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1、/,PDH,2013,2,5,010-S1010510120048,010-S1010512030003,010-S1010512080002,1,30,PDH,Enterprise,PDHPDH2015-2017,PDH,PDH,1,2013 8,8,PDH,Targa,2015Targa,2016-2020Enterprise,2013,8,2014,12,60,PDH,40,2015-2017,60,enterprise products partner,NGL861MBPD1239,NGL4426,28%,NGL,1,Enterprise,2,Enterprise,NGL,/,/,/,
2、/,NGL,2012,NGL,PDH,NGL,NGL,18,3,NGL,3200,20169.1%,NGL,NGL,201120%-28%NGL,2200,2012,45%PDH,NGL,3,NGL,2012,/,4,2012,EIA,2009,Mont Belvieu,Mid-Continent,NGL,2012,FOB,FOB,200,Mont Beliveu FOB,PDH,1.8,414,/,5,/,6 Mont BelvieuCPFOB1000.00800.00600.00400.00200.000.00,FOB/,200.00,2012,2011,2010,2009,2008,20
3、07,2006,2005,FOB,Mont Belvieu FOB,EIA,Datastream,1,199271,199381,199491,199812,199922,200032,200142,200252,200362,200472,200582,200692,201013,201123,1995101,1996111,2007102,2008112,201233,7,NGL,/,8 Mont BelvieuCPFOB,FOB,/,1400.001200.001000.00800.00600.00400.00200.000.00,TokyoMont Belvieu FOB,FOB,EI
4、APDH,Datastream,2013,-20142013,PDHPDH,PDH,PDH,4-5,1,EPC2345,1,PDH,60,Lummus,2013-6,2013,4545,UOPUOP,20132013,150,606066,LummusUOPUOP,2014-12014-32014-2,2014,45666513,UOPUOPLummusUOP,2014201420142014,375,6051,UOPUOP,20152015,2015,306045,UOPUOPUOP,20152015,246,2016,60,UOP,2016,2,NGL,PDH,PDH,6612620959
5、52,UOPLummus,2016,PDH2-3,2,PDH,/,12060604560,2521206012060,56%/100%22%51%100%100%,3.052.623.86221.6,65.25.07.9602.8,3,PDH,11A,12E,EPS13E,14E,11A,12E,PE13E,14E,PB,12E,17.9411.8920.0016.61,0.350.021.570.86,0.410.101.070.97,0.630.581.031.21,1.300.962.371.51,515951319,441191917,28211914,1412811,7.34.82.
6、64.9,201525-,2013,2,5,3,-,“,”,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 views of each such analyst about the
7、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%,2,6300,6300,300300300300300,-10%5%10%10%-10%10%10%,48,1568
8、,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 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,
