2007 2 27 2400 2400 2200 2200 2000 2000 1800 1800 1600 1600 1400 1400 1200 1200 1000 1000 800 800 600 600 Jan-06 Mar-06 Jun-06 Aug-06 Nov-06 Jan-07 1998 2006 2006 2006 2007 1 29 2004 80 30 2007.2 2007.2 2006 2006 021 63411376 Email dingpin@htsec.com EPS 2005 2006E 2007E 000860 * 0.22 0.24 0.38 600438 0.36 0.45 0.62 002041 * 0.49 0.04 0.28 002069 * 1.33 1.48 2.17 600598 0.28 0.31 0.34 000911 0.13 0.73 0.63 600467 0.20 0.24 0.29 * 2006
1.... 1 1.1... 1 1.2... 2 2.... 3 2.1... 3 2.2... 4 3.... 5 3.1... 5 3.2... 5 3.3... 6 4.... 6
1 1. 1998 2006 2005 81745 135728 1.66 2006 2006 0.70 1 1998 ( ) (%) 1998 2.220 2.060 1999 8.630 1.780 2000 16.390 1.940 2001 3.910 0.500 2002 5.740 0.550 2003 3.520 0.250 2004 7.840 0.340 2005 10.920 0.460 2006 41.160 0.700 2 2005 600598 44634 600354-12064 600438 12269 600248 S*ST -17332 002069 7228 000918 S*ST -25675 000860 9075 600225 S*ST -27756 002041 8539 600242 S*ST -52901 81745-135728 1.1 2004 2006
2 3 2004 600438 2004-3-2 61.05 600467 2004-3-19 40.99 2006 1000 600975 2004-5-25 8.80 / 600965 2004-6-28 13.19 002041 2005-3-18 19.96 002069 2006-9-7 112.41 65.63 40 002086 2006-11-9 11.40 002100 2006-12-26 15.36 1.2 2007 1 29 2004 2004 2005 2006 2006 2007 2007
3 2. 2.1 2006 2006/2007 3855 Kingsman 06/07 502 Czarnikow 510 ISO 580 06/07 1120 26.98 1150-1200 1 / 1650 1600 1550 1500 1450 1400 1350 1300 1250 1200 2 CBOT / 450 400 350 300 250 200 150 Bloomberg 3 / Bloomberg 4 CBOT / 3000 2900 2800 2700 2600 2500 2400 2300 2200 800 750 700 650 600 550 500 450
4 5 / 2000 1900 1800 1700 1600 1500 1400 1300 1200 Bloomberg 6 CBOT / 600 550 500 450 400 350 300 250 200 Bloomberg 7 / 16000 15500 15000 14500 14000 13500 13000 12500 12000 8 COTLOOK A / 62 60 58 56 54 52 50 Bloomberg 9 / 5500 5000 4500 4000 3500 3000 Bloomberg 10 NYBOT / 21 19 17 15 13 11 9 Bloomberg 2.2 2006 7 7 2004 9
5 11 / 9.5 9.0 8.5 8.0 7.5 7.0 6.5 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 CEIC 12 / 5.2 5.0 4.8 4.6 4.4 4.2 4.0 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 CEIC 3. 3.1 2005 71.8% 8% 30% 13 14 16000 14000 12000 22 17 4000 3500 3000 25 20 10000 8000 6000 12 7 2500 2000 1500 15 10 4000 2000 2 1000 500 5 0-3 0 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Wind Wind 3.2 90 60 4
6 002069 112.41 65.63 40 600359 17.91 27 4 5 600467 40.99 2000 12482 000911 33.15 263 50 5 000663 12.23 181 99.5 81.5 600189 28.38 20 002086 13.21 2.5 600540 11.61 16 3 5 000972 39.02 50 23 50 600598 128.95 62.4 936 24 3.3 4. 2006 2006 320965 10.38% 11973 8.33% 9617 8.18% 0.24 2006 2006 44326 44.94 50.84 46.93 2006 12102 / 984 / 3093 49.93 2006 362.5 20.8% 25.7 23.6% 7630 40% 207596 13.61 4.95 4.60 5.13 2006 2006 633942 22.34 16711 11.23 1.48 2006 2006 27682 33.06% 628 92.70% 1 2 958 2007 2007 2007 2006 2007 14 0.63
7 1 2007 50 2006 42 19 3900 / 32 3700 / 18 2 2007 5 EPS PE x) 2006E 2007E 2008E 2006E 2007E 2008E 000860 * 42.60 0.24 0.38 0.50 44.63 28.18 21.42 600438 61.05 0.45 0.62 0.75 39.47 28.65 23.68 002041 * 19.96 0.04 0.28 0.53 283.50 40.50 21.40 002069 * 112.41 1.48 2.17 2.60 67.16 45.80 38.23 600598 128.95 0.31 0.34 0.37 25.45 23.21 21.32 000911 33.15 0.73 0.63 0.64 17.29 20.03 19.72 600467 40.11 0.24 0.29 0.31 42.21 34.93 32.68 * 2006 2 15
8 & 6 15% 6 5% 15% 6-5% 5% 6-5% -15% 6-15% 65% 6-5% 5% 65%
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