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1、12-,12-,12-,12-,12-,12-,12-,12-,12-,12-,12-,13-,(,),/,/,/,),300196,2012,2013,2,28,20.0225.00,2012,EPS0.74,2012,6.02,52.3%,35.7%,0.74,0.89,2012,28.68%0.71,0.99,2.53,2012,021-S1010511020001,0.37,11.2%5.7%49.5%2174.7%,021-,300,2013,+5%,2013,60.00%,60,7,3,10.00%,-40.00%2013,2012,Wind,3,3,300,2595,120/12
2、0,12,22.98,/12.6,16,-0.39%33.05%,12,10.58,12.22%,2013,25,PE,2013/2014/201525,EPS,1.02,/1.40,/1.73,2011444,2012602,2013E1046,2014E1269,2015E1443,YoY%YoY%EPS%,ROE%,3.25835.90.4929.77.26.71,35.78952.30.7428.710.27.25,73.712237.71.0226.412.38.27,21.416937.81.4027.814.59.68,13.720823.51.7328.815.211.41,2
3、013,2,27,-,(,/,/,/,300196,2012,2012,0.89,52.3%,6.02,35.7%0.74,2012,0.75,20120.71,28.68%,2.53,0.99,0.37,1,2012,2012,2011,601.99429.3328.68%31.475.22%42.727.1%0.120.02%1.505.45104.2312.5212.01%88.84,443.59311.9829.67%20.054.52%42.719.6%-1.57-0.35%1.523.570.087.8311.17%58.33,35.71%37.61%-0.99%56.96%0.7
4、1%0.02%-2.53%0.37%-1.32%55.71%48.73%59.90%0.84%52.31%,11.2%5.7%49.5%2174.7%,2,2012,2011,2012,3,2012,2258214001536369393201114880100758952,28672501816396105624992012861295868872,26.97%16.91%6.72%52.38%2587.10%-6269-489-80,4,/2012,6.13.2201123.79%22.19%,6.02.7201217.61%24.51%,-0.12-0.49-6.182.32,1,0,3
5、00196,2012,2011,2012,2013,44.88%26.59%57.74%,35.77%41.70%41.07%,-9.1115.11-16.67,-,-,-,-,7,5%,525,2013,7,20132012,2013,60,2013,3,2013,5,2,7,2013,/,2,5600,/,20131.2,400,/2012,6000,20%,112,2,108642,3,10,30025020015010050,270,20,2012,2013,0,2012,2013,2013,2013,2012,3,2.9,2013,2,3.5,1000,2013,1,1500,201
6、32011,6000,1,2499,1,40%,2,/,300196,2012,2010,2011,2011,2012,4000,2013,1500,201220133,6,30.75%4,3,450004000035000300002500020000150001000050000,2008,2009,2010Q1-Q3,2011,2012Q1-Q3,50000-5000-10000-15000-20000,2008,2009,2010Q1-Q3,2011,2012Q1-Q3,5,2012,3,9,20123000028678611.7917.61%3500025018,2013E10000
7、0230006000.0020.00%3500027500,2014E100000290006800.0023.00%3500030000,2015E100000320007000.0024.00%3500032000,3,/,/,/,300196,2012,20129586.3024.51%29000163968871.6835.77%10001056,2013E960024.50%3500021500885036.00%15001200,2014E960024.50%5000026000889036.00%15001400,2015E980024.50%5000033000890036.0
8、0%15001450,2013,25,PE,/,25,5.9941.70%612024992.7041.07%6%604356932013-2015,EPS,5.840.00%700031002.639.00%15002800040%15%2600022100,5.940.00%700038002.639.00%25002800040%18%30000246001.02/1.40/1.73,640.00%700044002.739.00%30002800040%20%3200025600,4,300196,2012,201144431229.67%2204.52%439.63%-2-0.35%
9、06715.01%4170811.17%45813.15%,201260242928.68%1315.23%437.10%00.02%39916.41%611041312.01%38914.76%,2013E1,04677026.41%2545.20%747.10%70.69%1313813.17%711431712.00%412211.70%,2014E1,26991627.82%3665.20%907.10%90.69%1319215.12%711982412.00%516913.28%,2015E1,4431,02728.80%3755.20%1027.10%50.32%1323816.
10、52%712442912.00%720814.42%,20114433860425822590209637595716453118011119120529,201212144909835328791284248301,18395888526712416283120529,2013E1577715717456545691284249991,56422615813852212416538120529,2014E1909219120868159291283441,0551,73616918816352012416536120529,2015E21610321723477062091283641,10
11、31,8735021118244212416458120529,80632957,870351,189,993391,570,1,161451,742,1,369511,879,2011,2012,2013E,2014E,2015E,58,89,122,169,208,2011,2012,2013E,2014E,2015E,4,3,4,5,7,%,22812,29-3991,59-678,71-343,79-27-3,17.818.817.7,35.748.452.3,73.739.437.7,21.439.437.8,13.724.223.5,104,173,126,214,264,%,-1
12、60,-441,-227,-127,-127,29.7,28.7,26.4,27.8,28.8,000,00-90,1300,1300,1300,EBIT MarginEBITDA Margin,15.020.113.2,16.120.914.8,13.919.511.7,15.320.913.3,16.321.814.4,-160,-532,-214,-114,-114,%,523-50,067,0132,0-57,0-119,7.26.3,10.68.5,13.19.1,15.610.4,16.411.8,-8,-28,0,0,0,%,0465409,039-320,-712536,-9-
13、6634,-5-12426,12.411.20.0,23.812.00.0,34.312.00.0,30.812.00.0,24.412.00.0,5,-,“,”,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 reflec
14、t 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%,6,300,5%,20%,2,6300
15、,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 Securities RegulatoryCommissio
16、n.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,
