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2011 1 4 : 12 IT 1.9% 1.6% 300 0.3%12 5% 10% IT IT IC EMV IT 2010 IT 5.1%2011 2010 42.5 300 14.7 2011 32 300 12.2 32% 002484600918 600588002253002410 600718002415 002484 EMV IC 600588 002253 2011 wangjiawei@chinastock.com.cn 86106656 8272 S0130209081719 wangli_zb@chinastock.com.cn 86106656 4039 S0130210070010 wuyanjing@chinastock.com.cn 86106656 8330 % () EPS 2009A 2010E 2011E 002484 20% 31.45 0.39 0.55 0.81 600198 15% 19.64 0.13 0.20 0.47 IC 600588 15% 23 0.73 0.53 0.70 2011 002253 15% 40.28 0.45 0.61 1.12 002410 15% 70.86 0.58 0.91 1.46 600718 10% 16.05 0.52 0.88 1.59 2011 002415 10% 94.83 1.41 2.02 2.65 www.chinastock.com.cn

1 IT 2010 IT 5.1% 2011 IT 2010 2011 IT IC EMV 12 IT 1.9% 1.6% 300 0.3%12 5% 10% 2010 42.5 300 14.7 2011 32 300 12.2 32% IT 002484 600918 IC 600588 002253 002410 002415 600198 EMV 600588 002253 002410 002415 600198EMV 002253 002410 2

IT 2010 2010 5.3%2011 4-6% IT IT IT 1 IT 2 IT 2009-2010E IT 2000 ipad Gartner 2013 40% Gartner 2009 51 2011 115 SaaS IDC 2009 SaaS 132 2014 405 74% SaaS SAP SAP 3 100 10% IBM google 2009 3

2010 2009 2011 4 2011 2010 2011 IT IT IT IT IT 2 IT IT IT 2009 9-10 2010 IT 2010 2011 2010 1-11 30.0% 21.4% 8.6 11 30.7% 31.3% 3 4 4

2010 2009 2010 IT 10 30% ERP 3 17%ERP 3 12% 20%iPad A 1 IT IT 2009 600797002195 2009 4 2010 2011 600718600797 002195 2009 3 2010 600588600271 600588002065 600410002063 IT 600588002065 600410600718 IT 600588600718 002065600536 600271002253 3G IT 600410600289 600718002065 002405300036 002383 002410600588 5

IT 1 IT 2 4 1-2 002253 2010 2011 2 2012 3 264 6200 0.3-0.6% 0.027% 10 002410 30% 10 2011 2010 IT 600588 2010 2011 6

002484600198600588002253 002410002415 1 1002484 3 30% 2600198 IC EMV 600918 EMV EMV 3600588 4002253 5002410 6002415 2A A P/E 2009A 2010E 2011E 300 19.7 14.7 12.2 76.5 42.5 32.0 64.3 45.9 34.6 3 EPS PE 2009A 2010E 2011E 2009A 2010E 2011E cagr PEG 600718 0.52 0.45 0.57 30.8 35.7 28.2 26.7% 1.34 600797 0.04 0.17 0.20 169.3 42.1 35.8 17.6% 2.39 002195 0.27 0.45 0.58 85.0 51.3 39.8 28.9% 1.78 002410 0.58 0.91 1.46 121.8 77.9 48.5 60.4% 1.29 002253 0.45 0.61 1.12 103.3 76.0 41.4 83.6% 0.91 600588 0.73 0.53 0.70 31.6 43.4 32.9 32.1% 1.35 002063 0.45 0.90 1.17 70.6 35.1 27.0 30.0% 1.17 002153 0.59 1.07 1.32 93.3 51.2 41.5 23.4% 2.19 7

EPS 2009A 2010E 2011E 2009A 2010E 2011E PE cagr PEG 600570 0.33 0.60 0.73 61.5 33.8 27.8 21.7% 1.56 002065 0.57 0.88 1.09 54.5 35.1 28.3 23.9% 1.47 002368 0.62 0.96 1.26 89.1 57.8 44.0 31.3% 1.85 600410 0.37 0.58 0.77 47.9 30.9 23.4 31.9% 0.97 600289 0.15 0.40 0.51 87.8 32.1 25.2 27.5% 1.17 002415 1.41 2.02 2.65 67.2 46.9 35.8 31.2% 1.51 600271 0.66 0.85 0.93 42.3 32.9 30.0 9.4% 3.49 002152 1.13 1.34 1.57 47.0 39.8 33.9 17.2% 2.32 600198 0.13 0.20 0.47 150.0 98.2 41.8 135.0% 0.73 600100 0.35 0.55 0.71 75.1 48.3 37.4 29.1% 1.66 8

SoC 4600198.SH 2008A 2009A 2010E 2011E 2012E () 2706.06 3211.07 3532.17 4902.66 6383.26 EBITDA() 370.30 325.55 238.25 479.49 623.13 45.65 57.47 77.99 202.08 297.05 EPS() 0.10 0.13 0.18 0.46 0.68 PE(X) 219.46 174.30 128.44 49.57 33.72 EV/EBITDA(X) 30.89 33.44 45.88 23.47 18.54 PB(X) 17.95 14.56 11.79 8.80 6.58 ROIC 7.07% 8.31% 6.74% 11.15% 11.44% PBOC2.0 5 IC 2011 IC 20%2012 28%2013 40% 2011-2015 IC 2.13.8810.415.2 IC EMV IC 3 EMV EMV 2010-2012 EPS 0.180.460.68 PE 1285034 EMV IC 13.56M EMV 9

5600198 2008A 2009A 2010E 2011E 2012E 2008A 2009A 2010E 2011E 2012E 929.8 740.7 814.8 1131.0 1472.5 2706.1 3211.1 3532.2 4902.7 6383.3 15.1 26.7 29.3 40.7 53.0 2022.0 2481.8 2776.3 3686.8 4787.4 916.2 866.5 953.1 1323.0 1722.5 15.1 17.0 18.7 26.0 33.9 67.4 93.6 123.0 161.9 212.5 176.1 208.9 229.8 319.0 415.3 42.3 60.7 66.8 92.7 120.6 223.0 286.6 315.3 437.6 569.7 807.7 753.7 843.1 1119.6 1453.9 128.4 88.1 65.4 77.8 102.0 0.0 0.0 0.0 0.0 0.0 14.9 76.0 0.0 0.0 0.0 32.4 79.0 79.0 79.0 79.0 0.0 0.0 0.0 0.0 0.0 373.1 413.5 383.9 353.9 323.8-0.1 28.5 0.8 0.0 0.0 49.7 1.3 0.6 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 126.5 81.2 127.5 355.5 474.9 223.3 151.6 136.4 121.3 106.1 6.5 55.7 71.7 0.0 0.0 0.0 7.4 6.7 5.9 5.2 132.9 136.9 199.2 355.5 474.9 3637.8 3351.0 3591.1 4583.7 5703.7 36.6 25.8 37.6 67.0 89.5 2123.0 1277.7 1312.5 1866.8 2420.2 96.4 111.1 161.7 288.5 385.4 190.5 124.3 139.1 184.7 239.8 45.6 57.5 78.0 202.1 297.0 349.8 281.5 310.6 412.5 535.6 50.7 53.6 83.7 86.4 88.3 38.2 39.7 41.3 43.6 46.5 0.10 0.13 0.18 0.46 0.68 29.4 27.1 27.1 27.1 27.1 0.10 0.13 0.18 0.46 0.68 1.4 29.6 29.6 29.6 29.6 2008A 2009A 2010E 2011E 2012E 142.8 586.9 586.9 586.9 586.9 0.0 0.0 0.0 0.0 0.0 9.6% 18.7% 10.0% 38.8% 30.2% 0.0 150.0 150.0 150.0 150.0 EBIT 200.3% -19.7% -11.4% 125.6% 33.1% 0.0 0.0 0.0 0.0 0.0 43.6% 25.9% 35.7% 159.1% 47.0% 3079.8 2662.9 2741.4 3445.5 4180.1 558.0 688.1 849.7 1138.2 1523.6 25.3% 22.7% 21.4% 24.8% 25.0% 2008A 2009A 2010E 2011E 2012E 1.7% 1.8% 2.2% 4.1% 4.7% 96 111 162 288 385 ROE 8.2% 8.4% 9.2% 17.8% 19.5% 101 109 46 46 46 ROIC 7.07% 8.31% 6.74% 11.15% 11.44% 268 267 104-160 -110-79 -41 1 0 0 PE 227.5 180.7 133.2 51.4 35.0-329 -209-31 476 451 P/S 3.8 3.2 2.9 2.1 1.6-141 17 74 316 342 P/B 18.6 15.1 12.2 9.1 6.8 761 930 741 815 1131 0.0% 0.0% 0.0% 0.0% 0.0% 620 947 815 1131 1473 EV/EBITDA 31.9 34.6 47.4 24.2 19.1 10

6600198DCF 2009A 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E EBIT 21674 19210 43332 57695 100433 135585 176261 211513 243240 279725 321684 4086 3622 8169 10877 18935 25562 33231 39877 45858 52737 60647 NOPLAT 19554 17588 15588 35163 46818 81499 110023 143030 171636 197381 226989-4622 38466-17044 -57281-64341 -106656-133899 -156186-139140 -128626-147920 799 0 0 0 0 0 0 0 0 0 0 67734 3160-17501 -12905-20539 -19257-8537 37115 73374 83687 95548 WACC 5.81% Ke 9.00% g 3.00% Kd 6.17% 0.0% 0.5% 1.0% 1.5% 2.0% 57152 t 18.85% 6.09% 22.49 24.36 26.59 29.31 32.70 2268447 Rf 3.00% 6.59% 20.03 21.54 23.33 25.47 28.08 163453 E(Rm) 8.00% 7.09% 17.94 19.18 20.64 22.35 24.40 158004 RmRf 5.00% 7.59% 16.14 17.18 18.38 19.77 21.42 2110443 D/A 13.20% 8.09% 14.60 15.47 16.47 17.61 18.95 43899 E/A 86.80% 8.59% 13.25 13.99 14.82 15.78 16.88 WACC 48.08 Beta 1.20 9.09% 12.07 12.70 13.41 14.21 15.12 11

600198 SoC EMV IC EMV IC SIM 3 SWOT 4.0 IC IC PBOC2.0 32 EMV 4.5 SIM 3.0 IC EMV 3 5.0 8 16 3.5 3.8 5.0 5.0 IC 3.5 4.5 IC 8 16 32 3.5 2007 12

30-40% 7002253.SZ () 2008A 2009A 2010E 2011E 2012E () 117.07 126.68 163.78 271.26 410.40 EBITDA() 29.7 27.8 59.8 95.6 134.5 30.15 33.60 45.39 83.74 135.34 EPS() 0.403 0.449 0.606 1.118 1.807 PE(X) 103.4 76.5 41.5 25.7 EV/EBITDA(X) 49.3 66.2 42.7 26.3 18.2 PB(X) 9.1 8.6 7.8 6.8 ROIC 5.82% 5.03% 9.42% 13.92% 17.10% 0.34 0.29 0.40 0.51 0.59 2008 2010 140 50 12 78 2009 2010 2011 100% 2010 76 13

8002253 2008A 2009A 2010E 2011E 2012E 2008A 2009A 2010E 2011E 2012E 239.2 203.0 307.8 344.6 414.4 117.1 126.7 207.2 334.5 468.5 0.0 0.1 0.2 0.3 0.4 72.0 80.3 116.4 183.7 253.3 44.5 56.3 92.1 148.7 208.3 2.0 1.3 2.2 3.6 5.0 7.8 23.5 23.5 23.5 23.5 6.2 9.8 14.9 24.1 33.7 3.1 5.0 6.2 10.0 14.1 13.6 15.2 22.4 36.1 50.6 40.5 35.3 51.2 80.8 111.4-0.2-6.1 5.6 5.3 5.1 0.0 0.0 0.0 0.0 0.0 1.8 1.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57.0 63.0 58.4 53.6 48.7 0.0 0.0 8.0 8.0 8.0 4.7 1.9 1.7 1.6 1.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21.6 24.3 53.8 89.8 128.8 20.8 21.6 19.4 17.3 15.1 9.5 10.7 5.0 5.0 5.0 0.0 0.0 0.0 0.0 0.0 31.2 35.0 58.8 94.8 133.8 435.5 450.3 597.9 717.7 874.7 1.7 1.0 3.9 6.3 9.0 0.0 0.0 0.0 0.0 0.0 29.5 33.9 54.8 88.4 124.8 1.8 0.6 0.9 1.4 1.9 30.2 33.6 56.1 90.4 127.7 5.5 21.4 30.5 48.2 66.4-0.7 0.3-1.3-2.0-2.9 34.2 26.7 39.1 59.2 87.3 0.58 0.54 0.64 1.03 1.46 2.6 3.3 3.3 3.3 3.3 0.58 0.54 0.64 1.03 1.46 2.8-2.5-2.5-2.5-2.5 2008A 2009A 2010E 2011E 2012E 1.6 3.2 3.2 3.2 3.2 0.0 0.0 0.0 0.0 0.0 1.6% 8.2% 63.6% 61.4% 40.0% 0.0 0.0 0.0 0.0 0.0 EBIT -4.6% -13.5% 156% 69.6% 44.6% 7.5 7.4 7.4 7.4 7.4 15.3% 11.4% 66.9% 61.2% 41.2% 58.5 63.3 89.1 134.0 187.9 377.0 386.9 508.8 583.7 686.8 38.5% 36.6% 43.8% 45.1% 45.9% 2008A 2009A 2010E 2011E 2012E 25.8% 26.5% 27.1% 27.0% 27.2% 29.5 33.9 54.8 88.4 124.8 ROE 8.0% 8.7% 11.0% 15.5% 18.6% 6.5 7.7 8.4 8.5 8.6 ROIC 5.82% 5.03% 9.42% 13.9% 17.1% 35.9 25.8 36.9 49.0 90.2-29.4-35.2 6.5 6.5 6.5 PE 66.2 32.4 23.4 146.7-22.3 61.4-18.8-26.8 P/S 14.5 16.1 13.8 8.5 6.1 153.3-31.7 104.8 36.7 69.8 P/B 4.5 5.3 5.6 4.9 4.2 85.9 239.2 203.0 307.8 344.6 0.0% 0.0% 0.4% 0.5% 0.8% 239.2 207.5 307.8 344.6 414.4 EV/EBITDA 49.3 66.2 42.7 26.3 18.2 14

9002253DCF 2009A 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E EBIT 2006.7 5135.8 8708.2 12589.8 16366.8 19640.2 23175.4 26883.5 30647.1 34324.8 59.3 344.1 583.4 843.5 1096.6 1315.9 1552.8 1801.2 2053.4 2299.8 NOPLAT 2195.5 1947.4 4791.7 8124.7 11746.3 15270.2 18324.3 21622.6 25082.3 28593.8-57.7-1988.9-3135.5-5187.7-4736.8-4317.2-2523.6-2287.0-1823.9-1101.0-322.0-150.0-150.0-150.0-150.0-150.0-150.0-150.0-150.0-150.0 410.9 2350.6 3641.1 7722.9 11675.6 16532.4 20076.4 24008.2 28251.6 32694.5 WACC 9.25% Ke 10.3% g 2% Kd 0.0% 0.00% 0.50% 1.00% 1.50% 2.00% 17475.1 t 10.0% 7.37% 63.56 66.77 70.48 74.82 79.97 355244.7 Rf 4.5% 7.87% 58.79 61.48 64.57 68.13 72.31 20302.1 E(Rm) 14.5% 8.37% 54.63 56.91 59.49 62.46 65.89 WACC 729.38 RmRf 10.0% 8.87% 50.96 52.91 55.10 57.58 60.43 354515.3 D/A 0.4% 9.37% 47.72 49.39 51.25 53.36 55.75 8740.0 E/A 99.6% 9.87% 44.82 46.26 47.87 49.67 51.69 56.81 Beta 0.58 10.37% 42.23 43.48 44.87 46.41 48.14 15

002253 30-40% SWOT 3.8 4.5 2 2.0 4.0 2 4.0 4.0 3.5 5.0 2.0 5.0 4 2 4.0 16

10002410.SZ 2008A 2009A 2010E 2011E 2012E () 230.80 308.61 469.01 723.19 1054.89 EBITDA() 47.86 85.80 167.50 262.26 367.72 () 63.56 104.70 163.84 263.09 351.75 EPS() 0.85 1.40 0.91 1.46 1.95 PE(X) 67.56 41.01 62.90 39.17 29.30 EV/EBITDA(X) 88.09 48.58 53.96 34.30 23.68 PB(X) 26.43 17.34 5.99 5.19 4.41 ROIC 21.46% 27.04% 8.21% 11.04% 13.30% 1.19 1.12 0.44 0.38 0.47 6200 2010-2012 EPS 0.910.461.95 PE 633929 17

11002410 2008A 2009A 2010E 2011E 2012E 2008A 2009A 2010E 2011E 2012E 98.4 156.8 1268.6 1313.1 1605.5 230.8 308.6 469.0 723.2 1054.9 0.0 0.0 0.0 0.0 0.0 10.2 11.4 13.3 37.1 68.4 2.7 3.8 5.7 8.8 12.9 4.0 5.7 8.4 13.0 19.0 4.0 0.9-0.4 0.0 0.0 115.4 139.6 187.6 271.2 390.3 1.3 1.9 2.8 4.4 6.4 59.4 73.9 112.6 173.6 253.2 0.6 0.7 0.8 2.2 4.0-0.7 0.4-12.8-24.7-27.9 0.0 0.0 0.0 0.0 0.0-0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32.5 76.3 258.6 452.5 574.2-0.1 0.0 0.0 0.0 0.0 47.4 49.8 199.9 224.9 162.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42.6 77.6 159.9 253.0 351.9 26.9 28.2 25.4 22.5 19.7 26.1 32.2 12.0 23.0 16.8 0.1 0.5 0.5 0.4 0.4 68.7 109.7 171.9 276.0 368.7 214.0 337.9 1780.9 2047.8 2404.4 4.4 4.1 6.9 11.0 14.7 0.0 30.0 0.0 0.0 0.0 64.3 105.6 165.0 264.9 354.0 0.0 0.0 0.0 0.0 0.0 63.6 104.7 163.8 263.1 351.8 2.5 0.7 0.9 2.4 4.4 0.8 0.9 1.1 1.9 2.2 1.2 1.3 1.6 2.1 2.7 0.85 1.40 0.91 1.46 1.95 23.4 43.0 43.0 43.0 43.0 0.85 1.40 0.91 1.46 1.95 0.6 9.5 9.5 9.5 9.5 2008A 2009A 2010E 2011E 2012E 1.4 4.6 4.6 4.6 4.6 0.0 0.0 0.0 0.0 0.0 31.5% 33.7% 52.0% 54.2% 45.9% 7.5 0.0 0.0 0.0 0.0 EBIT -8.0% 86.6% 88.5% 55.3% 41.9% 0.0 0.0 0.0 0.0 0.0 10.4% 64.7% 56.5% 60.6% 33.7% 51.6 90.3 60.7 62.7 65.3 162.4 247.6 1720.2 1985.1 2339.1 95.6% 96.3% 97.2% 94.9% 93.5% 2008A 2009A 2010E 2011E 2012E 27.5% 33.9% 34.9% 36.4% 33.3% 64 106 165 265 354 ROE 39.1% 42.3% 9.5% 13.3% 15.0% 6 8 20 34 44 ROIC 21.46% 27.04% 8.21% 11.04% 13.30% 62 141 171 270 365-24 -70-350 -250-100 PE 67.6 41.0 62.9 39.2 29.3-14 -12 1290 25 28 P/S 18.6 13.9 22.0 14.2 9.8 24 58 1112 44 292 P/B 26.4 17.3 6.0 5.2 4.4 75 98 157 1269 1313 0.0% 0.0% 0.6% 0.0% 0.0% 98 157 1269 1313 1605 EV/EBITDA 88.1 48.6 54.0 34.3 23.7 18

12002410DCF 2009A 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E EBIT 7800 14706 22833 32404 40309 49211 57502 66955 74407 82292 90490 292 588 913 1296 1612 1968 2300 2678 2976 3292 3620 NOPLAT 3915 7508 14118 21919 31108 38697 47243 55202 64277 71431 79000-25 3141-132 -445-525 -389-484 -461-550 -454-518 -4615-35000 -25000-10000 0 0-5000 0 0 0 0 6813-18970 -132 24951 43164 51858 55113 69234 76553 84091 91906 WACC 10.07% Ke 13.80% g 3.00% Kd 3.27% 0.0% 0.5% 1.0% 1.5% 2.0% 38131 t 3.75% 6.09% 172.48 182.95 195.48 210.74 229.74 902059 Rf 3.00% 6.59% 158.04 166.55 176.58 188.59 203.20 142544 E(Rm) 12.00% 7.09% 145.74 152.74 160.89 170.50 182.00 125 RmRf 9.00% 7.59% 135.13 140.96 147.66 155.48 164.68 901934 D/A 0.01% 8.09% 125.91 130.80 136.38 142.81 150.30 18000 E/A 99.99% 8.59% 117.82 121.96 126.65 132.01 138.17 WACC 120.26 Beta 1.20 9.09% 110.68 114.22 118.19 122.69 127.82 19

002410 53% 9 33 30 SWOT 4.0 32 6 4.5 3.0 PKPM 5.0 3.5 3.8 5.0 3.5 5.0 2.0 5 3.5 20

IT 8 2006 3 2007 2008 IT 2006 612 20% 10% 612 20% 612 10%20% 612 612 10%

35 C 100032 010-66568888 010-66568641 www.chinastock.com.cn 010-66568849 010-66568281 010-66568908

35 C 100033 010-66568888 010-66568641 www.chinastock.com.cn 010-66568849 010-66568281 010-66568908