SAC S0850512070003 2024 3 20 2024 2023 2 XVAZuNtOmPpOoQnOnQoRnM9PaO6MoMmMnPmQlOnNtQjMmOrQbRqQvMMYrRzQNZoNsP 2023 2023.2023 3 .2023 4:2023 2022 Wind 2023 12 31:2023 300 2010-2019 2023 2010-2019 2023 1052.HK 301.3%-3.06%261.5%4.78%600548.SH 186.3%5.35%146.5%13.19%600377.SH 166.5%17.27%126.7%25.12%000429.SZ A 104.0%3.84%64.3%11.68%0576.HK 70.6%-0.77%30.8%7.07%000828.SZ 43.3%25.20%3.5%33.04%600012.SH 41.6%38.85%1.8%46.69%H00300.CSI 300 39.8%-5.62%0.0%0.0%000885.SZ 35.5%16.26%-4.3%24.10%600020.SH 35.5%16.55%-4.3%24.39%600368.SH 34.6%5.05%-5.1%12.89%600350.SH 33.1%14.94%-6.7%22.78%600035.SH 20.4%13.86%-19.4%21.71%600106.SH 7.0%21.57%-32.8%29.41%600033.SH-1.0%8.97%-40.8%16.81%001965.SZ-18.9%19.18%-58.7%27.02%601518.SH-29.9%-11.00%-69.7%-3.16%000900.SZ-34.0%-3.83%-73.8%4.01%600269.SH-36.9%20.94%-76.7%28.78%601107.SH-38.1%3.95%-77.9%11.79%000548.SZ-55.9%0.19%-95.7%8.03%000755.SZ-59.7%-14.60%-99.5%-6.76%05101520252020/82020/102020/122021/22021/42021/62021/82021/102021/122022/22022/42022/62022/82022/102022/122023/22023/42023/62023/82023/10()TTM u8QnkIYpC6CH0+DKqM8sLrzkDSe1RnSOm2svFrHBRVkZdU4bQnAe5TENYAOG7cme.23 5 2023 A 23Q1-Q3 19Q1-Q3 46.08%23Q1-Q3 11.25%2024 2023 wind 6 7-+2023 8%2023Q3 24.56 75.22 0.18 32.31 24.82 0.09 58.42 90.80 0.10 41.81 80.81 0.12 56.47 80.31 0.18 27.19 84.90 0.11 68.57 89.55 0.06 31.63 75.35 0.20 45.09 86.76 0.08 36.16 87.56 0.14 37.64 85.10 0.12 14.96 71.50 0.01 47.52 74.43 0.15 70.67 86.20 0.11 36.45 82.34 0.12 54.44 88.70 0.15 33.46 87.81 0.09 37.86 89.36 0.16 33.47 51.28 0.09 54.35 69.44 0.15 66.99 21.05 0.07 Housemaster Holdings Limited 21.96 94.17 0.06 78.11 0.12 9 2018-2021 2021 103%2018-2023 34.4%2018-2023 34.4%Wind=/2023 10 Wind 2023 22 23 12 20 2021/2023Q3 020040060080010001200 2023 2023 I 0.3-0.6 00.20.40.60.8 I/0100200300400500600700 2023Q3 wind 11 2021 GDP/2021 GDP 2021 R=0.685 0200004000060000800001000001200001400001600001800002000000 200 400 600 800 1000 1200 GDP/R=0.1671 0.000.100.200.300.400.500.600.700 200 400 600 800 1000 1200/wind 12 0%5%10%15%20%25%30%05,00010,00015,00020,00025,00030,000200520062007200820092010201120122013201420152016201720182019202020212022:3:1 2019-2022 73%27%23Q3 8.02%-1.16pct GDP 3:1-10%-5%0%5%10%15%20%-40%-30%-20%-10%0%10%20%30%40%50%60%2000200120032004200620072009201020122013201520162018201920212022:0%10%20%30%40%50%60%70%80%90%2019 2020 2021 2022 13 2021 3 2035 2.5 657 1,173 1,325 1,946 3,402 4,331 4,069 4,306 4,925 4,512 5,096 5,745 6,003 4,904 6,171 6,234 6,000 7,230 6,985 6,951 7,809 7,607 5,555 7,100 7,473 8,140 6,803 10,488 9,000 1,300 1,360 2,400 4,600 4,805 5,000 5,500 5,500 6,000 6,000 6,500 6,500 6,800 7,000 7,500 8,000 8,000 8,500 9,000 9,000 9,500 10,000 10,000 10,000 11,000 12,000 12,500 13,000 02,0004,0006,0008,00010,00012,00014,000 2020 2021 2022 2023-2025 2025 14 2022 0%20%40%60%80%100%2015 2016 2017 2018 2019 2020 2021 2022 2022 0%10%20%30%40%50%60%70%80%90%100%15 Wind-20%-10%0%10%20%30%40%50%60%70%80%0%1%2%3%4%5%6%7%8%9%10%+2021 68%/2015 100%2021 2021-20%0%20%40%60%80%100%120%0%2%4%6%8%10%12%14%16%+2018 60%90%2019 2013 70%16 wind CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE 0%2%4%6%8%10%12%0%10%20%30%40%50%60%70%80%90%100%2022 ROIC 2022 2022 A CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE CELLRANGE 0%2%4%6%8%10%12%14%16%18%20%0%10%20%30%40%50%60%70%80%90%100%2022 ROE 2022 ROE 17 2024/REITs 18 Wind 2024 3 19 2000-2015 14.5%2016 2016-2021 5.2%8-16 01002003004005006002016 2017 2018 2019 2020 2021 2022 SW 024681012141618 0%5%10%15%20%25%30%35%0510152019051911191719231929193519411947195319591965197119771983198919952001200720132019:19 wind 1 2024 3 19 2 EPS Wind 3 23=23 EPS*22/3 2023 2019 2020 2021 2022 000429.SZ A 70.1%70.1%70.1%70.1%62.9%21-23 70%4.5%600350.SH 60.1%89.7%63.0%67.6%45.2%20-24 60%5.0%1052.HK 51.5%60.9%56.9%64.4%55.4%50%60%5.4%600012.SH 34.8%41.5%60.2%63.1%47.1%23-25 70%4.1%600377.SH 55.2%94.0%55.5%62.2%70.0%4.0%001965.SZ 40.0%49.2%43.0%52.7%44.1%22-24 55%3.9%600548.SH 45.4%45.6%51.9%50.0%47.4%21-23 55%5.1%600033.SH 16.6%60.7%49.6%49.0%49.9%21-23 30%4.5%601107.SH 31.1%36.3%18.0%40.1%26.6%30%1.9%000900.SZ 24.9%46.3%38.9%35.1%28.7%22-24 20%2.7%600269.SH 31.5%88.7%31.4%33.6%31.6%21-23 60%2.2%000828.SZ 29.0%28.5%30.2%31.4%39.0%21-23 30%2.5%600035.SH 42.5%34.7%30.5%31.2%38.0%2022-2024 30%3.3%600020.SH 8.9%32.4%30.2%30.4%28.6%0.5%0576.HK 41.6%51.2%34.2%30.3%52.6%23-25 75%7.4%600106.SH 32.4%30.4%30.1%30.1%30.0%0.8%000548.SZ 0.0%11.5%19.2%28.6%24.8%0.4%600368.SH 10.3%30.1%30.2%10.1%23.8%21-23 10%1.3%000885.SZ 10.0%10.0%10.0%10.0%9.5%23-25 10%1.3%601518.SH 0.0%0.0%10.2%0.0%18.5%000755.SZ 0.0%0.0%0.0%0.0%73.8%0%10%20%30%40%50%60%A%20 Wind 1 2024 3 19 2 EPS Wind 3 23=23 EPS*22/23 23 22 23 24E 22 23 24E 22 23E000429.SZ A 0.61 0.79 0.85 15.7 12.2 11.3 4.5%4.5%600350.SH 0.50 0.71 0.76 16.0 11.4 10.5 5.0%5.0%1052.HK 0.27 0.55 0.59 13.8 6.8 6.4 5.4%5.4%600012.SH 0.87 1.05 1.15 15.4 12.8 11.7 4.1%4.1%600377.SH 0.74 0.91 1.00 15.6 12.7 11.5 4.0%4.0%601188.SH 0.09 0.00 0.00 38.7 1.6%1.6%001965.SZ 0.71 0.91 0.99 14.9 11.7 10.7 3.9%3.9%600548.SH 0.84 1.09 1.25 10.7 8.3 7.2 5.1%5.1%600033.SH 0.31 0.00 0.00 10.9 4.5%4.5%601107.SH 0.25 0.47 0.55 20.8 11.0 9.4 1.9%1.9%000900.SZ 0.27 0.00 0.00 13.9 2.7%2.7%600269.SH 0.30 0.52 0.56 15.3 8.9 8.3 2.2%2.2%000828.SZ 0.76 0.00 0.00 13.4 2.5%2.5%600035.SH 0.45 0.52 0.56 9.5 8.2 7.6 3.3%3.3%600020.SH 0.02 0.00 0.00 200.5 0.5%0.5%0576.HK 1.12 0.84 0.94 5.2 6.9 6.1 7.4%7.4%600106.SH 0.15 39.0 0.8%0.8%000548.SZ 0.07 66.3 0.4%0.4%600368.SH 0.52 7.6 1.3%1.3%000885.SZ 1.65 1.84 2.04 7.8 7.0 6.3 1.3%1.3%601518.SH 0.29 0.00 0.00 8.2 0.0%0.0%000755.SZ 0.30 0.00 0.00 15.2 0.0%0.0%EPS PE 21/020000400006000080000100000120000140000160000 25 30 30 25(km)()248.2 105.4 2006 1 2026 2032 6 35.7 77.55 2026 6 2028 9-46.6 37.1 2012 12 2027 3 2036 3 33.4 34.26 2019 11 2026 2044 6 50.4 154.25 2026 2030 5-/20.6 29.2 2023 12 2021 2047 2 40.1 106.97 2024 2027 8-318.5 307.99 2019 2029 11 2044 12 91.3 119.55 2021 7 2022 11/2025 11 2046 7 22.0 86.07 2026 12 2024 10-59.5 66.22 2022 10 2024 10 2047 12 153.6 186.15 2024 12 2034 9-2004-2006 2007 2003+56%2009-2011 2012 2008+30%22 REITs wind REITs 02004006008001000120014001600 REIT REIT REIT REIT REIT REIT REIT 2021Q3 2021Q4 2022Q1 2022Q2 2022Q32022Q4 2023Q1 2023Q2 2023Q3 REITs 2023 2023 Q2 REITs 25.45%REITs Q3 REIT 20.64%41.79%REITs 23 Q1-Q3 23 REITs REIT 107.0%REIT 88.9%REIT 74.7%70%2024 REITs 100%REITs 2023H1 REIT REIT REIT REIT REIT REIT REIT 2023Q1 194.87 185.06 65.32 117.32 186.92 269.51 93.01 yoy 14.83%13.16%15.22%2023Q2 188.17 173.07 58.13 108.52 201.69 243.04 97.39 yoy 22.59%34.79%16.39%2.10%2023H1 383.04 358.13 123.45 225.84 388.61 512.55 190.39 yoy 18.51%22.67%15.76%2023Q3 227.85 210.02 64.91 118.13 204.62 190.27 53.46 yoy 9.84%20.64%15.20%2.78%22.53%2023Q1 148.03 139.46 44.33 93.40 145.61 230.88 76.54 yoy 39.74%21.02%19.22%2023Q2 106.64 108.62 37.79 70.44 125.30 175.07 53.49 yoy-15.79%30.39%16.85%2023H1 254.67 248.08 82.12 163.84 270.92 405.95 130.03 yoy 9.50%30.39%16.85%2023Q3 170.05 148.32 42.75 78.88 138.33 258.26 110.83 yoy-3.77%41.79%12.21%-16.90%51.82%23 414.25 460.41 888.72 225.12 23Q1-Q3 58.6%88.9%74.7%107.0%23H1 REITs 23 REITs wind 2023 12 31-30%-20%-10%0%10%20%30%40%2021/92021/102021/112021/122022/12022/22022/32022/42022/52022/62022/72022/82022/92022/102022/112022/122023/12023/22023/32023/42023/52023/62023/72023/82023/92023/10 REITs()REITs 0%2%4%6%8%10%12%14%16%18%20%2021/62021/82021/102021/122022/22022/42022/62022/82022/102022/122023/22023/42023/62023/82023/10 REIT REIT REIT REIT REIT REIT REIT REITs 2021.6-2022.2 REITs REITs REITs 2022.2-2022.9 REITs REITs 2022.9 REITs2022 REITs 2023 7 REITs REITs REITs REITs 23 7 P/FFO TTM 180201.SZ REIT 61.16 11.25-27.84%9.94%11.22%-19.92%180202.SZ REIT 18.40 11.21-7.97%7.89%10.43%-20.57%508001.SH REIT 39.12 8.63 14.11%13.06%8.05%3.11%508008.SH REIT 41.71 8.54-6.86%13.93%9.27%-5.75%508009.SH REIT 74.09 9.49-23.43%9.26%14.68%-19.03%508018.SH REIT 51.50 16.08-43.82%6.45%6.13%-42.40%508066.SH REIT 26.20 11.58 23.92%7.45%8.16%-7.47%REITs REITs 2022 Q4 24 REITs NAREITs Wind REITs REITs REITs REITs REITs 35 REITs 1988 10.1%2022 4.4%2013-2022 REITs 4.1%REITs 1989-1990 1998-1999 2007-2008 2020-2022 REITs%-50-40-30-20-100102030405019881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022 80 2020 2022-50-40-30-20-1001020304050198819901992199419961998200020022004200620082010201220142016201820202022 REITs%500%REITs 25 1.2.3.4.SAC S0850512070003 021-23219382 Email 021-23185742 Email 26 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%27