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1、/()()600794201220132616.2520123.7234.23%3.97%20123.0327.63%1.63EPS0.7634.23%0.7112.81%40%021-10M3S1010511080004817% 2012510M31#010-3.647.5%8.22%80.68%S1010512050002201391010.12500EPS0.11201220%67.4225.283-51800EPS0.0843002771.68237.18 /213.921217.46/10.111639.37%45.61%2013/2014/2015EPS45.74%0.75/0.8
2、7/1.022013/201420141223.172013/2014/2015 PE22/19/161600794201138720123722013E4202014E511.302015E603.34.2012-12-14YoY %-51.84%-3.97%13.04%21.63%18.00%(YoY%)14589.29%0.6116312.81%0.691789.36%0.7520615.42%0.8724116.98%1.01%58.02%27.87%277.473.63%18.57%244.469.18%16.88%223.669.04%16.78%193.169.17%16.88%
3、162.72013256007942012201138716358.02%1530.80%369.26%92.31%016141.53%22160159.16%114537.32%0.6120123729873.63%1441.20%4612.45%102.58%019953.54%681973316.55%116343.84%0.692013E42013069.18%1340.95%5112.13%71.66%021551.20%322163717.00%117842.41%0.752014E51115869.04%1550.98%5310.37%203.89%025549.83%24253
4、4518.00%220640.24%0.872015E60318669.17%1860.99%6210.28%284.68%029849.39%022965318.00%224139.90%1.0120113608146089893794292755881,577374381889814231451,0432149253320126563158111,48645744107386462,1320271,1211,148894931,2402372808922013E4919145021,01667247107218481,86420507237930007932372801,0722014E4
5、5211147021,1798665110781,0322,2110609089680009682372801,2432015E49914147031,2301,0395510781,2092,4390809159950009952372801,445151,577142,132161,864172,211192,439201120122013E2014E2015E145163178206241201120122013E2014E2015E1112229-7114735-641344229-666071678-2373-51.84%50.65%89.29%-3.97%23.81%12.81%1
6、3.04%8.10%9.36%21.63%18.36%15.42%18.00%16.96%16.98%252270184290371%-880-231-240-2-35-2500317-2500-40-2500-40%EBIT Margin %EBITDAMargin %58.02%43.83%51.41%37.32%73.63%56.12%65.53%43.84%69.18%52.86%62.84%42.41%69.04%53.72%65.50%40.24%69.17%54.07%67.05%39.90%-110-61-230-254-254%0-100-530-890000%27.87%9
7、.17%18.57%7.64%16.88%9.56%16.78%9.30%16.88%9.87%0-150-36-41%2-8134189121331-30-119-165-40-76-39-28-6947%66.18%9.16%10.36%58.17%16.55%0.00%42.52%17.00%20.00%43.79%18.00%20.00%40.77%18.00%20.00%1-“”Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the res
8、earch report contained 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 t
9、he specific recommendations 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 Sec
10、urities Limited 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 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
