资源描述
|+COR CR3 67%71%COR 5%(02328)(601318)(601601)(601628)2.3.4.5 1.1.1 300 2022/11/9 16.3%24.8%17.5%4Q21 26%A 6.7%0.9%300 1 H A Wind 6 1.2 NBV NBV 1H22 10%COR 10%COR COR 1.5pp 1pp 3pp 0.3pp 1.3 7 2018 5%1.60%7 2.0%2022 4.8%+2023/8/2.+2.1 9 2022 58.1%2021 1 10 2020 2 2021 65 2 14.2%3 2035 80 3 2019 99.6 35.2 2 2020 3 CEIC 4 2016-2021 65 Wind 1 2021 44.22%45.32%45.55%40%42%44%46%48%50%52%8.9%9.1%9.4%9.7%10.1%10.5%10.8%11.4%11.9%12.6%13.5%14.2%0%2%4%6%8%10%12%14%16%05000100001500020000250002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 65-10 9 30 10 2.75%11.8bp 2022 10 1 LPR 4 9 2 2022 1 1 3%5 10 6 Wind Wind 0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%4.00%2019/032019/062019/082019/102019/122020/032020/052020/072020/092020/122021/022021/042021/072021/092021/112022/012022/042022/062022/08:10 0%1%2%3%4%5%2019/032019/052019/072019/092019/112020/012020/032020/042020/062020/082020/102020/122021/012021/032021/052021/072021/082021/102021/122022/022022/042022/062022/071 1 3 6 1 11 2.2 6 2021 1 2 7 GDP 10 2020 27.7%2020 3.2 2017 29.55%2020 13.73%48.8%46.9%42.4%28.4%19.4%-6.7%-10%0%10%20%30%40%50%60%01000200030004000500060002015 2016 2017 2018 2019 2020 2021 YoY-12 8 GDP 9 Wind Wind+10 2022 0%1%2%3%4%5%6%7%010000200003000040000500006000070000800002011201220132014201520162017201820192020 GDP-0%5%10%15%20%25%30%35%050001000015000200002500030000350002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YoY-4.20%9.10%14%19%21%23%24%25%25%26%27%117%58%29%15%7%4%4%4%4%4%0%20%40%60%80%100%120%140%0%5%10%15%20%25%30%2020 2021 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E-13 11 2021 2.3 2018 FOF 2021 2022 4 11 52.4%41.3%37.2%37.0%32.2%26.3%16.5%0%10%20%30%40%50%60%/14 2 022/11/4 12000 EET+3%12000 45%5000 7.5%15+3.16 3.1 2015 2014 325 2019 900 2018 21.90%12 13 2018 2018 2018 83.2%71.8%-5.3%33.1%39.7%20.0%1.9%0%5%10%15%20%25%30%35%40%45%40.9%28.6%12.0%9.6%9.0%0%5%10%15%20%25%30%35%40%45%17 14 15 2018 2021 7 1 2 2021 3 2022 9 16 9M22 2021 1H22 83.2%71.8%34.2%18.3%16.2%0%10%20%30%40%50%60%70%80%90%21.9%84.3%0%10%20%30%40%50%60%70%80%90%80 90 72 49 25 32-50 100 150 2002013 2014 2015 2016 2017 2018 2019 2020 2021 1H22 9M22 18 17 18 NBV 2022 1 13 88.0%19 2022 9 4.0%10.3%26.9%33.6%23.7%01,0002,0003,0004,0005,0006,0007,0008,0009,000/1H19 1H20 1H21 1H2243.9%50.1%19.1%55.4%64.0%17.5%0%10%20%30%40%50%60%70%1H21 1H22 19 4.8 80%20 3.2 2019 2021 2021 1.2 21 22 2022 2022 1%-30%-20%-10%0%10%20%30%40%0200040006000800010000120002012201320142015201620172018201920202021 0%10%20%30%40%50%60%2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20 23 24 NBV 1 2022 1000 2 15 3 4.+4.1+2019 30%2021 3%0%10%20%30%40%50%1H21-1H21-1H22-1H22-8.5%0.7%3.6%11.8%2.3%8.3%0%2%4%6%8%10%12%14%2020 2021 21+25+20 Dicovery 1997 Vitality 1980 Humana 2000 1988+1 2 3 4 Discovery Vitality 10 22 8 2014 18-45 10 App 30%100%1 RUN 2 RUN RUN 3 Discovery Vitality 23 8 2014 APP 20 200/160/100/70%/30%2015 APP 5000/15000 10/20 2015 app RUN 2016 10%/2019 24 9 2014 2020 2015 2015 9 2016 4 2017 400 2017 100 2022 2020 2019 2019 2020 10 2000 2014 2014 3 6700 14 2018 2018 30 2,700 22 15,000 1.1 2021 4()2021 25 10 5 2022 6 3 5-2021 2 20 2021 2021 2 2021 6 e 2022 4+4+1 2021 1 10 4.2+2020 33 2022 3 32 1 26 2 Continue Care of Retirement Community CCRC REITs 1989 10 26 27+2021 10 60 20 8 27 11 1 200 CCRC 2 3 28 5.5.1 4Q20 1Q22 2022 7.1%7.5%7.8%6.5%28 29 Wind COR COR 2022 COR 95.1%YoY-2.3pp 97.1%YoY-2pp COR 30 2022 COR-60%-40%-20%0%20%40%60%-25%-20%-15%-10%-5%0%5%10%15%1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22-97.4%99.1%95.1%97.1%93%94%95%96%97%98%99%100%-9M21 9M22 29 5.2 2021 300 3.8%7M22 231 6.7%2013-2020 14 492 56%11.6 246 46.5%10M22 443.2 107.5%30.2%31 Wind COR 2021 12 2022 5 COR 101%2021 COR 97 71.2%-100%-50%0%50%100%150%200%30 32 CR3 5.3 COR 9M22 14.05%2022 10.46%28.35%13.69%2021/1.17%/571.58/2019 2022 1%500/33 34 66.60%71.20%64%65%66%67%68%69%70%71%72%10.5%28.4%13.7%6.1%14.1%0100020003000400050006000 9M20 9M21 9M2241.4%46.4%48.1%38%40%42%44%46%48%50%9M20 9M21 9M22 31 35 10 Wind COR 10%COR COR-26.2pp+24.8pp 63.4%113%COR 36 1H22 COR 6.80%2013 5.04%20%5%01002003004005006007000.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%2012 2013 2014 2015 2016 2017 2018 2019 2020 2021/-100.8%92.7%102.1%89.9%97.8%105.4%105.5%99.7%93.6%91.4%96.9%63.4%113.0%0%20%40%60%80%100%120%1H21 COR 1H22 COR 32 37 16 2065 7.3%0.4pp 4.8%10 1.53bps 2.76%GDP 4-4.5%300 16.9%23.0%33 7.(02328)(601318)(601601)(601628)8.1 NBV 2 3 A 4 5 6 34 12/15%5%15%-5%+5%-5%5%-5%+5%-5%前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
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