1、 / “” 2015-2019 19%18% 20201 32024 102020618 619 2020 2020 202020211.301.65 PE43.7734.55 2018A 2019A 2020E 2021E 2022E 910 1,154 1,518 1,944 2,519 (+/-)% -3.92% 26.73% 31.59% 28.06% 29.55% 68 95 130 165 206 (+/-)% 9.38% 38.43% 37.33% 26.69% 25.14% 0.16 0.22 0.30 0.38 0.48 64.62 46.09 43.77 34.55 27.

2、61 5.51 9.05 9.30 7.33 5.79 (%) 8.53% 19.64% 21.24% 21.21% 20.97% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 430 430 430 430 430 2020/6/24 6 17.00 13.21 12 7.5019.24 5,685 430 A 430 B/H 0/0 18 -15% 6% 27% 48% 69% 90% 2019/62019/92019/122020/3 % 1M 3M 12M 3% 18% 30% -5% 4% 22% 20200401 2020 20191120 S05505

3、19010002 li_ 300087 2020-06-30 2 / 31 1. . 4 2. . 5 2.1. . 5 2.2. . 6 2.2.1. . 7 2.2.2. 9 2.3. 9 2.4. . 10 3. . 11 3.1. 11 3.2. . 12 3.3. . 12 4. . 12 5. . 13 5.1. . 13 5.2. 16 5.3. . 18 6. . 19 6.1. . 19 6.2. . 20 6.3. . 20 6.4. . 20 6.5. . 22 7. . 23 8. . 25 8.1. . 25 8.2. . 26 8.3. 2

4、6 8.4. 27 9. . 28 3 / 31 1 . 5 2 . 6 3 . 6 4 . 7 5 . 10 6 . 10 7 . 10 8/ . 10 9 . 10 10. 10 112020-2024. 13 12 . 14 13. 14 14 . 14 15. 15 16. 16 17 . 17 18. 17 19 . 17 20. 17 21 . 18 222016-20203 . 19 23. 20 24. 20 252010-2018. 21 262010-2018 . 21 27. 24 28. 24 29. 26 302019 . 26 31 . 26 322019 . 27

5、 332019 . 27 342019 . 27 352019 . 28 362019 . 28 1 . 7 2 . 8 32018-2019. 8 4 . 14 5201820 . 22 4 / 31 1. “” 2015-2019 19%18% 898822 123318 20201 100% 202032020-2024 2024102020618 2020619 MAP 20192020 0.01/70% 2020 2020 202020211.301.65PE 43.7734.55 5 / 31 2. 2.1. “” 20105 2018115% 92,520,965 21.50%

6、20201 100% 21.50% 2020 54.16%2008 220191 20191662019 342% 1 Wind 6 / 31 2.2. 2019 60%20191.8 16%10% 7% % 18%2017 2019238% 2017 2 3 Wind Wind 48% 42% 13%3%20152018 2018 2019 81%10% 7 / 31 4 Wind 2.2.1. 200520076 1332018 3895 822 8982118 123318 898822 123318 Q 2018123389.1 54.6 1

7、 1982-2018 822 2018 2016 120 2018 2016 173 2018 2017 61 898 2018 2015 317 2018 2017 23 8 / 31 2019 2017 13 2118 - 2018 - 2 2018 1233 2016 725.8 89.1 18 2017 725.9 1 32018-2019 2018 2019 5272118 7379801 86821722117 279028 1512523 406 0861C24 54 W8665259712 1666 851Q851 5108851822 Q 665 259

8、548 683466220 510489458 25801 627 822 0861 N 7271 7952000 2596 91833 6180861 212175 113594 1521 3982 47209 2117071 665136 123621 822 0861898 164699 639808 106 169801 9 / 31 928988 1 1223 412967 7810 605S696 259 95136 801 928508 Y1733Y1702388 2919166 ED915 DH9186164703 2.2.2. 2019 2.3. 201911.5426.73

9、9458 38.43% 17%44%2020Q1 26.45%7.92% 523% 10 / 31 5 6 Wind Wind 7 8/ Wind Wind 9 10 Wind Wind 2.4. “” “” 20166 “” 11 / 31 2017 8-10 3-4 3-5 +1 2 3 4 5 5 2 3. 3.1. 34 415 145179 12 / 31 201916121.1% “ ”“”“”“ ”“”12 “” “ ”“115” “ ” “”2019 3.2. 964 46 9311AA9A 211S151S312S 3.3. “” 2019 WAAPP 4. 20203202

10、0-2024 2020-2024 10 13 / 31 2018104.83 34.18201911.542024 % 112020-2024 5. 5.1. 2004 2008-20147 201418%2 201020%201550% 2016 0.02/2017 2018 14 / 31 % 12 13 Wind Wind 14 Wind 4 2004 0.70 0.72 0.75 2005 0.70 0.72 0.75 2006 0.70 0.72 0.75 2007 0.70 0.72 0.75 2008 0.77 0.79 0.82

11、2009 0.90 0.92 0.95 2010 0.93 0.97 1.05 2011 1.02 1.07 1.28 2012 1.20 1.25 1.40 2013 1.32 1.35 1.50 2014 1.35 1.38 1.55 15 / 31 2015 1.35 1.38 1.55 2016 1.33 1.38 1.55 2017 1.30 1.36 1.50 2018 1.20 1.26 1.30 2019 1.20 1.26 1.30 2020 1.21 1.27 1.30 20181290/515 / 2018 2019 20200.01/ 20143077 20192969

12、4.452019 70%2019/2020 1.3 2020 600 2020 15 Wind 16 / 31 16 5.2. 2007 2015700/ 2015100% 2016 “”“”201610 2016-2020 202020150.7 2017 2019/2020 2.43 39.94%62019/2020 2.612.781700 % 20154496.86.75 20194128.06.19 17 / 31 17 18 19 20 Wind 1.8-2.8 60-65% 25-30%3-4% 2020 8%2020 18 / 31 21 2020 5.3

13、. 80 30 10002016 442018 1770 8300 21% 10-25% 2019111 2019 1600 2405% 202020194 56 12020 2212020 “” 19 / 31 90%5% 222016-20203 FAO 6. 6.1. 2018 1201.67170.69 277.7736.08 140.4353.98 20182379.22 16-17201911 62019 2569.910.6 1 2018169 2.94.120192.1-2.2 0.31.6 20191382.42020 2.1-2.20.32018 2013 20 / 31

14、23 24 6.2. 20187267.714.75 2018 2992.23 2.28 23% 20182800.522.19 2031.52 20181.21 26% 6.3. 2010-2016 2017-2018 2018511.98%10 16.81%5032.48% 1023.54%43.08% 6.4. 2016 2014 ()1 (20113) () 10 45232016-2017 21 / 31 252010-2018 262010-2018 201810 2016 2018 90%12018 22 / 31 9 2016 2018 2017 20201 5201820 6

15、.5. 20201212019 281 7919 18921 200921 23 / 31 202062361371 71 1571691 1 DBN98586106 2015 12-5 7. 2020618 Erik Fyrwald Chen LichtensteinSteve Landsman Laure Roberts 9 230 24 / 31 27 2020619 MAP 28 25 / 31 2019 MAPMAP 8. 8.1. *ST 8*ST 5 1 2 3 4 5 6 7 8 20192019 25.728 20199.05 7

16、 *ST 2019 80%4 *ST 30% 82% 26 / 31 29 Wind 8.2. 2019 40% 48.66% 46.14%10 *ST 51.09% 48.66%41.79% 36.95%38.89% 302019 31 Wind Wind 8.3. 8201920198 1.434.124.43 6 620194825 27 / 31 20195544 6 88 5.16%15.15%2019 4.81% 322019 332019 8.4. 201972019 1420199 2019 2212 20192442 342019 28 / 31 352019 362019

17、9. 520-25% 20% 80%50%2020 2021 1.301.65PE43.7734.55 29 / 31 2019A 2020E 2021E 2022E 2019A 2020E 2021E 2022E 280 650 600 900 87 130 175 226 91 91 91 91 34 4 4 4 135 165 217 278 48 35 35 35 734 1,114 1,433 1,934 0 0 0 0 46 63 76 97 1 9 9 6 1,287 2,083 2,417 3,301 -14 -17 -22 -28 -142 -12 11 -1 0 0 0 0

18、 0 3 3 4 206 207 206 205 13 152 216 246 100 102 105 108 -77 -23 -20 -13 21 21 21 21 -114 241 -246 67 443 441 439 437 96 118 132 183 1,730 2,523 2,856 3,738 78 327 90 163 2019A 2020E 2021E 2022E 372 613 769 1,047 309 439 548 717 0.22 0.30 0.38 0.48 0 0 0 0 1.12 1.42 1.80 2.28 1,030 1,694 1,852 2,507

19、0.03 0.35 0.50 0.57 0 0 0 0 56 56 56 56 26.7% 31.6% 28.1% 29.6% 56 56 56 56 38.4% 37.3% 26.7% 25.1% 1,085 1,749 1,907 2,563 482 611 776 982 37.7% 33.7% 31.7% 29.4% 163 163 173 194 8.2% 8.6% 8.5% 8.2% 1,730 2,523 2,856 3,738 42.64 39.35 40.45 40.08 2019A 2020E 2021E 2022E 372.95 404.15 393.75 397.21

20、1,154 1,518 1,944 2,519 718 1,006 1,329 1,777 62.8% 69.3% 66.8% 68.6% 5 7 9 12 1.25 1.23 1.31 1.32 -26 -4 -4 -4 0.52 0.55 0.51 0.52 189 227 273 327 94 112 135 162 16.4% 15.0% 14.0% 13.0% 1 3 1 -4 8.1% 7.4% 7.0% 6.4% 0 0 0 0 0.1% 0.2% 0.0% -0.2% 14 17 22 28 90 134 179 231 0.0% 0.0% 0.0% 0.0% -3 -3 -3 -3 0.0% 0.0% 0.0% 0.0% 87 131 176 228 0 1 1 2 P/E 46.09 43.77 34.55 27.61 87 130 175 226 P/B 9.05 9.30 7.33 5.79 95 130 165 206 P/S 4.93 3.74 2.92 2.26 -8 0 11 20 19.6% 21.2% 21.2% 21.0% 30 / 31 “” R3AB AAABS “”