(600060) / 2011 11 3 CRT 2011 2012 2013 EPS 1.36 1.57 1.79 PE 10 8 7 ( ) (%) ( ) (%) EPS ( ) ROE (%) ( ) 2010 21,264 15.52 835 67.58 0.96 14.72 13.6 2011E 23,284 9.5 1,184 41.85 1.36 18.25 9.6 2012E 26,474 13.7 1,363 15.08 1.57 17.85 8.3 2013E 29,862 12.8 1,553 13.92 1.79 17.97 7.3 ( ) 20% 11% 1% -9% -18% -28% -38% 10-11-2 11-2-1 11-5-3 11-8-2 11-11-1 2011/11/2 13.01 52 15.77 52 10.60 13.12 2011Q3 86,887 A 86,887 1.02 7.32 0.51 1.78 : S0550511020004 TEL: (8621)6336 7000-270 FAX: (8621)6337 3209 Email: wun@nesc.cn : 45 20 : 200002
... 4 ( )... 4 1.... 4 2. LED... 4 ( ) 3D 3D... 5... 6 ( )... 6 1. CRT... 6 2. LED... 8 3. 3D... 9 ( )... 10 1.... 10 2.... 11... 12 ( )... 12 1.... 12 2.... 12 ( )... 13... 14 ( )... 14 ( )... 14 ( )... 15 ( )... 16 1.... 16 2.... 17 ( )... 19 1.... 19 2.... 20 3.... 20... 21... 21... 21 1 A... 23 2 A... 25 2
1... 4 2 40 LED... 4 3 CCFL LED 40... 5 4 LED... 5 5 3D... 6 6 3D... 6 7... 6 8... 7 9 CCFL CRT... 7 10... 7 11... 8 12 CRTTV... 8 13 LED... 8 14:LED CCFL... 9 15: LED... 9 16... 10 17... 10 18...11 19...11 20... 12 21... 12 22... 13 23... 13 24... 14 25... 15 26 LED... 16 27 A... 16 28... 17 29 32... 17 31... 19 32 A... 19 33 A... 20 34 A... 20 1... 15 2... 17 3... 18 4... 22 3
( ) 1. 2008 CRT displaysearch 2010 1.92 2011 7% 2.06 80% 2014 95% CRT 1 displaysearch 2. LED LED CCFL CCFL LED LED LED CCFL CCFL LED LED LED LED 2 40 LED displaysearch 4
displaysearch LED CCFL 2010 LED 2010 118 100 CCFL LED 3 CCFL LED 40 displaysearch displaysearch 2010 LED 20% 2011 LED 45% 2015 LED 4 LED displaysearch ( ) 3D 3D Displaysearch 2010 3D 200 10% 2014 3D 1 3D 5
5 3D displaysearch 6 3D displaysearch ( ) 1. CRT 2003 2009 CRT 2011 8 CRT 2007 77% 7% 7 6
CRT CRT 2010 CRT 2.27 CRT CRT 2012 2013 2014 2200 2600 3200 2014 15% 8 9 CCFL CRT 10 7
11 12 CRTTV 2. LED 2011 8 LED 51.77% 62.53% 8 69.31% 69.08% 8 11.88% 30.14% 13 LED 8
LED 8 LED CCFL 8 1.82 1.61 2 1.53 LED LED CCFL LED 14:LED CCFL 2011 LED 70% LED 15: LED 3. 3D LED 3D 2011 3D 2011 3D 587 2013 2282 2013 2296 9
( ) 1. 8 8 60% 72% 8 71.55% 60.59% 3.79 4.57 16 17 12 1.52 1.65 8 9 10 10
18 2. 90% 8 TCL 5 3D 19 11
( ) 1. 2010 1.86 2011 1 5.5 3 8.5 2012 1 4.5 1 7.5 2 8.5 2012 2.17 6 1.62 20 21 2. 2011 0.4 3D displaysearch 2011 2012 8240 9700 12
2012 2016 22 ( ) 2009 9 displaysearch 42 2011 19 2007 2008 2009 2010 62.2% 53.18% 41.64% 25.09% 23 displaysearch 13
( ), 2004 8 16.1%2010 LED 3D LED 21.38%5 3D 19.92%20.3% 24 ( ) LED 2005 LED LED 2008 7 LED 2009 9 LED 2010 LED CCFL 3D 2010 4 14
3D 3D 2011 8 ITV 25 2008 4 LED 2009 3 LED 2010 4 3D 2008 7 LED 2009 9 LED 2010 4 3D 2010 9 3DLED 2011 8 ITV 1 2007 120Hz + 2007 2007 32 2008 7 LED 2009 9 LED 2010 2011 4 Hi-smart 3D LED 3D LED 5 LED LED LED 19 55 10 3D 2011 8 ITV ITV ( ) LED 10% 60% 70% 3D 3% 20% 30% 15
26 LED 10 ITV 27 A ( ) 1. 70% 2007 9 16
28 2 2007 9 85 LED 650 2008 4 10 1800 TCL 2008 4 8 800 A 2009 2 44 720 2009 6 4 360 2. 1) CELL BLU IC CF CELL 50% BLU 25% 29 32 displaysearch 17
CELL 2) 40% IC 50% 3 2005 2005 LED 863 2007 9 2008 8 150 2.1 2009 LED 50 2010 LED LED LED 2011 3) 2010 2.41 1.13 2011 5 20.4% 650 45% 70% 9 40 60% 18
30 ( ) 1. 2010 10% 2009 13.64% 10.63% 2010 2010 1.82 21.21% 2010 2.56 15.17% 2010 48.4% 2.53 2011 9.98% 0.6 31 A 19
2. 2.1% 0.22 1.85% 1.85 2011 1.8% 1.8% 32 A 3. 33 A 20
1. 2014 CRT 2. 3. 11 CRT 4. 5. 2011 2012 2013 9.5% 13.7% 12.8% EPS 1.36 1.57 1.79 PE 10 8 7 21
4 2010A 2011 E 2012 E 2013 E 21263.70 23283.67 26473.61 29861.49 17576.16 18673.50 21258.31 23993.70 65.64 69.85 79.42 89.58 2260.13 2691.59 3044.47 3404.21 369.69 421.43 455.35 507.65 51.77 60.54 52.95 53.75 53.13 50.00 55.00 60.00 18.34 5.00 5.00 5.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 905.53 1321.75 1533.12 1757.59 73.88 80.00 80.00 80.00 979.40 1401.75 1613.12 1837.59 140.02 210.26 241.97 275.64 839.39 1191.49 1371.15 1561.95 4.48 7.15 8.23 9.37 834.91 1184.34 1362.93 1552.58 22
1 A 1 A 2 A 3 A 23
4 A 5 A 6 A 24
2 A A (PE,TTM) 11-1 (PB,11-1) (PCF, TTM) 11-1 (PS,TTM) 11-1 600060.SH 8.95 1.78 13.37 0.51 600690.SH 10.24 3.43 4.71 0.38 000418.SZ A 10.36 2.03 13.76 0.46 000651.SZ 10.75 3.44 9.19 0.69 002242.SZ 12.09 2.84 13.51 1.30 000527.SZ 13.85 2.38-37.42 0.46 002035.SZ 14.88 4.67 18.20 1.22 000921.SZ ST 15.16 7.76-447.62 0.36 600983.SH 15.85 4.36 22.24 1.47 000100.SZ TCL 17.94 1.72 13.09 0.32 002429.SZ 18.78 2.43-76.74 1.78 002543.SZ 20.26 2.07-29.18 1.65 002050.SZ 23.13 3.20 39.52 2.06 002032.SZ 23.28 4.13 64.59 1.60 600619.SH 23.32 2.99-47.43 0.66 000521.SZ 23.76 1.34-13.83 0.43 002508.SZ 25.52 2.89 28.47 2.91 002418.SZ 26.05 1.82-9.46 1.73 600839.SH 26.56 0.96-29.65 0.26 002366.SZ 26.76 2.33 20.09 2.44 002614.SZ 28.98 2.39 73.54 2.33 002413.SZ 29.26 2.56-55.88 1.58 300160.SZ 29.42 2.96-43.63 3.81 002519.SZ 29.53 2.41-34.33 2.47 300217.SZ 30.14 3.56-70.78 4.63 002011.SZ 34.00 4.97 20.85 1.99 300247.SZ 34.78 2.87 46.01 7.68 002420.SZ 35.71 2.02 1.54 002290.SZ 39.75 3.47-22.02 3.00 600336.SH 41.29 3.51 16.43 0.50 002616.SZ 43.27 3.51 38.31 3.05 002403.SZ 67.13 1.87-21.68 1.33 WIND 25
: 6 12 6 12 6 12 : 6 12 15% 6 12 5 15% 6 12 ±5% 6 12 5% 26