20230309_国泰君安证券_建筑工程行业证券研究报告：从外交支出大幅增加看一带一路提升央国企ROEPB估值_27页.pdf

Table_MainInfo Table_Title 2023.03.09 ROE/PB()()021-38676162 010-83939793 S0880516030004 S0880122020030/Table_Summary(1)2017 520 40 8.3%11%8%15%13%(2)2019 615 32 5.5%12%7%23%10%23%53 22%6 107%83 171%121 ROE(1)2020-2022 16.5%4.5%0.5%-2%-5%2%-10%-7%4%-9%-5%-3%-7%-2%-5%(2)2019 12%10%13%9%10%8%11%7%(3)ROE 2019 2021 10.2%7.6%12.8%11.6%12%11%8.5%7.9%2023(1)2022 2023 2023 548 60 12.2(2)23 2022 13%(60%)19%(47%)9%15%14%(31%)38%(85%)37%(66%)(3):2022 16%(20%)6%(18%)ROE(1),REITS ROE(2)ROE ROE 10.5%/11%/11.5%,7.7%/7.9%/8.2%,9.05%/9.15%/9.25%,12%12.3%12.6%(3)Table_Invest Table_subIndustry Table_DocReport,2023.03.05/2023.03.02/2023.02.26 2023.02.19:,2023.02.14 Table_industryInf o 2 of 26/PB(1)PB 0.78 1.38 PB 0.54 0.67(1.2)0.70(1.3)0.73(1)(2)0.5%(2.1%)16%15%12%6%5%2%/WUCXwPnQoNrQsMoNnQtMoPaQ9RaQoMqQsQpMlOqQsRfQrRvM8OoPsPvPmPpPxNpPrP 3 of 26 1.4 2.4 2.1.3 1.4 2.2.3 2:/,/.6 2.3.3 6:PB0.66/PE4.6,.8 2.4.1 13:,PB0.6.10 2.5.3 6:PE4/PB0.55,.13 2.6.10 30:28%.15 2.7.11 1:10%.15 2.8.10 30:3 37%,150.16 2.9.11 28:/.17 2.10.11 7:3 68%,829%.17 2.11.10 29:3 10%,.18 3.18 4.25 4 of 26 1.1(3 8)EPS/%PE PB()2021A 2022E 2023E 2021A 2022E 2023E 2021A 2022E 2023E 601669.SH 7.61 0.56 0.81 0.98 8 42 22 13.6 9.4 7.8 1.1 1311 601868.SH 2.46 0.16 0.2 0.23 39 27 16 15.4 12.3 10.7 1.1 1026 600170.SH 2.74 0.42 0.22 0.33 12-48 53 6.5 12.5 8.3 0.9 244 601886.SH 7.57-0.89 0.53 0.64-206 160 20-8.5 14.3 11.8 1.4 86 002135.SZ 6.98 0.42 0.4 0.49 82-6 22 16.6 17.5 14.2 1.3 81 002060.SZ 7.13 0.27 0.35 0.40 24 27 15 26.4 20.4 17.8 1.7 242 300982.SZ 68.42 2.15 2.69 3.49 27 25 30 31.8 25.4 19.6 3.9 117 600477.SH 4.99 0.17 0.14 0.17-43-22 25 29.4 35.6 29.4 2.3 118 601226.SH 8.13 0.26 0.21 0.31 214-18 48 31.3 38.7 26.2 2.4 95 300286.SZ 38.78 0.79 0.86 1.08 40 8 26 49.1 45.1 35.9 7.3 83 300712.SZ 44.62 0.22 0.85 1.19-20 287 40 202.8 52.5 37.5 6.7 83 688191.SH 14.78 0.46 0.26 0.34-24-44 30 32.1 56.8 43.5 2.7 23 601668.SH 6.01 1.23 1.35 1.48 15 10 10 4.9 4.5 4.1 0.7 2520 600502.SH 5.98 0.64 0.75 0.92 34 17 23 9.3 8.0 6.5 1.2 103 002081.SZ 5.37-1.85 0.57 0.64-309 131 12-2.9 9.4 8.4 1.2 143 002949.SZ 15.94 0.54 0.9 1.05-39 68 17 29.5 17.7 15.2 2.2 31 002541.SZ 34.43 1.67 1.81 2.21 44 8 22 20.6 19.0 15.6 3.1 238 300986.SZ 41.76 1.00 1.22 1.58-2 21 30 41.8 34.2 26.4 5.1 68 300977.SZ 24.40 1.16 0.30 0.86-1-74 182 21.0 81.3 28.4 1.8 25 601186.SH 8.78 1.82 2.01 2.2 10 10 10 4.8 4.4 4.0 0.5 1192 601390.SH 6.71 1.12 1.26 1.41 10 13 12 6.0 5.3 4.8 0.7 1661 601618.SH 3.69 0.40 0.46 0.51 7 13 12 9.2 8.0 7.2 0.9 765 601800.SH 10.71 1.11 1.22 1.33 11 10 9 9.6 8.8 8.1 0.7 1731 601117.SH 10.21 0.76 0.9 1.08 27 19 20 13.4 11.3 9.5 1.2 624 600970.SH 10.21 0.82 0.92 1.05 19 15 14 12.5 11.1 9.7 1.6 269 000928.SZ 8.25 0.51 0.45 0.5 8-10 10 16.2 18.3 16.5 1.7 106 600820.SH 5.76 0.76 0.82 0.89 6 8 8 7.6 7.0 6.5 0.7 181 600039.SH 13.15 1.17 1.63 1.98 85 41 21 11.2 8.1 6.6 2.1 819 603018.SH 8.44 0.90 1.04 1.19 6 15 14 9.4 8.1 7.1 1.4 58 603357.SH 10.28 0.85 0.91 0.99 7 10 9 12.1 11.3 10.4 1.6 48 300284.SZ 6.05 0.37 0.41 0.45 22 10 9 16.4 14.8 13.4 1.0 76 603359.SH 11.03 1.08 0.68 0.79 26-37 16 10.2 16.2 14.0 1.3 49 Wind 2.2.1.3 1 2022-24 EPS 1.22/1.33/1.45 10%/9%/8%12.9 23 9.7 PE 5 of 26/(1)1.17(1%)5.33/6.2 2023-25(2021)8/8.5/9%ROE 7.7/7.9/8.2%(2)3 300(3)(1)2014-15 598%2017 31%2019 41%(2)2023PE6.9 10 14/2015 20 PB0.6(3)31%2022 14%14.6%2022H1 9.7%2022 22%Q4 95%(1)2022 1.5 22%Q4 5101 95%790 28%3579 15%767 59%449 79%(2)REIT 10 9.399/94(3)2022 33 2287 1 89%2 47%2 2020-2022Q4 22Q4 15423 22%95%13255 26%173%2168 0%-23%22Q3 10322 3%-28%8843 0%-69%1479 17%-6%22Q2 8019 17%35%6864 16%32%1155 26%61%22Q1 4307 4.9%4.9%3690 4.8%4.8%616 5.7%5.7%89%4%7%1%4%28%2%47%19%6 of 26 21Q4 12679 18.9%-20.8%10519 22.1%-33.4%2160 5.4%23.9%21Q3 10067 36.6%57.6%8807 45.6%240.4%1261-4.8%475.4%21Q2 6851 28.5%-10.2%5934 42.4%-0.1%918-21.1%-47.9%21Q1 4106 80.5%80.5%3523 100.9%100.9%583 11.9%11.9%20Q4 10668 10.8%6.7%8618 12.4%0.6%2050 4.7%35.8%20Q3 7371 12.8%30.0%6047 18.3%48.2%1324-7.0%-46.7%20Q2 5331 7.3%4.2%4168 8.4%2.4%1163 3.7%11.4%20Q1 2275 11.9%11.9%1754 17.9%17.9%521-4.4%-4.4%3 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 59 689 949 116 120 121 139 157 167 206 197 201 162 180 207 22%16%38%23%3%2%14%13%7%23%-4%2%-19%11%15%162 162 162 162 162 162 162 162 162 162 162 162 162 162 162 EPS/0.36 0.42 0.58 0.72 0.74 0.75 0.86 0.97 1.04 1.27 1.22 1.24 1 1.11 1.28 PE 1.5 4.2 3.3 2.6 5.2 4.8 4.7 13.7 10.3 11.3 9.5 8.2 7.7 6.4 7.3 PE 2.3 8.2 4.1 2.9 6.9 5.8 14.5 19.9 13.7 13.4 10.9 10.6 8.9 8.7 8.4 PE 1 2 3 2.3 4.4 4 3.5 10.2 8.8 9.1 8.3 6.4 7 5.6 6.4 75%74%76%77%78%80%79%77%77%76%75%74%73%72%ROE 12%13%15%17%15%13%13%12%12%13%11%10%7%8%/18%252%164%15%112%57%32%203%178%208%46%29%85%-70%wind 3 3 2.2.3 2:/,/(1)2022 1 29%24%4529 45%1767 18%3566 35%(2)1 898 37%2 18 200 EPC 53 2 20 2023 26GW(3)2022(1)2 28 2 23(2)/(3)2022/134 PE10 2015 47 PB1.1 2.1 2.4 7 of 26/(1)2023(2)19GW 6.9GW/7.3GW/1.8GW 50GW 20%50%/EPC(1)123 7062 14 752 65 43 45 4157(2)2022 1923(+17%)19%47%22-24 EPS0.81/0.98/1.18 42/22/20%14.2 23 14.5 PE 3 22 35%4 29%4 2020-2023 1 23-01 898 37%37%736 41%41%162 22%22%22-12 10092 29%-52%8168 33%-71%1923 17%-8%22-11 9332 50%-2%7841 55%-15%1490 27%25%22-10 8761 55%140%7508 61%133%1253 27%183%22-09 7730 48%103%6665 55%84%1065 16%182%22-08 6645 42%25%5871 52%40%774-5%-16%22-07 6192 44%-14%5496 53%-18%696-3%107%22-06 5771 51%129%5107 64%159%664-6%-33%22-05 3863 29.3%84.0%3288 36.1%81.6%575 0.5%106.9%22-04 3338 23.5%121.2%2824 30.7%145.9%514-5.2%-40.4%22-03 2476 7.0%12.7%1993 9.4%19.2%483-1.7%-5.0%45%18%35%2%能 源电 力 水 资源与 环境 基 础设施 其他29%29%17%13%12%8 of 26 22-02 1212 1.7%0.0%1013 1.4%-2.9%199 3.3%29.0%22-01 655 3.1%3.1%522 5.7%5.7%133-6.0%-6.0%21-12 7803 15.9%107.9%6160 30.6%179.6%1642-18.5%29.2%21-11 6218 4.2%17.1%5045 16.9%3.8%1173-29.0%59.4%21-10 5635 3.0%-4.2%4652 18.1%53.9%983-35.9%-68.7%21-09 5206 3.6%-2.4%4289 15.8%35.4%917-30.6%-54.9%21-08 4671 4.3%-37.5%3858 14.0%-46.1%813-25.6%14.6%21-07 4310 10.5%-9.2%3590 24.3%42.9%720-28.8%-92.6%21-06 3823 13.7%-9.9%3118 21.9%-10.0%705-12.4%-9.1%21-05 2988 22.7%-46.3%2416 35.9%-45.2%572-13.1%-53.9%21-04 2703 41.9%-7.5%2160 64.9%-3.3%543-8.8%-27.9%21-03 2313 55.9%111.3%1822 89.7%164.6%491-6.2%35.9%21-02 1192 25.0%30.4%999 53.8%104.5%193-36.6%-71.5%21-01 635 20.6%20.6%494 22.7%22.7%141 13.9%13.9%20-12 6733 31.6%23.6%4717 29.8%34.8%2016 35.9%13.6%20-11 5970 32.6%39.5%4318 29.4%42.4%1653 42.0%29.6%20-10 5472 32.1%57.3%3939 28.2%-6.8%1533 43.1%569.9%20-09 5025 30.2%41.5%3703 31.4%8.8%1321 27.0%143.5%20-08 4477 28.9%56.4%3384 34.0%64.0%1092 15.5%22.1%20-07 3899 25.7%608.5%2888 29.9%648.9%1011 14.9%552.1%20-06 3362 11.1%41.3%2557 17.4%31.4%804-5.1%136.1%20-05 2436 2.7%111.4%1778 12.1%159.2%658-16.3%-10.7%20-04 1906-10.1%14.9%1311-6.7%35.9%595-16.8%-34.5%20-03 1484-15.4%-6.4%961-16.3%9.7%523-13.6%-22.5%20-02 953-19.7%-20.7%650-24.8%-32.7%304-5.8%4.9%20-01 527-18.8%-18.8%403-19.1%-19.1%124-17.9%-17.9%5 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 13 23 29 36 41 46 48 52 68 74 77 72 80 86 122 54%81%27%24%13%11%5%9%29%9%4%-6%10%8%42%151 151 151 151 151 151 151 151 151 151 151 151 151 151 151 EPS/0.08 0.15 0.19 0.24 0.27 0.30 0.32 0.35 0.45 0.49 0.51 0.48 0.53 0.57 0.81 PE 6.7 11.7 10.7 15.3 11.6 9.0 8.8 25.3 13.1 14.7 10.8 9.8 7.2 9.1 9.4 PE 10.0 23.0 12.4 17.3 13.7 11.2 22.1 47.2 16.7 16.4 14.0 11.9 8.2 16.4 11.1 PE 4.3 5.6 9.3 13.6 9.0 7.6 7.1 16.6 11.1 13.2 8.5 8.1 6.2 6.1 8.5 87%88%89%81%81%82%83%83%83%79%80%76%75%75%ROE 24%29%23%14%14%13%11%12%11%10%8%8%8%/348%197%92%160%59%119%141%204%427%76%249%127%538%181%wind 3 3 2.3.3 6:PB0.66/PE4.6,9 of 26 2022-24 EPS1.26/1.41/1.57 13%/12%/11%10.3 2023 7 PE ROE(1)23PE4.6(14/2015 40)PB0.66(2)15%2%38%2022-24 CAGR 12%ROE 10.5%/11%/11.5%(3)(1)2022 3 11%5158 19%3483 18%1.8 7%279 36%632 3%1500 750 400 1200 14%30%(2)2022 8400 752 30%(1)2022 1838 21%2014 2023(2)805 60 65(3)44 18 120 2021 248 2.3%30 200 5 22 88%6 22 19%6 2020-2022Q4 88%1%2%2%7%基 础 设 施 建 设业 务勘 察设计 与咨询 服务工 业设 备 与零 部 件制 造19%13%68%铁路 公路 市 政及 其 他 10 of 26 22Q4 30323 11.1%-16.9%28486 10.5%-18.1%1838 21.1%2.1%22Q3 19831 35.2%78.2%18719 35.1%87.8%1112 37.9%-19.1%22Q2 12119 17.2%-13.9%11321 14.1%-16.8%798 90.7%66.6%22Q1 6057 84.0%84.0%5662 81.7%81.7%396 123.6%123.6%21Q4 27293 4.8%0.9%25776 4.4%1.2%1517 11.3%-3.1%21Q3 14664 8.3%-10.6%13857 7.3%-15.4%807 23.1%113.5%21Q2 10337 18.8%32.2%9918 20.1%34.2%419 23.1%-6.8%21Q1 3292-2.5%-2.5%3115-2.3%-2.3%177-6.0%-6.1%20Q4 26057 20.4%16.4%24694 21.2%17.1%1363 6.8%6.6%20Q3 13542 24.3%24.6%12913 25.3%27.3%629 7.0%-19.1%20Q2 8703 24.1%37.3%8256 24.2%41.2%448 23.1%-11.2%20Q1 3376 7.8%7.8%3188 4.1%4.1%188 162.7%162.8%7 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 11 69 75 67 74 94 104 123 125 161 172 237 252 276 312 54%518%9%-11%10%27%11%18%2%28%7%38%6%10%13%248 248 248 248 248 248 248 248 248 248 248 248 248 248 248 EPS/0.05 0.28 0.30 0.27 0.30 0.38 0.42 0.50 0.51 0.65 0.69 0.96 1.02 1.12 1.26 PE 103.6 16.9 12.8 11.3 7.2 6.1 6.5 22.1 13.4 11.8 9.5 6.1 5.0 4.7 4.7 PE 137.7 20.1 16.2 14.7 8.4 7.1 18.6 38.9 18.5 12.7 11.0 7.0 5.4 5.6 5.4 PE 78.0 14.5 10.8 7.8 6.5 5.2 4.6 13.9 11.1 11.3 8.9 5.2 4.5 4.4 4.0 76%79%81%83%84%85%84%80%80%80%76%77%74%74%ROE 2%12%12%10%10%11%11%11%10%11%11%13%12%12%/70%274%13%-201%-57%85%188%249%436%206%70%94%123%47%wind 3 3 2.4.1 13:,PB0.6 2022 3.9 10.6%Q4 1.2 9.3%(1)2022 3.9 10.6%(21 10%)2 CAGR+11%3 CAGR+10%(2)2022Q4 11764 9.3%(2021Q4 11%)(3)2022 3.5(+12.7%)2.5(+9.9%)71%1(+20.3%)29%(4)2022 3.3 13.3%(96%)1520 0.2%(4%)(5)21 6.5(+17%)3.4 2023 1 122.2 4(1)2023 11 of 26 1 122.2 51%4 2022 4016 4.9%21 2%(2)2022Q4 1291 6.3%(21 20%)10 11 26%15%12 9%(3)2022 8744 m2 5(4)2022 6 3 4 3 PE4(PE8.4)(1)(2)/A/A2/A(3)2022PE4(PE8.4)PB0.63 PB1 4.64%/:(1)(2)3:(3)1219.6 55%(1)1 31 1219.6 549.7 45%669.9 55%(2)3 60-()PPP 98.4()()()PPP 78)CAZ(C D EPC 64.9 7 22 71%8 9%12 of 26 8 2020-2023 1 23-01 3358 12%12%3156 15%15%15-81%-81%22-12 39031 10.6%-9.3%33495 13.3%-8.7%1520 0.2%-14.7%22-11 34271 14.1%13.6%29637 17.0%10.9%1150 6.2%180.0%22-10 30356 14.1%48.8%26217 17.9%48.7%1010-2.2%108.1%22-09 27267 11.2%11.0%23789 15.4%11.8%754-17.1%-19.4%22-08 23938 11.2%27.5%20954 15.9%29.5%600-16.6%9.5%22-07 21719 9.7%-3.3%19080 14.7%3.3%577-17.3%-54.3%22-06 20245 10.8%15.1%17828 15.6%20.5%556-14.7%-51.6%22-05 14073 9.1%4.1%12407 13.6%3.6%405 19.1%-31.6%22-04 11318 10.3%21.7%10072 16.3%24.0%379 25.5%575.0%22-03 8966 7.7%15.7%8187 14.6%26.3%163-39.6%-70.8%22-02 4771 1.5%-13.5%4354 5.9%-10.0%104 52.9%0.0%22-01 2988 13.1%13.1%2744 18.2%18.2%80 81.8%81.8%21-12 35295 10.3%36.0%29557 14.3%51.3%1517-17.8%-8.4%21-11 30049 6.8%1.8%25330 9.8%6.9%1083-21.0%78.6%21-10 26604 7.5%-15.8%22245 10.2%-11.1%1033-23.1%-31.3%21-09 24528 10.1%1.9%20612 12.4%4.8%910-21.8%40.4%21-08 21530 11.3%-7.1%18076 13.5%-5.0%719-30.1%-8.7%21-07 19790 13.3%-35.7%16629 15.4%-42.1%698-30.6%100.0%21-06 18265 21.0%24.6%15417 25.2%32.3%652-33.6%-0.6%21-05 12905 19.5%5.8%10917 22.5%11.7%340-49.1%-77.7%21-04 10259 23.6%-6.4%8664 25.7%-8.1%302-39.4%-74.4%21-03 8327 33.6%22.8%7144 36.4%15.3%270-27.6%405.0%21-02 4702 43.4%128.5%4110 57.7%180.7%68-79.6%-82.5%21-01 2641 11.1%11.1%2322 17.9%17.9%44-77.6%-77.6%20-12 31993 11.7%2.7%25861 12.1%-2.3%1845 4.8%0.4%20-11 28137 13.1%48.6%23067 14.2%61.4%1371 6.4%-88.1%20-10 24753 9.5%11.1%20182 9.6%6.9%1343 27.5%203.4%20-09 22286 9.3%27.1%18346 9.9%20.6%1164 17.1%491.3%20-08 19343 7.0%26.0%15927 8.4%22.2%1028 5.9%-34.3%71%29%0.39%房 屋建筑 基 础设施 勘 察设 计9%9%6%76%13 of 26 20-07 17471 5.3%6.4%14404 7.1%19.4%1005 7.4%-78.9%20-06 15101 5.2%9.6%12312 5.3%17.1%982 18.7%-34.0%20-05 10798 3.5%12.9%8910 1.4%9.3%668 90.3%107.3%20-04 8297 0.9%24.6%6892-0.7%26.4%498 85.1%257.1%20-03 6232-5.0%-5.7%5239-7.0%17.3%373 59.4%-78.8%20-02 3280-4.4%-40.1%2607-23.0%-56.9%333 640.0%407.4%20-01 2378 23.4%23.4%1970 3.2%3.2%196 988.9%988.9%9 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 27 57 92 135 157 204 226 261 299 329 382 419 449 514 568-44%109%61%47%16%30%11%15%15%10%16%10%7%14%10%419 419 419 419 419 419 419 419 419 419 419 419 419 419 419 EPS/0.07 0.14 0.22 0.32 0.38 0.49 0.54 0.62 0.71 0.79 0.91 1 1.07 1.23 1.35 PE 6.7 19.1 8.9 5.7 4.5 3.8 3.5 6.8 5.3 7.4 5.7 5.2 4.6 3.9 3.9 PE 8.4 25.4 10.9 6.5 5.5 4.4 7.4 10.1 8.9 8.5 7.3 5.9 5.1 4.3 4.4 PE 5.5 17.1 8 4.7 4 3.5 2.8 5.1 4.2 6.6 5 4.6 4.3 3.6 3.5 85%70%74%77%79%79%79%78%79%78%77%75%74%73%ROE 19%15%12%16%17%19%18%16%16%16%16%16%16%16%/95%234%-18%-57%15%13%110%210%358%-132%27%-82%45%28%wind 3 3 2.5.3 6:PE4/PB0.55,2022-24 EPS 2.01/2.20/2.40 10/10/9%12.8 23 5.8 PE(1)2023PE4(PE 20/2015 24)PB0.55(0.79 1.23)(2)PB(3)-2022 3.2 15%(1)2022 3.2 15%13%22Q4 1.4 12%(2)2022 1.9 11%(57%)7513 23%(23%)2249 24%(7%)1296(-10%),22Q4 619(+16%)2023 1-2 79 11%(3)2022 3061 19%(9%),2.9 15%14 of 26(1)2022 9%15%2022H1 7%13%(2)/10%9 22 57%10 42%10 2020-2022 Q4 22Q4 32450 15.1%11.8%29390 14.7%12.3%3061 19%8.2%22Q3 18436 17.7%0.1%16935 17%-2%1502 33%28%22Q2 13312 26.2%45.3%12239 25.6%43.0%1073 34.4%74.4%22Q1 4659 1.5%1.5%4340 2.8%2.8%319-12.8%-12.8%21Q4 28197 10.4%7.7%25624 10.4%6.5%2573 10.5%17.9%21Q3 15663 12.6%-0.6%14531 13.5%-0.5%1132 2.4%-2.3%21Q2 10546 20.4%11.2%9747 21.9%9.2%798 4.5%46.1%21Q1 4589 34.9%34.9%4223 43.9%43.9%366-21.8%-21.8%20Q4 25543 27.3%30.5%23215 33.6%44.4%2328-13.5%-28.3%20Q3 13906 24.7%29.8%12800 25.9%29.7%1106 12.1%31.5%20Q2 8759 21.9%27.1%7994 23.8%41.1%764 5.1%-52.7%20Q1 3402 14.4%14.4%2934 2.1%2.1%468 366.6%366.6%11 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 36 66 42 79 86 103 117 126 140 161 179 202 224 247 272 54%81%-36%85%10%20%13%8%11%15%12%13%11%10%10%57%23%61%1%4%7%0.35%0.19%工 程承包 投 资运营绿 色环保 规 划设计 咨询工 业制造 房地产开发16%12%42%7%19%3%1%15 of 26()136 136 136 136 136 136 136 136 136 136 136 136 136 136 136 EPS/0.27 0.49 0.31 0.58 0.64 0.76 0.84 0.93 1.03 1.18 1.32 1.49 1.65 1.82 2.01 PE 26.6 14.9 19.1 7.9 5.8 5.5 5.4 15.0 8.7 9.1 6.9 6.2 5.1 4.0 3.8 PE 29.9 16.9 22.2 10.8 7.4 6.7 15.2 23.0 11.8 10.4 8.1 7.4 5.9 4.8 4.4 PE 23.0 13.5 17.0 5.5 4.6 4.3 3.8 10.8 7.4 8.3 5.5 5.5 4.6 3.8 3.5 78%81%83%84%85%85%83%81%80%78%77%76%75%74%ROE 10%13%8%13%12%14%13%12%12%12%12%12%11%11%/200%265%147%-160%64%-90%58%398%265%158%30%198%179%-30%wind 3 3 2.6.10 30:28%2022-2024 EPS0.90/1.08/1.26 19/20/16%12.24 2022 13.6 PE 33%28%1)1206 33%(21Q3-22Q3+16/+9/+41/+27/+33%)37 28%(21Q3-22Q3-27/+96/+20/+50/+11%)27.75%(-1.77pct)3.29%(-0.18pct)3)-64(21-41)280(+31%)70.17%(+2.87%)37%87%1 2355 37%27%22Q3 731 81%25%2 2221 94%1678 71%491 21%51 2%38 2%50 2%3 2145(+33%)91%210(+87%)9%6066/PBAT/1)6066 9.1 2)9 26 491 4.81/6066 2023-25 ROE 9.05/9.15/9.25%15%(2021)4)21 9 8.5/11.76(22 3 7)99.67 30%(18)5/PBA T/2.7.11 1:10%2022-24 EPS 0.46/0.51/0.57 13/12/12%4.30 2022 9 PE 16 of 26 14%10%1 2022 3970 14%21Q1-22Q3 30/45/13/14 25/9/10%67 10%21Q1-22Q3 13/65/17/-31 25/14/-29%)2 2022 9.62%-0.35pct 2.25%-0.19pct 3-16 21-20 1047+32%40+89%75.1%+1.32pct 7%1 9353+7%9050 2 5000 8740 4661+6%53%1526-7%17%1213+8%14%3)2022 36+3%46.3%+4pct/27.2 10.2 1 2 3 2.8.10 30:3 37%,150 2022-24 EPS0.20/0.23/0.26 27/16/15%3.4 2022 17 PE 3 24%3 37%(1)3 2418 15%(22Q1-Q3 16/8/23%21Q3-Q4 2/15%)42 24%(22Q1-Q3 16/20/3