20240506_广发证券_公用事业行业2023年报总结：高ROE加速修复净资产新三部曲夯实公用事业化_46页.pdf

识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag e 深度分析|公用事业 证券研究报告 T ab l e _ T i t l e 2023 ROE T ab l e _ S u m mar y ROE GFGY 2023 2.05+2.9%1705+53%+72%2024Q1 4655+2.8%454+25.2%1 23 ROE 7.0%1.1%5.4%2 24Q1 0.9pct 60.7%2023-6.6%3 23 5081+4.6%4 5 23 0.433/+0.5%24Q1 0.419/-1.9%2023 595-286 105 5086+7.5%Q1 5259 ROE PB 2023 2%11%2024Q1+25%3%ROE+PB 3 DDM ROE 10%PB 2 PB 1.2 ROE 10%ROE+T a bl e _G r a de 2024-05-06 T ab l e _ P i cQ u o t e T ab l e _ A u t h o r SAC S0260514030003 SFC CE No.BNX688 021-38003655 SAC S0260521070002 021-38003624 SAC S0260524010002 021-38003618,T ab l e _ D o cRe p o r t:2024-04-28:2024-04-21:2024-04-14 T ab l e _ C o n t ac ts 0755-82557403-24%-18%-13%-7%-2%4%05/23 07/23 09/23 12/23 02/24 04/24 300 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 Table_impcom EPS()PE(x)EV/EBITDA(x)ROE(%)/2024E 2025E 2024E 2025E 2024E 2025E 2024E 2025E 600023.SH CNY 6.23 2024/05/04 7.53 0.65 0.70 9.58 8.90 4.17 3.99 12.20 12.30 600642.SH CNY 8.51 2024/05/04 9.76 0.81 0.91 10.51 9.35 3.90 3.62 10.90 11.50 00836.HK HKD 19.20 2024/03/22 27.28 3.03 3.38 6.34 5.68 2.08 1.79 15.50 15.60 600027.SH CNY 6.76 2024/03/31 8.40 0.65 0.74 10.40 9.14 3.44 3.21 9.30 10.00 600795.SH CNY 5.13 2024/04/16 6.07 0.43 0.48 11.93 10.69 1.92 1.76 14.40 14.60 600011.SH CNY 9.36 2024/05/03 10.92 0.84 0.99 11.14 9.45 2.65 2.41 9.40 10.30 000543.SZ CNY 8.33 2024/04/17 10.05 0.94 1.08 8.86 7.71 3.68 3.25 14.00 14.70 600900.SH CNY 25.79 2024/05/02 28.74 1.44 1.51 17.91 17.08 8.69 8.59 16.60 16.50 600886.SH CNY 16.03 2024/05/02 17.61 1.04 1.12 15.41 14.31 3.82 3.53 12.30 12.50 600674.SH CNY 16.75 2024/04/15 17.86 1.05 1.14 15.95 14.69 13.09 11.87 11.50 11.00 600483.SH CNY 9.99 2024/04/18 13.62 1.13 1.26 8.84 7.93 4.43 4.06 12.20 12.40 000875.SZ CNY 4.74 2024/05/05 6.38 0.43 0.53 11.02 8.94 1.76 1.52 9.40 10.70 600863.SH CNY 4.37 2024/05/05 4.99 0.38 0.42 11.50 10.40 3.72 3.68 12.60 13.10 601985.SH CNY 9.24 2024/04/29 9.67 0.60 0.65 15.40 14.22 3.69 3.42 11.60 11.50 Wind 1ZCXxOtOsRrQrPtQmRqPnM6MbP7NoMqQnPtPiNnNmRiNqQsNaQpPyRNZqQmPwMsRwP 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业.7 2023+53%.7 2023.7.12 2023.14.17.17.21.23+.25.25.28.31 DDM.33.35.35.38.41.43.44 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 1.7 2 2023+2.9%.8 3 2023+53.0%.8 4.8 5.9 6 2023.9 7 2023 A.9 8 2023+4.6%.10 9 2023+23.1%.10 10 2023 301.10 11 2024Q1.10 12 2023.11 13 2023+0.5%.11 14/.11 15 2023+3.0%.12 16 2023+466.7%.12 17 2023+8.5%.12 18 2023+13.0%.12 19 2023+2.2%.13 20 2023+12.5%.13 21 2023+2.4%.13 22 2023+4.3%.13 23 2023+0.3%.14 24 2023+18.4%.14 25 2024 1.28%+0.48pct.14 26 2024 0.5%.15 27 2023.16 28 2024.16 29 PB.17 30 2024Q1.17 31.19 32.19 33 2023 2024Q1.20 34.21 35.21 36 2023 11 31%.21 37.22 38.23 o4rMeHciwNURrsUCl5dMzZKvZxvDHl7CnYBIQwX/6MPtaOiw4slO94Yu7wPwr1yT 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 39 2024M1-4/.23 40 2024Q1 2023 3.4%.24 41 2024 4-14.7%.27 42 2024 4+41.2%.27 43 2024 4+32%.27 44 2024 4-22.7%.27 45 2024 4-10.8%.28 46 2024 4+155%.28 47.29 48.31 49.31 50 23+8.6%.32 51 2024.32 52 61.3%.32 53 2023.32 54 2023 1114.33 55 2023 0.99%.33 56 DDM.34 57 2023 647.35 58 2023+0.9%.36 59 2023+22.3%.36 60 2023+12.3%.36 61 2023+17.2%.36 62 2023+0.18%.37 63 2023-3.81%.37 64 2023 1257.38 65 2023.38 66.38 67 2023/-53%/-14%.38 68 2023-0.3%.39 69 2023+7.6%.39 70 2023+5.2%.39 71 2023+17.9%.39 72 2023+3.7%.39 73 2023+0.7%.39 74 2023 57GW.40 75.40 76 2023.41 77 2023 LNG/.42 78.42 79.42 80.42 81 2023/%.42 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 1.9 2 GF.15 3.18 4.19 5.20 6 2024.21 7.24 8.24 9 2023 2024Q1.25 10 2023 2024Q1.26 11 2023.26 12.28 13 4+26.7%1-4+1.3%.29 14 4-18.3%1-4-10.7%.29 15.30 16.30 17 2003-2023.33 18 2023 2024Q1.35 19 2023.37 20 2023 10 4 1.40 21 2023 2024Q1.41 22/.43 23 2024/4/30.43 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 ROE 11 2024 PE 18-20 3 PB PE TTM 18 PB 1.8 PB 1.2 ROE 10%1 Wind=2019-2023/ROE 2023 ROE=2019-2023 2023+53%2023 2023 2.05 1705/wind GFGY 2023 2.05+2.9%1705+53.0%2024Q1 4655+2.8%454+25.2%GFGY 54 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 2 2023+2.9%3 2023+53.0%Wind Wind 2023Q1-2024Q1 2023Q1 362.87+35.0%Q2 468.64+24.3%Q3 573.48+61.3%Q4 153.72+838.5%24Q1 454.19+25.2%4 Wind 2023 2018 60%2023 23 Q3 23 13.0%4.3%23 12.5%18.4%24Q1 88.1%24 17.0%+2.4%-16.6%13534 13948 16917 19907 20479 4527 4655 11.3%3.1%21.3%17.7%2.9%4.9%2.8%-20%-10%0%10%20%30%0500010000150002000025000 1059 1346 646 1114 1705 363 454 7.5%27.0%-52.0%72.4%53.0%41.6%25.2%-100%-60%-20%20%60%100%0400800120016002000 180 196 282 106 215 241 273 164 249 286 322 96 199 387 474 191 329 383 192(266)269 377 356 16 363 469 573 154 454-400-2000200400600-识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 5 6 2023 Wind Wind SW2021 GFGY GFGY 23 24Q1 24Q1 25%SW2021 GF 5%24Q1 23 45%1 2023 2024Q1 2024Q1 2023 2024Q1 2024Q1 GFGY 62.6%27.7%184.8%5/27 4/29 7/28 GF 6640.8%88.4%1/118 6/127-GF 21.1%18.7%12.8%31/118 31/127 67/101 GF 7.7%2.3%137.7%50/118 60/127 23/101 GF 12.5%2.4%187.0%43/118 59/127 17/101 GF 18.4%-16.6%-54.0%36/118 87/127 89/101 Wind 7 2023 A Wind SW SW SW SW 2022 0500010000150002000025000-5000500100015002000 347 275 97 1,736 1,509 1,321 305 2,059 1,112 1,999 319 302 1,939 1,155 20,949 248 3,280 3,726 2,313 287 1,603 1,846 980 1,341 365 1,106(45)171%92%74%70%63%54%21%18%13%11%9%8%6%4%1%1%0%-2%-9%-13%-17%-25%-28%-29%-30%-45%-126%-200%-100%0%100%200%300%-1004120834012560167802100023/23 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 2023 4.6%2023 5081+4.6%1 23+25.1%2 23-35.5%3 23+18.5%4 23-2.3%+2.0%23 23.1%5564 23 2 301 23 59.7%-0.2pct ROE 2.1pct 5 8 2023+4.6%9 2023+23.1%Wind Wind 10 2023 301 11 2024Q1 Wind Wind 23+38.54 24Q1 23 187.32+38.54 16.4%10.5%-34.5%67.4%4.6%19.6%25.5%-60%-30%0%30%60%90%012002400360048006000(13.3%39.6%-4.3%21.2%23.1%168.4%-35.2%-100%-40%20%80%140%200%012002400360048006000(-1500-70010090017002500 57.6%57.6%59.7%59.9%59.7%59.3%58.1%57.8%58.3%61.1%61.5%61.2%61.6%60.7%6.1%6.8%3.1%4.9%7.0%1.7%2.0%0%14%28%42%56%70%ROE 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 23 5.57 2.43 8.05 3.15 19.16 23 13.28 21 12 2023 Wind 2024Q1 2022 2024Q1 2024 2018 2024Q1 13 2023+0.5%14/Wind/Wind(152)(189)(119)(98)(103)(0)(0)(9)(23)(26)(34)(42)(3)(3)-300-240-180-120-6002019 2020 2021 2022 2023 2023Q1 2024Q1 0.365 0.364 0.390 0.431 0.433 0.426 0.419-2.8%-0.4%7.3%10.4%0.5%-1.6%-15%-9%-3%3%9%15%0.00.10.20.30.40.5 YoY0.422 0.403 0.394 0.418 0.482 0.486 0.503 0.480 0.00.10.20.40.50.6 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 466.7%2023 GFGY 2024 88.1%15 2023+3.0%16 2023+466.7%Wind Wind 23 5.8pct 13.0%2023 2023 2023 1739.93+8.5%482.28+13.0%24Q1 374.08+4.0%88.13+17.0%17 2023+8.5%18 2023+13.0%Wind Wind 2023 7 31 6 2023 1575.06 8739 8886 10700 12471 12848 2771 2844 3.9%1.7%20.4%16.6%3.0%2.1%2.7%0%8%16%24%32%40%03000600090001200015000 323 526(286)105 595 92 173 20.8%62.7%-154.3%-136.8%466.7%183.1%88.1%-300%-140%20%180%340%500%-400-2000200400600 1280 1316 1341 1604 1740 360 374 3.8%2.8%1.9%19.6%8.5%15.7%4.0%0%10%20%30%40%0400800120016002000 377 428 398 427 482 75 88-3.8%13.5%-7.0%7.22%13.0%19.5%17.0%-20%-10%0%10%20%30%40%0100200300400500 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业+2.2%213.48+12.5%19 2023+2.2%20 2023+12.5%Wind Wind 23 2.4%4.3%2023 2023 162GW 22 123GW 2022 15 2023 1805+2.4%282+4.3%24Q1+6.1%+1.4%21 2023+2.4%22 2023+4.3%Wind Wind 23+18.4%2023 2023 LNG 2023 2023 2424+0.3%119+18.4%1081 1229 1434 1541 1575 362 372 20.0%13.6%16.7%7.5%2.2%5.6%2.7%0%5%10%15%20%25%040080012001600 142 156 180 190 213 65 67 5.8%9.4%15.6%5.5%12.5%13.5%2.4%-10%-5%0%5%10%15%20%050100150200250 1108 1182 1532 1764 1805 440 467 3.9%6.7%29.6%15.1%2.4%23.3%6.1%-20%-10%0%10%20%30%05001000150020002500 157 178 257 271 282 98 100 3.4%13.4%44.3%5.5%4.3%24.7%1.4%0%10%20%30%40%50%060120180240300 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 23 2023+0.3%24 2023+18.4%Wind Wind 2023 2024 1.28%0.48 2021 2022Q1 0.63%2023Q2 0.74%0.07 0.67%0.15pct 0.80%2024 0.48pct 1.28%25 2024 1.28%+0.48pct Wind GF 54=/)=+2024 0.5%2024 0.51%0.52%0.14pct 0.22pct ROE 10%2024 1287 1296 1802 2416 2424 575 579 150.5%0.7%39.1%34.1%0.3%1.7%0.7%-40%0%40%80%120%160%05001000150020002500 53 53 80 100 119 28 23 54.9%-1.4%52.6%24.8%18.4%41.6%-16.6%-30%0%30%60%90%0306090120150 0.23%0.39%0.80%0.63%0.65%0.80%1.28%0.0%0.3%0.6%0.9%1.2%1.5%GF 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 0.1pct 0.23%2024Q1 0.14pct 0.3%0.17%0.03pct 0.096%26 2024 0.5%Wind 2 GF 2024/3/31 2023/12/31 2023/9/30 2023/6/30 2023/3/31 2022/12/31 2022/9/30 2022/6/30 1 600900.SH 0.301%0.163%0.130%0.107%0.053%0.035%0.044%0.029%2 601985.SH 0.174%0.117%0.062%0.047%0.027%0.016%0.010%0.040%3 600027.SH 0.096%0.065%0.051%0.076%0.033%0.062%0.041%0.014%4 600886.SH 0.091%0.043%0.019%0.014%0.009%0.014%0.010%0.006%5 600011.SH 0.081%0.070%0.058%0.064%0.069%0.058%0.054%0.015%6 00836.HK 0.080%0.071%0.070%0.081%0.078%0.075%0.065%0.074%7 600674.SH 0.077%0.046%0.038%0.035%0.024%0.025%0.023%0.017%8 02380.HK 0.069%0.065%0.072%0.066%0.074%0.076%0.065%0.105%9 600025.SH 0.054%0.046%0.034%0.031%0.023%0.020%0.018%0.013%10 003816.SZ 0.051%0.009%0.008%0.012%0.002%0.002%0.002%0.002%11 600023.SH 0.050%0.013%0.012%0.016%0.000%0.002%0.006%0.002%12 000543.SZ 0.045%0.027%0.028%0.020%0.004%0.006%0.002%0.000%13 600795.SH 0.023%0.018%0.006%0.005%0.002%0.004%0.013%0.009%14 600483.SH 0.016%0.005%0.006%0.004%0.003%0.002%0.004%0.003%15 600863.SH 0.016%0.017%0.012%0.023%0.003%0.003%0.015%0.013%Wind/0.02%0.01%0.01%0.00%0.00%0.00%0.21%0.36%0.29%0.24%0.31%0.38%0.34%0.46%0.35%0.37%0.51%0.12%0.07%0.08%0.04%0.22%0.15%0.17%0.05%0.09%0.07%0.10%0.09%0.11%0.19%0.22%0.30%0.52%0.0%0.1%0.2%0.4%0.5%0.6%GF GF GF GF GF 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 23 GF 2.58%19.19%-13.29%23.84%10.50%5 27 2023 Wind 2022 12 31 2023 12 31 28 2024 Wind 2024/4/30 23.8%19.2%10.5%2.6%-13.3%-40%-20%0%20%40%60%SW SW SW GF SW SW GF SW SW SW SW SW SW GF SW SW SW SW SW GF SW SW SW SW SW SW SW SW SW GF SW SW SW SW SW-20%-10%0%10%20%30%40%GFGY GF GF GF GF GF 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 ROE PB ROE 29 PB Wind PB 24Q1 2023 2023Q4 2024Q1 840/50%30 2024Q1 Wind 3566%0.60.81.01.21.41.61.83000410052006300740085002024-03-22 2024-03-30 2024-04-7 2024-04-15 2024-04-23/PB/104%80%89%64%-1%188%89%151%43%13%3%713%11%872%11%58%-100%100%300%500%700%900%识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 3 2023Q1 2023Q2 2023Q3 2023Q4 2023Q4 2024Q1 2024Q1 2024Q1 600011.SH 22.50 40.58 62.55-41.18-11.59 45.96 23.46 104%600023.SH 10.11 17.68 31.84 5.57 9.28 18.15 8.05 80%600795.SH 9.46 20.23 26.37-0.16 19.37 17.85 8.38 89%600027.SH 11.34 14.48 19.17 0.24 3.39 18.62 7.28 64%600483.SH 5.32 4.02 7.01 9.87 9.88 5.26-0.06-1%000543.SZ 1.57 4.59 7.20 1.25 2.43 4.53 2.96 188%600021.SH 3.35 4.53 6.81 1.23 1.27 6.34 2.99 89%000883.SZ 3.11 5.91 8.16 0.31 0.98 7.80 4.69 151%600744.SH-1.06-0.49 1.74-2.07-0.51 0.08 1.13 000899.SZ 0.06 1.30 2.73 0.82 0.82 2.04 1.98 3566%000539.SZ A 0.88 7.68 8.70-7.52 5.68 1.26 0.38 43%000966.SZ 2.21 1.59 2.61-2.93-2.03 2.50 0.29 13%600863.SH 8.63 6.20 7.00-1.79 4.39 8.88 0.26 3%000690.SZ 0.26 2.88 3.31 2.43 3.31 2.09 1.83 713%600157.SH 4.19 5.94 6.11 6.42 3.35 4.67 0.48 11%601991.SH 1.37 13.80 13.18-14.70-0.88 13.31 11.95 872%000600.SZ-1.41 2.25 1.42-0.60-0.55 2.52 3.93 600098.SH 4.04 7.12 4.11 1.10 2.22 4.47 0.43 11%000767.SZ-1.41 1.65-1.45-3.94-3.40-5.08-3.67 600642.SH 7.34 11.13 6.57 9.55 10.06 11.59 4.25 58%Wind 2023Q1-2024Q1-0.001 0.008 0.026 0.001 0.031/2023+6.4pct 2024Q1+4.2pct 2023H1 2023H2-0.009 0.007/-0.001/0.032/2023 90%2023 0.024/0.014/2023 2023 2024Q1 1.32GW 2023 8 9 2022 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 31 32 Wind Wind 2023+3.4%+1.5%-4.2%+6.2%+2.3%-17.3%+7.5%+2.0%-0.7%+71.6%2022 4 2022 2023 2023Q1 2024Q1 3902 4035 3.40%968 994 2.69%1974 2003 1.46%555 552-0.55%3665 3512-4.17%825 860 4.24%1994 2118 6.21%454 509 12.10%1461 1495 2.28%358 357-0.27%690 570-17.32%137 149 8.27%1435 1543 7.46%308 363 17.97%444 453 1.98%110 129 16.83%532 529-0.69%125 124-1.19%90 155 71.64%38 37-0.82%Wind 2023 1-5 2023 0.003 0.024 0.001 0.034 0.023/2022 15-60-300306090 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1-10010203040 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 5-/2021 2022 2023 2021 2022 2023-190-168 12 180-0.047-0.043 0.003 0.046-59 38 85 48-0.016 0.010 0.024 0.014-11-70 3 72-0.005-0.035 0.001 0.036-72-25 55 80-0.047-0.016 0.034 0.050-21-14 13 27-0.033-0.020 0.023 0.043 Wind 2023 2257+25.1%2023-27.9%1 2 2024Q1 64.3%33 2023 2024Q1 Wind 2024Q1 2022 2023 63.9%66.8%1972 2260 646 1805 2257 293 481 21.3%14.6%-71.4%179.4%25.1%-12.3%64.3%-200%-100%0%100%200%300%060012001800240030002019 2020 2021 2022 2023 2023Q1 2024Q1/识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 34 Wind 6 2024 2023 2024E 2023 2024E 2023 2024E 2023 2024E 490 649 32%52 62 19%60 91 52%602 802 33%-62-40-102 97-5%304 312 3%137 166 21%283 302 7%724 780 8%148-52-7-207-247-46-10-303 300-319 446 40%75 79 6%53 74 39%447 599 34%Wind 12 24 1 12 2024 2 2024 1 3 2024 3-4 2023 11 31%35 36 2023 11 31%Wind 59.0%57.4%63.3%64.3%63.9%64.2%62.8%60.0%58.5%65.1%66.8%66.8%67.1%66.3%50%55%60%65%70%75%2019 2020 2021 2022 2023 2023Q1 2024Q1-5%7%19%31%43%55%2023-11 2023-12 2024-01 2024-02 2024-03 2024-042023 11 2023 11 2023 12 24:2023 2 4:2023 3 17:识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 ROE 1 4 ROE 2 5 2 6 ROE 3 8 2025 ROE 37 ROE 2023 11 2 2024 2 8 ROE 10%2024Q1 21 8+34+识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 38 39 2024M1-4/Wind 1 2021 8.4%2023 2023 2022 7.5%2024 Q1 2023 3.4%0.000.010.020.030.040.05 1-4 识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 40 2024Q1 2023 3.4%Wind 2024Q1 2023 7 24Q1 23 2023 24Q1 2023 2022 24Q1 2023 2022 24Q1 2023 2022 8.2%13.0%568 525 465 1,363 1,321 1,085 794 796 621 4.1%12.3%188 181 161 285 278 213 97 97 52 4.1%10.6%54 52 47 54 52 47 3.2%10.1%696 674 612 696 674 612 2.9%9.9%142 138 126 142 138 126 3.6%8.7%348 335 309 358 335 309 10 4.5%8.6%409 391 360 737 698 595 328 307 235 4.3%8.2%509 488 451 509 488 451 6.3%6.3%163 153 144 193 183 174 30 30 30 3.3%1.4%102 99 98 102 99 98 4.0%-1.4%285 274 278 782 736 626 497 462 348 Wind 2022-2024 70%0.1 2022 2023 4.5%31 2023 6%ROE 8 2023/2021 2022 2023 2021 2022 2023 2021 2022 2023 0.84%0.46%6.77%8.24 1.83 8.89 13%36%73%2.71%2.91%6.23%16.42 10.82 34.59 60%73%57%-5.42%-8.61-18.29 65.20 51%4,944 5,282 4,840 4,732 5,086 5,259 4.2%6.8%-8.4%-2.2%7.5%3.4%-10%-5%0%5%10%15%0160032004800640080002019 2020 2021 2022 2023 2024Q1-/识别风险，发现价值 请务必阅读末页的免责声明 T ab l e _ P ag eT e x t 深度分 析|公用 事业 2.54%4.70%4.74%4.54 17.67 20.05 144%61%60%1.24%3.60%4.66%2.03 13.54 16.38 173%52%54%1.29%3.78%3.78%12.68 25.93 26.23 32%30%30%1.43%2.54%3.75%24.37 40.79 67.05 50%50%55%2.34%3.47%3.61%13.52 32.09 12.26 87%49%129%-1.07%3.53%-13.37 4.25 14.30 26%35%3.59%4.06%3.51%262.73 213.09 272.39 71%94%74%2.68%3.23%3.02%97.33 99.65 107.25 44%44%44%4.67%3.40%2.92%-49.65 1.00 45.22 2049%34%3.20%3.27%2.89%30.87 35.15 44.00 57%51%44%-2.34%2.88