SUV

I 2008 4 2008 04 15 021-62078960 021-62078709 yubing@pasc.com.cn wangdean@pasc.com.cn 1 2 24.71% 70.05 23.55% 35.61 27.05% 3 SUV 58.7% 17.01% 10% 15% 4 2 27.48% 30.45% 5 2007E 2008E 2009E (20080415) 2007E 2008E 2009E 0.29 0.47 0.63 11.72 40.41 24.94 18.60 0.24 0.29 0.39 5.70 23.75 19.66 14.62 0.94 1.4 1.28 25.39 27.01 18.14 19.84 0.25 0.26 0.41 5.96 23.84 22.92 14.54 0.92 1.2 1.48 24.40 26.52 20.33 16.49 0.83 1.13 1.33 21.99 26.49 19.46 16.53 3.72 4.27 4.62 63.99 17.20 14.99 13.85 0.88 0.97 1.21 15.10 17.16 15.57 12.48 0.26 0.29 0.38 9.04 34.77 31.17 23.79 0.41 0.53 0.73 13.99 34.44 26.39 19.05 0.34 0.62 0.7 8.89 26.15 14.34 12.70 2.1 2.71 3.39 34.88 16.61 12.87 10.29 0.71 0.72 0.9 13.79 19.42 19.15 15.32 0.48 0.29 0.36 9.92 20.67 34.21 27.56 0.34 0.46 0.5 13.11 38.56 28.50 26.22 0.15 0.2 0.43 7.23 48.20 36.15 16.81

... 3 1... 3 2 SUV... 3 3... 5 4... 5... 7 1... 7 2... 7... 8... 9 1 000625... 9 2 600104... 10 3 600006... 10 4 600066...11 5 600418...11... 11... 13 1... 13 2... 14 2/16

1 105.66 24.71% 1 1050000 950000 850000 750000 650000 550000 450000 1 2 3 4 5 6 7 8 9 10 11 12 2006 2007 2008 70.05 23.55% 35.61 27.05% 2 3 3 3 3 1056573 2578656 2123740 24.71% 21.42% 700505 1851099 1537268 23.55% 20.41% 515741 1374203 1121635 25.97% 22.52% MPV 22739 55255 53203 7.38% 3.86% SUV 43419 101816 71647 48.39% 42.11% 118606 319825 290783 10.68% 9.99% 356068 727557 586472 27.05% 24.06% 21528 57768 52962 2.45% 9.07% 219372 448679 366891 20.67% 22.29% 33078 62085 42277 62.95% 46.85% 8803 24136 23757 4.13% 1.60% 73287 134889 100585 50.52% 34.10% 2 SUV 3 SUV 4.34 3 48.39% 3/16

3 51.57 20% MPV 3.86% 3 10% 3 SUV 144836 CRV 16960 137335 15116 116155 13450 95839 8988 90351 6569 70143 61083 66003 60% 64608 MPV 60398 10466 59836 GL8 9198 905504 7021 65.89% 4576 3970 35231 63.76% 25.87% 5.46 4 2008 2007 439218 378451 16.06% 363178 266597 36.23% 232474 182682 27.26% 212841 157193 35.40% 81736 71258 14.70% 1329447 1056181 25.87% 3 21.3 35.4% 44% 58.96% 57.6% 3 36.32 36.23% 76.88% 82.21% 48.77% 4/16

3 3 32169 1 1 2007 5 500 400 300 200 100 0 2006 1 2006 3 2006 5 2006 7 2006 9 2006 11 2007 01 2007 03 2007 05 2007 07 2007 09 2007 11 2008 01 = 4 3 35.61 27.05% 3.03 2.93% 32.57 26.97% 6 3 3 2437 10.47% 8820 7538 17.01% 6427 3.54% 17983 16911 6.34% 21467 1.96% 55101 52270 5.42% 30331 2.93% 81904 76719 6.76% 89558 67.39% 167232 105374 58.70% 30580 17.88% 56167 52941 6.09% 163925 21.44% 329502 269343 22.34% 41674 14.62% 92752 82095 12.98% 325737 26.97% 645653 509753 26.66% 356068 27.05% 727557 586472 24.06% 5/16

3 58.7% 08 7 1 2 7 100000 80000 60000 40000 20000 0 1 2 3 4 5 6 7 8 9 10 11 12 2006 2007 2008 10% 15% 17.01% 37.4% 8 18 20 17 16 15 19 18 14 17 13 12 11 16 15 10 0601 0603 0605 0607 0609 0611 0701 0703 0705 0707 0709 0711 0801 14 6/16

1 2 27.48% 30.45% 9 2008 1-2 36150564 28357751 27.48% 30772363 23992518 28.26% 1138153 916078 24.24% 1753322 1456318 20.39% 210777 127784 64.95% 1946411 1492087 30.45% 18114080 14498164 24.94% 15299501 12132728 26.10% 755651 447868 68.72% 850816 729764 16.59% 16915 12769 32.47% 1023366 815961 25.42% 24.94% 25.42% 2 68.72% 2 2 37.63% 54.19% 1.29 6 / 40% 7/16

10 2008 2 2 2 51404 37.63% 66139.03 54.19% 1.29 19234 24.26% 19637.68 89.53% 1.02 19261 91.86% 13534.56 65.71% 0.70 5757 21.64% 10118.68 68.80% 1.76 798 104.09% 4734.37 130.48% 5.93 1579-15.65% 2090.53 7.00% 1.32 3378 36.76% 3253.94 63.80% 0.96 633-46.54% 735.03-37.77% 1.16 1580-27.89% 5156.61-33.19% 3.26 1967 54.40% 1195.9 106.64% 0.61 441012 112.26% 10592.11 87.75% 0.02 76.88% 58.56% 11.54% 40% 33.7% 11 2008 3 / 3 4404 10466 9.39% 6.43% 1631 3776 392.75% 353.85% 1177 4015 14156 33809 11.13% 7.05% 1837 3634 128.77% 108.61% 2070 5700-7.22% -10.50% 25275 61400 27.66% 23.97% 9233 22044 122.21% 110.44% 468 2477 42.68% 49.58% 635 1790 3.93% 9.21% 3 8/16

1103 4270 42288 125353 6.29% 11.54% 51388 141305 33.04% 33.89% 66000 183118 9.99% 3.41% 750 1536 2480 161212 452256 15.19% 14.50% 226 621-26.42% 6 5129 17589 39.15% 47.31% 3756 10783 256.70% 201.45% 9111 28993 85.30% 76.88% 16790 54819 7.44% 9.57% 35411 90351 72.07% 73.29% 52201 145170 44.18% 42.09% 48758 126639 9.66% 20.22% 22201 61994 35.07% 58.56% 13567 40274 50.56% 57.60% 6347 14272 74.08% 93.44% 90873 243179 23.54% 37.10% 53482 100821 15.76% 27.04% 233 641-31.27% -22.30% 8888 16283 35.65% 40.58% 1641 3962 9.84% 17.50% 51 163-23.88% 3.16% 217 384 703.70% 129.94% 550 1136 358.33% 340.31% 65062 123390 18.73% 28.90% 7678 15946 9.78% 21.98% 2994 6837 19.33% 17.74% 10672 22783 12.30% 20.67% 15009 32447 38.59% 40.71% 66 153 153.85% 282.50% 15075 32600 38.86% 41.13% 10069 19614 43.39% 38.84% 1800 3000 160.87% 82.93% 11869 22614 53.90% 43.43% 1 000625 2007 77 24.54% 137.22 9/16

12.91% 6.67 28.39% 0.34 8.81% 10 2 08 2008 2009 0.63 0.83 82.5% 32.74% 10 08 09 16.7 12.6 2 600104 2007 1043.84 46.35 433.68% 241.83% 0.708 10 2.1 2006 2006 2 2007 18 45 2007 20 2008 3 600006 2007 150038 136973 4.89 0.62% 0.24 9.35% 10 1.50 2007 9 MPV SUV 42% 71% 10/16

2008 2009 EPS 0.29 0.39 4 600066 2007 3.77 66.56% 0.94 14.18% 10 7 3 07 24243 78.8 41% 49% 17.29% 0.53 35.94% 1.5 2008 EPS 1.40 0.43 2009 EPS 1.28 5 600418 2007 0.27 8.11% 3.14 10 0.80 2007 205,410 19.73% 142.74 31.69% 11.82% 0.57 07 53.31% 30.24% 13.49% 08 MPV SUV 1 4015 2008 32 2007 11/16

? A 10% 2007 65.77 112.43% 45.54 20 50% 12/16

12 : 657753 455373 585048 112.43% 93218 90718 65394 142.55% 72076 56226 16920 425.99% 60650 1618 92373 65.66% 24610 23717 4865 505.85% 12744 67785 18.80% A 10671 23396 45.61% 7394 500 23166 31.92% B 2% * EPS*PE PE EPS 1 1 4 15 300 5% 13/16

13 1 5% 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20-5% -10% -15% -20% 300 WIND 80% 300 300 14 1 300 % *ST -23.89-9.45-18.86-10.22-19.63-8.10 ST -18.71-7.51-17.78-7.06-18.02-6.46-15.30-6.82 ST -15.82-5.41-13.50 ST -5.20-14.58-5.06 *ST -12.69-1.87-13.50-4.80-12.01-0.96-12.33-4.52-10.93 0.08-11.89-3.09-10.33 2.10-10.80-2.59 ST -10.21 11.66-10.69-1.78-9.89 13.82 WIND WIND 17.66 15 15 2006A 2007E 2008E 2009E 57 20.38 17.66 14.64 WIND 2 14/16

16 2008 400% 10 3 7 2008 100% 2008 60% 10 8 1.1 90% 10 3 10 4 15/16

6 20% 6 10% 20% 6 10% 6 10% 2008 518029 4008866338 0755 82449257