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1、 - 1 - 201311 2013 AA+ A- 1 20131111 20136 2012 20112010 () 294.55 312.69 286.62357.73 () 175.62 198.32 156.38128.23 () 54.06 77.16 41.3532.94 () 43.60 71.26 35.4322.17 () 121.56 121.16 115.0395.29 () 94.19 94.87 89.3773.34 (%) 30.78 38.91 26.4425.69 /(%) 78.01 78.87 78.6778.08 /(%) 177.14 124.30 22
2、1.17228.37 /(%) 913.62 969.37 1181.60395.13 201316 2012 20112010 () 13.57 22.86 18.6431.99 () 4.87 6.83 4.3512.83 EBITDA() - 11.08 8.4018.94 (%) 49.08 61.15 69.2143.64 (%) - 2.28 1.353.61 (%) - 5.78 4.1413.76 /EBITDA() - 6.43 4.221.17 EBITDA() - 6.93 5.2216.76 010- 85679696 010- 85679228 2 17100022
3、 ( ) 2013 (20)A- 1 - 3 - 201311 () 1999 2004 2005 2007 16.75 2009 4.96 32.022011 224.76 2013623.71 41.67%(1) 1% 14.72 10.69 6.60 4.88 4.78 41.67 2013626 1104 ( “”)( “”) (“”) (“”) 201364454 2012312.69 94.07 193.51114.37 121.1694.87 201222.86 6.83 20136294.55 95.26 172.99118.93 121.5694.19 20131- 613
4、.57 4.87 8 1. 56 20 20 90 2. - 4 - 201311 2010 2012 2011 2012 2012 IPO2012 201216 2012 312.69191.53 2011 2012 77.16 38.91% 2012 - 5 - 201311 2.28%5.78% AA+ () / 2012 2012 2011 2012/ 969.37% 2 2013 6 2012 20112010 /(%) 913.62 969.37 472.22 395.13 /(%) 177.14 124.30 213.12 228.37 (%)30.78 38.91 26.44
5、25.69 ()43.60 71.26 35.43 22.17 EBITDA()- 11.088.40 18.94 /EBITDA()- 6.434.221.17 EBITDA()- 6.935.22 16.76 2010- 2012 2013 2013 20131- 613.57 4.87 2013 /177.14% 20 2040 2012 (3) 3 EBITDA/() 0.550.28 /() 0.350.17 /() 6.063.03 /() 7.364.09 2013 A- 1 - 6 - 201311 1 14.72% 10.69%6.60% 4.88% 4.78% - 7 -
6、201311 2 201311- 8 - 3 20136 2012 2011 2010 106.35119.21138.32237.44 95.2694.07108.97205.34 20.9515.1518.1819.35 18.2212.7612.9018.88 54.6782.6638.6637.20 5.1514.00-3.00 2.833.302.761.70 6.449.889.846.08 43.1839.3560.8444.85 0.290.29- 5.805.394.442.54 - 2.632.232.172.42 0.380.370.330.31 0.030.020.02
7、0.02 0.530.401.265.21 45.3520.479.822.32 294.55312.69286.62357.73 -1.00- 0.01- 43.6070.2635.4322.17 118.93114.37130.24229.50 - 1.882.522.394.22 1.451.492.003.83 0.050.080.030.01 -0.200.70 0.060.000.000.14 7.011.821.311.86 172.99191.53171.59262.44 23.7123.7123.7121.71 53.2353.0551.3830.83 7.197.196.4
8、56.03 7.197.196.456.03 6.776.776.035.61 23.4223.3021.0525.08 121.43121.16115.0395.29 0.12- 121.56121.16115.0395.29 294.55312.69286.62357.73 201311- 9 - 4 20131- 62012 2011 2010 13.5722.8618.6431.99 7.5813.2915.2820.35 6.6210.2912.5917.53 0.451.731.351.69 0.370.680.810.84 2.303.982.842.09 4.314.411.5
9、411.87 0.100.180.180.23 ()- 0.641.13- 0.14- 2.35 ()- 0.010.00- 0.03- 0.02 0.030.050.050.06 7.3915.0813.9515.79 0.771.021.021.80 6.6613.9912.9013.96 - 0.040.060.020.02 0.000.000.000.00 6.187.794.6916.21 0.070.701.250.60 0.000.020.080.05 6.248.465.8616.76 1.381.631.513.93 4.876.834.3512.83 - 10 - 2013
10、11 5 20131- 62012 2011 2010 27.17-10.67 11.7521.0122.8627.14 -1.00- -20.8416.26 4.56- 4.570.364.100.29 48.0643.2143.2238.09 2.313.965.144.89 4.898.258.686.91 2.382.884.564.89 1.001.00- -15.2620.85- 17.81-0.34 -15.8799.271.49 26.7014.9316.559.09 55.0961.15155.0627.62 - 7.04- 17.95- 111.8310.48 0.350.
11、280.39- 1.380.330.310.50 0.010.750.450.68 1.731.371.141.18 1.392.183.022.02 0.751.011.231.29 - 2.153.194.253.31 - 0.41- 1.83- 3.11- 2.13 -24.81- - -24.81- -2.377.118.68 2.377.118.68 - 2.3717.70- 8.68 - 0.030.00- 0.07- 0.02 - 7.48- 22.15- 97.31- 0.36 134.36156.50253.82254.18 126.88134.36156.50253.82 - 11 - 201311 6 + EBITDA+ / / / / / / EBITDA EBITDA/ + () /+ - 12 - 201311 7 A- 1A- 2A- 3 BCD A- 1 A- 2 A- 3 B C D
