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1、2013,2,25,2013,3,1,2013,3,4,021-S1010510120046,010-S1010512090002,010-,12013,3,2,12,SFDA,40%,20,21%,30,SFDAEPS0.85/1.15/1.581.28/1.92/2.5120132015 EPS 1.27/1.72/2.3,20,2012201320152012/2013/2014EPS,2013-2015,EPS 0.96/1.19,/1.56,20122014,EPS,0.32/0.41/0.58,1,2,3,1,11,EPS12E,13E,14E,11,PE12E,13E,14E,P
2、EG,63.5227.4057.1939.8037.7561.0025.6930.0889.75,1.180.441.370.880.781.000.610.640.83,1.500.571.281.141.111.500.830.951.66,1.970.851.921.451.402.010.961.272.26,2.471.132.511.841.762.671.191.722.95,5462424548614247108,424845353441313254,323230272730272440,262423222123221730,1.501.181.121.291.311.221.
3、570.921.62,2013,3,1,2,2013,2,25,2013,3,1,2013/2/25-2013/3/1,%,%,000788600161600645300255002437002030,23.7519.8017.6716.2713.3013.23,300146002004002626002433002424600079,-4.86-4.17-3.48-3.19-3.08-2.98,-2.98000403300009002551,S*ST,12.5112.4512.30,002675600129002223,-2.96-1.98-1.87,000503,11.84,600706,
4、ST,-1.86,Wind20,10,31.32%5.390.70.99,2012,0.57,19.0341.99%17.32.620,0.5155258.615%,23.77%29.64%87%2012,2.42012179.69%76.57%,GMP,3-5,10,1 2013,50%,13,2015,203,1,2,2,3,30%,50%,3,4,20132015,EPS,0.85/1.15/1.58,2015,1,3,2013,2,25,2013,3,13,2013,35,PE,29.75,2012,10.07,61.78%,4.89,6.62%,4.74,43.35%,2012,20
5、12,2012,3.72,99%,58%20122013,1.5750%,82.2%,2012,1.399,GMP,66.6%,2013,III,818,I/II,1.,3-5,20132.2,2,2012/2013/2014CAGR 40%,EPS2013,30,1.28/1.92/2.51PE,201257.60,1.32,2012-2014,2012,11.02,34.4%,2.42,44.54%,0.92,2012,2.48,5,11.02%,5588,2013,53.54%,6605-7113,10,10,30%-40%,1.96,30%5ml,10.94,34.54%2014,83
6、.84%,4,1,2,3,20132015,EPS,1.27/1.72/2.3,2013-14,1.27/1.61,2015,2,2013,2,25,2013,3,1,30%,2013,30,PE,31.75,2012,53.17,46.8%,4.06,35.2%11.9%,0.821.8,39.8%,1.2,14,35.7%,3.83,23.5%,40%,1,47%,19%,360036%30%1825,185%43%35%,15%,1.7,60%,1.,2.,3.,4.,2014,2015,2013-2015,EPS,0.96/1.19/1.56,0.96/1.14,SFDA3-5,-2b
7、,-2b,EPS,0.87/1.08/1.42SFDAHER2,20122014,EPS,0.42/0.52/0.65,2013,PE,33,17.00,20122014 40/33/26 P/E,3,2013,2,25,2013,3,1,SFDA,2012,6.32,18.26%,5927,10.24%,5895,19.35%,EPS0.32,10,2013,2013,201425%,2014,2014-2016,35%-45%2000,76%,5,80%,1:1,14,1.31500,2.5,50%2012,12%,1000,2012,7000,5000,3000,1500,4000,15
8、%-20%,2014-2016,35%-45%,20122014,EPS,0.32/0.41/0.58,0.5/0.64/0.84,2013,PE,29,2014-2016,39%,19.52%,25,29,A,0.50%2132%,0.99%17.02%,2013,4,2012/10/1,2012/11/1,2012/12/1,2012/3/1,2012/4/1,2012/5/1,2012/6/1,2012/7/1,2012/8/1,2012/9/1,2013/1/1,2013/2/1,2013/3/1,2013/1/4,2013/1/6,2013/1/8,2013/1/10,2013/1/
9、12,2013/1/14,2013/1/16,2013/1/18,2013/1/20,2013/1/22,2013/1/24,2013/1/26,2013/1/28,2013/1/30,2013/2/1,2013/2/3,2013/2/5,2013/2/7,2013/2/9,2013/2/11,2013/2/13,2013/2/15,2013/2/17,2013/2/19,2013/2/21,2013/2/23,2013/2/25,2013/2/27,2013/3/1,2013,2,25,2013,3,1,1,2013/2/25-2013/3/1,2,2013/3/1,-1.4,-0.9,-0
10、.2-0.2,1.41.41.31.31.21.21.11.11.01.00.90.80.60.60.50.50.50.50.40.30.20.20.1,1.81.6,2.8,(0.6)(2.1)(2.9),12.811.910.810.410.09.79.28.98.98.27.67.37.06.76.25.34.94.73.62.52.21.40.10.1,15.0,19.5,25.8,(2.0),(1.5),(1.0),(0.5),0.0,0.5,1.0,1.5,2.0,2.5,3.0,(5.0),0.0,5.0,10.0,15.0,20.0,25.0,30.0,Wind,Wind,3,
11、%,4,%,40%30%20%10%0%-10%-20%-30%,(,),30%25%20%15%10%5%0%-5%,(,),Wind,Wind,3,2013,%,123,6.61-1.09-0.263.98,11.635.039.4210.512.142.4021.9217.94,7.721.118.109.192.312.5717.1013.12,10.593.988.459.542.112.3719.7015.72,11.655.057.718.801.872.1220.1416.16,18.2711.6714.6415.732.833.0834.3630.38,6.660.067.1
12、78.261.752.0114.4010.42,10.974.3710.5511.632.783.0422.6318.65,11.524.9223.7224.811.111.3637.2833.29,4,Wind,2013-3-1,2013,PE,PE TTM,PE,2011,PE(TTM),PE(TTM),PE(TTM),A300,111025192527321931,131137283639442539,141136253643352541,232138383343414046,5352731146470908071,11919101723201920,-42%-48%-3%-27%11%
13、-9%6%-37%-16%,22%18%95%191%111%67%120%37%90%,5,2007,2007,2007,2007,2007,2007,2007,2007,2007,2007,2008,2008,2008,2008,2008,2008,2008,2008,2008,2008,2008,2009,2009,2009,2009,2009,2009,2009,2009,2009,2009,2010,2010,2010,2010,2010,2010,2010,2010,2010,2010,2011,2011,2011,2011,2011,2011,2011,2011,2011,201
14、1,2012,2012,2012,2012,2012,2012,2012,2012,2012,2012,2013/1/4,2013,2,25,2013,3,1,2013,PE,PE TTM,PE,2011,PE(TTM),PE(TTM),PE(TTM),A300,34132%165%,82175%237%,95159%218%,17779%106%,738161%217%,54-5%-5%,-54%,50%,Wind,2013,3,1,2007,5,PE,TTM,A,PE,TTM,80706050403020100,/,Wind,2013-02-25,180%160%140%120%100%8
15、0%60%40%20%0%20%,SFDA,2013-02-26,SFDA2013-03-01SFDA2013-03-016,2013,2,25,2013,3,1,SFDA,3,2,1,2012,12,40%,21%,3020125,1 2011,6,1,1,2 FDA,2012,2,FDA,20%,341234,30%,30%-50%1035%-40%201230%2012,8,10%,3,1,8,2012,80%,23,12,2012,50%,1 20132,31,2,2012,20%,32012,2012,7,20137,1,20132011,2,2512%,2013,3,1,2012,
16、20%,23,2011,2011,20,44%2012,30%2012,2013,6,45612123123,300%,30%,8%70%,2012,25%18AA-VII90%,2011,EPS2012E,2013E,2014E,2011,2012E,PE,2013E,2014E,PEG,000538.SZ000423.SZ600085.SH600436.SH600535.SH002603.SZ000999.SZ600557.SH300039.SZ600594.Sh600750.SH000650.SZ300026.SZ600422.SH600252.SH600479.SH600276.SH0
17、00963.SZ600079.SH002653.SZ600062.SH300006.SZ300199.SZ002422.SZ000915.SZ600521.SH600216.SH,53432128217332814729911479987464109691284141917312715115743383314288117,76.9449.0221.67123.7063.5226.5630.5527.4030.0827.2923.686.4543.7021.9411.7413.3133.8639.8025.6937.7527.4323.5619.0068.8723.2016.0522.58,1.
18、741.310.341.821.180.820.780.440.640.740.730.300.490.410.340.270.710.880.610.780.930.400.402.010.520.401.95,2.251.510.422.251.500.340.980.570.950.890.980.370.940.580.450.400.881.140.831.111.060.320.552.370.660.502.10,2.861.810.532.761.970.701.200.851.271.171.280.451.400.790.560.491.091.450.961.401.27
19、0.410.703.050.830.682.40,3.582.170.653.652.471.111.451.131.721.461.560.621.721.000.660.601.331.841.191.761.570.580.873.890.990.852.69,443764685432396247373221895334494845424830594734454112,343252554278314832312417463826333835313426743529353211,27274145323825322423191431282127312727272257272328249,21
20、233334262421241719151025221822252222211741221823198,1.31.62.12.01.51.01.41.20.91.10.90.61.31.21.21.51.71.31.61.31.22.11.31.01.61.10.8,8,2013,2,25,2013,3,1,000661.SZ300009.SZ002038.SZ002252.SZ002007.SZ002022.SZ600161.SH300122.SZ300298.SZ002223.SZ300015.SZ601607.SH000028.SZ600511.SH,118302189014472891
21、555495893689693157,89.7515.7257.1918.4525.0214.7117.1838.7061.0017.8620.6013.6833.4019.3433,0.830.341.370.410.640.460.450.491.000.430.400.761.150.570.75,1.660.421.280.430.650.550.510.711.500.520.450.801.430.680.92,2.260.521.920.500.810.660.601.022.010.700.580.891.710.821.18,2.950.652.510.561.050.810
22、.701.322.670.900.801.022.040.981.49,1084742453932387961425218293445,543745433827345541344617232837,403030373122293830263615202428,302423332418252923202613162022,1.61.51.13.01.41.32.01.51.21.11.41.31.21.41.4,Wind,2013-3-1,9,-,“,”,Analyst CertificationiiiThe analysts primarily responsible for the prep
23、aration 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 subject securities and issuers;and(ii)no part of the analysts compensation was,is,or will be directly
24、 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%,48,1568,8,1,100125,22,200122,518048,26,Foreign Broker-Dealer Disclosures for Distributing to the U.S.This re
25、port 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,
