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1、-40.00%/2)300298201220132558.103.3950%46%62%1.4620121.2970.00870098%2.893600201256%57%53%4817140021-S101051012004672.4%010-608367449.91.526.3%8.3%1.338.0%4.150%300201220%-30%570050%300085002013100.00%80.00%60.00%40.00%20.00%0.00%-20.00%30%2000201203202012060520120815201210312013011420%-30%35%2013201
2、332%4.433%40%-50%1.7435%2012OTC12300/1216274888.00 /22.0067.76/32.101.29%17.37%2.65%75.451.2.3.13002982.01/2.67/3.54EPSCAGR 34%2013/2014/2015 EPS1.61/2.41/2.832013 35 PE.2013-01-1130029870201120122013E2014E2015E.2012-10-15(YoY%()20930.738833961.8912946837.9817764036.8323586435.00312P/EP/BYoY%EPS(BPS
3、60.7170.081.002.725821.446.1370.321.469.60406.020132437.4370.322.0113.56294.3EPS32.7770.322.6715.37223.832.6470.323.5417.78163.3300298201220112096370.1%23516.5%146.8%-3-1.6%09947.4%401031514.3%08842.1%0.80201233910170.3%48926.3%288.3%-16-4.7%714041.2%1101502113.9%012938.0%1.172013E46813970.3%510823.
4、0%367.8%-23-4.9%020343.3%302062914.0%017737.8%1.612014E64019070.3%714723.0%517.9%-25-3.9%027042.2%302733814.0%023536.7%2.142015E86425770.3%1019923.0%687.9%-28-3.3%035941.6%303635114.0%031236.1%2.832011179236921711011224241034447015156266131802012655371418388915012315794608778501616101885728452013E11
5、9751171821446112012201451591010768601414100110104514912014E1298702519015821950171923118130139510801414122110104516912015E153394322001859206022192472106019118137014141511101045195602410946015910181302106201120122013E2014E2015E103150206273363201120122013E2014E2015E-15-21-29-38-511-1310317-209-17-2315-
6、13-2517-13-2830.7%69.7%60.7%61.9%40.6%46.1%38.0%45.2%37.4%36.8%33.2%32.8%35.0%33.0%32.6%86129145213288%-8000-193600-96000-101000-34000%EBIT Margin %EBITDA Margin %70.1%38.7%39.7%42.1%70.3%47.5%48.0%38.0%70.3%39.4%40.4%37.8%70.3%39.0%40.9%36.7%70.3%38.8%41.2%36.1%-8-187-96-101-34%00588049500000%49.1%
7、36.6%15.2%13.6%11.9%11.1%13.9%13.0%15.9%14.8%0-44-26-35-47%0077-95354772349254125-1010128-19235%25.6%14.3%0.3%10.7%13.9%34.2%6.3%14.0%20.0%6.7%14.0%20.0%7.1%14.0%20.0%1-“”Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the research report contained he
8、rein hereby certify that: (i)the views expressed in this research report accurately reflect the personal 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 recommendatio
9、ns or views expressed in thisresearch report.“”/()(1)(2)/2013130020%63005%20%263006300300300300300300-10% 5%10%10%-10% 10%10%481568811001252220012251804826Foreign Broker-Dealer Disclosures for Distributing to the U.S.This report has been produced in its entirety by CITIC Securities Limited Company (
10、“CITIC Securities”, regulated by the China Securities RegulatoryCommission. Securities Business License Number: Z20374000). This report is being distributed in the United States by CITIC Securities pursuant to Rule15a-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 SEC no-actionletters thereunder.Z203740001934“”15a-6(a) (2)15a-6
