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Table_MainInfo Table_Title 2024.04.15/()()()021-38676162 021-38038262 010-83939793 S0880516030004 S0880123030056 S0880524020002/Table_Summary“国九条”将 市值管理企业纳入 内外部考核，鼓励并购重组、股权激励，鼓励加大分红、提 高股息率。(1)4 月 12 日国务院发布 关于加强监管防范风险推动资本市场高质量发展的若干意见，其 中指 出 推动上市公司提升投资价值。包括制定上市公司市值管理指引；研究将市值管理纳入企业内外部考核评价体系；引导上市公司回购股份后依法注销；鼓励 综合运用并购重组、股权激 励等方式提高 发展质量。(2)强化 上 市公 司现 金分 红监管。加大对分红优质公司的激励力度，多措并举推动提高股息率。增强分红稳 定性、持续 性和 可预 期性，推动 一年 多次 分红、预分 红、春节 前分 红。/(1)12 3%(8.6%)/(5.7%)/(5.2%)/(5.1%)/(4.6%)/(3.6%)/(3.4%)/(3.3%)/(3.0%)(2)2023 30%(43%)/(40%)/(36%)/(30%)/(30%)2022(71%)/(51%)/(33%)/(30%)(3)2023 106 23%26%2023 46.9 14%2023H1 11.2 4.8%15%(4)2023/1(2.36)/(1.21)/(1.19)/(1.15)(1)2014 PE 38 4.7 22 4.3 19 5.8 9 3.5 40 7.7(2)PB 0.64 23%(1.3)/0.57 17%(1.3)/0.47 6%(1.3)/0.54 4%(0.76)/0.73 15%(3)PE 25 9.8 44 10.8 37 14.5 38 23/(1)/2024 11.3%ROE 11.0%2024 13.5%8.2%(2)2023Q1-Q3 5.6 2023H1 7.3 Table_Invest:Table_subIndustry Table_DocReport 20240415 2024.04.15 2024.04.14 2024.04.07 20240407 2024.04.07 2024.04.01 Table_industryInf o 2 of 23(1)2024Q1 8107 6341 2024Q2 18862 133%2023 2023Q1 13568 2023Q2 9440 2024Q2 99.8%(2)2024 3 PMI56.2%2.7 48.2%0.9 59.2%3.5(3)2024Q1 212-2%142.9 70%2024Q1 3169.5-3%187.3 151%WUEVuNsPsRoPtNpMnQpQoP6MaOaQsQqQmOmQeRpPnRlOoPtN8OqQwOMYsRsOxNqNpN 3 of 23 表 1：重 点建 筑公 司 盈利预测表(收盘价日期为 4 月 15 日)细分 主题 证 券 简称 股息率 近 12 个月 收盘价（元）EPS（元/股）净 利 增速（%）PE PB(LF)市值(亿元)评级 2023E 2024E 2025E 2023E 2024E 2025E 2023E 2024E 十 年 历史分 位(2014 年 至今)2025E 铜 矿 有色等 2.7%7.34 1.35 1.55 1.74 7 14 12 5.4 4.7 25%4.2 0.64 1665 增持 2.4%3.47 0.42 0.45 0.48-16 8 7 8.3 7.7 28%7.2 0.73 660 增持 2.1%2.39 0.28 0.32 0.36 80 15 13 8.7 7.5 62%6.7 0.73 212 增持 8.4%7.75 1.39 1.67 1.97 8 20 18 5.6 4.6 3%3.9 1.52 675 增持 央 企 市值国改 2.3%9.38 1.46 1.62 1.78 24 11 10 6.4 5.8 18%5.3 0.57 1279 增持 3.2%8.71 1.92 2.02 2.12-2 5 5 4.5 4.3 22%4.1 0.47 1096 增持 4.9%5.23 1.35 1.47 1.60 10 9 8 3.9 3.5 20%3.3 0.54 2177 增持 2.5%7.04 0.96 1.10 1.25 8 15 14 7.4 6.4 6%5.6 0.77 430 增持 低 空 经济/智 能 驾驶 4.6%9.56 0.87 1.01 1.13 10 17 12 11.0 9.4 20%8.4 1.57 54 增持 3.2%7.99 1.02 1.16 1.25 2 13 8 7.8 6.9 4%6.4 1.11 55 增持 机器人 1.4%18.66 1.71 1.92 2.15 1 13 12 10.9 9.7 12%8.7 1.45 129 增持 AI 数 字化 5.4%6.82 0.98 1.07 1.15 10 9 8 7.0 6.4 20%5.9 0.79 214 增持 2.7%11.03 0.82 1.00 1.17 44 21 18 13.4 11.0 1%9.4 1.47 22 增持 新 能 源氢/BIPV 等 2.3%5.16 0.74 0.82 0.91 12 11 10 7.0 6.3 14%5.7 0.70 889 增持 1.1%2.21 0.19 0.21 0.24 1 12 14 11.5 10.3 1%9.0 0.91 779 增持 1.8%5.69 0.32 0.39 0.44 21 19 16 17.7 14.8 13%12.8 1.59 66 增持 0.3%5.77 0.59 0.67 0.75 37 13 12 9.7 8.6 10%7.7 0.92 65 增持 1.1%18.43 0.99 1.36 1.83 25 38 34 18.6 13.6 4%10.1 3.03 40 增持 出 海 国际工程 2.4%12.44 1.10 1.27 1.44 15 15 13 11.3 9.8 40%8.6 1.72 329 增持 0.5%11.84 0.92 1.09 1.30 44 20 18 12.9 10.8 41%9.1 1.42 119 增持 3.3%6.64 0.52 0.60 0.68 18 16 14 12.8 14.5 16%9.7 1.22 95 增持 1.6%7.70 0.29 0.34 0.38 8 15 14 26.4 23.0 74%20.1 0.85 95 增持 0.4%16.38 0.89 1.18 1.54 40 33 30 18.4 13.8 26%10.6 2.35 40 增持 消 费 设备更新 1.6%10.48 0.44 0.66 0.80 29 50 20 23.6 15.8 39%13.2 2.24 49 增持 地 方 基建 5.0%4.97 0.90 1.04 1.18 13 15 14 5.5 4.8 4%4.2 0.86 85 增持 0.9%11.35 0.64 0.77 0.91 18 20 18 17.6 14.8 2%12.5 2.28 73 增持 地 产 装饰 3.1%3.23 0.44 0.49 0.54-9 12 10 7.4 6.6 12%6.0 0.65 86 增持 数据来源：Wind，国泰君安证券研究 注：加粗部分公司 2023 年数据为实际年报数据 4 of 23 1./.5 2.6 2.1.2024 3 29:7.1%.6 2.2.2024 3 29:2023 24%.9 2.3.2024 4 7:PB0.47.10 2.4.2024 2 22:1 13%.12 2.5.2024 4 11:15.6%.15 2.6.2023 10 29:0.1%305%.17 2.7.2024 3 27:15%.18 2.8.2024 4 1:44.3%.20 3.22/iY3UKLF/gnjMu8nsSpYc8iCYydMK33bsDsO0TSEcfZmmBS5U4kBd24MUbIC+Co4 5 of 23 1./2 ROE 601390.SH 2021.11.23 2022-2024(2020)12%2022-2024 ROE 10.5/11.0/11.5%601800.SH 2022.12.16 2023-2025(2021)8.0/8.5/9.0%2023-2025 ROE 7.7/7.9/8.2%601668.SH 2020.9.18 7%ROE 12.0/12.2/12.5%601117.SH 2022.8.16 2023-2025(2021)15%2023-2025 ROE 9.05/9.15/9.25%600970.SH 2021.12.21 2022-2024(2020)15.5%2022-2024 ROE 14.9/15.4/15.5%000928.SZ 2022.12.15 2023-2025(2021)12.5%2023-2025 ROE 12.0/12.3/12.6%600039.SH 2021.10.21 2022-2024 70/80/90-Wind 3/(%)()(%)2021 2022 2023Q1-3 2021 2022 2023Q1-3 43.11 6.2 6.4 6.9-17.0 2.0 38.5 52.7 48.7 38.6-6.0-7.5 5.5/844.4%766.2%558.0%35.1%-382.2%/57.64 179.9 191.0 162.5 11.0 6.2 2.6 90.1 84.4 82.8 12.1-6.3 12.9/50.1%44.2%51.0%109.9%-102.9%/56.05 67.0 112.1 77.5 122.6 67.3 5.1 55.2 57.1 40.4 346.2 57.2 37.8/82.3%51.0%52.1%282.3%85.0%/(%)()(%)2021 2022 2023H1 2021 2022 2023H1 31.46 6.5 6.3 3.43 7.8-2.7 29.39/62.86 2.8 3.3 2.71 436.9 18.3 9.14 29.6-27.5 19.7-24.8-200.4 60.2/1048.2%-823.4%726.9%-5.7%-1097.3%658.6%44.82 65.0 78.1 26.58 39.3 20.1-4.87/Wind 6 of 23 4/2023Q4(%)(%)2023 2022 2022 2021 Q 4 Q 3 Q2 Q1 Q4 Q3 Q2 Q1 38.0 8.9-14.7 30.2-9.1 41.6 118.3 7 29.3 15.9 5.4 22.8 3.7 16.4 9.6 12.9 15.9 12.6 12.7 12.2 23.7-31.5 0.03 10.2-16.9 134.2-25 84 11.1 4.7 14.0 23.8 15.5 6.3 95.3-28.4 35.2 4.9 21.6 18.9 7.6-16.7-5.3 15.8 11.8 0.1 45.3 1.5 15.1 10.4-30.2 35.4 37.3 0.7-37 80.7-24.2 90.1 10.1 7.4 7.9-10.0 21.0 2.1 24.5 10.0-2.0 13.7 11.5 18.2-3.5 82.6 20.6 22 26.5 48.3 20.6 0.1 20.2 51-51.0 30.0 40.0 103.0 32.0-36.0 16.0-17.0 0.5 18.0-21.9-99.3 141.8-39.2 14.0 10632 3044 1496 190.0-60.4 5/2024 2(%)(%)2024 2023 2024 2023 2022 1-2 1-2 1 2 3 4 5 6 7 8 9 10 11 12 3 4 5 6 7 8 9 10 11 12 3 43-10 15 18-42 45-19 21 32-6-51 85 123 13 121 84 129-14 25 103 141-2-52 9 30 4 13 4-7 10 5 30 10 28 6 5 6 20 35 3 16 1 29 10 53 14-9 28-8 7 53 25 0 8 91-47-26 147-55-30-20 98 29-10-49 119 73 65-63-53 4 0-7 5-4 19 10 27 24 2-19-10-12-3 27 12 7-12 1-12 30 13 31 7 36 2.2.1.2024 3 29:7.1%2024-2025 EPS1.55/1.74 14/12%2026 EPS1.90 10%11.5 2024 7.4 PE 2023 7.1%Q4 14.7%(1)2023 1.26 9.5%(Q1-Q4 2.1/8.4/1.5/24.5%)1.09 11%509 5%335 7.1%(Q1-Q4 3.8/11.1/-1.5/14.6%)46.9 7.7%309 9.3%(2)2023 10.15%(+0.14pct)5.48%(+0.07pct)2.66%(-0.06pct)ROE11.81%(-0.32pct)74.86%(+1.08pct)2023+(1)2023 384(2022 436)Q1-Q4-380/81/-38/721(2022-494/117/89/723)2023 99%(2022 7 of 23 105%)94%(2022 99%)(2)+-363(2022-408)(3)1569 28%82 34%2024 1.3 2.9%3.3 6.4%(1)2023 3.1 2%(2022 11%)1998 11%6%Q1-Q4 10/0/-31/24%(2)2020 2022-2024 CAGR 12%ROE 10.5%/11%/11.5%(3)2024 1.3 2.9%3.3 6.4%(4)3.08%16%6 2023 12/()(%)()()()0.09%62.16 83%60.17 60.26 1.52/0.14 SICOMINES 3.53%691.51 41.72%45.86 30.92 23.55 0.15%54.75 0.39 2.57%45.50 72%21.38 21.60 3.01 0.06%1.13 0.05 MKM 1.87%3.10 80.2%11.95 12.35 1.82 0.24%0.32 0.02 1.15%14.86 100%15.4 15.4 0.85 2.91%37.48 2.66 56.55g/t 0.07 0.0044 0.63%4.11 100%2.37%15.47 118.17g/t 0.08 3g/t 0.0003 100%7.00%8.97 100%3.3 7 2022 2023 2023 2022 2023 2023 Q4()Q4()Q4 Q1-Q4()Q1-Q4()Q1-Q4 2495.12 3152.04 26.33%9835.33 10875.85 10.58%58.05 48.60-16.28%186.16 182.56-1.94%77.00 73.22-4.91%258.38 273.77 5.95%192.50 256.69 33.34%534.59 509.14-4.76%220.39 258.99 17.51%729.12 793.43 8.82%3043.06 3789.55 24.53%11543.58 12634.75 9.45%8 of 23 8 2022 2023 2023 2022 2023 2023 Q4 Q4 Q4 Q1-Q4 Q1-Q4 Q1-Q4 10.10%11.04%0.94 8.42%8.86%0.44 30.42%31.56%1.14 28.30%28.36%0.06 21.69%20.47%1.22 20.56%21.26%0.7 24.55%15.98%8.58 17.07%14.51%2.56 25.27%18.31%6.96 17.95%16.97%0.98 12.78%12.32%0.45 10.01%10.15%0.14 9 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E()67 74 94 104 123 125 161 172 237 252 276 313 335 383-10%10%27%11%18%2%28%7%38%6%10%13%7%14%EPS(/)0.31 0.35 0.44 0.49 0.54 0.54 0.70 0.75 0.96 1.03 1.12 1.26 1.35 1.55 PE 11.0 7.0 6.0 6.3 21.6 13.1 11.5 9.3 5.9 4.8 4.6 4.6 4.9 3.8 PE 14.4 8.2 6.9 18.1 37.9 18.0 12.4 10.8 6.8 5.2 5.5 5.3 6.7 4.2 PE 7.6 6.4 5.1 4.5 13.6 10.9 11.0 8.7 5.1 4.4 4.2 3.9 3.9 3.6 83%84%85%84%80%80%80%76%77%74%74%74%75%ROE 9.6%9.8%11.4%11.3%10.9%9.6%11.3%10.8%12.8%11.9%11.6%12.1%11.8%1.5%1.5%1.7%1.7%2.0%1.9%2.3%2.3%2.8%2.6%2.6%2.7%2.7%-135-42 80 194 306 545 332 120 222 310 131 436 384/-2.01-0.57 0.85 1.88 2.49 4.36 2.06 0.70 0.94 1.23 0.47 1.39 1.15 963 1010 1231 1458 1317 1405 1578 1059 1037 1079 1221 1222 1569 18%5%22%18%-10%7%12%-33%-2%4%13%0%28%/21%21%22%24%21%22%23%14%12%11%11%11%12%(-)6.8 5.9 6.9 25.7 34.7 38.8 92.4 82.0-60.3-80.5-79.7-61.3-81.7 1.90%1.71%2.46%0.84%0.79%0.99%1.35%1.83%2.85%3.42%3.39%3.60%3.70%15.3%15.1%15.0%16.0%16.0%16.1%16.1%17.0%17.5%17.6%17.6%15.8%15.5%()5708 7310 9297 9346 9570 12350 15569 16922 21649 26057 27293 30324 31006-22%28.1%27.2%0.5%2.4%29.0%26.1%8.7%27.9%20.4%4.7%11.1%2.2%wind 10 2021-2023 2023Q4 31006 2.2%23.7%29008 1.8%25.5%1998 8.7%-0.1%2023Q3 18023-9.1%-31.5%16750-10.5%-34.4%1273 14.4%36.6%2023Q2 12738 5.1%0.0%11894 5.1%-0.7%844 5.7%10.2%9 of 23 2023Q1 6674 10.2%10.2%6274 10.8%10.8%400 1.1%1.1%2022Q4 30324 11.1%-16.9%28486 10.5%-18.1%1838 21.1%2.1%2022Q3 19831 35.2%78.2%18719 35.1%87.8%1112 37.9%-19.0%2022Q2 12119 17.2%-14.0%11321 14.0%-17.0%798 91.0%66.5%2022Q1 6057 84.0%84.0%5662 81.7%81.7%396 123.6%123.6%2021Q4 27293 4.7%0.9%25776 4.4%1.2%1517 11.3%-3.1%2021Q3 14664 8.3%-10.6%13857 7.3%-15.4%807 23.1%113.5%2021Q2 10337 18.8%32.2%9918 20.1%34.2%419 23.1%-6.8%2021Q1 3292-2.5%-2.5%3115-2.3%-2.3%177-6.0%-6.1%2.2.2024 3 29:2023 24%2024-2025 EPS 1.62/1.78(1.43/1.56)11/10%2026 EPS 1.95 9%14.6 2023 24%(1)2023 7587 5.1%(Q1-Q4 2.6/-1.4/2.2/17.3%)/6659/473/534 5.2/-6.0/4.9%238 24%(Q1-Q4 10/-3/2/121%)217 58%(2)2023 12.59%(+0.88pct)6.26%(+0.18pct)3.14%(+0.47pct)ROE8.87%(+1.30pct)72.74%(+0.93pct)2023(1)2023 121(11)2023 94%(95%)92%(96%)(2)+-438(-458)(3)1164(+9%)86(101)2023 14%48%2024 13.5%(1)2023 1.75 14%(Q1-Q4 6%/16%/24%/14%)/15585/560/1192 14/2/12%/14335/3197 8/48%(2)2024 13.5%8.2%(3)2023-2025(2021)8/8.5/9%ROE 7.7/7.9/8.2%(4)3.55%20%11 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E 120 121 139 157 167 206 197 201 162 180 191 238 263 3%1%14%13%7%23%-4%2%-19%11%6%24%11%EPS(/)0.73 0.75 0.85 0.97 1.03 1.27 1.21 1.24 1.00 1.11 1.17 1.46 1.62 PE 5.1 4.7 4.6 13.3 9.9 10.9 9.1 7.9 7.4 6.2 7.2 6.6 4.8 PE 6.6 5.6 14.0 19.2 13.3 12.9 10.5 10.2 8.6 8.4 8.9 8.6 5.3 PE 4.3 3.9 3.4 9.8 8.5 8.8 8.0 6.2 6.8 5.4 5.7 5.0 4.1 10 of 23 78%80%79%77%77%76%75%74%73%72%72%73%/ROE 14.7%13.3%13.4%11.9%11.7%13.0%11.2%10.2%7.1%7.6%7.5%8.9%/4.0%3.7%3.8%3.9%3.9%4.3%4.0%3.6%2.6%2.6%2.7%3.1%/133 70 44 319 297 427 91 59 139-126 4 121/1.12 0.57 0.32 2.03 1.78 2.08 0.46 0.29 0.85-0.70 0.02 0.51/523 587 600 638 834 680 835 959 1024 975 1039 1164/3%12%2%6%31%-18%23%15%7%-5%7%12%/18%18%16%16%19%14%17%17%16%14%14%15%/(-)13.5 18.7 13.0 43.1 44.5 56.9 27.9-44.4-56.5-71.4-99.8-86.0/4.1%5.4%1.6%1.6%1.4%1.7%1.9%2.4%3.0%2.5%2.7%3.6%/25.0%25.0%20.0%19.6%18.8%19.0%19.0%18.7%18.0%18.3%18.4%/6084 6503 7308 9000 8909 9627 10668 12679 15423 17532/6.9%12.4%23.2%-1.0%8.1%10.8%18.9%21.6%13.7%/Wind 12 2021-2023 Q4 2023Q4 17532 13.7%14.0%14335 8.1%7.9%3197 47.5%55.3%2023Q3 11717 13.5%23.8%9590 8.5%7.5%2127 43.8%120.9%2023Q2 8867 10.6%15.5%7455 8.6%16.9%1412 22.2%7.2%2023Q1 4578 6.3%6.3%3744 1.4%1.5%834 35.3%35.4%2022Q4 15423 21.6%95.3%13255 26.0%173.5%2168 0.4%-23.4%2022Q3 10322 2.5%-28.4%8843 0.4%-69.1%1479 17.3%-5.5%2022Q2 8019 17.0%35.2%6864 15.7%31.6%1155 25.8%61.0%2022Q1 4307 4.9%4.9%3690 4.8%4.7%616 5.7%5.6%2021Q4 12679 18.9%-20.8%10519 22.1%60.4%2160 5.4%23.9%2021Q3 10067 36.6%57.6%8807 45.6%240.4%1261-4.8%113.0%2021Q2 6851 28.5%-10.2%5934 42.4%-0.1%918-21.1%-47.9%2021Q1 4106 80.5%80.5%3523 100.9%100.9%583 11.9%11.9%2.3.2024 4 7:PB0.47 PPP 2024-2025 EPS2.02/2.12(2.27/2.44)5%/5%2026 EPS2.23 5%13 2024 6 PE 2023 2.2%Q4 15.6%(1)2023 11 of 23 1.14 3.8%(Q1-Q4 3.4/-3.1/2.9/11.3%)9873 2.3%833 33.8%959 0.4%261-2.2%(Q1-Q4 5.1/-1.6/9.3/-15.6%)246 1.9%(2)2023 10.40%(+0.31pct)5.47%(+0.26pct)2.29%(-0.14pct)ROE9.80%(-1.25pct)74.92%(+0.25pct)2023(1)2023 204(22 561)Q1-Q4-392/199/-238/636(22-411/215/184/573)2023 101%(22 105%)101%(22 101%)(2)+-355(22 5)(3)1558 10.3%99(22 79)2023 2%(1)2023 3.32%(22 15%)2528-17%8%Q1-Q4 16/-5/-17/8%(2)47.5 4.6%20.18%(2022 15.91%)(3)2024PE4.3 21%PB0.47 5%13 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E()79 86 103 113 126 140 161 179 202 224 247 266 261 275 85%10%20%10%8%11%15%12%13%11%10%8%-2%5%EPS(/)0.58 0.64 0.76 0.84 0.93 1.03 1.18 1.32 1.49 1.65 1.82 1.96 1.92 2.02 PE 7.7 5.6 5.3 5.3 14.6 8.5 8.9 6.8 6.0 4.9 3.9 3.8 4.6 3.9 PE 10.5 7.2 6.6 14.8 22.4 11.5 10.1 7.9 7.2 5.8 4.7 4.4 6.4 4.3 PE 5.3 4.5 4.2 3.7 10.5 7.2 8.1 5.3 5.4 4.4 3.7 3.5 3.9 3.6 84%85%85%83%81%80%78%77%76%75%74%75%75%ROE 13.0%12.5%13.6%13.2%12.4%11.6%12.2%12.0%12.0%11.5%11.1%11.1%9.8%1.7%1.8%1.8%1.9%2.1%2.2%2.4%2.5%2.4%2.5%2.4%2.4%2.3%-126 55-93 66 504 371 254 54 400 401-73 561 204/-1.60 0.64-0.90 0.58 3.98 2.65 1.58 0.30 1.98 1.79-0.30 2.11 0.78 629 717 878 1154 1280 1334 1465 994 1121 1257 1557 1412 1558 12%14%22%31%11%4%10%-32%13%12%24%-9%10%/14%15%15%19%21%21%22%14%14%14%15%13%14%(-)6.2 3.3 14.3 15.8 35.6 6.0 44.7 44.7-50.1-37.3-98.7-79.4-99.4 7.4%4.8%6.0%1.8%2.1%2.3%2.5%2.6%2.8%3.5%3.6%3.6%4.6%15.7%15.7%15.5%16.3%16.1%15.5%15.2%15.9%14.1%13.9%13.5%14.3%18%/()6812 7893 8535 8277 9488 12191 15083 15845 20069 25543 28197 32450 32939-8.8%15.9%8.1%-3.0%14.6%28.5%23.7%5.0%26.7%27.3%10.4%15.1%1.5%wind 12 of 23 14 2021-2023Q4 2023Q4 32939 1.5%7.6%30410 3.5%10.2%2528-17.4%-13.0%2023Q3 17862-3.1%-16.7%16691-1.4%-16.4%1171-22.0%-19.5%2023Q2 13591 2.1%-5.3%12764 4.3%-2.9%827-23.0%-30.6%2023Q1 5396 15.8%15.8%5093 17.3%17.3%304-4.8%-4.8%2022Q4 32450 15.1%11.8%29390 14.7%12.3%3061 19%8.2%2022Q3 18436 17.7%0.1%16935 17%-2%1502 33%28%2022Q2 13312 26.2%45.3%12239 25.6%43.0%1073 34.4%74.4%2022Q1 4659 1.5%1.5%4340 2.8%2.8%319-12.8%-12.8%2021Q4 28197 10.4%7.7%25624 10.4%6.5%2573 10.5%17.9%2021Q3 15663 12.6%-0.6%14531 13.5%-0.5%1132 2.4%-2.3%2021Q2 10546 20.4%11.2%9747 21.9%9.2%798 4.5%46.1%2021Q1 4589 34.9%34.9%4223 43.9%43.9%366-21.8%-21.8%2.4.2024 2 22:1 13%2024 1 13%8pct(1)2023-2025 EPS1.34/1.46/1.59 10/9/8%8.16 2024 5.6 PE(2)1 3778 13%8pct 3626(+14%)2805 14%(77%)808 17%(22%)(3)1 3588 14%38 147%(4)1 151 19%/1579/1290 m2 7/7%9/-10pct 2023 11%12%(1)2023 4.32 11%3.87(+11%)2.69 9%(69%)1.17 15%(30%)(2)2023 3.70 10%1755 15%(3)2023 4514 12%/37725/26015 m2 1.5/2.3%2023(1)2 20 29 214 5349(2)2 20 5 LPR 3.95%(4.2%)1 LPR 3.45%(3)2 21(4)2023 2022 6 2 2 13 of 23 2024PE3.7(PE6.3)(1)(2)2023/A/A2/A(3)1 29 2023 10 20 6 5-10 1 20 5(4)2024PE3.7(PE6.3)PB0.55 PB0.57 4.73%15 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 92.4 135.4 157.4 204.0 225.7 260.6 298.7 329.4 382.4 418.8 449.4 514.1 509.5 561.8 613.7 52%47%15%30%11%15%15%10%16%10%7%14%-1%10%9%EPS(/)0.22 0.32 0.38 0.49 0.54 0.62 0.71 0.79 0.91 1.00 1.07 1.23 1.22 1.34 1.46 PE 8.1 5.2 4.1 3.5 3.2 6.2 4.8 6.8 5.2 4.8 4.2 3.6 4.1 4.1 3.3 PE 9.9 6.0 5.0 4.1 6.7 9.2 8.1 7.8 6.7 5.4 4.7 3.9 4.7 5.1 3.7 PE 7.3 4.3 3.6 3.2 2.6 4.7 3.9 6.1 4.6 4.2 3.9 3.3 3.7 3.5 3.2 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 22Q1-3 23Q1-3 74%77%79%79%79%78%79%78%77%75%74%73%74%74%75%ROE 12.1%16.3%16.5%18.6%17.7%16.0%15.9%15.8%16.0%15.6%15.5%15.9%13.9%12.1%10.8%2.5%2.8%2.8%3.0%2.8%3.0%3.1%3.1%3.2%2.9%2.8%2.7%2.5%2.8%2.6%-16-77 24 26 249 546 1070-435 103-342 203 144 38-525-164/-0.18-0.57 0.15 0.13 1.10 2.10 3.58-1.32 0.27-0.82 0.45 0.28 0.08-1.21-0.37 481 660 812 836 1184 1156 1386 1377 1676 1540 1604 1807 2104 2228 2495 22%37%23%3%42%-2%20%-1%22%-8%4%13%16%17%12%/13%14%14%12%15%13%14%13%14%11%10%10%10%15%15%(-)13.0 8.3 26.1 16.7 45.2 37.6 53.7 70.5 105-35.4-36.7-126-136-77.0-61.2 7.4%8.7%6.5%8.0%3.5%4.0%2.9%2.8%4.4%4.5%5.1%5.1%4.7%/20.1%17.7%20.0%21.0%22.9%23.
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