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1、/,/,002678,2012,2013,2,22,2012,11.8914.00,13.2,2.13,1.81,12.8%23.7%,24.9%,EPS 0.38,021-68768073,S1010511030001,2009201157.32%61.85%65.57%,CFA,4,20126,2013IPO,9,40%,6,4,021-S1010510120054021-,20132015,35%75%,100%,40%,10.00%,300,2012,0.00%,-10.00%-20.00%-30.00%-40.00%-50.00%,14.0,27.8%2013-14 29/22,20
2、12-20142013-14PE,EPS 0.38/0.49/0.6324/19 PE,300/,2199.07478.00/48.00,121,/,17.72,/9.22-0.25%,2010,2011,2012E,2013E,2014E,6,-6.01%,YoY%,982.1616.09118.11,1,172.7919.41145.00,1,329.2813.34180.57,1,583.7419.14233.15,1,936.9222.30300.14,12,39.53,2.59%,YoY%,36.67,22.77,24.53,29.12,28.73,%Wind,%W ind,0.25
3、-32.5714.55486.129,0.30-32.8916.47395.524,2013,0.380.3832.4213.71313.318221,0.490.4833.0412.86243.015,EPS,0.630.5933.5014.58192.612,123.,.2012.12.10002678.2012.12.100026782012.12.31,4.,002678,.,2013.1.9,/,002678,2012,2010982662,20111,173787,2012E1,329898,2013E1,5841,061,2014E1,9371,288,2010328440,20
4、11277491,2012E841543,2013E908636,2014E1,122766,%,%,%,32.68636.4110310.5320.23013814.09551381913.6111812.030.25,32.911685.8012110.3060.48017114.61871722715.5114512.360.30,32.411715.3013710.31-3-0.20021416.09872153415.7118113.580.38,33.013734.6416110.17-4-0.27027717.48872784415.8123314.720.49,33.51782
5、4.2519410.01-5-0.26035718.44983585716.0130015.500.63,78278722460501064021,274157819328614017157443430244831,6426859349096725161,375210025135409292445430244930,71271,482558095747282,2102117295414092925064787981,704,81321,657653095828302,4872138335475092925674787981,920,95392,023630095898142,837216837
6、8547092926394787982,198,81,274,71,375,72,210,82,487,92,837,2010,2011,2012E,2013E,2014E,118,145,181,233,300,2010,2011,2012E,2013E,2014E,1,1,1,1,1,%,2945,31-118,61-9-2,63-58-2,32-92-1,16.0937.5436.67,19.4123.8522.77,13.3424.8224.53,19.1429.4329.12,22.3029.0328.73,157,174,231,238,240,%,-69005,-140003,-
7、264000,-157000,-8000,32.5714.8017.7412.03,32.8915.8618.5012.36,32.4215.9420.5013.58,33.0417.3821.3814.72,33.5018.3820.0515.50,-64,-137,-264,-157,-8,%,078,0-18,6020,00,00,14.559.33,16.4711.01,13.7110.11,12.869.96,14.5811.31,-172,-68,-15,-18,-23,%,0-94-1,-3-90-52,9596563,4-1467,5-18214,34.7913.6449.76
8、,32.3815.5253.11,22.8815.6810.00,22.8015.8310.00,22.5215.9910.00,1,-,“,”,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 reflect the per
9、sonal 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%,2,6300,6300,300
10、300300300300,-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 RegulatoryCommission.Securit
11、ies 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,
