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1、2013225201331201334021-S1010510120046010-S1010512090002010-120133212SFDA40%2021%30SFDAEPS0.85/1.15/1.581.28 /1.92/2.5120132015 EPS 1.27/1.72 /2.3202012201320152012/2013/2014EPS2013-2015EPS 0.96/1.19/1.5620122014EPS0.32 /0.41 /0.58123111EPS12E13E14E11PE12E13E14EPEG63.5227.4057.1939.8037.7561.0025.693
2、0.0889.751.180.441.370.880.781.000.610.640.831.500.571.281.141.111.500.830.951.661.970.851.921.451.402.010.961.272.262.471.132.511.841.762.671.191.722.9554624245486142471084248453534413132543232302727302724402624232221232217301.501.181.121.291.311.221.570.921.62201331220132252013312013/2/25-2013/3/1
3、%00078860016160064530025500243700203023.7519.8017.6716.2713.3013.23300146002004002626002433002424600079-4.86-4.17-3.48-3.19-3.08-2.98-2.98000403300009002551S*ST12.5112.4512.30002675600129002223-2.96-1.98-1.8700050311.84600706ST-1.86Wind201031.32%5.390.70.9920120.5719.0341.99%17.32.6200.5155258.615%2
4、3.77%29.64%87%20122.42012179.69%76.57%GMP3-5101 201350%132015203122330%50%3420132015EPS0.85/1.15/1.5820151320132252013313201335PE29.75201210.0761.78%4.896.62%4.7443.35%2012201220123.7299%58%201220131.5750%82.2%20121.399GMP66.6%2013III818I/II1.3-520132.222012/2013/2014CAGR 40%EPS2013301.28/1.92/2.51P
5、E201257.601.322012-2014201211.0234.4%2.4244.54%0.9220122.48511.02%5588201353.54%6605-7113101030%-40%1.9630%5ml10.9434.54%201483.84%412320132015EPS1.27/1.72/2.32013-141.27/1.6120152201322520133130%201330PE31.75201253.1746.8%4.0635.2%11.9%0.821.839.8%1.21435.7%3.8323.5%40%147%19%360036%30%1825185%43%3
6、5%15%1.760%1.2.3.4.201420152013-2015EPS0.96/1.19/1.560.96/1.14SFDA3-5-2b-2bEPS0.87/1.08/1.42SFDAHER220122014EPS0.42/0.52/0.652013PE3317.0020122014 40/33/26 P/E32013225201331SFDA20126.3218.26%592710.24%589519.35%EPS0.321020132013201425%20142014-201635%-45%200076%580%1:1141.315002.550%201212%100020127
7、000500030001500400015%-20%2014-201635%-45%20122014EPS0.32/0.41/0.580.5/0.64/0.842013PE292014-201639%19.52%2529A0.50%2132%0.99%17.02%201342012/10/12012/11/12012/12/12012/3/12012/4/12012/5/12012/6/12012/7/12012/8/12012/9/12013/1/12013/2/12013/3/12013/1/42013/1/62013/1/82013/1/102013/1/122013/1/142013/
8、1/162013/1/182013/1/202013/1/222013/1/242013/1/262013/1/282013/1/302013/2/12013/2/32013/2/52013/2/72013/2/92013/2/112013/2/132013/2/152013/2/172013/2/192013/2/212013/2/232013/2/252013/2/272013/3/1201322520133112013/2/25-2013/3/122013/3/1-1.4-0.9-0.2-0.21.41.41.31.31.21.21.11.11.01.00.90.80.60.60.50.
9、50.50.50.40.30.20.20.11.81.62.8(0.6)(2.1)(2.9)12.811.910.810.410.09.79.28.98.98.27.67.37.06.76.25.34.94.73.62.52.21.40.10.115.019.525.8(2.0)(1.5)(1.0)(0.5)0.00.51.01.52.02.53.0(5.0)0.05.010.015.020.025.030.0WindWind3%4%40%30%20%10%0%-10%-20%-30%()30%25%20%15%10%5%0%-5%()WindWind32013%1236.61-1.09-0.
10、263.9811.635.039.4210.512.142.4021.9217.947.721.118.109.192.312.5717.1013.1210.593.988.459.542.112.3719.7015.7211.655.057.718.801.872.1220.1416.1618.2711.6714.6415.732.833.0834.3630.386.660.067.178.261.752.0114.4010.4210.974.3710.5511.632.783.0422.6318.6511.524.9223.7224.811.111.3637.2833.294Wind201
11、3-3-12013PEPE TTMPE2011PE(TTM)PE(TTM)PE(TTM)A300111025192527321931131137283639442539141136253643352541232138383343414046535273114647090807111919101723201920-42%-48%-3%-27%11%-9%6%-37%-16%22%18%95%191%111%67%120%37%90%52007200720072007200720072007200720072007200820082008200820082008200820082008200820
12、0820092009200920092009200920092009200920092010201020102010201020102010201020102010201120112011201120112011201120112011201120122012201220122012201220122012201220122013/1/420132252013312013PEPE TTMPE2011PE(TTM)PE(TTM)PE(TTM)A30034132%165%82175%237%95159%218%17779%106%738161%217%54-5%-5%-54%50%Wind2013
13、3120075PETTMAPETTM80706050403020100/Wind2013-02-25180%160%140%120%100%80%60%40%20%0%20%SFDA2013-02-26SFDA2013-03-01SFDA2013-03-0162013225201331SFDA32120121240%21%30201251 20116112 FDA20122FDA20%34123430%30%-50%1035%-40% 201230%2012810%318201280%2312201250%1 20132312201220%320122012720137120132011225
14、12%201331201220%23201120112044% 201230%20122013645612123123300%30%8%70%201225%18AA-VII90%2011EPS2012E2013E2014E20112012EPE2013E2014EPEG000538.SZ000423.SZ600085.SH600436.SH600535.SH002603.SZ000999.SZ600557.SH300039.SZ600594.Sh600750.SH000650.SZ300026.SZ600422.SH600252.SH600479.SH600276.SH000963.SZ600
15、079.SH002653.SZ600062.SH300006.SZ300199.SZ002422.SZ000915.SZ600521.SH600216.SH5343212821733281472991147998746410969128414191731271511574338331428811776.9449.0221.67123.7063.5226.5630.5527.4030.0827.2923.686.4543.7021.9411.7413.3133.8639.8025.6937.7527.4323.5619.0068.8723.2016.0522.581.741.310.341.82
16、1.180.820.780.440.640.740.730.300.490.410.340.270.710.880.610.780.930.400.402.010.520.401.952.251.510.422.251.500.340.980.570.950.890.980.370.940.580.450.400.881.140.831.111.060.320.552.370.660.502.102.861.810.532.761.970.701.200.851.271.171.280.451.400.790.560.491.091.450.961.401.270.410.703.050.83
17、0.682.403.582.170.653.652.471.111.451.131.721.461.560.621.721.000.660.601.331.841.191.761.570.580.873.890.990.852.694437646854323962473732218953344948454248305947344541123432525542783148323124174638263338353134267435293532112727414532382532242319143128212731272727225727232824921233334262421241719151
18、0252218222522222117412218231981.31.62.12.01.51.01.41.20.91.10.90.61.31.21.21.51.71.31.61.31.22.11.31.01.61.10.882013225201331000661.SZ300009.SZ002038.SZ002252.SZ002007.SZ002022.SZ600161.SH300122.SZ300298.SZ002223.SZ300015.SZ601607.SH000028.SZ600511.SH11830218901447289155549589368969315789.7515.7257.
19、1918.4525.0214.7117.1838.7061.0017.8620.6013.6833.4019.34330.830.341.370.410.640.460.450.491.000.430.400.761.150.570.751.660.421.280.430.650.550.510.711.500.520.450.801.430.680.922.260.521.920.500.810.660.601.022.010.700.580.891.710.821.182.950.652.510.561.050.810.701.322.670.900.801.022.040.981.491
20、0847424539323879614252182934455437454338273455413446172328374030303731222938302636152024283024233324182529232026131620221.61.51.13.01.41.32.01.51.21.11.41.31.21.41.4Wind2013-3-19-“”Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the research report co
21、ntained herein 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 rec
22、ommendations 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
23、 Company (“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
