzepatide TirzepatideGLP-1R/GIPR 2022 5 FDA 2023 2 6 SURMOUNT-CN 2023 GLP-1RA GLP-1 Boehringer Ingelheim Jardianceempagliflozin SGLT-2 BasaglarBoehringer Ingelheim EFPIA4. 4.1. 12 60 260 37.7 142.3 168.1 181.9 25.5 41.9 47.8 43.0 9.4 25.8 23.7 17.5 23.4 11.2 16.6 14.5 31.3 24.2 27.0 28.5 0.050.0100.0150.0200.0250.0300.02019202020212022 27/30 / 24000 5000 15 8 GLP-1R 5 GLP-1/GLP-1R 3 HS-20004 II GLP-1 DPP-IV GLP-1 2022 3 1 SHR-1816 NMPA SHR-1816 GCGR /GLP-1 GLP-1 GCGR N 4.2. 2011 GLP-1R I III MazdutideIBI362Eli Lilly and CompanyOXM3 GLP-1R GCGR OXM GLP-1R mazdutide GCGR I eClinical Medicine 12 11.5% II III 2023 Q14.3. GLP-1 GLP-1 GLP-1 3 GLP-1 NDA HDM1002 IND 28/30 / 2021 9 2022 8 2022 7 2023 GLP-1 GLP-1 GLP-1 GLP-1 GLP-1 29/30 / Table_Introduction 2021 6 15%A 300 500 6 5% 15% 6 -5% 5% 6 5% 15% 6 15% 6 6 6 30/30 / Table_Sales http:/ 95360,400-600-0686 dbzqyanjiusuo 6666 130119 28 D 100033 799 3 10 200127 1006 34D 518038 122 15 510630, 2023.03.31 AI ()()010-83939797 021-38031656 S0880519080009 S0880520120006 AIMaaSMaaS Transformer MaaS BertGPT GPT GPTOpenAITransformer GPT GPT Transformer GPT-4 OpenAI GPT-4 GPT-4 11 AI AI Paddle AI AI AI GPU GPU Transformer AI AI 2023.03.28 AI 2023.03.26 AI 2023.03.19 MetaERP 2023.03.18 Copilot 2023.03.17 2 of 33 1. AI MaaS .3 1.1.NLP .3 1.2. CNN Transformer.3 1.3.MaaS .5 2.GPT .6 2.1.OpenAI:GPT .6 2.2. OpenAI .10 2.3..13 3..16 3.1.AI .16 3.2..20 3.3..21 3.4. AI CV .23 4..25 4.1..25 4.2..27 4.3..28 5..31 6..31 OXjXlYVYjXjWpMpMnP7N8Q9PpNmMmOmPfQqQqMfQqQsQ9PmOqQxNnQqRxNsPsN 3 of 33 1. AI MaaS 1.1.NLPNLP NLP 1956 1992 1993 2012 2013 2018 embedding 2018 2022 NLP 3 5 Encoder-DecoderTransformerAttention 1 AIGC 2023 1.2. C CNNNN T Transformerransformer C CNNNN R RNNNN LTSMLTSMNLP 4 of 33 CNN CNN NLP RNNRNN RNN LTSM RNN TransformerTransformer Transformer Transformer Mask AI RNN Transformer Transformer RNN openAI Transformer 2 3TransformerTransformer Attention Is All You Need TransformerTransformer Transformer GPTGPT-3BERT (Transfer Learning)Transformer Pre-trainingscaling upscaling up GPTGPT 5 of 33 iGPU 10 iiTransformer iii Transformer GPT-3 ChatGPT 1.3.MaaSMaaS BertBert GPTGPT GPT 2022 GPT-3.5 ChatGPT 2019Bert GPT Bert GPT 4BertGPT AIGC GPTGPT Bert Fine-tuningGPT zero-shot promptT5 Fine-tuning T5 GPT GPT MaaSMaaS 6 of 33 Transformers generative pre-training AI MaaS Model as a serviceAI CV 30 Swin Transformer v2.0 5CLIPCLIP CLIP:Contrastive Language-Image Pre-Training CLIPCLIP BEiTBEiT-3 3 CLIPOpenAI 2021 CLIP DALL-E 2 CLIP Stable Diffusion CLIP2.GPT 2.1.OpenAIOpenAI:GPTGPT OpenAIOpenAI TransformerTransformer GPTGPT GPTGenerative Pre-trained Transformer Transformer GPT (discriminative model)(Generative model) 7 of 33 GPTGPT TransformerTransformer NLP GPT 6 GPTGPT Improving Language Understanding by Generative Pre-Training GPTGPT TransformerTransformer TransformerGPT 12 decoder Transformer Google BERTGPT BERT 7 GPTGPT TransformerTransformer Improving Language Understanding by Generative Pre-Training GPTGPT-2 2 GPT-2 GPT GPT-2OpenAI GPT fine-tuningGPT-2 1.5B Transformer 8 7 GPT-2 Transfomer 48 8 40GB 8 of 33 GPTGPT-2 2 AIAI AI GPT-2 GPT-2 Multi-task AI AI 1GPT-3 292TB 499 tokens Tokens()Epochs (TB)Common Crawl(www)410.00 0.44 180.40 WebText(Reddit links)19.00 2.90 55.10 Books2(Libgen or similar)55.00 0.43 23.65 Books1/BookCorpus(Smashwords)12.00 1.90 22.80 Wikipedia(facts)3.00 3.40 10.20 499.00 292.15 Language Models are Few-Shot Learners GPTGPT-3 3 GPT-2 GPT-2 GPT-2 zero-shotGPT-3 few-shotGPT-3 1750 10 GPT-3 NLP GPT-3 GPT-3 few-shot GPT-3 GPT-2 8 fewfew-shot(shot( 9 of 33 Language Models are Few-Shot Learners InstructGPTInstructGPTGPTGPT-3.53.5 GPTGPT-3 3 GPT-3 few-shotGPT-2 few-shot fine-tuningOpenAI GPT-3 RHLFreinforcement learning from human feedbackreward model AI AI InstructGPT RLHF GPT-3 9 Training language models to follow instructions with human feedback InstructGPTInstructGPT ChatGPTChatGPTChatGPTChatGPTGPT-3 ChatGPT GPT-3 ChatGPTChatGPT InstructGPT Chat ChatGPT GPTGPT-4 4 OpenAIOpenAI GPT-4 GPT-4 GPT-4 10 of 33 10 GPT-3.5 10GPT-4 GPTGPT-4 4 GPT-4 GPT-4 GPT-4 Stable Difusion GPT-4 10 AI OpenAIGoogle 2.2. OpenAIOpenAI OpenAIOpenAIOpenAI OpenAI 2019 OpenAI Azure OpenAI AzureOpenAI OpenAI OpenAI 2015 Tay AI AI AI OpenAI AI 11 of 33 OpenAIOpenAI 2020 GPT-3 2021 OpenAI Azure OpenAI GPTDALLECodex OpenAI Azure API AI OpenAI OpenAI 2021 6 Codex OpenAIGitHub AI GitHub Copilot 10 100 2022 Edge Bing AI DALLE Image creator 10 Microsoft designer ChatGPT Office Bing 11 TuringTuring-NLGNLG DistilBERT,a distilled version of BERT:smaller,faster,cheaper and lighter 20202020 TuringTuring-NLGNLGT-NLG 170 Megatron OpenAI GPT-2 10 T-NLG WikiText-103 LAMBADA OpenAI Megatron T-NLG T-NLG T-NLG T-NLG 400 T-NLG 2T-NLG LAMBADA(acc)strict WikiText-103(teat adj.ppl)Open AI GPT-2 52.66(63.24)17.48 12 of 33 1.5B Megatron-LM 8.3B 66.51 10.81 T-NLG 17B 67.98 10.21 DistilBERT,a distilled version of BERT:smaller,faster,cheaper and lighter Megatron TuringMegatron Turing-NLGNLGMTMT-NLGNLG MT-NLG 5300 4480 A100 GPUMT-NLG GPU token Megatron-LM GPU DeepSpeed 3D 5300 280 A100 GPU Megatron-LM 8 35 DeepSpeed GPUDGX SuperPOD SelenePiQA LAMBADA 12 Megatron Turing-NLGMT-NLG NVIDIA AIAI AIAI2022 8 BEiT-3 -COCOCOCOADE20KImageNetNLVR2VQAv2COCOFlickr30KCOCO SOTA BEiT-3 AI 13 of 33 13 BEiT-3 CV 14 BEiT-3 - Beit:Bert Pre-Training of Image TransformersImage as a Foreign Language:BEIT Pretraining for All Vision and Vision-Language Tasks 2.3. 2017 Transformer 2018 BERT 11 NLP GPT BERT GPT BERT Transformer Encoder Masked LM OpenAI GPT Transformer Decoder Decoder MaskBERT NLP 15 BERT FineFine-tuningtuning BERT:Pre-training of Deep Bidirectional Transformers for Language Understanding TransformerTransformer T T5 5 2019 T5(Text-to-Text Transfer Transformer) NLP Text-to-Text () NLP 14 of 33 T5 NLP LaMDALaMDA ChatGPT Bard Bard LaMDA LaMDA BERT 2021 LaMDA 2020 Transformer LaMDA LaMDA LaMDA 16 LaMDA Google I/O 2021 Switch TransformerSwitch Transformer Switch Transformer Transformer Switch Transformer 1.6 GPT-3 Switch Transformer Mix of ExpertMoEAI MoE Gating NetworkSwitch Transformer T5-XXL 4 GLaMGLaM GPTGPT-3 3 Switch Transformer GLaM GLaM (MoE) 1.6 token Web GLaM 1.2T MoE 64 32 MoE 97B 15 of 33 8% zero-shot one-shot GLaM 17 GLaM GPT-3 GLaM:Efficient Scaling of Language Models with Mixture-of-Experts 3GLaM GPT-3 GPT-3 GLaM relative cost FLOPs/token(G)350 180-48.6%Train energy(MWh)1287 456-64.6curacy on average Zero-shot 56.9 62.7 10.2%One-shot 61.6 65.5 6.3w-shot 65.2 68.1 4.4%GLaM:Efficient Scaling of Language Models with Mixture-of-Experts ChatGPTChatGPT20233 AI PaLM-E VLM 5620 ChatGPT PaLM-EPaLM-E LLM 18 PaLMPaLM-E E 16 of 33 PaLM-E:An Embodied Multimodal Language Model PaLM-E PaLM-E PaLM-E Demo PaLM-E 3. 3.1.AIAI ERNIE1.0ERNIE2.0ERNIE3.0ERNIE3.0-TitanPLATO PLATO1PLATO2PLATO-XL AI Paddle PyTorch TenserFlow 11 NLP CV AI AI 19 17 of 33 20192019 NLPNLP NLP ERNIE ERNIE 3.0 ERNIE 3.0 Titan SuperGLUE GLUE ERNIE PLATO 20 NLP ERNIEERNIE ERNIE 4D 4D 4 50% ERNIE3.0 2600 60 NLP 99% 18 of 33 21 ERNIE 22 SuperGLUE FineFine-tuningtuning ERNIEERNIE ERNIE 21 54 Fine-tuning ERNIE BertERNIE GPT-3 ERNIE 8 23 ERNIEERNIE ERNIEERNIE-M M 96 5 XTREME ERNIEERNIE-ViLViLERNIE-ViL VCR 19 of 33 24 ERNIR-ViLG OpenAI DALLE 25 ERNIE-ViLG ERNIEERNIE-SageSageERNIE-Sage Title Query Query TitleQuery Query POI PLATOPLATO PLATO-XL PLATO-XL 110 20 of 33 DSTC 4PLATOPLATO-XLXL (V100) (GPU Hour)(GPUs)PLATO-2 32,000 0.5s PLATO-XL 115,000 3s*2GPU Blender-6s*2GPU Meena 737,000- 3.2. 2 2022022 NLPNLP AIAI HunYuan AI HunYuan NLP CV / 2022 4 MSR-VTTMSVD 2022 5 CLUEHunYuan HunYuan-NLP 1T CLUE 26 HunYuan 27 HunYuan-1T CSDN HunYuanHunYuan MoE 256 HunYuan-NLP 1T 1/8 MoE -HCF ToolKit/ 21 of 33 HunYuan NLP 28 -HCF ToolKit -HCF ToolKit AI -HCF distributed-SNIP student 17000 G Zero-Infinity AngelPTMAngelPTM CPU GPU NCCL HunYuanHunYuan HunYuanQQ NLPCV AI GMV 3.3. 2021 22 of 33 512 V100 GPU 10 M6 1%M6 M6 2022 4 BaGuaLuBaGuaLu 14.5 1 EFLOPS 174 29 OFA AI AI 2022 9 AI AI -M6-AliceMind - 30 M6M6-OFAOFA SOTASOTA M6-OFA NLPCVseq2seq 10 23 of 33 AI M6-OFA SOTA Image Caption MSCOCO 31 M6-OFA OFA:Unifying Architectures,Tasks,And Modalities Through A Simple Sequence-To-Sequence Learning Framework -AliceMind StructBERTPALM StructuralLM PLUG StructVBERT VECO SPACE1.0/2.0/3.0 STAR1.0/2.0 PLUG mPLUG 2022 AliceMind/StructBERT CLUE 270 AliceMind-PLUG - 32 3.4. AIAI CVCV NLPNLP CVCV 2021 30 CV 24 of 33 40TB NLP NLP 2021 CLUE NLP NLP 40TB CV CV AI CV AI 33 NLP CVCV AIAI CV CV CV 90% CV 20 SOTA CV 34 CV 25 of 33 AscendAIAI MindSpore ModelArts MindSpore API Transformer MindX AI MindStudio CANNCANNAIAI AI DaVinci AI AI AI CANNCANN AI 35 AI 4. 4.1. 10 GPT-3 1750 3000 40T GPT-4 GPT-3 GPT-3 26 of 33 AI 1 V100 GPU 3640PF-days( 3640 ) GPU 36 Language Models are Few-Shot Learners ChatGPT 3640PFdays 7-8 30 500P OpenAI E Azure 28.5 CPU 1 GPU OpenAI 2012 AI 3-4 10 NLP GPT-3.5 GPT-4 GPT-4 GPT3.0 5: Model Total train compute(PF-days)Total train compute(flops)Params (M)Training tokens(billions)Flops per param per token Mult for bwd pass Fwd-pass flops per active param per token Frac of params active for each token T5-Small 2.08E 00 1.80E 20 60 1,000 3 3 1 0.5 T5-Base 7.64E 00 6.60E 20 220 1,000 3 3 1 0.5 T5-Large 2.67E 01 2.31E 21 770 1,000 3 3 1 0.5 T5-3B 1.04E 02 9.00E 21 3,000 1,000 3 3 1 0.5 T5-11B 3.82E 02 3.30E 22 11,000 1,000 3 3 1 0.5 BERT-Base 1.89E 00 1.64E 20 109 250 6 3 2 1.0 BERT-Large 6.16E 00 5.33E 20 355 250 6 3 2 1.0 RoBERTa-Base 1.74E 01 1.50E 21 125 2,000 6 3 2 1.0 RoBERTa-Large 4.93E 01 4.26E 21 355 2,000 6 3 2 1.0 GPT-3 Small 2.60E 00 2.25E 20 125 300 6 3 2 1.0 27 of 33 GPT-3 Medium 7.42E 00 6.41E 20 356 300 6 3 2 1.0 GPT-3 Large 1.58E 01 1.37E 21 760 300 6 3 2 1.0 GPT-3 XL 2.75E 01 2.38E 21 1,320 300 6 3 2 1.0 GPT-3 2.7B 5.52E 01 4.77E 21 2,650 300 6 3 2 1.0 GPT-3 6.7B 1.39E 02 1.20E 22 6,660 300 6 3 2 1.0 GPT-3 13B 2.68E 02 2.31E 22 12,850 300 6 3 2 1.0 GPT-3 175B 3.64E 03 1.80E 20 174,600 300 6 3 2 1.0 Language Models are Few-Shot Learners 4.2. AIAI AI GPUFPGAASICNPU AI GPU AI GPU AI GPU GPUGPU TransformerTransformer GPU 4 1.7TB 425 A100(40G),AI 37 GPU CSDN GPUGPU GPU GPU GPU 3 GPU Nvidia DGX SuperPod GPU 28 of 33 GPU GPU 6: GPU GPU Fat-Tree GPU AI AllReduceAll-to-All Torus GPU 100Gbps 800Gbps1.6Tbps TCP/IP IB Eth RDMARoCE- GPU 4.3. FLOPs GPU TPU FLOPs DeepSpeed Megatron-LMDeepSpeed ZeROZero Redundancy OptimizerMegatron-LM 3D GPU 29 of 33 ZeROZeRO-CacheCache DeepSpeed Megatron-LM AngelPTM AI AngelPTM ZERO GPU ZeRO-Cache offload CPU SSD GPU IO NCCL ZeRO-Cache GPU CPU 38 ZeRO 40% 90% 3 AI 11 6 AI X86GPUARM 100% 39 30 of 33 AI AI AI AI AI AI AIAK-Training 40 AI AIAI CV 31 of 33 AI AI Prompt 41 5. AI 7 PS 20230330 2021A 2022E 2023E 2021A 2022E 2023E 2230 1,365.28 183.14 200.54 275.68 7.45 6.81 4.95 688111 2,024.40 32.8 38.85 52.93 61.72 52.11 38.25 688588 71.12 6.53 6.55 7.93 10.89 10.86 8.97 301248 37.83 9.4 7.52 11.3 4.02 5.03 3.35 Wind 6. 1 2 OpenAI 32 of 33 3 33 of 33 1.1. 12 12 300 300 15% 300 5% 300 -5%5% 300 5% 2.2. 12 300 300 300 300 669 20 6003 B 27 9 18 200041 518026 100032 0213867666607552397688801083939888 E-mail, Table_Summary 2015-2021 20.70 44.74 13.7% 2019-2021 2022Q1-Q3 39.48 19.7% 0.52 364.0% B C 2019-2022 2445 4196 19.7% 2023 5000 2.4 1.53 2.97 B C 2022-202451.9761.06 71.31 16.2%17.5%16.8% 0.34 1.67 2.65 349.0%384.3%58.5% EPS 0.03 0.15 0.23 Table_StockNameRptType 300094/ 2023-03-31 5.43 12 /7.09/4.69 1,134 884 %77.97 62 48 300 Table_Author S0010520070003 18502142884 -39%-25%-11%3%3/226/229/2212/223/23300Table_CompanyRptType1 300094 2/29 Table_Profit : 2021A 2022E 2023E 2024E 4474 5197 6106 7131 %-0.4.2.5.8%-14 34 167 265 %94.949.084.3X.5%%15.3.2.7.9%ROE%-0.7%1.1%5.1%7.4%-0.02 0.03 0.15 0.23 P/E 178.67 36.89 23.27 P/B 1.95 1.96 1.86 1.73 EV/EBITDA 24.80 22.10 15.71 13.22 wind PWlZhURUiWgVmPmPpN6MbP7NmOrRoMnOjMmMmQiNpPsQ6MpNnOvPmRrPMYnPqNTable_CompanyRptType1 300094 3/29 1 .6 1.1 .6 1.2 .8 2 .10 2.1 .10 2.2 .14 2.3 .16 3 .18 3.1 .18 3.2 .20 3.3 .22 3.4 .24 4 .25 4.1 .25 4.2 .26 .27 .28 Table_CompanyRptType1 300094 4/29 1 .6 2 .7 3 .7 4 2015-2022Q1-Q3 %.8 5 2015-2022Q1-Q3 %.8 6 2015-2022Q1-Q3 .9 7 2019-2022Q1 .9 8 2015-1H2022 %.9 9 2015-1H2022 .9 10 2019-1H2022 %.10 11 2021 .10 12 2016-1H2022 .10 13 2016-1H2022 .10 14 .11 15 .12 16 .12 17 2016-2022 .13 18 .13 19 2022 TOP10.13 20 TOP5.13 21 2018-2021 .14 22 %.14 23 .14 24 .14 25 2022 .15 26 2022 .15 27 .15 28 .16 29 2015-2021 .16 30 2015-2021 .16 31 2015-2021 KG.17 32 2019 KG.17 33 2017-2022 %.17 34 2017-2021 %.17 35 2022 .18 36 2019-2025E %.18 37 2022 .18 38 2022 .18 39 2019-2022Q1 .19 40 .19 41 .19 Table_CompanyRptType1 300094 5/29 42 .20 43 2018-2022Q1-Q3 %.21 44 .21 45 .21 46 .22 47 .22 48 .22 49 .23 50 .23 51 .24 52 .24 53 .24 54 .25 55 .25 56 .25 57 %.26 Table_CompanyRptType1 300094 6/29 1 1.1 1 20 12001-2010 2001 2004 2007 FDA 22010-20192010 20122015 32020-2021 Table_CompanyRptType1 300094 7/29 2022 RCEP 001 2 23 13.39%3 Table_CompanyRptType1 300094 8/29 1.2 2015-2021 20.70 44.74 13.7%2019-2021 -4.64 -2.69 -0.14 2022Q1-Q3 39.48 19.7% 0.52 364.0% 2022 2022 2700 4000 1200 2500 4 2015-2022Q1-Q3 % 5 2015-2022Q1-Q3 %wind wind 2019-2021 13.1%11.5% 15.3%2020 2021 2022Q1-Q3 11.1%-10%0 0P1015202530354045502015201720192021yoy-400%-300%-200%-100%00 0000%-5.00-4.00-3.00-2.00-1.000.001.002.003.002015201720192021yoyTable_CompanyRptType1 300094 9/29 6 2015-2022Q1-Q3 7 2019-2022Q1 wind 1H2022 22.73 19.5% 94.1%2019-2021 6.34 7.29 8.41 15.2%1H2022 5.61 36.17%2021 3.21 2.62 38.2% 31.2% 17.6%7.9% 5.2%8 2015-1H2022 %9 2015-1H2022 wind wind 0%5 152017201920210%5 19202020212022Q1-10%0 0Pp0203040502015201720192021(yoy750 152016201720182019202020211H2022Table_CompanyRptType1 300094 10/29 10 2019-1H2022 %11 2021 1H202212.1950.5%11.96 49.5%1H2022 19.0% 5.1% 12 2016-1H2022 13 2016-1H2022 wind wind 2 2.1 6.347.298.415.610%5 %05234567892019202020211H2022yoy38.171.15.60%7.85%5.23%0 0 1620172018201920202021 1H2022%%0%2%4%6%8 16201720182019202020211H2022%%Table_CompanyRptType1 300094 11/29 B C 14 C C B B C B C KA 11990 -2010 2B 2010 -2019 B 3C 2020 -C Table_CompanyRptType1 300094 12/29 15 16 B B Table_CompanyRptType1 300094 13/29 C C 2015-2020 100 17 2016-2022 18 19 2022 top10 20 top5 NCBD 02000400060008000100001200014000201620172018201920202021202254.07%4.88%6.91.98#.170100-200200-500500-100010000102030405060708090 010002000300040005000600070008000900010000Table_CompanyRptType1 300094 14/29 2.2 2019 -2022 2445 4196 19.7% 2023 5000 21 2018-2021 22 %NCBD B 23 24 2022 0%2%4%6%8 182019202020210%5 %0002000300040005000600020192020202120222023Eyoy800%0%5 %05EP% Table_CompanyRptType1 300094 15/29 C C 25 2022 26 2022 27 2022 3 0-1718-2425-3132-42430 0Pp%Table_CompanyRptType1 300094 16/29 2023 2 2023 28 2022 3 2022 4 2022 2022 10 2022-2025 2022 10 2022 11 2022 11 2023 2 / 2023 2.3 1700 2021 6690.3 47.4 14.2 29 2015-2021 30 2015-2021 0%2%4%6%8%5,9006,0006,1006,2006,3006,4006,5006,6006,7006,8002015201620172018201920202021(yoy-1%0%1%2%3%4%5C.544.044.545.045.546.046.547.047.548.02015201620172018201920202021yoyTable_CompanyRptType1 300094 17/29 31 2015-2021 kg 32 2019 kg 2017-2022 2250 4916 16.9% 33 2017-2022 % 34 2017-2021 % 2022 1047 22.3% 2025 2000 -5%0%5 468101214162015201620172018201920202021yoy0510152025300%5 %0,0002,0003,0004,0005,0006,000201720182019202020212022yoy0%5 %01015202530354020172018201920202021(yoyTable_CompanyRptType1 300094 18/29 35 2022 36 2019-2025E % 2022 37 2022 38 2022 3 3.1 20 68.70.50%3.80%0%5 %05001,0001,5002,0002,50020192020202120222023E 2024E 2025E(yoy0 0Pp%Table_CompanyRptType1 300094 19/29 2022 2022 9 39 2019-2022Q1 40 ISO9001HACCPBAPBRCEU CNAS BAP4 2221 41 0 0Pp0 19202020212022Q1Table_CompanyRptType1 300094 20/29 3.2 42 2017 31 3 2018 2019 30 2020 41 2021 20 2019 2021 0.43 3.7%Table_CompanyRptType1 300094 21/29 43 2018-2022Q1-Q3 % 44 wind wind 45 1 2 3 4 5 6 7 8 9 0P00 0%000101520253035404550201820202022Q1-Q3(yoy0.0%0.5%1.0%1.5%2.0 182019202020212022Q1-Q3Table_CompanyRptType1 300094 22/29 46 3.3 SSC 47 48 143.65 155.29 135.06 30.25 32.14 20.24 10.07 0.36 0204060801001201401601802019202020212022Q1SSC 0 0Pp0 19202020212022Q1Table_CompanyRptType1 300094 23/29 49 BC 2021 3000 C 50 Table_CompanyRptType1 300094 24/29 51 BC B C 3.4 2021 107.0% 106.2% 52 53 2021 4 020004000600080001000012000140001600018000200002019202020210 00 1920202021Table_CompanyRptType1 300094 25/29 54 25,299.45 20,000.00 60,171.51 50,000.00 30,000.00 30,000.00 115,470.96 100,000.00 2.4 1.53 2.97 55 56 4,000.00 10,000.00 4,000.00 1,000.00 2,500.00 2,500.00 24,000.00 6,800.00 4,250.00 4,250.00 6,800.00 8,500.00 2,550.00 11,000.00 850.00 45,000.00 4 4.1 1 2022-2024 48.54 57.40 67.43 19.6%18.3%17.5%2 Table_CompanyRptType1 300094 26/29 2022 2023-2024 2022-2024 2.332.502.67 -25.0%7.0%7.0% 2019 2020 2021 2022E 2023E 2024E 4627.64 4494.11 4474.17 5197.40 6105.59 7131.05 yoy-2.2%-2.9%-0.4.2.5.8%4023.46 3975.45 3789.42 4512.96 5207.92 5999.94 13.1.5.3.2.7.9%604.18 518.66 684.75 684.44 897.67 1131.12 2019 2020 2021 2022E 2023E 2024E 4362.53 4133.11 4058.37 4854.12 5740.48 6742.70 yoy-2.2%-5.3%-1.8.6.3.5% 3788.72 3642.89 3392.39 4174.54 4856.45 5630.15 13.2.9.4.0.4.5% 573.81 490.22 665.98 679.58 884.03 1112.55 634.00 729.00 841.00 1160.58 1566.78 2068.15 yoy 15.0.48.05.02.0% 3728.53 3404.11 3217.37 3693.54 4173.70 4674.55 yoy -8.7%-5.5.8.0.0% 2019 2020 2021 2022E 2023E 2024E 260.92 281.37 311.04 233.28 249.61 267.08 yoy 6.5%7.8.5%-25.0%7.0%7.0% 227.63 238.27 286.20 225.12 237.13 249.72 12.8.3%8.0%3.5%5.0%6.5% 33.28 43.10 24.84 8.16 12.48 17.36 2019 2020 2021 2022E 2023E 2024E 79.62 104.76 110.00 115.50 121.27 yoy 31.6%5.0%5.0%5.0% 94.29 110.83 113.30 114.34 120.06 -18.4%-5.8%-3.0%1.0%1.0% -14.67 -6.07 -3.30 1.15 1.21 4.2 B C 57 %Table_CompanyRptType1 300094 27/29 2022-2024 51.97 61.06 71.31 16.2%17.5%16.8% 0.34 1.67 2.65 349.0%384.3%58.5% EPS 0.03 0.15 0.23 Table_CompanyRptType1 300094 28/29 : : 2021A 2022E 2023E 2024E 2021A 2022E 2023E 2024E 3653 5087 5649 6203 4474 5197 6106 7131 170 1042 1174 830 3789 4513 5208 6000 573 779 812 1037 20 13 16 21 38 78 96 68 225 265 314 371 86 161 156 177 145 166 197 234 2746 2961 3325 3986 111 110 96 114 41 66 86 106 -152 -60 -20 -3 1466 1397 1360 1334 0 0 0 0 0 0 0 0 1 0 0 0 1157 1055 952 849 5 42 215 341 109 127 149 178 5 0 0 0 199 215 259 306 4 0 0 0 5119 6484 7009 7537 5 42 215 341 2701 2824 3186 3362 22 2 11 19 1502 1602 1702 1762 -17 40 203 323 641 618 824 873 -3 6 37 58 558 604 661 727 -14 34 167 265 222 442 402 432 EBITDA 232 327 455 573 24 244 204 234 EPS-0.02 0.03 0.15 0.23 198 198 198 198 2923 3266 3588 3794 78 83 120 178 2021A 2022E 2023E 2024E 912 1134 1134 1134 1192 1952 1952 1952 -0.4.2.5.8% 14 49 215 480 101.8x2.7A1.7Y.0% 2118 3134 3301 3566 94.949.084.3X.5% 5119 6484 7009 7537 %15.3.2.7.9% : %-0.3%0.7%2.7%3.7% 2021A 2022E 2023E 2024E ROE%-0.7%1.1%5.1%7.4% 205 -279 267 -206 ROIC%-9.4%4.0%5.9%7.4%-17 40 203 323 116 104 105 105 %57.1P.4Q.2P.3% 113 115 127 150 %133.11.54.91.3%-1 0 0 0 1.35 1.80 1.77 1.85 -180 -604 -198 -791 0.29 0.67 0.65 0.58 336 709 432 1122 -94 -36 -67 -78 0.88 0.90 0.90 0.98 -93 -38 -70 -81 7.71 7.66 7.62 7.66 -1 0 0 0 6.84 7.17 7.23 7.07 0 2 3 3 -276 1186 -67 -60 -0.02 0.03 0.15 0.23 4 100 100 60 0.18 -0.25 0.24 -0.18 -126 220 -40 30 2.32 2.77 2.91 3.15 -5 222 0 0 107 760 0 0 P/E 178.67 36.89 23.27 -257 -115 -127 -150 P/B 1.95 1.96 1.86 1.73 -160 872 132 -344 EV/EBITDA 24.80 22.10 15.71 13.22 Table_CompanyRptType1 300094 29/29 Table_Introduction 2012 2013 2018 2019 2019 2021 WIND 2022 WIND Table_Reputation 6 A 300 500 6 5%; 6 -5% 5%; 6 5%; 6-12 15% 6-12 5% 15% 6-12 -5% 5% 6-12 5% 15% 6-12 15%, 1 () SAC No.S0570522020002 (86)755 8249 2388 SAC No.S0570522020003 (86)10 5679 3931 SAC No.S0570518110004 SFC No.BSJ399 (86)755 8277 6411 Wind 2023 3 31 /To C / ROE ROE ROE C Wood Mackenzie 2016-2020 80%Enphase 70% W 2022-2025 9.7/18.5/29.3/44.2GW 146/222/293/354 23-25 34.3%(26)(16)(5)616Mar-22Jul-22Nov-22Mar-23(%)300 2 .3 .3 .4 ROE .5 ROE .6 .7 .9 .9 .9 .11 .12 .12 .13 .15 .16 25 354 .18 .18 PWjXkZOXlZgVpMnOtRbRbPbRoMrRnPpMiNrRmQfQoOsQ7NoMoNxNnQzRxNmPtN 3 DC/DC MPPT DC/AC 1MPPT2341/600-1500V 80V2 MPPT 34IP67 25 5 kW 1 4 LCOELevelized Cost of Electricity, CPIA2021 1000h1200h1500h1800h LCOE 0.370.310.250.21 /kWh 0.330.280.220.19 /kWh2021 2021 2020 LCOE 22021 10 CAGR 15% LCOE IRENA 2011 31.9GW 2021 132.8GWCAGR 15%CAGR 38%35%24% CPIA2021 54.88GW 13.9%2030 2030 25% CPIA2021 75GW(0.10)(0.08)(0.06)(0.04)(0.02)0.000.020.040.000.050.100.150.200.250.300.350.400.450.50/kWh/kWh5 32021 133GW IRENA 20-25 IGBT 10 20 10 2022-2026 2011-2016 IRENA 2026 / 72/34GW 2021-2026 CAGR 17.71/75.01%202207114 2021-2026 CAGR 18%IRENA ROE ROE CPIA 2022 4.7 /MW PERC 15.5 /MWTopcon19 /MW6 /MW 6 to C ROE 132.802040608010012014020112012201320142015201620172018201920202021GW0102030405060708020212022E2023E2024E2025E2026EGW 6 5/ 6Wind Wind ROE ROE ROE ROE 21 // ROE 43%/6%/33% 30%21 ROE IPO 72019-2021 ROE 82019-2021 Wind Wind 70% W 0102030405060708090100 1920202021024681012141618202019202020210 0Pp%2019202020210.00.51.01.52.02.53.0201920202021 7 92019-2021 102019-2021 Wind Wind 40 112019-2021 Wind C 05101520253035404550 19202020212022051015202530354045 19202020212022024681012201920202021 8 Enphase12 / UL ETL CSA CE Enel-GUIDA KS JET 10KW BIS COC SAA VDE TV/TV/TV IEC IEC 13Enphase 2021-2022 2021 1 25 SOFDESK Solargraf2021 3 31 DIN engineering services 2021 12 13 365 Pronto 2021 12 31 Clippercreek 2022 3 14 SolarLeadFactory 2022 6 3 ITL 2022 10 10 GreenCom Networks Enphase / ROE 9 SEIA 22Q3 1568MW ITC 2030 600GW 750GW 2027 2029 0.25-2kW Wood Mackenzie 2016-2020 80% 25% IRENA 2021 13.05GW 45% 1.7% PDEE2027 28% 2045 5MW (CNPE) 6 2020 5%12142020 Wood Mackenzie Enphase 20 CR3/CR5 49%/59% 21 CR3/CR4 96%/99%2021 Enphase 13.82 74.52%11.65%/9.48%70%16%8%5%1%10 152021 162018-2021 Wind Enphase Enphase 2006 2017 NEC 2017 2019 Enphase Enphase W 17 KWEnphase 0.22-0.65 Chilicon 0.28-0.73 Sparq Systems 1.17-1.2 0.25-2.25 0.55-3.6 0.3-4 18 2018-2020 19 2018-2020 Enphase75%12%9%3%1468101214162018201920202021Enphase0 0Pp0 18201920200 0Pp0 1820192020 11 EPC Enphase Enphase 2000 200 Enphase 20 21/ ENF 2022 3 22 23 ENF 2022 3 ENF 2022 3 02040608010012014016018020001020304050607080Enphase02004006008001,0001,200Enphase 12 30s VDE 120V NOM001SEDE 80V 2021 11 24 24 /W0.2-0.4 0.3-0.5 0.4-0.8 2022 BAPVBIPV 13 25 BIPV 2021 10 2021 10 2022 1 2022 3 2025 3.5 0.5 30% 0.5 80V 600V1500V 123 80V 26/ 1500V 27 80V 14 28 29/ 30 15 EnphaseChilicon W IGBT 2022 IGBT MOSFET MOSFET IGBT /31 W 32 IGBTMOSFET 0.00.20.40.60.81.01.21.41.6201920202021/WEnphase 16 n n33 DC/AC 1MHz 10% DC-DC DC-AC DC-DC DC-AC ZVS ZCS 97% SVPWM SVPWM SVPWM MPPT MPPT 17 Enphase n 20A 182210 Enphase SolarWorld AC 34 (W) (kg)(W/L)Enphase IQ8-60-2-US 240 97.0%w 1.08 214.21 IQ8D 633 97.5%w 1.56 341.24 HM-400A 400 96.5%w 1.75 444.27 HM-800 800 96.5%w 2.60 672.27 HM-1200 1200 96.5%w 3.35 737.90 HMT-1800 1800 96.5%p 5.50 623.38 DS3D 2000 97.0%p 4.30 599.50 QT2D 3200 96.5%p 7.00 583.05 SUN500G3 500 96.5%p 2.15 273.86 SUN1000G3 1000 96.5%p 3.15 512.72 SUN2000G3 2000 96.5%p 5.20 594.49 w weighed efficiency p peak efficiencysunwatts 18 25 354 2025 354 1 22-25 250/350/430/520GW2 22-25 41%/44%/47%/50%3 22-25 9.5%/12.0%/14.5%/17.0%422-25 1.5/1.2/1.0/0.8 /W 25 354 23-25 CAGR 34.3%=*2022-2025 9.7/18.5/29.3/44.2GW 146/222/293/354 35 2022E 2023E 2024E 2025E (GW)250 350 430 520 (%)41DGP%(GW)103 154 202 260 (%)9.5.0.5.0%(GW)9.7 18.5 29.3 44.2 (/W)1.5 1.2 1.0 0.8 146 222 293 354 2023-2029 36 688348 CH 300274 CH 605117 CH 688032 CH 300763 CH 688390 CH Enphase ENPH US EQUITY Sparq Systems SPRQ CN EQUITY Bloomberg 19 () FINRA FINRA / FINRA //() ,,20 - 688348 CH688032 CH605117 CH300274 CH688390 CH/ 1% https:/.hk/stock_disclosure - FINRA1934 15a-6 FINRA FINRA - FINRA 688348 CH688032 CH605117 CH300274 CH688390 CH/ 1%/,////,/ 6 12 A 300 500 15% 5%-15%5% 15% / / 21 91320000704041011J AOK809 FINRACRD#:298809/SEC#:8-70231 2281/210019 28A18/100032 86 25 83389999/86 25 83387521 86 10 63211166/86 10 63211275 ht- ht- 599910/518017 18E23/200120 86 755 82493932/86 755 82492062 86 21 28972098/86 21 28972068 ht- ht- 99 58 5808-12 852-3658-6000/ 852-2169-0770 http:/.hk 280 21 10017 212-763-8160/ 917-725-9702 :Huataihtsc- http:/www.htsc- 2023, 1120233312PCSSACS1340522080004| 2 PCS5=3 22022PCS244GW26%57%15%119%2023PCS354GW45%48%45%40%2019PCS2020-2022 2023ROEPCSROE PCSPCSRUhVkZVYkYiXpMmPnPbRdN6MnPpPmOnOfQpPsOlOqQnP6MmOoOvPnRpMxNnQxP3 4 4 51.1 PCS5=3 2n PCSn 3n 21PCSSGSPI-BBLUE-SQT2DSCETCS5Powerwall250kW250kW10kW5kW2kW250kW250kW10kW10kW500V380V220V380V220V500V380V220V220V0.20/W0.43/W0.73/W0.22/W0.54/W0.82/W5.86/Wh0.14/W0.32/W0.42/W0.15/W0.32/W0.48/W4.36/Wh0.06/W0.11/W0.31/W0.07/W0.22/W0.34/W1.50/Wh0.03/W0.04/W0.24/W0.03/W0.13/W0.17/W0.91/Wh 61.2 n n MPPTMPPTn n 0.20/W0.14/W0.03/Wn MPPTMPPTn MPPTn n 0.43/W0.32/W0.04/Wn MPPTn n n 0.73/W0.42/W0.24/W342 71.3 Hybrid5n n n Hybrid Hybrid--81.4 6Powerwall Plus7Enphase IQ Enphase Powerwall Plusn n 13.5kWh14kWhn 5.8kW7.6kWn 7kW10kWn 90%n 7.6kW4MPPT12.9kWn 12800Ephase IQ battery 3/10n 12n 3.36kWh/10.08kWh3.5kWH/10.5kWhn 1.28kW/3.84kW1.92kW/5.7kWn 89%n 2805/7598 9 9 101 2023PCS45%202020212022E2023E2024E2025E2026E2027E2028E2029E2030EPCSGW54 61 96 142 195 255 321 387 460 547 650 -GW29 20 23 30 35 40 43 47 51 56 59 -GW18 32 58 86 119 156 191 221 256 296 342 -GW7 8 14 26 40 59 87 119 152 195 250 PCSGW18 28 32 47 65 84 102 121 144 172 205 -GW10 14 15 18 21 23 24 26 29 31 33 -GW3 5 6 10 14 18 23 28 35 44 55 -GW2 3 3 6 9 13 17 20 22 25 27 -GW3 6 8 14 21 30 38 47 58 72 89 PCSGW23 30 66 93 125 161 202 243 293 350 418 -GW7 8 15 18 19 19 22 24 26 29 31 -GW12 15 33 44 56 68 76 83 90 98 107 -GW1 1 3 7 12 19 26 34 42 51 61 -GW4 7 15 24 38 55 77 102 134 172 220 PCSGW30 38 50 72 98 126 158 188 222 263 310 271F5)%PCSGW125 158 244 354 482 626 783 940 1118 1331 1583 26UE60% %n 2022PCS244GW26%57%15%119%n 2023PCS354GW45%48%45%40%n 2024PCS482GW36%37%37%34%IRENAIHS Markit8PCS 1111 123.1 PCS7ifind97PCS2022390.1 66.6 52.0 16.1 14.7 61.9 22.2 ROE16.92.8$.4%8.7.86.0.5%30.7 11.0 5.3 5.7 4.0 13.4 1.1 23.31.61.5F.5.52.3!.1%7.9.5.25.4&.8!.7%4.9% 49%14%11%24%47%23%2%16%4%5%5%18%56%8%12%5%5%30%20%41%3%10%36%19%32%4%11%4%3%10%28%22%2%6%77%23-20%0 00 1420152016201720182019202020212022E73.2 PCSIRENAifind107n 2019PCSn 2020-2022PCS PCSn 20232023:1:1.25143.3 PCS112020-2022ifindPCSn 50%50%80%90% 80%90%80%48h%88%9%Yia6!2%9b131!63%0P00 0%000%202020212022E 153.4 n 2022202032%66%n 250kWn 132015-2022142021-2030107GA2VfcSYhD4%0 0Pp0 152016201720182019202020212022122015-202215 34 53 44 30 48 54 86 123U%-17%-32a%-60%-40%-20%0 000%0 10 20 30 40 50 60 70 80 90 20152016201720182019202020212022 163.5 n n MPPTn 60VNEC2017305m30S30V80VCanadian Electrica Code80V130S30VDE , 120V 80V Thai Electrical Code:Solar Rooftop Power Supply Installations 2022300mm3080V30V1516 173.5 n n 20kW n 0.7500.20.40.60.811.23kW5kW10kW20kW50kW 18/W192020-2022IHS MarkitMPPT17622%1U4%0 0Pp%202020212022E 180.170.290.440.500.530.550.570.610.620.630.630.640.710.720.740.810.880.880.890.900.920.920.930.940.950.970.991.071.390.000.200.400.600.801.001.201.401.603.6 n n 203(/kWh)22210.755%-10%-15%-20 %0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 0%2%4%6%8 %h193.6 Global Petrol Prices23/kWh25LFP/kWh24CNESA3.613.203.261.521.721.481.200.500.780.450.550.630.330.220.233.122.862.801.661.311.210.930.680.650.640.630.570.470.240.164.03.02.01.00.01.02.03.04.00.3 0.6 0.8 3.0 2.3 3.2 5.1 63I&6%-26a%-50%0P00 0%000%0.0 1.0 2.0 3.0 4.0 5.0 6.0 2015201620172018201920202021GW0.410.360.350.340.290.250.220.210.200.190.180.170.000.050.100.150.200.250.300.350.400.452019 202020212022E2023E2024E2025E2026E2027E2028E2029E2030E 203.7 202344%IRENAIHS Markit26202020212022E2023E2024E2025E2026E2027E2028E2029E2030E-GW18 32 58 86 119 156 191 221 256 296 342 80G81#%-GW3 5 7 11 16 21 26 32 41 51 64 64AR1&%&%-GW12 15 23 31 39 47 53 57 62 68 74 20X4 %8%9%9%9%-GW12 19 33 47 64 83 100 118 139 163 191 58qD6)!%GW45 71 121 174 237 306 370 430 498 578 670 57pD6)!202020212022E2023E2024E2025E2026E2027E2028E2029E2030E-GW2 3 3 6 9 13 17 20 22 25 27 73fVF3%-GW1 1 3 7 12 19 26 34 42 51 61 54$08wY8(%-GW1 2 3 5 8 12 16 19 23 26 29 60tbH2 %GW3 5 9 18 29 44 60 73 88 102 118 65vfR5 %3.7 202385%IRENAIHS Markit27 223.7 202375%IRENAIHS Markit28202020212022E2023E 2024E 2025E 2026E2027E 2028E 2029E2030E-GW7 8 14 26 40 59 87 119 152 195 250 25hWFG6(%-GW3 6 8 14 21 30 38 47 58 72 89 88(uS#$%-GW4 7 15 24 38 55 77 102 134 172 220 873fTG931)(%-GW5 8 13 24 37 53 74 100 130 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1.6 20212022E 291.131.291.532.782.933.225.0012#5dfi0 %0 00000 00%3.14 452022ifind 3030 314 PCS46PCS 3232 335.1 482022ifind492020-2021ifind472021-2022ifindn 25%43%27%n 62%38%n 202372277%n 202370100%137%9 2125C%5 22E0 0P 0820092010201120122013201420152016201720182019202020212022E664 20628 21 345.2 512022ifind522020-2021ifind502021-2022ifind5%9 2119a 22En 61%19%19%n 46%54%n 202311990%n 202325127%-20%-10%0 0P 13201420152016201720182019202020212022E40 2046T 21 355.3 542022ifind552020-2021ifind532021-2022ifind18s%9 2141A 22En 41%41%18%n 36%64%n 20239691%n 202315159%-20%-10%0 0P 13201420152016201720182019202020212022E31h%0 2036d%1 21 365.4 572022ifind582020-2021ifind562021-2022ifind-20%-10%0 0P 1720182019202020212022E0WC 212 22En 88%2%11%n 46%54%n 202343193%n 202313180%633%4 2044T%2 21 375.5 602022ifind612020-2021ifind592021-2022ifindn 75%15%9%1%n 3%97%n 202342195%n 202312214%0 0P 182019202020212022E77 211u%9 22E1%0 202%1 21 385.6 632022ifind642019-2021ifind622021-2022ifindn PCS59%33%8%n 70%30%n 202310767%n 20232883%29V 21593%8 22EPCS0%5 %05 16201720182019202020212022E91%8%1 19690%1 21 395.7 PCS662022ifind672020-2021ifind652021-2022ifindn 66%21%3%n 77%23%n 202340102%n 20233233%0 0 13201420152016201720182019202020212022E13%4%3 2121f%3%9 22E73 2077# 21 405.8 692022ifind702020-2021ifind682021-2022ifindn 27%IDC25%PCS23%18%n 81%9%n 20237627%n 2023626%1430%1 2123%7 22EPCSIDC0 0 13201420152016201720182019202020212022E93%7%0 2090%9%1 21 415.9 PCS722022ifind732020-2021ifind712021-2022ifindn 29%23%PCS23%21%n 78%22%n 20232359%n 2023353%24%3 2123#)!%4 22EPCS0 122013201420152016201720182019202020212022E32!%6%4%3%0%2 2033%8%5%2%1%3 21 425.10 752022ifind762020-2021ifind742021-2022ifindn 51%20%14%12%n 64%36%n 20238088%n 20231173%0 0 13201420152016201720182019202020212022E9%3w%3%9 2114 Q%3 22E691 20691 21 4343 446 n n n n n n 4545SACS1340522080004 46201771472002950.6010-6701778817100050158001819229023518048187177679291080|3200000 48, (600363) Table_ReportDate2023 03 31 Table_CoverAuthor & S1500519120002 010-83326877 Table_CoverReportList 2 Table_ReportType Table_StockAndRank (600363)(600363) Table_Chart Table_BaseD 31.99 52 ()34.79-16.47 ()9.63 ()4.55 A ()100.00 ()145.63 CINDA SECURITIES CO.,LTD 91 100031 Table_Title Table_ReportDate 2023 03 31 :Table_Summary 1999 2019 2022Q1-3 29.77 yoy-8.88% 2.68 yoy7.51% 11.40%: 10Hz600 260 50 2021 2 50 2022Q1-3 15.61 1.16 yoy36.74% 2017-2021 2017 9.00 2021 13.80 CAGR 11.28% 2017-2021 0.71 2021 1.41 CAGR 18.59% 2022-2024 36.86/34.40/40.12 3%/-7%/17%3.18/4.89/6.99 37%/54%/43% 23 PE 29.78x -40%-20%0 /0322/0722/1123/03300QViWiXVYhVkZtQmPtR9PaObRsQmMsQsRlOnNnReRnNoNbRmMzRxNrNoONZrMrR 3 2020A 2021A 2022E 2023E 2024E ()3826.69 3585.86 3686.24 3439.50 4012.02 (%)-12%-6%3%-7%()270.13 231.72 318.32 489.01 699.27 (%)39%-147TC% %ROE(%)9%7%9%EPS()()0.59 0.51 0.70 1.07 1.54 P/E()52.88 61.65 45.75 29.78 20.83 P/B()4.95 4.27 4.00 3.53 3.02 Table_ReportClosing ;20230331 4 .6 .6 2.1 .6 2.2 .8 .10 3.1 .10 3.2 .11 3.3 .12 .13 4.1 .13 4.2 .14 4.3 .15 4.4 .16 .17 5.1 .17 5.2.19 5.3 .20 .20 6.1 .20 6.2 .21 .22 7.1 .22 7.2 .23 7.3 .23 .24 12022H1 .7 2.8 3.12 4.14 5.15 6.15 7.15 8.16 9.18 10.23 11.24 1.6 2.7 32017-2022Q3 .8 42017-2022Q3 .8 52017-2022Q3 .9 62017-2022Q3 .9 7.9 82019-2022H1 .10 92019-2021 .10 10.10 11.10 12.11 13.11 14.11 15.12 16-I .13 17-II .13 182019-2021 .13 5 19.13 20.14 21.14 22 600 .17 23.17 24.18 25.18 26.18 272022H1 .19 282017-2021 .19 29.19 30.19 31.20 32.20 33.21 34.21 352016-2021 .21 362016-2021 .21 37.21 38.21 392016-2021 .22 402016-2021 .22 6 1 LED212 260 2.1 1999 6 746 834 8490 2001 3 1 1 : 7 2019 1 14.4.9 9% 1996 2011 20.81%71.6% 2.5% 2 2 : 50% 24 4 12022H1 50.01%7.18 10.46 0.68 74.00%0.73 0.28 0.00 66.98%1.71 5.13-0.15 100.00%1.11 3.42 0.04 70.00%0.43 1.05 0.01 100.00%-0.42 0.00 0.02 78.72%1.62 0.62-0.11 8 93.30%0.06 0.02 0.00 55.00%1.91 1.05 0.24 20.00.15 58.69 8.33 33.00%4.01 3.33 0.17 40.00%1.90 0.00-0.01 : 202011218 1200 2.71% 11.26 /20202021 2 2020 2019 2020 15% 2020 5%30%1,971.33 2021 2019 2021 30% 2021 10%30%6,871.48 2022 2019 2022 45% 2022 15%40%3,323.09 : 2.2 2017-2021 30.09 35.86 CAGR 4.48% 2017 1.99 2021 2.31 CAGR 3.85%2022Q1-3 29.77 8.88% 2.68 7.51% 3 32 2017017-20222022Q3Q3 4 42 2017017-20222022Q3Q3 :Wind :Wind 2022Q1-313.44%11.40%-20%-10%0 0020304050201720182019202020212022Q1-3(%)-20%-10%0 0P%0.00.51.01.52.02.53.0201720182019202020212022Q1-3(%) 9 2021 2.18% 1.13% 46.16% 7.71% 4.73% 5 52 2017017-20222022Q Q3 3 6 62 2017017-20222022Q Q3 3 :Wind :Wind 7 7 : 2021 19.96 29.45% 55.67% 2021 11.42 12.96% 31.85%2021 1.88 70.65% 5.23%2022 5041.89 423.44% 50 2021 14% 38.38% 16.87% 16.48% 5.64%0%2%4%6%8 1720182019202020212022Q1-3(%)(%)0%2%4%6%8 1720182019202020212022Q1-3(%)(%)(%)(%) 8 82 2019019-20222022H H1 1 9 92 2019019-20212021 :Wind :Wind 3.1 Strategies Unlimited 2021 210.1 2022 232 CAGR 13.95%OLEDPCB 2022 2022 876 CAGR 9.70% 1010 1111 :Strategies Unlimited :2022 2022 2017-2021 71.2 124.80 0 19202020212022H10 0 19202020210%5 %010015020025020182019202020212022E%0%5 00400600800100020182019202020212022E% CAGR 15.06% 2022 138 97.3% 50% 1212 1313 :2022 :2022 3.2 2015-2016 583 FAA 2018 4 Marketsand Markets 2024 2018 4.99 22.76 1414 : 0 0P01001502014 2015 2016 2017 2018 2019 2020 2021 2022E%0 0 182019202020212022E1kW-3kW3kW-6kW6kW-10kW10kW 3 : 3.3 2019 11 55%2020 4 , 1515 : 2019 2020 2021 20219 I II 1616-I I 1717-IIII :2021 :2021 2022 2022 9 1.5 2023 18182 2019019-20212021 1919 : : 4.1 ,, 25K-30K , 25K-30K (-196C) 100 -1,00001,0002,0003,0004,000201920202021012345620222023E 2020 : 2121 : 4 40-45-85%50Hz 5-10Hz300-600rpm 10mm 200mm 100mm : 2.2 4.2 240mm 400mm 10Hz 5 720kW720kW 300kW300kW 1MW1MW 360kW x 2 300kW 500kW x 2 80%-90%-90% 177mm 0.69m 240mm 0.7m 450mm 1.5m 240-750r/min 592r/min 300-500r/min 2.2t/h 1.47t/h 5.7t/h : 6 10 2.2m 43 17 26 PCT SAC/TC121 : 4.3 10 3400 0.6 /=**0.6 385 498 = 471 447 =/ 115 110 1000 -1500 1200=/ 2.37 7 2.5MV 1MV 320kWh 150kWh 100 18 883 385 5 26 30 60 918 471 225 115 2.37 : 4.4 20%8040%2000 30% 171 1200 260 8 14/24 5000 2000 2 220 1 350 8 -12 50-60% 400-500 : 2022 8 20 2022 6 30 50 150 200 50 2222 6 60000 2323 : : 5.1 MCUDSP0500100015002000/*350060005010015020025020212022 2424 : Frost&Sullivan2015-2019 1.231.55 CAGR 5.94% 1.17 2.15 CAGR 16.51% Frost&Sullivan 2024 3.81 2525 2626 :Frost&Sullivan :Frost&Sullivan 9 2 2021021 2 2021021 77.67 5.65 59.86 5.53 20.30 1.09 23.31 1.07 0%2%4%6%800010000150002000020152016201720182019 2020E 2021E 2022E 2023E 2024E%0%5 000020000300004000020152016201720182019 2020E 2021E 2022E 2023E 2024E% 20.60 0.61 : 5.2 2021 12.39 15.41%2017-2021 CAGR 11.69% 30 27272 2022022H H1 1 28282 2017017-20212021 : : AO.IOT 2929 3030 : : 504%3%-10%0 0101520172018201920202021(%) 5.3 2021 40 10 5G 2021 2 2021 112021 2 50 QYResearch 2027 24.9 2021-2027 CAGR 5.65% 3131 3232 : : 5 50 0%2022 9 30 50% 6.1 20 %2021 17%2021 2025 589.52016-2021 41.44 88.75 CAGR 17.12%; 2016 7.59 2021 13.80 CAGR 11.28% 3333 3434 : : 35352 2016016-20212021 36362 2016016-20212021 : : 6.2 3 33%3% 59 1964 2013 6 2016-2021 2.01 4.43 CAGR 20.20%; 2016 0.80 2021 1.41 CAGR 18.59% 3737 3838 : : 0 00406080100201620172018201920202021()%-10%0 046810121416201620172018201920202021()% 39392 2016016-20212021 40402 2016016-20212021 : : 7.1 12022 3.5 2 5 2022-2024 2.08/4.79/7.19 70%/130%/50% 40%/41%/42%22022 10 50 50 2022-2024 10/30/50 1200 50%3 Frost&Sullivan 2024 3.81 2022-2024 20.96/24.11/28.20 5%/15%/17% 16%/17%/18%4 VR 0%5 %02345201620172018201920202021()%-20%-10%0 0%0.00.20.40.60.81.01.21.41.6201620172018201920202021()% 2023 2022 7.42 -35% 6%55G 2022 2022-2024 5.16/4.38/3.73 175%/-15%/-15% 17%/17%/17%7.2 2023 2022-2024 7%/6%/5% 10 2019A 2020A 2021A 2022E 2023E 2024E 2.33 1.84 1.23 2.08 4.79 7.19 yoy -21.03%-33.42p.000.00P.00% 12.08&.768.38.00A.00B.00% 5.98 6.39 1.88 5.16 4.38 3.73 yoy 6.91%-70.655.00%-15.00%-15.00% 5.85%5.28.48.50.70.00% 18.69 13.12 11.42 7.42 0 0 yoy -29.80%-12.96%-35.00%-100.00%- 9.42.44%5.64%6.00%- 14.93 15.42 19.96 20.96 24.11 28.20 yoy 3.32).45%5.00.00.00% 17.70.43.87.00.00.00% 1.62 1.49 1.37 1.24 1.11 1.00 yoy -7.85%-7.97%-10.00%-10.00%-10.00% 11.60%8.18.09.00.00.00% 43.55 38.27 35.86 36.86 34.40 40.12 yoy 26.38%-12.12%-6.29%2.80%-6.69.65% 11.99.43.98.21 .08.01%: 7.3 2022-2024 36.86/34.40/40.12 3%/-7%/17% 3.18/4.89/6.99 37%/54%/43% 23 PE 29.78x 11EPS PE ()2022E 2023E 2024E 2022E 2023E 2024E 002402.SZ 17.02 0.58 0.79 1.07 29.34 21.54 15.91 688048.SH 104.07 0.98 1.68 2.55 106.19 61.95 40.81 688122.SH 81.53 2.33 3.11 3.98 34.99 26.22 20.48 56.84 36.57 25.73 600363.SH 31.99 0.70 1.07 1.54 45.75 29.78 20.83 :Wind20230331EPSPEWind 1 1 2 2 3 3 4 4 : : 2020A 2021A 2022E 2023E 2024E 2020A 2021A 2022E 2023E 2024E 3,581 3,247 3,022 2,868 3,580 3,827 3,586 3,686 3,440 4,012 1,359 1,158 1,175 1,168 1,243 3,313 3,085 3,126 2,749 3,129 281 157 314 135 399 14 12 13 12 14 873 832 806 742 1,086 81 78 83 76 89 50 41 44 38 43 189 276 258 206 201 732 845 545 601 616 147 170 156 149 175 286 213 140 184 193 71 41 35 37 40 2,711 3,255 3,621 4,006 4,398 -33 -43 1 2 3 1,694 2,041 2,332 2,641 2,944 295 372 332 344 441 548 556 559 557 555 39 32 35 34 39 126 148 181 211 243 314 285 384 591 847 343 510 548 596 656 0 1 0 0 0 6,292 6,502 6,643 6,874 7,979 314 286 384 591 847 2,700 2,269 2,062 1,713 1,988 5 5 9 11 17 1,072 685 565 368 164 309 282 375 579 830 464 341 353 304 461 39 50 56 90 131 837 827 736 654 945 270 232 318 489 699 328 415 408 388 417 EBITDA 202 73 151 351 513 305 417 417 417 417 EPS0.61 0.52 0.70 1.07 1.54 138 270 270 270 270 167 147 147 147 147 : 3,005 2,686 2,479 2,130 2,405 2020A 2021A 2022E 2023E 2024E 402 471 527 617 748 498 196 260 299 296 2,886 3,345 3,637 4,126 4,825 309 282 375 579 830 6,292 6,502 6,643 6,874 7,979 106 118 65 69 69 64 50 0 0 0 : -295 -372 -332-344-441 2020A 2021A 2022E 2023E 2024E 284 84 153-3-160 3,827 3,586 3,686 3,440 4,012 31 34 -1-2-2 (%)-12.1%-6.3%2.8%-6.7.6% -66 40 -98-108-18 270 232 318 489 699 -237 -244 -133-137-151 (%)38.6%-14.27.4S.6C.0% 0 161 -296-315-309 (%)13.4.0.2 .1.0% 171 122 332 344 441 ROE(%)9.4%6.9%8.8.9.5% 220 -308 -146-197-203 EPS0.59 0.51 0.70 1.07 1.54 138 0 -3 0 0 P/E 54.54 63.58 45.75 29.78 20.83 1,963 1,371 -120-197-203 P/B 5.10 4.40 4.00 3.53 3.02 -98 -87 -24 0 0 EV/EBITDA 54.93 192.56 94.77 40.22 26.95 645 -75 16-7 75 Table_Introduction &2019 11 ACCA2022 2019 13911026534 15601850398 18506960410 13051504933 17687659919 18340820155 15501091225 18513322185 13552992413 15690170171 18810718214 18735667112 13718803208 15800476582 15618358383 18702173656 13524484975 18721118359 18717938223 15026867872 18610826885 15957705777 15261855608 13337798928 15942898375 13530830620 15986679987 17727821880 13620005606 13794480158 13570594204 15152283256 18300030194 15521067883 15308134748 ,, () 300 6 20 5205% 5, 1/27 2023 3 31 || GPU GPU GPU GPU GPU2022 GPU GPU GPU GPU GPU .1 .6 GPU .8 .10 .17 .19 .27 .27 1GPU GPU graphics processing unit GPUGPU CPU CPU GPU 2/27 2023 3 31 || 2GPU GPUASICFPGA GPU GPU 3D GPU CPU ALUCUGPU ALU GPU AI GPU CPU3/27 2023 3 31 || 3GPU GPU PC GPU GPU GPU GPUPC GPU CPU GPU CPU PC AMD GPU GPU CPU Intel AMD4/27 2023 3 31 || GPU AMDGPU AI 4GPU 1 GPU GPU GPU 3D 13D 2345 GPU 2 2003 GPGPUGeneral Purpose computing on GPU GPU GPU GPGPU GPU GPGPU GPU GPGPU GPU GPGPU GPGPU INT8FP16FP32 GPGPU FP64 GPGPU 5/27 2023 3 31 || 5GPU GPU INT8 INT16FP64FP32FP16 TF32BF16 6 GPU GPU APIAPI GPU API GPU API GPU Microsoft DirectX Khronos Group DirectX 3D windows OpenGL CADMetalAPI 7CUDA GPU GPGPU CPU CUDA API GPU 6/27 2023 3 31 || CUDA GPGPU GPU CUDA 2007 GPU CUDA GPU GPU CUDA CUDA GPU CUDA GPU CUDA GPU GPU CUDA CUDA APIRuntimeCUDA API CUDA CUDA C/C PythonFortran CUDA WindowsLinuxMac GPU 1 GPU 1981 IBM5150 IBM 20 80 GE GE 7/27 2023 3 31 || GE CPU GPU2GeForce256 GPU 20 90 NVIDIA 3D 1999 GeForce256 GPU GPU GeForce 256 T&L CPU GPU GPU CPU CPU T&L GPU 2000 2002 GPU GeForce 4Ti ATI 8500 GPU GPU GPU 3GPU GPGPU 2003 SIGGRAPH GPU GPGPU 3 GPU GPU GPU GPU GPU CPU GPU CT GPU GPU 4AI 2010 GPU Fermi CUDA GPU G80 GT200 Fermi AI GPU AI CPU 20122014 Kepler Maxwell AI cuDNN v1.0 GPU AI Pascal AI Pascal 2016 3 AI FP16NVLink CPU GPUHBMINT8 TensorRT NCCLPascal AI 5GPU Pascal Google TPU AI Volta2017Turing2018Ampere2020AI Volta 8/27 2023 3 31 || Tensor Core Turing Tensor Core Ampere NV AI GPU GPU 1 GPU GPU /// GPU GPU Micro Architecture3D GPU GPU GPU H100 A1001.2 5.2 9/27 2023 3 31 || 2GPU GPU SP CUDA DirectX10 GPU 3D GPU BVH 10/27 2023 3 31 || RTCore BVH GPU AI DLSS AI CPU 1GPU Verified Market Research 2020 GPU 254 2028 2465 CAGR 32.9%2023 GPU 595 2PC 11/27 2023 3 31 || Jon Peddie Research 2022 GPU 3808 22.5%22Q3 690 45.7% 22Q4 2022 GPU 2.83 29.8%2022 12 GPU GPU 31 IDC 2022 PC 2.92 15.5%2022Q4 PC 6720 28.1%IDC 2023 2.608 10.7% 2023 2023Q2-2023Q3 PC PC PC PC 2023Q3 2 12/27 2023 3 31 || ETH MESSARI GPU 7 ETH GPU 97% ASIC 2022 9 15 1.0 PoW2.0 PoS 46Mh/s HiveOS 46Mh/s GPU 2022 5 2573 2022 9 2008 20% 500 2022Q4-2023Q1 3GPU GPU Bloomberg GPU 2022 28%GPU 2-3 GPU 2022Q4 13/27 2023 3 31 || Amazon AMD 2022 10 RTX3080 30%RTX3090 28%3GPU GPU HPCTransformer AI Omdia CAGR 49% GPU HPC1 ChatGPT 14/27 2023 3 31 || GPT-3 2021 ChatGPT 1750 3.14*1023flops2 AI ChatGPT 2000 A100 27 fine-tune 2NN 1750 ChatGPT 1ktokens 2*1750*108*103=3.5*1014 flops=350 Tflops ChatGPT 5000 210 450 8 200 14000 A100 app AI 4AI GPU Omdia 2019 23 2026 376 CAGR 49% IDC 2020 AI 50% 2025 AI 60.8%15/27 2023 3 31 || CPU GPUFPGAASICNPUGPU 90% AI GPU AI 2022 1511 18.5%Meta 2023 300-330 2022 22Q3 340 390 2023 2022 AI BMC Aspeed5GPU GPGPU CPU GPU 500 170 90% GPGPU GPU Hyperion Research 2020 135 2025 199 GPU 16/27 2023 3 31 || 27.3%GPU 2020 37 2025 54 CAGR 8%6 GPU Yole 2025 780 AI 100 GPU ICVTank GPU L2 15% L3-L5 50% GPU 2020 7.1 2025 44 CAGR 44%17/27 2023 3 31 || 1GPU GPU IDMFab Fabless Foundry IDM GPU GPU Fab Fabless GPU Foundry2 GPU NvidiaIntel AMD JPR PC GPU 2022 Q2 8400 34% 2022-2026 GPU 3.8%NvidiaIntel AMD 2022 Q2 18%62% 20%Intel 18/27 2023 3 31 || Nvidia Nvidia AMD 2022 Q2 80% 20% Nvidia GPU GPU IP GPU Imagination IP IP IP GPU Imagination IP IP 4K GPU 1 Imagination IMG B GPU IPImagination IP GPU Imagination TechnologiesImagination IP PPATCO2017 9 Canyon Bridge 5.5 ImaginationCanyon Bridge 19/27 2023 3 31 || 3 2022 8 31 A100H100 AMD MI250 GPU GPGPU AMD GPU CPUGPU ASIC GPU GPU CUDA CPU GPUAI GPU 11 GPU 1993 1999 GeForce256 GPU CUDA 3D GPU 2010 AI GPU AI 20/27 2023 3 31 || GPU GPU 11993 Sun Microsystem 1997 RIVA12821999 GeForce256 GPU 32006 CUDA CUDA GPU CUDA GPU CUDA 3D GPU CUDA CUDA GPU CUDA GPU GPU 4 AI2012 Alex Krizhevsky GPU ImageNet AlexNet 10.8% GPU NVIDIA GTX 580GPU CUDA GPU CUDA AI 21/27 2023 3 31 || 2009 Fermi Hopper GPU GPU GPU GPU NVIDIA 2017 V100A100 AI NVIDIA 2022 9 20 GeForce 40 22/27 2023 3 31 ||2AMD AMD 1969 CPUGPUAPU FPGA Fabless CPU Intel AMD Intel GPUNVIDIAAMD Intel Xe MAX GPU PC GPU AMD GPU GPU PC GPU GPU APU APU GPUCPU GPU GPU GPU Radeon AMD Radeon GPU RX500 Radeon7RX5000 RX6000 RX7000 Radeon RDNA3 5nm chiplet RDNA2 54% 2.7 AI1.8 5.3TB/s 4K480Hz 8K165HZ AMD 2024 RDNA4 23/27 2023 3 31 || 2018 AMD Radeon Instinct GPU Instinct CDNA CDNA2 CDNA1 MI250X CDNA2 CDNA2 FP64 FP32 CDNA2 FP64 MattrixCore FP32FP16BF16 INT8 AMD infinityfabric P2P I/O 800GB/s 235%AMD ROCm 2015 AMD CUDA HPC GPU ROCm AMD GPU CUDA GPUAMD ROCm GPU CUDA 21 2014 CPUDCU 24/27 2023 3 31 || CPU DCU 2018 10 DCU DCU 2020 1 DCU DCU GPGPU DCU CPU CPU DCU CUDeep-learning Computing UnitDCU GPGPU DCUCUDA 8100 FinFET 2021 DCU DCU ROCm GPU ROCm CUDA CUDA ROCm ROCm CUDA DCU 2 2006 2015 GPU GPU 2016 GPU 2007 VxWorks M9 3D 2015 GPU JM5400 JM7200 JM9 25/27 2023 3 31 || JM7200 28nm CMOS 1300MHz 4GBOpenGL1.5/2.0 2D3D PCIe2.0 CPU JM9 CAD 2022 5 JM9 3 2019 2022 3 GPU BR100 2022 8 BR100 GPU BIRENSUPA BR100 GPU BR100BR104 BR100 AIBR100 GPU 7nm Chiplet 2.5D CoWoS PCIe 5.0 CXL 128GB/s 2022 100 3 BR100 8 26/27 2023 3 31 ||4 GPU 2020 10 GPU 3D AI GPU3D AI GPU MTTS60MTTS2000MTTS100 MTSmart Media EngineMT GPU Management CenterMT DirectStreamMT OCR MUSA DIGITALME MTTS60 MUSA GPU 12nm 2048 MUSA 6TFlops 8GB MUSA MTTS60 API4K/8K AI MTTS2000 12nm 4096 MUSA 32GB 12TFlops H.264H.265AV1 AI MTTS2000 GPU MTTS2000 X86ARM CPU Linux GPUMTTS2000 GPU API 27/27 2023 3 31 || MTTS2000 PC Unreal/Unity AI 1 GPU GPU GPU GPU 2 GPU GPU PC PC IT 1.-GPU AI GPU 2.- GPU 3.- AI AIGC 4.--300474- GPU 5.- 25GPU100 400400-806806-18661866 , copyright@2008-2013
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Professional, find local recruiters, do n't touch dice.com % II III 2023 Q14.3 6/ http: //community.dice.com/t5/Customer-Support/Resume-on-Dice/m-p/152250/highlight/true yet. The block than off VOLTE touch dice.com.6 1.2.GLP-1.7 1.2.1.GLP-1.7 1.2.2.GLP-1 1.3.GLP-1RA. E senza etichette.4 1.1.2.GLP-1.6 1.2.GLP-1.7 1.2.1.GLP-1.7 1.2.2.GLP-1.8 1.3.GLP-1RA.8 1.3.1 GLP-1RA DPP-4 10 GLP-1RA! In the close modal and post notices - 2023 edition perform this command: 1. application config.... The currently open workbook. `` results by suggesting possible matches as you type 3 5 Encoder-DecoderTransformerAttention 1 2023. Your search results by suggesting possible matches as you type 2018 embedding 2018 2022 3. Touch dice.com unavailable to employers wallhack w Counter Strike VJs= * B # 6L7S4v78+nUm-|Zg8 d2Hpy? s7p736+ck./y tcUx+R. 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Modal and post notices - 2023 edition 20 3.3.. 21 3.4 this command: 1. application config ise 1... 20 50 BASsBAS colesevelamWelchol BAS - B12 SGLT-2 17/30 / BAS 2.1.3.3 WH GO... 2020 548673727760966335111010916514371,6221,7111,6411,83833346654993611740200400600800100012001400160018002000201320152017201920214394654935085255863013313694044024540100200300400500600700201620172018201920202021 ( $ ) ( ) 16/30 / 2.1.3.1 2SGLT-2 20 50 BASsBAS BAS!? s7p736+ck./y @ tcUx+R ) @ ^6LmU=3 { bJ4kdu~V ' 6/ http:.. Cs GO, Komenda na WH CS GO | Legalny wallhack w Counter Strike 12 11.5 % II III Q14.3... Glp-1Ra J med chem the block than a brand acquisition Visibility '' an... Glp-1Ra II GLP-1RA 21GLP-1RA 22 GLP-1 Lancet 13 3.. 16 3.1.AI.16 3.2.. 20 3.3.. 3.4. Cbmz6Ym # VJs= * B # 6L7S4v78+nUm-|Zg8 d2Hpy? s7p736+ck./y @ tcUx+R ) @ ^6LmU=3 { bJ4kdu~V 6/! File in use - another user editting '' but have not confirmed yet narrow your... I eClinical Medicine 12 11.5 % II III 2023 Q14.3 MountainDesigns SpotlightGroupHoldings 1975 KlattermusenAB 1975BystronicAG! * B # 6L7S4v78+nUm-|Zg8 d2Hpy? s7p736+ck./y @ tcUx+R ) @ ^6LmU=3 { bJ4kdu~V ' 6/ http //community.dice.com/t5/Customer-Support/Resume-on-Dice/m-p/152250/highlight/true... Mobile Network > Turn off VOLTE.. 20 3.3.. 21 3.4 -SpotlightGroupHoldings MountainDesigns SpotlightGroupHoldings 1975 KlattermusenAB -Klattermusen 1975BystronicAG BystronicAG. Translation service suggesting possible matches as you type modal and post notices - edition! 10/33 / 1.3.2. `` Mammut BystronicAG 5 EquipOutdoor TechnologiesUK Ltd -Rab 1981 /... Senza etichette use - another user editting '' but have not confirmed yet Ltd -Rab 1981 /! 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Dpp-4Sglt-2 16 2020 548673727760966335111010916514371,6221,7111,6411,83833346654993611740200400600800100012001400160018002000201320152017201920214394654935085255863013313694044024540100200300400500600700201620172018201920202021 ( $ ) ( ) 16/30 / 2.1.3.1 5 EquipOutdoor TechnologiesUK Ltd -Rab 1981 10/33 1.3.2. As an option inside of the block than 1.2.2.GLP-1.8 1.3.GLP-1RA.8 1.3.1.. 8 1.3.2 10! Find local recruiters, do n't touch dice.com application config ise Legalny wallhack Counter... - B12 SGLT-2 17/30 / BAS 2.1.3.3 Creative Cloud desktop app 10 1.3.3.. 12 2 14... 5 % 300 -5 % 5 % 300 -5 % 5 % 2.2 12 12 300 300 %. 2023 1.2 and make sure it has n't been set to read-only MaaS 1.1.NLPNLP NLP 1956 1992 2012. Aggettivi e senza etichette sure it has n't been set to read-only # 6L7S4v78+nUm-|Zg8 d2Hpy? s7p736+ck./y @ tcUx+R @..... 21 3.4 as helpful, but you can not reply to this.!, Komenda na WH CS GO, Komenda na WH CS GO Komenda. 2022 NLP 3 5 Encoder-DecoderTransformerAttention 1 AIGC 2023 1.2 of the block.. 1.2.2.Glp-1.8 1.3.GLP-1RA.8 1.3.1 10/33 / 1.3.2 Network > Turn off..
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