0755 82943205 600104 E-mail:linzb@ccs.com.cn 2004 8 28 A 1400.77 8.30 2003A 2004E 2005E 2006E 689152 833874 975632 1151246 % 44.5% 21.0% 17.0% 18.0% EBITDA 76517 83371 97316 112454 151681 250133 268878 307960 % 41.7% 64.9% 7.5% 14.5% 0.46 0.76 0.82 0.94 X 18.0 10.9 10.1 8.8 X 2.8 2.4 2.3 2.2 ROE 15.4% 23.2% 23.5% 24.1% 327600 327600 327600 327600 14 53 92% 80%5 52 40% 30% 2007 5 20% 10% 0% -10% -20% -30% A-03 S-03 O-03 N-03 D-03 J-04 F-04 M-04 A-04 M-04 J-04 J-04 P/E 10.8 A
1 6786 40% 26 4 2 6 3 52% 22.2% 3 10.6 80% 74.5% 1 100% 100% 100% 100% 50% 50% 50% 49% 51.4% 50% 50% 40% 35% 20% 20% 50% 50% 24.5% 2
2004 0.22 10% 2 30% 95-100 19-20 25 EPS0.76 65% 2 1Q03 2Q03 3Q03 4Q03 2003 1Q04 2Q04 2004E 30753 65291 48456 46872 191372 71067 72155 250133 9273 1935-2590 -1614 7004 3004 3782 8119 5751 53261 42010 46702 147724 53646 52502 190000 9729 10095 9036 1784 30644 14417 15871 52014 0.094 0.199 0.148 0.143 0.584 0.217 0.220 0.76 0.028 0.006-0.008-0.005 0.021 0.009 0.012 0.025 0.018 0.163 0.128 0.143 0.452 0.164 0.160 0.58 0.030 0.031 0.028 0.005 0.094 0.044 0.058 0.155 2003 4 4Q03 2004 36% 22.6% 2003 1.6 2.5 3
1 www.newone.com.cn 2004 10% 18% 18% 18% 17% 15% 26% 25% 23% 21% 31% 29% 29% 36% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2 2 7 19660 8 2000 5% 12.5% 3 2 2001 1-2004 7 30000 25000 20000 15000 10000 5000 0 01 1 3 5 7 9 11 02 1 3 5 7 9 11 03 1 3 5 7 9 11 04 1 3 5 7 4
3 www.newone.com.cn 2000 2001 2002 2003 1H2004 36.1% 33.4% 26.7% 20.1% 15.8% 5.0% 8.1% 9.8% 10.2% 12.5% 18.2% 17.3% 18.6% 15.1% 11.2% 5.3% 7.1% 5.3% 5.9% 7.1% - - 0.2% 2.5% 3.1% 7.7% 6.0% 5.8% 5.1% 5.3% - - - 0.9% 2.3% - - - 2.6% 5.0% 8.5% 7.4% 7.6% 5.2% 4.1% - 2.4% 3.6% 3.3% 2.7% 2.5% 2.4% 2.4% 2.6% 2.6% 14.8% 9.7% 8.7% 8.3% 5.2% - 4.0% 4.5% 4.3% 4.5% - 3.0% 3.9% 3.5% 4.5% - - 1.0% 2.1% 2.1% 29 45% 25% 92% 32% 8 4 5 479 95 36% 29% 5 10% 2000 5000 4 2001 2002 2003 1H2004 2004E G 6271 28499 7452 3.0 13399 8826 4074 GL8 10530 17656 23520 14026 28000 28128 26792 30811 22762 46000 SRV - 28990 20868 10382 22000 - - 80000 48914 98000 - - 36001 45238 98000 2000 58328 110763 201188 141322 294000 5
3-46% -2% -7% -10% 92% 87% 76% 66% 59% 57% 32% 16% 6% 172% 341% -100% 0% 100% 200% 300% 400% 5 1Q03 2Q03 3Q03 4Q03 2003 1Q04 2Q04 3Q04E 4Q04E 2004E 48.2 84.6 106.0 112.8 351.6 117.8 115.9 113.4 130.7 478.7 9.4 20.1 21.0 23.4 73.9 26.8 24.6 19.4 22.6 95.1 2.9 3.6 4.5 5.8 16.8 5.3 5.5 5.4 6.3 22.5 16.6 23.5 23.5 19.5 20.9 22.2 20.9 21 20.8 21.3 3.2 5.6 4.6 4.0 4.4 5.0 4.4 3.6 3.6 4.2 2003 5 3Q03 PATAC 6
14 307 FOCUS 2001 8 2002 29 2003 75 2004 95-100 36% GL8 10% 6 2.8 7
6 www.newone.com.cn 1Q03 2Q03 3Q03 4Q03 2003 1Q04 2Q04 68481 71146 67945 49741 257313 89953 79990 23228 26109 20322 15023 84682 30377 26203 33.9% 36.7% 29.9% 30.2% 32.91% 33.8% 32.76% 1903 950 1105 2255 6213 4682 4385 11018 23422 22660 14899 71999 22498 18009-93 -199 149 297 154 230-110 9273 1935-2590 -1614 7004 3004 3782 2007 5 10 4000 8961 6 7% 3 52% 25% 30% 7 100% 50 100% 60% 8
100% 50% 15 1000 50 30 5 10 10 60 2 50% Continental Teves ABS 50 ABS 100 70% 12 1 50% 200 ISO9002 ISO9001 ISO14000 QS9000 VDA6.1 49% 40% A6 11 2 50% SD5 V5 300 80 80% 13 ISO9001 ISO14001 ISO10012.1 QS9000 VDA6.1 OHMS 14 1.5 35% GKN 60 22 100 ISO9000 ISO9001 ISO14001 QS9000 VDA6.1 15 4 40% 91% 40% 90% 60% 9
04 05 P/E 10.9 10.1 EPS0.76 0.82 P/B ROE P/B A H A 04EPS 05EPS 04P/E X 05P/E X 04P/B X 05P/B X 04ROE 0.76 0.82 10.9 10.1 2.4 2.3 23.2% 0.95 1.12 8.3 7.0 2.0 1.8 25.8% 1.22 1.35 9.7 8.8 2.0 1.8 20.1% 0.65 0.81 11.2 9.0 1.4 1.3 11.2% 0.55 0.60 12.1 11.1 2.4 2.3 19.0% 0.33 0.40 17.5 14.5 1.6 1.6 9.2% 0.36 0.42 15.9 13.6 1.8 1.6 11.2% 0.16 0.25 26.3 16.8 2.4 2.1 9.4% 0.55 0.62 12.7 11.3 2.4 2.3 18.9% 13.9 11.4 2.0 1.9 16.4% 2003A 2004E 2005E 2006E 689152 833874 975632 1151246 524228 617067 736602 874947 1716 3335 3903 4605 163208 213472 235127 271694 6860 4000 4000 4000 14093 29186 31220 36840 124598 150097 160979 184199 EBITDA 76517 83371 97316 112454 10
EBITDA 76517 83371 97316 112454 EBIT 31378 38189 46928 54655 84 130 928 2078 31294 38059 46000 52577 131737 228000 240000 275000 4595 2000 2000 2000 1873 1800 1800 1800 165966 266259 286200 327777 14218 15976 17172 19667 68 150 150 150 151681 250133 268878 307960 0.46 0.76 0.82 0.94 2003A 2004E 2005E 2006E 170961 274558 243604 226635 36617 55617 61617 67617 31749 50032 58538 69075 37489 66043 77270 85480 2703 13184 15425 18201 5557 5719 6862 8171 126412 136063 155202 171490 455598 601883 619298 647590 248436 264199 368757 481903 36086 68086 89086 105086 284726 332287 457847 586995 4730 4636 4541 4446 2552 1702 851 0 1209206 1474106 1676135 1892630 2004E 2005E 2006E 250133 268878 307960 130 928 2078 45182 50388 57800 13378 (25006) (17317) 246952 227527 296295 (92002) (175002) (186002) (123002) (176002) (197002) /( ) (2913) (23000) (6000) (130) (928) (2078) 0 0 0 (20353) (82479) (116262) 103597 (30955) (16969) 170961 274558 243604 274558 243604 226635 15949 15000 20000 22000 3179 3702 4420 5250 72786 98731 103124 113743 2504 1543 1842 2187 4295 4100 4500 4500 205165 242842 263878 289446 13087 16000 39000 45000 16630 19547 39063 45063 223319 262389 302942 334510 6159 6309 6459 6609 495891 495891 495891 495891 231837 381917 543244 728020 11
231837 381917 543244 728020 979728 1205408 1366735 1551511 1209206 1474106 1676135 1892630 6 20% 6 10-20% 6 10% 6 10% A B C 12