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cgws 2018 07 10 021-61680675 Email:yiwcgws :S1070512120003 13986555777 Email:panjingcgws :S1070117080024 2018-06-07 2018-06-06 2018-05-03 3500 2700 2000 A 4 2005 6 6 998 2008 10 28 1664 2013 6 25 1849 2016 1 27 2638 PE 42% 19% 3% 18% PB 21% 42% 3% 9% 18 7 2691 PE 12.5 17% PB 1.39 5% A PE 19% PB 7% A 08 16 2001 2018 A 2015 A 30 A 24% 30 50 20% 2015 44% 2005 54% 2008 37% 2013 10% 2005 2008 2013 2016 1.06% 1.71% 1.52% 1.98% 1.48% 2005 2008 2013 2016 A 2005 998 2008 1664 2013 1849 2016 2638 188 174 212 58 14% 11% 9% 2% 234 7% 2008 2013 2016 62.88% 78.42% 64.96% 54.68% 2016 11 50% 60% 2016 证券研究报告 投 资 策 略 研 究 专 题 报 告 2 2005 2013 2004 2005 1 -1.97% 1.57% 2007 9 2008 11 14 -3.03% 4.09% 2013 2 6 2015 6 2016 1 -2.12% 0.03% 2017 2 16 -1.02% 0.98% 05 08 2016 13 17 10 6 3.5 8 BP 3.5 ROE 2002-2005 A 2 004 26% 2005 -5.7% ROE 9% 8% 08 A 07 49% 08 -17% ROE 16.78% 12.04% 2013 ROE 2016 A 2015 -1.02% 2016 -4.7% ROE 11% 10.27% 05 08 16 ROE 2001 6 15 2245 2005 6 6 998 56% 4 2007 10 19 6124 2008 10 28 1664 73% 1 2009 8 4 3487 2013 6 25 1849 47% 4 2015 6 12 5178 2016 1 27 2638 49% 7 2015 2000 05 6 998 13 6 1849 05 13 14 11 08 10 1664 1 73% 09 V 15 05 13 3 08 16 05 13 05 13 A 2015 2018 4 1. . 6 1.1 . 6 1.2 . 7 1.3 . 8 1.4 . 10 1.5 . 11 1.6 . 11 1.7 . 12 2. . 14 3. . 16 4. . 17 5. . 18 5 1 . 7 2 A PE . 7 3 . 9 4 . 9 5 . 10 6 . 10 7 . 11 8 2001 ROE . 12 9 2001 . 12 10 2003 GDP . 15 1 A . 6 2 A . 8 3 . 10 2 . 13 6 1. 3500 2700 1.1 2000 A 3 2005 6 6 998 2008 10 28 1664 2013 6 25 1849 2015 2016 1 27 2638 PE 42% 19% 3% 18% PB 21% 42% 3% 9% 18 7 2691 PE 12.5 17% PB 1.39 5% A PE 19% PB 7% A 08 16 2010 6 2013 2016 PE 43% 59% PB 26% 82% PE PB 15% 21% 2006 2008 2013 2016 PE 0.3% 14% 36% PB 0.3% 4% 42% 13% 11% 16 1 A 2005 6 998 2008 10 1664 2013 6 1849 2016 1 2638 2018 7 2691 P E 16.88 42% 13.49 19% 9.67 3% 12.87 18% 12.50 17% A 18.43 26% 13.77 13% 11.99 1% 17.67 23% 15.54 19% 300 13.27 40% 12.80 33% 8.91 7% 10.94 19% 11.47 24% - - - - 47.18 43% 54.86 59% 38.09 15% - - 15.24 0.3% 25.80 14% 30.71 36% 25.48 13% P B 1.64 21% 2.07 42% 1.31 3% 1.47 9% 1.39 5% A 1.65 7% 2.06 30% 1.50 1% 1.89 20% 1.66 7% 300 1.63 33% 2.08 59% 1.29 4% 1.38 10% 1.39 10% - - - - 4.24 26% 6.39 82% 3.93 21% - - 2.5 0.3% 3.21 4.0% 4.08 42% 3.47 11% wind, 7 1 wind, A 2005 2008 2013 2016 PE 0-30 A 50% 64% 42% 20% 30-40 A 10% 8% 12% 10% PE 40 A 23% 15% 34% 53% PE 42% 14% 36% 13 2 A PE wind, 1.2 2001 2005 A 30 A 54% 30 50 34% 50 100 17% 2007 2008 A 30 A 37% 30 50 12% 50 100 11% 2009 2013 A 30 A 0.0000 10.0000 20.0000 30.0000 40.0000 50.0000 60.0000 70.0000 80.0000 2008 2013 2016 2018 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 2005 2008 2013 2016 2018 PE40 8 10% 30 50 3% 50 100 1% 2015 2016 A 30 A 5% 30 50 19% 50 100 5% 100 200 12% 200 18% 2015 A 30 A 24% 30 50 20% 50 100 8% 100 200 18% 200
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