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|2018 ROE ROE(601668)(601800)/2023 05 23 S0860521120002 2023-03-31 2021-09-05 2.4.6 1.6 2.8 3.9 4.10.11.11.11.12.12.12.13.13.13.15.16 1ZEVvMmRmPnMrPmPsPtMqR9PbP6MsQqQnPpMjMoOmRfQmOsO6MpPuMMYrNmOvPmRqN 3 1.4 2 2022.5 3.5 4.5 5%.6 6.6 7.7 8 ROE.7 9 2022 A.7 10 2022 A.7 11 2021 A.8 12 2021.8 13.8 14.9 15.9 16.9 17.9 18.10 19.10 20 ROE.11 21 23 4.11 22 23 4.12 23.13 24 2022.13 1.4 2.6 3 2022%.10 4.11 5.13 6.14 4 1 1 2022 87.7%6.6%1.6%1.3%2.8%5 2 2022 2018 6.6 12.2 CAGR+16.6%24.1%33.3%4.1 6.7 CAGR+13.5%,17.2%21.5%3 4 202224262830323405101520253035402015 2016 2017 2018 2019 2020 2021 2022%()16171819202122051015202530352015 2016 2017 2018 2019 2020 2021 2022%()6 1 2008 2015 PPP(A)2018 1 5%6 A 1 ROE 2 2020 2021 2022/GDP 65%+0.1pct+5%2023 ROE-100-80-60-40-200204060801002013-05 2015-10 2018-03 2020-08 2023-01 0.00.20.40.60.81.01.21.422 10 PB 23 4 PB22 10 PB 23 4 PB 7 ROE ROE 2013 13.1%2022 11.2%2018 ROE ROE 7 8 ROE 0.5pct PB 0.13X ROE PB PB=ROE/(-)22 10 2.5%5 3.0%ROE 11.8%14.3%PB 0.59 0.72 0.5pct PB 0.13X 9 2022 A 10 2022 A 0.600.650.700.750.800.852.02.22.42.62.83.02013201420152016201720182019202020212022%()10.010.511.011.512.012.513.013.568707274767880828420132014 201520162017 20182019 202020212022%ROE%()01234567%A%012345678%A%8 2 A 26.2%10-20%11 2021 A 12 2021 A A 2021 A A 2021 1.2pct PB 0.05X 22 10 16.4%5 15.1%-17.6%17.6%PB 0.59 0.64 1.2pct 0.05X 13 051015202530%A%02468%A%05101520253035141516171819202014 2015 2016 2017 2018 2019 2020 2021 2022%()9 3 2022 10 1.0%2022 9.8%10.5%14 15 1pct PB 0.26X 22 11 23 4 2.8%2016 5.8pct 1pct PB 0.26X 16 17 051015202530024681012142015 2016 2017 2018 2019 2020 2021 2022%()%()012345622 10 23 4 g%Ke-g%Ke%-30-20-1001020304050602016Q1 2017Q2 2018Q3 2019Q4 2021Q1 2022Q2-%-10-505101520252016Q1 2017Q2 2018Q3 2019Q4 2021Q1 2022Q2-%10 4+2022+39.1%2013 13.1pct 18 19 2022 1.47 1,239.8 8.4%2022 3.8 3.9 32.8%3 2022%0-1 1,638.7 931.1 1,063.4 685.0 749.4 587.7 647.3 191.4 1-2 448.0 198.1 295.6 257.9 194.9 73.9 199.7 31.9 2-3 168.6 78.5 106.8 86.5 91.9 42.5 82.8 16.3 3 228.4 131.0 98.6 230.0 84.8 70.8 179.9 44.9 2,483.7 1,338.7 1,564.5 1,259.4 1,121.0 774.9 1,109.8 284.6 379.3 116.3 152.2 220.6 117.0 44.8 175.4 34.2 15.3 8.7 9.7 17.5 10.4 5.8 15.8 12.0 01020304050600200004000060000800001000001200002013201420152016201720182019202020212022+%()891011121314400050006000700080009000100002018 2019 2020 2021 2022/%()11 ROE 2022 ROE 13.5%2023 4 3.9%20 ROE 21 23 4 11.8%15%11.8%4 ROE/%ROE/%CAGR/%CAGR/%EVA/5,996.0 2023 9.05 75.0 15.0 75.0/4.81 2024 9.15 75.0 15.0 75.0/3 2025 9.25 75.0 15.0 75.0/19,072.4 2018 9.86 11.8/3.55 2019 9.86 11.8/3 2020 9.86 11.8/91,203.6 2021 12.00 75.0 7.0 50.0/3.06 2022 12.20 75.0 7.0 50.0/3 2023 12.50 75.0 7.0 50.0/11,615.0 2023 7.70 75.0 8.0 75.0/5.33 2024 7.90 75.0 8.5 75.0/3 2025 8.20 75.0 9.0 75.0 0246810121416ROE%0.00.51.01.52.02.53.03.54.04.5%12 2022 10 2023 4 PB 0.69X 2022 10 0.42X 0.27X PB PB 22 23 4 REITs REITs 2022 2GW 2013-2022 50.4 238.1 23.5 95.6 CAGR+18.8%+16.8%2022 2,038.3 kW 764.4 685.5 316.0 272.4 kW YoY+21.6%+5.8%+87.6%84.5%0.00.20.40.60.81.01.21.4 PB%13 23 24 2022 2020 286.6 kW YoY+87.1%2025 2000 kW 2022 37,249 3,289 16,346 42,349 7,881 2022 88.7 32.2 YoY+1.5%+32.9%5 2017 2018 2019 2020 2021 2022 34,664.0 35,354.0 33,091.0 33,659.0 31,594.0 37,249.0 3,307.0 3,275.0 2,915.0 2,941.0 2,955.0 3,289.0 10,052.0 12,538.0 13,049.0 13,200.0 18,806.0 16,346.0 35,054.0 35,391.0 42,349.0 7,094.0 7,277.0 7,881.0-20-1001020304050600501001502002503002013201420152016201720182019202020212022%()%()37.5%33.6%15.5%13.4%14 6 20 2022 7 8 5 2022 2 1.17 PBAT 10 PBAT 2022 6 PBAT0.63 60 2022 2023 3 2022 2023 15 ROE ROE(601668)(601800)16 ROE PB DDM 17 Tabl e_Disclai mer 12/15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer
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