资源描述
|2023 09 27 7 21 7 24 1 2 3 4 10/19 6/11 8.5 4500/2 9.6 8-12 7969-11953 2022 10%-15%9 43 I 32 1 PSL 2 10 3 1 PE17X 2023 PE PE11X PE35X 2 PE8X PE6X PE5X 3 PE28X PE58X 4 PE23X PE8X S0680518030004 S0680518010003 S0680122060010 1 VS 2023-09-25 2 2023-09-10 3 2023-09-03 EPS P E 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 002949.SZ 0.57 0.85 1.05 1.28 25.76 17.30 14.03 11.51 600629.SH-0.40 0.52 0.67 0.83 14.46 11.10 8.53 6.94 600170.SH 0.15 0.35 0.38 0.42 18.22 7.97 7.23 6.62 600820.SH-0.89 0.99 1.11 1.23 6.49 5.85 5.20 4.71 600502.SH 0.80 0.98 1.18 1.41 6.07 5.00 4.15 3.46 300977.SZ 0.10 0.35 0.71 0.92 198.09 57.65 28.79 22.13 002375.SZ 0.14 0.23 0.33 0.46 38.92 23.16 16.36 11.86 Wind*Wind-16%0%16%32%2022-09 2023-02 2023-05 2023-09 300 2023 09 27 P.2 1.4 1.1.4 1.2.6 2.7 2.1.7 2.2.11 2.3.13 2.4.14 3.10.16 3.1.19 32.16 3.2.6-11 9.6.17 3.2.1.6.17 3.2.2.11.18 3.2.3.9.6.19 3.3.20 4.22 4.1.22 4.2.“”.23 4.3.25 5.25 5.1.16.26 5.2.28 5.3.29 5.4.30 6.31 1.4 2 2023.4 3 2023.5 4.7 5“+”.8 6.8 7.9 8.10 9.11 10.12 11.12 12.13 13.14 14.14 15.15 16.15 17 2021.16 WUAZyRrMmPoPsMnOrMrOmN9PbP6MsQqQnPoNjMrRwPkPnPzR6MmNoOMYoPyQvPpOsQ 2023 09 27 P.3 18 2021 I.17 19 19.18 20 19.19 21.20 22.21 23.21 24.22 25 2014-2018.22 26 PSL.23 27 2023 3“10”.24 28.24 29.25 30.26 31.27 32.27 33.28 34“”.28 35.29 36.30 37“+”.31 2023 09 27 P.4 1.1.1.2011 2015 2021 1 2 2023 2011 3 2014 3 2015 11 2021 3 2000 21.9 2023 09 27 P.5 2021 4 2021 2021 5.3 2022 3 2022 840 4 28 6 8 7 21 7 24 3 2023 4 28 7 21 7 24 7 28 8 2 2023 8 17 2023 16 9 14 43 4 2023 09 27 P.6 1.2.19 21 GDP 2021 32%/21%/37%+50%7.21 PSL 2023 09 27 P.7 4+2025 2.2.1.2-3+1 2 7 3 1 2 2023 09 27 P.8 5+70%2014 2014-2020 80%2022 62 5500 586 2014 36 11 2014 10 2016 2018 10 93.99 2020 1-2 19.14 6 21 2023 09 27 P.9 2019 2 9 11 90%2020 4 6 7 80%2023 09 27 P.10 2011 201151 2012 201220 2015 201556 8 2009/12/31 2009 56 2011/8/8 2011 51 2012/6/6 2012 20 2015/12/1 134 2015/12/11 2015 56()()()2017/6/5 2017 6 45 2018/1/4 2018 1 2020/2/21 2020 16 2023/1/19 2023 2 2010 8 2023 09 27 P.11 2016 2010 10 2012 4 2/3 2013 1 2013 12 2016 10 9 2.2.1 2016 2 2017 2023 09 27 P.12 10 11/1 2023 09 27 P.13 2022 2 3 12 2.3.1 2 REITs 2023 09 27 P.14 13 F+EPC REITs 14 2.4.1 2 3 2023 09 27 P.15 15 16 2014 4 2014 12 2018 1 30 30 30 2019 12 2020 7 2020 8()()2021 5 2021 9 2021 11 2022 5 2022 8 2023 2 2023 09 27 P.16 2023 3 2023 3 2023 6 2023 7 2023 7 2023 8 2023 9 1 2 3.10 3.1.19 32 2014 1000 500 1000 300 500 I 7 21 2022 10 2021 8 11 20 2022 37%17 2021 2022 2489 4980 3.7%1916 4178 3.1%1768 2934 2.2%1650 3468 2.6%1320 3431 2.6%1187 3369 2.5%1165 2128 1.6%1094 3433 2.6%993 3889 2.9%930 896 0.7%740 2599 2.0%719 2510 1.9%693 2759 2.1%657 1831 1.4%2023 09 27 P.17 642 1457 1.1%597 940 0.7%580 1789 1.3%510 2425 1.8%503 341 0.3%20153 49357 37.1%Wind I 32 2021 13 300-500 500 9 15 43 4 300 I 2023-2025 I 32 18 2021 I 3.2.6-11 9.6 3.2.1.6*19 5.9 487 484424412391 391 390376367 367 3663113030100200300400500600 2023 09 27 P.18 19 19/2489 32.3 2.0%1612 1916 34.9 2.7%1834 1768 21.5 11.1%4226 1650 42.0 4.0%2739 1320 30.2 11.1%4425 1187 41.7 5.9%2935 1165 35.5 2.3%959 1094 39.7 13.9%6040 993 44.5 13.8%6116 930 27.8 11.1%2874 740 45.1 9.0%2992 719 42.1 17.6%5315 693 39.7 11.2%3072 657 41.4 13.7%3734 642 36.9 9.9%2351 597 36.1 4.1%889 580 34.9 13.7%2781 510 43.2 18.0%3965 503 35.2 2.1%367 59225 3.2.2.11=*1 2021 2 18.1%/14.4%/15.2%/9.2%3%5%3 2.1 58%50%30%19 10.8 2023 09 27 P.19 20 19 6341 190 3.0%19022 5706 16410 492 3.0%49230 14769 1986 360 18.1%36000 20872 7781 233 3.0%23344 7003 2256 325 14.4%32500 16250 1485 45 3.0%4454 1336 2653 80 3.0%7960 2388 1452 221 15.2%22140 6642 2272 68 3.0%6817 2045 2460 123 5.0%12300 6150 943 87 9.2%8713 2614 762 38 5.0%3812 1144 4226 211 5.0%21132 6340 2419 121 5.0%12096 3629 1280 64 5.0%6400 1920 1610 81 5.0%8050 2415 3089 154 5.0%15446 4634 1200 60 5.0%5999 1800 491 25 5.0%2454 736 108393/3.2.3.9.6*9.6 8-12 7969-11953 2022 10%-15%1=*8.5 1-4 2 3000-6000/2023 09 27 P.20 21 1 2 2.5 3 4/3000 25500 51000 63750 76500 102000 4000 34000 68000 85000 102000 136000 4500 38250 76500 95625 114750 153000 5000 42500 85000 106250 127500 170000 6000 51000 102000 127500 153000 204000 Wind 3.3.19 6 2023 983 2009-2014 2020 2020-2022 83 2023 33 50 2023 127 49 20 58 983 49%2000 60%2023 8 82 38 621 31 2032 2014 49 2022 49 97%40 90%15 2021-2023 5/8/8 70 2022 10 2025 2027 2032 2014-2032 19 2023-2025 30 2023 10 130 4000 2023 09 27 P.21 22 2023 4.9 1999 2021 320 16.7%336 1044 35 1.2 49%2019 2019-2025 55 2023 2 2023-2025 46 2000 2023 4.9 6800 2023 2448 242 2023 4 28 2023 85 175 19 2023 5 2023-2025 3 108 2023 44 23/2023-2025 30()400()1.3 10()130()4000 2023 127 49 20 58 983 49%2000 60%2023 4.9()2019-2025 49546270010203040506070802014-2020 2021 2022 2023 2023 09 27 P.22 55 6800 2023 2448 242 2023 4 28 2023 85 175 19 31 1.46 66 144 2023 44 2023-2025 2023-2025 108 2023 25 2024 40 2025 43 4.4.1.PSL 2014 2014 4 PSL 2015 PSL 2015-2018 600 7500 PSL 2019 PSL 2019 2670 2019-2022 7032/3945/4441/3625 24 25 2014-2018 Wind 0%5%10%15%20%25%30%05000001000000150000020000002500000300000035000002014 2015 2016 2017 2018 2019 2020 470601 606 609626470580600 60058001002003004005006007002014 2015 2016 2017 2018:2023 09 27 P.23 26 PSL Wind 1 2 PSL 4.2.10 2023 3 10 0500100015002000250030003500400045002014-092014-112015-012015-032015-052015-072015-092015-112016-012016-032016-052016-072016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-11:(PSL):2023 09 27 P.24 27 2023 3 10 28 2023 09 27 P.25 4.3.2021 7 2022 1 40 650 1300 2023 2 2023-2025 46 2000 5.7 10 1 PE17X 2023 PE PE11X PE35X 2 PE8X PE6X PE5X 3 PE28X PE58X 4 PE23X PE8X 29 1 2007 16 2 EPC 5+2 2022 5+2 20.66 17%2023 09 27 P.26 2023H1 24.39%2023 76 5 12 10 2023 9 7000 60%2022 30 EPS PE PB 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 14.74 0.57 0.85 1.05 1.28 25.76 17.30 14.03 11.51 2.10 5.74 0.40 0.52 0.67 0.83 14.46 11.10 8.53 6.94 1.18 19.21 0.19 0.55 0.64 0.71 101.98 34.88 30.20 27.20 3.07 2.78 0.15 0.35 0.38 0.42 18.22 7.97 7.23 6.62 0.82 5.80 0.89 0.99 1.11 1.23 6.49 5.85 5.20 4.71 0.67 4.88 0.80 0.98 1.18 1.41 6.07 5.00 4.15 3.46 0.91 10.67 0.32 0.39 0.48 0.63 33.85 27.71 22.30 16.99 4.97 20.33 0.10 0.35 0.71 0.92 198.09 57.65 28.79 22.13 2.21 5.41 0.14 0.23 0.33 0.46 38.92 23.16 16.36 11.86 0.93 4.44 0.48 0.55 0.63 0.70 9.26 8.08 7.05 6.36 0.91 Wind*2023/9/26 Wind 5.1.16 2023 09 27 P.27 2000 20/2007 16 2.1 4500/9450 4%-8%20%-40%76-302 170 31 BIM 32 20%25%30%35%40%4%75.6 94.5 113.4 132.3 151.2 5%94.5 118.1 141.8 165.4 189.0 6%113.4 141.8 170.1 198.5 226.8 7%132.3 165.4 198.5 231.5 264.6 8%151.2 189.0 226.8 264.6 302.4 2004 2022 EPC 2023 09 27 P.28 33 34 5.2.1952 1953 1998 2021 11 2.5 2021 3 2023 09 27 P.29 35 5+2 2022 5+2 20.66 17%31 2023H1 30%5.3.TOD 2008 10 33 AIGC 2023 09 27 P.30 36 2023H1 4724 24.4%5.4.60+2023 76 2023 09 27 P.31 37+6.1 2 3 2023 09 27 P.32“”,“”“”6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%8 7 7 100077 868 One56 1 10 200120 021-38124100 1115 330038 0791-86281485 100 24 518033
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