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AS: PARA (MCA) BLIA 2018A__ 20194 20204, 2021E 2022E _2023E, AEG IT LH 1241 14.72 15.10 1888 23.22 27.86 HRA 19% 3% 25% 23% «= 20% be 38% 38% 36% 36% 36% © 36% LAR 97% 76% 15% 75% 15% ARE IT 954 11.09 12.20 1586 2030 25.38 HRA 16% 10% 30% 28% = 25% or 29% 29% 29% 30% 32% = 33% LAR 99.82% 86.00% 86.00% 86.00% 86.00% R47 P&T se 253° 3.22 3.63 454-558 6.70 HERE 28% 13% 25% 23% «= 20% Br 8% 8% 9% 9% 9% 9% £A\E 95.16% 55.62% 55.00% 55.00% 55.00% a nan 230 267 298 358 422-486 BR 16% 12% 20% 18% 15% Br % 1% 1% Th 1% 6% AE 95% 56% 55% 55% 55% ERMA LF 467 545 6.01 722 8519.79 RE 17% 10% 20% «18% 15% Br 14% 14% 14% 4% 13% 13% £Ae 99% 82% 81% 81% 81% ESBLS 110 152 175 210 252 3.02 KE 38% 15% 20% 20% += 20% br 3% 4% 1% a Ae 61% 0% 0% = 10% 10% Teka 0.07 0.06 0.08 005 0.05 (0.05 Re 211% —-9.04% 0.00% 0.00% + 0.00% re 0.22% 0.14% 0.12% 0.10% 0.08% 0.07% SAE 91.79% 95.35% 91.43% 90.00% 90.00% 90.00% BASIE 32.63 38.72 41.73 5222 6441 77.66 RE 19% 8% 25% «= 23% «= 2% 24/29 AMER ERA AI EISNA) ERAT, QmRiES B= Sooctow secuRITES BEBE 20% 37% 32% 31% = 31% 33% deat BREA 635 10.05 734 1077 1339 17.38 avak EAE 19% 26% 18% 21% = 21% = 22% AGERE: Wind, £ RIL RG: 2184 ———-2019A_—_—20204 20UE — 2022E 20238, ETA 8.82 9.27 3.54 470 579 698 HE LAF 27% 24% 8% Me 9% 9% ERLA 4.46 1.14 1.78 319-486 (087 FERAF 14% B% 13% B% 13% = 12% FRSA 14.05 3.12 6.73 1043 15.60 2.51 ARHAE 43% 40% 36% 40% 40% 39% RUA: Wind, AR IERAEIT BARR: RAVI) 2021-2023 HAP HI A 52.22164.41/77.66 1A, ORD AVAL 16.25/20.25/2551 167, Rist A PE Hy 56/45/36 48. faettelh: pied & Fike HARRIS RA AIM Sede, AMIR 2016-2020 FES Seth h/t Aa 4) ko ee SPD fe AK (PIOCE) BAR ATE MBs SEP, doth ia Ae AI Aake PML MAb aR AAR SE RAAB (te 2017 FL FL 1 MARAE SB AL PARARVA 2017 FIRM AGO So sh RD A Gee PH, AiR MA). 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FUER 1, RRARRAAM, ARERR, PFS HRA, Hee TAR RAM, Het] sks 2, MORE RAT RAM, MA ZiT LA A Uy AR Ho RAH BR, AH-RA GRA ARERK, OTRO AML MMA, RAR TA BRR A TR, AHR A Bd RAT AAT, 3. HT AREAS do RAE, ik ARATE, MELT fot IT ARMS, {OAT AOIRM IT AM ARTE A IT HH BULA, 28) ARF RT RAE, 27/29 ees biammdlacalQmRiES B= Sooctow secuRITES PACTFEAMS RMA TP RRA ET #) 2020A 202K 2022E2023E #1M& (HHA) 20204 2021E_2022K _2023E RATE 5,054 7,127 9,682 12,721 BAKA 4173 5222 6441 7.766 ae 1375 2,442 3,683 5.267 Pak 956 1210 14851781 BARI 523 655 80R 974 ALAA Ahn ss 68 BHO at 352 39848 SRL 354470580699 LRP 2.804 3,632 4,663 5.895 FABRA 339679837932 AEE 4917 5,315 5,736 6176 EASE 1,496 2,089 2,544 3,029 KAIBA R99 739 739 ESE SEAR) 7 3 BO” Bate AT 21768909 FR RRA. 239° 203303403, ADA 732987 1,207 1,482 asa pa se 77738932 AEP 16L 198235272 etka 227-306 368442. Set RA — 2812 2,799 2,786 2,773 AA 1 0 1 1 RPG STL 12442 15,377 18,898 ABSkAL 1441 1,760 2,193 2,767 aa BR 4616 5,646 6824 8093 AmB rhea R 3 0 0 0 se Rae 47280270200 #1 1438 1,760 2,193 2,767 APRA 192243208358 RAFAEL SEAL 7 9128150 SAbihad fA 4377 5153 6256 7.445 SRM AA 1 43966 aaa tk 317317317317 a RASA 1322 1,625 2025 2,551 Kabat 206 206 =—«-206 206 EBIT Sees aa momo at EBITDA Rhett 4933 5,963 7,141 8411 SRR EOL tea PHM RS 484-528 566632 RACH) WARE 4554 5.952 7,670 9,855 HABER) Site Aa 9971 12,442 15,377 18,898 AATHMPALUCH MR) — 10441462 1,462 1,462 ROIC(%) 178% 2.1% 22.8% 22.6% ROEW%) 29.0% 27.3% 264% 25.9% RARER (ED #) 2020A 202120228 20238 £41585) 11% 168% 770% 77.1% Rie 1398 1,704 2247 2,740 SB PAC) 317% 311% 314% 32.8% AEG DAA. “TOL 398-402-302 EAA HEH) 49.5% 479% 464% 445% AREA “551-239-606 764 AERC) 78% 25.1% 23.3% 20.6% ApH bo 521,068 1,240 1,584 PALIN RCH) 6.6% 23.0% 246% 26.0% apie foety Rm 124 1S] BL PE 32.60 536.03 44.96 35.70 HARL 481-525-574 624 PB 3367 1530 1879.24 setaee 345621884953. 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