|2024 05 12 23 24Q1 V 2024 Q1 Q5500 909/21%23 Q4 6%Q1 709/2%0.2%2024 Q1 2419/4%23 Q4 5%2024 Q1 1.45%2023 Q4 0.02pct 1.24%2023 Q4 0.06pct 2.68%23 24Q1 2023 21 13342 9.4%1770.79 26.0%2024 21 3,137 14.7%4.7%395 35.4%27.5%2023 37.2%0.1pct 16.4%3.8pct ROE 15.6%2022 9.3pct 2024 33.0%2023 Q1 1.1pct 2023 Q4 4.8pct 14.3%2023 Q1 6.0pct 2023 Q4 4.3pct ROE 2.9%2023 Q1 2.7pct 2023 Q4 0.9%23 24Q1 23 24 Q1 2023 20 11.7 7.5%15.0 7.8%19 8.4 9.1%10.5 7.8%2024 Q1 11 2.3 3.0%3.2 2.2%10 1.5 3.9%2.5%2.0 1.3%23 24Q1 2023 649/17.2%2023 411/7%2023 237.6/32%2024 Q1 614/16.9%2024 Q1 424/8.5%2024 Q1 193/31.3%2023 19 53.5%6.1%4.30 8%9.4%8.3%8.0%24Q1 40%24Q1 S0680520070001 S0680122080010 1 2024-05-12 2 2024-05-12 3 2024-05-05 EPS P E 2023A 2024E 2025E 2026E 2023A 2024E 2025E 2026E 002128.SZ 2.03 2.49 2.69 2.90 10.66 8.69 8.04 7.46 601001.SH 1.97 2.10 2.24 2.36 8.92 8.37 7.84 7.44 601918.SH 0.81 0.93 1.02 1.19 11.98 10.43 9.51 8.15 601699.SH 2.65 2.25 2.50 2.77 8.63 10.16 9.15 8.26 601088.SH 3.00 3.05 3.05 3.14 13.66 13.43 13.43 13.05 600188.SH 2.71 2.73 2.81 2.94 9.15 9.08 8.82 8.43 601666.SH 1.62 1.54 1.78 1.99 8.48 8.92 7.71 6.90 Wind-32%-16%0%16%32%2023-05 2023-09 2024-01 2024-05 300 2024 05 12 P.2 1.4 1.1.V.4 1.1.1.Q1.4 1.1.2.V.5 1.2.2022 23.6 1.3.7 2.23 23Q1.9 2.1.23.9 2.2.14 2.2.1.23Q1.14 2.2.2.15 2.3.23 24Q1.16 2.3.1.23 24 Q1.16 2.3.2.23 24Q1.18 2.3.3.19 2.4.19 3.21.21 1 2023/.4 2/.4 3 2022/.5 4 CCI/.5 5 2023 30 3.6 6 2023.6 7 2024 4 30 30 5.6 8 2024 2024 4 30.6 9%.7 10 2023.7 11 2023.7 12 2024 Q1.8 13 2024 Q1.8 14 2023.8 15 2023.8 16 2024 Q1.8 17 2024 Q1.8 18 2023 9.4%.9 19 2023 26.0%.9 20 2023.10 21 2023%.10 22 2023%.10 23 2023%.11 24 2023%.11 1ZEVyRnQnOmNpRoNtOoRnMaQ8QaQmOrRtRtPkPpPsPfQpOqMbRrRuNxNtRrNuOsQuN 2024 05 12 P.3 25 2023%.11 26 2023%.11 27 24Q1 14.7%.12 28 24Q1 35.4%.12 29 2024 Q1.12 30 2024 Q1%.13 31 2024 Q1%.13 32 24Q1%.13 33 24Q1%.13 34 24Q1%.13 35 24Q1%.13 36 2023 37.2%.14 37 2023 16.4%.14 38 2024 Q1 33.0%.14 39 2024 Q1 14.3%.14 40 2024 Q1.15 41%.16 42%.16 43%.16 44%.16 45 2023.17 46 2024 Q1.17 47 2023/.18 48 2024 Q1/.19 49 2023.19 50 2023%.20 51 2023%.20 52 2023%.20 2024 05 12 P.4 1.1.1.V 1.1.1.Q1 1 2 3 800/2024 Q1 Q5500 909/21%23 Q4 6%Q1 709/2%0.2%1 2023/cctd 2/wind PK/V60lYRjpu8z4Lpvx3ApKvZxvDHl7CnYBIQwX/6MP3yOLy5LCgw/w1Shpfn9o1 2024 05 12 P.5 1.1.2.V 23 Q1 V 2024 Q1 2419/4%23 Q4 5%3 3 2023/wind 4 CCI/wind 2024 05 12 P.6 1.2.2022 23 2023 300 11.38%13.39%300 24.77 30 3 2023 21 17 4 74.98%52.30%41.38%35.03%29.92%-11.44%-10.46%-4.20%5 2023 30 3 6 2023 wind wind 2024 4 30 300 5.05%10.56%300 5.51 30 5 2024 21 14 7 31.33%28.87%27.05%21.36%17.42%-33.14%-18.28%-12.44%-5.51%-3.51%7 2024 4 30 30 5 8 2024 2024 4 30 wind wind 2024 05 12 P.7 1.3.2024 Q1 2024 Q1 1.45%2023 Q4 0.02pct 1.24%2023 Q4 0.06pct 2.68%9%wind 2023 H 2024 Q1+8.41pct+0.89pct+0.65pct+0.60pct H+0.52pct-3.41pct H-1.00pct-0.85pct-0.70pct-0.68pct 10 2023 11 2023 wind wind 2024 05 12 P.8 12 2024 Q1 13 2024 Q1 wind wind 2023 2024 Q1+0.45pct+0.27pct+0.24pct+0.22pct+0.19pct-2.36pct-1.22pct-0.76pct-0.72pct-0.70pct 14 2023 15 2023 wind wind 16 2024 Q1 17 2024 Q1 wind wind 2024 05 12 P.9 2.23 23Q1 2.1.23&2022 2023 21 13342 9.4%1770.79 26.0%2023 1363 24.0%260 22.1%;73 29.0%75 53.8%18 2023 9.4%19 2023 26.0%wind wind 2024 05 12 P.10 20 2023 2023 2023 243.30-32.49%49.44 10.83%555.23-14.82%67.71-37.03%132.84-6.16%20.98-34.93%301.20-15.29%22.66 18.67%1500.25-33.31%201.40-39.62%285.18-18.63%51.79-26.26%94.03-20.60%7.32-66.62%109.78-13.11%9.69-44.30%373.71-19.45%42.60-38.53%77.86-7.24%20.36-19.43%733.87 6.26%62.25-11.21%228.41-12.16%10.90-41.10%153.42-4.60%33.01 8.27%37.27-1.23%-15.36-1112.13%3430.74-0.42%596.94-14.29%84.37-9.15%10.40-22.60%1708.72 2.41%212.39-39.67%315.61-12.44%40.03-30.25%431.37-20.55%79.22-44.11%1929.69-12.52%195.34 6.98%614.75 3.48%51.73-54.37%13341.60-9.36%1770.79-25.96%9910.86-12.09%1173.85-30.76%wind 21 2023%22 2023%wind wind 2024 05 12 P.11 23 2023%24 2023%wind wind 25 2023%26 2023%wind wind 24Q1 2024 21 3,137 14.7%4.7%395 35.4%27.5%2024 Q1 322 28.8%25%49 48.8%2.2%10.02 59.9%17%14 63%285%2024 05 12 P.12 27 24Q1 14.7%28 24Q1 35.4%wind wind 29 2024 Q1 2024 年 Q1 2024 年 Q1 53.33-32.71%34.20%7.08-73.83%-85.68%105.52-28.47%-28.83%9.50-61.53%-85.97%22.62-25.03%-38.53%1.35-82.55%-93.57%73.21 3.58%-10.07%4.67 11.41%-79.41%396.33-20.76%164.45%37.57-41.85%-81.35%61.58-26.51%-10.32%8.67-49.78%-83.25%19.49-31.91%9.24%0.21-93.92%-97.09%23.20-26.18%-6.46%3.03-63.76%-68.76%63.56-40.31%-24.98%5.83-65.81%-86.31%20.51-8.34%12.78%4.31-29.09%-78.82%173.22-8.80%-2.95%15.90-24.70%-74.46%53.72-14.21%-7.41%2.09-48.64%-80.79%36.58-1.53%-10.49%7.80 9.77%-76.36%5.22-37.07%-54.96%-0.90-396.77%-94.14%876.47 0.70%-3.27%158.84-14.66%-73.39%24.13 7.58%4.14%4.52 5.12%-56.55%404.49-9.73%-6.88%46.52-32.69%-78.10%82.44-4.47%-2.61%7.40-35.40%-81.50%86.59-27.19%-14.47%12.88-61.90%-83.74%453.95-23.27%23.49%49.70-30.55%-74.56%100.41-49.44%-15.67%8.07-73.15%-84.39%3136.57-14.74%4.71%395.05-35.37%-77.69%3112.44 10.82%4.71%390.53-8.14%-77.82%wind 2024 05 12 P.13 30 2024 Q1%31 2024 Q1%wind wind 32 24Q1%33 24Q1%wind wind 34 24Q1%35 24Q1%wind wind 2024 05 12 P.14 2.2.2.2.1.23Q1 2023 37.2%0.1pct 16.4%3.8pct ROE 15.6%2022 9.3pct 2024 33.0%2023 Q1 1.1pct 2023 Q4 4.8pct 14.3%2023 Q1 6.0pct 2023 Q4 4.3pct ROE 2.9%2023 Q1 2.7pct 2023 Q4 0.9%36 2023 37.2%37 2023 16.4%wind wind 38 2024 Q1 33.0%39 2024 Q1 14.3%wind wind 2024 05 12 P.15 40 2024 Q1 ROE 2024Q1 2024Q1 2024Q1 39.85%2.55%-12.08%16.19%-20.31%-14.28%3.09%-8.91%-1.57%28.24%-12.86%-5.34%10.26%-10.64%0.57%2.49%-4.71%-0.55%29.05%-20.55%-7.72%3.49%-22.31%-6.79%0.84%-4.06%-0.98%25.64%1.44%-1.28%7.99%2.39%-1.44%1.00%0.10%-0.39%29.36%-2.14%-78.29%13.62%-1.98%-28.29%4.95%-0.85%-1.82%32.13%-10.47%-12.55%15.16%-7.44%-2.22%2.95%-3.35%-0.31%27.64%-1.36%7.08%2.74%-9.86%4.77%0.19%-2.81%0.53%27.87%-16.73%33.71%12.90%-14.60%28.20%2.37%-4.23%5.17%32.51%-14.39%0.41%13.46%-12.34%6.90%3.65%-6.95%1.87%44.96%-1.94%6.13%20.96%-6.34%-1.01%3.36%-1.64%0.12%18.72%-5.48%3.59%9.12%-1.98%2.79%4.01%-2.09%0.86%12.47%-1.73%0.20%1.29%-2.91%0.77%1.46%-1.44%0.76%45.45%-3.05%-15.03%28.96%0.96%-6.70%4.49%-0.21%-2.40%-6.05%-21.85%-8.42%-18.49%-22.09%124.13%-1.46%-1.86%20.32%33.67%-2.93%-4.34%21.24%-3.16%6.55%3.80%-0.80%0.97%50.93%-4.07%-3.30%26.83%-1.97%18.36%3.94%-0.06%3.68%35.23%-4.17%-4.35%19.76%-5.24%0.13%5.05%-1.45%-0.71%26.86%-1.04%-6.11%9.65%-4.95%-1.06%2.68%-2.32%-0.69%42.45%-14.55%1.97%17.72%-14.58%6.62%2.63%-4.07%1.28%27.05%1.25%-1.34%14.60%-1.30%3.75%3.38%-1.92%1.40%17.48%-6.02%3.26%7.67%-7.33%6.04%2.75%-7.15%1.63%wind 2.2.2.2023 827.4 2.9%2023 103.1 11.3%570.8 4.9%153.6 19.8%2023 6.2%2022 0.4pct 0.8%4.3%0.6pct 1.2%0.1pct 2024 Q1 185 3.6%20.5 19.7%25.8%129.5 9.2%28.8%35.1 1.5%16.2%5.9%2023 Q1 1.0pct 2023 Q4 2.5pct 0.7%0.3pct 4.1%0.9pct 1.9pct 1.1%0.2pct 0.3pct 2024 05 12 P.16 41%42%wind wind 43%44%wind wind 2.3.23 24Q1 2.3.1.23 24 Q1 2023 20 11.7 7.5%15.0 7.8%19 8.4 9.1%10.5 7.8%2024 Q1 11 2.3 3.0%3.2 2.2%10 1.5 3.9%2.5%2.0 1.3%2024 05 12 P.17 45 2023 2023 2023 32450 3.50%45000 7.70%16372 4.10%25322 12.60%13422 12.60%28494 8.40%13211 0.61%12702-6.21%6046 6.30%5498 3.90%4591 1.50%4100-11.68%4608 5.09%3200-0.53%3898-3.92%5251-3.00%3469 5.75%3010 10.21%3071 14.00%3103 0.40%2741 3.97%2604-9.96%2197-4.06%1783-5.27%2231 9.13%3099 16.07%1530 1.49%1153-9.61%1706 14.50%1705 14.52%1380 20.46%1299 11.65%1297 17.58%1299 17.98%944 1.07%762 8.19%922 5.23%414 2.42%803-2.00%605-8.00%116889 7.48%150403 7.77%84439 9.08%105403 7.80%46 2024 Q1 2024Q1 2024Q1 8130 1.50%11710 8.80%4145 1.49%6147 9.16%3273-1.70%6387-14.60%3464 15.43%3418 7.11%1324-0.10%1181-0.07%850-0.27%828-0.23%845-1.00%695-1.00%589-12.96%902 1.97%203-35.72%190-45.67%240 0.49%237-1.79%227 8.60%23290 3.06%31695 2.20%15160 3.91%19985-1.32%24Q1 2024 05 12 P.18 2.3.2.23 24Q1 2023 2023 649/17.2%2023 411/7%2023 237.6/32%47 2023/2023 2023 2023 1635-13.2%846-7.1%789-18.9%1168-13.0%761 15.6%407-40.6%1097-13.7%452 6.4%645-23.8%956-23.1%480-1.6%476-37.0%803-33.8%388-20.1%415-42.9%1160 0.0%592 0.8%567-0.8%992-11.4%529-3.7%567-0.4%993-11.2%677-6.5%316-19.8%743-25.7%410-36.0%334-7.5%739-21.8%385 41.2%354-47.4%728-21.8%348-3.2%380-33.4%782-13.6%564 3.8%218-39.9%683-19.9%281-39.7%402 4.4%538-25.9%429-20.9%110-40.4%606-14.6%296-19.0%310-10.0%596-13.1%419 31.5%177-51.9%607-8.5%413-3.1%195-18.3%496-17.3%244-11.7%252-22.0%449-22.0%187-18.7%262-24.1%475-16.6%310-2.4%165-34.6%2024 Q1 2024 Q1 614/16.9%2024 Q1 424/8.5%2024 Q1 193/31.3%2024 05 12 P.19 48 2024 Q1/2024Q1 2024Q1 2024Q1 727-36.10%445-27.44%282-46.25%689-20.71%378 7.63%311-39.92%895 12.12%666 16.82%229 0.39%589-13.45%361 5.37%227-32.61%587-13.57%428-14.68%159-10.42%592-4.70%421 2.71%171-19.07%510-2.29%24Q1 2.3.3.49 2023/45.22 20.45 518.18 11.46 12.77 5.93 101.9 7.98 468.07 61.58 1501.13 3.21 38.29 24.43 299.94 7.83 11 5.57 153.24 13.93 29.26 16.05 326.87 11.17 15.4 6.72 134.11 8.71 36.97 10.23 632.38 17.11 21.21 7.58 283.69 13.38 80.51 39.31 125.15 1.55 60.49 29.64 340.91 5.64 266.48 138.71 1370.87 5.14 325.8 133.8 7571.26 23.24 41.43 19.54 265.95 6.42 20.95 11.23 119.52 5.71 wind 4 30 2.4.2023 19 53.5%6.1%4.30 8%9.4%8.3%8.0%2024 05 12 P.20 50 2023%()ROE%600123.SH 7.39 485.21 18.15 51.73 51.73 87.9%9.4%600188.SH 9.03 134.11 13.05 20.98 20.98 53.1%8.3%600395.SH 7.49 264.66 22.66 49.44 30.78 42.9%8.0%600997.SH 10.50 596.10 18.74 67.71 67.71 67.1%7.6%600508.SH 9.45 340.91 19.45 51.79 50.83 50.0%7.6%601101.SH 21.14 632.38 16.37 79.22 78.89 60.0%7.5%601666.SH 13.20 326.87 14.18 40.03 39.77 60.6%7.4%601898.SH 23.10 1,501.13 21.91 201.40 185.91 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