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Table_MainInfo/2024 08 02 Table_InvestInfo Table_QuoteInfo-30.49%-24.34%-18.19%-12.04%-5.89%0.26%2023/8 2023/11 2024/2 2024/5 Table_ReportInfo 6 Q2 2024.07.29 6 Q2 2024.07.17 5 2024.06.26 Table_AuthorInfo:Tel:(010)50949926 Email:S0850515040002:Tel:010-56760090 Email:S0850523070002 Q2 NBV 2024 Table_Summary 2024 Q2 1 2024 Q2 300 2024 35bps Q2 2 Q2 2024 3 2022 2024 NBV Q2 1-5.7%+4.0%-16.5%Q2-6.9%-15.9%-34.2%Q1 2 NBV margin NBV margin Q1 2 2024 NBV+15%+16%+21%+25%+36%NBV NBV margin Q2 NBV 1 2024+3.7%+4.1%+7.7%+2.5%+3.4%+2.8%+4.6%+5.3%+12.3%2 Q2 Q2+3.2%+3.3%+3.4%Q1+1.3pct-0.2pct+1.1pct+3.9%+9.4%+10.2%Q1-1.1pct+8.2pct-3.6pct Q2 3 2024 2024 96.3%97.8%97.7%+1 2 2.13%3 2024 8 1 0.37-0.74 2024E P/EV 26080 2 1.2024H1+8%.5 1.1.5 1.2 2024.6 1.3 Q1.7 1.4.7 2.2024H1 NBV.9 3.11 4.12 0YDWwPmRpMrQqOnOrMtMpObRbP9PnPoOnPtPlOmMzRjMnNoM8OrRzQMYsRtRxNnPoM 3 1 2024.6 2 2024%.6 3 2024Q1.7 4 2024Q1.7 5 2022.8 6 2022.8 7 2022.8 8 2024.9 9 2024Q2-6.9%.9 10 2024Q2-15.9%.10 11 2024.10 12 2024.11 13 2024.11 14.12 15.12 4 1 2024.5 2 2024 EV.5 3 2023.8 4 2024 NBV.10 5.14 sWvD9IHS/whVW1AMKQmN8/C4iNkD3XJlIbfvIKRvuXJCb0SKj1e/rg90OCwQOfLC 5 1.2024H1+8%2024 2023 2024 Q2 1 2024 2024 300 0.9%2023-0.8%Q2 300 2.1%-5.1%2024 2 2024 Q2 2023 2023-8.0%-1.2%-8.7%+8.6%+8.7%23Q2-63%-30%-39%-49%-45%2024+4.6%+11.2%+19.8%+2.1%-7.0%1 2024 2023Q1 2024Q1 2023Q2 2024Q2E 2023H1 2024H1E 22770 20644-9.3%13381 17170 28.3%36151 37814 4.6%38352 36709-4.3%31489 40954 30.1%69841 77663 11.2%11626 11759 1.1%6706 10203 52.1%18332 21962 19.8%6917 4942-28.6%3061 5246 71.4%9978 10188 2.1%11721 8963-23.5%8160 9526 16.7%19881 18489-7.0%91386 83017-9.2%62797 83099 32.3%154183 166116 7.7%2023 2024 2024 48.5%2.3%4.2%-10.3%2.1%Q1 1.3%1.6%0.8%0.3%0.7%EV 2024 EV 5%4%7%4%7%2 2024 EV EV 2023 2024Q1 2024H1E Q1 2023 2024H1E 327784 480406 46.6%486759 48.5%1.3%1260567 1324856 5.1%899011 904970 0.7%919688 2.3%1.6%1390126 1444341 3.9%249586 257885 3.3%260069 4.2%0.8%529493 564969 6.7%105067 94002-10.5%94245-10.3%0.3%250510 261031 4.2%242355 245823 1.4%247444 2.1%0.7%101470 108674 7.1%1823803 1983086 8.7%2008206 10.1%1.3%3532166 3703872 4.9%2023 2024 1.1 2024 300 A+0.9%-8.0%-0.3%-11.0%300-0.8%+3.1%+3.7%-5.6%-2.1%-5.3%-2.4%-7.4%300-5.1%2024 6 1 2024-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%2023-12-29 2024-01-29 2024-02-29 2024-03-31 2024-04-30 2024-05-31 300 A Wind 1.2 2024 2024 2.21%35bps 27bps 4 8bps 7 24 1 2.2%2.4%2 Q4 2 2024%2.56 2.27 2.23 2.35 2.21 2.152.202.252.302.352.402.452.502.552.602024-01-02 2024-02-02 2024-03-02 2024-04-02 2024-05-02 2024-06-02 Wind 7 1.3 Q1 24Q1 1 0.9pct 9.5%46.8%2-0.4pct+0.1pct 6.8%5.5%3-0.8pct 8.4 3 2024Q1 10.32%10.17%9.89%9.46%9.47%8.88%8.56%9.52%40.55%41.80%41.65%42.93%43.58%44.77%45.96%46.82%8.10%7.29%7.80%7.96%7.76%7.65%7.21%6.78%5.27%5.20%5.35%5.25%5.54%5.61%5.38%5.48%8.62%9.59%10.27%9.99%9.54%9.40%9.15%8.35%0%10%20%30%40%50%60%70%80%90%100%2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 24Q1 24Q1 2.24%1.16pct 7.36%2.12pct Q1 4 2024Q1 3.66%3.47%3.76%3.40%3.22%2.92%2.23%2.24%2.82%1.56%1.83%5.24%4.33%3.28%3.22%7.36%0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 1.4 2022 24Q1 186%114%-0.5pct+3.0pct 155%119%108%143%143%146%2023 35%40%2023 7 35 8 3 2023()%272400005.IB 24 01 100.0 2024-07-12 2034-07-12 2.27 272480002.IB 24 01 100.0 2024-06-20 2034-06-20 2.27 282400001.IB 24 01 80.0 2024-06-18 2029-06-18 2.38 282380005.IB 23 01 110.0 2023-12-21 2028-12-21 3.30 272380017.IB 23 01 70.0 2023-12-14 2033-12-14 3.88 282380003.IB 23 25.0 2023-12-11 2028-12-11 3.50 282380002.IB 23 01 120.0 2023-12-05 2028-12-05 3.50 272380015.IB 23 01 100.0 2023-11-06 2033-11-06 3.40 272380011.IB 23 01 50.0 2023-09-05 2033-09-05 3.24 272380008.IB 23 01 120.0 2023-06-05 2033-06-05 3.29 272380007.IB 23 01 120.0 2023-05-26 2033-05-26 3.32 272380001.IB 23 01 13.0 2023-03-07 2033-03-07 3.88 Wind 5 2022 136.6%134.1%123.8%111.1%109.7%106.5%108.6%110.5%113.5%219.3%214.7%204.0%185.8%180.9%178.7%184.1%186.7%186.2%100%120%140%160%180%200%220%240%22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 6 2022 75%95%115%135%155%175%195%22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 7 2022 150%170%190%210%230%250%270%290%310%22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 9 2.2024H1 NBV+4.7%-4.8%+25.4%+23.0%-4.9%8 2024 714784747684434139130547482545212105855093124174.7%-4.8%25.4%23.0%-4.9%-50%-30%-10%10%30%50%70%90%01000020000300004000050000600007000080000 2023Q1 2024Q1%2023 2024 24Q2 1+5.2%-5.7%Q2+11.3%-6.9%Q1 2.1pct 2+3.4%+4.0%Q2-47.0%-15.9%Q1+31.3%+25.4%3-20.4%-16.5%Q2-17.6%-34.2%Q1 29.4pct 9 2024Q2-6.9%10.0%69.6%25.4%2.7%-4.8%-6.9%-20%-10%0%10%20%30%40%50%60%70%80%-50 100 150 200 250 300 350 400 450 5002023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2%10 10 2024Q2-15.9%4.2%90.5%43.4%16.3%25.4%-15.9%-40%-20%0%20%40%60%80%100%-20 40 60 80 100 1202023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2%11 2024-150%-100%-50%0%50%100%150%200%250%300%350%400%NBV margin NBV margin+6.5pct 22.8%Q2 NBV margin NBV Q2 2024 NBV+15.2%+15.7%+20.9%+24.8%+35.8%NBV NBV margin Q2 NBV 4 2024 NBV 2023Q1 2024Q1 2023Q2 2024Q2E 2023H1 2024H1E-26.3%-30864 35555 15.2%10682 12890 20.7%9430 10380 10.1%20112 23270 15.7%3971 5191 30.7%3390 3708 9.4%7361 8899 20.9%-51.0%-2474 3088 24.8%-81.6%-2490 3381 35.8%2023 2024 2023 11 3.+3.7%+4.1%+7.7%Q2+3.5%+5.4%+6.6%Q2 Q1 0.2pct 2.0pct 2.6pct 2024+2.5%+3.4%+2.8%Q2+3.2%+3.3%+3.4%Q1+1.3pct-0.2pct+1.1pct Q2 1 2024+4.6%+5.3%+12.3%Q2+3.9%+9.4%+10.2%Q1-1.1pct+8.2pct-3.6pct Q2 2+10.3%+5.7%+5.4%+3.4%12 2024 8.8%6.3%3.8%3.7%5.0%1.4%2.8%4.1%14.3%11.4%8.6%7.7%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%2023H1 2023 2024Q1 2024H1 2023 2024 2024 2024 96.3%97.8%97.7%13 2024 96.4%97.6%97.9%96.3%98.0%100.7%99.6%97.8%97.9%97.7%98.0%97.7%94.0%95.0%96.0%97.0%98.0%99.0%100.0%101.0%102.0%2023H1 2023 2024Q1 2024H1E 2023 2024 12 4.2023 14 2.53.03.54.04.55.05.5(2021)A(2020)Wind Q2 2024 Q2 0.37%Q1 0.23pct 2024 Q2 0.49x PEV Q1 0.04pct 5488 3275 768+0.12pct+0.10pct-0.002pct 2024 Q2 0.02%0.19%0.17%0.004%0.004%15-1.00 2.00 3.00 4.00 5.00 6.00-1.00 2.00 3.00 4.00 5.00 6.00 7.002007M122008M62008M122009M62009M122010M62010M122011M62011M122012M62012M122013M62013M122014M62014M122015M62015M122016M62016M122017M62017M122018M62018M122019M32019M62019M92019M122020M32020M62020M92020M122021M32021M62021M92021M122022M32022M62022M92022M122023M32023M62023M92023M122024M32024M6%A PEV(Wind 13+1 2 2.13%3 2024 8 1 0.37-0.74 2024E P/EV 14 5 EV 1YrVNB A 2022 2023 2024E 2025E 2022 2023 2024E 2025E-A 42.51 78.18 76.34 81.58 87.52 1.58 1.71 1.83 2.04-A 32.23 43.54 44.60 48.78 53.36 1.27 1.30 1.47 1.65-A 31.91 81.93 80.30 86.40 92.93 0.78 0.97 1.11 1.23-A 29.54 54.01 55.04 60.68 66.87 0.96 1.14 1.33 1.46-A 5.69 6.41 6.92 7.68 8.62 0.08 0.15 0.21 0.23 P/EV VNBX A 2022 2023 2024E 2025E 2022 2023 2024E 2025E-A 42.51 0.54 0.56 0.52 0.49-22.54-19.82-21.31-22.09-A 32.23 0.74 0.72 0.66 0.60-8.88-9.48-11.22-12.84-A 31.91 0.39 0.40 0.37 0.34-64.40-49.92-48.77-49.55-A 29.54 0.55 0.54 0.49 0.44-25.58-22.38-23.36-25.62-A 5.69 0.89 0.82 0.74 0.66-8.55-8.37-9.82-13.20 EPS BVPS A 2022 2023 2024E 2025E 2022 2023 2024E 2025E-A 42.51 4.60 4.70 5.06 5.68 47.15 49.37 51.89 55.84-A 32.23 1.14 0.75 0.81 0.92 15.43 16.28 16.99 17.78-A 31.91 3.15 2.79 3.10 3.47 32.98 33.68 32.40 31.05-A 29.54 2.56 2.83 3.04 3.64 23.75 25.94 27.74 29.92-A 5.69 0.55 0.51 0.54 0.68 5.01 5.48 5.79 6.18 P/E P/B A 2022 2023 2024E 2025E 2022 2023 2024E 2025E-A 42.51 9.24 9.04 8.40 7.49 0.90 0.86 0.82 0.76-A 32.23 28.40 43.15 39.89 35.15 2.09 1.98 1.90 1.81-A 31.91 10.13 11.43 9.24 8.33 0.97 0.95 0.98 1.03-A 29.54 11.55 10.43 9.71 8.11 1.24 1.14 1.06 0.99-A 5.69 10.31 11.05 9.64 8.35 1.14 1.04 0.98 0.92 WIND 2024 8 1 15 Table_Analysts Table_Reports,1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%
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