industryId investSuggestion(investSuggestionChange 2023E EPS 2024E EPS 0.66 0.92 6.58 7.54 3.11 3.62 1.45 1.70 0.94 1.08 0.73 0.85 1.55 1.76 0.75 1.00 relatedReport 2023-02-14 emailAuthor S0190521060001 S0190521060002 assAuthor summary+2019-2020 5%-7%2022+30%+2022 6,213 9,379 5,609 2015-2016 2020-2021 1 2 2019-2020+3+2019-2020 2020-2021 2022 2020-2021+1 2+5.5%2019-2022 3.1%3+title createTime1 2023 07 31 -2-1.-4-1.1.-4-1.2.-4-1.3+.-6-1.4+.-8-2.-11-2.1.-11-2.2.-12-2.3.-13-2.4.-18-3.-27-3.1.-27-3.2.-27-3.3.-31-4.-32-1“+”.-5-2 2022“+”.-7-3 2022“+”60%.-8-4 5%.-9-5“+”.-12-6 2014-2015 2020-2021.-12-7 2015-2016 2020-2021.-13-8 2014-2015.-14-9 2014-2015“+”1:1.-14-10.-15-11 2019-2021“+”.-15-12.-16-13.-16-14.-17-15.-17-16 2017.-18-17 2016.-18-18.-19-19.-19-20 2019-2021.-21-21 2019-2020.-21-22.-22-23.-22-24.-24-25.-24-26 2021.-25-27 70%.-25-28“+”.-28-29“+”.-29-1ZAZxOmRtQmNoQtQtOtMoPbRcM8OsQqQtRtQjMoOzRkPoOnM8OoPpRwMrQzQxNnMvN-3-30 10%.-30-31 20%.-31-32 FED+.-32-1“+”.-4-2“+”5%-7%.-5-3 2022 4%.-5-4“+”.-6-5 2022“+”.-7-6“+”.-8-7 2023.-8-8.-10-9.-10-10.-10-11 2022.-19-12 2019-2022.-20-13 2022 90%.-22-14 2019-2022.-23-15 2022 95%-25-16 2019-2022-26-17“+”.-27-18 A.-28-19 B.-28-20.-30-21.-31-4-1 1.1+2019+1 2 3+1+0-20%2012 0-20%2014 40%-0-95%2022 1 iFinD 1.2+2013 2022 64%76%93%2013-2018+2019-2021 -5-1+Wind 2013-2022 5.2%-7.0%4.75%0.5-2.3 2+5%-7%2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 3 5 10 0.94 12.61 10.12 1.56 2.15 5.94 4.33 2.84 4.13 2.16 3.13 3.98 4.75 1.01 16.81 10.20 0.94 0.89 4.67 6.38 4.40 7.47-0.81 3.74 4.51 5.23 0.39 26.99 12.48-2.16 2.32-0.32 10.16 9.12 7.82-5.07 3.87 4.29 5.99 2.88 18.74 18.33 0.24 4.15 0.22 10.97 13.21 5.61-3.78 4.93 5.20 7.00 13.89 16.96 42.23-5.37 10.15-12.77 29.73 39.80 10.26-15.06 9.70 8.43 11.68 12.73 22.24 43.17-13.03 14.12-23.58 45.02 55.91 7.68-21.03 10.17 8.24 11.49 Wind 2022 2013-2022 4.13%12.02%8.17%2015 2015 2018 2022 2015 2018 2%-3%2%-3%1 3 2022 4%2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 3 5 10-2.91-1.49-1.48-2.71-0.59-0.39-0.37-1.75-0.28-1.08-1.75-1.75-3.27-50%0%50%100%150%200%250%300%2013-01-042013-04-152013-07-222013-10-292014-01-282014-05-082014-08-072014-11-132015-02-132015-05-252015-08-242015-12-012016-03-082016-06-082016-09-082016-12-162017-03-242017-06-292017-09-272018-01-032018-04-122018-07-162018-10-222019-01-222019-04-302019-08-022019-11-082020-02-172020-05-212020-08-212020-11-272021-03-052021-06-092021-09-082021-12-162022-03-242022-06-302022-09-292023-01-05 -6-3.75-1.93-4.13-3.31-1.14-0.76-1.65-1.67-1.78-2.53-2.53-2.53-4.54-6.08-3.24-12.02-3.66-1.42-2.93-3.50-3.69-3.21-6.84-6.93-6.93-12.02-3.22-1.96-8.17-2.33-0.98-2.20-2.43-3.71-2.99-5.52-5.74-5.74-8.17-9.41-10.68-26.61-11.59-3.18-16.00-8.09-10.75-11.17-20.10-21.86-21.86-26.61-10.65-13.53-43.35-21.83-6.91-27.00-11.84-15.15-16.39-26.21-30.19-30.19-43.35 Wind=/abs()3/5/10+3/5/10 0.9%-1.8%+4+3 2020-2022 5 2018-2022 10 2013-2022 1.79 2.28 1.45 1.48 1.78 1.15 0.56 0.62 0.50 0.86 0.91 0.86 0.44 0.39 0.44 0.34 0.27 0.27 Wind 1.3+2022+2022 1+10%-30%+2 0-95%2022 1 3+-7-2 2022+Wind 5 2022+20%“+”10%-30%“+”“+”0-30%“+”1 2022 1 iFinD+2022+5,742 61%+3,510 63%+957 11%+230 49%+423 58%+155 14%-30-20-10010203040502010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A%-8-3 2022+60%Wind iFinD+10%-30%2021+30-60BP 2022 80-160BP 6“+”2021A 2022A 2021A 2022A 10%-30%4.38-2.65-3.08-5.18 6.70-4.17-3.59-6.10 10%-30%3.35-2.87-2.92-5.32 6.07-3.72-3.26-6.33 10%-30%7.01-4.67-4.17-6.95 11.39-16.66-15.19-23.97 Wind iFinD 1.4+2021 12 177 44 2022 1-11 2023 2023 1 3.17 7 2023 2021-12 4 176.89 44.22 01002003004005006007008009001,00001,0002,0003,0004,0005,0006,0007,0008,0009,00010,000 10-30%10-30%-9-2022-01 2 17.74 8.87 2022-02 2 36.58 18.29 2022-03 4 162.73 40.68 2022-04 4 101.50 25.37 2022-05 3 17.87 5.96 2022-06 6 86.87 14.48 2022-07 5 39.77 7.95 2022-08 9 164.79 18.31 2022-09 11 195.02 17.73 2022-11 2 30.33 15.16 2023-01 2 3.17 1.59 54 1033.27 19.13 1 5.00%-8.00%2 5 5 3 80%-100%4 5%1,033 54 269 26.06%2.82%3.14%3.22%3.57%4.02%4.77%5.00%0%1%2%3%4%5%6%1 1-3 3-6 6-1 1-3 3 -10-8 5 269.24 26.06%11 193.28 18.71%11 138.06 13.36%10 108.60 10.51%5 100.77 9.75%2 100.69 9.74%2 50.61 4.90%3 36.87 3.57%4 33.50 3.24%1 1.66 0.16%54 1033.27 100%591.86 57%60 3 98.39(21GS5688)5.80%-8.00%9 3 2022-03-22 98.39 5.80%-8.00%1 2021-12-16 81.47 5.80%-8.00%2022 1 2022-09-02 80.58 5.80%-8.00%4 2022-06-02 65.71 5.80%-8.00%2022 01 2022-08-22 61.25 5.80%-8.00%2022 7 2022-04-07 53.16 5.80%-8.00%2021 1 2021-12-16 51.91 5.80%-8.00%2027 2 2022-03-22 36.93 5.80%-8.00%(21GS5688)2021-12-23 32.10 5.00%-7.00%2022 1 2022-08-19 30.36 5.80%-8.00%591.86 10 1 5 5 5 5 1 1 1 1 300 300 300 300 -11-0.5%0.1%-0.5%0.1%3 0.1%0.1%0.1%-0.015%0.02%0.02%0.02%R2 R2 R2 R3 5.8%5.8%-8.0%5.8%-8.0%5.0%-7.0%80%40%15%20%49%80%20%80%49%20%5%80%20%1.50%2.20%3.1.50%2.20%3.1.10%-30%2.20%3.1.30%-50%2.20%3.2 2.1+2022 6,213 9,397 5,609 8,453+-12-5+Wind iFinD+2014-2016 2019-2021 2014-2016 52%56%58%154%2019-2021 18%90%134%26%6 2014-2015 2020-2021 Wind iFinD 2.2 2015-2016 9397 05,00010,00015,00020,00025,00030,00035,00040,0002010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A-100%0%100%200%300%400%500%2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A -13-2015 7,429 23 2015 2016 22 2016 2020-2021+2019 2020 2021 3,473 4,154 20 15 7 2015-2016 2020-2021 Wind 2.3 2.3.1 2014-2015+2014 2015+2015+64%2016 1,040 610 846 649 3,473 4,154 7,429 2,923 01,0002,0003,0004,0005,0006,0007,0008,0009,0002010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A -14-8 2014-2015 Wind 1 1 9 2014-2015+1:1 Wind iFinD 2019-2021+2019-2021 2019-200204060801001202013 2013 2014 2014 2015 2015 2016 2016%0100020003000400050006000700080002014H 2014A 2015H 2015A 2016H 2016A 2014H 2014A 2015H 2015A 2016H 2016A -15-10 Wind 2021+11 2019-2021+Wind iFinD 2.3.2+2019-2020 024681012141618202019 2019 2020 2020 2021 2021%020004000600080001000012000140002019H 2019A 2020H 2020A 2021H 2021A 2019H 2019A 2020H 2020A 2021H 2021A -16-2019 74.2%28.5 65.7%(2022)24.54 88.73%2019-2020+12 13 26.60%22.40%16.70%8.30%6.70%6.60%6.40%3.50%1.20%1.20%0.50%0%5%10%15%20%25%30%7.84 28.35%16.7 60.40%3.010.06 0.04()()()()-17-2.3.3 2019-2020+14 iFinD 15 iFinD 6%-8%2018 6%-8%2.02.53.03.54.04.55.05.56.02010-01-012010-07-012011-01-012011-07-012012-01-012012-07-012013-01-012013-07-012014-01-012014-07-012015-01-012015-07-012016-01-012016-07-012017-01-012017-07-012018-01-012018-07-012019-01-012019-07-012020-01-012020-07-012021-01-012021-07-012022-01-012022-07-012023-01-01%27.4920.9115.7317.4916.2217.2315.6310.898.406.50051015202530352013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A:%-18-5 2019-2021+16 2017 iFinD 17 2016 iFinD 2.4 2.4.1 2022 4,396 1,791 71.05%28.95%2010 50%2022 70%050,000100,000150,000200,000250,000300,0002010-03-312010-09-302011-03-312011-09-302012-03-312012-09-302013-03-312013-09-302014-03-312014-09-302015-03-312015-09-302016-03-312016-09-302017-03-312017-09-302018-03-312018-09-302019-03-312019-09-302020-03-312020-09-302021-03-312021-09-302022-03-312022-09-30 02468101214162010-03-312010-09-302011-03-312011-09-302012-03-312012-09-302013-03-312013-09-302014-03-312014-09-302015-03-312015-09-302016-03-312016-09-302017-03-312017-09-302018-03-312018-09-302019-03-312019-09-302020-03-31:%-19-2021 2018-2021 3,203 466 4,956 1,265 0.55 1.71 1 100%+”2019-2020 1 11 2022 22A%22A%22A 204 21.50 47.87 52.13-1.09 381,113 28,459 162 24.09 61.10 38.90-0.18 101,224 65,259,162 0.00 42.36 57.64 2.59 579,476 15,540 152 0.00 100.00 0.00 2.18 502 29,820,756 145 10.97 57.27 42.73 1.10 509,862 21,514 105 0.02 56.24 43.76 1.96 316,532 5,151 104 2.30 76.66 23.34 2.15 973,810 7,674,18 19 Wind iFinD Wind iFinD-100%-50%0%50%100%150%01,0002,0003,0004,0005,0006,0002010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A 0%20%40%60%80%100%2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A -20-85 0.00 68.05 31.95 1.98 133,636 42,627 84 15.99 8.41 91.59-0.24 38,177 37,399,1 82 0.00 100.00 0.00 2.04 218 34,896,124,16 8.64 71.05 28.95 1.02 Wind iFinD 2019-2022 50%172 162 2019-2020 2021 12%19A 20A 21A 22A 19A 20A 21A 22A 15.47 11.75 6.44-1.09 6/266 8/299 99/334 319/373 18.92 11.2 19.44-0.18 2/266 10/299 4/334 293/373 6.71 4.16 6.5 2.59 78/266 93/299 95/334 85/373 7.09 4.09 6.77 1.1 66/266 97/299 85/334 250/373 6.63 3.2 5.22 2.15 81/266 147/299 158/334 152/373 9.36 10.25 9.4-0.24 27/266 12/299 40/334 295/373 6.36 3.18 6.33 1.98 86/266 151/299 106/334 170/373 1-4.14 2.04-231/334 165/373 14.59 11.67 7.18 1.57 8/266 9/299 67/334 212/373 12 2019-2022 18A 19A 20A 21A 22A 33 60 95 230 204 172 58.09%0 4 32 86 162 162 333.70%37 87 85 155 162 125 45.00%45 65 121 215 145 99 33.71%5 38 65 139 104 99 113.81%1 1 1 50 84 83 226.74%3 48 53 131 85 82 123.66%1 0 0 10 31 82 82-0 1 3 28 82 81 262.01%1 60 78 80 81 80 216.95%14 17 15 17 16 5 Wind iFinD -21-2.58 2.98 5.02 2.75 250/266 171/299 165/334 58/373 5.77 3.78 5.61 1.02 Wind iFinD 2022 2019 2020 2019-2020 60%2019-2020 15%2019 2019-2020 20 2019-2021 Wind iFinD 21 2019-2020 Wind iFinD 13.36 18.66 68.85 71.33 66.73 63.64 68.73 24.95 25.48 18.53 010203040506070802018H 2018A 2019H 2019A 2020H 2020A 2021H 2021A 2022H 2022A-%8.89 8.63 12.10 15.47 13.18 16.28 12.46 12.11 12.98 13.33 0246810121416182018H 2018A 2019H 2019A 2020H 2020A 2021H 2021A 2022H 2022A-%-22-2.4.2 2022 6,783 2,542 72.74%27.26%2015 65%-75%2019-2022 2021 3,279 6,754 1,384 3,249 22 23 Wind iFinD Wind iFinD 2022 60%-100%1-55 13 2022 90%22A%22A%22A 492 35.23 67.41 32.59-2.74 748,572 13,504 322 26.66 30.74 69.26-1.91 243,216 12,605,320 31.82 77.34 22.66-1.59 615,696 31,648,291 17.30 92.38 7.62-0.28 109,245 228,353,280 19.26 88.87 11.13-3.91 95,659 193,862 262 19.15 63.31 36.69-4.01 355,241 43,826,-50%0%50%100%150%200%250%300%01,0002,0003,0004,0005,0006,0007,0008,0002010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A 0%20%40%60%80%100%2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A -23-213 22.56 99.16 0.84-1.55 27,637 546,837 174 11.76 62.69 37.31 2.81 209,164 40,993,164 14.87 87.63 12.37 1.36 153,037 73,763 139 25.79 82.72 17.28-2.47 65,655 129,052 20 24.70 72.77 27.23-4.17 Wind iFinD 2019-2022 100 320 2021 700 2022 2022 100 2022 10%14%19A 20A 21A 22A 19A 20A 21A 22A 14.96 6.11 8.66-2.74 37/277 181/295 81/322 170/396 13.34 11.06 13.89-1.91 49/277 79/295 24/322 141/396 6.57 8.55 8.36-1.59 173/277 119/295 92/322 127/396-9.24-0.28 268/277 277/295 69/322 69/396 23.24 14.77 9.50-3.91 8/277 39/295 60/322 227/396 11.76 12.50 6.22-4.01 64/277 61/295 151/322 230/396 19.16 6.79 7.83-1.55 17/277 161/295 106/322 126/396 9.91 4.59 7.19 1.36 98/277 206/295 122/322 37/396 14 2019-2022 18A 19A 20A 21A 22A 65 157 179 708 492 427 65.7%2 4 45 288 322 320 274.6%7 14 11 480 320 313 158.1%-9 291 291 291-2 50 240 729 280 277 231.2%31 78 210 411 262 230 70.0%1 1 1 43 213 212 353.1%3 3 15 64 164 161 176.8%4 17 156 216 139 135 137.4%A 5 33 124 240 131 126 122.0%5 9 15 26 20 15 Wind iFinD -24-29.52 17.34 6.47-2.47 3/277 24/295 141/322 160/396 A 10.34 9.82 4.92-2.74 88/277 96/295 192/322 171/396 9.06 8.12 6.70-4.17 Wind iFinD 2020-2021 2022 24 Wind iFinD 25 Wind iFinD 024681012141618202018H 2018A 2019H 2019A 2020H 2020A 2021H 2021A 2022H 2022A-%024681012141618202018H 2018A 2019H 2019A 2020H 2020A 2021H 2021A 2022H 2022A-%-25-2.4.3 2022 4,610 982 82.44%17.56%2021 2020 2,995 2021 6,761 26 2021 27 70%Wind iFinD Wind iFinD 2022 2022 90%15 2022 95%22A%22A%22A 175 13.99 7.79 92.21-4.64 120,982 81,859,瑄 169 55.93 23.31 76.69 4.15 43,889 191,485,117 14.98 2.38 97.62-0.77 125,052 37,206,-100%0%100%200%300%400%500%600%01,0002,0003,0004,0005,0006,0007,0008,0002010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A 0%20%40%60%80%100%2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A -26-100 42.23 1.97 98.03-6.25 212,051 32,667,76 28.75 29.60 70.40-1.13 79,147 54,021 74 25.60 0.06 99.94-6.45 46,285 120,558 72 21.60 38.76 61.24-2.51 300,987 19,905,61 21.81 0.00 100.00-1.79 32,198 152,020 58 36.51 44.40 55.60-3.95 97,655 33,783 57 14.94 16.28 83.72-4.07 221,857 10,262 8 25.09 17.56 82.44-3.53 Wind iFinD 2020-2021 5 2021 2019-2022 16%19A 20A 21A 22A 19A 20A 21A 22A-14.40 8.61-4.64-100/221 81/382 438/645-8.76 4.15-74/382 10/645-6.65-0.77-150/382 113/645-6.25-513/645-10.29-1.13-44/382 139/645-5.95-6.45-186/382 519/645 16 2019-2022 18A 19A 20A 21A 22A-23 21 284 175 175 185.68%-13 131 169 169 265.36%-7 116 117 117 304.02%-100 100 100-14 48 76 76 131.96%-199 100 74 74-39.08%6 6 24 108 72 66 72.02%-101 61 61-9 58 58 58 154.65%-15 88 57 57 93.45%3 5 13 14 8 6 Wind iFinD -27-14.87 17.26 5.00-2.51 50/210 67/221 224/382 267/645-1.79-194/645-13.84-3.95-20/382 399/645-10.37-4.07-43/382 410/645 11.24 13.58 6.07-3.72 Wind iFinD 3 3.1+1 2 3+17+/5%-8%5%5 0-0.1%0.6%-1.0%0.6%-1.0%0-20%10%-30%0-40%20%10%-30%Wind iFinD 3.2+-28-2022 28+iFinD A 2019-2021 B A A A 2020-2021 2021 B 2022 2022 18 A 2019H 2019A 2020H 2020A 2021H 2021A 2022H 2022A 1 2 3 4 A 5 6 7 8 9 10 iFinD 19 B 2019H 2019A 2020H 2020A 2021H 2021A 2022H 2022A 1 A A A-10%0%10%20%30%40%50%60%70%2016-01-042016-04-062016-07-052016-09-302016-12-312017-04-062017-07-052017-09-282017-12-292018-04-022018-07-022018-09-262018-12-272019-04-012019-07-012019-09-252019-12-262020-03-312020-07-022020-09-252020-12-292021-04-012021-07-022021-09-292021-12-302022-04-062022-07-062022-09-302022-12-312023-04-04A B -29-2 A A 3 A 4 A A 5 A A 6 A 7 8 9 A 10 iFinD 29+iFinD+90%10%90%10%+1 2013 2022 70.19%63.93%5.5%5.1%5.2%6.0%2 3 Calmar 2020-2022 Calmar 6.68 Calmar 5.07 Calmar 1.48 0.56 01002003004005006002019-032019-062019-062019-092019-122020-032020-062020-092020-122021-032021-062021-092021-122022-032022-062022-092022-12A B -30-30 10%Wind 20+10%+10%2013A-2.87%-4.04%-3.75%-6.08%2014A-1.66%-1.45%-1.93%-3.24%2015A-5.45%-5.36%-4.13%-12.02%2016A-2.88%-2.57%-3.31%-3.66%2017A-1.00%-1.12%-1.14%-1.42%2018A-1.02%-1.01%-0.76%-2.93%2019A-1.11%-1.40%-1.65%-3.50%2020A-1.36%-1.29%-1.67%-3.69%2021A-1.49%-1.44%-1.78%-3.21%2022A-2.24%-1.51%-2.53%-6.84%Wind 80%20%80%20%+1 2013 2022 83.66%70.32%6.3%5.5%5.2%6.0%2 3 Calmar 2020-2022 Calmar 3.49 Calmar 2.58 Calmar 1.48 0.56 0%10%20%30%40%50%60%70%80%2013-01-042013-04-092013-07-102013-10-112014-01-062014-04-082014-07-042014-09-292014-12-292015-04-012015-06-292015-09-232015-12-232016-03-242016-06-222016-09-142016-12-162017-03-202017-06-192017-09-112017-12-112018-03-132018-06-112018-09-042018-12-052019-03-082019-06-062019-08-302019-12-022020-03-042020-06-022020-08-272020-11-272021-03-012021-05-282021-08-232021-11-242022-02-242022-05-262022-08-192022-11-21-90%+10%-90%+10%-31-31 20%Wind 21+20%+20%2013A-3.20%-5.28%-3.75%-6.08%2014A-1.93%-1.67%-1.93%-3.24%2015A-9.76%-10.22%-4.13%-12.02%2016A-4.70%-4.37%-3.31%-3.66%2017A-1.55%-1.76%-1.14%-1.42%2018A-3.23%-3.64%-0.76%-2.93%2019A-2.20%-2.95%-1.65%-3.50%2020A-2.87%-2.70%-1.67%-3.69%2021A-3.22%-3.06%-1.78%-3.21%2022A-5.19%-2.78%-2.53%-6.84%Wind 3.3+0%10%20%30%40%50%60%70%80%90%100%2013-01-042013-04-102013-07-122013-10-162014-01-102014-04-152014-07-142014-10-152015-01-122015-04-152015-07-132015