2022年中报点评：归母净利润增长37%，费用率下降推升净利率

  1   45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 18.25% 13.14% 25.71% 12.60% 7.56% 1.98% 201720182019202020212022H1 30% 25% 20% 15% 10% 5% 0% 6.00 5.00 4.00 3.00 2.00 1.00 0.00 37.37% 30.67% 30.68% 8.47% 19.15% 4.21% 201720182019202020212022H1 40% 35% 30% 25% 20% 15% 10% 5% 0% WIND WIND 40.00% 30.00% 20.00% 10.00% 27.73%27.30% 25.82% 29.04%28.24% 12.39% 32.84% 16.08% 5.00 3.83 2.96 3.55 3.12 2.09 0.21 0.02 2018 0.32 0.11 2019 0.25 0.09 2020 0.29 0.00 0.23 - 20210.222022H1 4.00 3.00 2.00 1.00 0.00% 8.50% 9.37%8.49%10.62% 0.00 201720182019202020212022H1 -1.00 WIND WIND 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 2017201820192020202-…1 30% 25.96% 4.09% 7.81% 7.03% 20% 10% 0% -10% -20% -30% -40% -50% WIND WIND 报表预测 数据来源：IFIND，中航证券研究所