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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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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
13、 views of each such analyst about the subject securities and issuers; and (ii)no part of the analysts compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed in thisresearch report.6011691%“”中国价值投资网 最多、最好用研究报告服务商/()(1)(2)wwwww13/130020%6300
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
15、ryCommission. Securities Business License Number: Z20374000). This report is being distributed in the United States by CITIC Securities pursuant toRule 15a-6(a) (2) under the U.S. Securities Exchange Act of 1934 exclusively to “major U.S. institutional investors” as defined in Rule 15a-6 and the SECno-action letters thereunder.Z203740001934“”15a-6(a) (2)15a-6
