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1、1,002400,2012,010-S1010510120022,010-S1010512080010,2013,2,28,2013 2,27,2012,45.69,35.78,0.94,22.92%,1.8,75.83%,EPS,2012,45.69,22.92%,2.76,82.01%,1.8,75.83%,0.94,2012,10,EPS 0.77-0.92,33%,0.844%,40%,2011,196%,2012,2012,6,2011Q1-2012Q4E,2012,2011,/,(,),(,),(,),(,),002400,2012,2012,EPS,0.85,0.94,2013/
2、14,EPS,1.10/1.35,35.78,2012/13/14,PE,38/33/27,20132013,20103,078.63,20113,716.94,2012E4,460.33,2013E5,352.39,2014E6,422.87,PEPB,YoY%YoY%,%,50.1667.7727.150.359.126.68-0.911023.38,20.7399.0446.150.5110.798.46-0.63702.94,20.00180.3182.050.9412.1112.331.77382.35,20.00211.8317.491.1011.8012.721.09332.07
3、,20.00260.6223.031.3511.8013.611.33271.80,2013,2,27,1,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,002400,2012,20103,078.63,20113,716.94,2012E4,460.33,2013E5,352.39,2014E6,422.87,2010909.5,2011824.5,2012E1,442.5,2013E1,624.3,2014E1,862.1,2,766.47,3,267.00,3,866.52,4,656.58,5,587.90,0.5,10.1%31.48152.81
4、5.0%45.691.5%-6.47-0.2%4.75,12.1%49.01217.655.9%62.611.7%-19.36-0.5%10.74,13.3%53.52225.255.1%71.371.6%0.050.0%3.21,13.0%64.23267.625.0%84.571.6%0.100.0%3.00,13.0%77.07321.145.0%93.131.5%0.110.0%3.00,291.7473.51,674.726.529.11.256.91,731.5,373.1701.81,900.031.334.31.380.8147.72,047.6,312.2627.22,381
5、.973.630.012.09.9125.62,507.5,374.7752.52,751.4114.630.014.311.7170.62,922.1,449.6902.83,214.5151.330.012.613.8207.73,422.2,93.40,150.77,246.84,282.30,346.51,3.0%0.370.3791.3523.2125.4%,4.1%1.341.29151.4236.6124.2%,5.5%1.005.00242.8460.7125.0%,5.3%5.002.00285.3071.3225.0%,5.4%5.000.50351.0187.7525.0
6、%,237.8474.2712.0,285.6558.6844.232.332.3,464.0401.6865.51.4178.6179.9,558.8482.11,040.91.6214.3215.8,670.5577.31,247.81.8257.1259.0,0.38,15.77,1.82,2.14,2.63,712.0,876.5,1,045.5 1,256.8 1,506.8,67.772.2%,99.042.7%,180.314.0%,211.834.0%,260.624.1%,82.4763.5,148.3697.6,192.7771.0,192.7771.0,192.7771.
7、0,1,014.6 1,100.5 1,390.8 1,592.1 1,839.7,4.91,731.5,70.62,047.6,72.42,508.3,74.42,923.3,76.93,423.4,2010,2011,2012E,2013E,2014E,91.35,151.42,242.84,285.30,351.01,2010,2011,2012E,2013E,2014E,-23.21,-36.61,-60.71,-71.32,-87.75,0.55111.06-242.76,0.6218.48-186.83,9.06107.8041.42,10.71112.39-127.59,15.0
8、8131.35-152.56,50.1634.5327.15,20.7361.4246.15,20.0063.7282.05,20.0014.3717.49,20.0022.7523.03,-63.00,-52.91,340.41,209.48,257.13,%,-0.84,-83.15,13.96,-54.01,-50.00,10.14,12.11,13.31,13.00,13.00,10.74,3.21,3.00,3.00,2.00,EBITMargin,26.82,46.84,101.93,14.66,22.99,-1.00,EBITDAMargin,27.11,46.62,108.36
9、,14.79,23.65,-14.39,76.40,-1.70,-1.78,-1.14,2.20,2.66,4.04,3.96,4.06,-4.50,-4.53,15.26,-52.80,-49.14,%,20.60,65.90,44.48,6.68,8.46,12.33,12.72,13.61,32.32,147.59,35.93,43.12,3.94,5.61,7.26,7.32,7.69,-6.47,-19.36,-0.05,-0.10,-0.11,%,760.22774.35706.86,-106.42-27.56-85.00,70.31262.34618.01,-10.7025.13
10、181.81,-13.1629.84237.83,41.1225.411.23,42.8124.1829.23,41.6925.001.72,43.0125.005.05,44.0325.005.05,2,-,“,”,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 resear
11、ch 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 views expressed in thisresearch report.“”,/,(,),(1),(2)/20131,
12、300,20%,6,300,5%,20%,2,6300,6300,300300300300300,-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 Sec
13、urities 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-action,letters thereunder.,Z20374000,1934“,”,15a-6(a)(2),15a-6,
