2011 8 29 35 3400 25 30 2015 60 20-25 5 230 330 201120122013 EPS 0.51 0.64 0.85 2011 PE 2530 12.75-15.30 / () (%) () (%) EPS () ROE (%) 2010 27,204.43 32.0% 4,284.40 28.6% 0.42 30% 2011E 37,269.66 44.5% 6,192.49 44.5% 0.46 31% 2012E 50,107.04 34.4% 7,718.41 24.6% 0.57 29% 2013E 64,890.75 29.5% 10,194.30 32.1% 0.75 28% () (%) 2010 10,200 3,400 15.50 0.42 0.32 1.74 2011-8-17 2011-8-30 : S0550511010003 TEL: (8621)6337 7000-233 FAX: (8621)6337 3209 Email: huanghaipei@nesc.cn : 45 20 : 200002
12.75-15.30 / 4 8 11 4 2011 PE 26 2012 PE 19 2011 PE 2530 2011 EPS 0.51 12.75-15.30 / 1 8 11 EPS() PE PB () 10 11E 12E 10 11E 12E 11E 8.93 17.44 0.24 0.43 0.60 58.11 20.70 14.87 3.01 4.56 0.26 46.48 46.48 1.07 1.45 1.93 43.44 32.15 24.04 3.86 12.99 0.40 14.53 12.66 0.79 0.55 0.79 18.39 26.32 18.33 2.39 9.32 1.19 39.98 26.39 19.08 3.09 8.96 0.62 0.32 0.51 0.64 1.45 WIND PEG 2
1996 180-1000 8-10 1 HG/HS/HBL 4001000 2010 HBL 2011 FD/PD/GD/AD 180500 FD 2011 250-300 40 200-250 2011 3 6 2010 2.6 2011 1.7 33 220082011 320082011 4.0 3.5 50% 45% 3.0 40% 2.5 2.0 35% 1.5 30% 1.0 25% 0.5 0.0 2008 2009 2010 2011E 20% 2008 2009 2010 2011E 3
2008 2011 40 4 5 100%, 6%, 7% 80% 60%, 7%, 31% 40%, 8% 20% 0% 2008 2009 2010 2011, 12%, 13%, 15% 3400 25 56 6 100 230 2014 330 2 37100 24 1400 24 1847 24 2200 24 42547 -- 4
33 39 7 8 2% 20% 5% 33% 10% 12% 19% 33% 39% 16% 6% 6% 2006-2010 38 5
920062010 50 40 10% 8% 1020062010 40 30 20% 15% 30 6% 20 10% 20 4% 10 2% 10 5% 0 2006 2007 2008 2009 2010 0% 0 2006 2007 2008 2009 2010 0% 10 12 10 12 10 30 25 11 21% 5% 1220072010 5 4 100% 80% 60% 42% 3 40% 20% 2 0% 12% 1-20% 9% 6% 5% 0 2007 2008 2009 2010-40% -60% 2003 2009 GDP 2010 175 10 18 14 40 6
5000 20000 14 17 1.8 200 / 30 2015 60 80 10-15 20-25 13 14 25000 20000 40 35 30 15000 25 10000 20 15 5000 10 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 5 0 WIND 7
2011 3-4 20-25 70 5-10%2011 0.35 7-10 1.4-1.7 260 54-65 100 2 2010 4.6 180 18 15 2012 2015 3 2008 2009 2010 2011 369 366 412 421 187 176 204 193 4 2008 2009 2010 2011 2012 2013 2014 2015 83 95 108 144 160 210 266 330 14% 14% 33% 11% 31% 27% 24% 5 2012 2013 2014 2015 9800 18000 27000 37600 5800 10600 15900 22200 15600 28600 42900 59800 26 48 72 100 201120122013 EPS 0.51 0.64 0.85 20102011 2012 3.7 5.0 6.5 37%34%30% 0.69 0.87 1.12 EPS 0.51 0.64 0.85 8
62010-2013 2010 2011E 2012E 2013E 11VS10 12VS11 13VS12 260.1 358.9 484.5 629.9 38.0% 35.0% 30.0% 32.6% 35.0% 35.0% 34.8% 2.4% 0.0% -0.2% 11.0 13.8 16.6 19.0 25.0% 20.0% 15.0% 40.8% 40.0% 40.0% 39.8% -0.8% 0.0% -0.2% 272.0 372.7 501.1 648.9 37.0% 34.4% 29.5% 32.8% 35.2% 35.2% 35.0% 2.4% 0.0% -0.2% 7 EPS PE 2010 2011E 2012E 2010 2011E 2012E 002599 10.00 0.32 0.43 0.61 32 24 16 002600 8.00 0.26 0.33 0.43 31 25 18 002601 55.00 1.72 4.47 4.77 32 12 12 002602 23.00 0.91 1.09 1.43 25 21 16 002603 34.56 0.74 1.03 1.34 47 34 26 002604 21.50 0.49 0.60 0.81 44 36 26 002605 21.00 0.76 0.86 1.03 28 24 20 002606 17.00 0.74 0.66 0.96 23 26 18 002607 22.35 0.86 1.21 1.58 26 19 14 002608 22.11 1.50 1.56 1.86 15 14 12 002609 14.50 0.43 0.56 0.71 33 26 20 002610 16.00 0.51 0.73 0.85 32 22 19 31 23 18 9
1 2010 2011E 2012E 2013E 2010 2011E 2012E 2013E 60 500 505 510 272 373 501 649 23 31 40 51 182 242 325 422 88 117 154 198 1 1 2 2 30 37 50 65 9 13 17 22 201 685 750 824 29 30 40 51 55 144 235 327 1 9 18 20 6 5 5 4 0 0 0 0 1 1 1 1 (0) 0 0 0 0 0 0 0 0 1 1 1 263 835 991 1155 50 80 101 133 21 505 535 541 2 1 1 1 46 58 78 101 52 81 102 134 51 56 74 94 9 12 15 20 118 619 686 736 (0) (0) (1) (1) 0 10 21 33 43 69 87 115 0 0 0 0 0 10 21 33 2010 2011E 2012E 2013E 118 629 707 769 43 69 87 115 1 1 0 (1) (0) 5 3 4 143 205 283 387 6 6 11 16 263 835 991 1155 0 0 0 0 1 9 18 20 2010 2011E 2012E 2013E (31) (22) (19) (22) 0.42 0.51 0.64 0.85 (0) (6) (4) (4) 0.01 0.05 0.06 0.08 17 53 78 108 1.40 1.51 2.08 2.85 (18) (100) (105) (110) 32% 17% 13% 14% 0 0 0 0 30% 34% 31% 30% (18) (100) (105) (110) 33% 35% 35% 35% 4 0 0 0 19% 24% 24% 24% 0 10 11 12 21% 25% 26% 26% (2) (7) (9) (11) 32% 37% 34% 30% 25 484 30 6 29% 61% 26% 32% 26 487 32 7 46% 75% 71% 67% 25 440 5 5 0.1% 0.5% 0.6% 0.8% 36 60 500 505 35.7 29.5 23.4 17.7 60 500 505 510 10.7 9.9 7.2 5.3 (2) (40) (13) 14 28.8 28.2 21.2 16.7 23 446 13 16 10
: 6 12 6 12 6 12 : 6 12 15% 6 12 5 15% 6 12 ±5% 6 12 5% 11