untitled

28 8 29 887.SZ ()12.4 ()19.3 A() 14.63 () 3,91.4 () 23.16/1.59 3 2331.53 7887.37 19.87 14.87 9.87 4.87 7827 71122 8221 1 28.8.14 2 28.7.22 3,2 28.4.24 4 28.3.12 (8621)613839 limengtao@gjzq.com.cn 2 8516 887 (8621)6138257 zhaoli@gjzq.com.cn 969 15A 211 3 15 1 5 25 26 27 28E 29E 21E ().23.3.311.441.59.769-12.23% -85.32% 8,998.48% 41.83% 33.63% 3.42% ().441.59.769 EPS () N/A N/A N/A.751 1.3 1.371 () 83.38 1,79.51 6.5 27.16 2.32 15.58 () 21.8 34.42 54.95 21.75 N/A N/A () 14.65 25.86 45.72 2.6 N/A N/A N/A N/A N/A.%.%.% PE/G() N/A N/A.1.65.6.51 2.27%.3% 21.42% 23.3% 24.92% 24.53% () 1.7.37 1.45 1.89 2.37 3.13 () 1.89 5.33 12.87 6.33 5.6 3.82 ().19.3.16.46.49.62 A() 91. 32.32 14.63 14.63 14.63 14.63 () 31. 963.2 314.63 314.63 314.63 314.63 EPS 7 29 TRW 1%TRW 4 28 8, 9 8 6 1% 2, 此报告仅供苏州工业园区资产管理有限公司赵大庆使用 1

8 9 9 1-15% 8-1.441.59.769 89 EPS.715.965 9 2 PE 6-12 19.3 8 8, 22 6 27 4,112 5 47% 28 8, 1 2 9 8 7 6 5 4 3 2 1 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% 12 1 8 6 4 2 12% 1% 8% 6% 4% 2% % % 6-7 28 8 1, TRW 1%TRW 4 SCANIA L6 PQ35 3C EP 8 15.9 82.91% 25% 3% 2

38 1H 276.4 239.9 15.22% 3.91% 32.31% -1.4% 41.6 35.2 18.16% 17.29% 18.38% -1.1% 34.1 28.7 18.75% 51.61% 2.88% +3.73% 352.1 33.8 15.89% 31.31% 29.62% +1.69% 15.9 57.9 82.91% 33.17% 34.46% -1.29% 28 / / 4% 3

4 / / // / 1 45 2 8 1.41.1 1.3 8 6 5% 4

5 6 5 4 3 2 1 8 7 1% 8 8 7 2 1% 8 9 9 1-15% 6 1-15% 4-5 3-4% 5

8-1.441.59.769 89 EPS.715.965 9 2 PE 6-12 19.3 4% 37 6

7 26 27 28E 29E 21E 46.5 497.54 683.85 99.52 1,182.4 37.45% 33.% 3.% 35.52% 29.39% 32.% 32.% 32.% 29.98 351.3 465.2 618.47 84.1 32.37% 33.% 3.% 16.52 146.24 218.83 291.5 378.36 49.64% 33.% 3.% 22.38% 79.59% 82.13% 83.91% 84.94% 77.6% 83.28% 86.99% 88.6% 89.59% 8.9 61. 91.5 117.1 152.2 49.82% 28.% 3.% 21.86% 18.8% 18.5% 18.5% 18.5% 6.98 5. 74.53 95.4 124.2 49.6% 28.% 3.% 1.95 11.4 16.92 21.66 28.15 53.28% 28.% 3.% 4.3% 9.76% 1.98% 1.8% 1.93% 9.11% 6.29% 6.73% 6.59% 6.67% 152.34 66.51 57.39 57.39 57.39-13.72%.%.% 1.95% 27.54% 27.54% 27.54% 27.54% 149.37 48.2 41.58 41.58 41.58-13.72%.%.% 2.97 18.32 15.8 15.8 15.8-13.72%.%.% 73.32% 1.64% 6.89% 5.29% 4.12% 13.84% 1.43% 6.28% 4.81% 3.74% 27.77 625.1 832.69 183.96 1391.94 186.33 449.51 581.13 755.46 969.62 21.43 175.59 251.55 328.5 422.31 1.32% 28.9% 3.21% 3.31% 3.34% 8 5% 24.81 37.21 53.96 3.88 1% 17.97 21.56 25.87 2.95 95% 29.12 28.32 39.65 7.25 75% 25.99 51.99 72.78 27.21 77.53 16.6 145.11 63.68 97.87 138.8 185.48 138.8 175.4 244.87 33.59 22.49 314.63 314.63 314.63 314.63 342.63 342.63 342.63 342.63.512.715.965.591 7

1 28 28 8 7 2 1% 8 9 9 1-15% 28 6 24 Allied-Baltic Rubber, Inc.1 AB 28 6 13 5% 28 3 28 3 95% 28 3 11 5% 75% 95% 1% 28 3 1 1% 65% 8

2 6 7 6 4 9 4.8 16.6 15.2 18 2.1 32.6 46.4 15.7 2.2 13.5 15.3 45.6 63.5 1 728 1,51 2% 3,697 5,413 1% 26,421 5,691 18% 35,145 65,772 18% 1,59 1,93 16% 1,59 1,843 15% 12,837 22,58 15% 1.87 3.8 13% 17,573 29,93 14% 11 15-6kg 9-15 26 248 1 348 45% 29% 29% 56 22.8% 34.6% 19% 6.3% 12 184 248 22.8% 34.6% 18.2% 19.1% 11 16 6.1% 6.3% 13 N/A 12 N/A 14.5% 14.7% 5.8% 6.4% 136 2,698 26.9% 13.1% 1,323 27.% 11.2% 3 3.1% 16.2% 248 34.6% 19.1% 73 45.2% 15.6% 151 19.9% 11.9% 437 19.1% 11.7% 3%2 9

18.88 25 99.84 4% 14 15 12% 1% 8% 6% 15% 1% 25% 25% 1% 12 1 8 6 12% 1% 8% 6% 4% 2% 5% 65% 4 2 4% 2% % % 7-9 3% 16 7 4% 6 35% 5 3% 4 3 25% 2% 15% 2 1% 1 5% % 1

25 26 27 28E 29E 21E 25 26 27 28E 29E 21E 54 28 625 833 1,84 1,392 136 39 49 8 15 318 286.6% 2.9% 33.2% 3.2% 28.4% 6 136 151 22 286 367-59 -186-45 -581-755 -97 35 8 11 117 153 196 % 11.2% 89.7% 71.9% 69.8% 69.7% 69.7% 7 7 1 19 25 32-5 21 176 252 329 422 238 262 312 436 569 912 % n.a 1.3% 28.1% 3.2% 3.3% 3.3% % 38.6% 47.3% 48.5% 48.7% 58.% 7.7% -4-5 -7-9 26 26 26 26 %.%.%.6%.6%.6%.6% 285 215 226 272 224 19-5 -6-25 -28-36 -46 % 46.2% 38.9% 35.1% 3.4% 22.9% 14.7% % 8.6% 2.8% 4.% 3.4% 3.3% 3.3% 94 77 77 162 162 162-59 -19-38 -43-5 -64 379 292 331 46 412 378 % 19.2% 9.% 6.1% 5.2% 4.6% 4.6% % 61.4% 52.7% 51.5% 51.3% 42.% 29.3% EBIT -69-3 19 175 236 34 618 554 644 896 981 1,291 % n.a n.a 17.4% 21.% 21.8% 21.8% 6 7 118-61 -1-8 -4-3 5 266 98 1 139 181 232 % 112.6%.4% 1.2%.4%.2% -.4% 17 33 17 43 55 71-2 282 191 187 3 236 34 33 1 1 %.%.%.%.%.%.% 284 224 187 3 236 35-129 -4 99 171 233 39 323 33 457 596 744 986 n.a n.a 15.9% 2.5% 21.5% 22.2% 11 127 4 31 14 14 14 618 554 644 896 981 1,291-2 13 185 247 323 n.a.2% 2.8% 22.2% 22.8% 23.2% -32-46 -62-81 25 26 27 28E 29E 21E n.a.% 24.8% 25.% 25.% 25.% -2 98 139 185 242.24.1.311.441.59.769-9 -1 1.74.342 1.452 1.893 2.366 3.135 7 1 98 139 185 242.185.29.638.464.493.621 1.9% 2.6% 2.3% 4.8% 5.4% 6.%...... 2.27%.33% 21.42% 23.3% 24.92% 24.53% 25 26 27 28E 29E 21E 1.19%.19% 15.21% 15.49% 18.91% 18.74% 7 1 98 139 185 242-18.99%.75% 15.54% 18.35% 23.78% 23.6% -9-1 63 26 27 31 33 32-82.21% 286.57% 2.87% 33.21% 3.18% 28.41% 6 36-6 -1-14 EBIT -79.63% -14.99% 3338.81% 6.37% 35.12% 28.61% -65 1 4-17 -53-64 N/A -85.32% 8998.48% 41.83% 33.63% 3.42% 56 28 21 146 155 195-42.5% -1.32% 16.16% 39.23% 9.47% 31.6% -5-39 -148 29 16 54.7 156.3 77. 9. 9. 9. -9 14 584.3 112.9 73.6 73.7 73.7 73.7-9 9-39 -148 29 16 693.8 137.2 63.4 64. 64. 64. 1-37 1,977.8 333.7 13.4 15. 74.7 53.7-11 -133 48-118 1-1 -16-4 -4.63% 16.31% 4.49% 6.44% -14.14% -32.1% -1-133 -1 32-159 1 EBIT -1. 4. 14.2 48.5 87.4-6.7 37-96 161 31 25 212 45.9% 4.46% 29.2% 33.53% 24.11% 23.59% 11

3 7 8 15 2 5 5 8 1.4 1.41 1.4 1.38 1 2 3 4 5 1. = 1.1~2.= 2.1~3.= 3.1~4.= 4.1~5.= () 1 27-9-24 15.12 17.517.5 2 27-1-25 16.36 21.2121.21 3 28-1-28 2.1 28.6828.68 4 28-3-3 22.56 28.6828.68 5 28-3-12 19.45 28.6828.68 6 28-4-24 16.15 N/A 7 28-7-22 13.71 19.319.3 8 28-8-14 12.1 19.319.3 19.84 14.84 9.84 4.84 -.16 6828 61123 7216 7523 7813 2 1 7118 4 3 5 813 6 8429 7 8 8723 9 8 7 6 5 4 3 2 1 612 2% 612 1%2% 612-1%1% 612 1%2% 612 2% 12