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1、3,2013,1,2013,1,30,20122013,010-S1010510120051,12,+6.7%+6.80,+33.25,2012 12-16.36%-37.26%+88.34%,010-S1010510120036,120755-23835408,2012,S1010512080011,10%,2012,2,3,021-68768017,1-2,10%,2012,1.,.2012-1-15,2.,2012,12,.,11A,12E,EPS13E,14E,11A,12E,13E,P/E14E,3.,.2012-12-24,9.2411.3712.8412.148.96,1.051
2、.131.640.520.75,1.150.861.100.460.77,1.311.001.300.610.93,1.501.221.520.791.10,8.810.17.823.311.9,8.013.211.726.411.6,7.111.49.919.99.6,6.29.38.415.48.1,4.5.,.2012-12-11.2012-10-12,10.106.88,1.170.72,0.360.48,0.560.34,0.760.50,8.69.6,28.114.3,18.020.2,13.313.8,6.,.2012-10-16,2012,9.61,13.229,11.4,9.
3、3,.2011-10-23,1,2,15,2013,1,.1.1.2.3,2012,2012,.4.4.5,2013,Q1,.6,.6.6.7.7.8.8.8.9.1.1,3 20094 20095 20096 20097 20108 20109 201010 201011 201012 201013 201014 2010,.1.1.2.2.2.2.3.3.3.3.3.3.4,16,2012,.4,23,24,27,28,A,1,2,3,2013,1,17 2009-201218 2009-201219 2009-201220 2009-201221 1222 1-12,.4.4.5.516
4、%.535%.5.5.5,2526,3,3,.6.6,29 2013,2010-2012Q32010-2012Q3,.7.7.8,3031,A,A,PEPB,.9.9,.6.8.9,2013,1,2012,2012,7.6,20112012,13.72%2013,1,Wind,12,13,2,Wind,%,12,1240,26.4%2012,6310,7.0%2013,6500,5200,3,2009,4,2009,1,2013,1,2012,2012,1.718.95%,6.58%,4059,5,2009,6,2009,2012,1-12,7.2,16.2%,1-11,0.5,2012,1-
5、12,7.3%,7,2010CEIC,8,2010CEIC,2,2013,1,9,2010CEIC,4,10,2010CEIC,2012,1529,1.31,22.20%,11.17%,1471,5286,15.91%,7.94%,1113,20102010,1214,20102010,3,2013,120122012,2012,34%,29%,22%,22%,10%,1512,16,12,2012,16%,6.7%37%,6.8%,88%,33%,12,17 2009-2012,18 2009-2012,4,2013,1,19 2009-20122013,11,20 2009-201212,
6、21,12,16%,22,1-12,35%,23,12,20-3024,5,2013,1,2013,Q1,3,3-5,2012,3,20%,3,201210%,25,3,26,3,2012201210%1,2011Q168%78%132%79%48%77%177%47%85%,2011Q254%65%187%41%13%66%55%48%71%,2011Q338%88%140%26%17%64%70%26%67%,2011Q468%97%151%61%36%20%93%9%85%,2012Q128%52%85%-23%-16%16%14%3%36%,2012Q263%72%65%6%1%21%
7、34%-2%55%,2012Q369%39%97%6%14%38%20%7%53%,Wind6,2013,1,-10%,10%,2012,27,Wind,2010-2012Q3,28,2010-2012Q3,%,Windzzz7,2013,1,8.1%,300+5.9%,+6.3%,29,2013,A,%,Wind2013 111.36%7.37%,6.98%,0.9%,0.22%,1.57%,6.29%,2%,9.2411.3712.848.9610.106.885.217.27,3.707.263.132.994.554.082.163.56,0.337.3711.360.220.90-1
8、.576.986.29,0.337.3711.360.220.90-1.576.986.29,Wind,3,18,PE,201210%,12013,29,10,PB,1.5-2,12-158,2013,1,30,A,PE,31,A,PB,3,wind201220%,10%,:wind2013,15%,EPS,P/E,12Q3,11A,12E,13E,14E,11A,12E,13E,14E,PB,9.2411.3712.8412.148.9610.106.88,1.051.131.640.520.751.170.72,1.150.861.100.460.770.360.48,1.311.001.
9、300.610.930.560.34,1.501.221.520.791.100.760.50,8.810.17.823.311.98.69.6,8.013.211.726.411.628.114.3,7.111.49.919.99.618.020.2,6.29.38.415.48.113.313.8,1.73.51.62.31.51.21.4,Wind,9.62013,13.21,29,11.4,9.3,1.6,9,-,“,”,Analyst CertificationiiiThe analysts primarily responsible for the preparation of a
10、ll 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 or indirect
11、ly,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 report has bee
12、n 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,
