资源描述
Table_MainInfo Table_Title 2023.04.20()()()021-38676162 010-83939793 021-38038262 S0880516030004 S0880122020030 S0880123030056 2014 PE 39 6.2 23 5.2 2023 PE5.6 34%Table_Summary+(1)+(2)3 10 10 67%3 135%(3)3 20 51%3 131%32%(1)2022 GDP 2203/107/104/673/804 3.2%/7%/8%/6.2%/5.7%2023 3.2%/4.5%/5.5%/6.5%/5%(2)-4000 1.6(3)1800(4)2023Q1 32%74%PE5(1)PE5(/11.3)23-25 ROE 10.8/10.9/11%2021 10%2022 3941 25%23Q1 996 29%(2)34%2022 41%ROE13%3/ROE/(1)2023PE6.2(14/2015 40)PB0.87 2014 2022 ROE12.13%(+0.50pct)ROE10.95%(+0.03pct)ROE10.5%2023-24 ROE11%/11.5%15.6%(2%38%2022-24 CAGR 12%5(2)PB 0.68 PB1.25 2014 PE 23 5.2 Table_Invest Table_subIndustry Table_DocReport 2023.04.16 PB 1/2023.04.09 2023.04.04 AI 2023.03.26 AI/GPT 2023.03.23 Table_industryInf o 2 of 22 1.3 1.1.2023 4 7:/ROE/.3 1.2.4 16 PE5.5 1.3.34%.5 1.4.2023 4 1.7 1.5.2023 4 1 50%.8 1.6.2023 3 16:2 30%,.9 1.7.2023 4 2 23%ROE10.5%1.4.12 1.8.2023 3 29 17%.13 1.9.2023 3 2:/,/.14 1.10.2023 4 11:,.17 1.11.2023 3 13:.18 1.12.2023 4 11:23Q1,.18 1.13.2023 3 13:,160%.19 2.20 3.21 YWFUwPnQnOnMtNoNqNpQoP6MdN8OsQrRoMtQeRoOmQlOoMqR8OmMyRMYrRqQMYoPmN 3 of 22 1.1.1.2023 4 7:/ROE/2023-2025 EPS1.45/1.65/1.86 15%/14%/13%12.3 对应 2023 年 8.5 倍 PE(1)2022 2386 26.6%26.6%4.3 1246 2%13.9%2 10.8%1(2)2022 61(-23%)14.4%7(3)2023 估值重塑之盈利能力 ROE 提升。(1)2022 ROE12.13%(+0.50pct)ROE10.95%(+0.03pct)ROE10.5%2023-24 ROE11%/11.5%(2)73.77%(+0.09 pct)75%2.71%(+0.14 pct)17%10%2023 131%(3)0.78 0.83 1.35(1)2022 436(2013)233%3.8%2.6 1.39(0.47)(2)2023(3)2023PE5.4(14/2015 40)PB0.76(1)15.6%(2%38%2022-24 CAGR 12%2022 13%4.3(2)2022 11%21%6%2023(3)3019 81%11%986 223%752 400(1)MKM SICOMINE 2022 30 25%0.5 60%1.5,0.95 13%,2.36 10%,44.7 16%(2)2022 51 70%WIND2023PE 13.8 12.3 660(1948)4 of 22 1 2020-2022Q4 22Q4 30323 11.1%-16.9%28486 10.5%-18.1%1838 21.1%2.1%22Q3 19831 35.2%78.2%18719 35.1%87.8%1112 37.9%-19.1%22Q2 12119 17.2%-13.9%11321 14.1%-16.8%798 90.7%66.6%22Q1 6057 84.0%84.0%5662 81.7%81.7%396 123.6%123.6%21Q4 27293 4.8%0.9%25776 4.4%1.2%1517 11.3%-3.1%21Q3 14664 8.3%-10.6%13857 7.3%-15.4%807 23.1%113.5%21Q2 10337 18.8%32.2%9918 20.1%34.2%419 23.1%-6.8%21Q1 3292-2.5%-2.5%3115-2.3%-2.3%177-6.0%-6.1%20Q4 26057 20.4%16.4%24694 21.2%17.1%1363 6.8%6.6%20Q3 13542 24.3%24.6%12913 25.3%27.3%629 7.0%-19.1%20Q2 8703 24.1%37.3%8256 24.2%41.2%448 23.1%-11.2%20Q1 3376 7.8%7.8%3188 4.1%4.1%188 162.7%162.8%2 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 11 69 75 67 74 94 104 123 125 161 172 237 252 276 313 54%518%9%-11%10%27%11%18%2%28%7%38%6%10%13%248 248 248 248 248 248 248 248 248 248 248 248 248 248 248 EPS/0.05 0.28 0.30 0.27 0.30 0.38 0.42 0.50 0.51 0.65 0.69 0.96 1.02 1.12 1.26 PE 103.6 16.9 12.8 11.3 7.2 6.1 6.5 22.1 13.4 11.8 9.5 6.1 5.0 4.7 4.7 PE 137.7 20.1 16.2 14.7 8.4 7.1 18.6 38.9 18.5 12.7 11.0 7.0 5.4 5.6 5.4 PE 78.0 14.5 10.8 7.8 6.5 5.2 4.6 13.9 11.1 11.3 8.9 5.2 4.5 4.4 4.0 76%79%81%83%84%85%84%80%80%80%76%77%74%74%74%ROE 2%12%12%10%10%11%11%11%10%11%11%13%12%12%12%/70%274%13%-201%-57%85%188%249%436%206%70%94%123%47%139%wind 3:(2022 12)/()(%)()()()0.09%64.18 83%60.17 60.26 1.50/0.10 SICOMINES 3.13%722.07 41.72%45.86 30.92 25.26 0.25%57.21 0.32 2.24%47.00 72%21.38 21.60 3.17 0.06%1.35 0.11 MKM 2.08%3.10 80.2%11.95 12.35 1.76 0.21%0.32 0.09 1.15%17.94 100%15.4 15.4 0.95 5 of 22 2.81%44.03 2.36 54.62g/t 0.09 0.005 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 5.09%6.52 200.51g/t 0.03 1.2.4 16 PE5 22-24 EPS0.94/1.07/1.20 0/13/12%PE PB 8.9 23 8.3 PE(1)3 10 67%135%3 20 51%131%(2)(1)(2)K2K3 PE5 ROE(1)2022 3941 25%23Q1 996 29%(2)2023 3 27 2.28/9375 2023-25 ROE 10.8/10.9/11.0%2021 10%(3)2023 PE/11.3 5.2 1.3.34%1 6 of 22 4 2 1999 3 4 5 59 51 4 30 6 7 of 22 7 1.4.2023 4 1 2023-2024 EPS1.34/1.48 13%/11%2025 EPS1.63 10%15.4 2023 11 PE 6%(1)7203 5%(Q1-Q4 13/2/1/5%)191 6%(Q1-Q4 18/10/-9/9%)(2)11.65%(-0.87pct)2.65%(+0.03pct)ROE7.54%(-0.05pct)(3)4.4(2021-126)100(+40%)71.8%(-0.06pct)1039(+7%)2022 22%14%(31%)(1)2022 1.5 22%Q4 5101 95%2022 2168 0.37%14%(2)3.4 4.7(3)2022 33 2166 71 19.5/(1)3 9(2)1.17(1%)5.33/6.2 2023-25(2021)8/8.5/9%ROE 7.7/7.9/8.2%(3)3 300 4 2020-2022Q4 22Q4 15423 22%95%13255 26%173%2168 0%-23%22Q3 10322 3%-28%8843 0%-69%1479 17%-6%22Q2 8019 17%35%6864 16%32%1155 26%61%22Q1 4307 4.9%4.9%3690 4.8%4.8%616 5.7%5.7%1124513199 8 of 22 21Q4 12679 18.9%-20.8%10519 22.1%-33.4%2160 5.4%23.9%21Q3 10067 36.6%57.6%8807 45.6%240.4%1261-4.8%475.4%21Q2 6851 28.5%-10.2%5934 42.4%-0.1%918-21.1%-47.9%21Q1 4106 80.5%80.5%3523 100.9%100.9%583 11.9%11.9%20Q4 10668 10.8%6.7%8618 12.4%0.6%2050 4.7%35.8%20Q3 7371 12.8%30.0%6047 18.3%48.2%1324-7.0%-46.7%20Q2 5331 7.3%4.2%4168 8.4%2.4%1163 3.7%11.4%20Q1 2275 11.9%11.9%1754 17.9%17.9%521-4.4%-4.4%5 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 59 689 949 116 120 121 139 157 167 206 197 201 162 180 191 22%16%38%23%3%2%14%13%7%23%-4%2%-19%11%6%162 162 162 162 162 162 162 162 162 162 162 162 162 162 162 EPS/0.36 0.42 0.58 0.72 0.74 0.75 0.86 0.97 1.04 1.27 1.22 1.24 1 1.11 1.18 PE 1.5 4.2 3.3 2.6 5.2 4.8 4.7 13.7 10.3 11.3 9.5 8.2 7.7 6.4 7.4 PE 2.3 8.2 4.1 2.9 6.9 5.8 14.5 19.9 13.7 13.4 10.9 10.6 8.9 8.7 9.1 PE 1 2 3 2.3 4.4 4 3.5 10.2 8.8 9.1 8.3 6.4 7 5.6 5.8 75%74%76%77%78%80%79%77%77%76%75%74%73%72%72%ROE 12%13%15%17%15%13%13%12%12%13%11%10%7%8%8%/18%252%164%15%112%57%32%203%178%208%46%29%85%-70%2%wind 1.5.2023 4 1 50%2023-24 EPS 2.21/2.44(2.20/2.40)12/11%2025 EPS 2.71 11%15.3 23 6.9 PE 8%(1)22 10963 7%(Q1-4 13/8/4/5%)266 8%(Q1-4 12/8/-5/16%)241 7%(2)10.09%(+0.49pct)ROE11.05%(-0.05pct)79(-20%)(3)516(-73)-556(-611)74.67%(+0.28pct)15%50%11%4.4(1)22 32450 15%3061 19%(9%)48713 11%4.4(2)18626 11%(57%)/7513 23%(23%)/2249 24%(7%)(3)1907 50%(6%)9 of 22(1)2023PE4(PE20/15 24)PB0.53(0.83 1.09)(2)80%541(3)22 1296 6 2020-2022 Q4 22Q4 32450 15.1%11.8%29390 14.7%12.3%3061 19%8.2%22Q3 18436 17.7%0.1%16935 17%-2%1502 33%28%22Q2 13312 26.2%45.3%12239 25.6%43.0%1073 34.4%74.4%22Q1 4659 1.5%1.5%4340 2.8%2.8%319-12.8%-12.8%21Q4 28197 10.4%7.7%25624 10.4%6.5%2573 10.5%17.9%21Q3 15663 12.6%-0.6%14531 13.5%-0.5%1132 2.4%-2.3%21Q2 10546 20.4%11.2%9747 21.9%9.2%798 4.5%46.1%21Q1 4589 34.9%34.9%4223 43.9%43.9%366-21.8%-21.8%20Q4 25543 27.3%30.5%23215 33.6%44.4%2328-13.5%-28.3%20Q3 13906 24.7%29.8%12800 25.9%29.7%1106 12.1%31.5%20Q2 8759 21.9%27.1%7994 23.8%41.1%764 5.1%-52.7%20Q1 3402 14.4%14.4%2934 2.1%2.1%468 366.6%366.6%7 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 66 42 79 86 103 117 126 140 161 179 202 224 247 266 300 81%-36%85%10%20%13%8%11%15%12%13%11%10%8%12%()136 136 136 136 136 136 136 136 136 136 136 136 136 136 136 EPS/0.49 0.31 0.58 0.64 0.76 0.84 0.93 1.03 1.18 1.32 1.49 1.65 1.82 1.96 2.21 PE 14.9 19.1 7.9 5.8 5.5 5.4 15.0 8.7 9.1 6.9 6.2 5.1 4.0 3.8 3.8 PE 16.9 22.2 10.8 7.4 6.7 15.2 23.0 11.8 10.4 8.1 7.4 5.9 4.8 4.4 4.5 PE 13.5 17.0 5.5 4.6 4.3 3.8 10.8 7.4 8.3 5.5 5.5 4.6 3.8 3.5 3.4 81%83%84%85%85%83%81%80%78%77%76%75%74%75%ROE 13%8%13%12%14%13%12%12%12%12%12%11%11%11%/265%147%-160%64%-90%58%398%265%158%30%198%179%-30%211%Wind 3 31 1.6.2023 3 16:2 30%,2023 1-2 6211 30%2 2853 60%(1)2023 1-2 6211 30%(22 1.5%)2 2853 60%(22-13.5%)(2)2023 1-2 10 of 22 5676(+27.3%)4268 20.4%(71%)1389 55.1%(24%)(3)2023 1-2 5623 29.1%(99%)53 49.3%(1%)2023 1-2 71%2 5(1)2023 1-2 535 71.1%2022 40.3%2022 4.9%(2)2 348 134%(1 14%2022 2 40.2%)(3)2023 2 8827 m2 5(4)2023 1-2 375 45%5 4 PE4(PE7.5)(1)(2)/A/A2/A(3)2023PE4(PE7.5)PB0.69 PB1.1 4.17%(1)(2)1 22 71%2 9%71%29%0.39%房 屋建 筑 基 础设 施 勘 察设计9%9%6%76%11 of 22 8 2020-2023 1 23-01 3358 12%12%3156 15%15%15-81%-81%22-12 39031 10.6%-9.3%33495 13.3%-8.7%1520 0.2%-14.7%22-11 34271 14.1%13.6%29637 17.0%10.9%1150 6.2%180.0%22-10 30356 14.1%48.8%26217 17.9%48.7%1010-2.2%108.1%22-09 27267 11.2%11.0%23789 15.4%11.8%754-17.1%-19.4%22-08 23938 11.2%27.5%20954 15.9%29.5%600-16.6%9.5%22-07 21719 9.7%-3.3%19080 14.7%3.3%577-17.3%-54.3%22-06 20245 10.8%15.1%17828 15.6%20.5%556-14.7%-51.6%22-05 14073 9.1%4.1%12407 13.6%3.6%405 19.1%-31.6%22-04 11318 10.3%21.7%10072 16.3%24.0%379 25.5%575.0%22-03 8966 7.7%15.7%8187 14.6%26.3%163-39.6%-70.8%22-02 4771 1.5%-13.5%4354 5.9%-10.0%104 52.9%0.0%22-01 2988 13.1%13.1%2744 18.2%18.2%80 81.8%81.8%21-12 35295 10.3%36.0%29557 14.3%51.3%1517-17.8%-8.4%21-11 30049 6.8%1.8%25330 9.8%6.9%1083-21.0%78.6%21-10 26604 7.5%-15.8%22245 10.2%-11.1%1033-23.1%-31.3%21-09 24528 10.1%1.9%20612 12.4%4.8%910-21.8%40.4%21-08 21530 11.3%-7.1%18076 13.5%-5.0%719-30.1%-8.7%21-07 19790 13.3%-35.7%16629 15.4%-42.1%698-30.6%100.0%21-06 18265 21.0%24.6%15417 25.2%32.3%652-33.6%-0.6%21-05 12905 19.5%5.8%10917 22.5%11.7%340-49.1%-77.7%21-04 10259 23.6%-6.4%8664 25.7%-8.1%302-39.4%-74.4%21-03 8327 33.6%22.8%7144 36.4%15.3%270-27.6%405.0%21-02 4702 43.4%128.5%4110 57.7%180.7%68-79.6%-82.5%21-01 2641 11.1%11.1%2322 17.9%17.9%44-77.6%-77.6%20-12 31993 11.7%2.7%25861 12.1%-2.3%1845 4.8%0.4%20-11 28137 13.1%48.6%23067 14.2%61.4%1371 6.4%-88.1%20-10 24753 9.5%11.1%20182 9.6%6.9%1343 27.5%203.4%20-09 22286 9.3%27.1%18346 9.9%20.6%1164 17.1%491.3%20-08 19343 7.0%26.0%15927 8.4%22.2%1028 5.9%-34.3%20-07 17471 5.3%6.4%14404 7.1%19.4%1005 7.4%-78.9%20-06 15101 5.2%9.6%12312 5.3%17.1%982 18.7%-34.0%20-05 10798 3.5%12.9%8910 1.4%9.3%668 90.3%107.3%20-04 8297 0.9%24.6%6892-0.7%26.4%498 85.1%257.1%20-03 6232-5.0%-5.7%5239-7.0%17.3%373 59.4%-78.8%20-02 3280-4.4%-40.1%2607-23.0%-56.9%333 640.0%407.4%20-01 2378 23.4%23.4%1970 3.2%3.2%196 988.9%988.9%9 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 27 57 92 135 157 204 226 261 299 329 382 419 449 514 568 12 of 22-44%109%61%47%16%30%11%15%15%10%16%10%7%14%10%419 419 419 419 419 419 419 419 419 419 419 419 419 419 419 EPS/0.07 0.14 0.22 0.32 0.38 0.49 0.54 0.62 0.71 0.79 0.91 1 1.07 1.23 1.35 PE 6.7 19.1 8.9 5.7 4.5 3.8 3.5 6.8 5.3 7.4 5.7 5.2 4.6 3.9 3.9 PE 8.4 25.4 10.9 6.5 5.5 4.4 7.4 10.1 8.9 8.5 7.3 5.9 5.1 4.3 4.4 PE 5.5 17.1 8 4.7 4 3.5 2.8 5.1 4.2 6.6 5 4.6 4.3 3.6 3.5 85%70%74%77%79%79%79%78%79%78%77%75%74%73%ROE 19%15%12%16%17%19%18%16%16%16%16%16%16%16%/95%234%-18%-57%15%13%110%210%358%-132%27%-82%45%28%wind 3 17 1.7.2023 4 2 23%ROE10.5%1.4 2023-2024 EPS0.57/0.65(0.51/0.57)15%/13%2025 EPS0.73 12%5.3 2023 9 PE 23%ROE10.5%1.4(1)5927 18%(Q1-Q4 25/9/10/29%)103 23%(Q1-Q4 25/14/-29/58%)(2)9.64%(-0.98pct)1.73%(+0.06pct)ROE10.47%(+1.42pct)(3)182(+3%)50(-7%)72.34%(+0.2pct)934(+11%)22%33%(1)2022 1.3 12%1920 22%(15%)1.1 11%(85%)(2)414 19%(3%)(3)2022 89(+33%)36.4%(-6.3pct)48 21%13 16%15 13%8 52%2.8 38%2.9 164%(1)(2)(3)18 104%4.2 269%2.9 164%10 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 42 53 42-70 30 40 48 54 61 64 66 79 84 103 36%26%-20%-264%-143%33%21%12%13%5%4%19%7%23%207 207 207 207 207 207 207 207 207 207 207 207 207 207 EPS/0.2 0.26 0.2-0.34 0.14 0.19 0.23 0.26 0.29 0.31 0.32 0.38 0.4 0.5 PE 22.9 14.1 14.6-6.0 11.0 9.4 25.9 14.2 15.3 10.6 8.7 6.7 8.6 7.0 13 of 22 PE 24.2 17.3 17.9-4.9 13.0 22.9 41.1 20.2 16.5 14.1 10.7 7.3 13.7 8.6 PE 20.9 12.4 10.7-7.0 9.2 7.0 14.0 12.1 14.0 9.1 7.5 6.0 6.4 6.0 80%81%82%84%83%82%79%78%77%77%75%72%72%72%ROE 33%13%9%-16%7%9%9%9%8%8%8%9%9%10%/-161%-472%-298%-63%672%378%320%345%304%221%266%357%211%177%wind 1.8.2023 3 29 17%23-24 EPS1.08/1.26 22/16%25 EPS1.46 16%13.7 23 12.7 PE 22 17%44%(1)1584 15%(Q1-4 41/27/33/-20%)54 17%(Q1-4 20/50/11/-2%)50 44%(2)9.34%(-0.15pct)ROE10.71%(-0.50pct)(4)15(-33%)70%(-0.47pct)250(+15%)22 2969 10%62 27%(1)2969 10%2590 18%(87%)2905 3%1.8(2)2115 13%(71%)606 7%(20%)78 25%(3%)62 27%(2%)700(3)23 1-2 707 8%(1)19 FEED+EPC 936 22 643(2)22 9 26 4.81/5996 2023-25 ROE 9.05/9.15/9.25%(2021)15%(3)3 1 表 11：中 国 化学 2020-2023 年 2 月 新签 订单 一览 时间 新签合计 境内新签 境外新签 营业收入 新签合同 累计增速 单月增速 新签合同 累计增速 单月增速 新签合同 累计增速 单月增速 营业收入 累计增速 单月增速 23-02 707-7.8%47.3%657-2.2%44.2%50-48.1%68.9%23-01 331-35.2%-35.3%315-27.6%-27.5%16-79.0%-78.9%22-12 2969 10.1%3.3%2590 17.7%2.3%379-23.7%6.6%22-11 2611 11.0%-53.0%2343 19.6%-34.2%268-31.7%-65.6%22-10 2498 18.3%-63.1%2280 22.3%-46.6%218-11.9%-94.0%1354 28.6%-0.3%22-09 2355 36.7%65.2%2145 33.2%70.9%210 87.2%11.3%1205 33.4%21.9%22-08 2071 33.5%72.0%1880 29.1%78.1%192 100.6%-57.8%1040 35.5%35.4%14 of 22 22-07 1829 29.6%83.9%1640 24.1%128.3%190 108.8%-39.3%887 35.5%43.3%22-06 1625 23.2%-48.6%1438 16.6%-47.2%187 117.1%-68.6%753 34.2%21.2%22-05 1398 59.3%-9.9%1222 48.2%-25.5%177 229.0%1157.4%597 38.0%36.4%22-04 1241 76.5%29.1%1093 67.8%7.8%148 187.5%671.0%465 38.5%30.2%22-03 1039 90.1%97.6%930 85.9%91.4%109 135.3%445.2%355 41.3%16.0%22-02 767 87.5%97.3%672 83.8%89.2%96 118.3%306.6%239 58.2%22-01 512 83.0%83.0%435 81.0%81.0%76 94.9%94.9%21-12 2698 7.4%12.3%2201 9.1%-11.5%497 0.4%201.1%1377 24.4%11.9%21-11 2351 6.7%-36.7%1959 12.4%-67.0%393-14.6%61.3%1207 26.4%8.5%21-10 2112 15.7%9.0%1864 28.1%-13.1%248-33.0%106.6%1052 29.5%0.7%21-09 1723 17.3%-38.2%1611 38.3%-8.0%112-63.2%-85.0%903 35.8%20.2%21-08 1552 30.3%-35.0%1456 46.2%-25.5%96-51.0%-85.9%767 39.0%18.4%21-07 1412 44.6%39.3%1321 62.1%47.1%91-43.7%-25.8%654 43.3%6.9%21-06 1319 45.0%239.2%1233 63.4%224.1%86-44.5%733.8%561 52.0%49.1%21-05 878 12.6%33.8%824 31.1%33.5%54-64.5%53.3%433 52.8%36.5%21-04 703 8.3%-20.0%651 31.1%-11.5%51-65.7%-79.4%336 58.2%10.1%21-03 547 20.5%36.7%500 52.0%62.3%46-57.4%-86.2%251 85.6%84.0%21-02 409 15.8%53.7%365 48.9%115.3%44-59.3%-81.6%151 86.8%115.2%21-01 280 3.9%3.9%240 28.3%28.3%39-52.1%-52.1%92 72.3%72.3%20-12 2512 10.5%861.5%2017 122.5%865.3%495-63.8%831.9%1107 6.3%-10.9%20-11 2203-1.6%1358.6%1743 98.5%1177.6%460-66.2%2558.8%954 9.7%-1.2%20-10 1826-17.5%-66.5%1456 70.1%181.8%371-72.7%-93.1%813 11.9%52.7%20-09 1469 27.8%247.8%1165 54.8%273.6%305-23.3%214.3%665 5.6%17.4%20-08 1191 11.4%80.4%996 40.8%137.0%195-46.1%-20.9%552 3.5%21.5%20-07 977 2.8%16.8%815 29.2%24.5%162-49.4%-24.9%457 0.4%32.2%20-06 910 1.9%-59.1%755 29.6%-50.8%155-50.1%-93.7%369-5.0%-2.4%20-05 780 35.6%11.9%629 92.9%135.8%151-39.3%-97.6%283-5.8%12.8%20-04 649 41.6%140.6%499 84.2%159.5%150-20.0%59.4%212-10.7%28.2%20-03 454 20.4%18.7%329 60.1%66.9%125-27.1%-50.1%135-23.9%-20.5%20-02 353 20.8%178.9%245 58.0%92.9%108-21.2%12471.4%81-26.0%-31.0%20-01 269 2.6%2.6%187 49.6%49.6%82-40.4%-40.4%54-23.2%-23.2%数据来源：公司公告，国泰君安证券研究 注：新签合同额、营收金额为亿元 1.9.2023 3 2:/,/(1)2022 1 29%24%4529 45%1767 18%3566 35%(2)1 898 37%2 18 200 EPC 53 2 20 2023 26GW(3)2022(1)2 28 15 of 22 2 23(2)/(3)2022/134 PE10 2015 47 PB1.1 2.1 2.4/(1)2023(2)19GW 6.9GW/7.3GW/1.8GW 50GW 20%50%/EPC(1)123 7062 14 752 65 43 45 4157(2)2022 1923(+17%)19%47%22-24 EPS0.81/0.98/1.18 42/22/20%14.2 23 14.5 PE 3 22 35%4 29%12 2020-2023 1 23-01 898 37%37%736 41%41%162 22%22%22-12 10092 29%-52%8168 33%-71%1923 17%-8%22-11 9332 50%-2%7841 55%-15%1490 27%25%22-10 8761 55%140%7508 61%133%1253 27%183%45%18%35%2%能 源电 力 水 资源与 环境 基 础设施 其他29%29%17%13%12%16 of 22 22-09 7730 48%103%6665 55%84%1065 16%182%22-08 6645 42%25%5871 52%40%774-5%-16%22-07 6192 44%-14%5496 53%-18%696-3%107%22-06 5771 51%129%5107 64%159%664-6%-33%22-05 3863 29.3%84.0%3288 36.1%81.6%575 0.5%106.9%22-04 3338 23.5%121.2%2824 30.7%145.9%514-5.2%-40.4%22-03 2476 7.0%12.7%1993 9.4%19.2%483-1.7%-5.0%22-02 1212 1.7%0.0%1013 1.4%-2.9%199 3.3%29.0%22-01 655 3.1%3.1%522 5.7%5.7%133-6.0%-6.0%21-12 7803
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