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1 (279) () / / /44.68% /44.68% () 12 A () 3 B/H () 43.3 A () 1.83 () 6.95 (%) % 1% 8% 6% 4% 2% % -2% Jan-14 Apr-14 Jul % % % GWh 4 5 ATL LED 6 / 214~216 EPS ~216 PE A 213A 214E 215E 216E () YoY(%) () YoY(%) (%) (%) ROE(%) EPS(/) P/E() P/B()

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3 ~ % ~ % ~216 GWh % Tesla Tesla / 26

4 % GWh / / LED / 26

5 1.1 5 / 26

6 / 26

7 1.4 24~ % %24~ %, % % % % % % 7 / 26

8 ( YOY H1 35% 3% 25% 2% 15% 1% 5% % -5% H1 2% 15% 1% 5% % -5% Wind Wind 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % H1 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % H1 Wind Wind 29~213 3%213~214 8 / 26

9 % % % % H1 18% 16% 14% 12% 1% 8% 6% 4% 2% % -2% / / / H1 Wind Wind ~ % % ~ % 27~ % ( 3, 2,5 2, 1,5 1, % 4.% 3.95% 3.9% 3.85% 3.8% 3.75% 3.7% 3.65% 3.6% 3.55% 3.5% % 8.2% 8.% 7.8% 7.6% 7.4% 7.2% 7.% 6.8% 9 / 26

10 2.2 % 5% 1% 15% 2% % 2% 4% 6% 8% 1% Kantar Worldpanel Kantar Worldpanel BDF 1 1 / 26

11 % 27~ % % 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% 5.79% 1.45%.87% 1.45% 2.49% 1.4% 86.91% Lubrizol SNF Corel 3V Sigma Junlon Sumitomo Seika 4% 3 / 216 7~8 / 11 / 26

12 3.1 / ~ () () 1 8 3C % 15% 12 / 26

13 % 3% 25% 2% 15% 1% 5% % -5% -1% % 3% 25% 2% 15% 1% 5% E 215E 216E E 215E 216E % Garter Garter 21~216 GWh E 215E 216E 25% 2% 15% 1% 5% % E 215E 216E 2% 15% 1% 5% % IDC GarterIDC 45% 13 / 26

14 45% Pike Research KATECHPike Research Tesla+ EVHEV PHEV 1Tesla Tesla model S Model S2147S 7 LSA8 Tesla Model S 1865Tesla %Tesla 214 Model XSUV Tesla213 Tesla215 Pike Research Pike Research 2 14 / 26

15 Pike Research Pike Research Pike Research % % % EV PHEV HEV 9% 8% 7% 6% 5% 4% 3% 2% 1% % 3% 25% 2% 15% 1% 5% % E 214E 215E 216E 217E 218E 219E 22E E 214E 215E 216E 217E 218E 219E 22E B3 Research B3 Research 15 / 26

16 % GWh 14% GWh F 22F GWh E 215E 216E 16% 14% 12% 1% 8% 6% 4% 2% % Samsung SDI SNE ResearchPikeResearch GWh 16 / 26

17 GWh E 215 E 216 E 217 E 218 E GWh GWh GWh YOY 13.62% 1.45% 21.94% 23.59% 31.65% 24.9% 22.24% 2.71% 35% 3% 25% 2% 15% 1% 5% % 3.2 LiPF6 (LiAsF6)(LiBF4)(LiCLO4) 4% B3 Research B3 Research 17 / 26

18 B3 Research % 9% 8% 7% 6% 5% 4% 3% 2% 1% % , 1, 8, 6, 4, 2, GBII Marklines /~67/ % 18 / 26

19 215 5~ / 25%8~9/ / / E) 214E) 215E) GBII Dr. Novis Smith / 26

20 () YOY H1 1% 8% 6% 4% 2% % -2% -4% H1 GBII 3.6 ATL 1% GBII ATL ATL ATL ATL ATLATL 2 / 26

21 Apple ATL ATL 4.1 6~7% 21 / 26

22 LED 3,5 3, 2,5 2, 1,5 1, 5 LED LED E 26% 25% 24% 23% 22% 21% 2% 19% 1,6 1,4 1,2 1, ( E214E 14% 12% 1% 8% 6% 4% 2% % -2% -4% 4.2 LED 1% 18% 41% 19% LED 2% 6 LED LED LED LED HID 3~ / / 26

23 / 47% 215~ ~3% ~216 EPS ~216 PE A 214E 215E 216E 34, , , , % 5.65% 19.21% 17.41% 24, , , , % 8.27% 17.81% 16.44% 3.88% 29.17% 3.% 3.58% 15, , ,8. 37, % -1.2% 68.79% 46.51% 9, , ,4. 25, % 12.1% 67.41% 47.41% 39.91% 32.% 32.56% 32.14% 9, ,84. 9,25. 9, % -3.78% 5.7% 2.57% 6, , ,586. 6, % -3.36% 4.81% 4.2% 28.94% 28.63% 28.8% 27.67% % 6.1% 1.% 9.9% % 2.36% 6.6% 8.57% 41.87% 34.% 36.36% 36.67% 23 / 26

24 59, ,82. 79, , % 2.48% 29.54% 25.13% 39, , , , % 7.29% 27.88% 24.77% 32.97% 29.82% 3.72% 3.92% wind / 26

25 : : 213A 214E 215E 216E 213A 214E 215E 216E EBITDA EPS A 214E 215E 216E % % % % : % A 214E 215E 216E ROE(%) ROIC(%) % % P/E P/B EV/EBITDA / 26

Microsoft Word - 4246168_9954327.doc

Microsoft Word - 4246168_9954327.doc 公司报告大商股份 (600694) 公司股东筹划重大事项, 或为应对茂业持续增持平安批发和零售贸易 2013 年 2 月 19 日事项点评证券研究报告强烈推荐 ( 维持 ) 现价 :37.1 元主要数据行业公司网址大股东 / 持股实际控制人 / 持股批发和