第1页第2页123456第3页目录01PART第4页1.1注：本报告业绩统计仅包括框架断路器、塑壳断路器、小型断路器、接触器组、双电源转换开关、隔离开关、电涌保护器、终端配电箱、导轨插座、熔断器，不含仪表、柜体、软件等产品。隔离开关不含刀闸开关。继电器产品包含时间继电器、控制继电器、中间继电器。第5页1.2.1第6页1.2.2第7页1.3EPC/SIEPC/SI第8页1.42012202120222023202713南海诸岛西北西南华中华南华东华北东北第9页目录02PART第10页2.1-2012-2027E573.8626.1672.8614.6626.7648.0736.2809.8862.0944.3855.5829.9871.4910.6949.7987.720122025E2026E201320192023E2024E202220212014202020172018201520162027E9.1%7.5%-8.7%2.0%3.4%4.1%13.6%10.0%6.4%9.5%-9.4%-3.0%5.0%2.9%4.5%4.3%4.0%20222022-9.4%OEM20232023第11页2.2-&-2022402.5(47%)314.1(37%)138.9(16%)855.520222022-2027ECAGR2012-2022CAGR5.0%3.9%2.0%4.3%0.9%3.1%OEM20225&OEM217.9113.588.878.756.218.7271.2180.3143.0134.999.027.0283.5211.5165.0167.7127.432.6OEM&2027E202220122012-2022CAGR2022-2027ECAGR2.2%4.7%4.9%5.5%5.8%3.7%0.9%3.2%2.9%4.5%5.2%3.8%第12页2.3--2022&&271.2(100%)14.8(5%)&&94.2(35%)49.1(18%)17.2(6%)16.9(6%)14.6(5%)12.1(4%)8.1(3%)7.2(3%)6.1(2%)30.7(11%)--202226.0(14%)&2.7(1%)&22.2(12%)&&&10.1(6%)180.3(100%)30.5(17%)19.5(11%)14.0(8%)10.4(6%)8.4(5%)5.5(3%)4.7(3%)3.6(2%)1.6(1%)2.1(1%)1.8(1%)17.3(10%)--20222.4(2%)UPS6.8(5%)3.9(3%)143.0(100%)9.1(6%)1.4(1%)HVDC8.5(6%)4.7(3%)3.8(3%)&4.6(3%)11.4(8%)9.0(6%)7.2(5%)6.0(4%)6.0(4%)5.5(4%)2.3(2%)4.7(3%)2.9(2%)4.7(3%)4.5(3%)3.9(3%)3.4(2%)2.1(1%)2.1(1%)1.9(1%)1.4(1%)0.5(0%)18.1(13%)-OEM-20222.0(2%)EPC&ETC99.0(100%)32.0(32%)31.3(32%)7.5(8%)7.3(7%)4.2(4%)4.1(4%)0.7(1%)3.9(4%)3.3(3%)0.5(1%)2.1(2%)-&-2022&3.9(3%)0.2(0%)14.5(11%)134.9(100%)58.3(43%)20.4(15%)16.0(12%)11.1(8%)8.7(6%)1.7(1%)--2022--2022143.0(16.7%)180.3(21.1%)134.9(15.8%)99.0(11.6%)27.0(3.2%)2022OEM&&855.5271.2(31.7%)12365427.0(100%)第13页2.4-20226100-15050-100ABB20-5010-205~10LS5213BussmannABB5.3(0.6%)LS132.1(15.4%)60.1(7.0%)5.7(0.7%)19.1(2.2%)AEG25.4(3.0%)126.9(14.8%)54.0(6.3%)39.5(4.6%)31.9(3.7%)7.7(0.9%)8.9(1.0%)7.2(0.8%)6.5(0.8%)5.6(0.7%)11.0(1.3%)5.0(0.6%)261.0(30.5%)5.0(0.6%)855.52022100-15020-5010-20550-1005-10第14页2.5--202250%+2022168.8108.8103.362.239.247.943.6262.2174.3155.395.857.457.053.5297.3195.6177.8113.369.565.568.8201220222027E2012-2022CAGR2022-2027ECAGR4.5%4.8%4.2%4.4%3.9%1.8%2.1%2.5%2.3%2.7%3.4%3.9%2.8%5.1%第15页2.6--2022-/-2022-/-2022-/-2022855.52022753.5(88.1%)102.0(11.9%)855.52022561.2(65.6%)294.3(34.4%)2022-2027ECAGR855.5202271.3(8.3%)784.2(91.7%)11.1%1.6%2022-2027ECAGR3.3%2.2%2022-2027ECAGR8.8%2.3%2.91.41.60.83.016.315.611.310.517.620.131.014.120.223.3&1688201220222027E--2012,2022,2027E2012-2022CAGR2022-2027ECAGR18.8%27.3%21.6%29.4%19.4%4.3%14.7%4.6%14.0%5.7%B2BB2CB2C第16页目录03PART第17页3.1--20226180.3/21.1%OEM143.0/16.7%271.2/31.7%&134.9/15.8%99.0/11.6%27.0/3.2%665ABB433321122.8(12.7%)43.5(24.1%)2.4(1.3%)9.1(5.0%)26.2(14.5%)6.6(3.7%)12.0(6.7%)9.1(5.0%)1.2(0.6%)47.4(26.3%)0.1(0.1%)127355849102143587510921458357910312745891051453867910412679410835.0(3.5%)3.6(2.5%)31.1(21.7%)19.9(13.9%)5.0(3.5%)11.5(8.1%)3.1(2.1%)11.9(8.3%)0.8(0.5%)0.1(0.1%)51.1(35.7%)19.6(7.2%)4.1(1.5%)33.8(12.5%)7.3(2.7%)36.9(13.6%)19.3(7.1%)3.1(1.1%)7.3(2.7%)0.9(0.3%)1.8(0.7%)137.3(50.6%)73.8(54.7%)5.6(4.1%)7.4(5.5%)15.7(11.7%)4.2(3.1%)2.6(2.0%)10.9(8.1%)2.3(1.7%)0.1(0.1%)6.6(4.9%)5.6(4.1%)2.0(2.0%)2.0(2.0%)1.3(1.3%)8.3(8.4%)26.2(26.5%)6.9(7.0%)7.2(7.3%)6.8(6.9%)0.3(0.3%)0.1(0.1%)37.9(38.3%)1.3(5.0%)4.8(17.9%)10.1(37.5%)0.2(0.7%)0.7(2.4%)0.2(0.8%)1.3(5.0%)0.3(1.0%)0.2(0.8%)1.9(7.0%)5.9(21.9%)56OEM2第18页3.2.12020-2024E2022施耐德电气低压电器业绩分产品-2022132.2138.9132.1135.6139.52020202120222023E2024E5.1%-4.9%2.6%2.8%2.9%43.5(32.9%)33.8(25.6%)26.2(19.8%)19.9(15.0%)7.4(5.6%)1.3(1.0%)132.1202265.6(49.6%)39.2(29.6%)27.4(20.7%)132.12022第19页3.2.2117.9131.8126.9132.3138.62020202120222023E2024E11.8%-3.7%4.2%4.5%4.8%36.9(29.1%)31.1(24.5%)26.2(20.6%)15.7(12.4%)10.1(8.0%)6.9(5.4%)126.9202255.0(43.3%)47.6(37.5%)24.4(19.2%)126.92022第20页3.2.32020-2024E2022202256.265.760.162.365.02020202120222023E2024E16.9%-8.6%3.8%4.0%4.2%19.3(32.1%)11.5(19.2%)10.9(18.2%)6.8(11.4%)6.6(11.0%)4.8(8.0%)60.1202227.4(45.6%)23.9(39.7%)8.8(14.6%)60.12022第21页3.2.4ABB-ABB2020-2024EABB2022ABB202252.154.754.055.456.82020202120222023E2024E5.0%-1.2%2.5%2.5%2.6%工业项目工业OEM建筑基础设施发电&电网个人用户22.8(42.3%)11.9(22.0%)7.3(13.4%)7.2(13.3%)4.2(7.8%)0.7(1.2%)54.02022配电电器终端电器控制电器35.8(66.3%)12.3(22.7%)5.9(11.0%)54.02022第22页3.2.52020-2024E2022单位：亿元单位：亿元2022单位：亿元28.537.539.551.856.62020202120222023E2024E31.6%5.4%31.1%19.7%9.3%19.6(49.6%)9.1(23.0%)5.6(14.0%)3.1(7.7%)2.0(5.1%)0.2(0.5%)39.5202222.4(56.7%)13.9(35.1%)3.2(8.2%)39.52022第23页目录04PART第24页4.1……PC第25页4.2-2017-2027E8.711.414.116.921.225.833.343.858.981.2115.3202020212018201920172023E2024E20222025E2026E2027E31.0%23.7%19.9%25.4%21.5%29.5%29.3%31.6%34.4%37.8%42.0%202225.8202121.5%第26页4.3-&-202225.82022ABB4.3(16.7%)11.2(43.3%)1.8(7.0%)1.1(4.3%)1.0(3.9%)6.4(24.9%)2022-2027ECAGR31.4%32.4%43.5%42.0%49.8%35.6%--2022--20229.3(36.2%)OEM6.0(23.4%)5.3(20.4%)5.1(19.9%)0.0(0.0%)25.8202237.5%28.3%29.7%45.3%2022-2027ECAGR/2022CR366%+SIPBSI第27页4.4-2017-2027E1.41.82.32.93.54.15.36.99.112.517.420172027E2026E2025E2024E20222020202120192023E201830.7%25.7%25.0%21.7%17.9%28.7%28.6%30.1%32.2%36.3%40.0%20224.1202117.9%第28页4.5-20222022202240%60%+175.4(42.5%)87.5(21.2%)82.1(19.9%)47.0(11.4%)20.6(5.0%)412.62022177.8(43.1%)40.0(9.7%)35.4(8.6%)25.0(6.1%)12.0(2.9%)5.6(1.4%)116.8(28.3%)412.62022第29页目录05PART第30页5.11800+1500+1200+1000+1000+1000+540+700+450+470+80+50+500+380+230+0~20%20~40%40~60%60~80%80~100%90%~100%第31页5.2成就第32页5.343%8%70.8%第33页35%15%15%5.4第34页5.535%98%5+第35页5.65.0202120224.020222022202230%+10%+TUVEPDLCA第36页目录06PART第37页6.1-2012-2027E20224,152.24,290.64,567.44,013.83,737.03,737.04,152.24,322.44,011.24,173.23,964.54,051.84,149.04,261.04,393.14,551.320172020202120222023E2024E2026E2025E201820162015201220132027E20192014+3.3%+6.5%-12.1%-6.9%0.0%-0.5%+11.1%+4.1%-7.2%+4.0%-5.0%+2.2%+2.4%+2.7%2.8%+3.1%+3.6%第38页6.2-20223,964.520221,192.7(30.1%)855.5(21.6%)1,281.2(32.3%)494.0(12.5%)141.1(3.6%)60%20%+2022ABB40%20232022-2027ECAGR3.0%2.6%2.9%2.0%4.7%第39页6.3-202253.9202226.1(48.4%)11.0(20.4%)2.5(4.6%)2.0(3.7%)1.5(2.8%)1.4(2.5%)1.2(2.1%)1.0(1.9%)7.3(13.6%)2022342022-2027ECAGR31.6%27.8%33.0%29.2%28.6%24.3%18.6%26.9%0.8%第40页!15810165832