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1、2013128021-S1010510120062(8621) S1010510120058021-6876229720-30%2015316.6kg2-3kg122010/m216%2012EEPS2013E2014E2012EPE2013E2014E11-14EPSCAGR9.3715.866.497.2812.596.9252.9214.380.420.970.190.50.50.36NA0.540.571.210.270.610.580.45NA0.760.761.510.320.730.680.51NA1.03221634152519NA27161324122215NA1912112
2、0101913NA1430%21%31%22%1%30%NA40%Wind2013125Wind12381011121315. 1. 1. 1. 2. 3. 3. 5. 6. 6. 10. 2. 2. 24 20115 2011. 2. 26712. 3. 3. 5. 5. 5. 7. 7141mm. 9.1012345678910111213. 1. 3. 4. 4. 5. 6. 6. 8. 8. 8. 9. 9.111-590201147.4-51200420062008201020022002200420062008201012500000400000300000200000100000
3、0wind4 201180706050403020100wind35004003002001000wind5 20119000080000700006000050000400003000020000100000wind26172200550016020112012213028201262012-201520121004596820kg2-3kg15kg20322222355kg6384.90.77%7.72009197.53419.85262.81303.16464.6636.36201239.432.8334.834.733.431.79201120107783137849146105201
4、5518202307697945m210kg/m2450010%4025%2015420102010tce16%tce98644535144m2m2m2m2m16.6kgce/m22kWh/m213kWh/m210kWh/m26.5kWh/m163004101872112029951501008555240m2m2m2m2m10kgce/m23kWh/m230kWh/m215kWh/m28kWh/m21500096081602640614467144 m2144 m2670kgce/54kgce/5.5kWh/m211.4kgce/m420042012534164001011240 m2240
5、 m21070kgce/54kgce/6.5kWh/m214.6kgce/m70007001499235000000883.SZ 2012122713.15-15.19kwh301GJ4.07Nm330201210.6201238%20105416%41996199820002002200420062008201008121086429201060050040030020010005412007 2008 2009 2010 2011 2012-5 -0511011NCDC24-6-14;11NCDC565%10%+790%7740Kcal2.5-4.52150-3870Kcal70%5-82
6、0-40m210-1515-30640-60%6070208012113-612NREL100%13NREL40%1415-1820340%210-30%72-8/839314218645925925921663371221839817681028993328NREL300m42-45%95-642-45%65%1/22011-210-A201060-120kWh/m267913206053563720580737cm10.1% 9.9%25.5% 24.0%24cm10-20cm152750%8-11PVCEPS10-20%3.5XPS65%40%14403530252015101mm15.
7、2mm34.5511.61.822.6012XPSEPSW/mK)0.015-0.02535-400.028-0.033600.037-0.043800.041-0.047100mmv/v%Mpa)=0.1B125=2.00.2-0.25B15=0.1B15=3.9A3-5656511-15AAA201212B22005-10CAGR25%201110%201425%A201113.5201445MDI80201218030201460920121592012232013320-30%201110-20%151000000800000600000400000200000m2m202006200
8、720082009201020112012E120091512020096.35% A20105.021.67%1231013EPSPE2011-2014()()11A12E13E14E11A12E13E14EEPS CAGR002011.SZ600309.SH002165.SZ000811.SZ002158.SZ000530.SZ300343.SZ300259.SZ9.3715.866.497.2812.596.9252.9214.38853443731302622220.350.860.140.400.660.231.270.370.420.970.190.500.500.36NA0.54
9、0.571.210.270.610.580.45NA0.760.761.510.320.730.680.51NA1.032718461819304239221634152519NA27161324122215NA19121120101913NA1430%21%31%22%1%30%NA40%WindWind201312511-“”Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the research report contained herein
10、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 recommendations or
11、 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 (“CITI
12、C 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
