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上市券商2020年报及2021一季报综述:行业ROE持续上行头部效应凸显.pdf

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上市券商2020年报及2021一季报综述:行业ROE持续上行头部效应凸显.pdf

1 / 29 2021 05 18 2021 - -2021.5.9 - -2020.12.14 2021 - -2020.12.4 ROE 2020 2021 S0790520050001 S0790120110033 ROE 2020 9 ROE ROE 2021-2023 +13.3%/+21.1%/+18.2% ROE 8.33%/9.05%/9.68% 1 2 3 (H ) ROE 2020 2021Q1 40 1456/422 +34%/+27% ROE 8.35%/8.95% 19.8%/9.3% 2019 42.8% 2021Q1 49.2% ROE Q1 1 2020 Q1 2 IPO IPO 3 Q1 34.7% 1 2020 2021Q1 2021 2 5876 /8119 +13%/+7% 2 2021 4 1.7 +2% 2.54% 1517 +11% 9% -20% -11% -3% 6% 14% 23% 31% 40% 2020-05 2020-09 2021-01 3002 / 29 1 ROE . 4 1.1 ROE . 4 1.2 . 6 1.3 ROE . 8 2 . 11 2.1 . 11 2.2 IPO . 14 2.3 . 17 2.4 . 18 2.5 . 23 3 2021 +13.3% . 25 4 ROE . 26 5 . 27 1 2020 2021Q1 . 4 2 2021Q1 ROE . 4 3 2020 . 5 4 . 6 5 . 6 6 . 8 7 . 11 8 2020 +62.0% . 11 9 . 12 10 IPO . 16 11 IPO . 16 12 2020 IPO . 17 13 2020 . 17 14 2020 . 17 15 2020 +6.7% . 18 16 2020 2021Q1 +23.8%/34.7% . 18 17 2020 2021Q1 . 19 18 2020 2021Q1 . 19 19 2020 . 20 20 2020 . 20 21 . 20 22 . 24 23 . 24 24 . 24 25 2020 Q1 . 25 26 PE . 273 / 29 1 2020 2021Q1 . 4 2 . 7 3 ROE . 9 4 . 10 5 . 12 6 . 13 7 Q1 IPO . 14 8 IPO . 14 9 IPO . 15 10 2020 . 16 11 . 18 12 2020 PE . 21 13 2020 . 21 14 . 21 15 . 22 16 . 25 17 2021 +13.3% . 25 18 . 274 / 29 1 ROE 1.1 ROE ROE 2020 2020 2021Q1 40 1456/422 +34%/+27% ROE 8.35%/8.95% +19.8%/+9.3% 2020 2020 +53.7% 2020 IPO +39.4% +26.7%/+23.8%/+15.4% 2020 +19.2% 3.5pct 2020 +64% 2021Q1 2021Q1 +27.3% ROE 8.95% +0.6pct +34.7%/+34.2% +23.2%/+14.6% 1 2020 2021Q1 2 2021Q1 ROE Wind Wind 1 2020 2021Q1 40 2020 2021Q1 YOY YOY 1140 53.7% 25.9% 314 14.6% 28.1% 580.44 39.4% 13.2% 120.56 34.2% 10.8% 389.17 23.8% 8.8% 114.51 34.7% 10.3% 1,578 15.4% 35.8% 352 15.8% 31.5% 533.93 26.7% 12.1% 143.83 23.2% 12.9% 182.18 1.7% 4.1% 71.50 31.2% 6.4% 4,404 28.0% 100% 1,116 20.8% 1005 / 29 965 17.5% 324 63.2% 5,187 27.0% 1,368 28.2% 31.17 29.6% 1% 7.99 12.4% 1% 2102.74 19.2% 48% 547.76 28.9% 49% 340 64.2% 7.7% 15 -72.2% 1.3% 783.03 21.9% 18% 252.04 75.3% 23% 3256.67 23.5% 74% 822.80 30.6% 74% 1,930 33.5% 44% 545 24.7% 49% 1504.89 34.5% 34% 437.09 29.9% 39% 1455.66 34.0% 33% 422.32 27.3% 38% Wind = + = - = - = - 3 2020 Wind = + 2021Q1 3.92 +7.3% +2.3% 2020 Q16 / 29 4 Wind = - / 1.2 2020 2021Q1 2019 40% 32% 2021Q1 28% Q1 1pct 5 Wind “ ” 2020 TOP6 36%/14% 45% 317 / 29 TOP6 33% 5 12% 50% 56% 31% 2 40 32% 28% 11% 10% 13% 6% TOP 6 36% 23% 9% 14% 13% 5% 29% 26% 12% 20% 8% 5% 34% 15% 14% 10% 19% 9% 47% 21% 11% 8% 11% 1% 46% 23% 7% 5% 15% 4% 25% 24% 2% 31% 15% 3% 41% 33% 7% 5% 9% 5% 47% 25% 7% 6% 11% 5% 30% 34% 20% 5% 7% 3% 28% 38% 2% 3% 26% 4% 26% 45% 12% 2% 13% 3% 18% 24% 10% 31% 10% 7% 19% 24% 15% 25% 16% 1% 23% 20% 6% 1% 9% 41% 15% 48% 13% 3% 17% 3% 8% 50% 15% 2% 24% 1% 24% 30% 23% 2% 18% 3% 8% 33% 19% 6% 34% 1% 12% 40% 8% 13% 22% 4% 56% 24% 7% 1% 10% 1% 31% 32% 13% 3% 16% 5% 14% 52% 5% 3% 22% 4% 37% 29% 9% 4% 3% 18% 39% 32% 16% 2% 8% 3% 23% 30% 26% 5% 9% 8% 5% 29% 15% 2% 48% 1% 2% 35% 10% 1% 49% 4% 41% 33% 6% 0% 9% 10% -5% 42% 23% 7% 25% 8% -9% 28% 15% 56% 1% 9% 50% 30% 11% 8% 0% 1% 39% 26% 5% 7% 0% 238 / 29 -28% 89% 7% 11% 17% 3% 27% 33% 10% 2% 26% 1% 40% 32% 27% 20% -24% 5% 22% 29% 32% 1% 9% 7% 85% 10% 2% 6% -6% 3% 2% 37% 5% 24% 31% 1% 47% 25% 16% 6% -3% 9% 36% 27% 18% 4% 12% 3% 16% 42% 11% 4% 21% 6% Wind 1 “ ” 2 2020 15% 18% +45% +20% -1pct 2020 -12% 6% 6 Wind 1.3 ROE 2020 149 +22% 34% 2019 +28.8% 2020 2021Q1 20209 / 29 +311%/+127% 2021Q1 6 +45% Q1 +341% ROE Q1 ROE 10% Top 6 ROE 2020 2021Q1 2020 ROE 10.0% 2021Q1 ROE 10.6% 2020 ROE 15.3% 2020 ROE 14.3%/12.0% 3 ROE 40 2019 2020 2021Q1 YOY ROE YOY ROE YOY ROE 1086.66 69.8% 6.97% 1455.66 34.0% 8.35% 422.32 27.3% 8.95% 542.12 55% 7.8% 672.52 24% 8.8% 216.56 45% 10.63% 122.3 30.2% 7.77% 149.0 21.9% 8.68% 51.6 26.7% 11.24% 86.4 28.8% 6.62% 111.2 28.8% 8.09% 44.1 141.6% 12.66% 95.2 82.7% 7.81% 108.8 14.2% 7.78% 36.2 58.5% 9.34% 90.0 78.9% 7.97% 108.2 20.2% 8.60% 33.1 14.6% 10.14% 75.4 75.3% 8.55% 100.4 33.2% 10.60% 25.4 22.7% 10.24% 55.0 78.2% 10.56% 95.1 72.8% 15.30% 17.2 -11.7% 10.05% 72.8 64.6% 8.79% 94.9 30.3% 9.95% 26.1 45.3% 9.79% 57.4 37.9% 7.52% 77.7 35.4% 9.05% 24.3 22.3% 10.87% 52.3 81.1% 7.64% 72.4 38.5% 9.52% 19.9 13.2% 9.38% 42.4 21.4% 9.37% 72.1 70.0% 12.02% 18.8 46.9% 10.23% 49.1 43.4% 9.04% 66.2 34.7% 9.65% 16.8 18.3% 8.25% 17.6 1202.2% 5.27% 40.0 127.1% 11.09% 12.0 340.6% 12.49% 24.4 97.8% 4.61% 27.2 11.8% 4.77% 11.8 44.7% 7.74% 22.5 122.9% 6.86% 25.3 12.3% 7.52% 6.7 -11.3% 7.94% 5.7 449.7% 1.20% 23.3 311.0% 4.67% 7.0 -36.9% 5.29% 18.7 128.7% 9.14% 22.9 22.3% 10.23% 4.5 130.7% 7.63% 16.7 547.7% 6.11% 20.9 25.2% 7.31% 7.0 64.5% 9.54% 14.3 69.4% 7.53% 19.0 32.7% 9.28% 3.2 -14.4% 5.97% 13.0 28.5% 6.46% 18.6 43.4% 8.63% 4.8 0.1% 8.41% 10.4 189.4% 5.05% 17.1 64.6% 6.99% 4.2 14.1% 6.08% 9.7 31.3% 6.79% 16.3 68.2% 9.51% 4.2 31.9% 8.61% 12.2 21.1% 6.11% 15.4 26.1% 7.43% 2.5 -19.0% 4.72% 9.9 69.4% 5.93% 15.0 51.3% 8.58% 3.0 -17.7% 6.67% 8.4 116.7% 6.79% 14.1 68.7% 10.17% 2.3 -51.7% 6.44% 9.1 36.4% 3.70% 13.7 49.8% 4.92% 3.3 18.0% 4.30% 10.1 234.2% 6.58% 13.3 32.4% 8.27% 3.4 1.4% 8.04% 11.1 100.2% 8.59% 12.7 14.4% 9.12% 1.8 -44.2% 4.85% 6.1 204.4% 3.48% 11.2 83.1% 5.12% 2.6 3.0% 4.0010 / 29 10.1 52.4% 2.64% 11.0 8.8% 2.81% 8.9 134.5% 8.89% 10.4 359.4% 5.46% 10.9 4.7% 4.88% 2.5 21.5% 3.91% 8.0 13.2% 6.44% 8.8 10.6% 6.37% 2.6 -19.6% 6.91% 5.1 312.6% 5.75% 8.1 58.4% 7.08% 0.1 -94.1% 0.40% 4.4 28.1% 9.39% 8.1 84.0% 14.31% 1.8 10.6% 12.05% 7.1 206.2% 6.55% 8.1 14.1% 6.02% 1.8 -23.5% 4.45% 5.1 130.1% 4.07% 7.5 47.2% 5.08% 1.3 -38.5% 3.18% 4.9 566.8% 3.54% 7.3 48.7% 4.47% 1.7 -42.1% 3.75% 5.2 930.6% 6.63% 5.9 12.8% 6.30% 1.6 -31.4% 5.90% 3.1 1.6% 2.52% 4.5 47.8% 3.08% 0.9 10.5% 2.03% 0.6 -11.5% 0.59% 1.0 79.1% 0.91% 1.2 -280.2% 3.60% 4.6 4.49% -7.6 -264.3% -7.62% 0.0 -95.2% 0.19% Wind 2021Q1 4.9/4.1/4.1 4 TOP6 2018 21.7% TOP 6 8.1% 4 2018 2019 2020 2021Q1 2018 2021Q1 2019 2021Q1 2020 2021Q1 3.63 4.14 4.68 4.90 35.1% 18.4% 4.7% 3.00 3.46 4.36 4.07 35.6% 17.5% -6.7% 4.27 4.36 3.82 3.82 -10.5% -12.4% -0.1% 2.99 3.85 4.50 4.60 53.7% 19.2% 2.2% 3.89 3.45 3.61 3.80 -2.4% 10.0% 5.1% 3.17 3.76 3.92 4.09 29.1% 8.8% 4.5% TOP 6 3.50 3.87 4.20 4.26 21.7% 10.2% 1.5% TOP 6 3.39 3.44 3.55 3.66 8.1% 6.3% 3.0% 3.44 3.63 3.83 3.92 14.0% 7.9% 2.3% TOP 6 2.64 2.01 2.06 2.94 4.09 103.7% 98.5% 2.28 2.46 2.41 3.37 3.26 32.5% 35.2% 3.09 3.49 3.34 3.91 4.01 15.0% 20.1% 3.76 3.36 4.08 4.38 4.49 33.5% 9.9% 4.28 4.14 3.74 4.45 4.46 7.8% 19.3% 3.16 3.48 3.66 3.89 4.39 26.0% 19.7% 3.42 2.94 2.94 3.48 3.62 22.9% 23.3% 2.28 2.32 2.63 2.96 3.28 41.3% 24.9% 3.98 4.01 3.90 3.19 3.50 -12.8% -10.411 / 29 2.95 2.95 3.32 4.28 4.06 37.6% 22.4% Wind 2 2.1 2020 7 2020 185%/554% +18%/+24% 2020 2021Q1 9042/10169 +62.0%/+11.4% 2020 2021Q1 1140/314 +53.7%/+14.6% Q1 +15% 7 8 2020 +62.0% Wind Wind 2020 2021Q1 0.0264%/0.0259% -8.7%/-6.9% 2020 134 +149% 2019 1.5% 3.012 / 29 9 Wind Q1 6 2020 64% 62% 40% 6 +180% 5.3% 9.5% 200% Q1 5 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 29.30 44.85 6.32 11.23 8.03 19.65 3.38 4.61 27.22 32.22 74.25 112.57 30.28 47.59 4.51 8.69 1.76 5.87 1.94 2.83 1.44 2.22 39.93 67.20 31.71 45.48 4.51 8.44 1.83 5.91 3.20 4.18 0.73 1.71 41.98 65.72 31.67 45.34 4.29 7.49 1.73 4.98 2.43 4.11 0.97 2.69 41.08 64.60 22.72 32.90 5.53 8.46 0.51 1.23 2.99 4.04 3.97 5.45 35.71 52.08 40.66 59.46 4.77 7.43 1.32 4.78 4.11 4.80 5.42 7.84 56.28 84.32 6 186.34 275.61 29.93 51.73 15.18 42.41 18.05 24.59 39.73 52.13 289.22 446.48 39.46% 39.85% 8.51% 9.98% 10.82% 17.45% 4.55% 4.10% 36.66% 28.63% 100.00% 100.00% 75.83% 70.82% 11.31% 12.93% 4.41% 8.73% 4.86% 4.22% 3.60% 3.30% 100.00% 100.0013 / 29 75.54% 69.20% 10.73% 12.84% 4.36% 8.99% 7.63% 6.37% 1.73% 2.60% 100.00% 100.00% 77.09% 70.18% 10.44% 11.59% 4.20% 7.70% 5.92% 6.36% 2.35% 4.17% 100.00% 100.00% 63.62% 63.16% 15.49% 16.25% 1.42% 2.37% 8.37% 7.77% 11.11% 10.46% 100.00% 100.00% 72.26% 70.52% 8.47% 8.81% 2.35% 5.67% 7.30% 5.70% 9.63% 9.30% 100.00% 100.00% 6 64.43% 61.73% 10.35% 11.59% 5.25% 9.50% 6.24% 5.51% 13.74% 11.68% 100.00% 100.00% YOY 53.1% 77.7% 144.5% 36.6% 18.4% 51.6% 57.2% 92.5% 233.4% 46.1% 54.4% 68.3% 43.4% 87.3% 222.8% 30.6% 135.4% 56.6% 43.2% 74.6% 188.4% 69.1% 178.7% 57.3% 44.8% 53.0% 143.1% 35.4% 37.3% 45.8% 46.2% 55.7% 262.3% 17.0% 44.7% 49.8% 6 47.9% 72.9% 179.5% 36.3% 31.2% 54.4% 2020 53% +8pct 25% 37% 6 2017 2018 2019 2020 42.8% 51.4% 45.3% 53.3% 21.1% 22.7% 21.5% 25.5% 24.9% 25.2% 26.4% 34.2% 28.9% 34.3% 26.6% 31.1% 28.1% 30.1% 24.5% 36.9% 17.9% 18.2% 19.1% 26.1% 48.2% 45.2% 38.6% 51.614 / 29 2.2 IPO 2020 IPO Q1IPO IPO IPO 2020 2021Q1 +39.4%/+34.2% Q1IPO 2020Q1 2021Q1 -32% 2020 2021Q1 +29.3%/+11.4% 2021 IPO 7 Q1 IPO 2021Q1 2020 YOY YOY 761 -3.2% 4,700 85.5% 2,246 26.3% 9,043 -4.8% 3,007 17.3% 13,743 14.2% 803 45.0% 2,486 0.4% 47 -57.9% 460 -44.7% 2,002 -40.7% 10,586 131.2% 4,368 34.2% 21,505 41.4% 854 20.3% 3,929 9.0% 7,675 13.6% 33,369 30.8% 205 -50.9% 1,036 -20.6% 646 -18.5% 3,272 28.6% 461 17.8% 1,659 23.4% 12 N/A 9 2.4% 150 N/A 852 -32.1% ABS 3,629 53.8% 19,646 10.7% 20,851 11.4% 98,809 29.3% Wind IPO IPO 2020 IPO IPO 16 2019 15 2021Q1 IPO 86 2020 IPO 164 +471% 2020 IPO +398% 8 IPO 2020 2021Q1 IPO YOY IPO IPO YOY IPO 836.57 376% 39 56.99 -82% 7 607.79 1648% 25 86.05 - 11 488.98 -19% 30 40.92 -70% 515 / 29 444.94 -2% 39 95.51 23% 8 240.26 258% 21 64.17 - 8 216.86 191% 22 15.42 -33% 3 164.34 471% 19 25.77 -53% 5 142.66 0% 17 35.23 116% 5 120.61 161% 23 17.62 41% 3 107.55 398% 18 16.69 -39% 2 94.49 40% 12 4.76 -40% 2 93.33 597% 10 16.67 - 3 89.33 484% 13 15.99 80% 3 86.04 2% 12 45.74 628% 3 72.69 1224% 5 3.63 - 1 63.48 103% 7 20.98 - 2 Wind IPO IPO TOP3 73 45 43 TOP3 26 13 12 TOP3 31 28 25 IPO 9 IPO IPO 1 73 16 31 26 2 45 8 25 12 3 43 6 28 9 4 38 11 14 13 5 35 4 25 6 6 30 5 13 12 6 30 6 13 11 8 26 4 17 5 8 26 2 19 5 10 23 5 13 5 Wind 2021 5 916 / 29 10 IPO 11 IPO Wind ( ) Wind ( ) 2020 2021Q1 4.16/0.94 +26%/+8% 2020 +212% +99%/+76% 2021Q1 10 2020 2020 YOY 2021Q1 YOY 5,245.88 19% 952.86 -28% 3,687.32 36% 820.55 -5% 2,300.19 28% 593.40 43% 2,246.85 16% 556.56 -10% 1,764.14 15% 354.65 20% 1,643.30 29% 315.83 24% 1,284.17 76% 360.34 67% 1,116.34 74% 262.70 36% 972.41 -11% 282.54 25% 949.71 4% 226.34 39% 927.94 64% 227.63 21% 897.58 99% 384.26 137% 878.69 32% 218.96 -7% 744.96 46% 155.25 -28% 740.14 21% 116.87 -28% 704.39 212% 154.10 161% 688.31 -11% 132.12 -40% Wind 2020 2020 717 / 29 IPO 2020 IPO 63% 2019 31% 2021Q1 IPO 12 2020 IPO 13 2020 Wind Wind 1 2 14 2020 Wind 2.3 2020 2021Q1 389/115 +23.8%/+34.7% Q1 +5% 202018 / 29 -21% 2020 2.1 +6.7% 15 2020 +6.7% 16 2020 2021Q1 +23.8%/34.7% Wind Wind CR10 2020Q4 CR10 2.6 +22% +115% 2019 10 +52%/+48% Q4 6647 11 2020Q4 YOY 2019Q4 YOY 6646.57 48% 4,506 -25.2% 3327.61 -21% 4,219 36.1% 2760.25 52% 1,814 78.5% 2647.28 5% 2,522 11.4% 2432.6 115% 1,134 -18.8% 2306.05 30% 1,770 -32.1% 2002.43 18% 1,695 10.0% 1522.33 29% 1,184 36.1% 1263.66 8% 1,171 3.4% 1163.52 -14% 1,356 -1.4% 10 26,072 22% 21,372 0.2% 2.4 2020 2021Q1 +13.87%/-0.90% -8.43pct/+8.93pct +2.97%/+0.9519 / 29 -1.7pct/-1.63pct 2020 2021Q1 5.06%/4.09% -0.14pct/-0.25pct 2020 2021Q1 ( ) +15.4%/+15.8% Q1 -4% 17 2020 2021Q1 Wind (1) = / (2) = - + (3) = + + 2020 +20% Q1 +24% 3 23% 18% 18 2020 2021Q1 Wind 202020 / 29 2021 2 5876 /8119 +13%/+7% 2019 2020 79%/50% 2020 2020 30% 19 2020 20 2020 Wind Wind 21 1 2020 IPO 2020 PE +77%/+158% 2 PE PE 2020 23.50 +35% 22% 2020H1 17.59 12% 321 / 29 12 2020 PE 2018 2019 2020 2020 -0.46 17.38 23.50 22% 1.88 8.78 15.12 14% 3.49 2.19 9.21 9% 7.2 8.95 12% -0.47 10.88 8.42 6% 5.63 2.25 3.61 13% 0.88 1.54 1.74 2% 1.13 0.71 1.29 3% 0.06 0.88 1.28 1% 0.29 1.51 1.28 9% 12.42 53.35 74.39 9% YOY 271% 39% 13 2020 2018 2019 2020 2020 6.03 13.02 17.59 12% -4.18 4.14 9.69 9% 2.55 6.53 9% 0.33 3.00 5.63 6% 0.78 1.07 4.81 5% 0.22 -0.19 4.21 4% 0.02 1.06 3.51 3% 0.24 0.70 3.27 3% 0.38 2.73 3.12 14% 0.23 0.68 2.70 16% 4.05 28.77 61.07 7% YOY 548% 112% 14 2018 2019 2020 2021Q1 4.38% 7.05% 12.45% 16.61% 8.66% 10.57% 9.32% 8.46% 7.52% 9.98% 13.31% 2.48% 6.68% 7.94% 10.58% 0.41% 6.39% 7.19% 9.59% 5.75% 7.19% 6.52% 8.69% 4.90% 7.96% 6.46% 8.61% 3.25% 3.99% 6.34% 8.4522 / 29 7.07% 7.33% 6.10% 8.14% 4.75% 6.08% 4.13% 7.51% 5.38% 3.27% 3.59% 5.59% 5.25% 7.00% 2.98% 5.20% 5.06% 4.09% 4.71% 6.20% 5.00% 6.66% 3.59% 7.59% 4.93% 6.57% 2.87% 2.14% 4.93% 6.57% 5.23% 5.25% 4.88% 6.51% 0.00% 5.37% 4.79% 6.38% 5.66% 7.22% 4.59% 6.12% 4.94% 6.18% 4.57% 6.09% 6.05% 5.18% 4.49% 5.99% 3.97% 5.45% 4.46% 5.95% 2.56% 7.34% 4.36% 5.81% 6.51% 4.32% 2.49% 4.56% 3.49% 4.26% 5.67% 5.52% 3.30% 4.21% 5.61% 3.90% 5.61% 4.02% 5.37% 1.38% 5.98% 3.74% 4.98% 4.65% 7.09% 3.69% 4.92% 3.11% 4.86% 3.65% 4.87% 3.65% 4.65% 3.54% 4.72% 2.06% 5.31% 3.24% 4.32% 3.40% 5.79% 3.09% 4.12% 3.91% 4.88% 2.89% 3.85% 1.97% 4.83% 2.88% 3.84% 2.47% 4.60% 2.79% 3.72% 1.16% 3.34% 2.41% 3.22% 2.86% 4.63% 2.07% 2.76% 4.49% 1.54% 0.66% -0.37% 7.38% 1.38% 1.83% 3.25% 2.22% 1.11% 1.48% Wind 15 2018 2019 2020 14.7% 59.7% 19.5% 52.5% 32.7% 37.6% 15.7% 56.7% 15.8% 54.5% 18.6% 49.8% 11.4% 65.7% 14.1% 70.9% 20.1% 64.7% 13.9% 57.1% 14.2% 58.7% 13.3% 56.2% 9.9% 73.0% 10.3% 75.7% 12.2% 70.4% 8.5% 61.3% 9.3% 67.3% 10.5% 72.123 / 29 34.6% 52.1% 37.3% 39.7% 9.8% 68.1% 14.0% 67.7% 14.7% 65.2% 1.6% 77.2% 1.9% 81.4% 6.8% 78.7% 10.5% 70.8% 10.3% 54.7% 10.5% 51.3% 5.3% 61.1% 7.3% 74.2% 8.1% 82.5% 2.3% 51.0% 21.6% 53.1% 18.4% 55.1% 8.4% 74.3% 18.4% 70.8% 17.1% 69.2% 10.8% 51.4% 8.8% 49.4% 12.6% 52.9% 4.0% 81.0% 5.0% 84.0% 9.8% 76.4% 7.9% 67.8% 16.1% 62.2% 19.1% 60.7% 5.5% 54.7% 11.1% 46.0% 7.8% 69.4% 0.5% 73.6% 9.9% 71.8% 15.0% 62.2% 1.3% 51.4% 3.7% 91.9% 8.6% 82.2% 2.8% 69.9% 10.8% 64.5% 12.5% 65.0% 0.9% 85.6% 3.2% 87.2% 5.6% 86.0% 6.7% 70.2% 12.8% 70.8% 11.4% 75.9% 8.4% 67.6% 6.6% 67.3% 7.7% 64.3% 9.5% 61.9% 17.8% 66.8% 12.5% 60.7% 11.9% 72.1% 12.6% 68.2% 13.0% 62.8% 3.1% 88.5% 3.7% 78.1% 6.0% 72.3% 16.8% 63.6% 20.7% 63.2% 26.2% 58.4% 3.1% 78.1% 6.9% 82.0% 4.9% 73.2% 11.4% 66.6% 7.8% 81.5% 5.0% 85.7% 2.2% 67.3% 7.8% 71.7% 5.5% 60.3% 6.1% 64.7% 9.7% 64.5% 10.0% 67.4% 3.3% 34.9% 5.2% 42.5% 6.3% 58.7% 3.4% 85.7% 5.2% 90.7% 4.2% 91.1% 3.7% 68.5% 2.9% 72.1% 5.3% 66.5% 29.8% 46.9% 30.2% 49.9% 25.3% 45.4% 20.3% 2.1% 1.4% 73.4% 6.8% 84.2% 3.5% 75.7% 12.4% 58.2% 5.9% 63.6% 5.3% 66.5% 6.8% 105.0% 4.8% 88.9% 13.3% 76.7% 12.7% 638.3% 9.7% 66.6% 14.2% 63.9% 17.8% 69.6% Wind 2.5 2020 2021Q1 534/144 +27%/+23% Q1 +9% 2021 4 1.7 +2% 2.5424 / 29 2 2019 2021 4 1517 +11% 9% +0.71 2021Q1 -5% -6% 22 23 Wind Wind 24 Wind 2020 Q1 2020 -7% Q1 2020 2021Q1 2.88%/2.94% -24%/-1525 / 29 25 2020 Q1 Wind 16 2017/12/31 2018/12/31 2019/12/31 2020/12/31 2021/3/31 54.2% 52.7% 58.7% 59.1% 57.6% 30.3% 33.6% 39.0% 37.9% 39.3% 15.6% 10.3% 10.9% 13.6% 11.6% 4.9% 5.6% 5.8% 5.0% 4.0% 3.4% 3.2% 2.9% 2.6% 2.7% 45.8% 47.3% 41.3% 40.9% 42.4% 1.8% 2.5% 1.9% 1.5% 1.4% 44.0% 44.9% 39.4% 39.4% 41.0% 100.0% 100.0% 100.0% 100.0% 100.0% Wind = + + + + + 3 2021 +13.3% 1 2 2021 +13.3% ROE 8.3% 2021-2023 1649/1998/2361 +13.3%/+21.1%/+18.2% ROE 8.33%/9.05%/9.68% 17 2021 +13.3% 40 2019 2020 2021Q1 2021 E 2022 E 2023 E 742 1140 314 1,092 1,198 1,29826 / 29 YOY 19.4% 53.7% 14.6% -4.2% 9.7% 8.3% 5,580 9,042 10,169 8,590 9,363 10,206 YOY 35.5% 62.0% 11.4% -5.0% 9.0% 9.0% 416.39 580.44 120.56 669 791 944 YOY 23.4% 39.4% 34.2% 15.3% 18.2% 19.4% 314.41 389.17 114.51 471 598 75

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