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1/20 2024 05 18-2024.5.14 AI 2024-2024.5.9-2024.4.23 S0790522060001 S0790522080004 1 2 2027 2023 25%5.7%2016 2023 1%3 1 2500 50%2 2024 1 2024 27 2 3 2027 90%75%4-29%-19%-10%0%10%2023-05 2023-09 2024-01 300 2/20 1.4 1.1.4 1.2.4 1.3.7 2.9 2.1.9 2.2.10 2.3.12 2.4.13 3.17 4.17 1.6 2 2024 3 1567.7 3 2024-2027 5.7%2016-2023.7 4 90%75%.7 5 2008.8 6 2023.8 7.8 8.9 9.9 10.9 11.10 12.10 13.12 14.12 15.13 16.13 17.15 18.15 19.15 20 2000-2023.15 21 2014.16 22 2014.16 23.16 24.16 25 1975 606.17 1.4 2.6 3 5.10 ZXAZuNsPpMnMoQoNtOrOoP6M8Q9PpNmMmOnRfQqQnQjMsQnN9PrRxOuOqQnQxNnOnN 3/20 4.11 5.12 6.14 7.17 8.17 4/20 1 1.1 2024 1.2 2024 2024 2 23 3 1 3 27 1/2023.12 2023 2024.2.23 2024.3.6 5 2024.3.7 2024.3.27 2027 2023 25%90%75%2024.4.7 5000 1.75%1 2 1 2024.1.29 GWxv8yYtnZ5UcrgadaRin5KvZxvDHl7CnYBIQwX/6MO14QpEeaiYqH7Vc8H39mdj 5/20/2024 2024.2 9 6 2024.3.8 2024.3.13 1 3 2 2024.3.13 2024.3.25 2024.3.25 2024 2024.3.26 2024 2024.4.2 2024.4.2 2027 2023 30%2024.4.2 2024.4.8 2027 2024.4.11 2024.4.11 2024.4.13 2027 2023 25%2024.4.11 2024.4.28 2024.2.28 2030 78%2027 2024.4.28 2024 3 27 6/20 1 2 2024 3 6 4 7 5000 1.75%1 2 1 2024 7000 2023 2024 2024 7/20 2 2024 3 1567 Wind 1.3 2027 2023 25%5.7%90%75%2016 2023 1%2024 2027 5.7%3 2024-2027 5.7%2016-2023 4 90%75%Wind Wind 2023 11 2023 4 1.7 2008 15 05001,0001,5002,0002022-12 2023-03 2023-06 2023-09 2023-12 2024-03:-10010203040200420052006200720082009201020112012201320142015201620172018201920202021202220232024E2025E2026E2027E%2016-2023 1.0%2024-2027 5.7%0%10%20%30%40%50%60%70%80%90%100%2021202220232027E2021202220232027E 2021-2023 2.45%2024-2027 2.60%2021-2023 5.45%2024-2027 3.20%8/20 5 2008 Wind 2023 10717 3756 3741 1588 1163 625 2024-2027 6 2023 Wind 7 9/20 2 8 2.1 2000 40-50%70%2024 1215+52%1 2 3 9 10 Wind Wind 40.76 3638404244464805001,0001,5002,0002,5003,0002019 2020 2021 2022 2023%-52.70 4748495051525305001,0001,5002,0002,5002019 2020 2021 2022 2023%-10/20 11 Wind 2.2 2024 2024 2024 2.5%2022 2023 12 5 2 2 1 3 5 1 25 251 2511 252 2521 646668707274760501001502002019 2020 2021 2022%-0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%2015 2016 2017 2018 2019 2021 2024 GDP 11/20 2523 2 26 261 2612 2613 2614 2619 262 2621 2622 3 30 301 3011 304 3041 307 3071 3072 4 31 311 3110 312 3120 314 3140)5 32 321 3211 3212 3216 2021 4 2022 3 2022 6 2022 1 2024 23 2024 1 29 2024 2022 20 12/20 5 1 2 3 1 2 3 1 2 3 1 2 3 1 2 3 1 2 3 1 2 3 1 2 3 1 1.01 2 1.01 3 1 1.01 2 1.01 3 2024 2021(4)(4)(4)(2)(2)6 8 6 18 2.3 13 14 13/20 15 16 2019 2.4 14/20 6 16-20 15-20 8-12 10-14 16-20 12-18 14-18 10-15 10-15 10-20 10-13 12-16 14-18 8-15 8-15 8-12 2013 2013 2014 40%2012-2016 1639 705 15/20 17 18 Wind Wind 2008-2014 15 2014 10-15 19 20 2000-2023 Wind Wind 1997-2014 2014 2015-2018 2019 2014 3,648,647 0%20%40%60%01,000,0002,000,0003,000,0004,000,000():():-01,0002,0003,0004,0005,0002003200420052006200720082009201020112012201320142015:23.31 29.30 29.86 05101520253035 0102030405060 16/20 21 2014 22 2014 Wind Wind 2000 2000 2014 2019 5 2000 2017 2010 30 3 10%23 24 Wind Wind 1955 1975 606 1975-1985 59 1986-1992 135 1993-2003 411-40%-20%0%20%40%60%80%05,00010,00015,00020,00025,00030,000 YOY%-120%-100%-80%-60%-40%-20%0%20%40%60%80%02004006008001,0001,2001,400 YOY%-100%0%100%200%300%400%500%600%010,00020,00030,00040,00050,00060,00070,00080,000 YOY%-60%-40%-20%0%20%40%60%80%05001,0001,5002,0002,5003,0003,5004,000199820002002200420062008201020122014201620182020 YOY%17/20 25 1975 606 Wind 3 7 PE%2023A 2024E 2025E 2023A 2024E 2025E 2023A 2024E 2025E 55.18 19.20 15.16 11.40 2.87 3.64 4.84 21.49 26.62 32.97 71.73 15.56 13.28 10.98 4.61 5.40 6.53 28.73 17.12 20.93 23.53 27.75 20.64 15.90 0.85 1.14 1.48 15.01 34.40 29.82 159.11 29.82 24.55 20.96 5.34 6.48 7.59 19.90 21.44 17.13 31.04 18.98 16.78 13.15 1.64 1.85 2.36 34.88 13.14 27.57 Wind 2024 5 17 8 PE%2023A 2024E 2025E 2023A 2024E 2025E 2023A 2024E 2025E 105.31 14.16 12.63 10.83 7.44 8.34 9.73 28.44 12.09 16.66 156.03 21.62 18.24 15.30 7.22 8.55 10.20 54.85 18.51 19.23 37.61 24.43 12.79 9.29 1.54 2.94 4.05-18.75 90.93 37.76 132.64 13.16 11.78 10.42 10.08 11.26 12.73 20.89 11.67 13.05 60.35 30.09 14.94 10.70 2.01 4.04 5.64 73.63 101.43 39.58 76.01 19.81 16.97 15.06 3.84 4.48 5.05-9.06 16.71 12.73 47.35 13.47 9.82 8.57 3.52 4.82 5.52 63.43 37.11 14.55 Wind Wind 2024 5 17 4-100.000.00100.00200.00300.00400.00500.00600.00700.00800.0005001,0001,5002,0002,5003,0003,500198919911993199519971999200120032005200720092011201320152017201920212023-18/20 19/20 2017 7 1 R4 C4 C5 C4 C5 Buy 20%outperform 5%20%Neutral 5%5%underperform 5%overweight Neutral underperform 612 A 300 500 20/20 1788 1 10 200120 2030 1 45 518000 18 C2 9 100044 1 B 5 710065
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