20240304_国投证券_环保及公用事业行业：行业ESG全景图之火电行业_26页.pdf
1 2024 03 04 ESG-A Wind%1M 3M 12M-4.4-15.3-4.7 7.0-13.0-18.9 SAC S1450521060003 SAC S1450523060001 SAC S1450122100043 2024-03-03 2024-03-03 2024-02-25 ESG ESG 2024-02-25+2024-02-04“”2021 2023 1029 13%2023 11 ESG MSCI 48.3%16.2%35.5%ESG ESG 40.74%A 92.85%ESG 80%ESG Wind ESG A BBB BB 25.93%22.22%51.85%7 A Wind ESG 6.31 3.15 4.1 ESG 1 Wind ESG A 7.58 100%2019 16.92%2023 6 28.02%“”45%2022 287.69g kWh 2018 6.13%2025 286g kWh-29%-19%-9%1%11%21%31%2023-03 2023-07 2023-11 2024-03 300 108313732 2/ESG 2 Wind ESG A 7.49 2023 6 22.13%100%2022 2399.29 100%3 Wind ESG A 7.35 2018 281.6g/kWh 2022 272g/kWh 2025 2020 1%2018 1399.3g/kWh 2022 1260.6g/kWh 4 Wind ESG BBB 6.81 2023 6 28.29%“”40%“”2022 13 7260 152.8 5 Wind ESG BBB 6.89 2022 4006.94 ESG ESG YWEVuNnQnOpOoQsRqNoRpO8OaO8OtRrRoMnRiNqQsRjMqQnQ6MoOuMuOpMmPuOsRuM/3 1.ESG.5 1.1.5 1.2.6 1.3.ESG.8 2.ESG.10 2.1.10 2.2.13 2.3.16 2.4.20 2.5.22 3.24 1.2023.5 2.2023.5 3.2015-2023.5 4.6 5.Q5500/.7 6.Wind ESG.9 7.10 8.2022.11 9.Wind ESG.11 10.11 11.2018-2022.12 12.2019-2023H1.12 13.2018-2022 g kWh.12 14.ESG.13 15.2022.13 16.2022.13 17.Wind ESG.14 18.2018-2022.15 19.2019-2023H1 MW.15 20.15 21.16 22.ESG.16 23.17 24.2022.17 25.Wind ESG.17 26.18 27.g/kWh g/kWh.19 28.20 29.2022.20 30.Wind ESG.20 31.GW.21 /4 32.2018-2022.21 33.22 34.2022.23 35.Wind ESG.23 36.23 37.2018-2022.24 38.2019-2023H1 GW.24 1.6 2 2021-2023.8 3 MSCI ESG.8 4 ESG Wind ESG.9 5“”.14 6 2022.19 7“”.21 8“”.24 /5 1.ESG 1.1.2023 1390.32GW 48%2023 61019 66%/2021 2021 2023 1029 13%1.2023 2.2023 Wind Wind 3.2015-2023 Wind,14%,2%,15%,21%,48%,10%,14%,66%,5%,6%/6 1.2.4.2019+”10%15%2021 10%15%20%20%2023 11 10 2024 1 1 330/kW 2024-2025 30%100/kW 50%165/kW 2026 50%1/100 165 100 100 100 165 100 165 /7 100 165 100 100 100 100 100 165 100 100 100 100 100 100 100 100 100 165 100 100 100 100 100 165 100 2022 2022 2023 2023 6 2023 8 5.Q5500/Wind 02004006008001,0001,2001,4001,6001,8002019-01-02 2020-01-02 2021-01-02 2022-01-02 2023-01-02 2024-01-02 /8 2 2021-2023 2021 2022 2022 2023 2020 535/;50%675/50%675/50%BSPI CCTD BSPI CCTD*BSPI CCTD;*30/80%2019 90%75%80%80%21 9 100%100%26 80%75%21 9 100%2022 105%2022 2 2023 80%3 30%3 50%3-5 1.3.ESG MSCI 48.3%13.5%12.6%10.3%16.2%14.4%35.5%3 MSCI ESG 13.5%12.6%10.3%8.5%3.4%14.4%1.6%0.1%0.1%35.5%MSCI ESG ESG 27 11 ESG 40.74%A 36.39%92.85%ESG 80%/9 ESG Wind ESG A BBB BB 25.93%22.22%51.85%Wind ESG A A ESG 11.74%ESG 7 A Wind ESG 6.31 3.15 4.1 6.Wind ESG Wind 4 ESG Wind ESG Wind ESG ESG 000027.SZ A 4.86 5.60 7.05 000037.SZ A BB 0.72 2.61 6.22 200037.SZ B 000531.SZ A BBB 2.87 2.30 6.53 000539.SZ A BB 1.66 3.06 6.44 200539.SZ B 000543.SZ BB 1.72 1.39 6.17 000600.SZ BB 1.66 1.99 5.98 000690.SZ BBB 3.36 5.35 6.61 000767.SZ BB 1.49 3.51 5.82 000899.SZ BB 2.28 1.87 6.21 000966.SZ A 4.46 7.64 6.83 001286.SZ-001896.SZ BB 2.99 2.33 5.81 002608.SZ A 4.91 8.61 7.29 600011.SH A 5.90 7.40 6.82 600021.SH BBB 2.76 4.21 6.60 600023.SH BB 1.69 2.77 5.03 600027.SH A 5.31 5.08 7.65 600098.SH A 6.17 8.03 7.15 600396.SH*ST BB 2.63 2.71 4.95 600509.SH BB 1.46 1.18 6.04 600578.SH BBB 2.38 4.03 6.18 0.00%0.00%25.93%22.22%51.85%0.00%0%10%20%30%40%50%60%AAA AA A BBB BB B /10 600642.SH BB 2.18 2.62 6.82 600726.SH BB 2.36 2.85 6.52 900937.SH B 600744.SH A 6.79 3.95 6.70 600780.SH BB 1.68 3.17 5.81 600795.SH BBB 4.38 5.30 6.18 600863.SH BB 2.59 5.01 4.73 601991.SH BBB 3.76 6.18 6.33 Wind 2.ESG 2.1.1994 2001 2023 135.66GW 28.61GW 21.09%2020 2022 2467 86.04%6.01%6.22%1.35%0.19%0.18%7.Wind ESG A Wind ESG 7.58 5.9 7.4 6.82 2008 2016 ESG ESG 2022 2022 A ESG”ESG /11 8.2022 9.Wind ESG Wind ESG GRI 10.2022 2022 19 100%,74.64%,7.51%,5.58%,1.15%,6.17%,4.19%/12 2018-2022 2022 8.61GW 76.20%54MW 55.56%135MW 2019 16.92%2023 6 28.02%2020 45%11.2018-2022 12.2019-2023H1 2022 287.69g kWh 2018 6.13%2025 286g kWh 13.2018-2022 g kWh 2022 0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022 16.92%20.60%22.39%26.07%28.02%10%15%20%25%30%2019 2020 2021 2022 2023H1307.03294.01291.08290.69287.69286-5%-4%-3%-2%-1%0%1%2%3%4%5%2752802852902953003053102018 2019 2020 2021 2022 2025E /13 2022 2022 ESG ESG ESG ESG ESG ESG 14.ESG 2022 2.2.1995 2000 2023 2023 6 8.08GW 6.29GW 0.59GW 0.26GW 0.92GW 0.02GW 2025 5GW 2022 329.71 94.49%3.54%1.45%0.35%0.17%146.6 1.23 15.2022 16.2022-,91.26%-,7.07%,1.67%,94.49%,3.54%,1.45%,0.35%/14 Wind ESG A Wind ESG 7.49 4.46 7.64 6.83 2022 ESG CECE ESG 2022 ESG 17.Wind ESG Wind 2019-2023H1 2023 6 30 22.13%5GW 5 2023 2025 5GW 15GW /15 18.2018-2022 19.2019-2023H1 MW 2022 ESG)2022 294.98g/kWh 2022 100%2022 ESG)3.7%2.8%20.2022 ESG)1+1+1+3 2022 200 1300 2022 ESG)2022 2399.29 19999 100%2022 147 6 0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022 2023H1 585.130.3750 49.52150189.8726.610.8270005001000150020002500300001002003004005006007008002019 2020 2021 2022 2023H1 /16 21.2022 ESG)ESG ESG ESG ESG ESG ESG ESG ESG ESG ESG ESG ESG ESG 22.ESG 2022 ESG)2022 2022 79 100%2017 2022 165“”2.3.1994 2005 2021 5 /17 2023 2023 6 57.28GW 46.23GW 8.59GW 2.46GW 2022 1071 87.24%1.93%2022 1 23.Wind ESG A Wind ESG 7.35 5.31 5.08 7.65 2022 ESG“”2022 9 ESG“ESG”ESG 24.2022 25.Wind ESG Wind ESG ESG,87.24%,1.93%,8.38%,1.39%/18 26.2022 2020 2022 2025 2020 1%2022 6.6 2016 2020 2022“”100%2018 281.6g/kWh 2022 272g/kWh 2018 1399.3g/kWh 2022 1260.6g/kWh /19 27.g/kWh g/kWh 2022 2022 20,6 2022 2022 2022 ESG ESG ESG ESG ESG ESG ESG 1,1001,1501,2001,2501,3001,3501,4001,4502662682702722742762782802822842018 2019 2020 2021 2022 /20 28.2022 2.4.1992 1997,2023 9 101.50GW 72.79W 14.95GW 8.27GW 5.49GW 2022 1927 85.30%6.04%4.62%2022 28.25 Wind ESG BBB Wind ESG 6.81 4.38 5.30 6.18 2022 ESG 50”87.5 29.2022 30.Wind ESG Wind 35GW 40%2023 6 27.27GW,85.31%,6.04%,4.62%,2.45%/21 28.29%2022 750.25 22.52 166.7 561.03 7 35GW 40%31.GW 32.2018-2022 2022 2022 8947 5 92 2022 8 2000 403.8 2022 100%867 105 20 50 2022 2022 1100 13 56 7260 2022 1954 152.8 46915 1317 2022 2022 2020-2022 4375.14 24.23%24.93%23.47%27.28%28.29%20%22%24%26%28%30%051015202019 2020 2021 2022 2023H1 01002003004005006007008002018 2019 2020 2021 2022 /22 12840 7062.37 2020-2022 2232.87 12586.6 7443.36 33.2022 ESG ESG ESG ESG ESG ESG ESG ESG 2022 2/ESG 2022 500 81 18 A 2.5.1994 1997 2006 2023 6 72.25GW 47.16GW 6.63GW 9.20GW 5.99GW 3.27GW 2022 1168 74.11%6.07%4.92%1.11%2023 10 15 Wind ESG BBB Wind ESG 6.89 3.76 6.18 6.33 2010 2016 ESG ESG 2232.8712586.67443.364375.14128407062.37020004000600080001000012000140002020 2021 2022 /23 34.2022 35.Wind ESG Wind GRI ESG 36.2022()2025 2018 6.4 2022 2.77 2018 4.21 2022 1.61 2018 37767 2022 19196,74.11%,6.07%,4.92%,1.11%,5.00%,6.43%/24 37.2018-2022 38.2019-2023H1 GW 2018-2022()8 2025 2025 2035 2035“”2035 2022()2022 1.26 66.55 100%98 4006.94 2022()2022 1499.9 2022()61 ESG ESG ESG ESG ESG ESG ESG ESG 3.ESG 0500010000150002000025000300003500040000012345672018 2019 2020 2021 2022 010203040506070802019 2020 2021 2022 2023H1 /25 6 300 10%6 300-10%10%6 300 10%A 6 300 B 6 300 /26 119 33 518026 638 3 200080 2 15 100034
