dongzq@csc.com.cn 010-65183888-84055 HTTP://RESEARCH.CSC.COM.CN
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Bloomberg 4 HTTP://RESEARCH.CSC.COM.CN
Bloomberg 5 HTTP://RESEARCH.CSC.COM.CN
3 1 457867 5.11% 23397 56911 13.85% 7882 111452 24.02% 26771 162091 29.29% 47476 92997 22.16% 20608 43958 37.18% 16344 126788 13.60% 17243 165310 20.21% 33409 7663 83.15% 6372 6 HTTP://RESEARCH.CSC.COM.CN
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2 62005 4 9 HTTP://RESEARCH.CSC.COM.CN
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2009 2007 2008 5% 5% 5% 20% 20% 20% 20% 20% 20% 50% 50% 50% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 5% 5% 5% 13 HTTP://RESEARCH.CSC.COM.CN
5.11% 13.85% 24.02% 29.29% 22.16% 37.18% 13.60% 20.21% 83.15% 30.00% 2005 2004 2003 0.051 0.051 0.054 0.059 0.047 0.052 0.013 0.008 0.004 14 HTTP://RESEARCH.CSC.COM.CN
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2,005 2,006F 2,007F 2008F 2009F 19.96% 25.32% 18.27% 28.26% 23.78% -9.25% 63.99% 168.67% 34.29% 51.61% EBITDA 2.61% 33.19% 106.89% 35.43% 44.25% EBIT -9.94% 34.17% 163.25% 44.48% 41.39% 13.28% 16.29% 18.44% 18.93% 18.46% EBITDA Margin (%) 4.34% 4.67% 5.18% 5.33% 5.66% ROE 3.45% 5.52% 8.18% 8.90% 9.14% ROIC 5.72% 11.25% 12.19% 12.36% 13.12% ROIC WACC -5.28% 0.25% 1.19% 1.36% 2.12% P / E 125 76 32 23 16 EV / 1.44 1.05 0.89 0.69 0.58 EV / EBITDA 33.17 61.12 25.83 18.71 12.82 EV / EBIT 45.14 67.23 28.41 20.58 14.10 EV / NOPLAT 56.03 80.68 34.09 24.70 16.93 EV / IC 3.9 3.5 3.2 2.8 2.6 P / B 4.32 4.21 4.13 4.05 3.98 Dividend Yield (%) 0.44% 5.36% 6.17% 3.45% 5.66% EPS 0.18 0.3 0.71 0.98 1.43 EPS 0.1 0.20 0.30 0.40 0.50 1.14 0.30 0.51 0.68 0.73 5.3 7.80 7.91 8.65 8.88 0.18 0.3 0.71 0.98 1.43 / 0.3 0.44 0.28 0.31 0.32 / 64.72% 66.35% 51.44% 55.67% 58.46% 1.13 1.18 0.91 1.12 1.15 0.74 0.73 0.53 0.66 0.57 16 HTTP://RESEARCH.CSC.COM.CN
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