1、 / 2019 4,000 45%77% 2019 45.3%23.8% 201987% 201918.6% 2019 4,827.918.5% ROE 2020P/EV0.72 2019 2020 P/EV0.8-1.131.09-42.752020-2022 2.132.502.91EV38.86 45.7454.42 2018 2019 2020E 2021E 2022E 643,101 745,165 809,994 900,552 1,002,764 (+/-)% -1.55% 15.87% 8.70% 11.18% 11.35% 11,395 58,287 60,141 70,73

2、0 82,310 (+/-)% -64.67% 411.51% 3.18% 17.61% 16.37% 0.39 2.05 2.13 2.50 2.91 P/E 52.28 17.01 13.22 11.24 9.66 P/B 1.81 2.44 1.99 1.68 1.48 P/EV 0.72 1.05 0.72 0.62 0.52 % 3.46% 14.35% 15.03% 14.97% 15.33% () 28,265 28,265 28,265 28,265 28,265 2020/7/1 6 42.75 28.13 12 23.9736.30 795,086 28,265 A 20,

3、824 B/H 0/7,441 23 -16% -8% 0% 8% 16% 2019/72019/102020/12020/4 % 1M 3M 12M 7% 8% -5% 1% -8% -13% -20200601 -20200511 -20200429 -20200413 S0550520020001 601628 / 2020-07-02 2 / 33 P/EV0.842020P/EV0.72 P/EV2020 10,984 2020P/EV0.8-1.1 31.09-42.752020-20222.132.50 2.91EV38.8645.7454.42 1202

4、08.3% 2020 2 2020-20227.6% 3P/EV 0.8-1.1 123 1 2 3 / 33 1 1949 20038200719 2020 38,747.19 2 20194,000 201918.49%9,412 20195,67119.14% 20101,43420194,36645% 77%2019161.3 2019 70116.6 3 2018 2019 4 / 33 4 2019 77% 3.15.145.3%23.8% 20198.687% 201918.6% 2019 25.1%4,827.918.5% 20

5、19 16.6%39.5%11.1%32.9%2019 ROE 5 / 33 1. . 8 1.1. . 8 1.2. . 8 1.3. . 9 1.4. . 10 2. . 10 2.1. . 10 2.2. . 12 2.2.1. . 12 2.2.2. . 13 2.3. . 14 3. . 15 3.1. . 15 3.1.1. . 15 3.1.2. . 17 3.2. . 17 3.2.1. . 17 3.2.2. . 19 3.2.3. . 19 4. . 20 4.1. . 20 4.1.1. . 20 4.1.2. . 20 4.1.3. . 20 4.2. . 21 4.2

6、.1. . 21 4.2.2. . 21 4.2.3. . 22 4.3. . 23 4.3.1. . 23 4.3.2. . 23 4.3.3. . 24 4.4. . 24 4.4.1. . 25 4.4.2. ROE . 26 5. . 27 5.1. . 27 5.2. . 28 6 / 33 5.3. . 28 5.4. . 29 5.5. . 29 6. . 30 1 . 8 2 . 9 3 . 9 4 . 11 52015-2019 . 11 6CR4 . 11 % . 11 72015-2019 . 11 82015-2019 .12 9 .12 10 .12 11% .13

7、12%.13 13% .13 14.13 15.14 16( .14 17% .15 18 .15 192011-2017.15 202015-2019.16 21 .18 22 .19 23 .21 24 .21 25 .22 26 .22 27.22 28.22 292020 .23 30.23 31.24 32.24 33 .24 34.25 35 .25 7 / 33 362011-2019% .25 37/.25 38ROE .26 39ROE .27 402010-2020PEV .30 12020 . 9 2 2018.16 3 2018.16 4 2018.17 5 2018

8、.17 6 2018 .17 8 / 33 1. 1.1. 19491996 1998 2003 20038 200719 1 2016 175002003 290201951 12 50020193,539.87 1.2. 28373.7%A26.3% 9 / 33 2 3 Wind Wind 2020 68.37%100% 25.92% 2.56% 0.42% 0.22% 12020 68.37% 19,324 HKSCC Nominees Limited 25.92% 7,325 2.56% 724 0.42% 120 0.22% 62 97.49% 27,555

9、2020 1.3. 10 / 33 + 1.4. 2020 38,747.19 2. 2.1. 201950051 20193.714.51%4,000 201918.49%9,412 11 / 33 4 52015-2019 Wind Wind 2017A 50% 2019 29,6285,67119.14% 17.67%7.17%4.66% 6CR4 % 72015-2019 Wind Wind 20% 80%60% 2020 12 / 33 82015-2019 2.2. 2.2.1. 20101,4342019 4,3662019 7% 9 10 Wind Wind 201045%20

10、1977% 13 / 33 11% 12% Wind Wind 2019 201812.1%161.3 34.9%43.8% 13% 14 Wind Wind 2.2.2. 2019 701 238.202.5% 2019 16.6 14 / 33 36.1% 15 16( Wind Wind 2.3. 2019 GDP 110 1120 20% 15 / 33 17% 18 Wind Wind 3. 3.1. 3.1.1. 2017 2018 20.4%20112017 33.3%32.4%30.4%26.1%23.0%19.9%19.7% 192011-2017 Wind 16 / 33

11、20 2017 2018 5119.666050.352816.441092.94 4.66%18.93%14.29%11.89% 8.29% -12.64% 202015-2019 Wind 2 2018 2017 2018 % 5119.66 5358.26 4.66 6050.35 7195.56 18.93 2816.44 3218.95 14.29 1092.94 1222.86 11.89 Wind 3 2018 2017 2018 % 5119.66 5358.26 4.66 6050.35 7195.56 18.93 2816.44 3218.95 14.29 1092.94

12、1222.86 11.89 17 / 33 Wind 4 2018 2017 2018 % 7341.72 7950.52 8.29 8251.73 10024.56 21.48 2861.69 3361.41 17.46 1534.74 1731.51 12.82 Wind 5 2018 2017 2018 % 601.17 495.11 -12.64 673.57 722.94 7.33 267.23 271.20 1.49 120.63 122.1 1.22 Wind 3.1.2. 2018691.55 4.38% 6 2018 2017 2018 % 662.50 691.55 4.3

13、8 3508.98 3887.69 10.79 2160.90 2475.26 14.55 1046.14 1178.08 12.61 Wind 2017 IPO2017 2018 3.2. 3.2.1. 18 / 33 21 Wind Wind 19 / 33 3.2.2. 2019 2019 19 22 Wind 2019 3.2.3. 20193 30,74, 20 / 33 CLIMB 4. 4.1. 4.1.1. 95519 90% 2019 47%70%490 6,000 5 4.1.2. AI AI1 96060% 215APP 4.1.3. 1094 2.795519APP N

14、PSAPI API 21 / 33 4.2. 4.2.1. 2019 77% 2019 3.145.3% 5.1 23.8% 4.025% 4.2.2. 2019 14%2 20196 8.6 23 24 Wind Wind 22 / 33 2019102 8987% 4.2.3. 2015-2019 36%60% 2018 2019 591.68 42.1% 25 26 Wind Wind 27 28 Wind Wind 23 / 33 4.3. 4.3.1. 201912% 2019 74.80%2019 582.87411.5% 4.3.2. 20162016 2019 20196% 2

15、019586.9818.6% 2019 292020 30 Wind Wind 24 / 33 4.3.3. 20194,827.9 25.1%18.5% 18.2% 33 Wind 4.4. 31 32 Wind Wind 25 / 33 4.4.1. 2017-20192.75 3.11 3.572019 16.6%39.5%11.1%32.9% 20195700A 1100 2019 20194.61% 0.03 5.24%1.96 7.27%, 4.17 2020 1 34 35 Wind Wind 362011-2019 % 37/ Wind Wind 26 / 33 4.4.2. ROE 2020170.9034.3% 5.13%20191.58 4.29%0.02 ROE= +(/-1)(-) 38ROE Wind 2011-2019 1ROE ROE ROE ROE 2 27 / 33 39ROE Wind ROEROE 1 2 32015/ 5. 5.1. GDP 2018 20182019 28 / 33 2020 EV 5.2. 2018 17.47%201945.86%2020 202013.37% 750 2020-2022 5.20% 5.18%5.21%2020 2020NBV 2020-2022 3.25%17.85%16.37% 2018