20221202_光大证券_国防军工行业2023年投资策略：国防、军贸、民用他们都有美好的未来_42页.pdf
-1-2022 12 1 2023 2022 11 29 SW 22 21.73%300 0.37 31 SW SW 2022 24 2022 130 12.16%6.79%10 22 2%20 GDP 1.5%GDP 2022 1.45 7.1%10 FK-3 2022 2023 4 EPS PE X 21A 22E 23E 21A 22E 23E 600562.SH 17.67 0.42 0.52 0.61 42 34 29 600760.SH 64.71 0.86 1.12 1.37 75 58 47 600150.SH 25.34 0.05 0.16 0.61 530 157 42 002179.SZ 58.46 1.25 1.65 2.08 47 35 28 000733.SZ 114.50 2.88 4.25 5.25 40 27 22 Wind 2022-11-29 S0930522090001 021-52523865 S0930522070003 021-52523852 300-38%-26%-14%-2%10%11/21 02/22 05/22 08/22国防军工 沪深300 Wind 2022 2022-11-06 -2-1 2022.5 2.9 2.1.9 2.1.1.9 2.1.2.11 2.1.3.12 2.1.4.13 2.2.15 2.3.15 2.4.17 3.18 3.1.18 3.2.20 3.3.22 3.4.24 3.5.28 1)000733.SZ.28 2)002179.SZ.29 3)300726.SZ.30 4)002025.SZ.31 5)600562.SH.32 6)600862.SH.33 7)300699.SZ.34 8)600760.SH.35 9)002683.SZ.36 10)600150.SH.37 11)300416.SZ.38 4.39 -3-1 2022 2 2.5 2 2022 SW 24/31.5 3 2022 12.16%.6 4 2022 6.79%.6 5 2022 7/31.6 6 2022 12/31.7 7 2022 PE-TTM.7 8 PE-TTM 2015.8 9 2001-2021 GDP 1.5%.9 10“”.10 11“”.10 12 6.10 13.10 14 96%.11 15 55%.11 16.12 17.13 18.13 19 2022 7.1%.14 20 4.14 21 10CE.15 22 FK-3.15 23.16 24.17 25“1+N”.17 26.19 27“”.19 28.21 29.21 30 2021.21 31 F-35 753.23 32 F-35.23 33 C919.24 34.25 35 2021 52%.26 37.26 37 40%.26 38 2021.27 -4-1.8 2.12 3.13 4.16 5.19 6.20 7.20 8.22 9 2021 2022/.23 10.24 11.27 12.40 -5-1 2022 2022 11 29 SW 21.73%300 0.37 2022 21Q4 22Q1 4 4 2022 8 10 1 2022 2 2-22.10%-21.73%-45%-40%-35%-30%-25%-20%-15%-10%-5%0%沪深300 国防军工(SW)Wind 2022 11 29 2022 11 29 SW SW 24/31 2 2022 SW 24/31-21.73%-40%-30%-20%-10%0%10%20%30%煤炭(SW)综合(SW)房地产(SW)交通运输(SW)建筑装饰(SW)社会服务(SW)石油石化(SW)银行(SW)商贸零售(SW)公用事业(SW)通信(SW)农林牧渔(SW)美容护理(SW)基础化工(SW)有色金属(SW)纺织服饰(SW)机械设备(SW)医药生物(SW)汽车(SW)环保(SW)钢铁(SW)轻工制造(SW)非银金融(SW)家用电器(SW)国防军工(SW)建筑材料(SW)电力设备(SW)食品饮料(SW)计算机(SW)传媒(SW)电子(SW)年初至今涨跌幅 Wind 2022 11 29 -6-130 2022 4056 12.16%313 6.79%2022Q1-Q3 3 2022 12.16%4 2022 6.79%2,427 2,661 3,059 3,616 4,056 9.64%14.98%18.21%12.16%0%2%4%6%8%10%12%14%16%18%20%05001,0001,5002,0002,5003,0003,5004,0004,50018Q1-Q3 19Q1-Q3 20Q1-Q3 21Q1-Q3 22Q1-Q3行业营业收入（单位：亿元）YOY 98 138 226 293 313 40.84%63.80%29.60%6.79%0%10%20%30%40%50%60%70%05010015020025030035018Q1-Q3 19Q1-Q3 20Q1-Q3 21Q1-Q3 22Q1-Q3行业归母净利润（单位：亿元）YOY Wind Wind SW 2022 7/31 12/31 5 2022 7/31 12.16%-20%-10%0%10%20%30%40%50%SW 电力设备SW 石油石化SW 公用事业SW 基础化工SW 有色金属SW 煤炭光大国防军工SW 建筑装饰SW 交通运输SW 通信SW 农林牧渔SW 医药生物SW 食品饮料SW 美容护理SW 计算机SW 轻工制造SW 纺织服饰SW 银行SW 家用电器SW 汽车SW 环保SW 机械设备SW 非银金融SW 传媒SW 商贸零售SW 钢铁SW 社会服务SW 综合SW 电子SW 建筑材料SW 房地产一级行业2022Q1-Q3 营业 收入 同比 增幅 Wind -7-6 2022 12/31 6.79%-100%-80%-60%-40%-20%0%20%40%60%80%100%120%SW 综合SW 有色金属SW 煤炭SW 电力设备SW 石油石化SW 通信SW 食品饮料SW 家用电器SW 医药生物SW 银行SW 公用事业光大国防军工SW 建筑装饰SW 基础化工SW 汽车SW 环保SW 机械设备SW 纺织服饰SW 美容护理SW 非银金融SW 商贸零售SW 传媒SW 轻工制造SW 电子SW 建筑材料SW 交通运输SW 计算机SW 钢铁SW 房地产SW 社会服务SW 农林牧渔一级行业2022Q1-Q3 归母 净利 润同 比增 幅 Wind 22 22 1 4 4 8 10 7 2022 PE-TTM 9 11 13 15 17 19 0 10 20 30 40 50 60 70 80 90 光大军工（左轴）沪深300（右轴）Wind 2022 11 29 300 2016 20 7 20 12-21 1 2022 11 29 PE-TTM 61.81 10 -8-8 PE-TTM 2015 0 10 20 30 40 50 60 70 80 0 50 100 150 200 250 2010-01-042010-06-042010-11-042011-04-042011-09-042012-02-042012-07-042012-12-042013-05-042013-10-042014-03-042014-08-042015-01-042015-06-042015-11-042016-04-042016-09-042017-02-042017-07-042017-12-042018-05-042018-10-042019-03-042019-08-042020-01-042020-06-042020-11-042021-04-042021-09-042022-02-042022-07-04光大军工（左轴）沪深300（右轴）Wind 2022 11 29 6 1 2022.1.1-11.29 688070.SH 32.64%688239.SH 11.86%605123.SH-1.79%600760.SH-4.27%000697.SZ-9.40%300593.SZ 16.54%688311.SH 4.29%600685.SH 5.88%601890.SH 3.67%601606.SH-16.32%300101.SZ 13.93%688066.SH 9.37%002338.SZ 0.93%002935.SZ 0.49%600562.SH-2.99%002829.SZ-4.05%688776.SH-4.34%000561.SZ-6.08%300395.SZ 26.80%688122.SH-0.35%Wind 15%-9-2 2.1 2.1.1 2022 2 24 22 2 27 1000 2%20 GDP 1.5%9 2001-2021 GDP 1.5%SIPRI -10-/2021 9 15 2020 10 2016 10 2021 10 3 F-10 11 12 6 13 -11-2035 2027 2.1.2 2021/1571/912/2740/5463-7-8-5 1%14 96%15 55%三代机,87,4%四代机,1779,77%五代机,429,19%二代机,536,38%三代机,246,17%四代机,620,44%五代机,19,1%World Air Forces 2022 2021 World Air Forces 2022 2021 2022 11 8 22-20-97A 10 11B 10A 16 10B 20 10C 2 2022-20-20-20 3-97A 9S 18/18F 200 8C -12-2.1.3 2021 6 3 59 2 2020 2 CFM LEAP-1C C919 2020 5 22 33 360/2021 4 8 7 2021 5 11 2019 2021 6 3 59 17 60%16 1.92.22.83.33.833.74.85.36.263%59%58%62%61%57%58%59%60%61%62%63%64%012345672017 2018 2019 2020 2021产量（万吨，LHS）需求量（万吨，LHS）国产化率（RHS）-13-10CE-2021 13-20-20-20 2022 9 100%2.1.4 GDP 2%GDP 3 2012 2019 30 200 17 18 1,7742,0632,4062,7093,2373,6544,0364,2881,8592,0651,9562,0022,3722,8193,0603,2111,7001,8992,3302,7002,6802,6152,6702,9340200040006000800010000120002010 2011 2012 2013 2014 2015 2016 2017装备费 人员生活费 训练维持费 2010 2011 2012 2013 2014 2015 2016 20170%5%10%15%20%25%30%35%40%45%装备费占比 人员生活费占比训练维持费占比 装备费增速 -14-2022 3 5 22 22 14504.5 7.1%21 0.3 2019 7%2022 GDP 5.5%GDP 19 2022 7.1%0%2%4%6%8%10%12%14%16%02,0004,0006,0008,00010,00012,00014,00016,000中国国防预算（单位：亿 元）国防预算增速 GDP 增速 Wind GDP2022 22 3 9 GDP GDP 20 4 2020 基本实现机械化，信息化建设取得重大进展2027 实现建军百年奋斗目标2035 基本实现国防和军队现代化2050 把人民军队全面建成世界一流军队 2022 10 2020 -15-2.2 2022 10 FK-3 21 10CE 22 FK-3 2022 3 11 6 10CE 2022 9 6 10CE 36 10CE 10CE+FK-3-22 2022 3 2 2.3 -16-4 2013 2016 2017/23 -17-2.4 2020 2020 6 30 2020-2022 2021 12 12 18 70%2022 24 2015.09.13 2020.09.27 1 2020.06.30 2021.01.27 2020 2022 70%2021.12.18 70%国企改革三年行动 35 25 1+N 2020-2022-18-10 56 129 2022 3 2022 130 4056 12.16%313 6.79%2022Q3 22 1 4 4 8 10 2022 11 29 PE-TTM 61.81 10 2023 3.1 -19-26 2010-2019 819 2,927 CAGR 15.2%2025 5000 27 50128.9%9.0%9.1%9.2%9.3%9.4%9.5%9.6%01000200030004000500060002010 2015 2019 2020E 2021E 2022E 2023E 2024E 2025E中 国 军 用 电 子 市 场 规 模（单 位：亿 元）YOY 5 50 60 70 1978 80 MIL 2001 5G -20-()F16 6-10A 260-400-10B-10C-11 100-200-16 150-200-20 20 World Air Forces 2022 7 000733.SZ 002179.SZ 002025.SZ 600562.SH Wind 3.2 -21-2021 2000 17.65%16,500 28 29-35%-30%-25%-20%-15%-10%-5%0%5%10%15%05000100001500020000250002014 2015 2016 2017 2018 2019 2020 2021全球碳纤维需求-航 空 航 天（吨）YOY 2020 Carbon Fiber Polymer Matrix Structural Composites Russel et al.2020 15546 54.09%2021 20647 32.81%30 2021-10%0%10%20%30%40%50%60%05,00010,00015,00020,00025,0002009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021国内航空航天钛材销量（单位：吨）国内航空航天钛材销量YOY（右轴）航空航天占国内钛材销量比例（右轴）-22-8 600862.SH 300777.SZ 300699.SZ 688122.SH 300034.SZ Wind 3.3-10 15-16-20 1 2 2012 9 25 2019 12 17 2021 6 17 3 3-7-8-7-20 2021 F35 142 68 2021 F35 753 3000 F22 178 5 -23-31 F-35 753-15 F-35 32 F-35/2022 2021 2022 9 2021 2022/2021 2021 2022 22 21 191.63 172.66 230.25+33.35%37.67 32.14 56.00+74.24%175.50 148.55 200.00+34.63%178.30 164.03 206.50+25.89%2022/2022 -24-ARJ21 C919 2 2021 2 815 2022 11 8 300 60%33 C919 10 600760.SH 600893.SH 600765.SH Wind 3.4 -25-2010 10 054A 052D 34 8342458350742121311307725136318两栖指挥舰两栖船坞登陆舰两栖船坞运输舰两栖攻击舰濒海战斗舰/护 卫舰驱逐舰巡洋舰/大型驱 逐舰航空母舰常规动力潜艇攻击型核潜艇导弹核潜艇中国 美国 Military Balance 2020 2019 2021 2021 1.2 78%6 1 4664 1071 95%113%2009 2020 30%2021 -26-35 2021 52%12060.2624645481447710975964627427267768564405523119855845.9292719036884510229161617322329982813248362310%10%20%30%40%50%60%70%02000400060008000100001200014000160002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021新接订单量:全 球，单 位：万 载 重 吨 新接订单量:中 国，单 位：万 载 重 吨中 国 占 全 球 比 例（右 轴）Clarksons 36 47259.6356102605928430316883031522332196622075818637159942036019291.5159911099013010149721273795958814 883380397214979836%38%40%42%44%46%48%50%050001000015000200002500030000350004000045000500002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021手持订单量:全 球，单位：万 载重 吨 手持订单量:中 国，单 位：万 载 重 吨中国占全球比例（右 轴）Clarksons 37 40%14607.41589115215107579086 91239529 968176379402835186026120.56555 64604335362939223594426834713690 3740416435%37%39%41%43%45%47%49%51%0200040006000800010000120001400016000180002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021造船完工量:全 球，单 位：万 载 重 吨 造船完工量:中 国，单 位：万 载 重 吨中 国 占 全 球 比 例（右 轴）Clarksons 2021 30%10 2021 -27-2013 2013 10 2022 10 30 CNPI 1044 38 2021 700 750 800 850 900 950 1,000 1,050 1,100 2011-07-012011-08-302011-10-302011-12-302012-02-292012-04-302012-06-302012-08-302012-10-302012-12-302013-02-282013-04-302013-06-302013-08-302013-10-302013-12-302014-02-282014-04-302014-06-302014-08-302014-10-302014-12-302015-02-282015-04-302015-07-302015-11-302016-03-302016-07-302016-11-302017-03-302017-07-302018-01-302018-05-302018-09-302019-01-302019-05-302019-09-302020-01-302020-05-302020-09-302021-01-302021-05-302021-09-302022-01-302022-05-302022-09-30中国新造船价格指数(月度)Wind 2022 10 30 11 600150.SH 3877.HK 600685.SH 0317.HK 601989.SH Wind -28-3.5 1)000733.SZ 2022 57.0+34.2%18.6+95.0%18.7+30.3%-4.3%5.9+34.1%-11.3%&/2022 62.15%+3.9pcts 32.7%+10.2pcts 2022 21.0%-8.9pcts 10.2%-7.6pcts 2021 2.3/2022 9 30 40.3+47.9%3.5+44.7%2866+101.2%&2022 10 11 25.18 2022 2022E/2023E/2024E 22.03/27.19/32.59 EPS 4.25/5.25/6.29 PE 27/22/18X 2020 2021 2022E 2023E 2024E 3,949.73 5,655.97 7,232.41 8,817.94 10,488.51 7.67%43.20%27.87%21.92%18.95%605.57 1,490.96 2,203.41 2,719.35 3,258.50 103.48%146.21%47.78%23.42%19.83%EPS 1.17 2.88 4.25 5.25 6.29 ROE)10.14%20.04%23.22%22.70%21.79%P/E 98 40 27 22 18 P/B 9.9 8.0 6.3 5.0 4.0 Wind 2022-11-29 -29-2)002179.SZ 2022 124.54 26.09%22.84 40.74%42.63 32.65%7.75 52.33%/36.9%1.3pcts 35.8%1.2pcts 3.1pct 14.6%-2.12 0.4pct 8.8%10.9 20.7%/19.6%/19.5%2.2pcts/2.5pcts 1.2 114.0%1.8 168.0%9 22 4192.6 2.64%32.37/1 2021 2023/2024/2025 15%75 2 2023/2024/2025 13.8%75 3 2023/2024/2025 EVA EVA 0 2022-2024 26.22/33.00/41.05 2022-2024 EPS 1.65/2.08/2.58 PE 35/28/23X 2020 2021 2022E 2023E 2024E 10,305.22 12,866.86 16,072.16 19,892.10 24,343.89 12.52%24.86%24.91%23.77%22.38%1,439.08 1,991.00 2,621.70 3,300.11 4,104.90 34.36%38.35%31.68%25.88%24.39%EPS 0.91 1.25 1.65 2.08 2.58 ROE)14.78%13.34%15.48%16.96%18.18%P/E 65 47 35 28 23 P/B 6.6 4.3 5.5 4.8 4.1 Wind 2022-11-29 EPS -30-3)300726.SZ 2022 16.81 9.49%6.62 3.58%5.78-5.62%2.12-11.60%67.37%1.70pcts 62.95%4.78pcts 2022 16.82%1.94pcts 4.92pct 4.55%-372 2.49pcts 7.38%1.24 65.30%5659.6 81.72%15.4 93.01%4.5 39.64%2021 9 10 20/150/5.06 5G 2022-2024 10.08/12.41/14.68 2022-2024 EPS 2.45/3.01/3.56 PE 18/15/12X 2020 2021 2022E 2023E 2024E 1,400.86 2,000.35 2,500.44 3,000.53 3,510.61 65.97%42.79%25.00%20.00%17.00%483.78 816.07 1,007.68 1,240.84 1,468.06 65.12%68.68%23.48%23.14%18.31%EPS 1.21 1.98 2.45 3.01 3.56 ROE)22.89%21.13%21.80%22.30%22.02%P/E 37 22 18 15 12 P/B 8.4 4.7 4.0 3.3 2.7 Wind 2022-11-29 -31-4)002025.SZ 2022 47.06 25.57%4.42 12.12%16.36 16.39%1.38 2022 1.90pcts 32.09%2.31pcts 31.18%1.44pcts 16.54%0.25pcts 1.92%1.29pcts 6.52%0.26pcts-0.47%2022 0.36pcts 8.56%33.80%4.03 1.31pcts 9.39%2021 8 14.31 153 3976.2 3 20 2022 11 4 452.6 0.999%46.73/1 2021 2023/2024/2025 14%/14.5%/15%75 2 2023/2024/2025 11.2%/11.3%/11.4%75 3 2023/2024/2025 EVA 0 2022-2024 6.35/7.88/9.45 2022-24 EPS 1.40/1.74/2.09 PE 49/39/33X 2020 2021 2022E 2023E 2024E 4,218.41 5,037.85 6,134.57 7,367.07 8,732.08 19.38%19.43%21.77%20.09%18.53%433.59 487.24 634.58 787.76 945.31 7.80%12.37%30.24%24.14%20.00%EPS 0.96 1.08 1.40 1.74 2.09 ROE)12.73%9.29%10.96%12.19%13.01%P/E 72 64 49 39 33 P/B 8.6 5.9 5.4 4.8 4.3 Wind 2022-11-29 -32-5)600562.SH 2022 20.2 14.7%3.62 38.8%5.4 24.7%0.69 16.7%2022 31.66%8.57pcts 30.26%7.24pcts 10CE：21 2022 23.56 2021 15.67 50.35%2022 22 2022 10 27 1.42/2022 2022-2024 6.46/7.61/8.78 2022-24 EPS 0.52/0.61/0.71 PE 34/29/25X A 2020 2021 2022E 2023E 2024E 3,605.53 3,432.16 4,142.86 4,868.57 5,577.19 210.74%-4.81%20.71%17.52%14.56%466.47 525.93 645.50 760.98 878.24 1021.30%12.75%22.73%17.89%15.41%EPS()0.38 0.42 0.52 0.61 0.71 ROE)10.81%11.16%12.41%13.20%13.69%P/E 47 42 34 29 25 P/B 5.1 4.7 4.2 3.8 3.4 Wind 2022-11-29 -33-6)600862.SH 2022 33.64 18.02%6.71 18.05%10.65 16.19%1.95 5.62%2022 32.98%0.13pcts 31.82%0.76pcts 9.05%0.26pcts 0.59%0.25pcts 6.56%-2054 1097 961 0.31pcts 2.51%34.82%8432/19.95%/18.34%+0.05pcts/-1.83pcts 33.21 19.78%21.44%7.09 12.61%14.98%3678 55.78%2959 775 823 60.36%1600 5000 38.98%2022-2024 7.73/9.43/11.38 2022-2024 EPS 0.56 0.68 0.82 PE 44/36/30X 2020 2021 2022E 2023E 2024E 2,911.74 3,807.62 4,643.87 5,677.48 6,840.02 17.72%30.77%21.96%22.26%20.48%430.90 591.41 773.34 943.17 1,138.04-21.88%37.25%30.76%21.96%20.66%EPS()0.31 0.42 0.56 0.68 0.82 ROE)9.84%12.22%14.23%15.35%16.26%P/E 80 58 44 36 30 P/B 7.9 7.1 6.3 5.6 4.9 Wind 2022-11-29 -34-7)300699.SZ 2022 19.40 1.14%7.50 21.36%6.26 7.87%2.45 32.86%2022 52.56%4.95pcts 47.30%5.23pcts 8.08%5.53pcts 0.28pcts 0.74%1.45pcts 4.10%-9932 953;7.16%1.62 0.65pcts 8.36%10.87 3.65%5.36 2.29 20.33%22 11.94%4612 18.44%2468 14.71%22 1009 2022 1 1-2024 6 30 32.27%26.25%CCF700G 2013 T800H 2022-24 9.81/11.87/13.93 2022-24 EPS 1.89/2.29/2.69 PE 37/31/26X 2020 2021 2022E 2023E 2024E 2,115.52 2,607.31 3,233.54 3,958.48 4,764.52 23.36%23.25%24.02%22.42%20.36%641.71 758.38 981.33 1,186.94 1,393.32 22.98%18.18%29.40%20.95%17.39%EPS()1.24 1.46 1.89 2.29 2.69 ROE)17.65%18.29%20.16%20.75%20.77%P/E 57 48 37 31 26 P/B 10 9 8 6 5 Wind 2022-11-29 -35-8)600760.SH 2022 302.79 20.58%17.40 22.56%104.67 15.59%6.22 25.98%2022 9.51%0.31pcts 9.12%0.74pcts 2022 0.07 45.90%5.16 9.60%-2.74-1.61 2022 5.3 37.78%5.75%5.94%0.33pcts 2022 107.44 4.02 41.80%2022 4 29 1.57 60.00%2.00 77.35%2022-2024 21.87/26.95/32.16 2022-2024 EPS 1.12/1.37/1.64 PE 58/47/39X 2020 2021 2022E 2023E 2024E 27,315.91 34,088.36 42,197.01 51,411.98 61,630.97 14.96%24.79%23.79%21.84%19.88%1,480.20 1,695.72 2,186.92 2,694.98 3,216.41 68.63%14.56%28.97%23.23%19.35%EPS 0.76 0.86 1.12 1.37 1.64 ROE)14.59%14.86%16.94%18.30%19.09%P/E 86 75 58 47 39 P/B 8.9 11.1 9.8 8.6 7.5 Wind 2022-11-29 -36-9)002683.SZ 2022 68.66 18.67%3.91 15.26%25.06 12.17%1.39+8.32%2022 19.83%0.17pcts 9.59%0.29pcts 21.54%2.16 2022 5.3 24.71%1.74 175.66%/2022 5 51%2022-2024 5.80 6.88 8.05 EPS 0.77 0.92 1.08 PE 37X 31X 27X 2020 2021 2022E 2023E 2024E 6,394.86 8,526.48 9,617.02 10,768.40 11,968.20 8.34%33.33%12.79%11.97%11.14%403.76 480.20 580.14 688.38 805.32 31.61%18.93%20.81%18.66%16.99%EPS()0.54 0.64 0.77 0.92 1.08 ROE)7.65%8.58%9.75%10.79%11.68%P/E 53 45 37 31 27 P/B 4.1 3.8 3.6 3.4 3.1 Wind 2022-11-29 -37-10)600150.SH 2022 385.92 0.96%14.63+256.35%12.02 146.17 31.39%12.67 740.68%0.67 H1 22H1 50/383.4 83.29%6 30 239/2075.47 22H1 30/331.18 48.87%63.77%36.23%31.63%10 10 25 2 17.5 LNG 4 98000 VLEC 1 17.5 LNG 4.6 2027 7 2 98000 VLEC 2.7 2026 1 3 98000 VLEC 2.7 2025 10 2022-2024 7.22/27.09/73.51 EPS 0.16/0.61/1.64 PE 157/42/15X 21 2020 2021 2022E 2023E 2024E 55,243.54 59,740.43 64,053.03 77,805.60 93,808.40 138.78%8.14%7.22%21.47%20.57%305.80 213.81 722.25 2,708.83 7,350.95-24.45%-30.08%237.79%275.06%171.37%EPS 0.07 0.05 0.16 0.61 1.64 ROE)0.67%0.46%1.54%5.48%12.94%P/E 371 530 157 42 15 P/B 2.5 2.5 2.4 2.3 2.0 Wind 2022-11-29 -38-11)300416.SZ 2022 12.60 19.21%1.79 35.95%4.61 20.68%0.72 45.13%2022 46.41%1.11pcts 49.65%2.99pcts 2022 27.93%1.79pcts 0.51pcts 5.99%0.59pcts 12.54%0.93pcts 2.15%2022 0.24pcts 7.26%23.29%9148 2022 1.74pcts 14.17%2020 2021 22 2022-2024 2.69 3.56 4.46 EPS 0.73 0.96 1.20 PE 42X 32X 25X 2020 2021 2022E 2023E 2024E 1,184.84 1,501.64 1,919.67 2,399.81 2,928.77 50.34%26.74%27.84%25.01%22.04%123.41 190.03 269.25 356.04 445.50 41.37%53.98%41.69%32.24%25.13%EPS 0.33 0.51 0.73 0.96 1.20 ROE)12.07
