20231105_国海证券_煤炭开采行业专题研究报告：安监合理回归修正行业供需关系Q3板块业绩环比略降机构持仓环比略升_24页.pdf
2023 11 05()S0350522110007 S0350523080001 Table_Title Q3 600348 2023 Q3*2023-11-02 600123 2023*2023-11-02 600985 Q3*2023-11-01 600395*2023-11-01 600188*2023-10-31 2023 Q3 0.52%+0.13pct HK 5 HK 36 2023 11782 7.4%1587 27.4%35 2023 1104 30.8%2023 Q5500 970/20.2%2193/24.9%8 8 30 82.19%2022 90%8 6-7 866/5.3%31.5%Q3 2127/9.9%17.9%2023 36 450 2.5%35 2023Q3 300 4.7%2 2023 36 8.7%1.2 0.7%0.1 6.1%1.1 1.9%0.02 2023 36 660 1.3%85 5.3%440 6.9%136 10.0%36 2023 26.2%4.1 6 36 2023 12.6%3.7 7 ROE 36 2023 8.9%7.0 4 ROE 36 2023 2394 931 28%2023 36 5046 4%51.3%0.6 36 2023 23 2 11.7%26 2 7.8%8 40%&(20230828);(20230903);(20230910)0YEVwPsPnOoPtNmPsPsNrQ9PcM7NnPpPpNmPjMrQrQjMqQpQ6MpPyQvPrNrPvPqMtP 3 2023 10 16 12 A 5 000 0.38%12 A 5 6 33.10/+1 2 3 4 5 4 2023/11/03 EPS PE 2022 2023E 2024E 2022 2023E 2024E 601088.SH 30.37 3.50 3.17 3.31 8.7 9.6 9.2 601225.SH 17.98 3.62 2.44 2.48 5.0 7.4 7.3 600188.SH 19.29 6.30 2.83 3.09 3.1 6.8 6.2 601898.SH 8.52 1.38 1.59 1.73 6.2 5.4 4.9 600546.SH 16.05 3.52 2.80 2.87 4.6 5.7 5.6 600256.SH 7.50 1.73 1.16 1.59 4.3 6.4 4.7 601699.SH 19.17 4.74 3.21 3.39 4.0 6.0 5.7 000983.SZ 8.63 2.09 1.24 1.31 4.1 6.9 6.6 600348.SH 7.99 2.92 1.43 1.57 2.7 5.6 5.1 000933.SZ 15.85 3.39 2.54 2.95 4.7 6.2 5.4 600985.SH 14.30 2.83 2.65 2.83 5.1 5.4 5.1 601666.SH 10.01 2.47 1.64 1.78 4.0 6.1 5.6 600123.SH 9.07 2.82 1.53 1.70 3.2 5.9 5.3 601918.SH 4.82 0.80 0.95 1.00 6.0 5.1 4.8 601001.SH 11.55 1.82 1.73 1.84 6.3 6.7 6.3 Wind 6 5 1 2023 Q3 0.52%.7 2 2023.9 2.1.9 2.2 2023.11 2.3.15 2.4.16 2.5.17 2.6.19 3.20 4.21 6 1.7 2.7 3.8 4.8 5.8 6.8 7.10 8.10 9.10 10.10 11“”.11 12.11 13 36.12 14 36.13 15 36.14 16 36.14 17 36.14 18 36.14 19 35.14 20 35.14 21 35.15 22 35.15 23 36%.16 24 36 ROE%.17 25 36%.18 26 36.19 7 1 2023 Q3 0.52%2022 2023 0.52%+0.13pct 2022 0.69%+0.44pct 2022 0.62%-0.06pct 2022 0.94%+0.32pct 2022 0.50%-0.44pct 2023 0.51%2023 0.39%-0.12pct 2023 0.52%+0.13pct HK 5 245 HK 191 102 67 64 1 2 wind 2023 wind 2023 HK 5 32,823.9 22,003.66 19,709.08 HK 16,898.95 14,943.84 HK HK 8,834.55 7,697.15 4,629.62 3,925.20 3,749.63 3,174.46 1,871.81 556.12 295.45 225.08 0.51%0.39%0.52%0.0%0.1%0.2%0.3%0.4%0.5%0.6%0.7%0.8%0.9%1.0%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 050100150200250300中国神华陕西煤业兖矿能源中国神华HK山煤国际兖矿能源HK淮北矿业潞安环能山西焦煤中煤能源电投能源平煤股份中煤能源HK华阳股份恒源煤电晋控煤业盘江股份开滦股份新集能源冀中能源美锦能源中国旭阳集团山西焦化兰花科创上海能源甘肃能化首钢资源HK大有能源云煤能源陕西黑猫金能科技 8 3 4 wind 2023 wind 2023 HK 11.1%6.96%HK 5.93%3.39%3.26%HK 5 614,923.36 605,930.00 414,768.95 HK 229,447.58 208,135.18 5 6 wind 2023 wind 2023 05000100001500020000250003000035000陕西煤业山煤国际中国神华兖矿能源HK盘江股份山西焦煤中国旭阳集团中煤能源兖矿能源潞安环能中国神华HK淮北矿业华阳股份电投能源晋控煤业美锦能源平煤股份中煤能源HK首钢资源HK开滦股份新集能源恒源煤电云煤能源山西焦化陕西黑猫冀中能源大有能源上海能源甘肃能化兰花科创金能科技()-4000-20000200040006000800010000兖矿能源HK陕西煤业中国神华兖矿能源山西焦煤山煤国际中国神华HK晋控煤业开滦股份淮北矿业平煤股份盘江股份山西焦化恒源煤电潞安环能中煤能源HK大有能源电投能源新集能源冀中能源上海能源中煤能源兰花科创首钢资源HK金能科技中国旭阳集团陕西黑猫云煤能源甘肃能化美锦能源华阳股份()024681012山煤国际盘江股份兖矿能源HK陕西煤业山西焦煤潞安环能中国旭阳集团淮北矿业晋控煤业兖矿能源电投能源中国神华HK平煤股份华阳股份中煤能源中国神华云煤能源开滦股份恒源煤电美锦能源中煤能源HK新集能源陕西黑猫首钢资源HK山西焦化大有能源冀中能源上海能源金能科技兰花科创甘肃能化(%)0100000200000300000400000500000600000700000中国神华陕西煤业山煤国际兖矿能源HK兖矿能源潞安环能中国神华HK山西焦煤中煤能源盘江股份淮北矿业电投能源华阳股份晋控煤业中国旭阳集团平煤股份美锦能源中煤能源HK开滦股份恒源煤电新集能源山西焦化首钢资源HK云煤能源陕西黑猫冀中能源大有能源上海能源兰花科创金能科技甘肃能化()9 2 2023 2.1 7 24 1-9 68637 5.6%976 11.3%44703 5.5%12546 10.1%10412 0.5%1-9 46396.9 5.8%1-9-3.4%+1.7%-12.5%-0.7%2023 1-9 34.4 3.0%9 3.9 0.4%8 1.6 1310 2023 1-9()2.61 1.47 77.62%2022 2021 2.18 2.6 1-9 7314.5 61.0%52%(3771.2)28%(2029.2)123.9 8.9%8 8 30 82.19%2022 90%8 2023 Q5500 970/20.2%2193/24.9%6-7 866/5.3%31.5%Q3 2127/9.9%17.9%10 7 8 wind 2023 10 31 wind 2023 9 30 9 10 wind 2023 10 31 wind 2023 9 30 05001000150020002500300001010118020402210310032704130430051706030620070707240810082709130930101711031120120712242021 2022 2023元/吨57710261173120912651429112991486602004006008001000120014001600 元/吨05001000150020002500300035004000450001010118020402210310032704130430051706030620070707240810082709130930101711031120120712242021 2022 2023元/吨1498251029533213259026202514193621270500100015002000250030003500元/吨 11 11 12 wind 2.2 2023 2023 36 2023 11782 7.4%1587 27.4%35 2023 1104 30.8%36 2023 1567 26.1%20 70.5%2022 35 2023 1089 29.1%50%60%70%80%90%100%110%505560657075808501/0101/2002/0802/2703/1704/0504/2405/1306/0106/2007/0907/2808/1609/0409/2310/1210/3111/1912/0812/272019 2020 2021 2022 2023%12 13 36 wind 2023Q3 2022 2023 36 440 675 462 2023Q3 36 450 2.5%35 2022 2023 335 489 315 2023Q3 3002022Q1-3 2023Q1-3 同比 2022Q1-3 2023Q1-3 同比 2022Q1-3 2023Q1-3 同比 4,285 8,606-8.8%710 1,560-42.8%678 1,557 110.0%19,868 19,730-0.7%3,260 3,585 10.1%3,186 3,484 9.5%3,229 3,131-3.1%56-98-276.5%74-107-244.9%151,347 135,038-20.2%27,128 15,525-46.8%26,840 14,249-46.9%6,934 4,902-29.3%-187 10 105.2%-189 8 104.4%6,720 4,945-26.4%1,371 199-85.5%1,356-63-104.6%35,631 28,899-18.9%5,394 3,982-26.2%5,505 4,058-26.3%6,749 5,967-11.7%1,607 1,633 1.6%1,612 1,621 0.5%12,789 11,255-12.0%3,383 2,164-36.0%3,414 2,121-37.9%250,489 252,467 0.8%59,131 48,269-18.4%58,407 47,811-18.2%6,812 6,120-10.2%1,528 1,011-33.9%1,542 971-37.0%130,739 127,432-2.4%28,307 16,180-44.6%22,531 18,996-15.6%175,345 156,209-10.9%19,328 16,688-13.7%19,232 16,569-13.8%8,908 9,692 8.8%1,841 1,921 4.3%1,799 1,897 5.4%37,279 49,569 33.0%8,402 4,851-42.3%8,359 4,828-42.2%29,050 20,356-29.9%3,985 3,916-1.7%4,010 2,419-39.7%41,179 40,697-16.0%8,296 5,638-39.7%8,279 5,672-31.5%26,855 21,979-18.2%1,541 1,624 5.3%1,288 1,618 25.6%9,056 7,619-15.9%1,658 773-53.4%1,926 699-63.7%9,947 8,498-14.6%2,122 1,328-37.4%2,076 1,319-36.5%57,314 55,538-3.1%5,218 5,058-2.7%5,351 4,887-8.3%19,631 17,040-13.2%1,821 990-45.6%1,669 976-41.5%28,199 23,096-18.1%4,727 3,138-33.6%4,766 3,028-36.5%4,650 4,050-12.9%214 63-70.5%199 33-83.6%39,972 33,013-17.4%9,268 7,269-21.6%9,245 7,242-21.7%32,134 28,629-10.9%5,855 4,103-29.9%5,996 4,048-32.5%11,444 9,604-16.1%2,758 1,799-34.8%3,203 1,776-44.6%26,364 21,651-20.7%4,959 4,271-13.9%4,939 4,237-14.2%18,713 14,838-20.7%1,712 406-76.3%1,663 381-77.1%10,154 7,779-23.4%-64-437-586.3%-93-440-370.8%889 488-45.1%19 0-99.1%18 0-101.5%9,400 6,517-30.7%2,706 1,281-52.7%2,667 1,277-52.1%5,708 5,502-3.6%-95 235 346.3%-78-75 3.8%2,720 2,567-5.6%111-22-120.1%105-27-126.0%17,949 13,865-22.8%240-264-210.2%254-272-206.8%14,101 10,914-22.6%260 6-97.8%72-112-255.1%1,272,553 1,178,202-7.4%218,571 158,653-27.4%211,902 156,686-26.1%1,022,064 925,735-9.4%159,440 110,384-30.8%153,495 108,875-29.1%13 4.7%14 36 wind 2022Q4 2023Q1 2023Q2 2023Q3 Q3 环比 2,459 958 322 280-13.1%726 1,617 966 1,002 3.8%12 65-18-145-694.9%3,646 5,652 4,558 5,315 16.6%110 57-4-43-855.5%185 315-94-22 77.0%1,587 1,686 1,372 924-32.6%906 608 510 516 1.2%-339 711 675 779 15.4%10,495 18,612 14,667 14,990 2.2%-185 430 278 303 8.7%6,816 6,911 4,668 4,601-1.4%-1,088 7,155 4,680 4,853 3.7%223 594 714 613-14.2%2,936 3,007 1,114 729-34.6%473 2,703 664 549-17.3%2,425 2,470 2,047 1,121-45.2%368 419 594 611 2.9%536 350 269 154-42.9%-382 835 344 149-56.7%1,792 2,111 1,477 1,470-0.4%31 408 376 206-45.3%997 1,146 1,088 904-16.9%-20 287-32-192-502.2%4,900 3,380 1,915 1,974 3.0%1,716 1,546 1,193 1,363 14.3%465 773 589 437-25.8%2,067 1,727 1,285 1,260-1.9%498 402-29 33 212.6%-233-123-149-164-9.8%3 1 1-2-365.7%-124 763 154 364 137.4%-86-16-18 268 1620.1%41 30 26-78-405.2%38 56-120-200-66.7%-11-139 78 67-14.2%43,984 67,511 46,155 44,987-2.5%33,489 48,899 31,488 29,997-4.7%归母净利润 14 15 36 16 36 wind wind 17 36 18 36 wind wind 19 35 20 35 wind wind 169235038160537850202000004000006000008000001000000120000014000001600000180000021A 22A 22Q122Q222Q322Q423Q123Q223Q336 百 万 元322673576195733405000010000015000020000025000030000035000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q336 百 万 元262555461554498705000010000015000020000025000030000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q336 百 万元253321469884371105000010000015000020000025000030000021A 22A 22Q122Q222Q322Q423Q123Q223Q336 百 万 元13478172992052954770200000400000600000800000100000012000001400000160000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q335 百 万元241018401943974105000010000015000020000025000030000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q335 百 万 元 15 21 35 22 35 wind wind 2.3 2023 2023 36 8.7%1.2 0.7%0.1 6.1%1.1 1.9%0.02 2023 36 660 1.3%85 5.3%440 6.9%136 10.0%192929314882999705000010000015000020000025000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q335 百 万元182984325472887002000040000600008000010000012000014000016000018000020000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q335 百 万元 16 23 36%wind 2.4 36 2023 26.2%4.1 6 36 2023 12.6%3.7 7 ROE 36 2023 8.9%7.0 4 ROE2022Q1-3 2023Q1-3-pct 2022Q1-3 2023Q1-3-pct 2022Q1-3 2023Q1-3-pct 2022Q1-3 2023Q1-3-pct 8.8 11.9 3.1 0.9 0.9 0.0 7.6 9.2 1.6 0.3 1.8 1.5 3.4 3.4 0.0 0.2 0.2 0.0 2.0 2.4 0.5 1.2 0.8-0.5 18.8 21.9 3.1 1.6 1.7 0.1 12.4 15.4 3.0 4.8 4.8 0.0 7.7 9.9 2.2 2.8 2.8 0.0 3.3 5.3 1.9 1.6 1.9 0.4 4.8 6.5 1.6 0.4 0.6 0.2 1.7 2.7 0.9 2.7 3.2 0.5 16.8 25.1 8.3 1.2 1.9 0.6 11.5 18.7 7.2 4.0 4.6 0.5 5.5 6.5 1.0 1.3 1.4 0.1 3.2 4.5 1.3 1.0 0.6-0.4 14.2 15.0 0.8 0.7 0.8 0.1 13.1 13.7 0.6 0.4 0.5 0.1 4.6 5.9 1.3 0.8 0.7-0.1 2.0 4.2 2.2 1.9 1.0-0.9 3.5 3.5 0.0 0.2 0.1-0.1 3.3 3.3-0.1 0.0 0.1 0.1 9.3 13.5 4.1 1.5 1.8 0.3 4.3 7.5 3.2 3.6 4.2 0.6 4.3 4.8 0.5 0.5 0.5 0.1 4.3 4.6 0.3-0.4-0.3 0.1 4.1 4.4 0.4 0.4 0.4 0.1 2.0 2.5 0.5 1.7 1.5-0.2 11.8 9.4-2.4 0.5 0.4-0.1 5.7 4.8-0.9 5.6 4.2-1.4 4.5 3.5-1.0 0.6 0.4-0.2 1.8 1.5-0.3 2.2 1.7-0.5 8.2 12.7 4.5 0.4 0.6 0.1 6.4 9.9 3.4 1.3 2.3 0.9 7.9 10.6 2.8 0.4 0.6 0.3 6.2 8.5 2.3 1.3 1.5 0.2 11.0 12.9 2.0 0.3 0.3 0.0 3.5 5.1 1.5 7.2 7.6 0.4 15.3 14.6-0.6 0.2 0.2 0.0 13.8 13.2-0.6 1.3 1.2-0.1 6.3 6.1-0.2 0.2 0.3 0.0 5.4 5.2-0.2 0.6 0.6 0.0 9.6 9.2-0.4 0.3 0.3 0.0 8.5 7.9-0.6 0.8 1.0 0.2 5.8 6.4 0.6 1.1 0.9-0.2 3.8 5.1 1.3 0.9 0.4-0.5 6.8 9.4 2.7 0.6 0.7 0.1 3.4 4.5 1.1 2.8 4.2 1.4 12.0 10.6-1.4 0.7 0.7 0.1 7.3 7.0-0.3 4.0 2.9-1.1 9.0 9.8 0.7 0.2 0.4 0.2 7.1 9.3 2.2 1.7 0.0-1.7 4.2 5.2 0.9 0.7 1.0 0.4 2.0 3.8 1.9 1.6 0.3-1.3 12.5 11.8-0.7 1.0 0.8-0.2 9.3 9.7 0.4 2.1 1.2-0.9 5.3 7.6 2.3 0.4 0.5 0.0 3.6 5.8 2.2 1.2 1.3 0.0 5.6 7.6 1.9 0.7 0.9 0.3 3.7 4.9 1.3 1.3 1.7 0.4 2.9 2.9 0.0 0.0 0.0 0.0 1.9 1.4-0.5 1.0 1.5 0.5 2.0 4.0 2.1 0.6 1.6 0.9 1.2 2.6 1.3 0.1-0.1-0.2 5.0 7.3 2.2 0.5 0.6 0.1 2.9 4.2 1.4 1.7 2.4 0.7 4.6 4.0-0.7 0.2 0.1-0.1 3.4 2.7-0.7 1.0 1.1 0.1 7.7 9.8 2.1 0.2 0.3 0.1 5.2 6.4 1.2 2.3 3.1 0.8 2.4 3.8 1.3 0.3 0.6 0.3 0.9 1.4 0.5 1.2 1.7 0.5 3.9 3.1-0.8 0.1 0.1 0.0 3.3 2.0-1.2 0.5 1.0 0.5 7.5 8.7 1.2 0.6 0.7 0.1 5.0 6.1 1.1 1.9 1.9 0.02 7.6 8.9 1.3 0.6 0.7 0.1 5.1 6.2 1.1 1.9 1.9 0.02 17 24 36 ROE%wind 2.5 36 2023 2394 931 28%2023 36 5046 4%51.3%0.6 35 2023 2022Q1-3 2023Q1-3-pct 2022Q1-3 2023Q1-3-pct 2022Q1-3 2023Q1-3-pct 29.7 35.8 6.2 16.6 18.2 1.6 7.5 11.2 3.7 33.4 33.0-0.4 20.6 19.8-0.7 15.0 13.1-2.0 34.8 29.2-5.7 7.0 0.4-6.6 3.4-6.1-9.5 40.6 33.2-7.4 22.6 15.5-7.2 35.8 15.6-20.3 2.7 7.7 5.0-2.6 0.3 2.9-31.7 1.7 33.4 48.4 25.2-23.1 22.8 5.9-16.9 17.2 2.5-14.8 43.0 41.2-1.8 23.7 21.6-2.1 41.0 26.1-14.9 45.0 49.4 4.4 23.8 27.3 3.6 14.5 11.3-3.2 56.2 46.3-9.9 36.8 27.1-9.7 25.1 14.1-11.0 40.0 35.1-4.9 27.6 22.3-5.3 15.4 12.2-3.2 58.8 52.1-6.7 33.0 24.8-8.2 15.0 9.3-5.7 40.9 37.3-3.6 31.7 21.5-10.2 29.7 14.9-14.9 25.8 24.3-1.5 15.3 13.9-1.3 15.7 12.2-3.6 44.6 40.5-4.1 23.0 21.9-1.1 17.9 15.5-2.4 33.2 16.9-16.3 22.4 9.5-12.8 34.6 14.4-20.3 32.5 33.8 1.3 15.7 21.7 6.0 18.3 16.9-1.4 41.1 39.1-2.0 22.0 17.2-4.9 32.8 15.5-17.3 23.1 27.6 4.6 4.9 7.9 3.0 3.6 3.6 0.0 43.3 31.3-12.1 19.4 10.3-9.1 24.1 6.7-17.4 41.4 30.9-10.5 21.4 16.0-5.4 18.4 10.6-7.9 22.1 20.1-2.0 9.6 8.7-0.9 17.7 14.3-3.5 18.7 14.7-3.9 8.5 4.3-4.3 12.8 7.0-5.8 34.3 30.9-3.4 18.1 14.5-3.6 25.2 12.9-12.3 26.4 19.7-6.7 4.6 1.5-3.1 4.1 1.2-2.9 52.2 49.9-2.2 26.8 24.7-2.1 23.6 14.9-8.7 32.6 27.2-5.4 21.4 16.7-4.7 49.5 24.2-25.3 54.4 43.6-10.8 25.5 20.1-5.5 20.1 11.3-8.8 41.3 45.0 3.7 21.4 22.4 1.1 22.9 15.8-7.1 20.2 13.8-6.4 9.5 2.3-7.2 12.9 2.8-10.2 2.1-2.4-4.6-0.6-5.6-5.0-2.3-19.0-16.7 4.9 4.2-0.7 2.1 0.0-2.1 5.6 0.0-5.5 0.3-9.4-9.8 28.7 19.6-9.1 20.1 8.6-11.5 3.0 3.0 0.0-1.6 4.3 5.9-2.9 7.1 10.0 13.1 10.4-2.6 3.3-1.0-4.4 1.5 0.4-1.2 5.0 2.5-2.4 1.3-2.3-3.6 2.8-3.1-5.9 5.2 1.9-3.3 1.8 0.1-1.8 3.0 0.1-2.9 30.4 26.2-4.1 16.3 12.6-3.7 15.8 8.9-7.0 30.1 26.0-4.1 16.0 12.3-3.7 15.8 8.8-7.1ROE 18 1647 767 32%2023 35 4632 1%,52.1%0.5 25 36%wind 2022Q1-3 2023Q1-3 2022Q1-3 2023Q1-3 2022Q1-3 2023Q1-3-pct 817 1947-53%2315 5712 147%39.3 47.5 8.2 6831 5473-20%8916 8978 1%35.1 33.4-1.7 994 148-85%2418 2492 3%81.1 79.8-1.3 32442 19007-50%88559 102116 15%58.7 69.5 10.8 76 110 46%3346 4331 29%95.4 94.7-0.8 2510 987-61%6134 5955-3%62.5 62.9 0.4 8222 5007-39%8636 6457-25%56.6 50.7-5.9 1575 2728 74%2217 1961-12%42.4 41.0-1.4 3827 4867 27%9616 5447-43%47.2 37.5-9.7 91090 74720-18%62398 41398-34%25.5 24.7-0.8 3818 3061-20%8940 8482-5%54.7 52.3-2.4 38487 28470-34%7145 5298-26%34.6 38.2 3.7 37818 28355-25%85366 74095-13%51.0 47.8-3.3 2513 3369 34%12551 12589 0%61.4 58.4-3.1 7068 4002-43%26522 21401-19%61.6 52.7-8.9 4350 1771-59%13688 16650 22%50.3 52.5 2.2 8480 8915-26%12652 11688-8%54.4 49.7-4.7 4882 4908 1%27894 24006-14%54.8 51.4-3.4 2713 1232-55%5448 10100 85%53.0 61.4 8.4 3046 903-70%1753 1804 3%36.6 34.5-2.2 10394 7437-28%18345 14644-20%54.2 52.6-1.6 3045 819-73%5523 7273 32%45.2 47.6 2.5 6337 6903 9%17366 22114 27%68.0 64.6-3.4 1146 510-55%4979 4070-18%62.9 59.7-3.2 25984 9282-64%14918 3084-79%55.1 44.3-10.7 9262 7042-24%20524 26808 31%61.5 63.1 1.6 5234 2683-49%8675 8852 2%51.4 49.5-1.9 4593 4302-6%18880 19712 4%56.7 54.5-2.2 2419 207-91%5424 5908 9%54.7 57.3 2.6 95 188 98%1540 1282-17%53.0 57.8 4.8-70-83-19%20 19-3%22.6 10.0-12.6-402-1241-208%5277 6820 29%35.9 37.8 1.9 487-634-230%1616 2124 31%61.2 64.4 3.2 47 738 1471%1533 1566 2%35.9 38.6 2.7 603 550-9%4286 4421 3%46.8 54.4 7.6 1829 759-58%2582 4942 91%45.3 49.8 4.6/332562 239445-28%528003 504599-4%51.8 51.3-0.6 241472 164725-32%465605 463201-1%52.6 52.1-0.5 19 2.6 36 2023 23 2 11.7%26 2 7.8%26 36 wind 2022Q1-3 2023Q1-3 2022Q1-3 2023Q1-3 32 22-32.7%44 50 14.7%36 25-31.0%38 41 7.5%108 88-18.6%24 19-22.7%13 14 7.2%27 25-9.1%25 35 36.2%3 4 47.8%35 43 21.0%13 16 22.6%9 10 13.3%16 14-14.2%4 6 27.1%32 36 12.3%24 22-8.0%17 15-13.9%12 13 8.3%23 22-1.9%11 2-82.6%10 11 8.9%10 6-33.6%12 14 17.1%12 15 30.4%22 27 21.6%17 30 72.3%16 18 9.1%20 13-33.1%17 10-41.3%21 45 113.0%16 26 69.9%12 21 71.7%36 27-27.1%31 38 21.9%11 15 43.5%12 15 25.7%16 18 14.4%10 14 44.3%15 20 30.8%9 9 10.6%16 20 25.4%20 18-8.9%22 22 1.3%32 36 11.6%10 8-14.8%38 37-3.2%19 12-37.0%24 28 17.3%18 20 12.3%4 7 52.1%35 37 5.7%3 3 13.5%34 32-7.7%23 24 0.1%13 19 45.6%19 27 40.6%27 29 7.1%1 1 1.5%10 12 13.1%53 83 58.2%8 24 188.1%1 2 32.2%18 20 12.0%40 50 23.0%33 33-1.0%5 8 38.6%146 152 4.5%2 3 41.4%25 40 58.8%17 24 38.6%30 34 11.8%21 23 11.7%24 26 7.8%21 23 11.8%24 26 8.0%20 3 8 40%&(20230828);(20230903);(20230910)2023 10 16 12 A 5 000 0.38%12 A 5 6 33.10/21+2023/11/03 EPS PE 2022 2023E 2024E 2022 2023E 2024E 601088.SH 30.37 3.50 3.17 3.31 8.7 9.6 9.2 601225.SH 17.98 3.62 2.44 2.48 5.0 7.4 7.3 600188.SH 19.29 6.30 2.83 3.09 3.1 6.8 6.2 601898.SH 8.52 1.38 1.59 1.73 6.2 5.4 4.9 600546.SH 16.05 3.52 2.80 2.87 4.6 5.7 5.6 600256.SH 7.50 1.73 1.16 1.59 4.3 6.4 4.7 601699.SH 19.17 4.74 3.21 3.39
