2021 S0790520050001 S0790120110033 2021 9 131. ( + ) (H ) 2. ROE 2021H1 40 +28.4% ROE10.24% 2020H1 1.0pct ROE 1 2 IPO IPO 3 4 5 3.1 2021 2 3 目 录 CONTENTS 41.1 Wind +16% 9 5 1.1 +17.1% 8 1.4 2020 7 A 33 2021 8 1.87 +16% 2.67% +0.14pct 1 2 Wind1.1 Wind 2021 2022 +30%/22% 6 6 2400 7 13.8 +17% + 7.67 +19% 3 41.1 Wind 2021H1 2020 2021 2021H1 40 + + 44% 16% 2pct +136%/+64% 1 2021H1 YOY 2021H1 YOY 1.96 5% 56% 2% 47% 7% -17% 4.43 85% 53% 4% 47% 2% 25% 13.85 120% 51% 6% 21% 25% 77% 9.81 97% 40% 6% 32% 2% 51% 2.34 14% 34% 2% 32% 1% 60% 1.05 -40% 32% 3% 0% 29% -19% 16.59 29% 28% 4% 19% 5% 2% 1.95 14% 28% 3% 17% 8% 5% 1.24 25% 27% 3% 15% 9% -24% 5.77 11% 25% 10% 6% 10% 5% 13.20 44% 23% 3% 13% 6% 33% 2.65 50% 19% 8% 3% 7% 51% 1.92 28% 18% 5% 3% 11% 27% 20.58 74% 17% 6% 5% 6% 37% 1.03 -19% 17% 6% 0% 11% 81.1 2021H1 ROE 10% Wind 2021H1 ROE 10% 2021H1 40 3053 +27.5% 978 +28.4% 2019 ROE 2021H1 ROE10.24% Wind 5 2021H1 +28% 6 2021H1 ROE 101.2 Wind = - 300 8 300 9 3 96% 8 9pct 7 81.2 Wind 9 3 PB1.73 PE19 2013 6 PB1.47 2021 Wind 8 PB 9 PE1 2021 2 3 目 录 CONTENTS 42.1 2021H1 Wind 2021H1 40 3053 +27.5% 978 +28.4% 6 +31.4% 25.7% +642%/+160%/+103% 2:2021H1 2020 2020 2021H1 2021H1 543.83 26.1% 149.02 21.9% 377.21 41.0% 121.98 36.7% 382.20 11.0% 108.75 14.2% 234.71 32.0% 81.70 49.0% 352.00 17.5% 111.22 28.8% 219.18 38.6% 80.13 46.9% 314.45 26.5% 108.22 20.2% 182.33 17.3% 77.70 21.3% 291.53 27.8% 100.38 33.2% 180.07 26.8% 58.88 2.4% 242.78 29.8% 94.92 30.3% 143.42 24.7% 57.45 32.6% 236.60 50.2% 72.07 70.0% 144.61 37.8% 50.07 64.1% 187.84 33.3% 66.16 34.7% 103.21 28.4% 47.90 62.6% 233.51 70.5% 95.09 72.8% 123.26 24.5% 45.29 -1.1% 294.09 19.6% 77.66 35.4% 160.79 20.1% 45.21 12.0% 237.49 39.4% 72.44 38.5% 151.40 35.0% 42.55 19.8% 231.34 21.4% 27.23 11.8% 132.77 37.9% 27.00 77.0% 175.80 23.4% 40.03 127.1% 101.49 22.4% 24.39 50.6% 158.66 57.8% 23.34 311.0% 79.99 26.7% 22.62 5.1% 103.52 6.6% 25.25 12.3% 57.61 20.0% 17.01 23.0% 77.84 10.7% 20.85 25.2% 42.64 28.1% 14.24 51.32.1 ROE Wind 2021H1 40 ROE10.24% 2020H1 1.0pct, 6 2021H1 ROE11.7% 1.8cpt 2021H1 ROE 13.5%/13.3%/13.2% +3.1pct/+0.9pct/+2.6pct 10 2021H1 ROE2.1 Wind 2021H1 +28.1%/+25.8%/+24.1% 2021 2020 2021H1 2021H1 2021Q1 Q1 Q2 2021H1 Q1 6pct 3pct/1pct/1pct 3:2021H1 2020 2020-YOY 2021Q1 2021Q1-YOY 2021H1 2021H1-YOY 1,140 53.7% 314 14.6% 614 24.1% 580 39.4% 121 34.2% 264 25.8% 389 23.8% 115 34.7% 230 28.1% 1,578 15.4% 352 15.8% 942 12.8% 534 26.7% 144 23.2% 298 20.8% 182 1.7% 71 31.2% 141 28.5% 11 2021H1 Wind2.2 Wind 2021H1 0.0252% -9.2% 2021H1 40 81.87 136% 13.3%, 6.31pct 2020 20% 4:2021H1 12 2021H1 YOY pct YOY pct 8.32 62% 12.3% 2.1 14.28 104% 21.2% 7.2 4.66 36% 11.0% 1.6 4.45 481% 10.5% 8.4 1.76 28% 4.9% 0.4 3.54 173% 9.8% 5.6 5.37 52% 15.2% 2.8 5.17 191% 14.6% 8.4 4.94 36% 14.1% 1.7 3.99 111% 11.4% 4.9 4.10 35% 11.7% 0.8 4.06 119% 11.6% 4.9 2.67 75% 8.3% 2.8 4.70 95% 14.6% 5.9 4.05 32% 14.2% 1.8 2.06 198% 7.2% 4.4 5.35 117% 19.1% 6.8 5.99 119% 21.4% 7.7 5.38 89% 19.3% 5.1 4.59 192% 16.5% 8.6 5.13 39% 19.5% 3.0 1.43 250% 5.4% 3.6 3.32 30% 16.6% 0.6 4.36 62% 21.8% 4.9 2.94 14% 16.2% 0.1 1.16 133% 6.4% 3.3 4.60 29% 28.8% -1.7 3.14 111% 19.7% 6.9 3.90 38% 24.7% -1.3 2.99 159% 18.9% 8.3 1.60 500% 17.4% 13.0 2.08 212% 22.7% 11.6 Wind2.2 5 2017 2018 2019 2020 2021H1 2021H1 pct) 42.8% 51.4% 45.3% 53.3% 61.1% 7.9 21.1% 22.7% 21.5% 25.5% 28.9% 3.3 24.9% 25.2% 26.4% 34.2% 29.5% -4.7 28.9% 34.3% 26.6% 31.1% 37.3% 6.1 28.1% 30.1% 24.5% 36.9% 40.2% 3.3 17.9% 18.2% 19.1% 26.1% 31.3% 5.3 48.2% 45.2% 38.6% 51.6% 55.1% 3.5 2021H1 61.1%/55.1% 2021H1 +7.9pct/+6.1pct2.3 IPO Wind 2021H1 40 264 +25.8% 33.07 26.94 25.25 +245% 2021H1 5989 12% IPO 51% 1% 49765 15.6% 8 31 IPO 80 6 7 IPO 2021H1IPO 2020H1IPO YOY 362.29 104.90 245% 165.29 43.32 282% 165.09 49.88 231% 159.73 407.73 -61% 130.75 171.31 -24% 114.91 - - 71.39 25.26 183% 70.99 54.66 30% 67.96 57.96 17% 67.82 34.31 98% 65.36 34.78 88% 63.46 9.67 557% 60.59 21.35 184% 57.83 8.46 584% 34 25 14 7 80 30 15 5 4 54 30 11 7 5 53 17 14 11 9 51 16 16 5 2 39 22 6 4 3 35 15 15 3 1 34 20 3 7 30 16 5 1 6 28 9 4 10 23 10 1 2 4 17 10 4 2 16 9 2 2 2 15 10 1 3 14 Wind2.4 Wind 2021 6 83354 -3% 51562/26254 -13%/+26% 24% 31% 2021H1 40 64% 5.5% 7.0% 47% 30% 13 8 2021H1 Wind 1 2 2021H1 YOY 2021H1 YOY 47% 51% 0.73 109% 26.10% 4.92 12% 47% 49% 7.20 104% 47.06% 0.83 66% 32% 51% 13.76 128% 9.15% 8.37 41% 32% 44% 4.92 12% 21% 35% 15.70 141% 17.65% 0.83 66% 19% 55% 12.72 40% 22.65% 18.41 76% 17% 57.60% 0.47 123% 18.90% 4.92 12% 15% 51% 1.34 120% 13% 49% 8.05 61% 45.00% 7.84 75% 9% 67% 0.73 55% 27.78% 12.42 98% 6% 50% 6.14 62% 6% 55% 1.77 107% 25.00% 1.77 17% 6% 49% 2.03 60% 41.16% 8.37 41% 5% 62% 10.49 40% 5% 28% 12.42 98% 51.00% 1.72 252.5 Wind 2021 8 1.87 2020 15.6% +15.2% +20.4% 8 8.8% 2020 0.3pct 2020 A 4865 2020 15.92% 2017 2021H1 25.49 78% 14 15 Wind2.6 Wind 2021H1 4.4 +8.7% -6.8%/+5.7% 6 15%/68% -3%/-2% 2021 2.19% 2021H1 5.26% -0.27pct 2021H1 13.36%/13.35%/9.91% 16 17 Wind1 2021 2 3 目 录 CONTENTS 43 Wind 10 PEG PE 10 PE PEG 1.2-2 P/AUM AUM PE 1980 -2000 20 25%CAGR AUM PEG 2 AUM 5 25% CAGR CAGR 25% 1.2-2.0 PEG PE 30-50 PE 30-40 9 PE-TTM 20 P/AUM PE-TTM( AUM 10 PEG 2019 2020 5 10 5 10 1,424 1.64% 18.9 23.5 25.9 13.3% 9.3% 8.1% 9.1% 2.85 192 1.05% 24.8 24.2 28.7 13.0% 14.3% 13.1% 2.20 496 3.37% 15.1 16.5 17.0 14.0% 11.8% 14.2% 13.4% 1.27 115 0.85% 17.3 16.2 11.1 11.7% 8.2% -4.7% 5.0% 2.20 851 14.14% 19.8 601.8 61.0 17.3% -156.4% 10 283 2.39% 19.4 21.9 17.6 13.0% 11.8% 5.6% 9.1% 1.93 AUM top5 557 1.73% 19.0 20.1 20.7 13.0% 9.8% 8.53 Wind PE PEG 1.2-2 PE PE CAGR AUM CAGR AUM PE 2000-2005 CAGR22% PE 25.1 1990-2000 CAGR 29%/45% PE 20.9/24.5 2010 PE / / PE 18.8/17.2/26.2 10 PE CAGR AUM CAGR PE AUM CAGR CAGR PEG 10 2000-2005 25.1 17.3% 21.8% 1.15 4.68% 2010-2020 18.8 9.3% 9.1% 2.06 2.23% 1990-2000 20.9 29.0% 0.72 6.66% 2000-2010 23.6 11.2% 9.5% 2.47 4.27% 2010-2020 17.2 11.8% 13.2% 1.31 2.23% 1990-2000 24.5 45.4% 0.54 6.66% 2000-2010 28.0 -4.5% -6.25 4.27% 2010-2020 26.2 15.6% 21.9% 1.19 2.233 Wind ROE ( + ) (H ) 19 ROE Wind 18 ROE3 Wind ROE/PB 2021H1 2021H1 ROE PB 2021H1 PE-TTM 8.67% 46.9% 11.56% 1.18 12.12 8.18% 49.0% 10.49% 1.13 13.17 7.89% 21.3% 11.87% 1.28 13.93 7.28% 19.8% 9.78% 1.22 14.28 6.74% 12.0% 10.01% 1.58 17.69 6.41% 5.4% 8.32% 1.24 15.57 6.40% 51.3% 9.69% 1.49 17.25 6.38% 50.6% 12.74% 1.96 15.76 6.15% 32.6% 10.80% 1.60 15.74 6.01% 36.7% 13.22% 1.86 19.13 5.79% 2.4% 11.87% 1.77 17.45 5.77% 62.6% 11.10% 1.29 13.95 5.25% 1.4% 8.91% 1.58 19.50 4.85% 102.7% 6.48% 1.82 42.11 4.83% 0.8% 8.59% 1.22 14.05 11 ROE/PB3 Wind 2021H1 2021E PE 1 2021E PB 2 9 9 13.85 29.09 30 873 630 569 1 569 1,442 1,288 12% 16.59 34.84 30 1,045 1,037 838 1 838 1,883 1,821 3% 10.59 22.24 30 667 1,639 1,515 1 1,515 2,182 1,636 33% 11.69 24.54 30 736 1,381 1,247 1 1,247 1,983 1,665 19% 7.27 15.26 30 458 1,454 1,317 1 1,317 1,774 1,645 8% 9.81 20.61 30 618 403 337 1 337 955 753 27% 13.20 27.72 30 831 1,105 958 1 958 1,789 1,688 6% 20.58 43.22 30 1,297 1,964 1,901 1 1,901 3,198 3,455 -7% 5.41 11.36 30 341 821 817 1 817 1,157 2,766 -58% 4.43 9.30 30 279 191 170 1 170 449 388 16% 2.34 4.91 30 147 255 240 1 240 388 379 2% 1.96 4.12 30 124 142 129 1 129 253 330 -23% 12 20 ROE Wind3 Wind EPS PE Wind EPS PE 2021/9/13 2020A 2021E 2022E 2020A 2021E 2022E 300059.SZ 36.16 0.58 0.87 1.11 62.47 41.56 32.58 600958.SH 17.76 0.38 0.78 0.97 46.74 22.77 18.31 000776.SZ 25.00 1.32 1.63 2.00 18.94 15.34 12.50 601688.SH 19.15 1.20 1.48 1.76 15.96 12.94 10.88 000166.SZ 6.55 0.31 0.32 0.35 21.13 20.48 18.70 601377.SH 11.39 0.60 0.74 0.87 19.05 15.46 13.09 3908.HK 23.00 1.60 2.02 2.45 14.39 11.39 9.40 600030.SH 27.19 1.16 1.54 1.87 23.44 17.63 14.51 131 2021 2 3 目 录 CONTENTS 44