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1、wwwww1130120311010022012P/E=6.6PB20132181ROE2010-S10105101200232012010-60838047312 CPIS010-S1010510120042中国价值投资网 最多、最好用研究报告服务商1010-22013S101051209000620138% 9080706030011- 12- 12- 12- 12- 12- 12- 12- 12- 12- 12- 12- 13-12 01 03 04 05 06 07 08 09 10 11 12 013DDM15-17%10-15%ROE1.2-1.5PB115%40%2201115%
2、3中国价值投资网 最多、最好用研究报告服务商EPS PE9.7911.3418.04111.201.471.3212E1.191.833.2313E1.382.033.1814E1.512.333.56117.66.27.412E7.85.75.613E6.75.15.714E6.14.55.112E1.21.11.31112.5201.2013-1-8201329.wwwww2. 1. 11.2-1.5X. 2. 3. 4. 4. 5. 5. 6. 6. . 6. 6. 7中国价值投资网 最多、最好用研究报告服务商 82013. 8. 9. 9. 中国价值投资网 最多、最好用研究报告服务商1
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11、4081736.3%5.1%7.2%6.2%9.0%8.2%8.1%11.0%8.3%10.1%中国价值投资网10.9%最多、最好用研究报告服务商11.2%19.6%20.1%9.6%9.4%18.0%12.0%15.0%12.0%20.0%15.0%7.9%10.9%11.7%11.2%17.5%13.3%9.0%8.2%32%28%44%17%30%33%29%0.40%0.35%0.60%0.40%0.55%0.40%0.43%8975294011.611.42,96012.0%9.2%23.6%17.6%11.8%10.2%7.8%12.2%9.0%11.1%16.0%14.8%11.
12、5%9.6%中国价值投资网 最多、最好用研究报告服务商中国价值投资网 最多、最好用研究报告服务商9201330030010%48-“”Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that: (i)the views expressed in this research report accurately reflect the personal
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14、5%20%263006300300300300-10% 5%10%10%-10% 10%中国价值投资网 最多、最好用研究报告服务商1568811001252220012251804826Foreign Broker-Dealer Disclosures for Distributing to the U.S.This report has been produced in its entirety by CITIC Securities Limited Company (“CITIC Securities”, regulated by the China Securities Regulato
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