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1 / 14 2021 03 25 - -2021.3.20 - - 2021.3.13 - - 2021.3.6 S0790520020003 2030 2060 2025 2030 20% 25% 50% 45% 2030 H -15% 0% 15% 31% 46% 62% 77% 2020-03 2020-07 2020-11 3002 / 14 1 “ ” . 3 1.1 “ ” . 3 1.2 “ ” . 6 1.3 “ ” . 7 2 . 9 3 “ ” . 11 4 . 12 1 “ ” . 3 2 2030 2035 . 3 3 2025 2030 2060 20% 25% 80% . 5 4 2030 . 5 5 CCUS . 5 6 2020 . 6 7 2019 . 6 8 “ ” . 7 9 2016 . 7 10 2016 . 8 11 / . 8 12 . 8 13 2016 . 9 14 2016 . 9 15 2020 4.71 . 10 16 2020 / . 10 1 “ ” . 4 2 2020 2000 . 10 3 . 113 / 14 1 1.1 BP 2019 98.26 28.8% 2019 57.7% 2030 2060 2060 1 2030 2 20302050 3 20502060 2020 2025 2035 2050 GDP 2005 90% 1 2060 2 2030 2035 BP Wind4 / 14 3060 2030 25% 12 2035 2025 20% GDP 13.5% GDP 18% 1 2030 2005 65% 25% 2005 60 12 2021 2030 2035 2025 GDP 13.5% GDP 18% 24.1% 20% 46 GDP GDP 2025 2030 2050 2060 20% 25% 60% 80% 50% 45% 20% 6% 2025 2030 2020 49.8 56.8% 28.3 2030 2035 20355 / 14 3 2025 2030 2060 20% 25% 80% Wind 4 2030 Wind CCUS CCUS CCUS CCUS 5 CCUS6 / 14 1.2 4000 2020 4700 8 18.55 CR8 47.6% 110 2020 59.7% 33.4% 6.9% 6 2020 7 2019 20357 / 14 8 1.3 2030 2030 9 2016 Wind 2030 20188 / 14 10 2016 Wind 2030 11 / 129 / 14 2 2016 2020 1 13 2016 14 2016 Wind Wind 2020 2020 4.71 Mysteel 2020 7600 2100 2019 4% 2021 210 / 14 15 2020 4.71 Wind 2 2020 2000 1 2 3 4 5 6 7 8 9 10 11 12 95 180 390 366 760 46 1471 120 4174 7602 240 85 145 72 185 268 235 702 315 1001 706 1545 5499 145 85 -35 -318 -181 -493 235 702 269 -470 586 -2629 -2104 Mysteel 2020 16 2020 / Wind11 / 14 3 H 3 PE PB 2021/3/24 2020E 2021E 2022E 2020E 2021E 2022E 2021/3/24 601088.SH 3,533 392.2 434.6 447.5 9.0 8.1 7.9 0.99 601225.SH 1,055 139.5 131.4 135.3 7.6 8.0 7.8 1.57 600188.SH 589 72.6 88.4 94.0 8.1 6.7 6.3 1.05 000983.SZ 197 19.0 20.5 21.7 10.4 9.6 9.1 0.89 600395.SH 109 9.1 13.5 14.8 12.0 8.1 7.4 1.57 603113.SH 147 9.0 18.7 21.9 16.3 7.9 6.7 2.41 1907.HK 178 14.8 29.4 33.8 12.0 6.0 5.3 2.35 000723.SZ 310 9.3 30.0 32.2 33.3 10.3 9.6 3.59 Wind Wind12 / 14 413 / 14 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50014 / 14 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065
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