2021 S0790520050001 S0790120100011 S0790120110033 2021 5 92020 9 ROE ROE/PB 8.39% ROE 2021-2023 +13.3%/+21.1%/+18.2% ROE 8.33%/9.05%/9.68% 1 2 3 (H ) P/EV 2021 4 30 300 -1.7% -16.3% 300 14.6% 2021 2021M2 M31 2 3 目 录 CONTENTS 41.1 4 30 300 -1.7% -18.2% 17 2021 1 A 2 A 1 Wind 2021 4 30 4 30 % 300 % % 4.72 6.41 22.91 4.00 5.68 22.18 -5.53 -3.85 12.65 -8.78 -7.10 9.40 -9.07 -7.38 9.11 -11.19 -9.50 7.00 -11.60 -9.92 6.58 -13.81 -12.12 4.37 -13.92 -12.23 4.26 -14.29 -12.60 3.90 300 -1.68 -18.18 1 Wind -20% -10% 0% 10% 20% 30% 40% 50% 2020-01 2020-03 2020-05 2020-07 2020-09 2020-11 2021-01 2021-03 3001.1 PB1.54 PE18 2013 2018 PB 1.28 PE14 2 PB Wind 3 PE Wind1.1 2021Q1 0.54% 0.43 A 3.1% 2014 2021Q1 0.37% -30bp 0.06% -10bp/+2bp 4 2021 Q1 Wind 5 Wind1.1 2020 2021 Q1 2020 2021Q1 40 1456/422 +34%/+27% ROE 8.4%/8.9% +19.8%/+9.3% 2020 2021Q1 30% +23.8%/+34.7% +26.7%/+23.2% 2 2020 2021Q1 Wind 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% 100% 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% 381.1 2021Q1 2021Q1 +45% 27% 141.6%/58.5% 2021Q1ROE 10% 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% 584.51 51.6% 7.91% 744.60 27.4% 9.03% 235.32 45.1% 10.60% 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% 72.8 64.6% 8.79% 94.9 30.3% 9.95% 26.1 45.3% 9.79% 75.4 75.3% 8.55% 100.4 33.2% 10.60% 25.4 22.7% 10.24% 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% 55.0 78.2% 10.56% 95.1 72.8% 15.30% 17.2 -11.7% 10.05% 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% 10.1 52.4% 2.64% 11.0 8.8% 2.81% 8.9 134.5% 8.89% 16.7 547.7% 6.11% 20.9 25.2% 7.31% 7.0 64.5% 9.54% 3 2021Q1 Wind1.2 ROE , 2021 IPO ROE 2021 9 IPO 2020/10/21 2020 2020/11/20 2021-2024 “ ” 2025-2027 “ ” 2028-2030 “ ” 2021/2/26 2021/3/13 2035 , , , , 2021/3/20 41.3 Wind 2020 9 1 2 3 0% 20% 40% 60% 80% 100% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 6 2020 9 7 Wind Wind 8 0 500 1000 1500 2000 2500 3000 3500 4000 0 2000 4000 6000 8000 10000 12000 ( ) -1.3 2021Q1 2018 2020Q1 5 2021Q1 Wind 2015 2016 2017 2018 2019 2020 2021Q1 Q1 3.50 3.45 5.94 3.62 3.62 3.62 2.12 1.68 2.88 2.47 2.47 2.47 1.53 0.94 - - 3.76 2.61 2.61 2.61 2.61 - 2.12 1.68 2.88 2.47 2.47 2.47 1.53 0.94 1.67 1.43 2.26 2.00 2.00 2.60 1.71 0.90 2.24 1.88 2.26 2.28 2.28 2.28 2.28 - - 0.87 3.28 1.98 1.98 1.98 1.65 0.33 0.61 0.73 1.47 0.90 0.90 1.14 1.06 0.081.3 2020 11 6 9 Wind -50.00% 0.00% 50.00% 100.00% 150.00% 200.00% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 2011Q1 2011Q3 2012Q1 2012Q3 2013Q1 2013Q3 2014Q1 2014Q3 2015Q1 2015Q3 2016Q1 2016Q3 2017Q1 2017Q3 2018Q1 2018Q3 2019Q1 2019Q3 2020Q1 2020Q3 ROE 10 Wind1.3 ROE 2016-2020 7 ROE/PB 4.38% ROE/PB 5.14% 2016-2020 ROE/PB 14.25% ROE/PB 10.71% ROE 11 2016-2020 ROE/PB 4.38% 12 2016-2020 ROE/PB 14.25% - 0.50 1.00 1.50 2.00 2.50 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 ROE( ) PB- 16 11 2016-2020 PB/ROE 9.70 - 0.20 0.40 0.60 0.80 1.00 1.20 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 2016 2017 2018 2019 2020 ROE PB- Wind Wind1.3 ROE 2009-2020 0.13% 0.03% IPO 2014 6.3% 2020 4.9% 13 14 2014 IPO Wind 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 2014 2015 2016 2017 2018 2019 2020 IPO1.3 ROE ROE ROE 2020 11 6 6 Wind ( ) 2020-07-16 36.45 2020-10-15 43.75 2020-07-13 49.00 2021-03-02 3.65 2020-12-16 75.00 2020-07-17 200.00 2020-07-17 150.00 2020-07-01 42.00 2020-12-08 38.84 2020-01-10 134.60 2021-04-19 81.79 2020-10-30 53.96 2020-07-31 126.83 2020-07-10 37.57 2020-04-02 58.51 2020-03-31 53.25 2020-01-23 39.431.3 ROE 15 16 Wind = *75% /1.3 6 5 7 PB/ROE 8.39% ROE 10% ROE ROE 7 Wind 2021Q1 40 6 4 ROE 8.95% 10.63% 12.08% 15.08% 2021.5.7 PB 1.74 1.27 0.87 1.87 ROE/PB 5.15% 8.39% 13.96% 8.071.4 AUM = * =AUM* AUM 17 Wind -30% -25% -20% -15% -10% -5% 0% 5% 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% YOY- 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 0 500 1000 1500 2000 2017 2018 2019 2020H1 YOY- 18 AUM1.4 2016-2017 15-20 20 2019 0.58% 8 2019 0.48% 0.64% 1.16% 0.58% 1.33% 1.45% 0.23% 1.47% 1.39% 0.24% 0.34% 0.48% 0.47% 1.34% 1.47% - 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 19 Wind1.4 ROE ROE ROE / ROE / / ROE ROE ROE ROE 2020 ROE ROE 37% ROE 41% 20 2020 ROE 21 2020 ROE1.4 ROE ROE 2019 ROE 29.7%/20.5% ROE ROE 2017 2020 ROE 22 ROE 23 ROE1.4 PB 60% 2019 30% 2016 PB 3.4 24 PE Wind 25 PB Wind1.4 A 26 Wind 27 % Wind1.4 28 2020 29 2019 0% 20% 40% 60% 80% 100% 2009 2015 2017 2019 / 301.4 2016 74% 19% 4% AUM AUM 2015AUM AUM 2018AUM AUM 2020AUM AUM 47,496 4.34% 68,021 4.53% 89,418 4.46% 6,600 0.60% 14,168 0.94% 26,248 1.31% 112,500 5.61% 115,900 10.60% 135,100 8.99% 160,000 7.98% 130,000 6.48% 90,819 8.31% 130,040 6.48% 3,540 0.24% 5,340 0.27% 38,956 1.94% 692,502 34.52% 27,093 1.80% 47,134 2.35% AUM 1,000 0.09% 1,100 0.07% 4700 0.23% 330 0.02% 867 0.08% 1,692 0.11% 1528 0.08% 53,692 2.68% 39,000 3.57% 41,000 2.73% 85,000 4.24% 25,783 1.29% 39,200 1.95% 13,700 0.68% 163,683 8.16% 17,316 1.58% 27,946 1.86% 37,406 1.86% 8,545 0.78% 12,332 0.82% 16,480 0.82% 6,357 0.58% 6,998 0.47% 9,657 0.48% 22,878 2.09% 31,057 2.07% 40,964 2.04% 7,428 0.68% 8,955 0.60% 10,889 0.54% 62,524 5.72% 87,288 5.81% 115,396 5.75% 9 2020 AUM 31 2016 1 2020 2 AUM1.4 1700 1000 2020 1300 1700 1090 780 1432 2020H1 1200 184 84 10 Wind 111.4 12 2018 2019 7.04 3.1% 12.39 5.9% 4.81 3.0% 12.02 6.8% 5.80 1.6% 11.39 4.2% 4.60 1.9% 8.54 5.4% 4.85 3.2% 8.34 5.5% 4.28 3.3% 7.78 7.1% 4.60 5.4% 7.70 11.0% 3.79 3.8% 7.52 6.1% 3.60 3.2% 7.42 5.0% 3.99 3.7% 6.40 5.0% 47 2.8% 89 5.81.5 13 2021 +13.3% Wind 40 2019 2020 2021Q1 2021 E 2022 E 2022 E 742 1140 314 1,092 1,198 1,298 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% 314.41 389.17 114.51 471 598 756 YOY 3.0% 23.8% 34.7% 20.9% 27.1% 26.4% 1,367 1,578 352 1,628 2,100 2,573 YOY 89.1% 15.4% 15.8% 3.2% 28.9% 22.6% 5.20% 5.06% 1.02% 4.31% 4.63% 4.66% 421.55 533.93 143.83 546 491 429 YOY 15.1% 26.7% 23.2% 2.3% -10.1% -12.7% 3,440 4,404 1,116 4,616 5,408 6,254 YOY 36.8% 28.0% 20.8% 4.8% 17.2% 15.6% 1763.44 2102.74 547.76 2,170 2,461 2,783 207 340 15 231 270 313 1086.66 1455.66 422.32 1,649 1,998 2,361 YOY 69.8% 34.0% 27.3% 13.3% 21.1% 18.2% 31.6% 33.1% 37.8% 35.7% 36.9% 37.8% 16,196 18,663 19,092 20,946 23,202 25,594 YOY 8.2% 15.2% 17.7% 12.2% 10.8% 10.3% 261 950 100 1,000 700 600 ROE 6.97% 8.35% 8.95% 8.33% 9.05% 9.68% 3.63 3.83 3.92 3.79 4.01 4.291.5 32 PE Wind ROE ROE/PB 8.39% ROE (H )1 2 3 目 录 CONTENTS 42.1 33 2021 4 300 Wind 2021 4 30 2021 4 30 300 -1.7% -16.3% 300 14.6% 2020 1 1 2021 4 30 300 +23.4% -15.3% 300 -38.7% 14.4% 2021 2021M2 M3 34 2021 4 Wind 2021 4 30 -40% -20% 0% 20% 40% 60% 2020 300 -50% -40% -30% -20% -10% 0% 10% 2020-01-02 2020-04-02 2020-07-02 2020-10-02 2021-01-02 2021-04-02 - 300 - 300 0 100 200 352.1 2021 4 2021 4 -13.9% -16.6% -14.3% -16.1% - 7.8% 36 2021Q1 Wind -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 2020-01-02 2020-04-02 2020-07-02 2020-10-02 2021-01-02 2021-04-02 20202.2 2021 2021Q1 2021 4 -13.9% -16.6% -14.3% -16.1% -7.8% 2021Q1 2021M1 2021M2 M3 37 2021Q1 -50% 0% 50% 100% 202001 202004 202007 202010 202101 % -80% -60% -40% -20% 0% 20% 40% % 38 2021Q12.2 2021 2021Q1 2021 4 -13.9% -16.6% -14.3% -16.1% -7.8% 2021Q1 2021M1 2021M2 M3 39 2021M12.2 2021 2021Q1 2021 4 -13.9% -16.6% -14.3% -16.1% -7.8% 2021Q1 2021M1 2021M2 M3 40 2021Q1 41 2021Q1 NBV 0% 5% 10% 15% 20% 25% 30% 35% % -40% -30% -20% -10% 0% 10% 20% 30% 40% 2017A 2018A 2019A 2020A 2021Q1 2.2 2021 2018 83.2% 71.8% 42 2018 0% 20% 40% 60% 80% 100% % 0% 10% 20% 30% 40% 50% % 43 20182.2 2021 2018 83.2% 71.8% 44 800 1.0% Wind 45 2017 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 0 200 400 600 800 1000 2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A % -20% 0% 20% 40% 2.2 2021 + 46 1 1 1 1 1 142.2 2021 + 2018 47 48 2018 + 152.2 2021 2018 16 2018 5 4 2019 8 30 2020 4 1 2020 8 1 2020 11 23 2020 12 14 2020 12 29 2021 1 6 2021 1 11 2021 1 20 2021 2021 1 22 2021 3 22 2021 4 1 2020 2021 4 7 2021 4 8 2021 4 13 2021 4 13 2021 4 222.2 2021 2018-2020 3 3 49 Wind 2021 5 62.2 2021 2021 2020 9 19 20% 2021 10 2021 50 2021Q1 -20% -10% 0% 10% 20% 2017A 2018A 2019A 2020A 2021Q1 % 0% 20% 40% 60% 80% 2019A 2020A 2021Q1 % -30% -20% -10% 0% 10% 20% % 51 52 2021Q12.2 2021 53 2021Q1 -20% 0% 20% 40% 60% 2017A 2018A 2019A 2020A 2021Q1 % 0% 10% 20% 30% 40% 50% 60% 70% 2017A 2018A 2019A 2020A 2021Q1 % 542.2 2021 10 3.2% , 10 3.2% 2021 55 - 10,000 20,000 30,000 40,000 50,000 2018A 2019A 2020A 2021Q1 2.0 3.0 4.0 5.0 10 % 10 750 56 10 3.2% 20202.3 57 2018 3 58 AMS2.3 59 2021Q1 2021 2021Q1 +12.0% +6.2% -8.8% 100% 2021Q1 50% 57.6% 50.0% 2021M10 2020 9 2021M10 60 2021Q1 -20% -10% 0% 10% 20% 30% 2017A 2018A 2019A 2020A 2021Q1 % -100% -50% 0% 50% 100% 2020Q1 2021Q1 2020Q1 2021Q1 2020Q1 2021Q1 2.3 61 P/EV Wind P/EV 17 - 0.50 1.00 1.50 2.00 2.50 3.00 8 PEV PEV EVPS 5 P/EV 2021E 0.86 37.93 1.03 20% 0.76 0.96 72.65 1.23 2% 0.86 0.68 47.74 0.97 7% 0.62 0.62 77.13 0.91 2% 0.53 Wind Wind 2021 5 71 2 3 目 录 CONTENTS 43 18 Wind : 1 EPS Wind 2 H 2021 5 7 1 =0.83 3 EV 2020 12 31 2020A 2021 5 7 2021E 2022E 4 2021 5 7 EPS/EVPS P/E / P/EV 2021/05/07 2020A 2021E 2022E 2020A 2021E 300059.SZ 30.19 0.58 0.80 1.07 52.16 37.74 3908.HK 18.84 1.60 1.81 2.17 11.79 10.39 601377.SH 9.00 0.60 0.71 0.83 15.06 12.66 600030.SH 23.44 1.16 1.44 1.67 20.21 16.31 601211.SH 16.58 1.20 1.48 1.67 13.82 11.24 600958.SH 8.76 0.38 0.59 0.72 23.05 14.95 000776.SZ 14.77 1.32 1.56 1.76 11.19 9.47 601318.SH 70.10 72.65 82.34 93.80 0.96 0.85 1299.HK 84.50 35.28 38.38 42.22 2.40 2.201 2 3 目 录 CONTENTS 44612 A 300 500 buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 2017 7 1 R4 C4 C5 C4 C5