CHINA SECURITIES RESEARCH 2009 800 2000 8 1.85% 16 40 5% PB 1-4 AMTD PB 2 PB 1 10 2008 EPS 0.28 15PE 4.2 1.5 PB 7.6 11.7 ROE weitao@csc.com.cn 010-85130975 2008 12 30 sheminhua@csc.com.cn 021-68801589 8.40 6 11 /% 1 3 12-30.1/-39.4-43.7/-41.4-67.8/-7.6 12 / 61.58/0 822,782 A 152,313 730 135 3 6,660 - (LOF) 0.07% 2007A 2008F 2009F 2010F 2007A 2008F 2009F 2010F 11264.85 6773.24 6360.38 7628.25 320.69% -39.87% -6.10% 19.93% 5456.72 3089.56 2901.24 3479.57 1159.30% -43.38% -6.10% 19.93% ROAE 0.271 0.082 0.073 0.082 BVPS 4.452 4.694 4.976 5.314 EPS 0.663 0.376 0.353 0.423 PE 12.515 22.104 23.539 19.626 PB 1.864 1.768 1.668 1.562
2009 1 2 2009 2009 7 10 2010 2009 1 Wind 1999 2003 1-2005 12 3 1.2% 500 11 1300 850 2009 800 1
2 % 10 9 8 7 6 5 4 3 2 1 0 4500 4000 3500 3000 2500 2000 1500 1000 500 0 Wind 3 9 80%2009 2009 2000 2
4 10 43% 77% 5 35000 30000 25000 20000 15000 10000 5000 0 Wind 500 450 400 350 300 250 200 150 100 50 0 2009 2007 46%5%39% 2008 2009 3500 600 3
62008 2009 4500 4000 3500 3000 2500 2000 1500 1000 500 0 140.0% 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 2008 260 1 2008 11 8 2008 1 4.5% 2 5.1% 6 4.32%9 4.08%11 3.9% 4
7 8 8000.0 7000.0 6000.0 5000.0 4000.0 3000.0 2000.0 1000.0 0.0 % 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Wind 2008 1 4.17% 5 6 8 4.37%11 4.13% 5
9 Wind 3 0.1249% 0.1245% 2 2008 9 16 1.85% 7 8 7 4 IPO 9 2008 1.75 2008 11 0.17% 6
7 10 11
1 /() 20080220 50782.9856 20080522 69926.102 20080603 29400 20080612 34720 20080623 127680 20080714 30740 20080714 17040 20080718 33792 20080725 21024 08 20080821 60000 Wind 3 2.44 1.4 34.5 99.5 3.5 1 51% 517 6 353 9 321 27.775% 2008 9 308 641 8
12 Wind 40 2004 19 7.2 002155 002182002202002206 30 10 150 15% 3000-4000 400 2009 40 8% 4%5%6% 9
22009 350 11% 3.080 0.255 3.415 3.435 3.455 20% 5.600 0.466 6.226 6.266 6.306 30% 8.400 0.699 9.339 9.399 9.459 40% 11.200 0.932 12.452 12.532 12.612 20 10% 0.080 0.100 0.120 20% 0.160 0.200 0.240 PB 1-4 PE 10-20 AMTD 50% PB 3-10 PE PE 20-40 13 PB Bloomberg 10
14 PE PB 2-5 ROE 2008 3 7.13% PE 21 PE ROE 3 xx 4/3 ROE3 38.27 4.41 7.80 18.42 3.61 15.37 32.62 4.09 9.03 19.47 3.60 12.58 18.10 2.70 11.31 14.73 5.65 34.29 20.90 1.96 7.13-37.13 17.80-30.48 Wind 2 PB 1 10 2008 EPS 0.28 15PE 4.2 1.5 PB 7.6 11.7 11
2007A 2008F 2009F 2010F 11264.85 6773.24 6360.38 7628.25 320.69% -39.87% -6.10% 19.93% 5456.72 3089.56 2901.24 3479.57 1159.30% -43.38% -6.10% 19.93% ROAE 0.271 0.082 0.073 0.082 BVPS 4.452 4.694 4.976 5.314 EPS 0.663 0.376 0.353 0.423 PE 12.515 22.104 23.539 19.626 PB 1.864 1.768 1.668 1.562 4 2008 2009 2010 () 6773236301 6360378105 7628248718 () 4566244247 3498430319 4211264778 3712296685 2711904435 3303309855 221179494.6 243297444.1 291956932.9 591301369.4 500511579.3 568719793.6 () 965232710.1 1456611336 1881255465 () 950000000 1069813205 1149876743 () () 291759343.5 335523245 385851731.8 () 2526417140 2372421033 2845336772 () 358981523.9 337100039.6 404297182 () 2167435616 2035320994 2441039590 () () 4246819161 3987957072 4782911946 () 4246819161 3987957072 4782911946 () 1061704790 996989268 1195727987 () 3185114370 2990967804 3587183960 () 3089560939 2901238770 3479568441 () 95553431.11 89729034.12 107615518.8 () 0.376 0.353 0.423 2008 11 2010 12 12
5 xx () 2010-11-08 346189.545 2010-06-29 76343.7708 2009-06-29 24985.2342 Wind 13
14
12 15 12 515 12-55 12 515 12 15 15
, 2004 2006 2003-2006 2003 47.91% 37 2004 50 3.56% 13 2005 19 8.98% 16.32 2006 Top30 180% 50 CPA 100010 200120 188 4 201 601 (8610) 8513-0588 (8621) 6880-5588 (8610) 6518-0322 (8621) 6880-5010 16