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1 / 15 2021 08 07 6 - -2021.7.16 5 - -2021.6.15 - -2021.6.8 S0790520050001 S0790120100011 2021 7 26 7 30 11 60 300 100 100 100 195 / 2022 1 1 -2022 12 31 2021 195 / 2015 5 -41% -27% -14% 0% 14% 27% 2020-08 2020-12 2021-04 3002 / 15 1 . 3 1.1 . 3 1.2 . 5 2 . 6 2.1 . 6 2.2 60 . 8 2.3 . 9 3 . 10 4 . 13 1 30 . 7 2 60 . 8 3 30-70 . 9 4 . 10 5 21-60 63.9% . 10 6 50 80 20% . 10 7 . 11 8 APP . 11 9 . 11 10 “ ” . 12 11 . 12 1 . 3 2 . 3 3 . 4 4 . 5 5 . 6 6 . 7 7 . 9 8 . 133 / 15 1 1.1 2021 7 26 7 30 11 60 1 300 100 100 100 100 195 / 2022 1 1 -2022 12 31 79 / 2020 12 1 -2021 11 30 2 195 / 79 /4 / 15 2021 7 26 -2021 9 30 2020 10 15 -2020 11 30 2022 1 1 -2022 12 31 1 2020 12 1 -2021 11 30 1 100 100 100 0 100 100 25 18 5 5 17 25 75 100 100% 90% 2020 3.95 3.04 80% 40% 2 70% 4 35% 2 60% 4 30% 3 2022 1 1 -12 31 195 / + 100 100 100 30 10 25 50 75 50 100 2020 3.95 3.04 2 2 4 4 80% 70% 605 / 15 40% 35% 30% + 5 1.2 20% 80% 60% 40% 3.95 3.04 2 4 2 0 4 195 / 79 / 115 / 100 17 100 100 30 10 25 50 75 50 100 100 100 100 30 20 PET-CT 100 30 2020 3.95 2 2 2 0 20000 / 0 0 4 46 / 15 3.04 80% 70% 60% 100% 5 90% 5 70% 70% 70% 40% 35% 30% 50% 30% 30% + 5 - 2 2.1 2021 195 / 5 / 100 100 30 10 - - 100 50 2021 300 600 600 600 200 200 100 100 200 400 - - E 200 200 - -7 / 15 / 2021 200 400 100 - e 200 200 100 - 1 30 2020 3.95 3.04 2 4 1 0 0 6 / 2020 3.95 3.04 2 4 - - 2 4 2021 1 0 0 0 1 0 0 0 0 500 1000 1500 2000 2500 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 2021 E 2021 e8 / 15 / 1 0 - - E 2021 1 1 - - 1 1 0 - e 1 1 - - - 0 0 / 1 1 2.2 60 60 5 60 739 1900 38.49% 2 609 / 15 7 2.3 3 30-70 2020 12,657 7,546 195 / 195 /10 / 15 4 50 60-70 20% 61-80 20.0% 5 21-60 63.9% 6 50 80 20% 20% 3 - 5,000 10,000 15,000 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 0-20 , 498,406 21-40 , 1,150,266 41-60 , 1,192,975 61-80 , 732,887 80 , 94,437 0-20 21-40 41-60 61-80 8011 / 15 7 8 APP 9 APP12 / 15 10 100 11 2015 513 / 15 8 EVPS P/EV BVPS P/B 2021/8/6 2020A 2021E 2022E 2020A 2021E 2022E 2020A 2021E 2020A 2021E 601318.SH 53.67 72.65 82.00 93.10 0.74 0.65 0.58 41.71 46.04 1.29 1.17 601601.SH 26.40 47.74 52.79 58.53 0.55 0.50 0.45 22.96 25.39 1.15 1.04 Wind 414 / 15 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 50015 / 15 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065
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