0755-82943242 600969 E-mail: wanghong@ccs.com.cn 2004 5 20 B 7000 2.1027 5.48 36481 03 0.278 19.57 2003 2004E 2005E 50846 59080 68303 38963 44600 50303 3884 5664 7749 21000 21000 21000 0.19 0.27 0.37 23.4 24.5 26.3 1558 11.0 12% 9.5 8.5 04 3.1 0. 8 / 1 03/04/05/06 EPS 0.19 0.27 0.37 0.43 31 11, 9.5 B
53 90 800 5 03 36.8 15.6 5 6.5 14.7 39.95 5.085 03 42% 40% 18% :110 9,35 32, 59.57, 110 495.21 5 110 2
5 83 800 40 3
12 4.1 12 GDP 11% 4
12% 1.1 20% 5-10 2003 200 915 6,500-8,000 10 2 0.295 0.07 0.2513 / 25 11 6 5 18 7 04 8 3 5
2 / 03 0.4302 11.22 76.53 10 35 0.503 0.44 0.76 0.59 0.98 0.553 0.455 0.533 0.396 0.435 0.40 0.42 0.275 0.36 0.376 0.425 0.35 0.41 0.39 0.32 0.256 0.3467 0.345 3 04 0.8 / 0.2487 1.28 8.72 0.3706 2.16 14.75 0.4056 14.67 100 0.3467 / 11.58 5.35 40 10 20 10 03 10 03 20 6
4.2 03 0.3467 0.4056 / 04 3 1 0.008 / 06 0.0014 / 2003 1569 1620 1323 400 532 600 45.3% 1,300-2,000 170 853 71.1 12 538 53 47 90 58 05 65 03 22 1000KW 5,000KW 17 12 10.3 7
2003 81 50 53 47 0.35 0.29 / 6 0.136 / 0.25 / 0.106 0.171 / 0.04 0.09 / 03 0.2487 0.4054 / 4 / 0.1698 12.62 77.8 0.3637 1.2 8.5 0.4054 2.388 14.7 0.2264 16.2 100 03 2003 162,032.63 313,610,520.15 0.1935 0.2264/ 0.11 0.171 8
03 9.5 6.7 8.5 70% 0.325 4.3 0.085 / 6 0.125 / 03 0.15 / 0.1935 / 0.3467 / 23 0.079 10 2.43 110 1.23 05 05 19 9
4.5 4.4 5 6 3076 3 7500 1100 04 04 400 2280 600 03 0.1935 / 03 0.3467 / 04 0.008 / 0.01 / 2002 2003 10.2 19% 03 16.2 14.7 5.08 12 2004 19 17 5.9 2005 19.5 6.83 15.5 10
83.06% 5.06% 2.99% 8.89% 03 22.4 04 05 24.5 26 2003 12 31 9120 1074 33 1 21,202,482.42 23.25% 03 7000 350 2.6 1000 05 6.1 1 GDP 11% 1.1 2 04 0.014 / 0.01 11
11 www.newone.com.cn 3 4 04 5 12 2005 20 19.5 12% 5 04 5664 2005 6.83 8100 5 EPS: 03 0.28 0.19 04 0.27 05 0.39 06 0.43 40 10.8 6.4 4 8 13.60 13.08 9.95 11 11 25 9.5 6.2 11 6.3 04 0.27 04 05 06 EPS0.27 0.39 0.43 41 28.5 0.014 / 11 9.5 B 12
5 2001 2002 2003 2004 2005 363,737,377.08 398,954,960.89 508,464,613.04 559,945,881.45 647,363,133.46 281,246,818.85 301,118,632.22 389,635,921.49 420,494,434.93 470,953,767.12 2,278,766.27 2,434,017.11 2,812,862.45 3,340,622.26 3,862,151.27 80,211,791.96 95,402,311.56 116,015,829.10 136,110,824.26 172,547,215.08 1,462,064.93 2,841,025.44 6,561,574.90 6,889,653.65 7,234,136.33 - - 32,477,884.60 38,817,647.45 53,156,066.21 55,813,869.52 58,604,563.00 10,251,670.91 10,156,205.47 9,113,794.23 7,113,794.23 8,113,794.23 38,944,301.38 49,269,484.08 60,307,543.56 80,072,814.15 113,062,994.18 315,905.84 376,236.77 642,156.31 719,215.07 805,520.88 754,873.18 1,259,432.27 1,262,456.14 1,413,950.88 1,583,624.98 38,505,334.04 48,386,288.58 59,722,521.43 79,378,078.35 112,284,890.07 12,367,354.48 14,945,907.04 20,879,503.11 26,194,765.85 37,054,013.72 26,137,979.56 33,440,381.54 38,843,018.32 53,183,312.49 75,230,876.35 140,000,000.00 140,000,000.00 140,000,000.00 210,000,000.00 210,000,000.00 EPS 0.19 0.24 0.28 0.27 0.39 13
FCF Beta 0.95 0.02 0.10 5.48 ( ) 21000.00 (E) 115080 (D) 28700 Kd 0.06 T 0.33 Ka 0.11 Beta 0.99 Ke 0.12 E/(D+E) 0.8 D/(D+E) 0.2 WACC 0.108 II 0.07 PV 232000 Price 11 14
6 20% 6 10-20% A B 6 10% 6 10% C 6 6 6 6 20 A 15