PE /.

(600729) 2010 7 1 41.04 / / www.c-best.com ( ) 20,400 A ( ) 13,575 B/H ( ) 0 83.64 A ( ) 55.66 () 4.61 (%) 64.88./32.51% /32.51% + S1060209040123 0755-22625790 Hemiao160@pingan.com.cn 2010-2012 EPS 0.851.15 1.39 EPS 1.321.49 1.73 2010 6 30 41.04 PE 3128 24 PE36 5% 10 PE 34-38 45-50 2009A 2010E 2011E 2012E 7,312 8,686 10,259 11,509 YoY(%) 13.9 18.8 18.1 12.2 157 173 235 284 YoY(%) (3.6) 10.6 35.4 21.0 (%) 15.9 15.3 15.3 15.3 (%) 2.1 2.0 2.3 2.5 ROE(%) 16.7 16.2 18.7 19.2 EPS() 0.77 0.85 1.15 1.39 P/E 53.4 48.2 35.6 29.4 P/B 8.9 7.8 6.6 5.7

...2...3...5 1.1...5 1.2 37.25...6 1.3...6 1.4...7 1.5...9...9 2.1...9 2.2...10 2.3...13...14 3.1...14 3.2...15 3.3...16...17 4.1...17 4.2 PE 45-50 /...18 4.3 DCF 35.38...18 4.4...19 4.5...20 2/21

1...5 2...5 3...6 4 PB 2009 8 31...6 5...7 6...7 7 09...7 8 2009-2014...8 9...8 10...8 11...10 12 ROE ROIC...10 13...10 14...11 15...11 16...12 17...12 18...13 19 V.S....13 20...14 21...14 22...15 23...16 24...16 25 09...17 26...17 27...18 28 A 2010 6 22...18 3/21

29 DCF...19 30 DCF...19 31 2010 5...19 32 2010 5...20 4/21

30 70 1 2 31% 16% 1% 52% 2006A 2007A 2008A 2009A 49.0 53.8 60.9 70.2 34.4 9.7 13.3 15.3 (%) 10 20,400 32.51%2009 1.1 2.04 3.82 5/21

3 1.2 37.25 37.25 8.2 PB 37.25 2009831 PB PB6.5 8.2 53.3 4 PB 2009831 P/B 600729 9.4 000987 7.3 600785 6.8 600280 5.7 600858 5.2 600694 4.6 6.5 1.3 2010 EPS 1.32 PE36 2010 47.5 6/21

5 2010 118.9 86.9 205.8 - - 15.2% 3.3 1.8 5.1 - - 183% 3.3 1.8 5.0 EPS - 0.85 1.32 - - 55% (%) 13.2 15.8 13.6 - - -14% (%) 2.8 2.0 2.5 - - 25% 6 2008A 2009A 2010E 2011E 2012E 64.21 73.12 205.75 235.11 259.03 YoY 17% 13.89% 181% 14.27% 10.17% EPS 0.80 0.77 1.32 1.49 1.73 YoY 61.34% -3.75% 25.51% 13.23% 15.83% 15.82% 15.86% 14.15% 14.19% 14.23% YoY 16.38% 13.84% -10.79% 0.29% 0.26% 2.62% 2.18% 2.45% 2.43% 2.55% YoY 40.86% -16.79% 12.68% -0.95% 5.12% 1.4 1) 15 80 10 2009 09 5 7 09 / 60 70 0.9 112 73 1.6 3.3 1.6 2.1 5% 3% 1.6 7/21

8 2009-2014 % 2009-2014 19952 3.0 20011 2.5 20014 6.5 200211 2.5 20021 5.5 200412 5.7 20054 5.6 20054 3.0 200612 5.9 20071 7.6 200712 7.4 200712 4.2 20082 16.0 20101 28.4 2011 30.1 7.5 2) 9 2 1 1 1 2 2 1 17 / 4/1 1 1 1 1 1 - - 7 3 10 6 8/21

1.5 1) 2009 8 31 40 33 7.5 / 5 / 2) 5 30% 6%-10% 3-5 2 11%-19% 3 6%-15% 4 6%-10% 2.1 1) ROE ROIC 9/21

11 12 ROEROIC 70% 60% 50% 40% 30% 20% 10% 0% -10% 2002 2003 2004 2005 2006 2007 2008 2009 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2003 2004 2005 2006 2007 2008 2009 ROE ROIC 2) 13 ( ) 1.5 2.2 1.8 3.4 2.6 2.2 1.1 1.5 2.9 1.1 3) 2.2 1) 60% 10/21

GDP 78% 14 GDP 2005A 2006A 2007A 2008A (%) 12.37 10.83 15.99 18.67 18 26 9 4 (%) 19.16 18.17 22.45 21.85 23 15 13 12 (%) 13.12 14.28 16.59 21.05 26 8 7 1 CEIC, 15 2009 2580 25.2% 46.17% 28.74% 11/21

16 60% 50% 40% 30% 20% 10% 0% / 2) / 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 17 / - - - - - - - - - - - - - 12/21

18 2.50 / 2.00 1.50 1.00 1.92 1.90 1.62 1.60 1.44 1.41 1.38 1.36 1.36 1.29 1.28 1.20 1.18 0.99 0.89 0.86 0.74 0.50 0.00 WIND 19 V.S. 12% 13% 39% 61% 88% 87% / / / 2.3 1) 2) 13/21

3 30 9.3 / 20 GDP 3.1 03 21 (%) 2003A 2004A 2005A 2006A 2007A 2008A 2009A 13.4 13.0 11.8 13.1 14.7 16.7 16.5 14.3 15.6 15.5 20.7 20.4 18.8 18.5 18.1 16.1 18.0 19.2 18.7 19.6 18.7 21.3 21.5 20.0 23.8 26.4 28.0 26.2 10.0 15.9 16.3 18.1 18.2 18.5 18.7 16.5 17.1 16.8 18.7 18.6 18.5 20.1-21.5 22.1 22.5 22.6 22.0 20.7 14.0 15.1 14.8 14.4 15.4 15.8 15.9 14/21

3.2 + + 22 / = 15/21

23 09 400 / 4000 21 ( 200 / )Pink&Mary( 100 /)Jessie( 80 /) / 7 24 / - 3.3 2005 16/21

25 09 30% 25% 20% 15% 10% 5% 0% / / 26 120% 100% 80% 60% 40% 20% 0% WIND 4.1 20082009 3 2009 09 2010 2010 17/21

27 2008A 2009A 2010E 2011E 2012E (%) 8.1 8.5 8.5 8.1 7.9 (%) 4.2 4.1 4.0 4.0 4.0 (%) 0.3 0.3 0.2 0.2 0.1 % 12.6 12.9 12.8 12.3 12.1 4.2 PE 45-50 / 2010-2012 EPS 0.851.15 1.39 2010 6 30 41.04 PE 48 36 29 EPS 2010-2012 EPS 1.32 1.491.73 2010 6 30 41.04 PE 3128 24 PE36 5% 10 PE 34-38 45-50 28 A 2010630 () () PE 2010E 2011E 2012E 2010E 2011E 2012E 9.4 0.12 0.17 0.22 75.1 54.1 41.7 42.3 0.98 1.54 1.97 43.1 27.4 21.5 20.1 0.60 0.80 1.03 33.6 25.3 19.5 8.7 0.27 0.56 0.85 31.7 15.7 10.2 8.4 0.27 0.34 0.34 31.4 24.6 25.0 25.4 0.82 1.10 1.37 30.9 23.2 18.6 12.0 0.39 0.65 0.78 30.5 18.6 15.4 14.0 0.46 0.80 1.05 30.2 17.5 13.4 8.2 0.27 0.33 0.41 29.6 25.0 20.0 32.8 1.11 1.32 1.54 29.6 24.9 21.4 34.0 1.22 1.52 1.87 27.9 22.4 18.2 35.8 25.3 20.4 WIND, 4.3 DCF 35.38 DCF DCF 35.38 09 18/21

29 DCF β 1.05 83.64 % 3.81 2.04 % 8.00 35.38 Ke 8.19 PE 41.62 Kd% 4.19 PE 48.24 % 37.51 WACC% 6.68 35.38 30 DCF g 35.38 0.00% 1.00% 2.00% 3.00% WACC 5.68% 36.57 42.84 52.49 69.35 6.18% 33.64 38.74 46.28 58.56 6.68% 31.15 35.38 41.40 50.71 7.18% 29.01 32.55 37.47 44.73 7.68% 27.15 30.16 34.23 40.04 4.4 24 10 1) 31 20105 m () ( ) 16,720 15,000 2.51 16,693 13,000 2.17 11,687 4,000 0.47 8,600 4,000 0.34 26,000 18,000 4.68 17,960 11,000 1.98 10,965 4,600 0.50 19,270 5,200 1.00 5,479 3,500 0.19 33,000 4,200 1.39 17 15.23 2) 36 19/21

32 20105 m () ( ) 62,743 15,000 9.41 9,039 13,000 1.18 12,640 11,000 1.39 33,726 4,800 1.62 35,956 12,000 4.31 30,578 4,200 1.28 18,067 4,000 0.72 7,474 3,500 0.26 9,181 4,100 0.38 21 20.56 4.5 1) 2) 3) 4) 10 20/21

: : 2009A 2010E 2011E 2012E 2009A 2010E 2011E 2012E 1,398 1,577 1,888 2,266 7,312 8,686 10,259 11,509 617 711 863 1,131 6,152 7,357 8,692 9,752 6 11 14 15 51 53 64 73 13 25 27 29 621 741 835 914 128 154 181 204 303 347 410 460 631 659 779 874 20 (12) (12) (18) 2 17 24 13 0 0 0 0 1,336 1,361 1,392 1,396 0 0 0 0 7 7 7 7 6 3 4 4 1,119 1,142 1,143 1,139 171 202 274 331 26 21 16 10 13 9 11 12 183 191 226 239 2 5 6 6 2,734 2,939 3,280 3,662 182 206 278 337 1,774 1,744 1,898 2,106 23 31 42 50 0 0 0 0 159 175 237 286 718 782 923 1,036 2 2 2 2 1,056 962 974 1,071 157 173 235 284 0 100 100 50 EBITDA 324 306 391 455 0 100 100 50 EPS 0.77 0.85 1.15 1.39 0 0 0 0 1,774 1,844 1,998 2,156 20 21 23 25 204 204 204 204 2009A 2010E 2011E 2012E 92 92 92 92 645 778 964 1,185 % 13.9 18.8 18.1 12.2 941 1,073 1,259 1,480 % (1.4) 18.2 35.3 20.9 2,734 2,939 3,280 3,662 % (3.6) 10.6 35.4 21.0 % 15.9 15.3 15.3 15.3 : % 2.1 2.0 2.3 2.1 2009A 2010E 2011E 2012E ROE(%) 16.7 16.2 18.7 19.2 544 142 318 495 ROIC(%) 40.5 28.2 35.0 48.5 159 175 237 286 133 116 129 142 % 64.9 62.7 60.9 58.9 20-12 -12-18 % 0.0 5.4 5.0 2.3-6 -3-4 -4 0.8 0.9 1.0 1.1 255-140 -32 89 0.4 0.5 0.6 0.7-17 6-1 -0-74 -121-128 -132 2.9 3.1 3.3 3.3 81 112 113 115 835.8 948.2 769.2 758.3 0-2 1-0 9.3 9.8 10.2 10.0 7-10 -14-18 -87 72-37 -95 0.77 0.85 1.15 1.39 0 0 0 0 2.7 0.7 1.6 2.4-45 100 0-50 4.6 5.3 6.2 7.3 0 0 0 0 0 0 0 0 P/E 53.4 48.2 35.6 29.4-42 -28-37 -45 P/B 8.9 7.8 6.6 5.7 384 93 152 268 EV/EBITDA 23.8 25.2 19.7 17.0 21/21

: 6 300 20% 6 300 10%20% 6 300 10% 6 300 10% : 6 300 10% 6 300 5%10% 6 300 5% 6 300 5% 2010 8 518048 4008866338 (0755) 8244 9257