Page 1 / 002214 20200204
1
29
3
19-21
0.30/0.58/0.63PE
x1.36/2.65/2.88
EPS
20702090
20
21
Page 2
1F-35B
2
95.26@.46%
2018
201936%
830560.62%
5.76
4466
181.68 19
3.84 1881.95?%
147.4 1931.28
7
2019
7
180.62%
2019
36%
147.4%
2019
32.96%
1.362019
2018
2019
Page 3
1
20203.93 0.22 0.04 5.58 0.18 6.60 0.20 4.262021 12.19 0.51
12.72 15%()
1.33 0.03 1.86 0.04 0.75 2.76 0.12 2018 4.24 40.46% 0.55 81.95% 2019 5.76 36% 1.36147.4 20 11.06 92%2.6595%2.888.8 20
2020
92.0695%2.65
6.82020
18%
1.939.7%
4.26
2020
2021
2020
2020
15%
8.8%
0.75
21
20
70
19-21PE
53.3/27.3/25.1x
1.36/2.65/2.88
EPS0.30/0.58/0.63
Page 4
2018 114 492 401 109 1116 300 19 19 0 1454 ROIC ROE EBIT Margin EBITDA Margin P/E P/B EV/EBITDA Wind227 107 27 360 30 23 53 413 2 1039 1454 2018 0.12 0.05 2.27 8% 5% 50% 27% 31% 40% 82% 29% 0.3% 131.8 7.0 58.0 2019E 112 679 486 115 1392 292 18 19 0 1721 369 149 36 554 30 22 52 606 3 1112 1721 2019E 0.30 0.14 2.42 10% 12% 50% 28% 31% 36% 147% 35% 0.9% 53.3 6.5 43.9 2020E 120 1303 900 24 2347 300 17 19 0 2684 1096 208 67 1370 30 22 52 1422 7 1255 2684 2020E 0.58 0.27 2.73 16% 21% 53% 31% 33% 92% 95% 53% 1.7% 27.3 5.8 23.6 2021E 115 1498 1035 25 2674 306 16 19 0 3016 1226 239 77 1542 30 22 52 1594 11 1411 3016 2021E 0.63 0.29 3.07 14% 20% 53% 30% 33% 15% 9% 53% 1.8% 25.1 5.1 21.2 2018 424 211 4 42 51 14 3 (14) (31) 60 1 61 5 1 55 2018 55 (3) 16 14 14 15 3 101 (19) 0 (18) 0 (30) (25) 7 (102) (20) 134 114 118 95 2019E 576 286 5 58 68 (3) 2 (14) 0 150 1 151 13 2 136 2019E 136 25 19 14 (3) (203) (24) (33) (49) 0 (49) 0 0 (62) 143 80 (2) 114 112 (87) 58 2020E 1106 523 10 108 126 32 2 (15) 0 294 1 295 26 4 265 2020E 265 3 28 15 32 (854) 0 (542) (54) 0 (54) 0 0 (122) 726 604 8 112 120 (571) 126 2021E 1272 602 11 127 148 51 2 (15) 0 320 1 321 28 4 288 2021E 288 2 32 15 51 (288) 2 51 (54) 0 (54) 0 0 (133) 131 (2) (5) 120 115 40 124
Page 5
666666620% ±10% 10% ±10% 10%-20%
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