《下半年汽车行业投资策略立足中高端,掘金上下游》由会员分享，可在线阅读，更多相关《下半年汽车行业投资策略立足中高端,掘金上下游（53页珍藏版）》请在金锄头文库上搜索。
1、5812922011629201110%12-1320%010-S1010510120010010-60838704201120%13%6715-20%S1010510120041010-010-330075%2010806040300H200-20100517 100726 101011 101215 110228 1105091.2.201120115.2011-05-16.600104.SH600805.SH600742.SH600741.SH000550.SZ16.5513.7526.6410.0524.79101.491.012.700.971.98EPS11E1.871.472.9
2、81.202.4312E2.261.663.591.432.82101114101013PE11E99981012E78779PB1.82.81.91.42.53. 2011-05-032011.2010-12-152011617220112011. 1. 2. 2. 3. 4. 5. 6. 10. 12. 14. 16. 16. 16. 19. 21. 22. 24. 28. 31. 33. 34. 34. 34. 35. 35. 36600104600805600741600742. 39. 40. 41. 42600660000550600066000581601258. 43. 44.
3、 45. 46. 4723467910111213151718192021222324252627282930323334353637201118.724%. 2. 4. 5. 652009. 6. 7. 78III. 7. 8GDP. 9. 9. 10. 121416 SUV31 3-52009. 12. 13. 13. 14. 14. 14. 15. 15. 15. 15. 15. 15. 16. 17. 22. 23. 23. 23. 24. 2425% . 2444% . 24. 27. 273823. 2939404142444546475051525354 A1235 201167
4、/91112131415171819202011. 30. 30. 30ROE. 314348 GDP494SGDP. 32. 32. 32. 33. 34. 34. 34. 35. 35. 36. 36. 37. 22.8% . 3. 342010. 3. 4. 8. 8860400-500. 978% . 1010312.9% . 11. 12. 13. 17. 18. 181610 12. 20. 20. 22. 24. 25222324252627283032332011212931 20113435363738394041424S201160010460080560074160074
5、2600660000550600066000581601258. 25. 26. 26. 26. 27. 27. 2854% . 29. 30. 31. 33. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 4720118.624%20002092010180624%200016002010800020%210%20103000920%12-135%10%620116291200920102000200120022003200420052006200720082011GDP10%A2.8%AIPO8.72000200201018008.7CAGR24%2003
6、200612,000200918068.724%50%20101,80045%45%1,6001,4001,2001,00080060040020014%13%38%33%17%14%25%22%7%32% 40%35%30%25%20%15%10%5%-20100%4GDP20003.38%201010.17%1GDP200020012002200320042005200620072008200920103,3524,1345,7458,2139,83411,06814,65119,07322,72628,56540,48299,215109,655120,333135,823159,878
7、184,937216,314265,810314,045340,903397,9833.38%3.77%4.77%6.05%6.15%5.98%6.77%7.18%7.24%8.38%10.17%Wind201162922011A2.8%2IPO2.8%A2.8%A200020012002200320042005200620072008200920102,4372,3272,1192,5811,6091,3102,6167,6092,2778,0708,75652,10348,91942,81947,88541,31736,468107,435408,491408,491296,091311,
8、0114.68%4.76%4.95%5.39%3.90%3.59%2.44%1.86%0.56%2.73%2.82%Wind34BloombergA19944513429350002010A500017,3103,7301,1201,730A1.15%11.93%11.96%16.92%PEA3,1343311,2245984672012222282011655291528137.282011043251427270501,5782361,0064164121762402,70050011.4911.639.169.6816.3212.868.8810.0010.00WindBloomberg
9、201162932011A5 2011IPO2011IPO2Wind37.2313.1917.4913.50311.9615.7615.473.345.954.2063.003.642011-1-62011-1-272011-3-22011-3-282011-4-182011-6-10201162942011320002092010180624%200016002010800020%1.6L10%20111-5603+6.1%1-5105-8%20116295502011200020920101806200016092010800060412,00010,0008,0006,0004,0002
10、,000-2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E30%25%20%15%10%5%0%20002009515475501152009 201015510020092008/20015010015411590034 31 25CEIC21 19 19 15 14 1412 11 10 10 10 9 9 8 8 8 7 7 7 6 6 6 5 4 3201162962011198321%200977%200047%200981%674.53.52.51.542.3% 44.8%47.2% 49.1%52.6% 54
11、.3%60.0%50.0%40.0%30.0%20.0%70.0%60.0%50.0%40.0%30.0%20.0%66.3%42.3%66.6%44.8%66.6%47.2%66.5%49.1%62.9%52.6%0.510.0%10.0%-0.52005200620072008200920100.0%0.0%20052006200720082009EIAIV1.0 2.27g/KmI860%50%III80%III2010ICOHCNoxPM60%50%54%50%56%50%40%30%33%30%30%28%20%10%0%13% 12% 15% 13%4% 5% 6% 3%IIIII
12、II201020116297120119I ,17.1%III,25.4%I, 25.7%II,31.8%20103-520-3010%153-5620%2000196014.5196558.610%35.8%10196449.41973300.922.2%719814.4198615.425.0%20.0%198512.91997115.1GDPGDP100010001GDP1000GDP1000GDP1200120-302000200160020101800800020116298201124%GDP3000-4000100013-510%10GDPGDP85075065055045035
13、02501,00011,00021,00031,00041,00051,000CEIC511100081756051/850-608000/400-450GDP608006006175995465064003552000CEIC12860860400-500/GDP196019611962196319641965196619671968196919707476798386909497101105108181,915184,894187,680190,362192,938195,279197,481199,572201,538203,584206,130406411422434447463476
14、4865015165262,8793,0433,1613,3283,5023,8284,0864,2734,6454,9345,1072,2792,3822,4772,5802,7362,9423,1533,3333,6563,9494,1532,0232,1212,1922,2902,4602,6442,7952,9523,1813,4303,661CEIC201162992011978%2000R5200920092009200920092009GDPGDPGDP78,98970,45262,57444,64144,74441,1661,9211,7551,2285,1807,7259,6
15、3835,89440,28235,23933,84026,59524,58122,44721,52219,94222,67720,5979,4702,4224,3193,6272,7407,0343,8263,4272,1595,7209,48721,68822,92021,77720,42819,45419,25417,33916,04517,33516,40815,2953,7722,8596256,4065578648,1854,8564,4326,13129013,53912,87210,3094,5712,6353,798CEIC201127,44720.85%54,23141.19
16、%201049,98237.96%87%201112100%78%78%87%80%65%65%58%62%68%63%60%40%20%0%44%2001200220032004200520062007200820092010201162910201110%312.9%10312.9%2010971007546412045602443364060207.5625253510012.785840803050601060363910153040207218111,5312011E1001008846412045602443404070207.58354042.510012.79084010030
17、50801065454510153040207539081,6612502012E120120108566120658030434840802017.58404042.513112.7100840170305010030100455110209090209171,2202,1372013E12712011056612065803643484090203010404042.513112.7100840170305012035100455110209090209561,2452,201201010210488514120386727343927705542527161151268323711416
18、527422122411202987216061,3272010105%104%118%110%100%100%84%112%111%79%107%67%117%23%72%65%100%110%46%115%95%81%34%57%89%46%32%87%68%69%58%56%39%77%67%74%41%100%75%87%2003-200510002011629112001 2002 2003 2004 2005 2006 2007 2008 2009200420052006200720082009201120092009 2010180632%201013%142009%2,0001
19、,500100806050040030010080601,0004020040500-CEICFederal Reserve20010-401000CEIC10Deutsche Bank1020-20031125-100%10%40-9010-203-5200348,092405,252206,964302,200117,17849,53491,22314,7460020,041201110208%25%48%33%85%202%110%678%499%2009191,033716,560703,481670,767365,997396,120508,567124,469320,230154,
20、829522,96515-20%1052%14%14%15%27%25%20%80%31%65%19%SUV15-20%SUV2011201162912201152.015SUV2.01-5SUV70% 50%SUV 2.016 SUVCRV RAV42.0SUV1.61.6-2.02.0SUVMPV120%100%80%60%40%20%0%100%80%60%40%20%0%-20%200620072008200920102011-20%200620072008200920102011123.1-5310%10%.1-5200166%28%73%5%35%58%200286%111%115
21、%7%23%57%82%2003113%101%95%99%68%35%69%65%200479%72%86%89%44%47%59%41%200542%46%57%65%49%30%94%60%200658%47%53%52%56%55%101%51%2007101%102%74%65%88%61%71%88%200899%91%73%86%94%50%58%118%2009102%93%102%84%96%78%58%116%2010122%118%118%101%121%99%84%146%35%85%55%68%138%118%121%31%102%104%118%51%98%48%8
22、4%85%96%88%73%34%69%50%86%87%102%98%107%31%85%88%58%71%52%96%77%97%62%60%114%117%3635%201162913201001201002201003201004201005201006201007201008201009201010201012201011201101201102201103201104201105201117/605040302010045%40%35%30%25%20%15%10%5%0%1-547.9-2%1-55.287.1-7.7%-3%22.2-7%181-525.8%1923.74% -
23、3000002500002000001500001000005000003530252020151050806040200-20-40200802200903201004201105200802200903201004201105WindWind20101-44745613.1%1491414.9%201162914201001201002201003201004201005201006201007201008201009201010201011201012201101201102201103201104201105/201120%21%1500001000005000003020100-10
24、-2050,00040,00030,00020,00010,000-2520151050200801200901201001201101200801200901201001201101Wind1-2Wind20105443322121%98%231-230160%200720082009201020112520151050140%120%100%80%60%40%20%0%140,000120,000100,00080,00060,00040,00020,000-12345678910 111224252007200820092010201120072008200920102011250002
25、0000150001000050000250,000200,000150,000100,00050,000-1234567891011121234567891011 1220116291520112220101.21.62262003%30%201040%440%321030%20%10%20032004200520062007200820092010201162916201020002001200220032004200520062007200820092011TCTradespecial CoeffcientTCTCTC=-/+TC-1 1TC=1TC=-1TC1TC-1TC013TC02
26、000-71%-92%-96%-43%-46%-25%-31%-60%-47%2001-78%-95%-97%-43%-26%-37%-28%-51%-81%2002-86%-97%-98%-47%-28%-57%-16%-26%-81%2003-87%-97%-98%-46%-27%-50%-11%-43%-93%2004-78%-93%-95%-26%17%-25%6%-35%-95%2005-46%-73%-81%42%59%51%24%-22%-93%2006-41%-76%-73%56%72%57%26%-15%-92%2007-26%-67%-61%57%80%51%30%-19%
27、-87%2008-23%-70%-56%71%85%68%35%-12%-78%2009-50%-86%-78%57%77%54%22%-42%-85%2010-64%-88%-85%46%62%40%19%-47%-82%89%39%91%43%93%69%92%72%93%84%95%87%92%86%91%82%79%82%87%60%71%82%88%92%93%92%92%27100%80%60%40%20%0%-20%-40%2011629177201130%1420%20079373879810.5%6191039415.2%39690389.6%403624711.7%3697
28、2287.6%937221515.4%200883629810512.6%62310610316.5%420894811.4%406625212.8%36968369.8%897211626.9%200974820818324.5%62912414422.9%4631129019.4%339636118.0%336605416.1%781200719.1%201083922123528.0%71410419226.9%5749210919.0%356656618.5%408656916.9%8422208510.1%OICA311154530 40%20115%2010520115%20105
29、19,76862,32312,84718,48710,37211,8788,38235,990223-31-16-65-44-503119,38050,73118,74922,03229,51621,35916,69127,526-388-11,5925,9023,54519,1449,4818,309-8,46418,62157,10612,20129,0109,47710,74615,00334,07914-3729-69-51-282116,31653,24119,23822,50130,68021,98020,70828,086-2,305-3,8657,037-6,50921,203
30、11,2345,705-5,993201162918201120115%2010520115%2010525,93826,5061)2)8%16,47942,4161.217,02043,5263)1)100010 1210-1210-121005.71050%-60%2)50%-60%1.70.42.6120116291920113)16101226,00010,00010,0002,0005001,5002,00010,4003,0005,0002,4005,3002,0001,8001,50011,2008,0006006002,0004,00020057,100172011629202
31、01130%ST2010ABS3300ABS201030005%620116292119992000200120022003200420052006200720082009201150%50%200820095%-5.5%5%-7%10%287.0%6.5%6.0%5.5%5.0%4.5%4.0%NADA8-102010333030%30%30%1050%20103.2333032%18402050%1020-30408001,8005,0004443,2007,20020,00010101032,00072,000200,00032%36%50%2011629222011604.012930
32、6000500048604.204.154.164.1540003000240033304.104.054.064.014.0620004.00100005003.953.902002200920102012E20072008200920102011E3-54S3-54S3-52012-20153-5313-52007-20102012-201516.0%14.0%12.0%10.0%8.0%6.0%4.0%2.0%0.0%0123456789104S20%2011629232001 2002 2003 2004 2005 2006 2007 2008 20092011322000150010
33、005000332520151050200520062007200820092010NADA75%75%2.6%9002010473425%3544%25%44%56%75%2005194S1234567893063001401279850454040142320116292420114S1011121334312727142214151617181920212223242526272829302012000-30007-10212020181717141414131212107751000,2345214S2MMM2AABBCC36283224241871716161555513612913
34、8131138131966091608420799075907210201113141258112810809939576292520112220102363IPO2520102010201020112009310104725323.463IPOIPOIPOIPO24/20052.9%20106.0%4S2011629262011363730252015102522171314.00%12.00%10.00%8.00%6.00%4.00%11.87%5.13%9.54%4.50%9.04%3.73%10.80%2.31%5-254S2.00%0.00%306127459824610,14015
35、,0148,78924,53433,47656,061209941601,1041,2482,6907171,2517181,0221,3393,02913121222251775%232623201162927201127502054%20116292820112854%20101,135,6041,012,0571,001,357869,979709,968703,008660,999505,931411,493373,36620108.25%7.36%7.28%6.32%5.16%5.11%4.80%3.68%2.99%2.71%53.67%90038232310014924450996
36、86653462725212012977422211112926200724.7%200929.3%20116292912345620113940140100%123120100806080%60%24.7%39.6%27.3%39.9%29.3%39.9%402040%020%35.7%32.8%30.8%0%41100%80%60%40%20%0%292S3S2011602011200720082009201162930201110-15303-58ROE2-320%422010ROE201040.00%35.56%37.65%32.59%37.59%30.00%20.00%10.00%0
37、.00%28.01%13.91%22.95%16.12%7.35%75%20082009201020116293120112008304S201098227%20081052010240228%20082.19201010.31371%434S20092010140%120%109%115%119%100%80%60%40%57%30%75%20%0%4S75%44201026904555.2%46.1%3,0002,5002,0001,5002,6901,2481,10460.0% 55.2%50.0% 46.1%40.0%30.0%48.9%44.9%44.3%38.6%44.2%36.6
38、%31.7%1,00020.0%15.1%5002091609410.0%-0.0%2011629322011468.00%7.55%6.00%4.67%5.15%5.27%4.00%2.00%0.00%2011312011620118%201110%-15%SUV MPV8%2007200820092010%2011E%2011.1-58796304739386765051,3641,0337471,8061,37694932%33%27%1,9421,5181,0648%10%12%7926034164%6%7%MPVSUV233699249492411230482320451062625
39、42111836482225661953316426156515822451332494301022719661792879%101%28%30%60%5%26%21%46%10%26%511652374241012718858893215%26%-5%-1%0%1%-4%-5%8%4%15%206210518948138722231413%30%-8%-2%-2%0%-3%-7%0%-14%16%10%-15%15%-20%10%-15%15%-20%2011629332000.Q12001.Q12002.Q12003.Q12004.Q12005.Q12006.Q12007.Q12008.Q
40、12009.Q12010.Q12000.Q12001.Q12002.Q12003.Q12004.Q12005.Q12006.Q12007.Q12008.Q12009.Q12010.Q1201147%7060504030201002011.012011.022011.032011.042011.05GDPGDP48 GDPGDP49GDPGDP500400300200100016%14%12%10%8%6%4%2%0%100%80%60%40%20%0%-20%16%14%12%10%8%6%4%2%0%201162934200404200701 200704 200707 200710 200
41、801 200804200410 200504 200510 200604 200610200807200704200810200710 200804 200810 200904 200910 201004 201010 201104200901 200904 200907 200910 201001 201004 201007 20101020115014.00%12.00%10.00%8.00%6.00%4.00%2.00%0.00%-2.00%510%-5%-10%-15%-20%-25%-30%-35%/7,0006,0005,0004,0003,0002,0001,000-33.2%
42、2011629352004092005032005092006032006092007032007092008032008092009032009092010032010092011032009.12009.22009.32009.42009.52009.62009.72009.82009.92009.12009.112009.122010.12010.22010.32010.42010.52010.62010.72010.82010.92010.102010.112010.122011.012011.022011.032011.042011.0520115290807060504030201
43、00920%12-1310%10-1575350459-10PE64035302520401510511100Wind201162936201154706050403020A1510-Wind3211P/EE 12P/EETOYOTA MOTOR CORPVOLKSWAGEN AGDAIMLER AG-REGISTERED SHARESHONDA MOTOR CO LTDBAYERISCHE MOTOREN WERKE AGFORD MOTOR COHYUNDAI MOTOR COGENERAL MOTORS CONISSAN MOTOR CO LTDAUDI AGKIA MOTORS COR
44、PORATIONSAIC MOTOR CORPORATION LTD-ARENAULT SADONGFENG MOTOR GRP CO LTD-HTATA MOTORS LTDFIAT SPASUZUKI MOTOR CORPPEUGEOT SAISUZU MOTORS LTDDAIHATSU MOTOR CO LTDMITSUBISHI MOTORS CORPGUANGZHOU AUTOMOBILE GROUP-HFUJI HEAVY INDUSTRIES LTDMAZDA MOTOR CORPFAW CAR COMPANY LIMITED-AJNGEGEJNGEUSSKUSJNGESKCH
45、FRCHINITJNFRJNJNJNCHJNJNCH141,78780,65771,14867,37856,97850,70645,32145,18544,67237,57525,94924,34815,47415,38613,56112,56512,1029,2397,4646,8026,4876,3585,5704,3043,3712679141077714128969723225131355911111167996668108848612154992277109Bloomberg15-20%20%20%210%20116293720113320103300EPSPEPEGPB6.1720
46、102011E2012E2013E20102011E2012E2013E600104.SH600805.SH600741.SH600742.SH600660.SH000338.SZ000581.SZ000550.SZ600066.SH601799.SH000800.SZ000625.SZ000887.SZ600418.SH600166.SH002283.SZ600375.SH600081.SH600006.SH002454.SZ600327.SH600704.SH000951.SZ002355.SZ002284.SZ16.5513.7510.0526.649.7543.0034.5424.79
47、20.6818.6313.208.5611.8010.017.9712.3318.3810.364.3915.509.2116.2417.0113.7310.001.491.010.972.700.894.072.361.981.650.581.140.750.520.900.780.461.430.520.290.730.431.141.600.450.621.871.471.202.980.944.142.802.432.050.891.190.820.601.200.790.551.660.600.310.880.561.421.250.560.652.261.661.433.591.1
48、14.893.692.822.491.171.360.940.711.380.870.671.990.790.341.050.691.661.480.670.772.721.911.694.201.315.534.993.352.961.521.551.050.841.610.960.802.270.930.371.270.961.921.630.800.9111141010111115131332121123111027132015212114113016998910101210102111102081022111714181611142515787799998161091779189131
49、3151310112013676678777129814681681112121081017110.370.540.390.440.490.670.270.470.440.530.710.800.910.440.931.000.660.751.500.720.340.631.191.080.801.82.81.41.92.52.73.22.52.86.42.01.84.71.81.83.02.94.21.41.93.31.91.82.31.920116172011629382011600104201140020111-547.9+32%50.8+24%6.8+6%55.7-4%2011100%
50、12012020%400201217.623-5291.22011/12/1310%-12%PB1.87/2.26/2.7216.552011/12/13PE 9/7/634600104201113-15PE2008105,8922009139,6362010365,5412011E449,0002012E532,0002013E635,000YoY %YoY%PEPB1.44656-85.8511.550.073.752364.431.876,592896.6512.710.714.59233.6161.7816,349148.0119.391.497.89112.122.8320,5772
51、5.8620.351.879.4691.718.4924,86920.8620.852.2611.4271.419.3629,93120.3520.972.7213.8461.22011617201162939/20116008051-515.9+17%1-515.9+17%49%SUV30%K55000SUV3000A+5.2+27%714S60K5430402011K5 3+20%40K21.102011SUV20113180%7.71.100.062011201110%2011/12/131.47/1.66/1.9113.752011/12/139/8/7PE35600805201115
52、PE20091,52920102,1272011E2,7362012E2,9372013E3,254ROEPEPBYoY %YoY %19.44446.90380.54164.3523.590.45307.939.06751.20805.82111.7625.81.01143.928.651,061.731,039.1828.9627.211.4792.97.331,139.331,180.5813.6123.861.6682.210.791,255.611,303.5810.4221.051.9171.82011617201162940/20116007411-547.9+32%50.8+2
53、4%6.4+6%10%+SUV+MPV12%SUV201124201140012%10%2011/12/131.20/1.43/1.6910.05PE8/7/636201113-15600741PE200924,668201044,0632011E54,0002012E64,0002013E75,000YoY %YoY%354.701,531-4332.5615.990.594.80172.178.622,51364.1415.730.975.62101.822.553,10023.3515.891.206.8281.518.523,69419.1715.921.438.2571.217.19
54、4,36618.1815.981.699.9461.02011617201162941/2011600742CC Q51-538.7+16%10%2011100+16%15-20%20%666201040%7201147.92011-2.3%20111-52011/12/132.98/3.59/4.2026.642011/12/13PE379/7/6600742201113-15 PE20093,56520106,1832011E7,2002012E8,6002013E9,920YoY %YoY%2.5635586.842.41%1.687.81163.473.4457160.835.93%2
55、.7010.33102.616.4563010.395.31%2.9812.7192.119.4475920.475.58%3.5915.7071.715.3588816.995.63%4.2019.3061.42011617201162942/2011600660201120%2011OEM8%68%OEM12%201115-20%AMOEM201120%15%6.84.2230%2012OEM/ AM2011/12/130.94/1.11/1.319.752011/12/13 PE20111510/9/7PE386006602008571720096079201085082011E1020
56、02012E120002013E14000YoY %YoY%P/EP/B10.70246-73.2030.910.121.63836.06.331118354.4742.050.562.19184.539.96178859.9340.420.892.92113.319.8918835.3239.430.943.84102.517.65222418.0939.241.114.9792.016.67262418.0239.121.315.9871.620116172011629431/201100055051.75201156%201110%21+17%21+17%2010201018.6%SUV
57、20.1%SUV20102010SUVSUV2011SUVN330 SUVN351 SUV10201018201321.32011202430392011/12/13 PE2011 1500055010/9/7PE2011/12/132.43/2.82/3.3524.7920088,587200910,433201015,7682011E18,5002012E21,0002013E23,800YoY %YoY %PEPB1.557843.2922.620.914.69275.321.501,05634.6926.131.225.61204.451.141,71262.1225.581.987.
58、10133.517.332,09822.5224.462.439.26102.713.512,43416.0524.572.8211.8592.113.332,89218.7924.683.3514.7071.72011617201162944/20116000665%-10%4.5+10%1-520111.335%-8%10%8%-10%201120114.5201110%201020112011201020115.550001100201260005.540002011/12/13EPS2.05/2.49/2.9620.682011/12/13PE10/8/7201113-1540PE60
59、006620088,33620098,782201013,4792011E15,8162012E18,0572013E20,505PEPB%YoY %YoY%3.5053137.4015.741.022.48208.35.405636.0317.341.083.21196.453.4886052.7517.331.653.67135.617.341,06623.9317.002.055.12104.014.171,29521.4617.202.496.9183.013.561,53918.8817.122.969.0772.32011617201162945/2011000581VEIVWAP
60、SIVSCRPOC/DOCIVPE12/9/72011/12/132.80/3.69/4.99IV2011/12/1341201100058120PE20083,03320093,08120105,3712011E6,2002012E7,8002013E9,800P/EP/BYoY%YoY%EPSBPS-4.78193-16.2118.770.344.421027.81.57448108.7119.640.795.05446.874.331,340199.1727.782.367.24154.815.431,58818.5428.502.809.44123.725.812,09331.7928
61、.603.6912.3392.825.642,83135.2329.954.9916.3272.12011617201162946/2011601258201053820108320109262-327.5%232007%2011/12/13EPS421.38/1.70/2.10601258A201120-25YoY %YoY%20082409160220093519146.08101168.0420105377452.81123622.232011E6395018.92144717.082012E7850022.75178323.192013E9640022.80220223.53P/EP/
62、B%EPSBPS10.460.571.205224.810.490.962.033114.710.801.183.12259.510.261.3810.32222.910.421.7011.72182.510.542.1013.32142.22011617201162947-Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the research report containedherein hereby certify that: (i) the
63、views expressed in this research report accurately reflect the personal views of each such analystabout the subject securities and issuers; and (ii) no part of the analysts compensation was, is, or will be directly or indirectly, related tothe specific recommendations or views expressed in this rese
64、arch report./()(1)(2)/20111.30020%663003005%-10%20%5%2.630030030030030030010%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 (“CITIC Securities”, regulated by t
65、he China SecuritiesRegulatory Commission. Securities Business License Number: Z20374000). This report is being distributed in the United States by CITIC Securitiespursuant to Rule 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-6and the SEC no-action letters thereunder.Z20374000193415a-6(a) (2)15a-6
