资源描述
/2024.04.21:()12 SAC S0160521120001 SAC S0160522060001 1.LVMH 24Q1+3%2024-04-18 2.DFS 2030 2024-04-17 3.IPO 2024-04-17 2019 200%370%RevPAR ADR 2024 15 RevPAR 129.14+10.39%+1.53%2019-7.01%RevPAR 2019-12.61%9%4 7“”4 16“”“”“”K12 2023 2023 2.12/2.76+40.40%/+51.65%K12 COMEX 2400/570/g 3 2024 1-3 996+4.5%3 291+3.2%2023 68%2024&3.0 Meta Llama 3 AI 3.0 SkyMusic 2023 2024 Q1-39%-31%-23%-15%-7%1%300 2/1.6 1.1.6 1.2.11 1.3.14 1.4.19 1.5.23 1.6.24 1.7.28 1.8.30 1.9.32 1.10.34 2.39 3.42 4.44 4.1.44 4.2.45 4.3.46 4.4.47 4.5.48 4.6.49 4.7.50 4.8.51 5.52 1.6 2.7 3.7 4.7 WUAZzQnQsRrQoQsRnQqPnM9PdN7NpNrRoMqMlOrRrNlOoMmO9PpOqRvPnRpNMYrRmM 3/5.8 6.8 7.9 8.9 9.9 10.OCC.12 11.ADR.12 12.RevPAR.12 13.OCC.12 14.OCC.12 15.OCC.12 16.K12.15 17.15 18.K12.15 19.15 20.K12.16 21.16 22.“”.16 23.17 24.17 25.17 26.17 27.%.20 28.21 29.21 30.22 31.%.23 32.31%.23 33.2024.4.8-2024.4.14.25 34.2024.4.19.26 35./.28 36./.28 37.28 4/38.Manner.28 39.29 40.29 41.:Au9999/g.30 42EX/.30 43.2024.03.30 44.31 45.31 46.SkyMusic Suno V3.32 47.33 48.33 49.35 50.&19.36 51.&2019.36 52.A PE(TTM).39 53.()PE.40 54.()PE.41 55.2023E.42 56.2024E.43 57.2023E.44 58.2023E.44 59.2024E.44 60.44 61.44 62.2023E.45 63.2023E.45 64.2024E.45 65.45 66.45 67.2023E.46 68.2023E.46 69.2024E.46 70.46 bVuqWwwrLSCysMqgJ52WBciCYydMK33bsDsO0TSEcfZo15/6P6TrqLvl8bGyQa9H 5/71.46 72.2023E.47 73.2023E.47 74.2024E.47 75.47 76.47 77.2023E.48 78.2023E.48 79.2024E.48 80.48 81.48 82.2023E.49 83.2023E.49 84.2024E.49 85.49 86.49 87.2023E.50 88.2023E.50 89.2024E.50 90.50 91.50 92.2023E.51 93.2023E.51 94.2024E.51 95.51 96.51 /6 1 1.1 1 2024 4 1 4 7 30.3 50 50 50 1.APP 2 2024 4 8 4 14 41.8+7.2%19 111.7%23.9+11.0%19 113.5%17.4+2.3%19 106.3%/7 2.APP 3.4.APP APP 10 3.6+15.4%19 142.6%2.9-3.3%19 123.6%1.9+1.5%19 88.5%1.8-0.9%19 102.4%2.5+6.7%19 204.1%1.6+3.0%19 102.1%2.0+2.6%19 100.7%02000004000006000008000001 2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 2023 202401000002000003000004000001 2 3 4 5 6 7 8 9 10 11 12 2019 2020 20212022 2023 202401000002000003000004000001 2 3 4 5 6 7 8 9 10 11 12 2019 2020 20212022 2023 2024/8 1.6+4.7%19 103.5%1.7+1.6%19 121.8%1.9+6.2%19 145.2%5.APP 6.APP /9 7.APP 8.APP 9.APP /10 3 2024 4 18 6 71 4019 9%19%5.5 10%37.3 3 10 1+N 3 250 220 14%65 2123 1400 45%600 92 36 4 1 2 23 23 Q2 601888.SH /11 1.2 3 RevPAR 2023 RevPAR RevPAR 1 2020-2022 2023-2024 2-3 ADR 2 RevPAR 3 2024 15 1 2024 15 OCC 61.75%+4.79pct+1.48pct 2019-3.12pct ADR 209.14+1.83%-0.90%2019-2.32%ADR 2019-4.96%RevPAR 129.14+10.39%+1.53%2019-7.01%RevPAR 2019-12.61%2 2024 15 OCC 62.17%0.54pct 2019-2.66pct OCC 62.37%2.72pct 2019-3.00pct OCC 54.69%-1.84pct 2019-8.19pct /12 10.OCC 11.ADR 12.RevPAR 13.OCC 14.OCC 15.OCC 971.0404 9%20%30%40%50%60%70%80%1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 2019 2020 20212022 2023 2024150170190210230250270290 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 2019 2020 20212022 2023 2024050100150200 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 2019 2020 20212022 2023 20240%20%40%60%80%1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 2019 2020 20212022 2023 20240%20%40%60%80%100%1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 2019 2020 20212022 2023 20240%20%40%60%80%100%1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 2019 2020 20212022 2023 2024/13 5.18 9%5.17 86.13 5.27 1 301073.SZ 2 2024Q1 1179.HK 600754.SH /14 1.3 K12 4 7“”4 16“”“”“”1.4 10 4 16 K12 2023 2023 2.12/2.76+40.40%/+51.65%K12 2024 2 8 1 2 2021 83.8%84.1%3 /15 000526.SZ-S 9901.HK 002599.SZ K12 600661.SH 3978.HK 1769.HK 16.K12 17.Wind 18.K12 19.Wind 040801201602002018 2019 2020 2021 2022小 初 高04008001200160020002015 2016 2017 2018 2019广州 其他区域040801201602002018 2019 2020 2021 2022小 初 高01002003004005006007008009002016 2017 2018 2019 2020 2021 2022广东 福建 合计/16 20.K12 21.Wind 3000/2000/686/1061 22.2024 2024 570 10%+2024 3 16-17 2023/040801201602002018 2019 2020 2021 2022小 初 高0500100015002000250030002016 2017 2018 2019 2020 2021 2022上海 其他区域0500100015002000250030003500上海 贵州 陕西 福建 重庆 山西 山东 广东 湖北 云南 安徽2023 2024/17 23.24.2024 2023.12.10 2023 6.66/16.65 25.26.Q1/Q2 1 Q1/Q2 3 4 Q2 2 2024 2024 1179 21 3 4604805005205405605802023 2024省考联考 参考人 数（万 人）0102030405060四川 江苏 山东 浙江 上海 北京2023 2024050010001500200025003000培训课程收入 图书收入2022 2023020040060080010001200140016001800线上产品 大班 小班 其他2022 2023/18 300492.SZ 2469.HK 002607.SZ /19 1.4 2024 1 24Q1 0.85-1.05 97.65%-144.16%2 2 2023 68%2023 406 7.7%24.5 27.8%Sinclair 13.04 14%10.51 68%23 600 1 7 1 2 2024 6 1 300896.SZ 832982.BJ 2367.HK 600200.SH /20 2024Q1 3.4%2024Q1 120327 4.7%1086 3.4%3 39020 3.1%411 2.2%27.%2023&2024Q1 1 2023 89.05+39.45%11.94+46.06%11.74+48.91%2 2024Q1 21.82+34.56%3.03+45.58%2.92+47.50%/OR/618 2023&2024Q1 1 2023 24.00+35.99%7.34+89.02%7.15+89.11%2 2024Q1 7.12+21.10%2.20+37.16%2.04+29.78%300856.SZ-30%-20%-10%0%10%20%30%40%50%2019/03 2019/08 2020 1-2 2020/07 2020/12 2021/06 2021/11 2022/05 2022/10 2023/04 2023/09 2024/03 /21 28.29.wind wind&2016 2021 86%2024 150.2 1 3.0-161 A HPR A 3.0 A 3.0 8 41.12%3.0 3.0 C A 2+III III 439/1.3ml*40 3 3.0 0%10%20%30%40%50%0.020.040.060.080.0100.0 yoy yoy-50%0%50%100%150%200%250%0.05.010.015.020.025.030.0 yoy yoy/22 30.2./23 1.5 2024 4 18 FESCO Adecco Akkodis 2024 PMI 3 50.8%2024Q1 5.2%0.3 3 5.2%0.1 5.3%5.1%5.0%31 5.1%2024 1200 600861.SH 31.%32.31%Wind Wind 0.01.02.03.04.05.06.07.02018-012018-062018-112019-042019-092020-022020-072020-122021-052021-102022-032022-082023-012023-062023-11:0.01.02.03.04.05.06.07.08.02018-012018-062018-112019-042019-092020-022020-072020-122021-052021-102022-032022-082023-012023-062023-1131/24 1.6 1 2023 2024 1 2023 7.24 117.94%1.75 2 2023 2023 12 31 11,068 10 7.90 8,743.72 17,465.84 50.06%3 2024 1.8 6.13%0.52 15.80 2024 1-2 158.26 8.59%2024 4 3.2607 2.95 0.31 24 2024 12 2026 11“”11147.5 3700.6 2 2023 1 2023 19.29 141.21%4.23 3.91 2 2023 10 2.09 2023 12 31 729,379,440 152,440,302.96 36.05%B 2023 3 227.48%/25 3 2024 4 15 2024 4 21 175 2019 19%2023 24%33.2024.4.8-2024.4.14 4 4 16 2024 56%4 15-1-3 4 45%SUV 7 40%42%132%60%68%151%5 147141175-4%19%24%-10%-5%0%5%10%15%20%25%30%0204060801001201401601802002019 2023 2024 2019 yoy 2023 yoy/26 GMV 2019 1.5 130%5 25%150%200%370%2024 400%2024 6 APP 2024 4 19-/1915 2019 72.96%34.2024.4.19 APP /27 7 2019 beta“”23“”23 300795.SZ RCEP 600826.SH IP IP 1 2023 1 2023 5.14 8.31%0.68 75.76%0.45 31.56%2 2023 2022 12 31 128,748,930 10 1.5 19,312,339.50 2023 67,619,162.57 28.56%2 2024 4 19 21 F1 2004 F1 F1 20 2019 F1 1000 5 F1 3 2024 7 26 2024 4 F1 002858.SZ 605299.SH /28 1.7 4/15-4/19 2.08/-0.04/1.80/3.2/1.60/-0.66/1.50/2.0/293/-33.5%Manner 231/+17.3%35./36./37.38.Manner 2024Q1 2024Q1 23 28/+20/+7/-8/+4 24Q1 1597 205 2024 2 58 24Q1 22.533.544.551 2 3 4 5 6 7 8 9 10 11 12 2021 2022 2023 202422.22.42.62.833.23.43.61 2 3 4 5 6 7 8 9 10 11 12 2021 2022 2023 202402000400060008000100001200014000160001 2 3 4 5 6 7 8 9 10 11 12 2021 2022 2023 20240200040006000800010000120001 2 3 4 5 6 7 8 9 10 11 12 2021 2022 2023 2024/29 2024Q1 2024Q1 3.58 11.99%1531 66.85%32.6%28.7 27%IP“”8 39.40.562 5593201560100200300400500600 24Q1(3,000)(2,500)(2,000)(1,500)(1,000)(500)0500(12,000)(10,000)(8,000)(6,000)(4,000)(2,000)02,0004,0006,00021Q221Q321Q422Q122Q222Q322Q423Q123Q223Q323Q424Q1 YoY%/30 1.8 COMEX 2400/570/g 3 2024 1-3 996+4.5%3 291+3.2%2024 1-3 164.1+24.7%41.:Au9999/g 42EX/Wind Wind 43.2024.03 Wind 0100200300400500600:Au9999:05001,0001,5002,0002,500():COMEX 0200400600800M1-2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M122019 2020 2021 2022 2023 2024/31 3 2024 1-3+5%+9%/+10%-10%/-4%2024 1-3 230 218 12 3 3 44.45.1 2 3 4 toB 2024 toB 2024+600612.SH+605599.SH&600916.SH+002345.SZ 002867.SZ-50%-40%-30%-20%-10%0%10%20%30%-50%0%50%100%150%200%/32 1.9 Meta Llama 3 AI Llama 3 80 700 4000 Llama 3 AI 3.0”4 17 3.0 SkyMusic“+toC”+AI UGC ROI AI SkyMusic SOTA State Of The Art&BGM Suno V3 46.SkyMusic Suno V3 2023 2023 15.46 104.74%4.18 158.62%3.88 149.29%2023 2023 84.60 2023 549 15.4%Q1 2024 24.66 2 /33“”47.48.wind wind 2023 2023 24Q1 2023 165.47 yoy+0.86%26.59 yoy-10.01%2023 Q4 2024 Q1 25%6.0-6.5 16.08%-22.54%40 2024 2024 2024 5 15-100%-50%0%50%100%150%200%0510152025302019 2020 2021 2022 2023 2024Q1营收 yoy-300%-200%-100%0%100%200%300%(10)(5)0510152019 2020 2021 2022 2023 2024Q1归母净利润 yoy/34 1.10 LVMH 24Q1 24Q1 206.94 2%Starboard-1%-4%24Q1 3%24Q1 2%104.90 9%LV Dior 16%10%24Q1 24.66-2%Tiffany&24Q1-12%14.17 DFS/24Q1+7%/+11%21.82/41.75 3.LVMH 24Q1 24Q1*&1417-16%-12%10490-2%+2%2182+3%+7%2466-5%-2%4175+5%+11%-36/20694-2%+3%24Q1 32%9%-6%33%/35 24Q1 10%10%24Q1+2%23%22%2024 3-16.1%4 FHS 2024 3 20.02 16.1%2019 15.0%49.FHS 0%20%40%60%80%100%120%-500 1,000 1,500 2,000 2,500 3,000中国香港 美国 中国大陆 日本 意大利 德国 新加坡 法国 阿联酋 英国 其他市场/36 50.&19 FHS 2024 3-44.2%42.1%2019 37.3%4.5%81.7%51.&2019 FHS(20.0%)(10.0%)0.0%10.0%20.0%30.0%40.0%50.0%2021.12021.32021.52021.72021.92021.112022.12022.32022.52022.72022.92022.112023.12023.32023.52023.72023.92023.112024.12024.3yoy vs2019(100.0%)(50.0%)0.0%50.0%100.0%150.0%200.0%2021.12021.32021.52021.72021.92021.112022.12022.32022.52022.72022.92022.112023.12023.32023.52023.72023.92023.112024.12024.3yoy vs2019/37 4./&2019 2022.1 7.0%(10.3%)37.6%(12.2%)9.3%4.8%14.0%(12.1%)14.9%1.1%26.1%11.6%2022.2 24.8%11.9%33.5%22.5%19.8%10.2%37.6%41.3%24.1%21.0%26.8%24.5%2022.3 11.9%(9.3%)31.9%(27.5%)24.2%18.3%43.0%19.6%21.4%12.4%54.8%14.5%2022.4 7.3%(21.2%)36.9%(57.8%)18.1%25.7%13.1%29.8%47.1%9.6%21.2%14.8%2022.5 13.8%(3.4%)34.8%(65.2%)30.0%16.3%25.2%27.3%89.6%27.0%37.4%27.0%2022.6 8.5%(31.0%)17.8%(6.5%)16.5%(14.1%)23.6%24.5%28.8%36.4%28.8%11.5%2022.7 8.4%(11.9%)13.5%18.4%(1.4%)31.0%13.0%29.3%12.0%8.0%11.9%1.6%2022.8 14.8%(7.7%)23.1%15.3%48.3%(4.1%)12.7%37.0%29.9%(5.5%)11.2%12.1%2022.9 19.1%(2.8%)33.3%15.1%34.4%11.7%22.3%39.0%6.2%37.2%18.1%12.9%2022.10 6.8%(5.5%)16.5%(18.1%)9.9%10.2%27.6%29.1%27.3%(1.5%)3.5%6.3%2022.11 11.1%(8.9%)32.9%(11.4%)20.3%20.6%14.6%30.5%(0.2%)(3.1%)18.0%11.4%2022.12 6.0%(19.8%)12.2%(22.6%)20.6%26.9%20.6%26.2%22.4%23.2%18.2%4.1%2023.1 8.9%10.3%26.4%(17.3%)(0.8%)43.6%20.2%19.8%16.9%21.8%5.2%3.4%2023.2 12.3%22.2%15.7%8.3%6.7%17.1%13.6%19.3%20.4%15.3%10.4%7.0%2023.3 14.0%61.9%7.9%14.4%1.5%5.7%11.5%19.0%14.8%13.9%7.5%9.1%2023.4 7.1%15.9%(4.8%)107.8%5.5%0.8%1.2%(6.2%)19.5%3.4%9.9%(1.9%)2023.5 14.4%19.2%9.8%158.3%11.1%24.2%9.0%(1.7%)(2.9%)14.5%6.7%2.8%2023.6 14.8%46.3%8.9%11.2%10.1%32.4%17.6%12.9%14.1%21.1%5.6%11.5%2023.7(0.9%)6.4%5.2%(16.6%)6.8%(9.5%)5.4%(7.1%)0.1%7.4%5.5%(0.9%)2023.8 4.2%29.1%13.8%(27.3%)8.7%(5.9%)5.5%3.6%14.8%8.5%21.7%4.2%2023.9 4.0%26.5%(6.3%)(5.5%)8.7%24.9%(4.1%)(2.7%)16.4%2.4%3.0%7.1%2023.10 5.3%17.6%5.1%24.3%(2.6%)2.9%(12.1%)(9.8%)6.2%20.5%7.8%2.5%2023.11 3.4%12.9%1.1%(3.7%)11.9%1.1%4.0%1.0%(2.7%)10.9%16.6%0.1%2023.12 5.5%15.3%11.6%1.7%26.8%1.7%(2.2%)(7.4%)6.3%11.9%(12.1%)3.8%2024.1 3.2%(4.7%)2.2%5.0%6.4%4.4%(11.4%)10.1%9.5%4.7%3.0%5.1%2024.2(3.8%)(18.9%)5.5%(25.4%)5.6%(17.8%)(6.7%)3.3%6.1%9.7%(2.0%)(0.9%)2024.3(16.1%)(44.2%)(6.5%)(42.1%)(3.1%)(10.6%)(12.7%)(14.7%)(11.6%)(3.5%)(13.0%)(7.5%)2019 2022.1 4.5%(38.1%)41.2%48.5%(0.4%)(14.2%)2.7%6.5%10.4%(2.8%)(12.4%)6.7%2022.2 13.6%(29.0%)71.4%55.2%16.4%(11.1%)19.7%18.0%13.5%(2.6%)(3.6%)10.6%2022.3 20.1%(30.7%)80.1%60.0%11.9%9.0%35.0%37.6%20.2%0.5%2.1%16.7%2022.4 9.7%(40.8%)57.0%(26.0%)4.3%4.0%1.4%32.0%5.0%38.0%22.8%19.0%2022.5 0.4%(30.0%)57.6%(59.1%)(4.3%)(18.5%)5.8%22.4%0.0%7.6%48.8%7.5%2022.6 22.5%(27.4%)60.0%82.6%3.8%15.0%9.9%43.3%12.6%60.2%21.9%14.4%2022.7 17.1%(33.2%)68.6%107.9%(4.4%)(0.3%)20.1%25.3%22.9%23.0%25.7%1.2%2022.8 14.6%(31.9%)47.7%79.2%(6.6%)0.7%10.4%21.2%3.4%25.3%16.0%5.4%2022.9 23.1%(22.6%)71.2%67.3%6.3%(10.6%)16.9%34.7%14.4%20.8%33.9%14.7%2022.10 12.1%(14.6%)58.3%0.8%11.2%(0.3%)20.0%44.1%(8.7%)12.5%1.3%8.5%2022.11 21.2%(12.9%)64.7%19.5%11.9%6.9%20.2%8.6%38.8%52.8%57.7%11.4%2022.12 17.3%(23.0%)47.0%(4.2%)18.7%(12.3%)6.2%33.0%18.3%96.6%34.3%19.1%/38 2023.1 13.7%(31.7%)78.4%22.8%(1.2%)23.2%23.4%27.6%29.0%18.4%(7.9%)10.4%2023.2 27.6%(13.2%)98.3%68.0%24.2%4.1%35.9%40.7%36.7%12.2%6.4%18.3%2023.3 37.0%12.3%94.3%83.1%13.6%15.2%50.6%63.7%38.0%14.4%9.7%27.3%2023.4 17.4%(31.4%)49.4%53.8%10.0%4.8%2.5%23.9%25.4%42.7%35.0%16.8%2023.5 14.8%(16.5%)73.0%5.7%6.2%1.2%15.3%20.4%(2.9%)23.3%58.8%10.5%2023.6 40.7%6.2%74.2%103.1%14.3%52.3%29.2%61.9%28.4%94.0%28.8%27.5%2023.7 16.0%(28.9%)77.3%73.4%2.1%(9.8%)26.6%16.4%23.0%32.1%32.7%0.2%2023.8 19.4%(12.1%)68.0%30.3%1.5%(5.3%)16.4%25.6%18.7%36.0%41.2%9.9%2023.9 28.0%(2.1%)60.5%58.1%15.5%11.7%12.1%31.1%33.1%23.7%37.9%22.8%2023.10 18.0%0.4%66.3%25.2%8.3%2.5%5.5%29.9%(3.0%)35.5%9.2%11.1%2023.11 25.3%(1.6%)66.5%15.1%25.2%8.0%25.0%9.7%35.0%69.4%83.9%11.5%2023.12 24.1%(11.3%)64.8%(2.6%)50.5%(10.9%)3.8%24.4%26.0%120.8%18.4%23.9%2024.1 17.4%(34.9%)82.4%28.9%5.1%28.6%9.3%40.5%41.2%24.0%(5.1%)16.0%2024.2 22.7%(29.6%)109.2%25.4%31.2%(14.5%)26.8%45.3%45.1%23.2%4.3%17.2%2024.3 15.0%(37.3%)81.7%6.1%10.0%3.0%31.4%39.7%22.0%10.4%(4.5%)17.8%FHS RMS.PA LVMH MC.PA Prada 1913.HKBrunello Cucinelli BC.IT /2 2024 4 15-4 19,A PE(TTM)16.57 18.08 16.46 52.A PE(TTM)Wind PE Wind /53.()PE Wind /54.()PE Wind /3 55.2023E Wind 0.00.10.20.30.40.50.60.70.80 10 20 30 40 50PEG 2023E PE 2023E(2023E)/56.2024E Wind /44 4 4.1 57.2023E Wind 58.2023E 59.2024E Wind Wind 60.61.Wind Wind 0.00.30.60.90 5 10 15 20 25PEG 2023E PE 2023E(2023E)0.00.61.20 20 40 60 80PEG 2024E PE 2024E(2024E)0204060801002018-1 2019-4 2020-7 2021-10 2023-1 2024-4+1sd-1sd01002003004002018-1 2019-4 2020-7 2021-10 2023-1 2024-4+1sd-1sd/45 4.2 62.2023E Wind 63.2023E 64.2024E Wind Wind 65.66.Wind Wind 050100150200250 2023 0.00.20.40.60.81.00 10 20 30 40PEG 2023E PE 2023E(2023E)0.00.20.40.60.81.00 5 10 15 20 25PEG 2024E PE 2024E(2024E)020040060080010002018-10 2019-4 2019-10 2020-4 2020-10 2021-4 2021-10 2022-4 2022-10 2023-4 2023-10 2024-4+1sd-1sd01002003004005006002020-1 2020-7 2021-1 2021-7 2022-1 2022-7 2023-1 2023-7 2024-1+1sd-1sd/46 4.3 67.2023E Wind 68.2023E 69.2024E Wind Wind 70.71.Wind Wind 0.01.02.03.04.05.00 50 100 150PEG 2023E PE 2023E(2023E)-S 0.00.51.01.52.02.53.03.50 10 20 30 40PEG 2024E PE 2024E(2024E)01002003004005006007002018-1 2019-4 2020-7 2021-10 2023-1 2024-4+1sd-1sd0501001502002503003502021-9 2022-3 2022-9 2023-3 2023-9 2024-3+1sd-1sd/47 4.4 72.2023E Wind 73.2023E 74.2024E Wind Wind 75.76.Wind Wind 050100150200250 2023(4.0)(3.0)(2.0)(1.0)0.01.02.00 10 20 30 40 50PEG 2023E PE 2023E(2023E)0.00.51.01.50 10 20 30PEG 2024E PE 2024E(2024E)01020304050607080902018-1 2019-4 2020-7 2021-10 2023-1 2024-4+1sd-1sd0501001502002020-9 2021-3 2021-9 2022-3 2022-9 2023-3 2023-9 2024-3+1sd-1sd/48 4.5 77.2023E Wind 78.2023E 79.2024E Wind Wind 80.81.Wind Wind 020406080100 2023 0.00.30.60.91.20 5 10 15 20 25PEG 2023E PE 2023E(2023E)0.00.51.01.50 5 10 15 20PEG 2024E PE 2024E(2024E)0102030405060702018-1 2019-4 2020-7 2021-10 2023-1 2024-4+1sd-1sd051015202530352021-10 2022-4 2022-10 2023-4 2023-10 2024-4+1sd-1sd/49 4.6 82.2023E Wind 83.2023E 84.2024E Wind Wind 85.86.Wind Wind 01002003004005002023 0.00.30.60.91.20 20 40 60 80 100PEG 2023E PE 2023E(2023E)0.01.02.03.04.05.06.07.08.09.010.00 50 100 150 200PEG 2024E PE 2024E(2024E)0102030405060702018-1 2019-4 2020-7 2021-10 2023-1 2024-4+1sd-1sd0501001502002503003502018-1 2019-4 2020-7 2021-10 2023-1 2024-4+1sd-1sd/50 4.7 87.2023E Wind 88.2023E 89.2
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