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1 / 22 2021 07 29 - -2021.7.27 - -2021.7.27 - -2021.7.26 S0790520040001 S0790120040049 2021 5 7 8 12 6-8 11-12 2017 2017 + 2008/2010 2008 2010 2008 2010 / / 2030 50% 2019 2020-2030 1.86% + / + 1 22 / 22 1 . 4 1.1 . 4 1.2 “ ” . 4 1.3 . 7 2 “ ”+ . 9 2.1 2008/2010 . 9 2.2 “ ” . 11 2.2.1 . 12 2.2.2 . 16 3 . 16 4 + / + . 18 5 . 19 6 . 20 1 6-8 11-12 . 5 2 . 5 3 . 5 4 . 6 5 2021 . 6 6 2017 . 6 7 . 6 8 . 6 9 . 7 10 . 7 11 7-8 . 7 12 . 7 13 . 8 14 . 8 15 . 8 16 . 9 17 2019 . 9 18 10 . 9 19 2020 . 9 20 . 10 21 2008 /2010 1-2 . 10 22 2008 /2010 1-2 PPI/PPIRM PPIRM . 10 23 . 11 24 PPI . 11 25 . 12 26 . 13 27 0 1000 0.4 / . 133 / 22 28 . 13 29 . 13 30 . 14 31 . 14 32 2020 9.70% . 14 33 10.36% . 14 34 . 15 35 . 15 36 6 . 15 37 2019 50% . 16 38 2019 . 16 39 6 . 16 40 7 . 16 41 2019 . 17 42 . 17 43 2007 . 17 44 / . 17 45 2017 . 18 46 2012 . 18 47 2020-2030 1.86% . 19 1 5 . 4 2 . 114 / 22 2021 5 2017 + + 1 1.1 7 14 271.87 2020 10% 2021 4.7% 11.92 12 5 1 5 2021/5/10 2021 2021/5/11 2021 2021/5/18 2021 5 2021 2021/6/23 2021 2021/7/7 2021 1.2 1 7 8 12 2 6-8 11- 12 2 9 9 25 / 22 1 6-8 11-12 Wind 2017 1 5 2017 50% 2021 15.9% 15.8% 12.0% 11.1% 78.8% 5 2 3 Wind 2021-05 Wind 2021-05 0 200 400 600 800 1000 1200 1400 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 2015-01 2015-04 2015-07 2015-10 2016-01 2016-04 2016-07 2016-10 2017-01 2017-04 2017-07 2017-10 2018-01 2018-04 2018-07 2018-10 2019-01 2019-04 2019-07 2019-10 2020-01 2020-04 2020-07 2020-10 2021-01 2021-04 15.9% 15.8% 12.0% 11.1% 6.1% 4.4% 4.0% 2.0% 1.7% 25.66 / 22 4 5 2021 Wind 2021 Wind 2021 6 2017 Wind 2 35 70% 7 8 Wind Wind -4% -2% 0% 2% 4% 6% 8% 10% 3 4 5 6 7 8 9 10 11 12 2018 2019 2020 2021 68 70 72 74 76 78 80 -40 -30 -20 -10 0 10 20 2015-02 2015-05 2015-08 2015-11 2016-02 2016-05 2016-08 2016-11 2017-02 2017-05 2017-08 2017-11 2018-02 2018-05 2018-08 2018-11 2019-02 2019-05 2019-08 2019-11 2020-02 2020-05 2020-08 2020-11 2021-02 2021-05 (%) (%) 81.60 84.10 80.00 72.60 55 60 65 70 75 80 85 90 7 / 22 2000 40TWh 2017 400TWh IEA 2018 2015 5% IEA 50% 9 10 IEA IEA 1.3 7 8 70% 20% 5% 5% 2021 3 5 1000 / 5 19 900 / 3 600-700 / 11 7-8 12 Wind Wind 200 300 400 500 600 700 800 900 1,000 2016-01 2016-04 2016-07 2016-10 2017-01 2017-04 2017-07 2017-10 2018-01 2018-04 2018-07 2018-10 2019-01 2019-04 2019-07 2019-10 2020-01 2020-04 2020-07 2020-10 2021-01 2021-04 2021-07 / /8 / 22 13 14 Wind Wind 27.3% 22.5% 2021 10 / 2019 /2020 / / 15 Wind -100% -50% 0% 50% 100% 150% 200% 0 2000 4000 6000 8000 10000 12000 2004-09 2005-02 2005-07 2005-12 2006-05 2006-10 2007-03 2007-08 2008-01 2008-06 2008-11 2009-04 2009-09 2010-02 2010-07 2010-12 2011-05 2011-10 2012-03 2012-08 2013-01 2013-06 2013-11 2014-04 2014-09 2015-02 2015-07 2015-12 2016-05 2016-10 2017-03 2017-08 2018-01 2018-06 2018-11 2019-04 2019-09 2020-02 2020-07 2020-12 2021-05 : : 10 12 14 16 18 20 22 24 26 28 30 2 3 4 5 6 7 8 9 10 11 12 2017 2018 2019 2020 20219 / 22 16 17 2019 Wind 18 10 19 2020 Wind 2 + 2.1 2008/2010 2008 2010 1 2008/2010 1-2 2005-2007 2011 2018 1-2 PPI/PPIRM 1 2010 0 20 40 60 80 100 120 140 160 1 2 3 4 5 6 2021 10 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 0 5 10 15 20 25 30 35 2012-01 2012-06 2012-11 2013-04 2013-09 2014-02 2014-07 2014-12 2015-05 2015-10 2016-03 2016-08 2017-01 2017-06 2017-11 2018-04 2018-09 2019-02 2019-07 2019-12 2020-05 2020-10 2021-03 0 50 100 150 200 250 1 2 3 4 5 6 2021 10 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 0 1 2 3 4 5 6 7 8 9 10 2012-01 2012-05 2012-09 2013-01 2013-05 2013-09 2014-01 2014-05 2014-09 2015-01 2015-05 2015-09 2016-01 2016-05 2016-09 2017-01 2017-05 2017-09 2018-01 2018-05 2018-09 2019-01 2019-05 2019-09 2020-01 2020-05 2020-09 2021-01 2021-0510 / 22 20 21 2008 /2010 1-2 Wind Wind 2010 2021 22 2008 /2010 1-2 PPI/PPIRM PPIRM Wind 2008 2010 PPI 2008 PPI 2010 1-2 2010 1-2 PPI 2008 1-2 -100% -50% 0% 50% 100% 150% 200% 0 2000 4000 6000 8000 10000 12000 2004-09 2005-02 2005-07 2005-12 2006-05 2006-10 2007-03 2007-08 2008-01 2008-06 2008-11 2009-04 2009-09 2010-02 2010-07 2010-12 2011-05 2011-10 2012-03 2012-08 2013-01 2013-06 2013-11 2014-04 2014-09 2015-02 2015-07 2015-12 2016-05 2016-10 2017-03 2017-08 2018-01 2018-06 2018-11 2019-04 2019-09 2020-02 2020-07 2020-12 2021-05 : : 2008 2010 14.85 17.00 14.13 10.28 -10.44 8.03 11.29 4.87 3.67 5.33 1.14 0.35 7.16 10.28 0.92 -13.68 6.55 -20 -15 -10 -5 0 5 10 15 20 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 : :1-2 : % -10 -8 -6 -4 -2 0 2 4 6 8 10 -10 -5 0 5 10 15 2007-01 2007-05 2007-09 2008-01 2008-05 2008-09 2009-01 2009-05 2009-09 2010-01 2010-05 2010-09 2011-01 2011-05 2011-09 2012-01 2012-05 2012-09 2013-01 2013-05 2013-09 2014-01 2014-05 2014-09 2015-01 2015-05 2015-09 2016-01 2016-05 2016-09 2017-01 2017-05 2017-09 2018-01 2018-05 2018-09 2019-01 2019-05 2019-09 2020-01 2020-05 2020-09 2021-01 2021-05 PPI-PPIRM PPI: : PPI-CPI11 / 22 23 24 PPI Wind Wind 2.2 2008/2010 1-2 / 1-2 2008/2010 5 1 2 2 5 10 -30% -20% -10% 0% 10% 20% 30% 2008 2007 1-2 2010 2008 1-2 -40 -30 -20 -10 0 10 20 30 40 50 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02 2011-03 2011-04 2011-05 2011-06 2011-07 2011-08 2011-09 2011-10 2011-11 PPI: : PPI: : PPI: : PPI: : PPI: :12 / 22 7 14 7 10 320 / 2021 5 8 7 18 72 53 1.747 53900 7-8 2021 2 2021 10 Mysteeel Mysteel 2.2.1 25 Wind 2020 2021 5 1 30%-40% 2021 1 13000 1 400g 1 5.2 2021-05-31 : 6.65 : 6.27 : 3.64 3.26 2.34 : 2.27 : 2.2 2.13 : 1.85 : 1.15 1.06 : 0.91 : 0.83 0.59 0.59 : 0.1313 / 22 0.36 / 1 4680 / 4680/5.2=900 / 900 / 26 27 0 1000 0.4 / Wind 1 / / 2 28 29 Wind Wind 2 , 36.15% , 10.29% , 32.90% , 1.54% , 2.05% , 3.80% , 4.22% , 6.75% , 1.69% , 0.62% 250 500 750 1000 1250 1500 872 1122 1372 1622 1872 2122 4472 4722 4972 5222 5472 5722 0 1000 2000 3000 4000 5000 6000 7000 0.1 0.2 0.3 0.4 0.5 0.6 0 0 100 200 300 400 500 600 700 800 900 1000 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 2008-06 2008-11 2009-04 2009-09 2010-02 2010-07 2010-12 2011-05 2011-10 2012-03 2012-08 2013-01 2013-06 2013-11 2014-04 2014-09 2015-02 2015-07 2015-12 2016-05 2016-10 2017-03 2017-08 2018-01 2018-06 2018-11 2019-04 2019-09 2020-02 2020-07 2020-12 : (Q5500, ): / /4 -60% -40% -20% 0% 20% 40% 60% 80% 0% 5% 10% 15% 20% 25% 2008-09-01 2009-01-01 2009-05-01 2009-09-01 2010-01-01 2010-05-01 2010-09-01 2011-01-01 2011-05-01 2011-09-01 2012-01-01 2012-05-01 2012-09-01 2013-01-01 2013-05-01 2013-09-01 2014-01-01 2014-05-01 2014-09-01 2015-01-01 2015-05-01 2015-09-01 2016-01-01 2016-05-01 2016-09-01 2017-01-01 2017-05-01 2017-09-01 2018-01-01 2018-05-01 2018-09-01 2019-01-01 2019-05-01 2019-09-01 2020-01-01 2020-05-01 2020-09-01 2021-01-01 : (Q5500, ):14 / 22 2021 30 31 Wind Wind 2 Mysteel 150 500 2019 10.36% 28.37% 49.50% 2016 1/4 32 2020 9.70% 33 10.36% Wind 60 70 80 90 100 110 120 -60 -40 -20 0 20 40 60 80 100 2016-01 2016-03 2016-05 2016-07 2016-09 2016-11 2017-01 2017-03 2017-05 2017-07 2017-09 2017-11 2018-01 2018-03 2018-05 2018-07 2018-09 2018-11 2019-01 2019-03 2019-05 2019-07 2019-09 2019-11 2020-01 2020-03 2020-05 2020-07 2020-09 2020-11 2021-01 2021-03 2021-05 (ALD) : : : : % (ALD) : : : : % (ALD) : : : : % : : % : : % : : % 0 500 1000 1500 2000 2500 3000 3500 4000 0 50 100 150 200 250 2016-01-29 2016-03-29 2016-05-29 2016-07-29 2016-09-29 2016-11-29 2017-01-29 2017-03-29 2017-05-29 2017-07-29 2017-09-29 2017-11-29 2018-01-29 2018-03-29 2018-05-29 2018-07-29 2018-09-29 2018-11-29 2019-01-29 2019-03-29 2019-05-29 2019-07-29 2019-09-29 2019-11-29 2020-01-29 2020-03-29 2020-05-29 2020-07-29 2020-09-29 2020-11-29 2021-01-29 2021-03-29 2021-05-29 : : , 74.29% , 3.71% , 9.70% , 1.81% , 3.54% , 6.95% 28.37% 10.36% 57.68% 0% 10% 20% 30% 40% 50% 60% 70% 0% 5% 10% 15% 20% 25% 30% 35% 40% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 202015 / 22 + 34 35 Wind 2021-07-29 Wind 2019 2021 3 5 6 36 6 Wind 26.48 206.28 105.92 825.12 0 100 200 300 400 500 600 700 800 900 / 0 100 200 300 400 500 600 700 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 kgce -30 -20 -10 0 10 20 30 40 50 60 70 2016-03 2016-05 2016-07 2016-09 2016-11 2017-01 2017-03 2017-05 2017-07 2017-09 2017-11 2018-01 2018-03 2018-05 2018-07 2018-09 2018-11 2019-01 2019-03 2019-05 2019-07 2019-09 2019-11 2020-01 2020-03 2020-05 2020-07 2020-09 2020-11 2021-01 2021-03 2021-05 : : : % : : : % : : : 16 / 22 2.2.2 7 2019 49% 2019 5 7 37 2019 50% 38 2019 Wind 39 6 40 7 Wind Wind 3 , 49% , 29% , 11% , 9% , 2% 1 2 3 4 5 6 7 8 9 10 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 0 500000 1000000 1500000 2000000 2500000 3000000 : : : : 0 1000 2000 3000 4000 5000 6000 0 5000 10000 15000 20000 25000 30000 2016-01-04 2016-03-04 2016-05-04 2016-07-04 2016-09-04 2016-11-04 2017-01-04 2017-03-04 2017-05-04 2017-07-04 2017-09-04 2017-11-04 2018-01-04 2018-03-04 2018-05-04 2018-07-04 2018-09-04 2018-11-04 2019-01-04 2019-03-04 2019-05-04 2019-07-04 2019-09-04 2019-11-04 2020-01-04 2020-03-04 2020-05-04 2020-07-04 2020-09-04 2020-11-04 2021-01-04 2021-03-04 2021-05-04 2021-07-04 : :17 / 22 1 41 2019 42 Wind 2 / / 25% / 43 2007 44 / Wind eurostat , 93.70% , 4.90% , 1.30% , 0.10% 21.9 23.2 24.3 28.9 31.3 32.3 32.5 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 5 10 15 20 25 30 35 2014 2015 2016 2017 2018 2019 2020Q1 GW) 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 : : : 0.07 0.09 0.11 0.13 0.15 0.17 0.19 2007-S2 2008-S1 2008-S2 2009-S1 2009-S2 2010-S1 2010-S2 2011-S1 2011-S2 2012-S1 2012-S2 2013-S1 2013-S2 2014-S1 2014-S2 2015-S1 2015-S2 2016-S1 2016-S2 2017-S1 2017-S2 2018-S1 2018-S2 2019-S1 2019-S2 2020-S1 2020-S218 / 22 45 2017 46 2012 Wind Wind 4 + / + 2030 50% 2019 2020-2030 1.86% 40000 42000 44000 46000 48000 50000 52000 54000 56000 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 : : : : 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 10019 / 22 47 2020-2030 1.86% Wind 2020-2030 2019 2030 50% 1 2018 94.60% 34.78% 2 5 8 40 50 60 70 80 90 100 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 1957 1965 1975 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021E 2023E 2025E 2027E 2029E : 20 / 22 2021 7650 621 / 22 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50022 / 22 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065