资源描述
1 / 38 2021 05 09 - -2020.12.14 2021 - -2020.12.4 2020 3 - ROE -2020.11.4 2021 S0790520050001 S0790120110033 ROE 2020 9 ROE ROE/PB 8.39% ROE 2021-2023 +13.3%/+21.1%/+18.2% ROE 8.33%/9.05%/9.68% 1 2 3 (H ) 2020 2021Q1 +34%/+27% ROE 8.4%/8.9% +19.8%/+9.3% 2020 2021Q1 30% 7 2021Q1 +45% ROE 10% ROE ROE PB/ROE ROE PB-ROE ROE -12% 0% 12% 24% 36% 48% 60% 2020-05 2020-09 2021-01 3002 / 38 1 . 5 2 ROE . 9 2.1 ROE . 9 2.2 . 10 3 . 11 3.1 . 11 3.1.1 . 11 3.1.2 . 12 3.1.3 . 13 3.1.4 . 13 3.2 ROE . 14 3.2.1 . 14 3.2.2 ROE . 15 3.2.3 . 17 3.2.4 . 17 4 . 17 4.1 . 17 4.1.1 . 17 4.1.2 ROE . 19 4.1.3 . 21 4.2 . 21 4.2.1 . 21 4.2.2 . 23 4.2.3 . 25 4.3 . 25 4.4 . 30 5 . 34 5.1 2021 +13.3% . 34 5.2 ROE . 36 6 . 36 1 2020 9 . 5 2 PB . 6 3 PE . 6 4 2021 Q1 . 6 5 . 6 6 2020 2021Q1 . 7 7 2020 2021Q1 ROE . 7 8 2020 9 . 11 9 . 123 / 38 10 . 12 11 . 13 12 . 14 13 2016-2020 ROE/PB 4.38% . 14 14 2016-2020 ROE/PB 14.25% . 14 15 2016-2020 ROE/PB 5.14% . 15 16 2016-2020 ROE/PB 10.71% . 15 17 . 15 18 2014 IPO . 15 19 . 16 20 . 16 21 . 17 22 . 18 23 AUM . 18 24 20 . 19 25 2020 ROE . 19 26 2020 ROE . 19 27 . 20 28 ROE . 20 29 . 20 30 ROE . 20 31 . 21 32 2016-2019 ROE . 21 33 PE . 21 34 PB . 21 35 2019 . 22 36 . 22 37 . 22 38 % . 22 39 A . 23 40 2020 . 23 41 2020 8.8% . 23 42 . 24 43 2017 . 24 44 2018 . 24 45 2019 . 24 46 . 24 47 . 25 48 . 25 49 . 25 50 2016 . 26 51 . 28 52 . 28 53 . 28 54 AUM . 294 / 38 55 2020 . 30 56 . 30 57 . 30 58 PE . 36 1 . 5 2 2020 2021Q1 . 7 3 2021Q1 . 8 4 ROE . 9 5 . 10 6 . 13 7 2020 . 16 8 . 17 9 1% . 18 10 2016-2017 15-20 . 18 11 2020 AUM . 27 12 . 29 13 . 29 14 . 31 15 . 31 16 . 32 17 APP . 32 18 . 33 19 . 33 20 . 34 21 2021 +13.3% . 35 22 . 365 / 38 1 2020 2021 4 30 300 +25.07% -9.37% 2021 1 A 2 A 1 2020 9 Wind 1 4 30 % 300 % % 4.72 6.41 22.91 4.00 5.68 22.18 -5.53 -3.85 12.65 -8.78 -7.10 9.40 -9.07 -7.38 9.11 -11.19 -9.50 7.00 -11.60 -9.92 6.58 -13.81 -12.12 4.37 -13.92 -12.23 4.26 -14.29 -12.60 3.90 300 -1.68 -18.18 Wind6 / 38 PB1.54 PE18 2013 2018 PB 1.28 PE14 2 PB 3 PE Wind Wind 2021Q1 0.54% 0.43 A 3.1% 2014 2021Q1 0.37% -30bp 0.06% -10bp 4 2021 Q1 5 Wind Wind 2020 2021Q1 2020 2021Q1 40 1456/422 +34%/+27% ROE 8.4%/8.9% +19.8%/+9.3% 2020 2021Q1 30% +23.8%/+34.7% +26.7%/+23.27 / 38 6 2020 2021Q1 7 2020 2021Q1 ROE Wind Wind 2 2020 2021Q1 40 2020 2021Q1 YOY YOY 1140 53.7% 25.9% 314 14.6% 28.1% 580.44 39.4% 13.2% 120.56 34.2% 10.8% 389.17 23.8% 8.8% 114.51 34.7% 10.3% 1,578 15.4% 35.8% 352 15.8% 31.5% 533.93 26.7% 12.1% 143.83 23.2% 12.9% 182.18 1.7% 4.1% 71.50 31.2% 6.4% 4,404 28.0% 100% 1,116 20.8% 100% 965 17.5% 324 63.2% 5,187 27.0% 1,368 28.2% 31.17 29.6% 1% 7.99 12.4% 1% 2102.74 19.2% 48% 547.76 28.9% 49% 340 64.2% 7.7% 15 -72.2% 1.3% 783.03 21.9% 18% 252.04 75.3% 23% 3256.67 23.5% 74% 822.80 30.6% 74% 1,930 33.5% 44% 545 24.7% 49% 1504.89 34.5% 34% 437.09 29.9% 39% 1455.66 34.0% 33% 422.32 27.3% 38% Wind = + = - = - = - 2021Q1 2019 2020 ROE 2021Q1 +45% 27% 141.6%/58.5% 2021Q1ROE 108 / 38 3 2021Q1 40 2019 2020 2021Q1 YOY ROE YOY ROE YOY ROE 1086.66 69.8% 6.97% 1455.66 34.0% 8.35% 422.32 27.3% 8.95% 584.51 51.6% 7.91% 744.60 27.4% 9.03% 235.32 45.1% 10.60% 122.3 30.2% 7.77% 149.0 21.9% 8.68% 51.6 26.7% 11.24% 86.4 28.8% 6.62% 111.2 28.8% 8.09% 44.1 141.6% 12.66% 95.2 82.7% 7.81% 108.8 14.2% 7.78% 36.2 58.5% 9.34% 90.0 78.9% 7.97% 108.2 20.2% 8.60% 33.1 14.6% 10.14% 72.8 64.6% 8.79% 94.9 30.3% 9.95% 26.1 45.3% 9.79% 75.4 75.3% 8.55% 100.4 33.2% 10.60% 25.4 22.7% 10.24% 57.4 37.9% 7.52% 77.7 35.4% 9.05% 24.3 22.3% 10.87% 52.3 81.1% 7.64% 72.4 38.5% 9.52% 19.9 13.2% 9.38% 42.4 21.4% 9.37% 72.1 70.0% 12.02% 18.8 46.9% 10.23% 55.0 78.2% 10.56% 95.1 72.8% 15.30% 17.2 -11.7% 10.05% 49.1 43.4% 9.04% 66.2 34.7% 9.65% 16.8 18.3% 8.25% 17.6 1202.2% 5.27% 40.0 127.1% 11.09% 12.0 340.6% 12.49% 24.4 97.8% 4.61% 27.2 11.8% 4.77% 11.8 44.7% 7.74% 10.1 52.4% 2.64% 11.0 8.8% 2.81% 8.9 134.5% 8.89% 16.7 547.7% 6.11% 20.9 25.2% 7.31% 7.0 64.5% 9.54% 5.7 449.7% 1.20% 23.3 311.0% 4.67% 7.0 -36.9% 5.29% 22.5 122.9% 6.86% 25.3 12.3% 7.52% 6.7 -11.3% 7.94% 13.0 28.5% 6.46% 18.6 43.4% 8.63% 4.8 0.1% 8.41% 18.7 128.7% 9.14% 22.9 22.3% 10.23% 4.5 130.7% 7.63% 10.4 189.4% 5.05% 17.1 64.6% 6.99% 4.2 14.1% 6.08% 9.7 31.3% 6.79% 16.3 68.2% 9.51% 4.2 31.9% 8.61% 10.1 234.2% 6.58% 13.3 32.4% 8.27% 3.4 1.4% 8.04% 9.1 36.4% 3.70% 13.7 49.8% 4.92% 3.3 18.0% 4.30% 14.3 69.4% 7.53% 19.0 32.7% 9.28% 3.2 -14.4% 5.97% 9.9 69.4% 5.93% 15.0 51.3% 8.58% 3.0 -17.7% 6.67% 8.0 13.2% 6.44% 8.8 10.6% 6.37% 2.6 -19.6% 6.91% 6.1 204.4% 3.48% 11.2 83.1% 5.12% 2.6 3.0% 4.00% 12.2 21.1% 6.11% 15.4 26.1% 7.43% 2.5 -19.0% 4.72% 10.4 359.4% 5.46% 10.9 4.7% 4.88% 2.5 21.5% 3.91% 8.4 116.7% 6.79% 14.1 68.7% 10.17% 2.3 -51.7% 6.44% 4.4 28.1% 9.39% 8.1 84.0% 14.31% 1.8 10.6% 12.05% 11.1 100.2% 8.59% 12.7 14.4% 9.12% 1.8 -44.2% 4.85% 7.1 206.2% 6.55% 8.1 14.1% 6.02% 1.8 -23.5% 4.45% 4.9 566.8% 3.54% 7.3 48.7% 4.47% 1.7 -42.1% 3.75% 5.2 930.6% 6.63% 5.9 12.8% 6.30% 1.6 -31.4% 5.90% 5.1 130.1% 4.07% 7.5 47.2% 5.08% 1.3 -38.5% 3.18% 0.6 -11.5% 0.59% 1.0 79.1% 0.91% 1.2 -280.2% 3.609 / 38 3.1 1.6% 2.52% 4.5 47.8% 3.08% 0.9 10.5% 2.03% 5.1 312.6% 5.75% 8.1 58.4% 7.08% 0.1 -94.1% 0.40% 4.6 4.49% -7.6 -264.3% -7.62% 0.0 -95.2% 0.19% Wind 2 ROE 2.1 ROE ROE , 2021 IPO ROE 4 ROE 2020/2/14 2020/3/1 2020/3/6 7 2020/3/27 6 6 2020/4/1 2020/4/6 7 2020/4/17 2020/4/30 REITs 2020/5/7 QFII/RQFII QFII/RQFII 2020/5/29 “T+0” 2020/6/3 2020/6/8 A 2020/6/12 2020/7/31 “ ”10 / 38 2020/9/25 QFII RQFII QFII RQFII QFII 2020/9/25 2020/12/30 2020/12/31 2021/2/5 2021/2/26 2021/3/5 2021/3/18 2021/4/2 2.2 2020 2021 9 5 2020/10/21 2020 DVP 2020/10/21 202011 / 38 2020/11/20 2021-2024 2025-2027 2028-2030 2021/2/26 2021/3/13 2035 , , , , 2021/3/20 3 3.1 3.1.1 2019 9 2020 9 8 2020 9 Wind = - 300 200712 / 38 9 2014-2020 22 40 10 Wind 3.1.2 Q1 2018 2020Q113 / 38 6 2015 2016 2017 2018 2019 2020 2021Q1 Q1 3.50 3.45 5.94 3.62 3.62 3.62 2.12 1.68 2.88 2.47 2.47 2.47 1.53 0.94 - - 3.76 2.61 2.61 2.61 2.61 - 2.12 1.68 2.88 2.47 2.47 2.47 1.53 0.94 1.67 1.43 2.26 2.00 2.00 2.60 1.71 0.90 2.24 1.88 2.26 2.28 2.28 2.28 2.28 - - 0.87 3.28 1.98 1.98 1.98 1.65 0.33 0.61 0.73 1.47 0.90 0.90 1.14 1.06 0.08 Wind 3.1.3 2011-2015 300 ROE ROE 300 2016 300 ROE 2020 9 11 Wind 3.1.4 2020 11 6 2021 3 6%/8%/914 / 38 12 Wind 3.2 ROE 3.2.1 2016-2020 7 ROE/PB 4.38% ROE/PB 5.14% 2016-2020 ROE/PB 14.25% ROE/PB 10.71% ROE 13 2016-2020 ROE/PB 4.38% 14 2016-2020 ROE/PB 14.25% Wind Wind PB15 / 38 15 2016-2020 ROE/PB 5.14% 16 2016-2020 ROE/PB 10.71% Wind PB Wind PB 3.2.2 ROE 2009-2020 0.13% 0.03% IPO 2014 6.3% 2020 4.9% 17 18 2014 IPO Wind ROE ROE 2020 11 616 / 38 7 2020 ( ) 2020-07-16 36.45 2020-10-15 43.75 2020-07-13 49.00 2021-03-02 3.65 2020-12-16 75.00 2020-07-17 200.00 2020-07-17 150.00 2020-07-01 42.00 2020-12-08 38.84 2020-01-10 134.60 2021-04-19 81.79 2020-10-30 53.96 2020-07-31 126.83 2020-07-10 37.57 2020-04-02 58.51 2020-03-31 53.25 2020-01-23 39.43 Wind 2008 71% 2020 27% 2008 22% 30% 19 20 Wind = *75% /17 / 38 3.2.3 6 5 7 PB/ROE 8.39% 2021 ROE 10% 8 2021Q1 40 6 4 ROE 8.95% 10.63% 12.08% 15.08% 2021.5.7 PB 1.74 1.27 0.87 1.87 ROE/PB 5.15% 8.39% 13.96% 8.07% Wind 3.2.4 ROE ROE 4 4.1 4.1.1 21 AUM = *18 / 38 =AUM* AUM 2015-2020 22 23 AUM Wind 2016-2017 15-20 20 2019 0.58% 9 1% 2019 0.48% 0.64% 1.16% 0.58% 1.33% 1.45% 0.23% 1.47% 1.39% 0.24% 0.34% 0.48% 0.47% 1.34% 1.47% - 2 50% 10 2016-2017 15-20 2013 2014 2015 2016 2017 1366% 1545% 3814% 1801% 1580% 13% 20% 36% 12% 14% 1344% 642% 578% 335% 329% 770% 418% 40019 / 38 24 20 Wind 4.1.2 ROE ROE ROE / ROE / / ROE R OE = R OE = ROE ROE ROE 2020 ROE ROE 37% ROE 41% 25 2020 ROE 26 2020 ROE20 / 38 ROE ROE 2019 ROE 29.7%/20.5% ROE 17.1%/6.4% 27 28 ROE ROE ROE 2017 2020 ROE 29 30 ROE ROE21 / 38 60% 2019 30% 2016 2019 ROE 10% 2020 ROE 31 32 2016-2019 ROE Wind 4.1.3 PB 60% 2019 30% 2016 PB 3.4 33 PE 34 PB Wind Wind 4.2 4.2.1 2019 5922 / 38 35 2019 36 2019 Wind Wind 2018 2018-2020H1 1.6/3.0 3.4/3.0 37 38 % Wind Wind 2019 3 24% 59% 9% 1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 10023 / 38 A IPO A 2020 396 39 A Wind 4.2.2 2020 12.5-100 700 2019 36.76 2020 43.32 2020 2019 8.8% 2020 2019 20.7% 40 2020 41 2020 8.8% 2020 202024 / 38 42 2020 2017 2019 2018 2014-2018 43 2017 44 2018 45 2019 4625 / 38 2019 2009 36% 2019 58% 47 4.2.3 1000 2008 30 2019 220 2008 8 2019 70 48 49 4.3 2016 74% 19% 4% AUM AUM26 / 38 50 201627 / 38 11 2020 AUM 2015AUM AUM 2018AUM AUM 2020AUM AUM 47,496 4.34% 68,021 4.53% 89,418 4.46% 6,600 0.60% 14,168 0.94% 26,248 1.31% 112,500 5.61% 115,900 10.60% 135,100 8.99% 160,000 7.98% 130,000 6.48% 90,819 8.31% 130,040 6.48% 3,540 0.24% 5,340 0.27% 38,956 1.94% 692,502 34.52% 27,093 1.80% 47,134 2.35% AUM 1,000 0.09% 1,100 0.07% 4700 0.23% 330 0.02% 867 0.08% 1,692 0.11% 1528 0.08% 53,692 2.68% 39,000 3.57% 41,000 2.73% 85,000 4.24% 25,783 1.29% 39,200 1.95% 13,700 0.68% 163,683 8.16% 17,316 1.58% 27,946 1.86% 37,406 1.86% 8,545 0.78% 12,332 0.82% 16,480 0.82% 6,357 0.58% 6,998 0.47% 9,657 0.48% 22,878 2.09% 31,057 2.07% 40,964 2.04% 7,428 0.68% 8,955 0.60% 10,889 0.54% 62,524 5.72% 87,288 5.81% 115,396 5.75% 1 AUM 2 2020 45% 4028 / 38 51 52 53 AUM 1000 2020 1000 AUM 2775 2020 600 AUM 4815 2020H1 AUM485329 / 38 54 AUM 1 2020 2020H1 2019 2 1000 600 12 13 2015 2016 2017 2018 2019 66.2% 68.2% 70.5% 62.3% 55.2% 26.3% 23.9% 17.5% 16.6% 17.8% 5.6% 6.5% 11.1% 20.0% 25.8% 1.9% 1.4% 0.9% 1.1% 1.1% 2020 6991 6107 73430 / 38 55 2020 56 57 2018 2020 2018 2020 4.4 2020 1700 100031 / 38 14 2020 1300 1700 1090 780 1432 2020H1 1200 184 84 APP 15 12 66 APP 40 26 41 APP 1432 / 38 16 Wind APP IP 17 APP 2.85% 0.70% 3.00% 0.91% 3.02% 1.47% AI 1.47% 0.56% 2.71% 0.68% 3.83% 1.89% 2.73% 0.9333 / 38 3.22% 1.65% 6.81% 2.93% 3.49% 1.70% IP 2.89% 1.04% 2.86% 1.39% 3.21% 1.84% 2019 10 7 1000 2020 4 2020 54 18 A+ 5 4 3 4 4 10 6 1000 1000 1000 1000 1000 1000 1000 0.6%-0.9%/ 0.32%-1.2%/ 0.4%/ 0.3%-1.5%/ 0.2%-1%/ 0.8%-1.2%/ 0.2%-1.0%/ 2020 54 5.32 2020 9 2020 12 1.65 2020 12 2.7 AUM8 2019 89 +89% 2018 2.8% 5.8% 2019 11% 19 2018 2019 7.04 3.1% 12.39 5.9% 4.81 3.0% 12.02 6.8% 5.80 1.6% 11.39 4.234 / 38 4.60 1.9% 8.54 5.4% 4.85 3.2% 8.34 5.5% 4.28 3.3% 7.78 7.1% 4.60 5.4% 7.70 11.0% 3.79 3.8% 7.52 6.1% 3.60 3.2% 7.42 5.0% 3.99 3.7% 6.40 5.0% 47 2.8% 89 5.8% 2013 20 2013 2014 2014 2016 2017 2017 2018 2018 2018 2018 2018 2018 2019 2020 5 5.1 2021 +13.335 / 38 1 2 2021 +13.3% ROE 8.3% 2021-2023 1649/1998/2361 +13.3%/+21.1%/+18.2% ROE 8.33%/9.05%/9.68% 21 2021 +13.3% 40 2019 2020 2021Q1 2021 E 2022 E 2022 E 742 1140 314 1,092 1,198 1,298 YOY 19.4% 53.7% 14.6% -4.2% 9.7% 8.3% 5,580 9,042 10,169 8,590 9,363 10,206 YOY 35.5% 62.0% 11.4% -5.0% 9.0% 9.0% 416.39 580.44 120.56 669 791 944 YOY 23.4% 39.4% 34.2% 15.3% 18.2% 19.4% 314.41 389.17 114.51 471 598 756 YOY 3.0% 23.8% 34.7% 20.9% 27.1% 26.4% 1,367 1,578 352 1,628 2,100 2,573 YOY 89.1% 15.4% 15.8% 3.2% 28.9% 22.6% 5.20% 5.06% 1.02% 4.31% 4.63% 4.66% 421.55 533.93 143.83 546 491 429 YOY 15.1% 26.7% 23.2% 2.3% -10.1% -12.7% 3,440 4,404 1,116 4,616 5,408 6,254 YOY 36.8% 28.0% 20.8% 4.8% 17.2% 15.6% 1763.44 2102.74 547.76 2,170 2,461 2,783 207 340 15 231 270 313 1086.66 1455.66 422.32 1,649 1,998 2,361 YOY 69.8% 34.0% 27.3% 13.3% 21.1% 18.2% 31.6% 33.1% 37.8% 35.7% 36.9% 37.8% 16,196 18,663 19,092 20,946 23,202 25,594 YOY 8.2% 15.2% 17.7% 12.2% 10.8% 10.3% 261 950 100 1,000 700 600 ROE 6.97% 8.35% 8.95% 8.33% 9.05% 9.68% 3.63 3.83 3.92 3.79 4.01 4.29 Wind36 / 38 5.2 ROE ROE 2020 9 ROE ROE/PB 8.39% ROE (H ) 58 PE Wind 22 EPS P/E 2021/05/07 2020A 2021E 2022E 2020A 2021E 300059.SZ 30.19 0.58 0.80 1.07 52.16 37.74 3908.HK 18.84 1.60 1.81 2.17 11.79 10.39 601377.SH 9.00 0.60 0.71 0.83 15.06 12.66 600030.SH 23.44 1.16 1.44 1.67 20.21 16.31 601211.SH 16.58 1.20 1.48 1.67 13.82 11.24 600958.SH 8.76 0.38 0.59 0.72 23.05 14.95 000776.SZ 14.77 1.32 1.56 1.76 11.19 9.47 Wind 1 EPS Wind 2 H 2021 5 7 1 =0.83 637 / 38 2017 7 1 R4 C4 C5 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50038 / 38 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065
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