2020半年报深度分析：面向中报里的未来.pdf

1 / 20 2020 09 05 - 2020 -2020.8.31 - 9 -2020.8.31 - PB/ROE -2020.8.30 2020 mouyilingkysec S0790520040001 wangkuangweikysec S0790120040033 2020Q2 2019 5 9 CR4 CR8 CR4 CR8 4 70% 80% 2 / 20 1 “ ” “ ” . 4 1.1 “ ” . 4 1.2 “ ” . 6 1.2.1 . 6 1.2.2 . 7 1.2.3 . 9 2 “ ” . 11 2.1 “ ” . 11 2.2 “ ” . 15 3 . 16 3.1 . 16 3.2 . 17 4 . 18 1 . 5 2 . 5 3 Q1 Q2 . 5 4 Q2 . 5 5 . 6 6 . 6 7 Q2 Q1 . 6 8 2020.06 5 . 7 9 2020.06 8 . 7 10 / . 8 11 2020H1 . 11 12 / 2020H1 . 12 13 2020H1 . 12 14 2020H1 . 13 15 2020H1 . 13 16 . 14 17 . 14 18 . 14 19 . 14 20 . 14 21 . 14 22 . 15 23 CR4/CR8 . 16 24 CR4/CR8 . 16 25 . 18 3 / 20 1 ROE(TTM) . 9 2 2020H1 . 10 4 / 20 4 1 1.1 16 ROE(TTM) 2020Q1 2020H1 2019 104 7 2019 2020H1 2019H1 9 16 1 2 2019 3 1 2020 SHFE 371.44 / 28.3% 2 5 / 20 3 1 4 2020H1 2020Q1 1 2 Wind Wind 3 Q1 Q2 4 Q2 Wind Wind 1 6.0 5.1 4.8 4.8 4.9 4.4 11.4 10.0 9.8 10.7 10.6 11.0 9.50 9.70 9.90 10.10 10.30 10.50 10.70 10.90 11.10 11.30 11.50 4.0 4.5 5.0 5.5 6.0 6.5 7.0 黄金 , 289.5 371.4 250 270 290 310 330 350 370 390 410 430 450 ( ): H1 0.15 0.30 0.46 0.61 0.13 0.27 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 33.5 33.3 32.9 33.5 32.6 30.9 50.8 51.4 50.4 50.1 50.7 5