2007-06-18 8627 63217743 jiyt@cjsc.com.cn 8627 63296838 qiqiang@cjsc.com.cn SH601919 8.48 17.84 A 2007-6-18 06 139 399,237 TEU 07 08 09 ( ) 89.19 A /B ( ) 17.84 3.67 2007-6-15 4132 13697 06 24 115 20.9% 2006 125 TEU 2151300 200 1700 07 EPS 0.34 0.59 2007 1 1 07 21.1 A 27 07 25 PE 07 EPS 0.52-0.79 12.6-19.8 2005 2006 2007E 2008E 2009E 3,387,297 3,619,805 4,343,766 4,951,894 5,694,678 ( ) 6.86% 20.00% 14.00% 15.00% 411,250 122,303 242,701 333,869 465,728 ( ) -70.26% 98.44% 37.56% 39.49% ( ) 0.46 0.14 0.27 0.37 0.52

... 3... 3... 3... 3... 5... 5... 6... 6... 6... 7... 9... 10... 10... 10... 11... 12 07... 12... 12... 13... 14... 15 1

1...5 2...6 3...6 4...7 5...8 5...8 7...13 1...3 2...7 3...7 4 GDP...8 4...8 6...9 7...9 8...10 9 2005 10...10 10...10 11...11 12...12 13...12 14...13 15 10 2007 1...14 16...14 17...15 2

07 21.1 A 27 07 25 PE EPS 0.52-0.79 12.6-19.8 1 06PE 07PE 08PE 33.1 14.4 10.1 Coil 10.5 20.2 12.5 141.6 29.5 23.8 Hanjin 10.9 14.3 8.9 46.7 27.1 23.7 48.56 21.1 15.8 A 26.2 19.3 17.6 27.9 20.9 17.7 46.6 32.5 25.9 46.2 35.1 20.9 36.7 27.0 20.5 bloomberg wind 2006 TEU 1% 3.32 2.82 0.045 2006 1% 0.7 0.59 0.01 3

8.03 8.48 / 68.1 10000 0.681% 12.6-19.8 50 130 28.8% 74.1% 4

17.84 89.19 8.48 / 5.35, 30, 4.46, 25, 8.03, 45 2007 6 29 2005 3 3 2005 6 30 2006 12 31 2006 12 31 24 115 32,791,713 TEU 2006 12 31 1,250,609TEU 11.9% 50% 51% 49% A 51.07% H 28.93% A 20 1 H A 51.07% 28.93% 20% 100% 51% 51% 49% 16.23% 100% 5

95% 66 2 100% 80% 60% 40% 20% 2.90% 3.60% 3.90% 0.60% 0.50% 0.50% 96.40% 96.00% 95.50% 100% 80% 60% 40% 20% 31.10% 16.70% 21.70% 2.60% 1.00% 1.30% 66.20% 82.30% 77.10% 0% 0% 2006 2005 2004 2006 2005 2004 2760TEU 1996 2007 7000 40000 600 3 clarkson A 6

2004 2006 18.37 13 32 2 2006 2005 2004 8.1 20.8 26.2 18.37 36.68 40.98 39.77 39.14 27.63 33.26 35 31.96 46.47 53.96 52.1 50.84 29.65 40.06 37.98 35.90 wind 2006 7 58 3 2006 2005 2004 28.22 67.45 45.42-58.16% 48.50% /TEU 6487 6974 7075-6.98% -1.43% 1982 2006 25 95 4 80% 70% 60% 50% 40% 30% 20% 10% 0% -10% 1982 1986 1990 1994 1998 2002 wind IMF 2007 IMF 07 GDP 4.9% 2006 0.2 2001 2.6% 90 GDP IMF 2007 2006 0.4 OECE IMF DREWRY 65 7

4 GDP 2002 2003 2004 2005 2006 2007E 2008E 2009E GDP 3.1% 4.1% 5.3% 4.9% 5.4% 4.9% 4.9% 4.7% 3.4% 5.4% 10.6% 7.4% 9.2% 7.7% 7.4% 7.2% 15.5% 14.8% 16.1% 11% 11.7% 11.3% 10.8% 10.7% OECD IMF DREWRY 475 TEU 2006 50 2004 5 5 4.5 4 3.5 3 2.5 2 1.5 1 0.5 0 2.6 136.36% 3.6 4.2 4.5 4.75 160% 120% 80% 1.1 38.46% 40% 16.67% 7.14% 5.56% 0% 2002 2003 2004 2005 2006 2007E TEU clarkson CLARKSON 2007 2009 07 09 15.32% 13.19% 10.68% 5 TEU 2002 2003 2004 2005 2006 2007E 2008E 2009E 1.1 2.6 3.6 4.2 4.5 0.4 2.1 1.6 1.6 1.6 0.6 0.6 0.6 0.9 1.3 1.5 1.5 1.37 0.1 0.06 0.07 0.06 6 6.5 7.2 8.1 9.4 10.84 12.27 13.58 10.90% 8.33% 10.77% 12.50% 16.05% 15.32% 13.19% 10.68% clarkson 07 08 09 6 8

8% 6% 4% 2% 0% -2% -4% -6% -8% -10% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007E 2008E 2009E ( /TEU) 1550 1500 1450 1400 1350 1300 1250 1200 1150 1100 6 2002 2003 2004 2005 2006 2007E 2008E 2009E 15.50% 14.80% 16.10% 11% 11.70% 11.30% 10.80% 10.70% 10.90% 8.33% 10.77% 12.50% 16.05% 15.32% 13.19% 10.68% 4.60% 6.47% 5.33% -1.50% -4.35% -4.02% -2.39% 0.02% /TEU 1155 1352 1452 1492 1404 1418 1432 1475-9% 17% 7% 3% -6% 1% 1% 3% clarkson COSCO 200 82 65% 500 2006 12 31 139 10.3 399,237 TEU 83 60% 56 40% 7 TEU TEU 1 1,573,551 18.55% 520,513 99 2 1,019,725 12.02% 270,256 37 3 517,213 6.10% 373,116 58 4 454,526 5.36% 52,256 7 5 390,354 4.60% 208,724 31 6 387,168 4.56% 118,002 21 7 377,334 4.45% 12,032 3 8 342,461 4.04% 75,906 22 9 337,378 3.98% 116,470 18 10 283,109 3.34% 176,422 35 5000TEU 9

50 3000TEU 73 10.3 8 TEU 1000TEU 40 29% 24247 6% 11.6 1000-2000TEU 33 24% 52051 13% 14.2 2000-3000TEU 12 9% 32829 8% 7.7 3000-4000TEU 16 12% 54817 14% 12.6 4000-5000TEU 9 6% 37915 9% 12 5000-7000TEU 16 12% 88246 22% 5.6 7000TEU 13 9% 109132 27% 0.8 139 100% 399237 100% 10.3 2006 12 31 24 21 1 115 109 2 4 9 2005 10 2005 ( TEU) 1 51.8 13.00% 2 40.4 10.10% 3 40.3 10.10% 4 23.8 6.00% 5 14.7 3.70% 6 12.9 3.20% 7 Eurogate 12.1 3.00% 8 8.7 2.20% 9 7.8 2.00% 10 SSA 7.3 1.80% 24 2006 3279 TEU 20.9% 10 10

2006 (TEU) 2005 2004 (TEU) (TEU) 31 10,400,888 9,196,652 7,956,727-50% 1,688,697 1,841,193 1,697,212 5% 4.45% 8,470,919 7,355,459 6,259,515 71.43% 241,272 56 7,732,423 6,831,502 6,436,076 10% 3,703,460 3,646,732 3,650,319 30% 2,650,007 2,471,840 2,339,479 51% 455,946 377,121 328,199 55.59% 222,912 157,123 118,079 20% 700,098 178,686 80 13,431,338 9,370,361 7,483,974 20% 6,770,003 5,443,086 4,532,769 50% 744,276 605,791 385,856 8.13% 2,885,276 2,467,465 2,172,252 20% 421,068 132,984 50% 837,574 633,573 393,097 14% 1,773,141 87,462 12 1,227,064 681,097 571,863-49% 627,894 611,013 571,863 20% 599,170 70,084 32,791,713 26,079,612 22,448,640 20.9% 4 20 31 11 2004 2005 2006 52280 121282 75287 11

52580 70082 80195 34.1% 14.4% 22,448,640 26,079,612 32,791,713 16.2% 25.7% 07 2006 12 31 1,250,609TEU 11.9% 4 1,198,770TEU 95.9% 41,456TEU 3.3% 10,383TEU 0.8% 12 TEU Textainer Group 1,525 15.00% Triton Container 1,390 13.70% 1,210 11.90% TAL International 940 9.30% GE SeaCo. 930 9.20% Interpool Group 750 7.40% CAI 670 6.60% Capital Lease 520 5.10% Cronos Group 405 4.00% Gold Container 375 3.70% 2006 90.1% 9.9% 2006 6 600,082TEU 4 8 2007 2006 9 1.24 PB 16.8 51 13 2004 2005 2006 12

1,005 2,329 3,072 74.80% 70,126 90,000 562,484 183.20% 426.4 567.9 766.4 34.10% 133,051 134,780 135,087 0.80% 8,875 10,241 12,928 20.70% TEU 1,437,121 1,632,242 1,915,987 15.50% 77,164 90,796 103,046 15.60% 5 10 7 2.6 2.5 2.4 2.45 2.51 2.57 2.3 2004 2005 2006 H 1 16.8 51% 2 60 12 3 4.01 4 2.2 14 51 16.8 06 1.24 PB 13 PE 4.01 60 4 10000TEU 8 5000TEU 2.2 13

83.01 215 1300 200 1700 14.1 60000 7 VLOC 2 CAPSIZE 23 200 15 10 2007 1 COSCO 320 30031 59473 MOSK 143 11374 79540 NYK 111 9293 83716 K-Line 86 8932 103858 Zodiac) 62 7104 117801 China Shipping) 121 5454 36806 KG KG Jebson 77 4060 52726 Enterprise Shpg 52 4033 77554 Hanjin 33 3533 107052 Nissen Kaiun 32 3309 103417 Cardiff Marine 37 3292 88960 Angelicoussis 25 3144 125742 07 42 140 06 7 07 BDI 1300 07 50 70 1300 250 15 CAPSIZE 4500 15 PANAMAX 3050 15 HANDY 2400 486 250 486 A 8.48 07 EPS 0.34 0.59 2007 1 1 16 250 300 350 400 486 8.48 8.48 8.48 8.48 8.48 29.48 35.38 41.27 47.17 57.31 118.67 124.57 130.46 136.36 146.50 63.23% 64.97% 66.55% 68.00% 70.21% 14

50 EPS 0.42 0.40 0.38 0.37 0.34 60 EPS 0.51 0.48 0.46 0.44 0.41 70 EPS 0.59 0.56 0.54 0.51 0.48 2007 2009 12 15 07 09 1 1 3 18 15TEU 06 20 17 2006 2007E 2008E 2009E ( ) 3,619,805.41 4,343,766.49 4,951,893.80 5,694,677.87 ( ) 3,148,559.20 3,711,089.22 4,167,736.62 4,664,227.59 ( ) 50,757.58 60,812.73 69,326.51 79,725.49 ( ) 420,488.63 571,864.54 714,830.67 950,724.79 ( ) 3,906.97 4,778.14 5,447.08 6,264.15 ( ) 229,297.09 274,960.42 313,454.88 360,473.11 ( ) 105,528.81 82,350.12 86,432.18 112,576.45 ( ) 186,305.72 209,775.85 309,496.53 471,411.09 ( ) 149,412.20 176,734.00 190,456.00 232,752.00 ( ) 116,022.43 42,476.00 46,723.60 42,051.24 ( ) 302,328.15 428,985.85 546,676.13 746,214.33 ( ) 68,262.01 55,768.16 71,067.90 97,007.86 ( ) 111,762.85 130,517.00 141,739.00 183,478.00 ( ) 122,303.29 242,700.69 333,869.23 465,728.46 EPS 0.14 0.27 0.37 0.52 15

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