1、 2019 2223550 60%80% 202070%202580% 滷 202520 綯 900 綯2020 綯 綯 3.4%綯2022 30%202560% 12900 12-1734226 棬 20162336 top1090% 廯 (603686)廷 (000967) 2022廷 30% 10% 15 5 綯 Table_BaseInfo () / 淢 20200724 WIND *6118 S0860515100003 *6070 S0860517090001 *6119 綯 2020-07-22 2020-0

2、7-17 2020-03-30 ( 棬淢仯 ) HeaderTable_TypeTitle 2 . 5 . 8 廯 . 11 綯900 . 13 . 13 5 . 14 . 18 . 20 廷綯 . 20 + . 21 . 23 . 23 rQqPpPsNsNmOuMqPqMrOpM9PaO9PsQpPoMnNiNpPqPeRtRoRbRpPwPuOsOmPxNqQmQ HeaderTable_TypeTitle 3 1 . 5 2 . 6 3 . 6 4 . 9 5 . 9 62018 . 10 72016-20205 . 10 82019 . 10 92002-2020 . 11 10 .

3、 11 112015-2019 . 12 12 . 12 13 . 12 142019綯 . 15 152016-20205 . 16 162020-2025% . 18 17 . 18 182019 . 19 1920201-5 . 19 202016-2020 . 19 21廷 . 20 22廷% . 20 23廷 . 21 242015-2019 . 21 252015-2019 . 21 26% . 23 27廷2022 . 23 282022 . 23 1 . 7 2 . 8 3 . 13 4綯 . 14 HeaderTable_TypeTitle 4 5 . 14 62018-20

4、20 . 16 72020-2025 . 17 8 . 22 HeaderTable_TypeTitle 5 繫价 滮衢 1 2013 201396 PPP 3 1 1949 -2002 塣 2 2003-2013 2002罨貿 塣 HeaderTable_TypeTitle 6 3 2013 2013 2014-2017 PPP 衣20173 罨貿2020 46 绷廯绷 2 3 2019 HeaderTable_TypeTitle 7 1 貿2002 2011 罨 貿 2013 2020 2014 PPP滮 2014 裬 衢 PPP 2015 PPP 幤 2015 飬 202090% 201

5、6 滮 2016 塱 裬 齨2020 90% 2017 PPP PPP PPP 淶PPP 2017 2017 2017 80%塣 2018 滮 9 2019 罨貿 濪 20192020 46 20221 1 2025 飬 HeaderTable_TypeTitle 8 2013 2 汣豸 30% 60% HeaderTable_TypeTitle 9 滷 80% 4 2019 2018 2018 87 59.86 69% 25.56 16.28 64% 112.5 68%17 80% 93.5% 9 202070%202580% 滷 5 罨 0% 20% 40% 60% 80% 0 20 40

6、 60 80 100 2011 2012 2013 2014 2015 2016 2017 2018 HeaderTable_TypeTitle 10 62018 罨 廷 201911.6614% 5.8719.27% 仯 2-3 2022 17.7 60%罨2018 豸25.2515%2022 豸39 72016-20205 82019 0% 20% 40% 60% 80% 100% 61929 88124 102265 116588 42699 42.3% 16.0% 14.0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 20000 40000 600

7、00 80000 100000 120000 140000 2016 2017 2018 2019 2020* , 57858, 50%, 58730, 50% HeaderTable_TypeTitle 11 92002-2020 wind 廯 (1)(2) (3)繫衢(4) (5)滮 10 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 5 10 15 20 25 30 35 40 45 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 2

8、0 16 20 17 20 18 20 19 E 20 20 E 20 21 E 20 22 E 豸 HeaderTable_TypeTitle 12 2013 2015PPP 20162018 25%57%2019 22232.41%550 60% 绷廯 112015-2019 12 13 Wind Wind 0 500 1000 1500 2000 2500 2015 2016 2017 2018 2019 0% 5% 10% 15% 20% 25% 30% 0 500 1000 1500 2000 2500 3000 2010 2011 2012 2013 2014 2015 2016

9、2017 2018 -30% -20% -10% 0% 10% 20% 30% 40% 50% 0 100 200 300 400 500 600 2010 2011 2012 2013 2014 2015 2016 2017 2018 HeaderTable_TypeTitle 13 PPP 仯 綯900 綯綯 綯 綯20 綯 綯13.25 8.8150 350 4.1 綯 7200 1綯20005綯 168.8棬565% 7.15 綯 20% 6.66 3 綯 93500 194000 -100500 68500 68400 + 25000 0 110600 KWh 158 /wh 0.7

10、 15000 110000 242500 -132500 15% 20% -5% 9402 0 9402 0 35000 -35000 119402 207500 -88098 LKWh 12 25 Km 150 150 /L 5 /KWh 0.55 HeaderTable_TypeTitle 14 350 350 ( 31500 7218.75 24281.25 ( 10000 2000 8000 5( 207500 46093.75 161406.25 5( 326902 253594 73308 5( 71500 66580 4920 5 2020 7 17 綯壩 綯 202010% 4

11、綯 2012 滮(2012-2020) 綯 2013 30% 2014 2015 2016-2020 2016 2018 2019 滮(2021-2035)壩 2035綯 2020 繫20%20% 2020 綯壩 綯 5 20179 滮 綯 2020 HeaderTable_TypeTitle 15 (2017-2020) 1000 20185 綯80% 201911,綯 100% 20189 (20182020) 綯 2019 85%,2020 95% 20193 80%2022 綯 201910 人 壩 人8100% 20203 2020 71 80% 20204

12、 2019 2020 600衣 2019滮(2021-2035)壩2035 綯 綯 2019 綯 120.6 綯 4.68% 4.95% 3.34%綯 16% 綯50%80% 2019綯3.44% 2018 豸 25.25 2016 4300 2% 2019 2020 3.5%202560% 142019綯 4.68% 4.95% 3.34% 16.10% 3.44% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% HeaderTable_TypeTitle 16 152016-20205 綯緽 2019 綯2020 綯 201931721566 3 1500 15 綯綯

13、 62018-2020 2018/1/4 綯 1635 2018/3/7 綯 1 4.5 2018/11/3 綯 4 2018/11/6 3綯 8 480 2019/7/9 綯 66 2019/8/21 18綯1 1 229.8 2019/8/21 4綯1 1 73 2019/8/21 3綯1 1 53 2019/11/15 18 12 5782 2019/11/15 12 4 2019/11/15 12綯 4 2019/11/15 30 1.41% 2.08% 1.57% 3.42% 2.66% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 0 5

14、00 1000 1500 2000 2500 3000 3500 4000 4500 2016 2017 2018 2019 2020* 綯 HeaderTable_TypeTitle 17 2020/1/8 18 2 2020/1/8 18 4 2020/6/4 25 28 2100 2020/6/4 25 3 195 2020/6/4 綯 8 360 2020/6/4 18 2 110 2020/6/4 11 8 200 2020/6/4 25 3 255 2020/6/4 18 17 935 2020/6/4 25 9 585 2020/6/4 18 62 4836 2020/6/4 1

15、8 5 225 2020/6/9 2 309.4 2020/6/17 綯 52 2340 2020/6/17 綯 5 120 2020/6/19 綯 19 1450 2020/6/19 18 3 150 2020/6/19 8 3 180 2020/6/19 18 6 780 2020/6/19 25 2 566 20201-54.39.43%12 5 18% 5 10% 202520.151134 59.94% 6%7200綯 202230%2025 60%4.41275/2025 900 5 72020-2025 2016 2017 2018 2019 2020E 2021E 2022E

16、2023E 2024E 2025E 61929 88124 102265 116588 120000 133008 147425 163406 181119 200752 yoy 42.30% 16.05% 14.01% 2.93% 10.84% 10.84% 10.84% 10.84% 10.84% 綯 874 1830 1604 3990 7200 19951 44228 65362 90559 120451 1.41% 2.08% 1.57% 3.42% 6% 15% 30% 40% 50% 60% 75 75 75 75 75 75 75 75 75 75 綯() 6.56 13.73

17、 12.03 29.93 54 149.63 331.71 490.22 679.20 903.38 HeaderTable_TypeTitle 18 162020-2025% 2019 50%20207320 漰綯 17 20162339% 28 -50% 0% 50% 100% 150% 200% 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 2016 2017 2018 2019 2020E 2021E 2022E 2023E 2024E 2025E yoy 0% 10% 20% 30% 40% 50% 60% 70% 0 200 400 600

18、800 1000 1200 2019 1 2019 2 2019 3 2019 4 2019 5 2019 6 2019 7 2019 8 2019 9 2019 10 2020 1 2020 2 2020 3 2020 4 2020 5 2020 6 2020 7 HeaderTable_TypeTitle 19 2020 3639 300 2019top1094%25%廷 16%4%20201-5top1088%廷23% 78%4 廯 182019 1920201-5 202016-2020 , 25% , 18% , 16% , 16% , 6% , 4% , 4% , 2% , 2%

19、, 1% , 6% 23% 17% 10% 9% 8% 7% 5% 3% 3% 3% 12% 23 23 33 29 36 0 5 10 15 20 25 30 35 40 2016 2017 2018 2019 2020 HeaderTable_TypeTitle 20 廷綯 100% 廯 400 21廷 19 20% 32.1% 38.1% 2019 3棬2019 65116%% 22廷% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 0 100 200 300 400 500 600 700 2016 2017 2018 2019

20、 2020* 綯 HeaderTable_TypeTitle 21 23廷 廷 20202.6320 2綯 綯 峵200.72020 5綯8綯8綯42 6037.5 + 2015+ 鲼 2015 2019 11.82 41.90CAGR29.16%1.512.70CAGR15.72% 242015-2019 252015-2019 Wind Wind 0% 10% 20% 30% 40% 50% 0 1,000 2,000 3,000 4,000 5,000 2015 2016 2017 2018 2019 -20% -10% 0% 10% 20% 30% 40% 50% 0 50 100 1

21、50 200 250 300 2015 2016 2017 2018 2019 ( HeaderTable_TypeTitle 22 漰227 388 52 25 8 16 綯 綯 綯 綯 綯 綯 綯 桢 11 綯 綯 綯 綯 綯 綯 / / / 2019 2019 6.18% 12.57% 棬20112019 932019 201923.471.61% 30.00%2.28% HeaderTable_TypeTitle 23 26% 廯 廷 廷 30%20221.3 15 8% 2022 10%44005 27廷2022 282022 -1.00% 0.00% 1.00% 2.00% 3.0

22、0% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 0 20 40 60 80 100 120 140 160 2016 2017 2018 2019 2020* 綯 10% 20% 30% 40% 50% 10% 3 . 3 2 6 . 6 3 9 . 9 5 1 3 . 2 7 1 6 . 5 9 12% 3 . 9 8 7 . 9 6 1 1 . 9 4 1 5 . 9 2 1 9 . 9 0 15% 4 . 9 8 9 . 9 5 1 4 . 9 3 1 9 . 9 0 2 4 . 8 8 18% 5 . 9 7 1 1 . 9 4 1 7 . 9 1 2 3

23、 . 8 8 2 9 . 8 5 20% 6 . 6 3 1 3 . 2 7 1 9 . 9 0 2 6 . 5 4 3 3 . 1 7 5% 8% 10% 12% 14% 10% 1 . 6 6 2 . 6 5 3 . 3 2 3 . 9 8 4 . 6 4 12% 1 . 9 9 3 . 1 8 3 . 9 8 4 . 7 8 5 . 5 7 15% 2 . 4 9 3 . 9 8 4 . 9 8 5 . 9 7 6 . 9 7 18% 2 . 9 9 4 . 7 8 5 . 9 7 7 . 1 6 8 . 3 6 20% 3 . 3 2 5 . 3 1 6 . 6 3 7 . 9 6 9

24、 . 2 9 HeaderTable_TypeTitle 24 20182019 綯綯3.4%2025 60%2015-2020 50 2020 39 HeaderTable_TypeTitle 25 涨 1% 漰 淢(603686)1% HeaderTable_TypeTitle 26 Table_Disclaimer 彨 淢12/ 15% 5%15% -5%+5% -5% 淢 涨淢 淢 淢 5% -5%+5% -5% 淢 淢 淢 HeadertTable_Disclaimer 棨桱 汻 档 涨 飬 漰 鱾 棬忯 档 HeadertTable_Address 31826 绰 棺