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1、-40.00%,/,2,),300298,2012,2013,2,5,58.10,3.39,50%46%,62%1.46,20121.29,70.00,870098%,2.89,36002012,56%,57%,53%4817140,021-S1010510120046,72.4%,010-60836744,9.9,1.5,26.3%,8.3%,1.3,38.0%,4.150%,300,2012,20%-30%570050%,3000,8500,2013,100.00%80.00%60.00%40.00%20.00%0.00%-20.00%,30%,2000,20120320,20120605
2、,20120815,20121031,20130114,20%-30%,35%,2013,2013,32%,4.4,33%40%-50%,1.7,4,35%,2012OTC,12,300/1216,274888.00/22.0067.76/32.101.29%17.37%2.65%75.45,1.,2.,3.,1,300298,2.01/2.67/3.54,EPSCAGR 34%,2013/2014/2015 EPS1.61/2.41/2.832013 35 PE,.2013-01-11300298,70,2011,2012,2013E,2014E,2015E,.2012-10-15,(YoY
3、%(,),),20930.7388,33961.89129,46837.98177,64036.83235,86435.00312,P/EP/B,YoY%EPS(BPS,60.7170.081.002.725821.4,46.1370.321.469.60406.020132,4,37.4370.322.0113.56294.3,EPS,32.7770.322.6715.37223.8,32.6470.323.5417.78163.3,300298,2012,20112096370.1%23516.5%146.8%-3-1.6%09947.4%401031514.3%08842.1%0.80,
4、201233910170.3%48926.3%288.3%-16-4.7%714041.2%1101502113.9%012938.0%1.17,2013E46813970.3%510823.0%367.8%-23-4.9%020343.3%302062914.0%017737.8%1.61,2014E64019070.3%714723.0%517.9%-25-3.9%027042.2%302733814.0%023536.7%2.14,2015E86425770.3%1019923.0%687.9%-28-3.3%035941.6%303635114.0%031236.1%2.83,2011
5、17923692171101122424103444701515626613180,201265537141838891501231579460877850161610188572845,2013E11975117182144611201220145159101076860141410011010451491,2014E129870251901582195017192311813013951080141412211010451691,2015E1533943220018592060221924721060191181370141415111010451956,0241,0946,01591,0
6、1813,02106,2011,2012,2013E,2014E,2015E,103,150,206,273,363,2011,2012,2013E,2014E,2015E,-15,-21,-29,-38,-51,1-1310,317-20,9-17-23,15-13-25,17-13-28,30.7%69.7%60.7%,61.9%40.6%46.1%,38.0%45.2%37.4%,36.8%33.2%32.8%,35.0%33.0%32.6%,86,129,145,213,288,%,-8000,-193600,-96000,-101000,-34000,%EBIT Margin%EBI
7、TDA Margin%,70.1%38.7%39.7%42.1%,70.3%47.5%48.0%38.0%,70.3%39.4%40.4%37.8%,70.3%39.0%40.9%36.7%,70.3%38.8%41.2%36.1%,-8,-187,-96,-101,-34,%,00,5880,4950,00,00,%,49.1%36.6%,15.2%13.6%,11.9%11.1%,13.9%13.0%,15.9%14.8%,0,-44,-26,-35,-47,%,0077,-9535477,23492541,25-10101,28-19235,%,%,25.6%14.3%0.3%,10.7
8、%13.9%34.2%,6.3%14.0%20.0%,6.7%14.0%20.0%,7.1%14.0%20.0%,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 personal vi
9、ews 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%,2,6300,6300,30030030030
10、0300,-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.Securities Busi
11、ness 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,
