1
2
3 12 300 9.58% 1 A 1 2 1 2010 1 2010 3 12 15% 10% 5% 0% -5% -10% -15% -20% -9.58% 50 45 40 35 30 25 20 15 10 5 0 Wind 3
2010 1-2 20.7% 16.9 2009 12 2.2 1-2 22.13%1-2 PMI 55.80 52 2010 1-2 2040.82 31.40%1 1094.75 20.99%2 945.23 45.7%04 12%-20% 2 13.7% 2 1-2 09 08 10 1-2 50 40 30 20 10 0 (10) (20) 0 (30) 2500 2000 1500 1000 500 1-2 351.21 17% 09 4 6.3% 09 10 4
2 2005 7 08 7 10 2 09 12 05 20%3 9 2.72% 09 04-08 10 2-3% 3 1-2 673% 60% 44% 39% 5
1 2 2 78%105%96%69%67% 10 2 1 OECD 101.43 1 09 12-9.7% 4 2 11 2 2 6
2010 1-2 09 GDP 10 1-2 25052 17.9% 2.7 2009 2.4 2010 15% 30000 25000 20000 15000 10000 5000 0 25 20 15 10 5 0 1-2 42%41% 30% 2010 2 12 1 1.4% 1.8% 7
10 25 8 6 20 4 15 2 10 0 (2) (4) 5 0 2010 1-2 26.6% 09 30.50%10 09 18.4% 14% 09 32% 28.1% 14 09 11 7.76%10 1-2 29.9% 8
2 2 2000 22% 2 20% 40 30 20 10 0 115 110 105 100 95 90 2 09 2010 2 10 2 CPI 2.7% 10 3% 9
04 CPI 3% 1 09 210 11 1 1 GDP CPI BP BP 2004-10-29 2.25 5.58 8.9 4.3-2.05 27 27 2006-04-28 2.25 5.85 12.6 1.2 1.05 0 27 2006-08-19 2.52 6.12 11.4 1.3 1.22 27 27 2007-03-18 2.79 6.39 13 3.3-0.51 27 27 2007-05-19 3.06 6.57 13.8 3.4-0.34 27 18 2007-07-21 3.33 6.84 13.4 5.6-2.27 27 27 2007-08-22 3.60 7.02 13.4 6.5-2.90 27 18 2007-09-15 3.87 7.29 13.4 6.2-2.33 27 27 2007-12-21 4.14 7.47 11.8 6.5-2.36 27 18 10 7.5 18.76% 09 01 10 2 GDP 2 1 9% 10
1 23 12 11
12
13
LED 3G 3G 12 3G 3G 09 TD 8.7 2010 78 TD TD 30% TD 3G FTTX 3G 2010 CP SP TP SP CP 2010 KPI 14
RF-SIM 1RF-SIM 2RF-SIM 3RF-SIM 4 5 8 15
1RFID 2 CPI 3G 1 16
17
2 2 2 23 1 2 3 1 2 3 4 5 6 1 2 3 4 7000 8000-10000 1 18
2 1368 270 08 32.22% 48.37% 1080 2-3 4500 1 1318.5 1 20% 9000 5 60 08 6.13 40 85% 30% 1500 2000 65% 9 09 GDP 8.7% GDP 08 09 4337 14.8% 6.35.3 9 2009 12 12 2009 12 31 1 22 19
6 24-20
7.5 3 4 1 3 3-5000 3 1 2 09 5 3 150% 2 7.53 2007 21
2010 30% 7%3 10.3% 09 2-3 90 2-3 7% 2010 A 25 10 9 8 7 6 5 4 3 2 1 0 7.05% 8.06% 20% 15% 10% 5% 0% -5% -10% -15% Wind 09 09 2.09 7.5 28% 3 3 7000 1 7.5 40% 7.5 2 09 A 700 A 22
A 2 A 300 250 200 150 100 50 0 90 80 70 60 50 40 30 20 10 0 Wind A 2010 PE 17.75 300 15.77 08 10 300 PE14.8 300 PE 6 A A 2010 PE 39.96 25.63 15.15 300PE PE 07 300PE 40% 28 A 29 07 Wind M1 M1 2 M1 1 38.96% 34.99%09 11 3300 A 08 10 300 PE 300 PE 6 6% 2800 2 A A A 23
30 M1 2 M1 45 40 35 30 25 20 15 10 5 0 7000 6000 5000 4000 3000 2000 1000 0 Wind 3000 2 2 2 24
2 26.6% 09 3.9 2 2 31 70% 120% 60% 50% 40% 30% 20% 10% 0% -10% -20% 100% 80% 60% 40% 20% 0% -20% -40% 2 25
LED 12 12 1 3 2010 17 2 2 2 2 30% 2% 20% 2 26
34 2 3 1 1 2010 1 11 2 CPI CPI 1 3 2 3 09 3 20 27
2 2010 17.2 24.45 4 1 5 2010 1 2 34 09 09 4 12 3 2009 2010 2 28 30% 2010 4.8% 12.5 10 30 65% 300 85% 35-50% 28
4 2 2 40%1 89% 47.8% 5 12 09 2 26 PE 0.95 1 0.9 0.84 5 09 GDP GDP 2000 1 GDP 3000 2008 3500 2010 2 2000 3000 4000 2010 7-8 4-5 9-10 11-12 12 RPK 14.9%13.3% 29
11.8% 75.9%70.6%74.1% 12 1 2 RPK 13%18%17% 80%77%81% 20% ASK 11% 9000 1368 270 08 32.22% 48.37% 40% 1 2 100 / 85 / 100 / NYMEX 70-80 2008 7 NDF 6.6410 2.79% 09 183.5 1247.8 312.8 1% EPS 0.04 0.03 15 92.5 60% 76% 1-2 30
6 1 8 1 123 09 4 12 2 3:3:2:2 4:3:2:1 1 1.39 2 7000 1 30% 40% 1 2 2 2 A A +H 800 420 220 180 180 A 100 50 H 2010 A 600 A AH A 700 2010 1 26 2010 2 34 2 2010 Beta 31
7 3 PPICPI 1 40% 8 32
2010 1 2 2 09 2010 1 20% 20% 2 1 2 3 7 8 8.5 4 5 6 7 12 9 2009121816 20101112 1 3G 3C LEDLCDLED 33
2010LED 34
1 580001 2005 2 2 2006 128.15% 39 7 2007 12 28 1.0484 2007 99.35% 12 2008 12 31 2.2772 2008 59 18 2010 3 18-5.36% 7 10 17.20 2 580002581002 2006 12 15 2007 2008 12 31 1.4250 2008 13 2010 3 18-2.31% 3 580003 2008 4 23 2008 12 31 0.7344-26.56% 2010 3 18-2.70% 4 582001A A 2008 11 5 2008 12 31 A 1.0244 2.44%2009 6 25 A 10 35
0.12 5 582201C C 2009 6 15 2009 6 25 C 10 0.12 6 580005 2009 3 31 10.49 2010 3 18-4.23% 7 580006 36