20230911_国海证券_煤炭开采行业研究报告：资产质量进一步夯实多方利好共振下看好未来板块投资机会_24页.pdf

2023 09 11()S0350522110007 S0350523080001 Table_Title*2023-09-03*2023-09-03 600123 2023*2023-09-03 603612 2023 Q3*2023-09-01 601001 2023*2023-09-01 2023 Q2 0.39%-0.12pct 2021 0.33%HK 5 HK 35 2023 7646 7.0%1350 26.1%1095 26.9%35 2023Q2 450 2023Q1 30.2%2023 150/400/1150/2023 25 5.9 6.5%6.0 5.6%2023 21 656/11%364/3%292/19%45%4.7 2023 35 8.3%0.9 0.7%0.1 5.7%0.7 1.9%0.02 2023 35 408 3.8%54 0.7%275 1.3%79 2 19.4%35 2023 27.7%3.7 9 35 2023 14.0%3.2 10 ROE 35 2023 7.0%4.0 5 ROE 35 2023 1417 451 24.1%4850 6.2%52.0%0.6 2023 35 22 1 9.4%27 3 12.3%9 8 2078.8 116.1 9 4 1387.3 4.6 XVFUyRsPnOrQoQpMrMoRqRbRdN7NsQoOtRsRfQrRzQfQqRoM7NoOwOxNtPpPMYsPpP 3 2023/09/08 EPS PE 2022 2023E 2024E 2022 2023E 2024E 601088.SH 29.44 3.50 3.17 3.31 8.4 9.3 8.9 601225.SH 18.15 3.62 2.44 2.48 5.0 7.4 7.3 600188.SH 19.24 6.30 2.70 2.84 3.1 7.1 6.8 601898.SH 8.44 1.38 1.52 1.69 6.1 5.6 5.0 600546.SH 18.75 3.52 2.80 2.87 5.3 6.7 6.5 600256.SH 7.02 1.73 1.16 1.59 4.1 6.0 4.4 601699.SH 18.22 4.74 3.21 3.39 3.8 5.7 5.4 000983.SZ 9.40 2.09 1.47 1.53 4.5 6.4 6.1 600348.SH 8.12 2.92 1.43 1.57 2.8 5.7 5.2 000933.SZ 16.73 3.39 2.82 3.06 4.9 5.9 5.5 600985.SH 12.48 2.83 2.46 2.54 4.4 5.1 4.9 601666.SH 9.69 2.47 1.64 1.78 3.9 5.9 5.4 600123.SH 9.07 2.82 1.71 1.89 3.2 5.3 4.8 601918.SH 4.89 0.80 0.88 0.93 6.1 5.6 5.3 601001.SH 10.89 1.82 1.59 1.64 6.0 6.9 6.6 Wind+1 2 3 4 5 6 4 1 2023 Q2 0.39%.6 2 2023.8 2.1.8 2.2 2023.9 2.3.13 2.4.14 2.5.15 2.6.17 2.7.18 2.8.20 3.21 4.22 5 1.6 2.6 3.7 4.7 5.7 6.7 7.8 8.8 9.9 10.9 11 35.10 12 35.11 13 35.12 14 35.12 15 35.12 16 35.12 17 34.12 18 34.12 19 34.13 20 34.13 21 25.14 22 21/%.15 23 35%.16 24 35 ROE%.17 25 35%.19 26 35.20 6 1 2023 Q2 0.39%2022 2023 0.39%2021 0.33%2022 0.69%+0.44pct 2022 0.62%-0.06pct 2022 0.94%+0.32pct 2022 0.50%-0.44pct 2023 0.51%2023 0.39%-0.12pct HK 5 172 HK 128 51 45 43 1 2 wind 2023 wind 2023 5 5 25,126.8 18,816.08 15,083.4 13,843.03 12,763.7 9,724.85 3,483.10 3,260.88 1,472.15 1,157.71 HK 8,654.78 HK 7,216.80 5,274.62 5,075.62 4,830.12 0.11%0.14%0.28%0.33%0.49%0.25%0.69%0.62%0.94%0.50%0.51%0.39%0.0%0.1%0.2%0.3%0.4%0.5%0.6%0.7%0.8%0.9%1.0%20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 020406080100120140160180200中国神华陕西煤业山煤国际兖矿能源中国神华HK山西焦煤潞安环能中煤能源兖矿能源HK电投能源淮北矿业华阳股份盘江股份中煤能源HK平煤股份恒源煤电晋控煤业美锦能源中国旭阳集团甘肃能化冀中能源新集能源首钢资源郑州煤电兰花科创安源煤业云煤能源陕西黑猫昊华能源金能科技 7 3 4 wind 2023 wind 2023 HK 9.49%6.45%HK 4.25%2.97%2.89%HK 5 463,814.56 457,056.41 272,268.74 190,123.21 HK 167,276.69 5 6 wind 2023 wind 2023 050001000015000200002500030000陕西煤业山煤国际中国神华盘江股份中国旭阳集团中煤能源山西焦煤潞安环能华阳股份兖矿能源HK兖矿能源美锦能源淮北矿业中国神华HK电投能源平煤股份晋控煤业首钢资源中煤能源HK云煤能源新集能源陕西黑猫郑州煤电甘肃能化冀中能源恒源煤电金能科技安源煤业昊华能源兰花科创()-10000-5000050001000015000盘江股份华阳股份电投能源云煤能源新集能源陕西黑猫美锦能源郑州煤电晋控煤业甘肃能化中国神华中国旭阳集团中煤能源HK安源煤业首钢资源平煤股份昊华能源兰花科创山煤国际金能科技恒源煤电淮北矿业冀中能源中煤能源中国神华HK兖矿能源山西焦煤陕西煤业兖矿能源HK潞安环能()012345678910山煤国际盘江股份兖矿能源HK潞安环能中国旭阳集团陕西煤业华阳股份山西焦煤兖矿能源电投能源淮北矿业云煤能源美锦能源中国神华HK中煤能源晋控煤业平煤股份中国神华郑州煤电陕西黑猫中煤能源HK新集能源首钢资源恒源煤电甘肃能化冀中能源金能科技安源煤业昊华能源兰花科创(%)050000100000150000200000250000300000350000400000450000500000中国神华陕西煤业山煤国际兖矿能源兖矿能源HK潞安环能中国神华HK中煤能源盘江股份山西焦煤华阳股份淮北矿业电投能源中国旭阳集团美锦能源晋控煤业平煤股份中煤能源HK陕西黑猫云煤能源新集能源郑州煤电首钢资源恒源煤电冀中能源甘肃能化金能科技安源煤业兰花科创昊华能源()8 2 2023 2.1 3.8%3.4%-6.5%+1.3%-15.0%+1.3%5.1%22.9%-3.9%+7.5%2023 23.0 4.4%2.2 93%1.06 50.6%-7.6pct 23.1%+1.6pct 13.2%+6.3pct 7.5%2.1%-1.8pct 2023 Q5500 1036/14.9%Q2 926/26.5%2023 2245/27.0%Q2 1960/39.1%7 8 wind 2023 9 1 wind 2023 6 30 05001000150020002500300001010118020402210310032704130430051706030620070707240810082709130930101711031120120712242021 2022 2023元/吨57710261173125912831448114592602004006008001000120014001600 元/吨 9 9 10 wind 2023 9 4 wind 2023 6 30 2.2 2023 35 2023 7646 7.0%1350 26.1%1095 26.9%34 2023 963 28.6%763 29.9%2023 35 2023 1089 22.3%7 93.2%2022 34 2023 759 23.8%05001000150020002500300035004000450001010118020402210310032704130430051706030620070707240810082709130930101711031120120712242021 2022 2023元/吨14992498293132162601 2593253019600500100015002000250030003500 元/吨 10 11 35 wind 2023Q2 2022 35 602 410 645 2023Q2 35 450 2023Q1 30.2%34 2022 422 306 459 2023Q2 304 2023Q1 33.8%2022H1 2023H1 同比 2022H1 2023H1 同比 2022H1 2023H1 同比甘肃能化 2,955 5,755-7.0%646 1,280-38.0%620 1,283 239.9%13,623 13,209-3.0%2,332 2,583 10.7%2,286 2,526 10.4%2,246 2,192-2.4%146 46-68.1%146 33-77.4%100,285 84,401-15.8%18,037 10,210-43.4%17,839 10,049-43.7%4,929 3,260-33.9%-234 52 122.4%-232 50 121.6%4,216 3,533-16.2%823 221-73.2%820 219-73.3%21,155 20,676-2.3%3,541 3,058-13.6%3,609 3,113-13.8%4,449 4,238-4.8%880 1,118 27.2%883 1,110 25.8%8,866 7,453-15.9%2,332 1,386-40.6%2,359 1,342-43.1%165,579 169,442 2.3%41,144 33,279-19.2%40,510 32,970-18.6%4,214 4,148-1.6%924 708-23.3%930 660-29.0%83,690 90,662 8.1%24,598 11,579-54.7%15,022 13,632-9.5%118,039 109,357-7.4%13,377 11,835-11.5%13,314 11,751-11.7%5,613 6,260 11.5%1,132 1,308 15.5%1,127 1,287 14.1%19,987 14,752-26.2%2,571 3,367 31.0%2,606 1,874-28.1%27,713 27,560-15.7%5,694 4,517-29.4%5,673 4,547-19.9%16,586 13,982-15.7%770 1,013 31.4%789 1,005 27.3%6,249 5,297-15.2%1,244 619-50.2%1,451 557-61.6%6,773 5,867-13.4%1,545 1,180-23.7%1,542 1,175-23.8%38,424 37,300-2.9%3,562 3,588 1.1%3,784 3,439-8.8%13,232 11,942-9.7%1,347 784-41.8%1,232 772-37.3%19,403 15,969-17.7%3,365 2,234-33.6%3,415 2,121-37.9%3,255 3,003-7.7%248 255 3.0%246 244-0.6%28,286 21,883-22.6%5,849 5,296-9.5%5,833 5,269-9.7%21,646 19,109-11.7%4,536 2,739-39.6%4,541 2,742-39.6%7,658 6,469-15.5%1,986 1,362-31.4%2,267 1,337-41.0%18,334 15,413-18.8%3,323 3,012-9.4%3,305 2,992-9.5%13,355 9,739-27.1%1,359 373-72.6%1,501 352-76.5%7,068 5,231-26.0%113-273-340.9%85-273-423.4%684 365-46.7%15 2-85.7%15 2-86.4%6,561 4,456-32.1%2,089 916-56.2%2,084 915-56.1%3,982 3,688-7.4%-61-33 45.3%-33-43-30.7%1,970 1,673-15.0%102 56-45.4%99 51-48.1%12,571 9,115-27.5%436-64-114.7%436-63-114.4%8,825 7,215-18.2%174-61-135.0%69-165-337.6%822,420 764,613-7.0%149,947 109,544-26.9%140,173 108,877-22.3%656,841 595,171-9.4%108,803 76,265-29.9%99,663 75,907-23.8%归母净利润 11 12 35 wind 2022Q3 2022Q4 2023Q1 2023Q2 Q2 环比甘肃能化 64 2,459 958 322-66.4%929 726 1,617 966-40.3%-90 12 65-18-128.1%9,091 3,646 5,652 4,558-19.4%47 110 57-4-107.8%548 185 315-94-129.9%1,853 1,587 1,686 1,372-18.7%727 906 608 510-16.2%1,050-339 711 675-5.1%17,987 10,495 18,612 14,667-21.2%605-185 430 278-35.2%3,709 6,816 6,911 4,668-32.5%5,951-1,088 7,155 4,680-34.6%709 223 594 714 20.2%1,414 473 2,703 664-75.4%2,603 2,425 2,470 2,047-17.1%771 368 419 594 41.8%414 536 350 269-23.3%577-382 835 344-58.8%1,655 1,792 2,111 1,477-30.1%474 31 408 376-7.7%1,363 997 1,146 1,088-5.1%-33-20 287-32-111.1%3,419 4,900 3,380 1,915-43.3%1,319 1,716 1,546 1,193-22.8%772 465 773 589-23.9%1,636 2,067 1,727 1,285-25.6%352 498 402-29-107.3%-177-233-123-149-21.3%4 3 1 1-46.9%617-124 763 154-79.9%-35-86-16-18-13.0%9 41 30 26-15.4%-196 38 56-120-314.5%86-11-139 78 156.0%60,222 41,048 64,504 45,041-30.2%42,235 30,553 45,892 30,374-33.8%归母净利润 12 13 35 14 35 wind wind 15 35 16 35 wind wind 17 34 18 34 wind wind 1504395163294239615542626641285439766839823336638002000004000006000008000001000000120000014000001600000180000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q235 百 万元208394311517774711053047660252140784705655405000010000015000020000025000030000035000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q235 百 万元16675824663061895844656108439187645044504105000010000015000020000025000030000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q235 百 万 元16471824244563239768876354638773621954596905000010000015000020000025000030000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q235 百 万元11687551288409312253344589327944303624311191283980020000040000060000080000010000001200000140000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q234 百 万 元14926022986255025799515529039596572073912905000010000015000020000025000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q234 百 万元 13 19 34 20 34 wind wind 2.3 2023 2023 150/400/1150/2023 25 5.9 6.5%6.0 5.6%24 2023 4.3 8.3%3.8 6.7%11667417700442938622784309728692458923037402000040000600008000010000012000014000016000018000020000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q234 百 万元11486917210844622549944564926843436663152802000040000600008000010000012000014000016000018000020000021A 22A 22Q1 22Q2 22Q3 22Q4 23Q1 23Q234 百 万元 14 21 25 2.4 2023 21 656/11%364/3%292/19%45%4.7 2022H1 2023H1 2022H1 2023H1 甘肃能化 436 959 119.7%356 806 126.8%2243 2336 4.2%2233 2314 3.7%302 335 10.9%322 328 1.9%5064 4923-2.8%4684 4392-6.2%46 73 58.8%46 72 57.1%592 529-10.6%600 503-16.2%2020 2695 33.4%2375 2695 13.5%498 448-10.0%364 379 4.2%1716 1701-0.9%1433 1448 1.1%15760 16070 2.0%21010 21790 3.7%678 851 25.5%672 849 26.3%7616 8407 10.4%7501 8280 10.4%5923 6712 13.3%5865 6485 10.6%865 983 13.7%807 1014 25.7%519 605 16.6%517 609 17.8%737 800 8.5%567 640 12.9%418 423 1.3%301 306 1.5%1244 1133-8.9%1048 982-6.3%446 458 2.6%117 111-5.3%1501 1537 2.4%-265 309 16.7%267 288 7.8%2943 2954 0.4%2613 2713 3.8%315 380 20.6%314 390 24.3%603 645 7.1%560 566 1.2%2334 2376 1.8%2373 2157-9.1%55083 58642 6.5%56944 60119 5.6%39323 42572 8.3%35934 38329 6.7%产量 销量 15 22 21/%wind 2.5 2023H1 2023 35 8.3%0.9 0.7%0.1 5.7%0.7 1.9%0.02 2023 35 408 3.8%54 0.7%275 1.3%79 19.4%2022H1 2023H1 2022H1 2023H1 2022H1 2023H1 2022H1 2023H1-pct甘肃能化 1349 551-59%476 272-43%873 279-68%65%51%-14.1 187 199 7%93 84-9%94 115 23%50%58%7.5 637 599-6%387 395 2%250 204-19%39%34%-5.3 1091 943-13%372 353-5%718 591-18%66%63%-3.2 941 1037 10%1121 768-31%-180 269 50%-19%26%45.0 662 589-11%312 347 11%351 242-31%53%41%-11.9 1132 1051-7%664 545-18%468 506 8%41%48%6.8 649 621-4%413 423 2%236 198-16%36%32%-4.5 586 448-24%216 195-10%370 253-32%63%56%-6.7 641 595-7%277 298 8%364 297-18%57%50%-6.9 752 624-17%309 285-8%443 339-24%59%54%-4.6 577 540-6%333 330-1%244 210-14%42%39%-3.4 1337 959-28%499 421-16%838 538-36%63%56%-6.6 985 744-24%505 506 0%479 238-50%49%32%-16.7 1595 1280-20%588 600 2%1007 681-32%63%53%-10.0 1183 1269 7%686 670-2%497 599 20%42%47%5.1 3344 3266-2%1492 1541 3%1852 1725-7%55%53%-2.6 857 718-16%530 456-14%327 262-20%38%37%-1.6 1585 1135-28%765 569-26%820 566-31%52%50%-1.9 1037 789-24%293 305 4%744 484-35%72%61%-10.5 726 627-14%424 323-24%302 304 1%42%48%6.9 735 656-11%373 364-3%362 292-19%49%45%-4.7 797 681-15%345 323-7%452 358-21%57%53%-4.1 16 23 35%wind 2022H1 2023H1-pct 2022H1 2023H1-pct 2022H1 2023H1-pct 2022H1 2023H1-pct甘肃能化 8.5 11.2 2.7 0.9 0.9 0.0 7.2 8.4 1.1 0.4 1.9 1.5 3.3 3.2-0.1 0.2 0.2 0.1 1.8 2.3 0.4 1.3 0.7-0.6 16.5 18.4 2.0 1.5 1.6 0.1 10.7 12.1 1.3 4.2 4.7 0.5 7.5 8.3 0.8 2.5 2.9 0.5 3.2 3.9 0.7 1.9 1.5-0.4 4.9 6.6 1.7 0.4 0.6 0.2 1.6 2.8 1.2 2.9 3.2 0.3 17.6 21.8 4.2 1.3 1.7 0.4 11.3 15.5 4.2 4.9 4.6-0.4 5.9 5.9-0.1 1.4 1.3-0.1 3.3 4.1 0.7 1.2 0.5-0.7 15.9 14.9-1.0 0.8 0.8-0.1 14.8 13.6-1.1 0.3 0.5 0.2 4.5 6.9 2.4 0.7 0.7 0.0 1.9 4.8 2.9 1.9 1.4-0.5 3.2 3.2 0.0 0.2 0.1-0.1 3.2 3.1-0.1-0.2-0.1 0.1 9.7 12.5 2.8 1.7 1.9 0.2 4.4 6.5 2.1 3.5 4.0 0.5 4.4 4.3 0.0 0.5 0.5 0.0 4.3 4.2-0.1-0.4-0.3 0.0 4.0 4.2 0.2 0.3 0.4 0.1 1.9 2.3 0.4 1.7 1.4-0.3 12.2 9.1-3.1 0.5 0.4-0.1 6.1 4.3-1.9 5.6 4.5-1.1 7.6 11.8 4.2 0.4 0.5 0.1 5.9 9.3 3.4 1.3 2.0 0.7 7.1 9.2 2.1 0.3 0.5 0.1 5.6 7.3 1.8 1.2 1.4 0.2 11.5 13.8 2.2 0.3 0.3 0.0 4.0 4.7 0.8 7.3 8.8 1.5 15.6 13.9-1.6 0.2 0.2 0.1 14.0 12.6-1.5 1.4 1.1-0.2 6.4 5.9-0.6 0.2 0.2 0.0 5.5 5.0-0.4 0.7 0.6-0.1 9.6 9.4-0.2 0.3 0.3 0.0 8.5 8.1-0.4 0.9 1.0 0.1 5.6 5.7 0.1 1.1 0.9-0.2 3.6 4.3 0.7 0.9 0.5-0.4 6.3 8.9 2.6 0.6 0.7 0.1 2.9 3.7 0.8 2.8 4.4 1.6 9.9 9.5-0.5 0.6 0.7 0.0 6.1 6.2 0.1 3.2 2.6-0.6 8.4 9.0 0.6 0.2 0.2 0.0 6.2 8.6 2.4 1.9 0.1-1.8 4.3 5.6 1.3 0.7 0.9 0.2 2.0 3.9 1.9 1.7 0.8-0.9 13.7 11.4-2.4 1.0 0.8-0.3 10.5 9.4-1.2 2.1 1.3-0.9 5.3 6.6 1.2 0.4 0.4 0.0 3.4 4.9 1.5 1.5 1.2-0.2 5.0 7.5 2.5 0.7 0.9 0.2 3.3 4.8 1.5 1.0 1.7 0.7 2.6 2.8 0.2 0.0 0.0 0.0 1.7 1.3-0.4 0.8 1.5 0.6 1.7 3.3 1.6 0.6 1.4 0.8 1.0 2.0 1.1 0.1-0.1-0.2 4.9 6.9 2.0 0.5 0.6 0.1 2.7 4.0 1.3 1.7 2.3 0.5 4.7 3.7-1.1 0.1 0.1 0.0 3.5 2.6-0.9 1.0 0.9-0.1 7.0 10.0 3.0 0.2 0.3 0.1 4.3 6.4 2.2 2.6 3.3 0.8 2.2 3.6 1.4 0.3 0.5 0.2 0.8 1.4 0.6 1.1 1.7 0.6 4.3 3.1-1.2 0.1 0.1 0.0 3.2 2.1-1.0 1.0 0.9-0.2 7.5 8.3 0.9 0.6 0.7 0.1 5.0 5.7 0.7 1.9 1.9 0.02 7.6 8.5 0.9 0.6 0.7 0.1 5.0 5.8 0.8 1.9 2.0 0.02 17 2.6 35 2023 27.7%3.7 9 35 2023 14.0%3.2 10 ROE 35 2023 7.0%4.0 5 ROE 24 35 ROE%wind 2022H1 2023H1-pct 2022H1 2023H1-pct 2022H1 2023H1-pct甘肃能化 35.1 40.3 5.2 21.8 22.3 0.5 7.1 9.3 2.3 35.8 34.5-1.3 22.6 21.1-1.5 10.5 9.7-0.8 36.2 32.7-3.5 12.4 6.8-5.6 8.6 2.8-5.8 39.3 31.2-8.1 22.2 15.1-7.0 24.8 12.4-12.4 0.6 9.2 8.6-4.7 1.7 6.5-41.5 8.6 50.2 51.2 32.2-19.0 22.8 9.0-13.8 10.7 2.7-8.0 45.7 43.7-2.0 25.1 23.4-1.8 27.1 19.5-7.6 42.0 48.7 6.7 19.8 26.4 6.6 8.4 8.0-0.3 56.0 47.3-8.7 36.4 26.9-9.6 18.1 9.3-8.8 40.7 35.9-4.9 28.9 22.8-6.0 11.0 8.6-2.4 58.4 51.3-7.2 32.2 25.6-6.6 9.1 6.5-2.7 41.9 37.0-4.9 39.9 21.5-18.3 27.0 10.9-16.1 26.3 24.5-1.8 15.6 14.3-1.3 11.0 8.6-2.4 45.2 40.0-5.2 22.2 22.3 0.1 11.1 10.7-0.4 31.1 34.7 3.6 14.8 25.2 10.4 13.8 14.7 0.9 41.7 41.2-0.5 22.6 19.9-2.6 22.2 14.3-8.0 26.0 28.0 2.0 3.9 7.4 3.5 1.8 2.3 0.5 44.8 30.3-14.5 20.5 12.5-8.0 18.6 5.2-13.4 45.7 37.5-8.2 22.8 20.8-2.0 13.7 9.4-4.3 22.9 21.1-1.8 10.0 9.3-0.7 12.1 10.1-2.0 20.6 14.8-5.7 10.3 4.8-5.5 9.3 5.5-3.8 35.2 30.6-4.6 18.9 15.0-3.9 18.2 9.5-8.7 26.0 26.8 0.9 7.6 8.5 0.9 4.7 4.7-0.1 48.1 53.3 5.2 24.3 27.3 3.0 15.6 10.3-5.3 35.7 27.1-8.6 24.4 15.9-8.5 39.9 16.4-23.6 57.8 43.2-14.5 27.6 22.0-5.6 14.5 8.9-5.5 40.4 43.0 2.6 20.5 22.0 1.4 16.1 11.1-5.0 23.3 15.0-8.3 10.9 3.2-7.6 10.3 2.5-7.8 4.2-2.2-6.3 1.6-5.2-6.8 3.9-11.4-15.4 4.7 4.1-0.6 2.2 0.6-1.6 4.5 0.6-3.9 2.5-11.3-13.9 31.8 20.5-11.3 15.9 6.2-9.7 3.5 2.9-0.6-1.5-0.8 0.6-1.8-1.1 0.7 14.2 16.2 2.1 4.6 3.2-1.5 1.4 0.7-0.7 8.2 3.0-5.3 4.0-1.3-5.3 5.0-0.7-5.7 6.2 0.1-6.1 2.0-0.8-2.8 2.0-0.7-2.7 31.3 27.7-3.7 17.2 14.0-3.2 11.0 7.0-4.0 31.1 27.4-3.6 16.8 13.7-3.1 11.0 7.0-4.0ROE 18 2.7 35 2023 1417 451 24.1%2023 35 4850 6.2%52.0%0.6 34 2023 954 331 25.8%2023 34 4341 4.5%,52.6%0.6 19 25 35%wind 2022H1 2023H1 2022H1 2023H1 2022H1 2023H1-pct甘肃能化 14 670-62%2298 5434 136%39.5 48.4 8.9 4411 3429-22%9025 8363-7%35.1 31.5-3.6 487 219-55%2358 2392 1%81.0 79.5-1.5 13398 8661-35%99314 87927-11%62.9 61.8-1.1 28 142 413%3195 4769 49%95.8 94.1-1.7 1968 824-58%5738 5814 1%63.9 64.3 0.4 4565 2888-37%10886 7100-35%60.8 53.0-7.8 958 2071 117%2319 1962-15%44.6 42.4-2.3 2546 3542 39%10233 8105-21%51.8 45.4-6.5 58363 46349-21%62802 50938-19%31.6 31.8 0.2 2324 1692-27%7000 8365 19%51.8 52.4 0.6 18194 16978-6%7352 5862-20%36.9 39.7 2.8 20122 17035-15%86933 79336-9%52.2 49.9-2.4 1536 1955 27%12481 13119 5%62.9 59.5-3.4 3101 1145-63%13602 14863 9%52.7 51.6-1.0 5869 4467-45%13342 11745-12%55.3 52.1-3.2 2952 2993 1%28009 23556-16%55.2 52.9-2.3 1432 796-44%4440 8116 83%53.5 60.8 7.3 1400 158-89%2198 1677-24%38.0 35.3-2.7 6919 6146-11%16691 15822-5%53.7 54.1 0.4 2099 363-83%6892 6091-12%48.4 45.9-2.5 4732 6532 38%16978 20911 23%69.4 64.6-4.7 937 223-76%4901 4765-3%62.3 61.4-0.9 12362 3087-75%17373 3647-79%58.0 45.7-12.2 6031 4609-24%21882 28728 31%64.9 64.7-0.2 3929 1125-71%9212 9048-2%53.0 50.5-2.5 2991 3075 2%18645 19554 5%59.4 54.7-4.7 1567-212-114%5775 5313-8%53.5 54.7 1.2-203 174 185%1575 1334-15%50.5 55.3 4.8-70-36 48%18 19 6%24.2 12.9-11.3 131-367-381%4411 6799 54%37.1 39.6 2.5 325-212-165%1085 2322 114