资源描述
|2023 12 01 2024/2023 2024 2023 M 2023 11 24 3.53%300 5.09pt 1 4 5 20%2 7 24 15%3 9 1 2023 NBV COR 2 2023 2023 NBV 10%+25%+20%+15%+12%+10%6%Q3 COR 97%100%2024 1 7.24 2 3 2024 2024 1%86 1.7 4638.9 5.9 4293.7 6.3%1m 6m 12m-0.7 0.1 5.8 1.4 8.0 15.0 1 2024 2023-11-28 2 2023 10 2023-11-19 3 2023-11-12 S1090516020001-20-100102030Dec/22 Mar/23 Jul/23 Nov/23(%)非银行金融 沪深300 2 2024 2 2024+3 2024 30%2024 NBV 4 2024 NBV 2024 24Q1 NBV+10%+8%+6%+5%+3%Q2 H2 2024 NBV+6%+5%+5%+3%+2%5 2024 6 2024 7 2024 6%COR 97.0%97.2%97.5%COR 100%2024 WUFUxOsPpMmNrPtQrMoRoPbR8Q6MoMrRoMoNkPrQmOjMmMtM9PqQzQwMmOmPxNrQvM 3 2023.6 1 M.6 2.7 1 NBV.7 2 COR.9 3.11 4 2023.13 2024.15 1.15 2.18 1.18 2.19 3.21 4 2024 NBV.23 5.23 6.23 7.24.24 1.24 2.25 1 3.53%.6 2.6 3.7 4 23Q3.7 5 2018-2023 NBV.7 6 2018-2023.7 7 2023.8 4 8 2023 NBV.8 9.9 10 23H1 NBV 4.9 11 2023 1-9.10 12 2023 1-9.10 13 2023 1-9.10 14 2023 1-9.10 15 2023.10 16 2023 COR.11 17 20 23 H 1“”.11 18 20 23 H 1“”.11 19 2023 11.12 20 2023.12 21 10.12 22 2023.12 23 2022 9 2023 9.13 24 2023.13 25 2023Q1-Q3.13 26 2023 NBV.14 27 2023.14 28.19 29.20 30.20 31 2022 NBV 21.6%.21 32.21 33 2021.21 34“+”.21 35 2023.22 36.22 37 23H1 Margin.22 38 23H1.22 39 2024.23 5 40 23H1.24 41 23H1.24 42.24 1 2023.8 2 2023.15 3 2023.16 4 2023.17 5 2023 7.18 6.23 6 2023 1 M 300 2023 11 24 3.53%-1.56%300-8.62%M 1 4 5 V 20%2 7 24 15%3 9 11 35.73%9.13%4.39%4.47%14.25%22.67%1 ROE 2 NBV 22Q3 23H1 3 7 1 3.53%2 Wind Wind 1 11 24 PEV 0.63 0.47 0.42 0.37 0.13 8.8%0%16.3%20.6%5.8%1 PEV 2 0.32pt 0.76%1.86%-10%-5%0%5%10%15%20%2023/01/032023/02/022023/03/042023/04/032023/05/032023/06/022023/07/022023/08/012023/08/312023/09/302023/10/30 300-30%-20%-10%0%10%20%30%40%50%60%70%2023/01/032023/01/242023/02/142023/03/072023/03/282023/04/182023/05/092023/05/302023/06/202023/07/112023/08/012023/08/222023/09/122023/10/032023/10/242023/11/14 7 0.43%0.22%0.06%0.05%0.01%0.05-0.88%3 4 23Q3 Wind Wind 2 1 NBV 2023 2019 2020-2022 NBV-20%-23%-24%414 198 50%2022 5 2018-2023 NBV 6 2018-2023 0.00.20.40.60.81.01.21.41.62020/1/1 2021/1/1 2022/1/1 2023/1/1 20Q4 21Q4 22Q4 23Q1 23Q2 23Q3/20Q4 21Q4 22Q4 23Q1 23Q2 23Q3 2.50%0.16%0.39%0.28%0.44%0.76%2.16%0.11%0.20%0.15%0.24%0.43%0.27%0.02%0.06%0.05%0.10%0.22%0.00%0.00%0.09%0.03%0.04%0.06%0.07%0.00%0.00%0.00%0.02%0.01%0.00%0.03%0.03%0.03%0.04%0.05%-0.69%-1.49%-1.43%-1.37%-1.36%-1.10%-0.32%-1.09%-1.10%-1.01%-0.97%-0.88%-0.15%-0.21%-0.19%-0.18%-0.14%-0.05%-0.17%-0.11%-0.06%-0.10%-0.10%-0.09%-0.05%-0.07%-0.06%-0.05%-0.05%-0.05%-0.08%-0.04%-0.07%-0.06%-0.07%-0.08%-40%-30%-20%-10%0%10%20%30%40%2018 2019 2020 2021 2022 2023H1-40%-35%-30%-25%-20%-15%-10%-5%0%5%10%15%2018 2019 2020 2021 2022 2023H1 8 V 2023+44.8%+14.8%+13.1%+11.9%23 H1+42.4%NBV+36.8%+29.9%+14.0%23 H1+28.5%+17.1%1 2023 2023 3 3 25 23 3.5%3.0%2023 4 4 20 3.5%3.0%2023 4 4 21 3.0%2.5%2.0%2023 6 6 21 3.5%3%2023 7 7 13“”“”6 3.5%3.0%2023 8 8 3 8 1 3.5%3.0%3.5%3.0%7 2023 8 2023 NBV 0%5%10%15%20%25%30%35%40%45%50%2023H1 2023Q30%5%10%15%20%25%30%35%40%2023H1 2023Q3 9 1 66.0 22 0.8 28.6%36.0 8.5 NBV+94.4%23H1 2 NBV 23H1 NBV 28.3%+17.3pt 18.8%+12.7pt 11.7%-2.2pt 11.2%+5.2pt 10.9%+5.5pt 4 9 10 23H1 NBV 4 2 COR 1-9 7.3%+5.8%+9.1%+11.8%+7.5%+1.8%1-9+2.4%+6.2%+5.5%=+5.5%+19.3%+9.6%-6.6%+16.1%+10.6%+7.6%+6.0%+5.0%020406080100120140160180 2019 2020 2021 2022 2023H10%5%10%15%20%25%30%2019 2020 2021 2022 2023H1 10 11 2023 1-9 12 2023 1-9 13 2023 1-9 14 2023 1-9 15 2023 23Q3 COR 97.9%-2%0%2%4%6%8%10%12%14%16%2023/01 2023/03 2023/05 2023/07 2023/09 0%2%4%6%8%10%12%14%05001,0001,5002,0002,5003,0003,5004,0004,500 2022 1-9 2023 1-9 yoy3.0%3.5%4.0%4.5%5.0%5.5%6.0%6.5%05001000150020002500 2022 1-9 2023 1-9 yoy0%5%10%15%20%25%30%35%40%45%0300600900 2022 1-9 2023 1-9 yoy-10%-5%0%5%10%15%20%25%05001000150020002500 2022 1-9 2023 1-9 yoy 11+1.7pt 98.7%+1.0pt 2.4%-0.8pt 2.3%-1.4pt 93%94%95%96%97%98%99%100%2022Q3 2023Q1 2023H1 2023Q367.5%68.0%68.5%69.0%69.5%70.0%70.5%71.0%2022H1 2023H126.2%26.4%26.6%26.8%27.0%27.2%27.4%27.6%27.8%28.0%2022H1 2023H1 12 19 2023 11 20 2023 Wind 10 2.93%3 2.54%750 2.86%2.92%-0.55pt 4.0%-0.2pt 3.8%-0.3pt 3.0%-0.2pt 21 10 22 2023 Wind 2023 1-9 87269 9.1%66279 8.4%9 93.44 2094.82 4.5%76.1%18.9%5.0%-25%-20%-15%-10%-5%0%5%10%15%2023/01/032023/01/242023/02/142023/03/072023/03/282023/04/182023/05/092023/05/302023/06/202023/07/112023/08/012023/08/222023/09/122023/10/032023/10/242023/11/14 300 0%1%2%3%4%5%6%2023Q1 2023H1 2023Q32.82%2.84%2.86%2.88%2.90%2.92%2.94%2.3%2.4%2.5%2.6%2.7%2.8%2.9%3.0%10 750 0%1%2%3%4%2023Q1 2023H1 2023Q3 13 23 2022 9 2023 9 24 2023 2023 1 1 2018 FVTPL 23Q3-5.6%-15.5%-24.4%-26.2%-36.0%23H1 20.5%25 2023Q1-Q3 4 2023 2023 NBV 8 93.093.293.493.693.894.094.294.494.694.895.076.1%18.9%5.0%4.5%-140%-90%-40%10%60%110%()()2023Q1 2023Q2 2023Q3 14 Q4 Q4 NBV 15%2023 NBV 10%+25%+20%+15%+12%+10%2023 63 3.8-5.7%33 11.5-25.8%19 5.1-21.2%15 4.7-23.9%27 12.1-30.9%26 2023 NBV 2023E NBV 414 346 115 27 75 NBV 15%20%25%10%12%63 33 19 15 27-6%-26%-21%-24%-31%2023 6%2023 Q3 COR 97%COR100%27 2023 2023E 5.8%6.5%6.0%COR 97.0%97.2%97.5%10.0%-3.5%17.8%COR 99.8%101.5%100.0%15 2024 1 7 24 2024 A A 2023 2 2023 2023 8 2023 8 28 2023 8 IPO IPO 2023 8 30%2023 8 100%80%2023 8 A 2023 10 50%80%100%16 11 27 2023 10 9 2024 7 10 2024 3 2023 2023 1 1 5 3 2023 3 3 25 2023 4 4 28 2023 5 2023 48 17 2023 7 7 24 2023 8 8 25 2023 8 8 27 IPO 2023 10 10 30 31 2024 2024 4 2023 2023 9 9 11 1 10 35%40%300 0.35 0.3 0.45 0.4 REITS 0.6 0.5 0.4 2023 10 10 25 3+2023 11 11 24 18 2 1 2024 2023 3 7 3.5%8 9 10 11 2024 5 2023 7 2023 7 7 19 8 1 3%-2023 8 8 24 2023 9 9 24 2023 10 10 19 2023 11 11 6 X 19 X X 2023 11 11 20 2 2023 14.4 3/5 2.20%2.25%3.0%2024 28 Wind 02468101214161820 20 29 30 Wind+1 2022 NBV 74.5%21.6%2 3 2025 15 26 2025 2030 12 2030 48 4+1.0%1.5%2.0%2.5%3.0%3.5%3 5 2 21 31 2022 NBV 21.6%32&33 2021 34+3 2024 1 2 0%10%20%30%40%50%60%70%80%01002003004005006007008002015 2016 2017 2018 2019 2020 2021 2022-0%5%10%15%20%25%30%35%40%45%50%/2021 2022 0.01.02.03.04.05.06.07.08.09.010.0 22 35 2023 36 2023 30%2024 37 23H1 Margin 38 23H1 0%5%10%15%20%25%30%35%40%45%2018 2022 0%5%10%15%20%25%0102030405060708090100 23 4 2024 NBV 2024 Q1 24Q1 NBV+10%+8%+6%+5%+3%Q2 H2 2024 NBV+6%+5%+5%+3%+2%39 2024 24Q1 E 8%10%3%5%6%2024 E 6%5%2%5%3%5 COR 3 11 2024 2024 3000 6 1 2 3 4 5 6 2024 24 40 23H1 41 23H1 7 2024 6%COR 97.0%97.2%97.5%COR 100%42 2024E 6.0%6.0%6.0%COR 97.0%97.2%97.5%12.0%15.0%11.0%COR 99.6%99.9%100.0%1 2023 2024 0%5%10%15%20%25%30%2020 2021H1 2021 2022H1 2022 2023H1 0%5%10%15%20%25%30%35%40%45%2020 2021H1 2021 2022H1 2022 2023H1 25 23H2 24Q1 24 NBV ROE 2 26 6-12 A 300 500 20%5-20%5%5%
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