1.1. Table_Title / 2018 Table_Summary 2017 67201762017 201767 1800.39 24.95%230.39 , 18.74%201729% 12.28%1.1452.70% 630%61.35%28.72%0.28%50%30% ROE17.21% ROE2017ROEROE34.41%Table_CompanyFinance EPS PE 2017A 2018E 2019E 2017A 2018E 2019E 27.85 1.19 1.52 1.91 23.40 18.32 14.58 8.09 0.38 0.54 0.68 21.29 14.98 11.90 18.49 0.82 1.10 1.44 22.55 16.81 12.84 14.05 0.60 0.72 0.80 23.42 19.51 17.56 17.88 0.42 0.87 1.30 42.57 20.55 13.75 Table_Invest Table_PicQuote -33%-21%-9%3%15%27%2017/52017/62017/72017/82017/92017/102017/112017/122018/12018/22018/32018/4Table_Trend % 1M 3M 12M -2.35% -12.58% -28.53% 1.64% 1.67% -37.52% Table_IndustryMarket 44 3029 2075 18.98 1.61 976 109 % 56.14 Table_Report 2018-04-22 2018-04-17 PPP2018-04-09 PPP2018-04-01 Table_Author S0550516090002 021-20361113 liujunnesc S0550117050002 021-20361158 maqhnesc / 2018-05-01 2 / 22Table_PageTop 1. 2017 . 32. . 62.1. .62.1.1. . 62.1.2. . 62.1.3. . 72.2. 30% .82.2.1. 38.74% . 82.2.2. 30% . 92.2.3. . 102.3. . 112.3.1. . 112.3.2. ROE . 112.3.3. . 122.4. .132.4.1. . 132.4.2. ROE . 142.4.3. . 152.5. : ROE .152.5.1. . 152.5.2. ROE . 162.5.3. . 172.6. .172.6.1. . 172.6.2. ROE . 182.6.3. . 193. . 19 3 / 22Table_PageTop 1. 2017 2018 4 28 2017 20174 2018 4 300 9.22%18.32% 2531.68% 17.71% 13.00% 12.64% 1 2017 2018 - 3 0 %- 2 0 %- 1 0 %0%10%20%30%40%Wind 67 2017 20171800.39 24.95%620%38.74% 2 2017 3 2017 0%5%10%15%20%25%30%35%0500001000001500002000002500002013 2014 2015 2016 20171 4 .3 8 %3 8 .7 4 %3 4 .1 8 %8 .3 3 %2 7 .8 2 %2 6 .0 2 %0%5%10%15%20%25%30%35%40%45%Wind Wind 4 / 22Table_PageTop 4 2013-2017 0500010000150002000025000300003500040000450002013 2014 2015 2016 2017Wind 2017 230.39 18.74%17.23 28.90 61.35%36.57% 14.59 0.28%2017 5 2017 6 2017 0%5%10%15%20%25%30%35%05000100001500020000250002013 2014 2015 2016 20172 8 . 7 2 % 2 9 . 3 1 %1 7 . 2 1 %- 0 . 2 8 %6 1 . 3 5 %3 6 . 5 7 %- 1 0 %0%10%20%30%40%50%60%70%Wind Wind 5 / 22Table_PageTop 7 0100020003000400050006000700080002013 2014 2015 2016 2017Wind ROE 201729% 1.3 12.80%0.67 2017 1.144.56% 11.85%4.25% 0.04 0.85 0.272017 52.70%ROE 2017 ROE 8.56% 8 9 3 1 . 4 2 % 3 1 . 1 8 %3 2 . 5 6 %3 0 . 3 0 %2 9 . 0 0 %1 7 . 8 1 %1 4 . 6 8 %1 5 . 8 3 %1 3 . 4 7 %1 2 . 8 0 %0%5%10%15%20%25%30%35%2013 2014 2015 2016 20174 . 8 5 % 4 . 9 8 % 5 . 0 7 % 4 . 5 2 % 4 . 2 5 %1 3 . 5 2 % 1 3 . 4 7 % 1 3 . 9 2 %1 2 . 7 0 %1 1 . 8 5 %3 . 9 5 %4 . 8 9 %5 . 2 1 %4 . 6 0 %4 . 5 6 %- 3 %2%7%12%17%22%27%2013 2014 2015 2016 2017Wind Wind 6 / 22Table_PageTop 10 11 ROE 4 6 . 6 5 %4 9 . 9 8 %4 8 . 3 2 %5 1 . 4 4 %5 2 . 7 0 %4 4 . 0 0 %4 5 . 0 0 %4 6 . 0 0 %4 7 . 0 0 %4 8 . 0 0 %4 9 . 0 0 %5 0 . 0 0 %5 1 . 0 0 %5 2 . 0 0 %5 3 . 0 0 %5 4 . 0 0 %2013 2014 2015 2016 20171 1 . 0 2 %9 . 6 1 %9 . 2 6 %8 . 6 3 % 8 . 5 6 %6%7%8%9%10%11%12%2013 2014 2015 2016 2017R O EWind Wind 2. 2.1. 2.1.1. 2017 320.11 14.38%12 0.53%108.18% 22.01%20.33% 7 0%10% 12 13 0%5%10%15%20%25%05,00010,00015,00020,00025,00030,00035,0002013 2014 2015 2016 2017- 2 0 %0%20%40%60%80%100%120%Wind Wind 2.1.2. 2017 73.60 28.72%11291.90% 155.90% 93.43% 7 / 22Table_PageTop ROE 2016 14 15 ROE - 1 0 %- 5 %0%5%10%15%20%25%30%35%01,0002,0003,0004,0005,0006,0007,0008,0002013 2014 2015 2016 20179 . 9 8 %9 . 3 4 %9 . 0 4 %7 . 6 7 %8 . 7 8 %5%6%7%8%9%10%11%2013 2014 2015 2016 2017R O EWind Wind 93.43% 22.66% 92.65% 89.44% 8.66% -4.68% -7.41% -17.60% 5.09% -1.82% -13.86% -5.66% 10.96% -3.36% 1.16% 6.36% 20.17% -5.58% 4.81% -4.21% 7.60% -7.16% 3.06% 3.99% 10.10% -4.70% -0.23% 5.32% 155.90% -6.49% 112.66% 21.45% 291.90% 30.38% 88.25% 76.81% -24.86% -13.45% -24.46% -32.06% 20.38% -2.33% 15.65% 10.34% 8.39% -6.63% 4.00% -7.41% Wind 2.1.3. 20173.70% 16.07% 7.53% 0.14 1.24 2.1249.93% 8 / 22Table_PageTop 16 17 4 . 2 7 % 4 . 2 1 % 4 . 3 9 % 3 . 8 4 % 3 . 7 0 %1 9 . 0 1 %1 5 . 9 6 %1 7 . 8 0 %1 7 . 3 1 %1 6 . 0 7 %8 . 6 1 %1 0 . 5 5 %1 0 . 5 0 %9 . 6 5 %7 . 5 3 %0%5%10%15%20%25%30%35%2013 2014 2015 2016 20174 8 . 3 7 %5 1 . 2 9 %4 8 . 1 7 %4 8 . 9 8 %4 9 . 9 3 %47%48%48%49%49%50%50%51%51%52%52%2013 2014 2015 2016 2017Wind Wind 2016H1 2017H1 -105.92% 3.28% -1.42% 33.47% 29.32% 20.92% 2.41% 34.63% 65.65% 66.40% 0.10% 19.84% 16.68% 45.90% 45.70% -33.84% 19.98% -35.10% 52.98% 56.53% -13.46% -1.02% 20.66% 56.28% 57.88% -50.49% 1.38% -4.25% 44.58% 52.03% -30.51% -4.92% 2.24% 23.60% 22.77% -36.73% -4.56% 7.54% 66.28% 54.45% 557.21% 105.96% 198.13% 65.84% 56.21% -1.32% 34.25% -0.71% 44.24% 44.69% -58.89% 10.96% 13.54% 62.90% 62.26% -54.79% -18.42% 0.00% 15.24% 17.54% Wind 2.2. 30% 2.2.1. 38.74% 2017 362.70 38.74% 1879.67%77.15% 66.22% 54.82% 9 / 22Table_PageTop 18 19 2017 0%5%10%15%20%25%30%35%40%45%05 , 0 0 01 0 , 0 0 01 5 , 0 0 02 0 , 0 0 02 5 , 0 0 03 0 , 0 0 03 5 , 0 0 04 0 , 0 0 02013 2014 2015 2016 2017- 4 0 %- 2 0 %0%20%40%60%80%100%Wind Wind 2.2.2. 30% 207 50.92 29.31% 1340% % 5228.03% ROE 2017 9.15% 20 21 2017 ROE 0%5%10%15%20%25%30%35%40%01 , 0 0 02 , 0 0 03 , 0 0 04 , 0 0 05 , 0 0 06 , 0 0 02013 2014 2015 2016 20171 2 . 0 6 %1 1 . 4 6 %8 . 3 3 %8 . 6 1 %9 . 1 5 %7%8%9%10%11%12%13%2013 2014 2015 2016 2017R O EWind Wind 40.09% -7.72% -9.51% 17.75% 16.10% -1.44% -15.09% 1.80% 41.36% -24.34% -21.32% 2.06% 16.02% 4.31% -5.63% -13.46% -1.46% -0.13% -19.82% -7.27% 93.01% -7.22% 33.86% 17.68% 10 / 22Table_PageTop 5.30% -7.89% 0.32% -0.32% -6.26% 30.93% 6.11% -34.27% 40.03% -0.65% -15.76% 14.36% 274.22% 0.94% 169.67% 215.97% 136.73% 6.25% 33.63% 48.20% -5.80% -5.61% -12.19% 20.30% -228.03% -39.77% -251.50% -224.71% 5.25% -2.88% -11.81% -19.80% -2.97% -3.31% -4.48% -38.72% 16.80% -17.14% -3.42% 5.02% 2.99% -6.96% -2.44% -22.68% 30.10% 9.08% 0.56% -5.16% Wind 2.2.3. 20175.26% 11.64% 3.42%53.55% 22 23 2017 5 . 9 0 %7 . 3 9 % 8 . 2 6 %6 . 0 1 % 5 . 2 6 %1 2 . 7 0 %1 4 . 8 3 %1 4 . 7 9 %1 3 . 1 6 %1 1 . 6 4 %1 . 9 4 %2 . 5 9 %2 . 4 5 %2 . 5 3 %3 . 4 2 %0%5%10%15%20%25%30%2013 2014 2015 2016 20173 9 . 3 6 % 3 9 . 4 5 %3 8 . 4 9 %4 7 . 1 3 %5 3 . 5 5 %35%37%39%41%43%45%47%49%51%53%55%2013 2014 2015 2016 2017Wind Wind 2016H1 2017H1 330.85% 33.47% 57.21% 48.65% 56.44% 113.37% 58.85% 21.91% 43.29% 52.21% 43.49% 21.98% 38.75% 69.57% 72.61% -615.50% 32.09% -18.55% 24.26% 26.77% -49.81% 0.73% -1.93% 34.52% 20.33% 290.74% 46.77% 9.97% 50.46% 58.62% -120.48% 10.11% -12.66% 33.65% 38.42% 11 / 22Table_PageTop 24.90% 84.95% 109.01% 43.37% 51.48% -1213.09% 38.73% 49.59% 28.59% 38.75% -423.98% -10.87% -14.84% 39.04% 61.03% 67.87% 60.14% 72.07% 55.65% 67.00% 344.84% -18.72% 13.85% 49.53% 46.70% 23.37% 2.29% 45.07% 41.09% 43.39% -16.77% -4.43% 14.34% 31.62% 22.87% 76.74% 9.97% 4.82% 16.97% 10.26% 39.86% 13.43% -6.39% 74.33% 78.01% -54.00% 22.05% 0.00% 47.07% 27.60% 6.48% 45.67% 28.43% 45.58% 45.95% Wind 2.3. 2.3.1. 2017 423.97 34.18%15134.43%83.30% 64.39% 64.26% 24 25 2017 0%10%20%30%40%50%60%05 , 0 0 01 0 , 0 0 01 5 , 0 0 02 0 , 0 0 02 5 , 0 0 03 0 , 0 0 03 5 , 0 0 04 0 , 0 0 04 5 , 0 0 02013 2014 2015 2016 2017- 4 0 %- 2 0 %0%20%40%60%80%100%120%140%160%Wind Wind 2.3.2. ROE 2017 58.38 17.21% 1140% 446.99% 26.54% ROE9.87% 2014 12 / 22Table_PageTop 26 27 2017 ROE - 1 0 %0%10%20%30%40%50%01 , 0 0 02 , 0 0 03 , 0 0 04 , 0 0 05 , 0 0 06 , 0 0 07 , 0 0 02013 2014 2015 2016 20171 5 . 8 6 %9 . 8 7 %1 0 . 7 1 %1 1 . 1 7 %9 . 8 7 %8%9%10%11%12%13%14%15%16%17%2013 2014 2015 2016 2017R O EWind Wind 17.08% -5.87% -13.47% -27.92% 25.26% -12.96% -9.93% -17.58% 25.39% -2.35% 10.12% 16.49% 6.22% -14.34% -35.38% -19.18% 54.27% -1.24% 3.87% 31.42% 53.40% -14.59% -16.31% 2.20% 32.85% 1.06% 7.90% 36.51% -4.12% -0.67% -19.05% -23.65% -26.54% -9.16% -37.47% -46.66% 46.61% 0.78% -0.49% 11.69% -14.31% 7.41% 7.10% -8.46% 41.31% -6.93% -13.97% 2.19% -46.99% 3.76% -39.44% -51.06% 22.61% -49.77% -47.70% -16.93% 10.25% -2.96% 9.61% -1.47% Wind 2.3.3. 2017 2016 22.90% 2017 20.18%2017 3.51% 11.33% 5.34%0.72 1.17 0.832017 52.92% 13 / 22Table_PageTop 28 29 2017 3 . 1 5 % 2 . 9 3 % 3 . 4 1 %4 . 2 3 % 3 . 5 1 %1 1 . 1 7 % 1 1 . 1 8 %1 1 . 9 6 %1 2 . 5 0 %1 1 . 3 3 %5 . 2 5 % 5 . 2 5 %6 . 1 8 %6 . 1 7 %5 . 3 4 %0%5%10%15%20%25%2013 2014 2015 2016 20174 8 . 5 9 %5 2 . 8 1 %5 3 . 3 7 %5 5 . 2 1 %5 2 . 9 2 %48%49%50%51%52%53%54%55%56%2013 2014 2015 2016 2017Wind Wind 2016H1 2017H1 31.17% 51.79% 32.74% 63.51% 54.77% 3.61% 28.80% 13.90% 52.30% 41.53% -13.32% 10.75% -2.31% 58.26% 56.79% 32.94% 57.46% 236.44% 65.62% 62.51% -8.65% 25.78% 27.80% 42.97% 41.18% 50.65% 27.32% 151.36% 36.79% 39.04% 6.74% -1.05% -12.32% 37.67% 37.47% 2.70% 22.21% 18.64% 52.79% 53.23% 22.88% 17.87% 56.29% 47.89% 45.86% 213.67% 34.76% 22.16% 52.25% 58.46% 20.22% -12.23% -2.21% 48.61% 47.11% 39.22% 64.39% 65.96% 66.36% 64.98% 54.18% 20.35% 23.43% 57.88% 64.21% 49.15% 43.04% -9.95% 54.49% 51.61% -17.23% -0.21% 0.00% 50.94% 49.06% Wind 2.4. 2.4.1. 2017 229.44 8.33%8171.55%0%-5% 14 / 22Table_PageTop 30 31 2017 0%5%10%15%20%25%05 , 0 0 01 0 , 0 0 01 5 , 0 0 02 0 , 0 0 02 5 , 0 0 02013 2014 2015 2016 2017- 5 0 %0%50%100%150%200%Wind Wind 2.4.2. ROE 2017 14.59 0.28% 8502.48% 129.49% 121.50% 2107.62% 8.40% ROE6.95% 32 33 2017 ROE - 1 5 %- 1 0 %- 5 %0%5%10%15%20%25%30%35%02004006008001 , 0 0 01 , 2 0 01 , 4 0 01 , 6 0 01 , 8 0 02013 2014 2015 2016 20179 . 7 6 %8 . 1 9 %9 . 1 8 %7 . 4 3 %6 . 9 5 %4%5%6%7%8%9%10%11%2013 2014 2015 2016 2017R O EWind Wind 8.40% 9.03% 7.21% -3.18% -29.88% 2.09% -30.21% -28.59% -502.48% -16.88% -490.24% -490.98% -10.51% -21.30% -25.81% -27.38% -129.49% -21.88% -121.36% -127.69% -121.50% 51.73% -124.84% -129.13% 107.62% -45.92% -23.54% 109.02% 15 / 22Table_PageTop -28.84% -12.27% -31.19% -46.48% Wind 2.4.3. 20173.02% 12.12% 2.56%1 60.69% 34 35 2017 3 . 4 3 % 3 . 4 2 % 3 . 2 7 % 3 . 3 9 % 3 . 0 2 %1 0 . 2 2 %1 1 . 5 6 % 1 1 . 7 2 % 1 2 . 3 1 % 1 2 . 1 2 %1 . 1 9 %1 . 6 8 % 1 . 4 5 %1 . 6 1 % 2 . 5 6 %0%2%4%6%8%10%12%14%16%18%20%2013 2014 2015 2016 20175 1 . 9 9 %5 6 . 6 6 %5 7 . 5 3 %6 1 . 0 1 %6 0 . 6 9 %50%52%54%56%58%60%62%2013 2014 2015 2016 2017Wind Wind 2016H1 2017H1 75.21% 4.31% -1.67% 72.23% 68.71% 18.82% 12.41% 1.08% 40.57% 42.31% 84.60% 8.43% 7.36% 67.51% 71.51% 104.38% 14.67% -7.95% 64.28% 63.31% 212.12% 11.52% -1.16% 57.79% 48.34% -5.57% 0.15% -14.58% 48.57% 54.13% 454.60% 51.24% -25.10% 28.60% 53.71% -32.95% 7.37% 1.85% 66.58% 53.89% Wind 2.5. 2.5.1. 2017 133.33 27.82% 730%20%8.63% 0.08% 16 / 22Table_PageTop 36 37 2017 0%5%10%15%20%25%30%2013 2014 2015 2016 20170%5%10%15%20%25%30%35%40%45%50%Wind Wind 2.5.2. ROE 2017 17.23 61.35% 785.33% 70.79% 44.69% 120% 38 39 2017 ROE 0%10%20%30%40%50%60%70%02004006008001 , 0 0 01 , 2 0 01 , 4 0 01 , 6 0 01 , 8 0 02 , 0 0 02013 2014 2015 2016 20179 . 2 1 %8 . 0 5 %7 . 4 1 %6 . 6 9 %9 . 5 7 %4%5%6%7%8%9%10%2013 2014 2015 2016 2017R O EWind Wind 44.69% -3.63% 0.64% 25.26% 11.56% 2.65% -6.40% -3.39% 9.61% 0.48% 0.90% 1.01% 70.79% 3.64% 29.35% 65.00% -120.00% -12.60% -119.99% -123.99% 85.33% 15.53% 51.30% 75.54% 23.85% -12.32% -3.39% 3.26% Wind 17 / 22Table_PageTop 2.5.3. 201716.68% 20.84% 1.63%2017 34.41% 40 41 2017 1 2 . 9 5 % 1 4 . 3 5 %1 5 . 5 9 %1 7 . 4 5 % 1 6 . 6 8 %1 6 . 3 4 %1 6 . 7 4 %2 0 . 2 2 %2 3 . 0 0 %2 0 . 8 4 %0 . 0 6 %0 . 2 8 %0 . 5 7 %1 . 3 3 %1 . 6 3 %0%5%10%15%20%25%30%35%40%45%2013 2014 2015 2016 20172 5 . 3 9 %2 3 . 6 9 %2 7 . 3 5 %3 0 . 4 7 %3 4 . 4 1 %20%22%24%26%28%30%32%34%36%2013 2014 2015 2016 2017Wind Wind 2016H1 2017H1 -10.18% 29.39% 37.14% 42.94% 45.37% 157.67% 30.92% 26.93% 43.90% 45.55% 42.68% 20.71% 4.97% 13.00% 13.69% -24.54% 11.29% 27.53% 16.22% 22.03% 115.06% -7.25% 33.59% 39.16% 46.14% -70.71% 13.59% 12.05% 8.79% 10.35% 45.37% 9.43% 28.54% 21.21% 27.83% Wind 2.6. 2.6.1. 2017 317.2526.02% 648.88%28.22% 21.57% 30.70% 18 / 22Table_PageTop 42 43 2017 0%10%20%30%40%50%60%70%80%90%100%05,00010,00015,00020,00025,00030,00035,0002013 2014 2015 2016 2017- 4 0 %- 3 0 %- 2 0 %- 1 0 %0%10%20%30%40%50%60%Wind Wind 2.6.2. ROE 2017 28.90 36.57%6 2.6562.36% 52.75%37.19% 5.14% 22.39%1.3 ROE 10.42% 44 45 ROE 34%36%38%40%42%44%46%48%05001,0001,5002,0002,5003,0003,5002013 2014 2015 2016 20178 . 4 0 %9 . 5 2 %9 . 1 6 %1 1 . 0 7 %1 0 . 4 2 %8%9%9%10%10%11%11%12%2013 2014 2015 2016 2017R O EWind Wind -5.14% 14.61% -21.97% -11.22% -0.90% -10.30% -11.90% -4.69% -37.19% -17.09% -57.81% -66.79% 52.75% 11.29% 29.99% 26.61% 62.36% 4.05% 26.63% 14.31% 337.17% 88.13% 530.84% 401.87% 19 / 22Table_PageTop Wind 2.6.3. 2017 3.80%5.61% 0.34 0.35 1.06%55.12% 58.40% 46