均胜电子：关于宁波均胜电子股份有限公司非公开发行股票申请文件反馈意见中要求会计师答复的相关问题的专项说明

?и???????????????????????????З?????????????????

З???????????

????????з?? (??????) (?????????????) ??????????????(??????????澝 ????澝???ы?????ы?) ??????И????????????д??ы2019?12?31?澝2020?12?31??2021?12?31?????????ф????2019??澝2020???2021????????????澝???????????澝???????Б???????????????????????????????й2020?4?21?澝2021?3?30??2022?4?25???д??????????????О????????2002179?澝????????2102360??????????2203681??澞

????И?????????? (??????????) ?????д????澞???????????????????й??????????????????澞?????????????????И???З????????????澝?З?????????澞????????????????И?????????????????澞?????Э???????(1) ??????й????????????????????????????????п????????澝?????????О??????????(2)д???????????????????????(3) ????????????????????????????????(4)?????????????????????(5)???????????澝????? (????)????????????????с??з??(6) ???ыИ????????????????澝????????????????????澞

???????И?澦??????????澧?И???????????????????д??ы2019?12?31?澝2020?12?31??2021?12?31??????????????????й2020?4?21?澝2021?3?30??2022?4?25???д???О????????2002200?澝????????2102423??????????2203374??????????澞?????И?????д??д?澝????????????????????????????О???????????????????????????????澞

????И????壝????????澦И????????????▲???????а澧?222559???(??????????) И????Ф????????ы??澝???????И????????????И????????????????? (???????????????ы?????О????) ?

??4

?????????ы???????2021????????201,922.88??澞???ы??????1???????????????ф????働????働???????澞?2??????????????澝??????????????????????????????澞?3??????????????????????????澝?????????????澝崤???????????П??????????????????????????澞?4?2021???????????働?2022????働??????????????????????????????????????????????澞

????????????????澞

??????��

▁澝??????????????у????働????働???????澞

?▁???????????

1澝????????????????

?????

??

Quin GmbH

Preh Car Connect

GmbH

?????у??????KSS Holdings, Inc. у??

Preh Sweden

??2019?1?1?

20,464.73

82,823.30

711,671.84

637.68

2,639.16

????

-

-

(40,810.86)

-

-

????

(82.93)

(332.14)

11,641.22

(6.18)

(10.03)

2019

?12?31?

20,382.00

82,491.16

682,502.20

631.50

2,629.13

????

(20,928.15)

-

-

-

(137.65)

????

546.35

2,211.23

(44,152.01)

16.93

66.79

2020

?12?31?

-

84,702.39

638,350.19

648.43

2,558.27

????

-

-

(201,922.88)

-

-

????

-

(8,499.79)

(14,596.68)

(65.07)

(256.72)

2021

?12?31?

-

76,202.60

421,830.63

583.36

2,301.55

????

	-	(2,230.23)	22,210.67	(17.07)	(67.36)
2022

?

?

30

????

-

73,972.37

444,041.30

566.29

2,234.19

??2022?6?30???????

????????2018?????▲???????ф??????????П???????澝???????????澞??????????ф?????????????П??????2019?澝2020?澝2021??2022?6?30??????ф?????????????????О86.54%澝87.90%澝84.21%?85.26%澞?????????????????

?1?QUIN GmbH

??й2015?1?27???QUIN GmbH75%?????б????????ф??????Ф????????澞2018?1??????QUIN GmbH??25%?????澞

??й2020?12?31???????????????????????????51%???Ж??????????????????????????????????????Quin GmbH???????澞??????????????????????О?????澞

?2?Preh Car Connect GmbH

??й2016?4?29????йTechniSat Digital GmbH????????????О?Preh Car Connect GmbH???????б????????ф??????Ф????????澞????????????О?????澞

?3??????ф??????KSS Holdings, Inc.ф??

??й2016?6????й??????KSS Holdings, Inc.??????KSS????????????KSS??????б????????ф??????Ф????????澞

??й 2018 ?????▲?????????????懤敇??????????П??ф??????????????????????? KSS ??????????????ф????????????????????????????????И???И?????о???????? ??澝ИБ??????З????????????? KSS ????????????????ф?????З??И???????????澞

???????????ф?????????О????????з???????????

?2019???????

2019???йKSS??敘??????????(??????敘?????)??????敘??? (??) ??????????(??????敘????)???????????????й?????????????????????????????????б?敘???????ф????????????敘???????ф?????????Ж?д????ф????????????敘??????????ы??40,811????????????????2019?????????澞

?2021???????

2021?????чИ???ф???????????澦???????????????О?????????????????Joyson Auto Safety Holdings S.A.??ROA ???ф????????????澧 (И????(2022)?6139-01 ?) 澝澦???????????????О?????????????????Joyson Auto Safety Holdings S.A. ??EMEA ???ф????????????澧 (И????(2022)?6139-02 ?) ??澦???????????????О?????????????????Joyson AutoSafetyHoldings S.A. ??AM ???ф????????????澧 (И????(2022)?

6139-04?) ????????о??????澝ИБ???????????????ф????????й?????????????ы??20.19ь?澞

?????????????????ф??????????О???????澞

?4?Preh Sweden AB

?????Preh Sweden ABй2018?1?16????бKonsberg Automotive ASA??ф??б????????ф??????Ф????????澞????????????О?????澞

?з????у????働??

????????????ф?????????????П?????????????й2018?????????????????????ф???????????ф???И????KSS?ф????働?????????????????О?????????????????働??澞

?????

??	2022? 1-6? ??????	2021??	2020??	2019??
????

1,576,776.01

3,231,661.14

3,313,760.10

4,713,765.36

??

??

127,363.88

283,201.56

350,443.85

696,952.16

???

/????

(52,632.28)

(463,952.41)

(138,647.11)

105,684.71

2020????????????П???й?????????????????????ф???????澞?????????????о?澝??澝?????????????????????ф??????澝???ф??????ф????????????????????ф?????????П????????????澞??????????2020???????????????ф??2019???????澞?2020?П???????ф????????????????????????????????????2020??????????2020??????33.27%澞

2021??????????????????????????????????о澝???????????澝???о?????澝???о??????????ф????????????????П????????2021???????????????????6Ф?▲澝??????????????????働?????▲????????????????????????????????????????澝П????????

??????????????働?????▲???????Ф??и???????????????澝П??????????????????????働?????▲???????Ф?3澝?????働?????▲???????????澞??????????2021??????463,952.41????И??????????????ы??201,922.88??澞

??????у????働???????

???????????????ф?????????働??澞

з澝?????????????澝??????????????????????????????澞

???????П????фKSSй2016?6??????2018???????KSS?????????????ф??????????????Ою?й????????и??????????澞KSS??????????????????????ф???????????И???И?????о??????????澝ИБ??????З?????????????KSS 2018???Ф????????????????????澞???ю????????ИKSS 2017???????澝??????????????

?????

KSS Holdings, Inc.

2017??

????

???

1,300,780.25

?????

1,385,248.44

?働???

		106.49%
EBITDA

???

182,557.68

?????

107,739.69

?働???

59.02%

???働???=?????/??? x 100%

KSS 2017????????????й???????働??2017???????EBITDA????働?????П???О?

?1????????????????д6.14ь??П???О2017????????????????дф??????2017???????????8.45ь?????????????????????13.13ь?澞?????О????????????????ы????????ы???????

?2??????????????????д2.21ь?澞2017??????????????????????????????????????д??П??ф??б???й??ф?дИ??????1.11ь????2017???????????ф?▲?????

1.27ь??Э??????????????澞

???KSS 2017??????????????EBITDA?????П???????????????????????????????О??????????????????????澞

?澝?????????????????????????澝?????????????澝崤???????????О??????????????????????????澞

?▁???????????

????澦??????? 8 ????ф??澧?澦????????? 8 ???????澧????????????????????????????澞

???????й2019??澝2020??澝2021??????????д????澞??ы?????????ф??????澝????澝??????????????????????И????????????????ф???????????????????ф???????澞??ф?????????????й???????????ф????????????????????ф????????????????????澞

?????????????????????????????

??????????????????ж?

????????

	2021??	2020??	2019??

?????ф???

201,922.88

-

-

??

201,922.88

-

-

?????????2019??2020??????????ф???????й??????????????????澞2021????????????????????????澝??????喓?????????????????????????ф???????? И?????о???????澝ИБ??????З???ф????????й??????????????????ы??20.19ь?澞

2021???????ф?????????????????

A澝?й???????????????????????????????????

??????????????????????????????????????????й?傱傱??ф????д????ф???澞???????????????????ф????????????????????????????????澝???澝???????????????О????????????????▲???д?????????????????????????澞?? Auto Forecast Solutions ????2021????????????????????ф?1,020?怾澞?И, ???????ф??О295.4?怾???????ф??О317.8?怾?И????ф??О198.2?怾?о????????ф??О174?怾澞?????????????????????????????????????????澞

????????????????ф???▲?澞??????П???????澝???澝??澝??澝??澝???澝??澝Й??????????????ф?澞2020???IHS??2021????????ф?О8,425?怾??????IHS??2021??????????ф?ю??й??? 90%澞?????????? IHS ?????????д?????????? 5 ??????澞???????????????????????????????????????????????ё??й??????澞??????2022-2026?????????????????庝? 10%澞??????????????2021???????????П???Ф▲澞

B澝?????ф??????????????????懙?? 2021 ?????

????????????????????????????????И???И?????о??????????澝ИБ??????З??????澞????????????????????????????????????????ф??????????????????ф??????????澞

????О???П?????О??澝???????澞????ф?????????????????й???????????П??????2021?12?31??????????????????О??????澞2021????????????????????????????????????????????????П?????????????????

??2019??ю??澝?????????????????%?

2020?12?31?? 2021?12?31????澝????????????????????????????

?

%

?

??????????

?

?

??????????

??

?

2020

?

12

?

?

0.916

6.900

5.250

2021

?

12

?

?

1.512

10.310

7.556

?2019??????????????澝?????????????????????2020?2???????????????ы2019??2020?????????ф???澞2021???????????????????????????????????????????ы2021??????????????????澞

C澝 ???????????哙?????????з????????

????????????????????哙???????????????й2021?????????????????????????????????澞

???????????????澝ы?????????????????????????????澞???О????????Л??ф?????????????ы????д?????????й??????уф?д▲????澞

???????????ф?????????П?????????????澞

濃濅

濇

濉濋濄濃濄濅濄濇

??????????????????????

?з??????у??????????????澝?????

1澝???????????

??澦??????? 8 ????ф??澧????????????????????ф???ф?????????澞

???й2018????澦?????????8???????澧?й?????????????▲???д????????????????????????????????澞?????????????刑?д?????????чИ???ф??????????????????????О?????????????????????????????????????з??????????????????澝???????澞?????????????????????ф???ф??????????????????????????????ф??ф??????????????????????????????澞

1??ф???ф????????澝?????

??澦??????? 8 ????ф??澧 ??????????????????????????ф????ф???????????????И???????????????????????????澞????ф????ф??????????????????И????ф????ф????????й??澦??????? 35 ???????澧????????澞 ???澦??????? 35 ???????澧?м?? ??????????????澝???????▲???ф?????????澞???????д??й???????????懙澞

????????????????И????ф????ф??????????????????????п???ф???ф????????О???й??????????????????澞

2??????????????????

??????????????И???И?????о??????????澝ИБ????????ф????????澞??ф???????????????????????澞??????????????5????????????????????ф??????????澞??澦??????? 8 ????ф??澧??????????????ф?????????????????ф???????????Д?Ф??????澞

??????????ф?????????????ф?????????????????ф????????????????ф????????????ф????????й?ф??????????????????????澞?????????????ф????????澞

2澝????????????

??????И????????????????????????????????澞??????????????????ф???????????????????????????????????????????????????????澞?????

?И?P????????ф???????????Fi??ф???? i ?????????Fn+1??ф?????????????r????i???????n????

?И??ф????????????????

?ф?????????Fi=?????+?????-?????-???????+??????+??

????ф????????????????????

?????П??й????й???????ф?????????????????????????????????????▲??????????澞��

?????

???????????

??????????????????????????????????????????????????????д??????澞��

?????????????????????????????????????????????????????????澞��

3澝???????????

?????????????????

???ь??у? ????

????

2020????

????

2019????

????

????-

И?

?

???

???????

473.00

479.22

514.98

????????

108.45

112.94

122.82

????????

0.00%

0.00%

0.00%

???

?

EBITDA??

?????

13.71%

11.59%

10.29%

?????

WACCBT

15.05%

14.71%

13.35%

????-

??

??о?

??

???

???????

348.33

399.6

466.67

????????

77.75

95.19

102.41

????????

0.00%

0.00%

0.00%

???

?

EBITDA??

?????

7.50%

7.31%

8.10%

?????

WACCBT

9.11%

9.14%

9.84%

????-

?

???

??	5

???????

603.17

651.58

694.74

????????

148.76

152.55

146.45

????????

0.00%

0.00%

0.00%

???

?

EBITDA??

?????

8.55%

9.03%

9.91%

?????

WACCBT

18.34%

15.86%

15.27%

????

??

???

-??澝ИБ??	5

???????

709.93

813.17

889.07

????????

158.56

180.25

192.37

????????

0.00%

0.00%

0.00%

???

?

EBITDA??

?????

6.85%

6.81%

6.44%

?????

WACCBT

13.98%

13.75%

12.74%

?1????5?????????

??????й?????ф????????澝?????????澝??????澝?????????????????? 5 ??П?????????????????澞

?й???5???????????????????????????▲??????????????П??????

??????????О????????????О??????澞??2019???2020?????О??????????????5????????????????

???ь???у? ????

2020?? ??????

2019?? ??????

????-И??

???

	5

???????

73.44

73.82

????????

17.31

17.61

????-И???

??о???

???

	5

???????

61.24

66.89

????????

14.59

14.68

????-???

???

	5

???????

99.86

99.59

????????

23.38

20.99

????-??澝И

Б????

???

	5

???????

124.63

127.44

????????

27.62

27.57

??2020?????????????????????????働????澞?И?И??????фП????2??3???????3??????????ф??6?И????????ф澞2020??????????????????????????????28%澞????????????2020??????ы?????????????2020????????????????????澞

???2020???????????????????????IHS?2020?12???й??5????????ф??????й??2020?6??????????ф????4%澞?????????????????????????????????????????ф??й?????Э????????????2020??????И?й???5?????????????澞????2020??????????ф??????澞

?2021 ?????????????????????????????澞???????????????????о澝???????????澝???о?????澝???о??????????ф澞??????????????Е????д???????2021???????????????????ф????Е???????????????????働澞

?????2021???????????????????????????????働?????????????????2021??????И?й???5???????????д??澞

?2?????????

???й崤??????????????О?????????澞

?3??????????EBITDA????????

???й▲?????????????ф?????????????????EBITDA??澞?й崤????????5?EBITDA????????????????????澞

?4??????WACCBT

????????????Ф??????????????????ф???????????澞??????????ф????????澝????澝?????????澞????П???????澝???????10??????????????????????И?????????????2021 ???????????澞

???????????И?????????д?ф????????????澝?????????澝?ф????????????????????????▲??П?????????????澞

4澝???????

й???????KSS?ф??????????ф???И???????????????

?????

????

-

И??

2021??

2020??

2019??

?ф??????

A

271,252.50

239,717.39

223,453.19

?ф??????

B

155,956.13

159,605.77

170,644.99

?????ф??????

	C=A+B	427,208.62	399,323.16	394,098.19

?ф???????????

D

492,989.82

450,601.58

447,569.9

????????

E

(34,752.31)

(38,202.80)

(34,091.06)

?ф??????

	F=D+E	458,237.51	412,398.78	413,478.84

????????

?й

0

??

)

G=C-F

-

-

-

????

И?????о???

2021??

2020??

2019??

?ф??????

A

160,610.58

175,972.70

176,463.39

?ф??????

B

251,008.12

256,881.99

274,649.45

?????ф??????

	C=A+B	411,618.70	432,854.69	451,112.85

?ф???????????

D

444,755.42

627,185.40

592,405.62

????????

E

(77,877.58)

(110,392.81)

(138,985.90)

?ф??????

	F=D+E	366,877.85	516,792.58	453,419.72

????????

?й

0

??

)

G=C-F

45,015.63

-

-

????

???

2021??

2020??

2019??

?ф??????

A

336,192.96

349,752.13

396,758.06

?ф??????

B

97,696.89

99,983.07

106,898.53

?????ф??????

	C=A+B	433,889.85	449,735.19	503,656.59

?ф???????????

D

417,011.45

595,723.42

704,772.17

????????

E

(65,656.51)

(128,508.67)

(182,898.99)

?ф??????

	F=D+E	351,354.94	467,182.75	521,873.18

????????

?й

0

??

)

G=C-F

82,588.91

-

-

????

-

??澝ИБ????

2021??

2020??

2019??

?ф??????

A

290,587.77

355,560.46

337,109.7

?ф??????

B

119,092.40

121,879.32

130,309.22

?????ф??????

	C=A+B	409,680.17	477,439.79	467,418.93

?ф???????????

D

450,737.21

529,913.56

541,617.96

????????

E

(115,362.68)

(39,676.60)

(46,151.80)

?ф??????

	F=D+E	335,374.53	490,236.96	495,466.16

????????

?й

0

??

)

G=C-F

74,318.35

-

-

?????ф?й2019??澝2020???2021??????????????????????

?????

?у??????????

2021?12?31?

2020?12?31?

2019?12?31?

И??

155,956.13

159,605.77

170,644.99

И?????о???

251,008.12

256,881.99

274,649.45

???

97,696.89

99,983.07

106,898.53

??澝ИБ????

	119,092.40	121,879.32	130,309.22
??	623,753.54	638,350.15	682,502.19
??????

И??

-

-

-

И?????о???

45,015.63

-

-

???

82,588.91

-

-

??澝ИБ????

	74,318.35	-	-
??	201,922.88	-	-

????????????2019??2020?????????????ф??????????й???????????????????????澞2021?????????П??????????????????????ф????5?????????????????????????????????????????澞?й??????????????????И?????о???澝???澝??澝ИБ??????З???ф????????й??????????????ы??20.19ь?澞

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?????????????澝崤?

????????澦??????澧?澦?????????8??????澧???????????????????????????崤?澞

1澝??????????????

?1??????????????????????????

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?2??????????ф???ф?????????

??澦???????8????ф??澧????????????????????б????▲?澝??????????????????ф???ф?????????????澞

?3??????????????

??澦??????? 8 ????ф??澧??????????????????????????ф????????????????????ф???ф???????????????????(??)?????????ф?????????澞???????ф??????????????????ф???ф???И???????????????????ф?????澞?И?????ф????????????????????????????????????????????Д?Ф??????澞

?4??????????

??澦??????澧澦??????????????????15????????▲????2014????澧(?????澰2014澱54?)???????????И????????????澝?????????????????????澞

2澝????з????

????????з?????????? ?????? 2019 ?澝 2020 ?? 2021 ???????д???????????????澞

3澝?????з??????

????澦????????? 8 ??????澧????????ф?????????????????澝??澝??澝?????????????????澞??????????????ф????????????О????????刑?д?????????????????????????ф???????????????澞

?????????????澦????????? 8 ??????澧??????2019??2020???????????????2021?????????崤?澞

?澝2021 ???????????働?2022 ????働??????????????????????????????????????????????

?▁?2021???????????働?2022????働???????????????????????????????????

????2021?????????働?2022????働?????

??????

????-З??

????-З?????н?

??

?у?

????-???

????-??澝ЗА???

?

??

????

EBITDA

????

EBITDA

EBITDA

????

EBITDA

EBITDA

????

EBITDA

EBITDA

EBITDA2022

?

1-9

????働

??

?

a

93,753.989,969.80

9,969.8067,779.37

67,779.371,699.04

1,699.04111,617.04

195.89

111,617.04

124,464.00

124,464.001,225.38

????????

1,225.38

?

b

714.70

6,720.92

22,224.17

557.10

22,224.17

- -

32,299.18

317.99

32,299.18

??????????

2022

?1-9????働

c=a+b

c=a+b100,474.90

100,474.9010,684.50

10,684.5090,003.54

90,003.542,256.14

2,256.14111,617.04

195.89

111,617.04

156,763.18

156,763.181,543.37

1,543.372022

????働??

3

?

d

129,308.86

129,308.8615,586.72

15,586.7295,880.92

95,880.924,911.13

4,911.13138,252.75

359.92

138,252.75

200,047.69

200,047.692,567.50

???働?????4?

2,567.50

f=(c*12/9)

/d

103.60%

f=(c*12/9)

/d

91.40%

125.16%

61.25%

107.65%

72.57%

104.48%

80.15%

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1澝????????

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2澝EBITDA????

????????И???И?????о??????????澝ИБ???????EBITDA?????О91.40%澝61.25%澝72.57%?80.15%??????П??????

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?2????????

?2022??????Х????????????????????????????П??????й2022???????????????????????????2022???????働????澞??????????????????6??Ф?▲澝??????????????????働?????▲????????????????????????????????????????澝П??????????????????????働?????▲???????Ф??и???????????????澝П??????????????????????働?????▲??????? Ф?3澝?????働?????▲???????????澞

2022??и??????????ф??П??????????????????Э?????澞????????2022?1-6????О8.08%????????????????????????О10.5%??????働????澞

?3???????????

???????? 2022???????????????MCU?????ё????▲?????????????????▲???й???ф??????????Э????????????澞???П??????2021????????д???????ф???????ф?Э?????????????????????ф?????Э??????????????????澞

?4?И?????о????????

И?????о???????働???О61.25%??й?????働????澞???????И?????о???П?????澝????????働?д???????ф澝??????????????Э???????????????澞?й???????2022???????????2022?????????????????????П??????????????????????????????????????2022??1-9?И?????о????????2021???4.67%澞

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19-01-0419-07-0420-01-0420-07-0421-01-0421-07-0422-01-0422-07-04

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2020?11?24?????????????д澦?Б??????????????????????????й????????????????Ф??????澧??????澦??????????澧???澦?Б??????????????????????????й?????????????????働???????澧??????澦?????働???????澧???????????????б?????????51%??

?澞?????ф?????????????????????澦??????????????????????????????????????????????????????Б??????????澧????????2020???1693?????????澦????????澧??????????2020?9?30?????????Б??????О41.39ь?澞?й澦????????澧??????????фс???О20.40ь?????????Б??????О40.00ь?澞???й2020?12???澦?Б??????????????????????????й????????????????Ф???????????澧?澦?Б??????????????????????????й????????????????Ф???????????и澧??????澦????????????澧????с?????????????????????????澞

2020?11?26?????????嗋з??м???????д澦?й????????????澧?2020?12?14?????????嗋з???????????д澦?й????????????????澧???嗋з??с?з???д?????2020?12?31??????2020????Л??Б???????д??с?з??????澞

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з澝????????????????????????????р??????????????????

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1澝??????????????????

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?2????П???????????

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??????????????????????????й?????Б??????=???????????????????????ф?????????????ф????????Б??

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?????

О??? ??

2020? 10-12?

2021?

2022?

2023?

2024?

2025?

????

	86,967	407,763	467,517	530,727	633,982	648,472

????

67,594

312,345

351,563

401,706

473,066

480,667

????

3,177

15,983

18,027

20,445

27,239

29,953

????

7,557

31,200

32,214

33,248

34,928

36,808

????

4,535

18,954

19,804

20,663

21,839

22,962

???

10.80%

????????????

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?????

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2021?

2020? 10-12?

2022?

2023?

2024?

2025?

???

	38,416	150,710	177,651	188,138	180,779	175,327

??

43,572

200,510

209,710

227,508

264,355

284,357

???

626

28,626

66,499

93,749

184,999

184,516

????

512

1,368

1,199

799

799

799

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2,835

24,280

12,233

20,603

4,087

3,997

??????

1,202

2,935

3,038

3,118

3,118

3,118

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??	86,967	407,763	467,517	530,727	633,982	648,472

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A澝????????

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2020? 10-12?	2021

?

2022

?

2023

?

2024

?

2025

?

?????

	81,988	351,220	379,286	376,686	341,389	293,739

?????

			8,075	38,960	103,746	165,945
??	81,988	351,220	387,361	415,646	445,135	459,684

??

????
2020? 10-12?	2021

?

2022

?

2023

?

2024

?

2025

?

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	100%	100%	98%	91%	77%	64%

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0%

0%

2%

9%

23%

36%

B澝?????

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ф?

A

2020

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ф?

B

2021

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2021

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2021

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E

2021

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ф?

F

2021

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2021?1?

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2021?1?

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2021

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BDU

2022?7?

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2021?

2020? 10-12?

2022?

2023?

2024?

2025?

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45,816	213,295	258,866	296,415	376,019	382,069

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10,723

46,209

49,749

52,943

57,739

60,190

????

8,286

30,537

31,115

32,544

35,221

34,410

??

2,769

22,304

11,833

19,804

4,087

3,997

??

67,594

312,345

351,563

401,706

473,066

480,667

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2020?10-12?

2021

?

2022

?

2023

?

2024

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2025

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	975	4,193	4,511	4,837	5,298	5,565

??

2,201

11,790

13,517

15,608

21,940

24,387

????

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5,022

20,737

21,416

22,104

23,328

24,733

??

2,535

10,464

10,799

11,145

11,600

12,075

????

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2,405

10,163

10,734

11,307

12,095

12,811

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2,130

8,791

9,069

9,358

9,746

10,151

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EV/EBITDA

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P/E??Ъ?

EV/EBITDA

??Ъ?

P/E??Ъ?

EV/EBITDA

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P/E??Ъ?

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8.63

17.07

8.02

16.49

22.12

34.75

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EV/EBITDA??Ъ?

P/E

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P/E

??Ъ?

EV/EBITDA

?

?Ъ?

P/E

??Ъ?

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	8.63	17.07	8.02	16.49	22.12	34.75
?????????????	32,308.37	10,781.23	25,951.00	10,292.0	13,719.00	7,725.00
????????????????	278,749.24		208,193.57		303,504.68
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????

	50%	50%	50%	50%	50%	50%
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	29.00%	29.00%	29.00%
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?????????????	466,715.17
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-

?	48,973.72
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	9,393.00
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2澝?????????

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??澦????????澧???????2020?9?30???????Б?????????413,900.00??澞

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400,000.00

413,900.00

с??????????

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4澝?????

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1澝??ы?й?????????с???????????с?????????????Ид???????????▲??

2澝????????????????????????????

3澝???????????с??????????????????ы??働????У??????

4澝??ы??????働?????????働????????????????Ид???????????▲?澞

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??ы?????????????2020???????????????????????????????????????ф??????????????????П???????????ы????????澝?????????澞???ы?????

?1???????????????????働?????▲????????????????????????????????????????澝П??????????????????????働?????▲??????澞?2?????????????????????????????帢???澝帢???澝????澝????澝?Х??澝??????????????澝????????澞?3???????ф?????????????????ф?????????????澞?4???????????????????澝с??????澝??????????澞

??????????????????????????澝??????澝??????澝?????????澝И??????????????????????????????澝??澝??澝????澞

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▁澝??????????????????働?????▁????????????????????????????????????????澝О??????????????????????働?????▁??????

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1澝???????????????????働?????▲????

??????????????澝?????????????????

?????

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		2022?1-6? ??????	2021??	2020??	2019??
??????

????

1,622,172.58

3,230,635.33

3,313,216.74

4,707,051.72

??

		132,175.66	274,313.52	372,346.96	719,262.52
??????

????

658,929.71

1,271,465.22

1,025,037.11

1,016,352.60

??

117,924.97

241,446.94

177,906.85

175,952.89

????????????????????????????

?1????????????????????????

2019??澝2020??澝2021???2022?1-6????????????????4,707,051.72??澝3,313,216.74??澝3,230,635.33???1,622,172.58?????????????????1,016,352.60??澝1,025,037.11??澝1,271,465.22???658,929.71??澞??????????????????????????????????????????????

1?????????????????????????????й???ф??澝????з??????????????????

?????????ж?????И?????ф????????2021?????澝????澝??ㄌ?????????????87%?????澞???????2019-2021???????????

???ь?

?? ????????????????

?????????

201920202021

Autoliv???????

2019?澝2020??2021??????澝???????ㄌ????????????????1,402ь?澝1,093ь??1,138ь?澞???????澝???????????????????????2020?????????????????2021??????????????????澞?????????????????????????й2020??2021????????????О???П?????????

????????ф????2020???????

?敘????О??ы?????Key Safety Systems, Inc.??????澞2019???й??ы??敘??????敘??????????????????й??????????????????????б?敘???????ф澞??????й2019?12??????敘??????ы????О???????????????澞??????И????з?????????????澦?敘???(??)??????????2019???????????澧?????И????2020??20175????敘???й2019?????????48.78ь????????д??ы?????????澞

???2018???????ф????????й?ф???????????й?????▲?????????????????

??й2018?4???д??????懤敇??????????П??ф澞???О▲?????????????2015?????????????????????д???ф??????й2017?6???????????ф澞??ы???ф??????????????????з????????????????2015?????????????澞??ы??????????????????????????с????????????????▲??????????????????????▲????澝??ф澝????????????фс???澞????▲??????????????????澞

???????????????????▲??????д??????

???2018??????ф????д????з?????????澞?????????йы???澝??ф????????????????????????????▲???澞2019??2021?????????????????????????О442ь?澝375ь??218ь???????????????????????澞???????????????з????д?????????????2021??????????????????????????????????????????澞2022???????????????????450ь??????????澞

2???й????????????????????????

???????????????????????й???????澞?И?????????О??????????2019??962ь?????2021??1,104ь??????????7.13%????????

?? 2017?-2026?З?????????????ы???

???????ф????澝??ф????

1,029

1,104

1,181

1,261

1,337

1,412

1,486

9.9%

10.1%

7.0%

7.3%

7.0%

6.8%

6.0%

5.6%

5.2%

2004006008001,0001,2001,4001,600

201720182019202020212022E2023E2024E2025E2026E

???????????????????

???????????????????????????働????澞?????????????澝???????????????????????????????????????????????澝??????????????????????д??????澞?????????????????

?? 2017-2025?З???????????????

????????????

57.90

105.30

106.01

124.57

333.41

465.43

621.60

764.77

201720182019202020212022E2023E2024E2025E

?2????????????????????????

2019??澝2020??澝2021???2022?1-6????????????????719,262.52??澝372,346.96??澝274,313.52???132,175.66?????????????????????????175,952.89??澝177,906.85??澝241,446.94???117,924.97??????????澞???????????????????????????????????Э????????澞???????????澝???????????????

??

	2022?1-6? ??????	2021??	2020??	2019??
??????	8.15%	8.49%	11.24%	15.28%
??????	17.90%	18.99%	17.36%	17.31%

??????????????????????????▲??П??????

??????????????????2020???2021????????29.6%?

2.5%??????澝???ф??????ф????????????????????

ф????????????????????Ф?????????????????????????????????????????????????

???????з??????фй2018??????????????????????????2019?-2021????????????????????????????с??ф?И????????ф?????澞????????ф????????О5-7???????????▲???ф???????????ф??????????????▲??????????????????????????????

?????????ф????????д????????????Щ??О????▲?ф?MIB3?2020??2021???????фс???ф??й?ф?????????????????????ф?????????????й???ф?MIB2????????澞

2澝?????????????????????????????????????

?1?????????????????????????????????

???????????????????????????▲????ы???????????О???П??й???ф??澝????з???????????澞???????????Ф?1澝???????????????????働?????▲?????Ф??1?????????????????????????澞

????????????????????????????

?????

?? 2022?1-6? 2021?? 2020?? 2019??

??

?? ??

??

??

?? ??

?? ??

??

???	1,115,903.46	27.46%	1,767,121.98	6.29%	1,662,570.00	-18.91%	2,050,250.10
???

	5,515,885.35	9.11%	9,952,726.68	16.74%	8,525,565.00	-14.70%	9,995,056.26
????

248,530.91

21.21%

448,826.95

33.01%

337,443.40

-

		0.27%	338,340.99
????

6,874,985.38

3.21%

13,994,413.96

4.77%

13,357,763.97

-

						7.25%	14,402,362.61
??ъ-??????	658,929.71 ??????	8.70%	1,271,465.22	24.04%	1,025,037.11	0.85%	1,016,352.60

??ы???????????????????????2020?????????????????????????????????ы???????????????П???????????????????ф?????????????????67.6%????????2021?????????????澝????????????????????????????????????????????????????澞

?????????????ф?????????????

?????

??

2022

?

?

2021

??

			2020??	2019??
??

??

????

	550,154.78	1,061,596.34	860,597.96	918,220.92
???

????

	108,774.94	209,868.89	164,439.15	98,131.69
??	658,929.71	1,271,465.22	1,025,037.11	1,016,352.60

?2??????????????????????????????????

??????????????????????????????????????Ф“?澝??????ф?????????????????ф?????????????”????澞

?з???????????????澝О??????????????????????

働?????▁??????��

1澝????????????

??IHS Markit???????????????ф??????ф??????

?? 2019?-2025??????????у???怾?

?????IHS Markit

????????????2020?????????????????????????ф??2019??????????2021???????????????????????????????????ф??庝?????????????IHS??????????????????????????澞

8,895.09

7,459.58

7,719.66

8,184.06

8,530.13

8,808.12

9,038.76

2019202020212022E2023E2024E2025E

2澝П????????????

???????П????О??????????????????м???????????????澝????澝????澝?????澝??????????澞???????????帖?????О3,255,625.63??澝3,192,319.51??澝2,802,816.83???1,419,874.20????????????О52.77%澝66.66%澝61.37%?61.95%??????????????????д???????????澝????澝?????澝?????????澝????/?????????????ф??????й??П???П??ф??????????

?? О?????

??Q5澝??A6澝??澝恱?澝?悿澝???澝

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1

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X1

澝??

澝??

X3

澝??

?

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????

Bronco

澝?????澝??????

?????

?橉

?????

GLA

澝?橉

澝?橉

A

?澝?橉

?

????

????CT6澝????XT5澝??????澝???恱??澝

????澝????澝???Щ橉?

????

????

??僼?澝??

????

CR-V

澝??

澝??

XR-V

澝?????

??ф??????йП????П???И????З???ф???й???????О??????働П????????ф???澞????П????ф??????

??2019?-2025?????????у???怾?

??ф??????IHS Markit

??????2020?????П???????????????????????ф??????????2021?????????????????П???????????ф?ё???▲????2022?????????????????????????????????????????П????????????ф???????ф??????????澞???????????????????Ф??Э???????????????????????????澞???????????????????м??????????????????ф??????О??????????????澞

3澝?????働?????▲??????

???????????????????П????ф???????2022???????????????????????????????ф????????????ф??????й???????ф????П???ф????????????????澞??????????働???????????????Э????????2022??и?????支澝??澝?????澝???????ф??П?????????????澞??П????????????????

??2019?-2022?9?支????????/??

- 500

2019Q1 2019

Q2

2019

Q3

2019

Q4

2020

Q1

2020Q2

2020

Q3

2020

Q4

2021Q1 2021Q2

2021

Q3

2021

Q4

2022

Q1

2022

Q2

2022

Q3

????с??????с????

??2019?-2022?9???????????/??

??2019?-2022?9??????????????/???

-

2019

Q1 2019Q2

2019Q3 2019Q4 2020Q1

2020

Q2

2020

Q3

2020

Q4

2021

Q1

2021

Q2

2021

Q3

2021

Q4

2022

Q1

2022

Q2

2022

Q3

И?????

-

200 400 600 800

2019

Q1 2019Q2 2019

Q3

2019

Q4

2020

Q1

2020

Q2

2020

Q3

2020

Q4

2021

Q1

2021

Q2

2021

Q3

2021

Q4

2022

Q1

2022

Q2

2022

Q3

И?????

??2019?-2022?9??????????/??

?????????????澝???澝???澝?????д▲???????????????働澞??????????????????????2022??????働?????2022??и????????О?????????5,247.84???2022????????働????????????1,282,321.98???????22.63%????????23,647.10??澞

???働??????????????????????????嗋з??й???????????????āФ??澝???????????????И?????

?2019??澝2020??澝2021???2022?1-6??????????О6,169,890.30??澝4,788,983.76??澝4,567,003.24???2,291,988.10????????О145,223.38??澝20,383.11??澝-453,546.22???-26,282.48??澞2021????????澝????澝?????????????????????Л????????澞2022??????????д▲????????????働????????働??????????ё?????????????????????????????????澝???????

4,000 5,000 6,000 7,000 8,000 9,000

2019

Q1 2019

Q2

2019

Q3

2019

Q4

2020

Q1

2020

Q2

2020

Q3

2020

Q4

2021

Q1

2021

Q2 2021

Q3

2021

Q4

2022

Q1

2022

Q2

2022

Q3

????с??????с????

?澝??????????????????ф???????????????????澝??????????????????働?????????????ё???????????澞”

з澝????????????????????????????帢???澝帢???澝????澝????澝?Ф??澝??????????????澝????????

?▁??????????????????????????

??????????????П???йф???????????澝???о?????????ф??????И????П??????ф澝???????ОП澞??????????ф澝????????????

???????

2021?

2022?1-6? ??????

2020?

2019?

????????

	62,004.21	139,527.29	102,002.46	130,834.26
??????

	2,291,988.10	4,567,003.24	4,788,983.76	6,169,890.30
??

2.71%

3.06%

2.13%

2.12%

????????????????????П?Ф??с?澞

???????П???????О6,107,035.68??澝4,705,350.30??澝4,502,100.55???2,281,102.29???П??????????????

?????

??

2022?1-6? ??????

2021? 2020? 2019?

??

??

??

??

??

??

??

								??
о??	772,507.89	33.87%	1,623,671.85	36.06%	1,668,407.05	35.46%	2,280,008.09	37.33%
??澝ИБ????	954,499.51	41.84%	1,924,745.25	42.75%	1,859,035.76	39.51%	2,299,308.52	37.65%
???	554,094.89	24.29%	953,683.45	21.18%	1,177,907.48	25.03%	1,527,719.06	25.02%
???

2,281,102.29

100.00%

4,502,100.55

100.00%

4,705,350.30

100.00%

6,107,035.68

100.00%

2020?12????ы?????????51%???????Б?????????????????????О??ы???????????????????ф????????ф?澞????????????????П??????????????

???????

2022?1-6? ??????

2021?

2020? 2019?

??

??

??

??

??

??

						??		??
о??	772,507.89	33.87%	1,623,671.85	36.06%	1,493,550.78	34.35%	2,110,722.45	36.81%
??澝ИБ????	954,499.51	41.84%	1,924,745.25	42.75%	1,721,235.13	39.59%	2,106,628.98	36.74%
???	554,094.89	24.29%	953,683.45	21.18%	1,132,863.62	26.06%	1,517,156.77	26.46%
???

2,281,102.29

100.00%

4,502,100.55

100.00%

4,347,649.53

100.00%

5,734,508.20

100.00%

2020?????????澝????????????????????????????????????????ый2019????д?敘??????ф??敘???????????????▲???2020?о???????澞2021??????????????????????????????????????????????д24.04%????????ыо?????澝ИБ???????2020???????????й2021??????????????????????????????????ф?????????ё??????澞

?з???帢???澝帢???澝????澝????澝?Ф??澝??????????????澝????????

1澝帢???澝帢??????

???О▲????????????????????????о?澝??????П???ф?????д????ф??????ф???????И?澝???澝??澝???澝???о澝??澝?????ф??????澞???????ы????П??????ф澝???????ОП????П??????????????澝?ф澝?????▲??????д????????帢????帢??????澞

2澝????澝?Х??????????

2020??????????2022??????Х?????????????ф????д??澞????????????????????????????ф???2022?

??Х?????????????????????????澝?????哙??????????????????????ф????????澞??IHS Markit???2020?????ф?????16.14%??????????????2021?????й?????????????????????????????2021?????ф???2020???

3.49%?2022??????Х???????????????П???????????▲

????????????ф???2021???ё??7.5%???澞??IHS Markit 2022?10?????????????ф???????ё????????????2022-2025?????ф??????????3%??澞????澝?Х????????????????????澞

????????????????????????ф?????д▲????????Ф????????П???О???????????????????П???????????й2020??2021??????2022???Х????????д?????????澞????????????ф??ф???П????支澝??澝?????????????й2021???2022????????2022??и??????????????????澝???澝??????????????剱???????▲???????Х?????????????????????????????????????????????????澞??П??????????????????▲澝??????????????????働?????▲????????????????????????????????????????澝П??????????????????????働?????▲???????Ф??и???????????????澝П??????????????????????働?????▲??????? Ф?3澝?????働?????▲???????????澞

3澝???????

?????????????????О78.28%澝76.67%澝75.89%?76.68%澞???????????П????澝???????澞?й????????О?????????????????????ф???澞????????ы???????О-1,079.75??澝-1,494.71??澝-2,267.01???24,437.55??澞2022?????????????П??????????澞?????澝????ф????????????????????働??▲??????澞

4澝??????????

????????2020???????????ы????????????????????????????????й?傱傱??ф????д????ф???澞???????????????????ф?????????????????????????

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?澝??????у?????????????????у?????????????

2019???2020?????ыП?ф???????????澝?????????????澞2020?12?31????ы???????????51%????????????????????????П???????????????ф?澞?????????ф??????????

??

2021??

2022?1-6? ??????

2020??

2019??

??????	8.15%	8.49%	11.24%	15.28%
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??????	-	-	21.80%	23.29%
??	10.96%	11.46%	13.39%	16.12%

?▁??????????????????????у?????????

??????и????????澞?????????ж?????И?????ф????????2021?????澝????澝??ㄌ?????????????87%?????澞???????И?????О??????????????2015??????ㄌ???????????с??????????????????????????????О??????????????????澞

???????????????????????

??	2022?1-6?	2021?	2020?	2019?
????	14.60%	18.36%	16.74%	18.54%
??ы

-??????

8.15% ??????

8.49%

11.24%

15.28%

??????????????????????ы?????????????????????????????П???

1???й2018???д????懤敇????????ф??й????ф???????????з????ф???????????????澞??ы????????????????????▲??????????????????????▲????澝??ф澝????????????фс???澞????????????????з????????????▲???????????????????澞??????О????????????????ж?????????????ы?????????????????д???????????澞2020??2021????????????????????О-29.72%?-2.42%????????????О-18.46%?8.02%澞??????????????????Д???Ф?ф????????ф?д?????????

2???????????????й??????ф??????????з???????????????????????????▲??????????????????????????????????????????с??ф?И????????ф???????ф???????????ф??????????????▲???????????????????????????????????澞

?з??????????????????????у?????????

???????????????????П?О???澝???澝?????????澞

???????????????????????

??

2022

?

?

2021?

2020

?

2019

?

???

	9.00%	9.16%	9.62%	11.00%
???

	12.50%	15.60%	14.85%	18.43%
????	21.51%	21.57%	23.62%	22.43%
????

	13.61%	14.38%	15.23%	14.46%
???	14.15%	15.18%	15.83%	16.58%
??ы

-??????

17.90%

18.99%

17.36%

17.31%

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?澝??????????????????澝р??????澝??????????

?▁???????р???2019??澝2020??澝2021??澝2022?1-6??????????????????????????О0.02%澝0.03%澝0.30%??

0.26%???????????????????????О0.49%澝1.92%澝0.46%??0.34%澞????????????????????

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?????????????????с????????????

1澝??????

?????

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2022?1-6?

??????

2021?? 2020?? 2019??

??

2022?1-6?

??????

????

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????

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JOYSONQUIN Automotive SystemsPolska Sp. z o.o.

????

JOYSONQUIN Automotive SystemsPolska Sp. z o.o.

3,317.97

3,317.97

0.14%

0.14%

7,052.30

7,052.30

0.15%

0.15%

-

--

--

--

-JOYSONQUIN Automotive Systems M?xico S.A. de C.V.

????

JOYSONQUIN Automotive Systems M?xico S.A. de C.V.

1,851.67

1,851.67

0.08%

0.08%

3,843.86

3,843.86

0.08%

0.08%

-

--

--

--

?敘???

- (

??

)

??????

????

????

120.82

120.82

0.01%

0.01%

1,092.84

1,092.84

0.02%

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43.27

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35.57

28.24

26.78

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67.44 ??????

67.16

65.40

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3澝????ы?????????????????????????????????????????????

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2020??/ 2020

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31?	2019??/ 2019?12?31?

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2,291,988.10

4,567,003.24

4,788,983.76

6,169,890.30

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801,602.58

703,098.51

633,034.29

728,708.12

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15.4%

13.2%

11.8%

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2022?6?30? ??????

2021

?12?31?

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2019

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庝???

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4.25%

5.15%

5.36%

4.87%

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2022?1-6?

2021??

2020??

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70 (????)

63

62

53

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2022?7-9? ??????

2022?1-6? ??????

2021??

2020??

2019??

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107,563.45

112,748.38

116,544.84

197,283.91

237,015.74

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1,083,864.24

2,025,816.74

3,982,543.63

3,994,348.22

5,082,759.31

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1,085,491.43

2,031,001.67

3,986,340.09

4,075,087.29

5,122,491.14

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94.97%

97.25%

97.22%

96.29%

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2021?12?31?

2020?12?31?

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12?31?

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20.04

21.42

1.33

21.68

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30.26

32.01

34.21

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0.2451

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2020?????????????????О????????ф???????П???澞2020????????з???????????????????????ф????????2020??????????????ф??????????澞2021???????????????????З????ё????????????????????????????????з??????????о澝???????????澝???о?????澝???о????????????ф???ф?????????澞

2022?????????????????????????з??И????ф??????澞???????з???2022????д??ф???????ф????澝??澝???澝????????/??????о澝???澝???澝Б?о??????/???И???????????й????????2022????ф??????????澞

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	29,507.28	31,174.47	35,012.34	24,988.21
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12,841.37

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2020?11?30???????з????????????澦????澧??????[2020]?ZA41218???????2018?8?28??????????Б????儋??????????ы??20,000?????????澞

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