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1、/,/,/,(,),(,),600794,2012,2013,2,6,16.25,2012,3.72,34.23%3.97%,20123.03,27.63%,1.63,EPS,0.76,34.23%,0.71,12.81%,40%,021-,10,M3,S1010511080004,8,17%2012,5,10,M3,1#,010-60838727,3.64,7.5%8.22%,80.68%,S1010512050002,2013,9,10,10.12500,EPS0.112012,20%,6,7.42,2,5.283-5,1800,EPS0.084,300,2771.68237.18/213
2、.92,12,17.46,/10.11,16,39.37%45.61%,2013/2014/2015,EPS,45.74%,0.75/0.87/1.02,2013/2014,2014,12,23.17,2013/2014/2015 PE22/19/16,1,600794,2011387,2012372,2013E420,2014E511.30,2015E603.34,.2012-12-14,YoY%,-51.84%,-3.97%,13.04%,21.63%,18.00%,(YoY%,),14589.29%0.61,16312.81%0.69,1789.36%0.75,20615.42%0.87
3、,24116.98%1.01,%,%,58.02%27.87%277.4,73.63%18.57%244.4,69.18%16.88%223.6,69.04%16.78%193.1,69.17%16.88%162.7,2013,2,5,600794,2012,201138716358.02%1530.80%369.26%92.31%016141.53%22160159.16%114537.32%0.61,20123729873.63%1441.20%4612.45%102.58%019953.54%681973316.55%116343.84%0.69,2013E42013069.18%134
4、0.95%5112.13%71.66%021551.20%322163717.00%117842.41%0.75,2014E51115869.04%1550.98%5310.37%203.89%025549.83%242534518.00%220640.24%0.87,2015E60318669.17%1860.99%6210.28%284.68%029849.39%022965318.00%224139.90%1.01,20113608146089893794292755881,577374381889814231451,04321492533,20126563158111,48645744
5、107386462,1320271,1211,148894931,240237280892,2013E4919145021,01667247107218481,86420507237930007932372801,072,2014E45211147021,1798665110781,0322,2110609089680009682372801,243,2015E49914147031,2301,0395510781,2092,4390809159950009952372801,445,151,577,142,132,161,864,172,211,192,439,2011,2012,2013E
6、,2014E,2015E,145,163,178,206,241,2011,2012,2013E,2014E,2015E,1,1,1,2,2,29-71147,35-64134,4229-66,60716,78-2373,-51.84%50.65%89.29%,-3.97%23.81%12.81%,13.04%8.10%9.36%,21.63%18.36%15.42%,18.00%16.96%16.98%,252,270,184,290,371,%,-880-231,-240-2-35,-2500317,-2500-40,-2500-40,%EBIT Margin%EBITDAMargin%,
7、58.02%43.83%51.41%37.32%,73.63%56.12%65.53%43.84%,69.18%52.86%62.84%42.41%,69.04%53.72%65.50%40.24%,69.17%54.07%67.05%39.90%,-110,-61,-230,-254,-254,%,0-10,0-53,0-89,00,00,%,27.87%9.17%,18.57%7.64%,16.88%9.56%,16.78%9.30%,16.88%9.87%,0,-15,0,-36,-41,%,2-8134,189121331,-30-119-165,-40-76-39,-28-6947,
8、%,66.18%9.16%10.36%,58.17%16.55%0.00%,42.52%17.00%20.00%,43.79%18.00%20.00%,40.77%18.00%20.00%,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 rep
9、ort 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)/20131,300,20
10、%,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 Securitie
11、s RegulatoryCommission.Securities Business License Number:Z20374000).This report is being distributed in the United States by CITIC Securities pursuant toRule 15a-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,
