2011 10 10 2011 2011 1-8 1841 8.74% 2011 1-8 2098 6.71% 30% 2011 2011 EMC 17% 8% 0% -8% -17% -25% -34% 10-10-11 11-1-8 11-4-7 11-7-5 S0550511010003 TEL: (8621)6336 7000-315 FAX: (8621)6337 3209 Email: yangjl@nesc.cn : 45 20 : 200002
1. 2011 3 1.1 1.2 2. 2011.4 2.1 2011 1-8 2.2 2.3 2.4......9 3.1 2011 1-8 3.2 3.3 12 4.1 4.2 2011 4.3 2011 2
1. 2011 1.1 2010 2010 2011 9 30 31.12% 300 1 2 1 2011 300 WIND 2 2011 WIND 1.2 5 3 2008 30 3
30 3 5 WIND 2. 2011 2.1 2011 1-8 2011 1-8 1841 8.74%-10.75% 2009 1896.97 4 4 2010-2011 1-8 46.7% 2011 2010 2011 2925 741 3666 7.51% 2011 1-8 50.2% 3700 2011 1-8 220 10770 4
5 1829 500 2040 750 2011 1-8 750 1090 2009 2010 210 2 2011 1-8 220 16247 3366 220 1 220 330 500 / 2 2011 1-8 220 5 2009~2011 1-8 220 2.2 2010 2011 2010 2011 2011 3 18 6 3 5
6 2011 2Q-3Q 6 LME 3 LME3 WIND 2011 110 220kV 330kV 500kV 220kV GIS - - 800kV -- 800kV 2012 5-6 - - 800kV - 2010 2011 11 500-2011 9 27 6
9 2.3 2011 1 1 2011 2011H 2011H 2011H 2011H 2011H 63,005-15.22% 27.13% -13.70% 9.15% 1.88% 10,804-55.63% 7,056-56.68% 56,024 10.33% 25.58% 4.21% 18.30% -4.26% 7,231 114.86% 6,629 97.39% 40,570 48.12% 33.06% 1.45% 22.91% 1.43% 3,547 48.12% 2,992 46.05% 37,478 51.68% 25.59% -0.22% 12.20% -3.42% 4,053 99.67% 2,693 78.22% 30,565 34.40% 32.74% -2.55% 22.25% -2.41% 2,647 43.55% 2,161 56.82% 27,855 30.22% 33.22% 0.18% 11.43% -2.76% 5,556 63.60% 4,777 61.23% 25,516 41.33% 38.29% 1.66% 13.63% 2.31% 5,628 35.63% 4,781 35.11% 14,096 144.69% 43.34% -3.16% 17.48% -3.42% 3,666 184.82% 2,399 135.15% 12,434 1.63% 34.69% -3.30% 11.20% 3.82% 2,710-23.94% 2,303-18.70% 400,190 40.85% 22.41% -5.02% 8.29% -1.37% 53,488 9.95% 39,278 7.97% 224,528 27.21% 11.60% 0.06% 5.41% 0.26% 12,383 20.75% 9,619 19.07% Total 932,260 29.84% 22.48% -3.08% 9.93% -0.65% 111,711 6.11% 84,687 6.67% 1 2010 2011 2011 2 5 3 / 7
1 2 10 10 2.4 220kV 30.20 68.81% 21.94 40.45% 11.63 30.94% 61.32% 40+% 19 57.31% 4300 6000 30%2011 2010 74 2010-2011 5000+ 1000 - - 8
7 2011 2 2 EPS-2011E EPS-2012E PE-2011 PE-2012 34.98 0.788 1.213 44.40 28.83 9.41 0.377 0.540 24.94 17.41 23.60 0.704 0.931 33.51 25.35 18.91 0.543 0.770 34.81 24.57 16.60 0.729 1.032 22.78 16.08 28.57 1.265 1.758 22.58 16.25 WIND 3.1 2011 1-8 8 2011 1-8 2098 6.71% 660 10.33% 31.5% 6% 2011 1-8 1406 15.15% 542 34.83% 467 30.08% 397 13.70% 9
30% 2011 5 8 2009~2011 1-8 9 2011 1-8 4784 71 3224 67 817 133 611 157 109 2 108.69 2011 8 1-8 9 2008~2011 1-8 3.2 10
12011 1-8 2 2011 1-8 20-30 2011 1-8 30% 2011 51.46% 45.23% 2011 3 9 2012 2010-2011 2011 2012-2013 11
3.3 08-09 2010 2020 2015 6 / A 2011 2020 10 500 5000 2015 7000 2800 50% 30 2010 33 4.1 UPS UPS SVC SVG APF APF 3 12
3 EPS-2011E EPS-2012E PE-2011 PE-2012 18.33 0.619 0.890 29.61 20.61 8.70 0.272 0.430 31.97 20.25 19.80 0.728 1.016 27.18 19.48 70.15 1.824 2.660 38.46 26.37 43.58 1.377 2.005 31.66 21.74 17.65 0.589 0.840 29.99 21.01 19.15 0.734 0.942 26.09 20.32 26.86 0.863 1.225 31.13 21.92 WIND 4.2 2011 2010 50 2011 30% 1 2 EMC EMC 4.3 2011 80% 10-15% 2010 30% 200 2011 2010 13
2011 1 10 2 3 14
: 6 12 6 12 6 12 : 6 12 15% 6 12 5 15% 6 12 ±5% 6 12 5% 15