I 29 28 12 26 86-755-22624358 liaowg@pasc.com.cn 86-755-22622589 yanggang@pasc.com.cn 1. 29 1 29 2 29 29 8 28 44% 29 29 2% 25% 3% 3 29 29 2. 3. 4. 1 2 3 5. 29 1
EPS / PE 12/25 28E 29E 21E 28E 29E 21E 662.SH 24.84 1.9 1.4 28.6 22. 17.1 6276.SH 37.89 1. 1.37 1.8 37.9 27.7 21. 222.SZ 22.3.56.78 1.2 39.8 28.6 21.9 6535.SH 12.32.51.61.73 24.2 2.2 16.9 28...3 29...4 1....4 2. 29...6 3. 29...7 4....8...9 1....9 2....1 3....11...11...12 1...12 2....12 3....13 4....13 2/17
1 28 1 8... 4 2 28... 4 3 28... 4 4... 4 5 GDP%... 5 6... 5 7... 6 8 27... 7 9... 7 1 2... 8 11... 8 12... 9 13... 1 14... 1 15... 1 16... 1 17 16... 11 18 16... 11 19... 11 2... 12 21 3 PE... 12 22 29... 13 23... 16 24... 16 3/17
28 28 1 8 28.4% 38.7% 8% 28 1 8 27.3%.3% 8 28 25% 3% 1 28 1 8 2 28 16 14 12 1 8 6 4 2 34.8% 3.6% 3.3%29.7% 26.7% 23.8% 37.7% 4.% 35.% 3.% 25.% 2.% 15.% 1.% 5.%.% 28 1-8 27 1-9 18 16 14 12 1 8 6 4 2 8.3% 9.% 8.% 7.% 6.% 54.4% 36.5% 4.4% 4.5% 5.% 4.% 3.2% 3.% 2.% 14% 1.%.% 28 1-8 27 1-9 Wind 3 28 4 25.% 2.% 15.% 1.% 5.%.% 51.2% 41.4% Wind 38.9% 6.% 5.% 4.% 3.% 2.% 1.%.% 2 3 4 5 6 7 8 9 1 6.% 5.% 4.% 3.% 2.% 1.%.% 1999 2 21 22 23 24 25 26 27 28 1-8 29 1. 29 4/17
5 GDP% 6 7 6 5 4 3 2 1 16.% 14.% 12.% 1.% 8.% 6.% 4.% 2.% 12 1 8 6 4 2 53.6% 52.2% 49.3% 32.6% 29.3% 29.9% 17% 17.9% 18.1% 6% 5% 4% 3% 2% 1%.% 24 25 26 % 2 25 2 GDP 25 GDP % % % 5/17
7 3% 54% 4% 3% + 46% + 2. 29 29 8 28 44% 29 29 2% 25% 3% 6/17
8 27 8 7 6 5 4 3 2 1 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 27 61%(18, 122 ;27 86%(72 ), 8 27 16%(42.9 ), 15. 9 4 35 3 25 2 15 1 5 64.53% 3546.96 2888.8 44.3% 21.51 786 885.57 22.81% 658.88 28 29 21 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% % 28 21.51 64.53 786. 29 2888.8 44.3 885.57 21 3546.96 22.81 658.88 3. 29 29 7/17
1 2 25% 2% 15% 1% 13% 17.7% 19.2% 5% % 23 25 27 1 2 27 2 67% 4. 4.1 1/6 11 % 35.45 64.6 53.46 3.23 22.82 72 84 28 38.75 8/17
4.2 12 3% 35% 19% 8% 1% 1% 4.3 2 1 2 1. 9/17
13 13 12% 11 9 7 5 3 21 25 1996 2 9.7% 8.% 8.5% 8.5% 8.7% 5.3% 6.2% 6.1% 6.5% 6.8% 7.3% 5.3% 1991 1995 1986 199 1981 1985 1976 198 1971 1975 1966 197 1961 1965 1956 196 1951 1955 3.9% 3.3% 1946 195 1941 1945 1936 194 1935 6 1951 23% 8% 5.8% 4% % 14 15 8 7 6 5 4 3 2 1 4.38 3. 8.47 3.55-43.24 8. 61.54 6. 4. 2. 9.68. -1. -2. -31.4-4. -6. 3 25 2 15 1 5 1998 23 2 % 27 % % % 17.2-1.43 3.5-8.17-7.52-15.23 1.37-14.67-21.62 2. 15. 1. 3.26 5.. -5. -1. -15. -2. -25. 2. 16 14% 1.6 24.4% 7% 1.2.363 6%.7 15% 5%.6.99 1.2 6 1/6 84% 1/17
3. 28 16 17 16 18 16 3% 25% 2% 15% 1% 5% % 39.21% 29.43% 37.42% 31.37% 2.36% 43.42% 5.% 45.% 4.% 35.% 3.% 25.% 2.% 15.% 1.% 5.%.% 3% 25% 2% 15% 1% 5% %.% 3.35% 5.3% -5.38% -8.25%.75% 6.% 3.17% 4.% 2.%.% -2.% -4.% -6.% -8.% -1.% 27 28 27 28 27 3.96 19 16.2% 24.3% 16% 18% 19 35. 3. 25. 2. 15. 1. 5.. 22 23 24 25 26 27.3.25.2.15.1.5. (.5) 11/17
2 8 7 6 5 4 3 2 1 5.% 45.% 4.% 35.% 3.% 25.% 2.% 15.% 1.% 5.%.% 27 28 1 29 29 29 2% 25% 3% 2. 21 3 PE 4 35 3 25 2 15 1 5 SW SW SW SW SW SW SW SW SW SW SW SW 3 14.% 12.% 1.% 8.% 6.% 4.% 2.%.% 28 ( ) 29 ( ) 28 29 Wind ( 28 12 16 ) 28 12 16 3 8% 29 29 29 12/17
3 21% 22 1% 15% 3% 45% 2 5% 15% 22 29 / Lamictal Vexol Avandia /Lamotrigine GlaxoSmithKline Jan. 22, 29 /Rimexolone Alcon Labs Jan. 22, 29 /Rosiglitazone GlaxoSmithKline Feb. 28, 29 Topamax /Topiramate Johnson & Johnson March 26, 29 Glyset Acular Xenical Valtrex Avelox /Miglitol Pfizer July 27, 29 /Ketorolac tromethamine Allergan Nov. 5, 29 /Orlistat Roche Dec. 18, 29 / Valacyclovir GlaxoSmithKline Dec. 23, 29 /Moxifloxacin Bayer Dec. 3, 29 Express Scripts and Generic Pharmaceutical Association 3. 3.1 3.2 4. 4.1 28.7% 13/17
29 12% 2% / 38.75% 4% 41% 28 8 13% 2 15% 28 5% 1.2 28 29 21 1% 2% 3% 28 29 21 EPS.84 1.9 1.4 PE 28 22 17 3 34% 4.2 7% 28 14 3 2% 3% 28 21 1% 4% 4 29 S1 28 29 2 3 2 28 1 29 28 21 EPS 1. 1.37 1.8 PE 14/17
38 28 21 4.3 1 9 3.54 22.57 1.37 5.96%.433 27 3.96 19 16.2% 24.3% 16% 18% 1 9 2,8 7 8 13 28 38 7% 29 5% 25 28 5 29 8 9 1 EPS.56.77 1.4 PE 39 28 22 3 44% 4.4 2 28 12 15% 29 28 28 7 29 29 15% 1% 28 29 21 EPS.5.61.73 PE 24 2 17 15/17
23 24 EPS / PE 12/25 28E 29E 21E 28E 29E 21E 662.SH 24.84 1.9 1.4 28.57 22 17.1 6276.SH 37.89 1. 1.37 1.8 37.89 27.66 21 222.SZ 22.3.56.78 1.2 39.82 28.59 21.86 6535.SH 12.32.51.61.73 24.16 2.2 16.88 16/17
6 2% 6 1% 2% 6 1% 6 1% 28 8 51848 48866338 755 82449257