26 11 29 27 (7) 82416978 shaozq@pasc.com.cn zhangjj1@pasc.com.cn 2 6 26 1 1.69 2.23 1991 ~2 PB 2.6 PE 1.3 14 17.% 21.1% 1992 ~2 ROA 2% ROE 2% PB 3.8 PE 17.8 1. 2. 3. 4. H/A 27 27 26F 27F 28F 26F 27F 28F 26F 27F 28F 12.72.4.3.67 32.1 23.81 19. 3.3 3.8 2.6 6.88.26.33.41 26.98 2.7 16.6 2.29 2.6 1.83 1.93.73.9 1.16 21.81 16.77 13.7 2.83 2.42 2.6 4.6.37.44.2 12.49 1.41 8.82 1.67 1.44 1.24 3.61.14.17.21 2.6 2.88 17.4 2.39 2.1 1.91 3.79.14.17.21 26.24 21.68 18.37 2.1 2.2 2.1 2.6 21.28 17.89 2.4 2.2 1.96 24.12 19. 1.67 2.4 2.23 1.9
...3 1.1...3 1.2...3 1.3... 1.4...6...7 2.1...7 2.2...8 2.3...8 2.4 H...9...9 2/11
1.1 1991 8 14 17.% 21.1% 3 14 PB 1.7~3.6 2.6 PE 8.9~21.7 1.3 1.2 1992 3 6% 13 2.8% 2.4% 2 88 437 13 PB 2.6~. 3.8 PE 13.8~21.8 17.8 2% ROA 2% ROE 1 13/14 2 2 7139 18.2% 261714 9.% 739419 14.% 477942 6.2% 1197 17.3% 882 6.4% 98226 17.% 4373 2.8% 31489 17.6% 1881 4.7% 181 21.1% 11342.4% 1.6% - 3.6% - 118.8% - 3.3% - 18.% - 6.2% - 16.7% - -.2% - ROA 1.% 3.2% 2.% -.9% ROE 1.4% 3.1% 2.9% 2.6% 1.36 14.2%.93.% 8.16 11.2% 22.267 2.8% 8.9-21.7 13.8-21.8 1.3 17.8 1.7-3.6 2.6-. 2.6 3.8 Bloomberg 1991 ~2 14 1992 ~2 13 3/11
2 1991 3Q26 / 7222 666 8948 1.8 118116 92629 1374 1.49 1648 128162 16319 1.27 1317 888 877 1.8 3248 246 2864 1.13 134 81 917 1.11 ROA.64%.64%.7% 1.16 ROE 1.2% 1.2% 13.7% 1.37 Bloomberg 7.84 3 1992 3Q26 / 876 86617 4129 6.24 218829 22117 73211 3.31 29419 26213 8749 3.34 3671 3978 89 1.64 617 677 14687 2.42 698 7 4468.78 ROA 2.2% 2.2%.1%.23 ROE 18.8% 18.8% 8.78%.47 Bloomberg 7.84 4 2 4. 2 6. 2 1 3. 3. 2. 2. 2 1. 4. 3. 1 1. 1 2. 1.. 1... 1993 1994 199 1996 1997 1998 1999 2 21 22 23 24 2 1992 1994 1996 1998 2 22 24 Bloomberg 4/11
6 3% 3% 2% 2% 1% 1% % % -% A-86 A-87 A-88 A-89 A-9 A-91 A-92 A-93 A-94 A-9 A-96 A-97 A-98 A-99 A- A-1 A-2 A-3 A-4 A- A-6 Bloomberg 1.3 1% 1% 9.72% % 6% 13/14 21.1%.4% ROE11.1% 3% 7.22% 9.72% 2.% 7 PB 3.3 2.29 2.83 1.67 2.39 2.1 2.33 4.64 3.% 3.% 3.% 3.% 3.% 3.% 3.% 3.% 7.% 7.% 7.% 7.% 7.% 7.% 7.% 7.% Beta 1. 1. 1. 1. 1. 1. 1. 1. 1.% 1.% 1.% 1.% 1.% 1.% 1.% 1.% ROA.62%.3%.48%.3%.6%.47% 1.% 1.9% /.6% 3.7% 3.68% 2.6% 6.8% 4.9% 6.4% 7.3% ROE 1.98% 8.48% 12.97% 13.4% 9.4% 9.7% 1.3% 2.94% G 9.61% 11.18% 8.38% 4.9% 1.33% 1.28%.96%.62% ROE ROA 26 2 3 /11
1.4 PB ROE PB ROE PB ROE 11 PE 1 PB ROE 369 8 PB ROE 16 14 12 1 8 6 4 2 PB = 11.3*ROE + 1.1 % -1 1 2 3 4 6 7 Bloomberg 9 PB ROE 4 PB = 1.*ROE 3 2 1 1 1 2 2 3 % Bloomberg 1 PB ROE 7 6 4 3 2 1 1 1 2 2 3 3 4 4 Bloomberg 6/11
11 H PB ROE 12 A PB ROE 4 3 2 1 1 1 2 2 Bloomberg 6 4 3 2 1 1 1 2 2 2.1 3~ 1 7 26 27 26 7. 7 26 27 8.1 8 7.9 / 7.8 7.7 7.6 7. 7.4 26-6 26-7 26-9 26-11 27-1 27-3 / / 27-7/11 27-7 27-9 27-11
2.2 6 37% 3 29.8% 46.2% 1/3 13 61398 18.4% 61988 12.% 636 2.9% 616 1.3% 6 1.3% 61.4% 37.% BLOOMBERG 14 939 HK 12.3% 3328 HK 9.6% 3988 HK 7.8% 2628 HK 12.4% 2318 HK 3.3% 2328 HK.7% 29.8% 46.2% BLOOMBERG 2.3 2 1 26Q3 26Q2 26Q1 2Q4 2Q3 2Q2 6.79..9 1.18.61.39 61...31.14.2-616 1.9.8 1.8.93.7.4 636.93 4.9.41 3.7 2.64 3.47 61988.49.12 - - - - 61398 - - - - - - 1.19.1.1.6..6 8.99 6.26 7.76.87 4.7 4.33 11.9 8.36 1.3 7.8.83.8 WIND 8/11
16 4 4 3 3 2 2 1 1 28.97 17.1 34. 12.69 38.84 22 23 24 2 26 WIND 2.4 H H A 8.43% H 4.28% 16.72% 2 A 17 A H H A H/A % 3988HK 3.73 3.77 3.61 4.36% 3968HK 14.7 14.8 12.72 16.72% 1398HK 3.91 3.9 3.79 4.2% 8.43% PA18 AASTOCK 11 29 1.1 27 9/11
18 26F 27F 28F 26F 27F 28F 26F 27F 28F 12.72.4.3.67 32.1 23.81 19. 3.3 3.8 2.6 6.88.26.33.41 26.98 2.7 16.6 2.29 2.6 1.83 1.93.73.9 1.16 21.81 16.77 13.7 2.83 2.42 2.6 4.6.37.44.2 12.49 1.41 8.82 1.67 1.44 1.24 3.61.14.17.21 2.6 2.88 17.4 2.39 2.1 1.91 3.79.14.17.21 26.24 21.68 18.37 2.1 2.2 2.1 2.6 21.28 17.89 2.4 2.2 1.96 24.12 19. 1.67 2.4 2.23 1.9 6 2% 6 1% 2% 6 ±1% 6 1% 1/11
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