17.00 21.65-24.74 020-87555888-340 020-87555888-692 emailgz2@gf.com.cn emaillpz@gf.com.cn FDA 8 2 2009-2011 EPS 0.47 0.62 0.73 A 2010 PE 31 2010 35-40 21.65-24.74 () 8,400.00 () 2,100.00 : 31.01% A 25.00% ROE 23.25% ROA 15.50% 33.33% () 2.36 1.2.3.4. 2007A 2008A 2009E 2010E 2011E 12,587.41 15,649.00 19,133 23,450 28,173 3,305.49 4,624.49 6,211 7,646 9,794 2,271.36 3,455.29 4,143 5,424 6,432 44.42% 52.12% 14.89% 30.92% 18.58% 0.38 0.57 0.47 0.62 0.73 0.00 0.00 35.97 27.48 23.17 0.00 0.00 2.83 2.59 2.35 0.00 0.00 17.30 14.96 11.04 0.00 0.00 0.09 0.12 0.14 0.00 0.00 0.54% 0.70% 0.83% () 17.00 : 46.83
... 4... 7...10...12...13 PAGE 2 2009-09-27
PAGE 3 2009-09-27
2b 08 227.676.60% 08 99.152.87% PAGE 4 2009-09-27
071.261.5% 08 1.5624.3%3606 52.1%71%0.823% 6.0 11.8% 09 20091-6200820072006 64.47%63.72%67.92%62.94% 79.30%80.38% 84.73%85.55% 0958% 73% PAGE 5 2009-09-27
2007120% 2b20091-6 2b 62.44% 38.09% 09 PAGE 6 2009-09-27
60 20 198208 44030816.4% 20082214 80408 15.0% 1.2 PAGE 7 2009-09-27
30001000 10% 207 20 0708 0807 PAGE 8 2009-09-27
1 2006 2007 2008 1 13.89% 1 42.22% 1 39.68% 2 11.16% 2 14.35% 2 13.91% 3 8.52% 3 7.98% 3 5.42% 4 8.04% 4 6.08% 4 5.06% 5 7.56% 5 4.99% 5 3.61% 6 3.45% 6 3.83% 6 3.15% 7 3.44% 7 3.51% 2008 47.542003 200824.4% 20042.320085.3 22.8% FDA 8 19851993HIV 19961996 1997 Prader-Willi2000(2001 ) 20032 FDA 3.6 1.2%4301/3144 PAGE 9 2009-09-27
10% 39 50608 99% 2008 7.63% 2 2006 2007 2008 1 33.39% 1 37.95% 1 37.98% 2 32.34% 2 29.80% 2 28.12% 3 26.66% 3 25.11% 3 26.19% 4 6.87% 4 6.63% 4 7.63% 1.66 2b2b PAGE 10 2009-09-27
5 1.84.1 2b 08105.5% 50% P185LEPTINP185 P185 P185 LEPTIN SFDA 3 P185 LEPTIN 2 4200 25.3% 2 800 18 1000 3,900 23.5% 200 300 18 1,900 11.4% 50 50 30 30 18 3,700 22.3% 18 2,900 17.5% 12 5 PAGE 11 2009-09-27
120102010 30%201160% 4 2 315% 2006 2007 2008 2009E 2010E 2011E 46 59 67 90 118 147 28% 14% 35% 30% 25% 86.31% 86.84% 88.70% 86% 86% 86% 34 25 31 31 36 43-26% 24% 0% 15% 20% 89.33% 90.22% 91.86% 90% 90% 90% 0 1 2 3 3 4 100% 30% 30% 30% 78.73% 56.55% 67.22% 68% 68% 68% 80 85 100 124 157 194 6% 18% 24% 26% 24% 87.59% 87.48% 89.25% 86.62% 86.52% 86.47% 20 25 31 34 41 49 25% 24% 10% 20% 20% 45.75% 42.09% 48.59% 50% 50% 50% 28 15 26 34 42 51-46% 73% 30% 25% 20% 10.44% 19.06% 26.11% 30% 30% 30% 128 125 157 192 240 294-2% 26% 22% 25% 23% 64.18% 70.19% 70.77% 70.15% 70.33% 70.64% 2009-2011 397051976163 EPS0.470.620.73 A2010PE39 2010PE31 201035-40 PAGE 12 2009-09-27
21.65-24.74 5 9 25 2008A 2009E 2010E 2011E 136.20 60.47 38.62 30.62 96.74 58.16 48.53 38.50 42.49 34.01 26.39 21.29 84.53 61.66 47.40 35.17 40.16 32.13 26.88 22.46 89.50 55.82 43.90 38.77 81.60 50.38 38.62 31.14 wind 2006A 2007A 2008A 2009E 2010E 2011E 127.77 125.87 156.49 191.33 234.50 281.73 : 45.51 37.58 45.53 57.12 70.28 84.45 1.08 1.34 1.73 1.92 2.35 2.83 39.96 41.36 49.59 60.62 74.30 89.27 19.84 15.89 18.87 23.92 29.31 35.22 3.54 4.40 3.68-1.00-4.83-4.82 2.35-0.22 0.11 0.00 0.00 0.00 : 0.10 0.72 3.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15.59 26.25 40.46 48.75 63.08 74.79 : 1.59 1.70 1.68 0.00 0.00 0.00 17.18 27.95 42.14 48.75 63.08 74.79 : 2.34 6.45 6.07 7.31 8.83 10.47 14.84 21.50 36.06 41.43 54.24 64.32 : -0.89-1.22 1.51 1.74 2.27 2.70 15.73 22.71 34.55 39.70 51.97 61.63 PAGE 13 2009-09-27
5% PAGE 14 2009-09-27
Buy Hold Sell 12 10 12-10%+10% 12 10 PAGE 15 2009-09-27