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T_ReportAbstract T_FSAndVSAbstract 迅 嘉 机 构 内 参 - http://www.123678.net 2007 2008 2009E 2010E 2011E 229.6 234.9 265.6 316.7 373.7 Growth(%) 9.4% 2.3% 13.1% 19.2% 18.0% 25.6 26.2 33.1 46.5 60.1 Growth(%) 116.9% 2.2% 26.6% 40.4% 29.3% (%) 43.6% 45.2% 47.4% 50.9% 53.6% (%) 11.1% 11.1% 12.5% 14.7% 16.1% () 0.43 0.44 0.41 0.58 0.75 () 1.53 1.98 2.00 2.41 2.93 0.0 0.0 0.0 0.0 0.0 - - - - - (%) 27.9% 22.0% 20.7% 24.1% 25.6% ROIC(%) 20.2% 22.8% 24.1% 30.8% 36.9% EV/EBITDA - - - - - T_PricingInfo 15.66 17.40 18.56 20.30 2010-01-18 T_IPOInfo 6,000 2,000 400 1,600 2010-01-20 T_ShareInfo 58.00% 22.00% 8.00% 4.28% 1.60%.77%.70%.70%.60%.60% T_Analyst 010-66581623 zhaonan@essence.com.cn 1

1. 1.1. 1.2. 3,480 58% 3,304 41% 1,320 22% 1,320 17% 480 8% 455.7576 6% 200 2.5% 36 720 12% 720 9% 2000 25% 6,000 100% 8,000 100% 58% 22% 8% 12% 002349.SZ 99.9% 100% 2

2. 30,000 12% 60% 25,000 10% 20,000 8% 40% 15,000 6% 10,000 4% 20% 5,000 2% 0 2006 2007 2008 0% 0% 2006 2007 2008 100% 80% 60% 40% 20% 0% 2006 2007 2008 2009H 3

2.1. 2.1.1. 1998 1999 2000 2001 2002 2003 2004 61.71% 66.11% 63.89% 66.13% 66.84% 69.53% 71.81% 12.14% 11.57% 13.06% 13.86% 12.36% 11.34% 10.02% 9.28% 7.07% 8.74% 7.60% 7.95% 8.09% 8.83% 14.62% 12.44% 11.24% 7.87% 6.91% 6.31% 5.12% 2.26% 2.81% 3.07% 4.53% 5.95% 4.73% 4.21% 4

2.1.2. 2.2. 2.2.1. 5

3. 4. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2006 2007 2008 6

5. 2006 2007 2008 2009H -(%) 16.86 27.87 22.05 12.19 (%) 10.91 20.86 17.46 9.4 (%) 5.62 11.15 11.14 12.15 (%) 39.25 43.56 45.24 47.74 (%) 29.25 27.91 30.21 31.94 (%) 8.57 14.4 13.46 14.97 (%) 10.31 18.1 14.72 15.48 (%) 12.9 13.09 15.74 19.01 (%) 14.04 13.32 12.99 12.25 (%) 2.32 1.49 1.48 0.69 (%) 31.68 34.14 17.9 18.54 (%) 64.68 54.1 39.45 39.53 (%) 2.83 2.18 1.65 1.65 (%) 38.31 46.11 49.37 51.46 (%) 61.69 53.89 50.63 48.54 (%) 29.16 40.06 54.78 54.8 (%) 90.54 95.32 94.7 95.62 (%) 9.46 4.68 5.3 4.38 0.65 0.89 1.32 1.36 0.36 0.52 0.76 0.84 (EBIT ) 4.97 15.46 12.73 27.09 () 145.7 146.29 154.63 158.11 () 97.46 101.76 111.88 116.02 () 48.24 44.53 42.74 42.09 6. 1 6,961 2 2 7,760 2 3 4,105 2 7

7. 7.1. 7.2. 7.3. 7.4. 7.5. 8

8. 2006 2007 2008 2009E 2010E 2011E 2012E 2,818 3,369 4,124 4,949 5,938 7,423 9,279 19.53% 22.42% 20% 20% 25% 25% 2,358 2,816 3,360 4,058 4,870 6,087 7,609 83.66% 83.60% 81.47% 82% 82% 82% 82% 2,879 3,389 3,698 4,622 5,547 6,656 7,988 17.72% 9.11% 25% 20% 20% 20% 1,868 2,216 2,309 2,912 3,495 4,193 5,032 64.87% 65.38% 62.45% 63% 63% 63% 63% 592 866 1,229 1,721 2,409 3,372 4,721 46.42% 41.90% 40% 40% 40% 40% 442 622 920 1,290 1,807 2,529 3,541 74.72% 71.87% 74.85% 75% 75% 75% 75% 1,177 1,462 1,584 1,742 2,004 2,304 2,650 24.13% 8.38% 10% 15% 15% 15% 694 929 1,029 1,133 1,303 1,498 1,723 58.97% 63.58% 64.98% 65% 65% 65% 65% 1,500 2,550 3,825 70% 50% 1,200 2,040 3,060 80% 80% 80% 3,908 3,898 4,056 4,421 4,819 5,253 5,725-0.26% 4.06% 9% 9% 9% 9% 1,304 1,310 1,428 1,680 1,831 1,996 2,176 33.37% 33.60% 35.21% 38% 38% 38% 38% 1,290 1,413 1,121 1,177 1,235 1,297 1,362 9.53% -20.68% 5% 5% 5% 5% 801 813 550 471 494 519 545 62.07% 57.56% 49.09% 40% 40% 40% 40% 1,844 1,954 2,341 2,458 2,581 2,710 2,845 5.99% 19.78% 5% 5% 5% 5% -162-67 133 123 129 135 142-8.81% -3.42% 5.67% 5% 5% 5% 5% 6,138 6,321 5,063 5,164 5,267 5,373 5,480 2.98% -19.91% 2% 2% 2% 2% 705 1,092 709 775 790 806 822 11.49% 17.27% 14.01% 15% 15% 15% 15% 20,645 22,671 23,215 26,253 31,300 36,938 43,875 9.81% 2.40% 13.09% 19.22% 18.01% 18.78% 8,009 9,731 10,439 12,441 15,918 19,804 24,649 38.78% 42.92% 44.96% 47.39% 50.85% 53.61% 56.18% 9

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T_FSAndVS 2010-1-17 2007 2008 2009E 2010E 2011E 2007 2008 2009E 2010E 2011E 229.6 234.9 265.6 316.7 373.7 129.6 128.6 139.7 155.6 173.4 9.4% 2.3% 13.1% 19.2% 18.0% 2.5 2.4 2.8 3.3 3.9 83.9% -4.4% 27.0% 40.9% 29.5% 30.1 37.0 45.7 56.0 67.3 116.9% 2.2% 26.6% 40.4% 29.3% 30.6 30.5 34.3 40.5 47.5 EBITDA 25.5% -5.2% 5.4% 39.7% 32.5% 3.4 3.5 1.5 3.1 6.9 EBIT 59.8% -3.9% 18.7% 43.2% 34.5% 0.1 1.3 1.5 1.5 1.5 NOPLAT 84.2% 4.2% 18.4% 42.7% 34.2% - - - - - -7.7% 12.1% 11.6% 11.9% 10.6% -0.3 - - - - 31.2% 29.2% 35.0% 20.3% 21.8% 33.1 31.6 40.1 56.6 73.3 5.8 0.3 0.5 0.5 0.5 43.6% 45.2% 47.4% 50.9% 53.6% 38.9 31.9 40.6 57.1 73.8 14.4% 13.5% 15.1% 17.9% 19.6% 13.3 5.7 7.5 10.6 13.6 11.1% 11.1% 12.5% 14.7% 16.1% 25.6 26.2 33.1 46.5 60.1 EBITDA/ 20.6% 19.1% 17.8% 20.9% 23.4% 2007 2008 2009E 2010E 2011E EBIT/ 15.9% 14.9% 15.7% 18.8% 21.5% 22.9 24.7 42.1 125.3 217.6 - - - - - 156 140 119 104 95 29.3 28.5 28.4 33.8 39.9 41 55 67 63 62 1.0-0.7 0.9 1.0 132 145 142 181 247 0.4 0.5 0.3 0.2 0.0 45 43 37 34 34 38.7 41.2 40.8 45.5 50.7 59 63 57 51 48-1.8 0.1-0.5-1.0 312 304 285 314 370 - - - - - 208 207 204 192 181 - - - - - - - - - - ROE 27.9% 22.0% 20.7% 24.1% 25.6% 0.2 0.2 0.2 0.2 0.2 ROA 12.8% 13.4% 14.8% 14.2% 13.6% 95.3 87.6 87.8 94.4 101.8 ROIC 20.2% 22.8% 24.1% 30.8% 36.9% 0.7 0.1 6.1 9.6 11.8 10.3 10.6 10.6 10.6 10.6 13.1% 15.7% 17.2% 17.7% 18.0% 1.4 0.8 7.2 7.9 8.4 13.3% 13.0% 12.9% 12.8% 12.7% 200.1 195.9 224.2 328.0 440.9 1.5% 1.5% 0.6% 1.0% 1.9% 40.0 30.0 20.0 85.6 150.0 / 27.9% 30.2% 30.7% 31.5% 32.6% 32.8 34.4 29.5 32.8 36.6 - - - - - 54.1% 39.4% 28.6% 41.2% 46.7% 30.4 8.8 10.5 12.8 15.4 117.8% 65.1% 40.0% 70.2% 87.8% - - - - - 0.89 1.32 1.88 1.56 1.53 5.1 4.1 4.1 4.1 4.1 0.51 0.74 1.17 1.21 1.27 108.3 77.3 64.1 135.3 206.1 10.65 10.12 27.91 19.51 11.58 0.0 0.0 0.0 0.0 0.0 60.0 60.0 80.0 80.0 80.0 DPS() - - 0.12 0.17 0.23 30.8 57.0 80.1 112.7 154.8 0.0% 0.0% 30.0% 30.0% 30.0% 91.9 118.7 160.2 192.7 234.8 2007 2008 2009E 2010E 2011E 2007 2008 2009E 2010E 2011E 25.6 26.2 33.1 46.5 60.1 EPS() 0.43 0.44 0.41 0.58 0.75 11.2 10.2 5.7 6.5 7.4 BVPS() 1.53 1.98 2.00 2.41 2.93 0.1 1.3 1.5 1.5 1.5 PE(X) 0.0 0.0 0.0 0.0 0.0 - - - - - PB(X) - - - - - 4.5 2.8 2.9 1.5 3.1 P/FCF - - - - - 0.3 - - - - P/S - - - - - -0.0 0.0 - - - EV/EBITDA - - - - - -0.4-46.9-3.1-4.1-4.5 CAGR(%) 22.0% 32.0% 32.2% 33.9 17.1 38.7 53.5 71.5 PEG - - - - - 8.8-2.4-17.0-17.0-17.0 ROIC/WACC 3.6 4.0 4.3 5.5 6.5-29.1-12.9-1.4 48.6 39.5 REP - - - - - Wind.NET 11

6 300 15% 6 300 5% 15% 6 300-5% 5% 6 300 5% 15% 6 300 15% A 300 B 300 T_Sales 021-67865293 zhuxian@essence.com.cn 021-68765237 lingjie@essence.com.cn 021-68766067 liangtao@essences.com.cn 021-68763872 ligr@essence.com.cn 021-68765206 nanfang@essence.com.cn 021-68763879 zhangqin@essence.com.cn 010-66581676 zhourong@essence.com.cn 010-66581668 mazn@essence.com.cn 010-66581689 lixin@essence.com.cn 0755-82558268 panlin@essence.com.cn 0755-82558089 zhangqp@essence.com.cn 0755-82558087 wangyy3@essence.com.cn 0755-82558084 lijin@essence.com.cn : 518026 : 200122 : 100034 12