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1、2,2013,2,010-S1010510120041,010-S1010512070001,2013,3,7,ChinaAutoMarket CAM+23%2,289,-12%,1-2,242,SUV37,1-2+40%,242MPV16,+23%+103%,189,+16%89,12%12%,2,25%2,1,2013,1-2,13,2,13,1-2,12,2,12,1-2,2,2,1-2,704,242,1,891,734,828,184,1,625,667,-15%,-40.7%,16.4%,SUVMPV,129,37058,916101,123892,528993,651,370,0
2、95159,105298,2422,420,9342,719,176,138,98142,016203,9421,009,1811,213,123,265,32278,475404,2491,969,4642,373,713,-7%40%-50%-12%-18%,-46.3%-41.2%-48.7%-41.6%-42.4%,39.5%102.7%-26.2%22.9%14.6%,ChinaAutoMarket20133,15%,2013,1Q2013,15%,20%,10%8.2,+48%9.2,+33%,26.1,+42%,9.4,26.8+61%,+16%,4.2,+53%1 2,14.2
3、,-22%,8.2,-25%,5.4,-23%,2,2013,1-2,13,2,13,1-2,12,2,12,1-2,2,2,1-2,101,27991,09539,24869,32836,510106,12033,30733,83124,99518,91614,85613,10732,10734,47734,40517,269,261,297231,73393,666177,21691,712267,54681,706110,08961,46441,51137,36737,76087,23994,93094,44042,727,88,10277,23033,89759,08035,70310
4、6,63129,57270,17749,07521,91422,51620,68841,60736,47835,06514,788,183,604151,89166,791119,89268,709230,70555,235141,37282,12353,63741,29440,53383,86083,81358,70027,858,15%18%16%17%2%0%13%-52%-49%-14%-34%-37%-23%-5%-2%17%,-36.7%-35.2%-27.9%-35.7%-33.9%-34.3%-31.2%-55.6%-31.5%-16.3%-34.0%-46.8%-41.8%-
5、43.0%-42.7%-32.2%,42%53%40%48%33%16%48%-22%-25%-23%-10%-7%4%13%61%53%,ChinaAutoMarket3,11,EPS12E,13E,14E,11,12E,PE,13E,14E,PB,600104.SH600741.SH601633.SH000625.SZ600066.SH000581.SZ,16.079.6330.359.1126.6543.39,1.831.161.130.211.681.77,1.911.211.870.322.051.25,2.181.302.400.622.321.64,2.431.412.920.8
6、32.802.47,9827441624,8816281335,7713151126,7710111018,1.481.324.292.722.573.43,1,-,“,”,Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that:(i)the views expressed in this research report accurately r
7、eflect 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 views expressed in thisresearch report.“”,/,(,),(1),(2)/20131,300,20%,6,300,5%,20%,2
8、,6300,6300,300300300300300,-10%5%10%10%-10%10%10%,48,1568,8,1,100125,22,200122,518048,26,Foreign 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 the China Securities RegulatoryComm
9、ission.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-action,letters thereunder.,Z20374000,1934“,”,15a-6(a)(2),15a-6,
