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28 11 23 2.6 3 1943.65 1986.44 666.41 2356.13 (8621)613839 limengtao@gjzq.com.cn (8621)6138257 zhaoli@gjzq.com.cn 969 15A 211 ROIC- WACC 5 5 9 29 9 9 3.7% 9 3-6 6-8 9 9 9 1 2% 6% 4% 8% 9 ROIC WACC 此 报 告 仅 供 大 成 基 金 管 理 有 限 公 司 刘 明 2 使 用 1

28 1 2 3 4 1 2 1 9 8 7 6 5 4 3 2 1 14% 14% 8% 7% 1% 2% 38% 14% 34% 25% 15% 14% 22% 11% 4% 35% 3% 25% 2% 15% 1% 5% % 22% 21% 2% 19% 18% 17% 16% 15% 14% 13% 21.% 2.% 16.4% 14.8% 14.8% 15.2% 14.4% 38 1-1 48 32% 22% 2% 17% 11% 11% 1% 2% -1% -8% -8% -15% -1% -5% % 5% 1% 15% 2% 25% 3% 35% 18% 17% 17% 16% 16% 15% 15% 14% 8 1-1 794 11.1% 1 SUV MPV 8 1-8 14.4% 2 5 1-9 15.3% 1.6 45 2% 2

ROIC WACC ROIC WACC ROICWACC 23-27 ROIC WACC 5 ROIC WACC 5 ROIC-WACC 5 25% 2% 15% 1% 5% ROIC ROIC>WACC ROIC=WACC ROIC<WACC WACC % % 5% 1% 15% 2% 25% 5 ROIC WACC ROIC 67 WACC 7 ROIC WACC ROIC WACC ROIC WACC 6 ROIC WACC 25% ROIC 2% 15% 1% 5% < WACC % % 5% 1% 15% 2% 25% 3

7 5 ROIC ROIC/ ROIC WACC WACC 12.4% 1.6 27.2% 22.3% 9.% 15.1% 24.1% 19.5% 1.1% 1.4-15.% 37.1% 18.1% 11.2% 2.% 14.3% 13.3% 1.3 16.2% 13.6% 16.3% 2.3% 22.5% 17.8% 9.3% 1. 12.% 9.4% 6.9% 9.2% 11.4% 9.8% 12.6% 1. 14.6% 14.6% 16.1% 9.8% 7.% 12.4% 11.1% 1. 9.8% 9.1% 11.4% 12.6% 11.% 1.8% 9.9%.9 12.3% 9.5% 7.8% 7.7% 9.1% 9.3% 12.3%.9 15.1% 17.1% 8.6% 4.% 7.5% 1.5% 14.%.8 27.6% 16.3% 2.2% 4.9% 6.5% 11.5% 12.5%.7 13.1% 9.4% 6.3% 6.5% 6.2% 8.3% 1.1%.6 8.5% 8.1% 5.7% 6.% 4.5% 6.6% 11.7%.6 8.5% 4.8% 3.7% 1.1% 9.4% 7.3% 1.7%.6 1.2% 8.3% 5.1% 2.4% 5.8% 6.4% 9.7%.5 16.9% 3.7%.5%.6% 4.3% 5.2% 11.3%.5 7.3% 5.5% 3.9% 5.% 7.7% 5.9% 14.2%.5 8.% 5.5% 6.2% 5.% 9.7% 6.9% 12.8%.5 3.5% 3.1% 3.5% 7.1% 11.6% 5.8% 11.2%.4 1.% 7.6% -9.% 1.6% 11.7% 4.4% 8.2%.4 7.3% 5.%.8% 1.% 2.1% 3.3% 13.5%.3 6.%.5% 4.3% 4.6% 5.4% 4.1% ROIC WACC 4.54% 8.11% 6.57% BETA=1.84 BETA=1.1 BETA=1.188 BETA=1.45 4

1 3 3-6 8 15.7 11 3 1 2.5 6 8 3 3-6 8 2, 15, 1, 5, -5, 8 4 9 98 1. 95. 9. 85. 8. 75. 7. 65. 6. 5

9 1 8 3 8 3 69 72 1 11 8 3 A 42 3 1 6 26 1 81-3Q 71-3Q 81-3Q 71-3Q 81-3Q 71-3Q 81-3Q 71-3Q 19.6 16.9 51.1 51.5 46.3 45.5 67.2% 125.6% 12.7 9.5 72.7 52.8 43.4 35.4 21.% 56.4% 4.7 42. 62.5 63.2 64.4 64.6 15.7% 69.9% 22.5 2.2 62.9 55. 49.9 45.9 131.2% 75.2% WIND 2 3 9 6

6-8 9 16 67 16 8 5 47% 8 5 67% 8 5 77% 8 5 73% 12 13 1 8 6 4 38422 64868 7446 77298 5 4 3 2 2448 393 4653 2592 2 1 14 15 12 1 8 6 4759 742 8574 171 12 1 8 6 6345 5874 133 6476 4 4 2 2 WIND 7

9 12% 89 67% 69% 9 9 27 21 24.3% 8-1 13.6% 21 8.8% 2 8 26.5%9 9.% 7 8 8 19.5% 4.7% 8 2% 7 91 12% 21 7.% 9 16 85% 8% 75% 7% 65% 6% 55% 5% 7,28, 9,28, 1,4, 5,95,67 6,141,85 81.12% 66.7% 4,87, 5,818, 6,19, 3,999,1 4,284, 82.12% 73.63% 2,41, 3,39, 3,85, 1,96,66 1,857,85 79.11% 54.8% 8

29 1.6 7 29 GDP =8% =14% CPI=1.8%PPI=.5% =3%=-1% 67 1.6 1.6 6-8 17 GDP 18 4% 35% 3% 1% 8% 81% 25% 2% 6% 4% 43% 42% 45% 41% 15% 1% 5% % 2% % -2% 19% 18% -4% -7% -23% 3% 2% -4% 19 2 2% 1% 15% 8% 6% 1% 4% 2% 5% % % -5% -2% -4% -6% 9

9 GDP 8% 2.3% 9 9 GDP R 2 9% GDP 1 1.2 GDP GDP 1 221 1 486 21 GDP 22 GDP 4,5, 6,, 5, 8,, 4,, 3,5, 3,, 2,5, 2,, 1,5, 1,, 5, 5,, 4,, 3,, 2,, 1,, 45, 4, 35, 3, 25, 2, 15, 1, 5, 7,, 6,, 5,, 4,, 3,, 2,, 1,, - - 23 GDP 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, - CEICBLOOMBERG 6,, 5,, 4,, 3,, 2,, 1,, 24 97.2% 92.5% 93.7% 95.4% 92.3% 92.7% 25 GDP 21,997 5.% 6.% 7.% 8.% 9.% 24,321 24,553 24,784 25,16 25,248 =-416691+221.15*GDP 5,, 4,961,938 5,13,163 5,64,388 5,115,613 5,166,838 -.76%.26% 1.29% 2.31% 3.34% 9 GDP 5-9% -.76% 3.34%9 1

1 3.6 29 61 1% 9 1%-2% 9 9 51 7.3% 1%=25% 1%=5% 2%=25% 5% 3% 2% 4 9 9 3% 26 =-13487+3.57*FAIR 2 =91% =4189+7.88*R 2 =94% 9 14% 6.5 9 69 52 61 1-2% 27 28 16 14 6 5 6 5 6 5 12 1 4 4 4 8 3 3 3 6 2 2 2 4 2 1 1 1 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 11

2-4 9 8.2 9 5% 38% 29 3 3,-4, 26% 19% 4-7 4 1% 8 5% 36% 3 31 14 12 1 35% 3% 25% 25% 2% 8 2% 15% 6 4 2 15% 1% 5% % -5% -1% 1% 5% % -5% 29 5% 9 2-4 9 8.2 9 5% 12

29 97.7 3.7% 9 2.3%-7.3%-5% 7.6% 32 279.7 386.9 472.7 5. 511.5 24.7% 38.3% 22.2% 5.8% 2.3% 23.5 3.7 48.7 55. 51. -36.5% 3.6% 58.6% 12.8% -7.3% 9.1 9.6 11.9 11.4 1.9-1.4% 5.9% 23.3% -3.7% -5.% 264.3 3. 345.9 369.2 397.3 1.9% 13.5% 15.3% 6.7% 7.6% 576.7 727.3 879.2 935.6 97.7 13.3% 26.1% 2.9% 6.4% 3.7% 9 1 9 1 1.5 4 1112 1 4 9 1.7 8 1 33 / 34 8, 7,5 7, 6,5 6, 5,5 5, 4,5 4, 16% 15% 15% 14% 14% 13% 13% 12% 12% 11% 15.3% 15.% 14.% 13.2% 13.1% 12.8% 13

2% 6% 4% 8% 9 4% 9 8 3 1% 7% 35-7% 2% -1% -2% -4% -3% 1% 1% % % 29 2% 4% 6% 8% 36 % -2% -4% -6% -8% -1% 94% 41% -11% -64% -116% -5% 84% 31% -22% -74% -127% % 73% 21% -32% -85% -137% 5% 63% 1% -42% -95% -148% 1% 52% % -53% -15% -158% % -2% -4% -6% -8% -1% 189% 131% 73% 14% -44% -5% 172% 114% 56% -2% -61% % 156% 97% 39% -19% -77% 5% 139% 81% 22% -36% -94% 1% 122% 64% 6% -53% -111% 14

29 9 3.7% 3-6 9 1 4% 9 29 1 ROICWACC 2 15

PE 7-9 8.27.2 6.2 14. 25. 2.8 6.6. 4.9 9.91.6 1.9 PB 7-8 1..9 1.4 1.3 1.2 1. 1.9 1.6 3711 21 7 8 9 7 8PB 1.57 5.11 4.16 3.76 1.6.8.39 15.1 1.45 3.72 3.9 2.78.73.54.28 16..35 5.83 3.65 3.4.22.18.18 1.6.41 8.2 4.23 2.81.96.82.8 2.2 18.61 4.31 5.91 5.93.52.54 181.4 2.75 3.44 4.4 3.86.54.53.86 313.6 12.89 2.7 1.5 1.6.19.13 45. 351.5 29.24 28.51 27.96 4.1 3.92 14.39 2,74.8 14.92 1.3 1.53 1.37.17.17.13 61.7 4.82 2.57 2.59 2.39.48.48.31 9. 1.39.85 n/a n/a 3.5 2.88 n/a n/a n/a 16.3 182. 5.41 6.27 5.65.67.67.57 32. 156. 2.49 2.73 2.4.4.37.2 2. 133. 41. 35.6 27.2 4.43 3.43 1.21 66.5 288. 5.26 6.83 6.16.71.72.63 838.8 39. 2.66 3.56 3.23.33.29.36 115.7 3915. 5.63 4.75 4.15.5.54.33 78.5 693. 16.94 8.43 4.86.45.5.11 23.2 Maruti Udyog 482.45 7.35 7.6 6.61 1.62 1.38.51 18.2 Tata Motors 126.2 2.71 2.75 2.3.59.49.14 11.4 8.17 7.22 6.21.98.87 1.22 28.7 3.48 2.94 3.8.82.73 62.9 54. 5.5 4.31 4.65 2.8 1.7 68.8 3. 4.7 3.41 3.26.74.68.75 96.7 272. 9.74 13.11 9.88.39.41.4 17.8 32.84 6.12 5.41 4.83 2.31 1.92.46 24.9 2.58 8.7 5.37 4.4.92.79.25 18.9 22.11 6.72 6.55 5.41 1.62 1.51.31 81.5 188. 4.35 4.43 4.1.34.34.42 11.6 5.95 5.69 4.94 1.15 1.1.43 38.78 5.82 4.99 4.47 1.9.83.43 56.6 1.7 1.49 1.36.6.9..6 17.78 4.78 3.63 3. 1.2.84.17 34.8 1414. 4.71 5.76 5.15.53.48.48 14.7 123. 3.82 4.42 4.4.45.36.46 33. 4.12 4.7 3.6.63.52.31 BLOOMBERG 3811 21 7 8 9 7 8PB 9 3.67 12.83 27.19 22.65 1.13 1.7 1.36 12.25 5.91 8.35 16.28 19.38 1.4 1.1 (1.2) 55.36 3.58 23.1 33.15 21.31 1.69 1.61.6 8.17 6.7 19.72 1.98 9.31 2. 1.72.61 15.59 3.73 6.24 37.3 31.8 1.36 1.31 4.37 14.5 24.98 2.75 1.44 1.34.39 14. 8.18 1.34 1.74 2.91 2.43 (2.75) 8.4 5.19 8.42 1.51 11.4 1.86 1.63 (2.16) 3.28 8.58 11.83 11.29 11.69 1.68 1.6 6.38 3.6 12. 11.95 1.27.97.92.73 5.64 8.23 9.36 9.72 1.61 2.1 1.74 (1.16) 1.16 4.15 9.79 1. 11.7 1.99 1.54 (1.4) 5.44 9.93 1.63 1.9 1.9 1.64 (1.28) 29.94 7.72 6.94 8.54 2.44 2.59 (.37) 22.29 7.28 23.41 16.51 12.34 5.1 3.85.49 3.28 3.82 17.5 14.58 12.69 1.33 1.25.98 1.55 5.17 9.7 18.4 18.3.81.78 2.8 6.63 2.4 31.65 3.55 1.47 1.4 8.81 1.2 5.4 13.3 15. 16.77 1.28 1.18 (1.42) 4.38 4.85 1.1 13.11 13.86.87.78 (2.43) 1.54 4.45 9.72 12.71 11.13 3.52 2.63.89 12.75 3.81 7.33 11.21 12.7 1.7.95 (.95) 2.69 13.19 15.53 15.18 1.98 1.71.75 3911 21 7EPS EPS 8EPS EPS 9EPS 7PE 8PE 9PE 7PB 8PB 9PEG 8%7 9%8 14. 1.711-2.86% 1.354-3.77% 1.33 8.18 1.34 1.74 2.91 2.43 (2.75) 5,872 8.23.879-3.64%.847-8.38%.776 9.36 9.72 1.61 2.1 1.74 (1.16) 7,14 29.94 3.879 11.19% 4.313-18.73% 3.55 7.72 6.94 8.54 2.44 2.59 (.37) 15,588 7.28.311 41.8%.441 33.79%.59 23.41 16.51 12.34 5.1 3.85.49 2,291 8.58.725 4.83%.76-3.42%.734 11.83 11.29 11.69 1.68 1.6 (3.3) 4,461 5.19.617-19.88%.494-4.86%.47 8.42 1.51 11.4 1.86 1.63 (2.16) 2,297 5.91.77-48.69%.363-15.98%.35 8.35 16.28 19.38 1.4 1.1 (1.2) 38,717 3.67.286-52.8%.135 2.%.162 12.83 27.19 22.65 1.13 1.7 1.36 8,566 3.82.224 16.96%.262 14.89%.31 17.5 14.58 12.69 1.33 1.25.98 1,86 5.4.46-11.33%.36-1.56%.322 13.3 15. 16.77 1.28 1.18 (1.42) 3,63 3.58.155-3.32%.18 55.56%.168 23.1 33.15 21.31 1.69 1.61.6 5,711 5.17.533-46.22%.287.4%.287 9.7 18.4 18.3.81.78 455.27 1,955 3.6.255.39%.256 16.41%.298 12. 11.95 1.27.97.92.73 3,944 6.63.325-35.55%.29 3.59%.217 2.4 31.65 3.55 1.47 1.4 8.81 712 12.71.367 22.62%.45 56.%.72 34.63 28.24 18.11 5.33 4.48.5 1,83 4.85.48-22.92%.37-5.41%.35 1.1 13.11 13.86.87.78 (2.43) 1,77 16

7 8-1 EPS 1.3541.33 1.596 29 15% 1 PE 8.21.3 1.7 4 25 26 27 28E 29E 21E 25 26 27 28E 29E 21E 6,56 9,47 17,335 2,457 17,88 18,748 2,821 3,939 3,518 3,6 3,6 4,44 45.5% 83.1% 18.% -13.% 5.3% 719 786 1,459 1,452 1,264 1,331-5,956-8,479-15,189-18,572-15,989-16,782 1,426 1,612 2,766 2,73 2,258 2,346 % 91.5% 89.5% 87.6% 9.8% 89.8% 89.5% 85 126 246 296 24 252 55 991 2,146 1,886 1,819 1,966 5,51 6,463 7,989 8,52 7,362 7,973 % 8.5% 1.5% 12.4% 9.2% 1.2% 1.5% % 93.8% 83.6% 83.2% 82.1% 79.% 82.1% -6-2 -14-12 -13 36 %.1%.2%.1%.%.1%.1% 334 991 1,317 1,496 1,72 1,491-179 -246-482 -569-495 -521 % 6.2% 12.8% 13.7% 15.3% 18.3% 15.3% % 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 1 237 224 219 215 21-218 -29-289 -284-248 -261 336 1,264 1,616 1,754 1,956 1,74 % 3.4% 2.2% 1.7% 1.4% 1.4% 1.4% % 6.2% 16.4% 16.8% 17.9% 21.% 17.9% EBIT 147 515 1,361 1,32 1,64 1,171 5,387 7,727 9,65 9,86 9,318 9,713 % 2.3% 5.4% 7.9% 5.% 6.% 6.2% 345 1,341 2,132 93 53-3 -87-128 -95-57 -24 4,45 4,429 4,163 4,8 4,137 4,344 %.1%.9%.7%.5%.3%.1% 94 264 64 319 381 429-5 23-72 -27 4,845 6,34 6,359 6,5 5,21 4,773 6 656 656 656 656-2 44 %.% n.a.%.%.%.% 4,845 6,94 7,58 6,76 5,677 5,429 143 426 1,183 96 935 1,12 542 1,318 2,18 2,415 2,798 3,267 2.2% 4.5% 6.8% 4.7% 5.3% 6.% 315 529 684 843 1,18 16-4 5 5 5 5 5,387 7,727 9,65 9,86 9,318 9,713 159 423 1,188 965 94 1,125 2.4% 4.5% 6.9% 4.7% 5.3% 6.% -8-142 -259-241 -235-281 25 26 27 28E 29E 21E 5.3% 33.7% 21.8% 25.% 25.% 25.% 151 28 929 724 75 844.593.535 1.711 1.354 1.33 1.596 56 212 156 159 175 2.135 4.86 4.811 5.759 6.671 7.788 151 224 717 568 547 669.64 1.489 -.119 4.174 2.473 2.671 1.9% 2.6% 2.3% 4.8% 5.4% 6.%....46.391.479 27.78% 17.2% 35.56% 23.52% 19.53% 2.49% 25 26 27 28E 29E 21E 2.8% 2.9% 7.47% 5.79% 5.87% 6.89% 151 224 929 724 75 844 18.9% 11.24% 19.96% 16.52% 16.63% 17.77% 56-4 6 165 11 222 195-15.31% 45.54% 83.6% 18.2% -12.95% 5.28% 1 1 139 162 88 57 EBIT -13.68% 23.42% 164.63% -24.14% 3.8% 1.% -3 4-1,272 764 23 24-13.38% 48.97% 219.72% -2.83% -3.78% 22.46% 153 481-38 1,751 1,37 1,12 5.44% 43.45% 24.3% 2.9% -4.97% 4.24% -95-38 -369-292 -347 53 15.8 9.6 7.2 7.2 7.2 7.2 78. 65.4 52.6 52.6 52.6 52.6-95 -38-369 -292-347 53 46.1 34.2 26.5 26.5 26.5 26.5 17.3 36.6 19.2 2.4 27.7 26.1 26 856 1,12-1,245-427 -53-122 -131-263 -226-457% -155% -29% -65% -67% -79% 26 856 998-1,376-69 -729 EBIT 5.5 5.9 1.6 1.8 18.8 49.3 264 1,298 591 82 444 89.94% 78.86% 73.49% 68.39% 6.92% 55.89% 17

29 5% 29 9 1% 8.7 / 8.5% 8-1 EPS.76.734.835 PE 1.61.1 1.4 1 41 25 26 27 28E 29E 21E 25 26 27 28E 29E 21E 4,576 4,955 7,881 7,884 8,295 9,181 799 92 1,263 1,85 1,192 1,454 8.3% 59.1%.% 5.2% 1.7% 424 523 1,32 951 1,1 1,18-3,73-4,44-6,423-6,784-7,16-7,765 724 837 1,54 1,236 1,278 1,415 % 81.5% 81.6% 81.5% 86.% 84.6% 84.6% 147 532 292 33 31 334 846 911 1,458 1,1 1,279 1,416 2,94 2,795 4,362 3,575 3,781 4,31 % 18.5% 18.4% 18.5% 14.% 15.4% 15.4% % 75.1% 77.6% 55.2% 5.4% 52.5% 56.2% -21-38 -79-31 -32-36 65 57 2,615 2,455 2,455 2,455 %.5%.8% 1.%.4%.4%.4% 515 639 734 644 545 489-36 -335-411 -316-333 -368 % 18.5% 17.7% 9.3% 9.1% 7.6% 6.4% % 6.7% 6.8% 5.2% 4.% 4.% 4.% 113 19 96 33 326 323-291 -281-37 -411-424 -46 694 85 3,534 3,522 3,419 3,36 % 6.4% 5.7% 4.7% 5.2% 5.1% 5.% % 24.9% 22.4% 44.8% 49.6% 47.5% 43.8% EBIT 228 257 598 342 49 552 2,787 3,6 7,896 7,97 7,199 7,67 % 5.% 5.2% 7.6% 4.3% 5.9% 6.% 726 5 1-18 -1-5 3 1,27 1,995 3,447 3,312 3,434 3,8 % -.1% -.2%.2%.1%.1%.% 189 198 262 535 479 545-55 -143 1,396 2,193 4,436 3,848 3,913 4,345 15-17 16 16 16 161 9 13 49 325 2 2 24 44 471 129 129 129 % 3.4% 4.% 8.2% 64.7% 3.9% 3.4% 1,42 2,238 5,67 4,137 4,22 4,635 242 28 59 497 55 575 1,279 1,247 2,658 2,789 2,825 2,861 5.3% 5.7% 7.5% 6.3% 6.1% 6.3% 89 115 17 171 172 174 29 45 8 5 5 5 2,787 3,6 7,896 7,97 7,199 7,67 27 326 598 52 51 58 5.9% 6.6% 7.6% 6.4% 6.2% 6.3% -88-11 -162-16 -128-145 25 26 27 28E 29E 21E 32.7% 3.9% 27.1% 21.1% 25.% 25.% 182 225 436 396 383 435.696.552.943.76.734.835-4 4 59 1 1 1 4.797 3.119 6.647 5.364 5.434 5.53 186 221 377 395 382 434 1.899 2.356 1.474.88.697 1.247 1.9% 2.6% 2.3% 4.8% 5.4% 6.%.5 1..5.59.665.765 14.52% 17.7% 14.18% 14.17% 13.51% 15.16% 25 26 27 28E 29E 21E 6.66% 6.13% 4.77% 5.57% 5.3% 5.66% 186 221 436 396 383 435 12.54% 15.17% 1.62% 8.63% 11.61% 12.92% -4 4 12 77 13 242 18 114 15.89% 8.26% 59.6%.4% 5.21% 1.68% -8-12 -4-662 -14-14 EBIT 27.1% 17.36% 1.% -42.77% 43.14% 12.7% 212 652 64 481-115 113 29.23% 18.88% 7.77% 4.87% -3.45% 13.68% 56 942 59 457 362 648 7.19% 29.15% 119.33% -1.12% 1.44% 6.54% -63-192 -233-238 -5-51 -437 74 2.3 23.4 31.5 31.5 31.5 31.5 5 21-3 325 2 2 76.4 7.5 66.5 66.5 66.5 66.5-19 -69-163 87 2-3 71.6 72.3 67.4 67.4 67.4 67.4 41.7 38.9 23.8 26.6 24.2 19.7-48 4 791-687 1-15 -27-229 -35-276 -357-63.81% -1.84% -16.38% -34.15% -37.28% -45.43% -152-23 562-722 -276-356 EBIT -56.3-3.1 33.2 34.1 11.7-26.9 244 14 989-178 16 262 5.94% 62.16% 64.18% 58.29% 58.37% 6.43% 18

ROIC WACC 5 ROIC WACC 8-1 EPS.847.776.89 2%39% 4% PE 9.49.7 1.6 9 PE 42 25 26 27 28E 29E 21E 25 26 27 28E 29E 21E 6,281 7,369 8,456 8,715 8,758 9,339 1,959 2,168 2,17 2,257 2,543 3,595 17.3% 14.8% 3.1%.5% 6.6% 284 33 587 582 585 624-4,9-5,592-6,359-6,72-6,629-7,27 626 596 866 768 76 85 % 78.% 75.9% 75.2% 76.9% 75.7% 75.2% 79 128 55 6 6 63 1,38 1,777 2,96 2,13 2,129 2,312 2,949 3,222 3,615 3,668 3,948 5,88 % 22.% 24.1% 24.8% 23.1% 24.3% 24.8% % 63.2% 61.5% 59.% 53.6% 53.9% 63.4% -113-13 -145-15 -151-161 21 16 18 18 18 18 % 1.8% 1.8% 1.7% 1.7% 1.7% 1.7% 1,455 1,756 2,28 2,635 2,83 2,392-36 -494-619 -74-78 -755 % 31.2% 33.5% 36.1% 38.5% 38.7% 29.8% % 5.7% 6.7% 7.3% 8.1% 8.1% 8.1% 239 244 176 521 522 523-394 -59-537 -512-515 -521 1,715 2,16 2,51 3,174 3,37 2,933 % 6.3% 6.9% 6.3% 5.9% 5.9% 5.6% % 36.8% 38.5% 41.% 46.4% 46.1% 36.6% EBIT 514 643 796 646 756 876 4,664 5,238 6,124 6,841 7,317 8,21 % 8.2% 8.7% 9.4% 7.4% 8.6% 9.4% 124 122 4 1 1 1 19 43 55 55 62 8 1,2 1,399 2,122 2,125 2,14 2,229 % -.3% -.6% -.7% -.6% -.7% -.9% 337 539 268 469 5 549-2 -6-1 1,661 2,6 2,43 2,595 2,65 2,779 11 1 9 9 9 1 4 6 9 8 8 8 7 7 7 7 %.7%.8% 1.%.9% 1.%.8% 1,672 2,7 2,59 2,674 2,684 2,859 538 692 857 73 826 963 2,873 3,4 3,527 4,76 4,535 5,57 8.6% 9.4% 1.1% 8.1% 9.4% 1.3% 118 127 88 92 98 15 49 46 3 165 3 3 4,664 5,238 6,124 6,841 7,317 8,21 587 738 86 868 829 966 9.3% 1.% 1.2% 1.% 9.5% 1.3% -7-19 -85-13 -153-191 25 26 27 28E 29E 21E 11.9% 14.8% 9.9% 15.% 18.4% 19.7% 517 628 775 738 676 775.574.699.879.847.776.89 21 25 16 7 6 7 3.329 3.522 4.86 4.722 5.254 5.858 495 64 759 731 67 768 1.17 1.34.976 1.236 1.166 1.385 1.9% 2.6% 2.3% 4.8% 5.4% 6.%.15.59.3.26.297.344 17.24% 19.85% 21.52% 17.95% 14.77% 15.2% 25 26 27 28E 29E 21E 1.62% 11.52% 12.4% 1.69% 9.15% 9.58% 495 64 775 738 676 775 15.93% 18.1% 19.57% 13.15% 13.28% 13.59% 21 25 232 267 232 319 357 386 8.84% 17.32% 14.75% 3.7%.5% 6.62% -23-45 -98-63 -11-11 EBIT 18.48% 23.39% 14.4% -18.78% 16.96% 15.86% 285 36-67 73-16 45 28.7% 21.84% 25.77% -3.65% -8.42% 14.73% 1,1 1,157 843 1,67 1,7 1,195 12.85% 12.31% 16.93% 11.71% 6.96% 9.62% -217-498 -584-921 -55 54-44 2 7.6 8.5 1.5 1.5 1.5 1.5 33 51 63 8 8 8 44.1 39.9 41.9 42. 42. 42. -184-491 -5-913 -542 62 71.1 73.8 77.4 77.4 77.4 77.4 42 46 5 74.6 65.6 67.8 83.6 91.4 82.7-75 -1-8 -39 1-1 -1-324 -6-224 -256-6.99% -64.91% -56.92% -53.9% -54.66% -69.43% -76-2 -44-4 -179-25 EBIT -29.1-16. -14.4-11.8-12.1-11. 75 664-61 15 286 1,52 35.86% 39.53% 4.97% 39.8% 36.67% 35.64% 19

8 8-1 EPS.441.59.769 43 25 26 27 28E 29E 21E 25 26 27 28E 29E 21E 54 28 625 833 1,84 1,392 136 39 49 8 15 318 286.6% 2.9% 33.2% 3.2% 28.4% 6 136 151 22 286 367-59 -186-45 -581-755 -97 35 8 11 117 153 196 % 11.2% 89.7% 71.9% 69.8% 69.7% 69.7% 7 7 1 19 25 32-5 21 176 252 329 422 238 262 312 436 569 912 % n.a 1.3% 28.1% 3.2% 3.3% 3.3% % 38.6% 47.3% 48.5% 48.7% 58.% 7.7% -4-5 -7-9 26 26 26 26 %.%.%.6%.6%.6%.6% 285 215 226 272 224 19-5 -6-25 -28-36 -46 % 46.2% 38.9% 35.1% 3.4% 22.9% 14.7% % 8.6% 2.8% 4.% 3.4% 3.3% 3.3% 94 77 77 162 162 162-59 -19-38 -43-5 -64 379 292 331 46 412 378 % 19.2% 9.% 6.1% 5.2% 4.6% 4.6% % 61.4% 52.7% 51.5% 51.3% 42.% 29.3% EBIT -69-3 19 175 236 34 618 554 644 896 981 1,291 % n.a n.a 17.4% 21.% 21.8% 21.8% 6 7 118-61 -1-8 -4-3 5 266 98 1 139 181 232 % 112.6%.4% 1.2%.4%.2% -.4% 17 33 17 43 55 71-2 282 191 187 3 236 34 33 1 1 %.%.%.%.%.%.% 284 224 187 3 236 35-129 -4 99 171 233 39 323 33 457 596 744 986 n.a n.a 15.9% 2.5% 21.5% 22.2% 11 127 4 31 14 14 14 618 554 644 896 981 1,291-2 13 185 247 323 n.a.2% 2.8% 22.2% 22.8% 23.2% -32-46 -62-81 25 26 27 28E 29E 21E n.a.% 24.8% 25.% 25.% 25.% -2 98 139 185 242.24.1.311.441.59.769-9 -1 1.74.342 1.452 1.893 2.366 3.135 7 1 98 139 185 242.185.29.638.464.493.621 1.9% 2.6% 2.3% 4.8% 5.4% 6.%...... 2.27%.33% 21.42% 23.3% 24.92% 24.53% 25 26 27 28E 29E 21E 1.19%.19% 15.21% 15.49% 18.91% 18.74% 7 1 98 139 185 242-18.99%.75% 15.54% 18.35% 23.78% 23.6% -9-1 63 26 27 31 33 32-82.21% 286.57% 2.87% 33.21% 3.18% 28.41% 6 36-6 -1-14 EBIT -79.63% -14.99% 3338.81% 6.37% 35.12% 28.61% -65 1 4-17 -53-64 N/A -85.32% 8998.48% 41.83% 33.63% 3.42% 56 28 21 146 155 195-42.5% -1.32% 16.16% 39.23% 9.47% 31.6% -5-39 -148 29 16 54.7 156.3 77. 9. 9. 9. -9 14 584.3 112.9 73.6 73.7 73.7 73.7-9 9-39 -148 29 16 693.8 137.2 63.4 64. 64. 64. 1-37 1,977.8 333.7 13.4 15. 74.7 53.7-11 -133 48-118 1-1 -16-4 -4.63% 16.31% 4.49% 6.44% -14.14% -32.1% -1-133 -1 32-159 1 EBIT -1. 4. 14.2 48.5 87.4-6.7 37-96 161 31 25 212 45.9% 4.46% 29.2% 33.53% 24.11% 23.59% 2

3.68 5,711 3% 3 EPS.491.6 29 TA1 8-1.18.168.171 44 25 26 27 28E 29E 21E 25 26 27 28E 29E 21E 7,15 8,118 7,83 7,53 7,914 8,172 836 1,323 972 1,4 1,4 1,4 14.3% -3.9% -3.5% 5.1% 3.3% 2,4 1,8 939 1,31 1,7 1,15-6,12-6,966-7,22-7,127-7,49-7,738 87 831 956 883 928 958 % 86.1% 85.8% 92.5% 94.6% 94.6% 94.7% 234 128 183 18 189 195 985 1,152 583 43 424 433 3,917 3,362 3,49 3,494 3,587 3,659 % 13.9% 14.2% 7.5% 5.4% 5.4% 5.3% % 53.2% 47.4% 44.% 49.4% 45.5% 42.3% -294-27 -29-212 -223-23 1,517 1,92 1,818 1,818 1,818 1,818 % 4.1% 3.3% 2.7% 2.8% 2.8% 2.8% 1,537 1,441 1,55 1,389 2,112 2,88-122 -426-444 -482-56 -523 % 2.9% 2.3% 22.3% 19.6% 26.8% 32.5% % 1.7% 5.2% 5.7% 6.4% 6.4% 6.4% 397 389 376 371 364 358-44 -546-47 -512-499 -57 3,451 3,733 3,887 3,579 4,296 4,985 % 5.7% 6.7% 5.2% 6.8% 6.3% 6.2% % 46.8% 52.6% 56.% 5.6% 54.5% 57.7% EBIT 165-9 -476-83 -84-827 7,368 7,95 6,936 7,73 7,883 8,644 % 2.3% n.a n.a n.a n.a n.a 1,76 84 45 491 882 1,265-98 -5-8 -17-3 -56 2,712 2,944 2,997 3,3 3,182 3,287 % 1.4%.6%.1%.2%.4%.7% -28-78 -28-24 -25-25 -74 12-12 4,193 3,67 3,419 3,497 4,39 4,527 2 1 28 445 721 978 1,11 1,15 15 29 116 % 81.9% 138.2% 426.% 549.% 411.5% 418.8% 4,47 3,799 3,534 3,497 4,39 4,527 275 34 162 171 263 268 2,961 3,281 3,38 3,553 3,82 4,92 3.9% 3.8% 2.1% 2.3% 3.3% 3.3% 15 22 23 24 25-21 17 7 7 7 7 7,368 7,95 6,936 7,73 7,883 8,644 254 322 169 178 27 275 3.6% 4.% 2.2% 2.4% 3.4% 3.4% -1-1 8-5 -1-1 25 26 27 28E 29E 21E.3%.4% -47.5% 2.5%.5%.5% 254 32 249 174 268 273.159.21.155.18.168.171 3 1 1 1 1.856 2.57 2.119 2.227 2.395 2.565 254 32 247 173 267 272.769 1.51 -.217 -.278 -.287 -.291 1.9% 2.6% 2.3% 4.8% 5.4% 6.%...6... 8.56% 9.76% 7.31% 4.86% 7.% 6.65% 25 26 27 28E 29E 21E 3.44% 4.51% 3.56% 2.44% 3.39% 3.15% 26 33 249 174 268 273 3.47% -1.91% -17.83% -19.25% -16.94% -15.28% 258 233 351 26 3 316 28.33% 14.25% -3.88% -3.49% 5.9% 3.26% -96-376 -682-912 -1,72-1,86 EBIT N/A -147.6% 49.4% 68.58%.18% 2.77% 85 1,49-265 35 46 32 771.32% 26.33% -22.88% -3.7% 54.79% 1.81% 1,227 1,677-346 -443-457 -465-7.69% -3.71% -2.24% 1.97% 11.46% 9.66% -57-111 -233-91 -998-998 -9-156 311-1 71.7 13.8 8.6 8.6 8.6 8.6 59 26 674 978 1,11 1,15 44.5 42.9 45.2 45.2 45.2 45.2-7 -61 752 886 112 152 85.1 88.9 91.2 91.2 91.2 91.2 2 81.5 65.5 7.9 63.2 7.5 77. -815-1,6-454 14 391 384-119 -29-45 -71 37.96% -12.73% -15.35% -25.43% -13.48% -3.27% -815-1,59-572 -16 346 313 EBIT 1.8-1.6-56.2-48.4-26.7-14.9 44 557-167 428 59.82% 53.55% 5.96% 49.45% 51.24% 52.37% 21

18 1-3Q 458 1-3Q 81-3Q 71-3Q 81-3Q 71-3Q 81-3Q 71-3Q 81-3Q 71-3Q 8.6 9.2 77.7 75.4 58.2 4.3 37.4% 121.9% 27. 26. 75.7 82.7 63.3 59.7-96.8% 16.7% 15.1 1.2 7.9 43.4 37.5 26.7 347.8% 56.3% 17.8 14.8 85.1 74.1 59.4 56.5 184.4% 195.1% 6.6 5.3 31.6 33.8 36.5 33.9-27.9% 317.6% 11.9 13.5 5.3 44.2 23.2 23.3 248.7% 214.3% 2.5 2.5 65.9 94.2 33.5 6.5 95.6% 46.7% 2.8 8.5 84.9 8. 44.5 42.3-369.2% -31.% 12. 12.1 31. 34.2 5. 53.4 199.9% 3.9% 49. 49.9 79.6 77.8 18.4 128.7-1.8% 185.1% 34.5 32.6 71. 7.2 6.1 75.3 128.2% 225.8% 47. 26.6 6.8 54.3 43.5 41.8-52.4% 35.3% 2.2 1. 71.5 37. 117.1 47.9-113798.9% -13.% 48.6 42.3 9.8 79.6 55.3 54.7 312.9% 441.9% 17.5 15. 87.5 81.7 72.2 79.6 41.5% 28.4% 56.3 69.3 88.3 117.5 68.6 144.4 488.9% -174.% 28.8 33.2 75.7 77.8 61.6 55.7 91.2% 64.8% 6. 59.9 41.4 42.7 67. 5. 165.9% 213.3% 48.5 49.8 68.4 69.7 88.8 84.8 56.8% 111.8% 43.2 43.9 81.5 89.7 54.3 62.5 284.8% -26.8% 75.6 79.9 59.8 63.4 91.9 7.6-35.1% 61.9% 52.9 43.4 95.1 87.6 99. 13.1 75.% -.8% 62.5 77.6 89.9 89.4 9.8 14.2 328.6% 218.7% 48.1 49.4 34.9 27.6 132.3 129.6 185.1% 152.6% 14.2 56.2 97.3 5.8 68.7 51. 39.2% 184.6% 79.7 58.1 84.1 66.3 66.7 58.7 432.6% 72.6% 15. 87.8 78.6 58.9 115.6 126.7 217.1% 14.6% 86.5 79.7 74.2 66.9 9.7 93.3-2.1% -22.3% 84.5 74.4 88.2 67.6 47.4 65.8 335.% 78.2% 94.1 15.7 85.1 126.8 118. 165. -157.8% 95.3% 292.6 169.4 12.4 96.1 58.5 68.1-175.8% -563.% 86. 89.3 61.6 55.7 12.3 15.7-2.2% -49.9% 3.5 5.1 21.8 21.5 34.9 31.8 1427.8% 184.6% 16.9 23.1 37.5 5.4 33.7 46.5-8.4% -58.9% 58. 44.6 3.2 36.9 79.9 16.6 418.2% 294.3% 34.9 38.4 48.9 48.3 68.5 82.8 272.8% 93.9% 54.8 69.8 14.5 18.8 52.1 46.9-43.7% 19.8% A 43.8 43.6 67.9 71.5 51.4 43.6 154.5% 87.5% 44.7 4.9 121.1 122.1 11.5 91.3 115.6% -1.% 37.1 41.1 5.4 52.5 42.2 7. 54.8% -317.9% 77.1 95.9 39.9 36.4 137.3 137.7 38.6% -865.% 49. 54.2 67.1 73.3 69.7 63. 86.5% -126.6% 22

46 2 7,28, 9,28, 1,4, 5,95,67 6,141,85 81.12% 66.7% 4,87, 5,818, 6,19, 3,999,1 4,284, 82.12% 73.63% 2,41, 3,39, 3,85, 1,96,66 1,857,85 79.11% 54.8% 63, 63, 63, 489,821 49, 77.75% 77.78% 44, 44, 49, 284,375 39, 64.63% 88.64% 2, 2, 2, 183,649 16, 91.82% 8.% 12, 18, 18, 88,48 13, 73.73% 72.22% 15, 15, 3, 122,562 8, 81.71% 53.33% 36, 45, 45, 273,88 34, 76.8% 75.56% 2, 3, 45, 213,58 16, 16.53% 53.33% 12, 168, 24, 124,975 17, 14.15% 11.19% 13, 28, 28, 15,919 15, 81.48% 53.57% 16, 5, 65, 65, 5,568 56, 1.11% 86.15% 48, 53, 63, 466,139 5, 97.11% 94.34% 6, 6, 6, 488,45 46, 81.41% 76.67% 2, 2, 2, 2,29 12, 1.15% 6.% 3, 18, 18, 17,482 28, 58.27% 15.56% 25, 41, 41, 226,341 18, 9.54% 43.9% 2, 2, 2, 17,621 12, 53.81% 6.% 42, 42, 42, 327,679 28, 78.2% 66.67% 3, 5, 5, 231,888 27, 77.3% 54.% 1, 1, 1, 2,236 24, 2.24% 24.% 36, 36, 36, 295,462 3, 82.7% 83.33% 2, 2, 2, 17,277 17, 85.14% 85.% 4, 65, 65, 387,88 35, 96.97% 53.85% 2, 3, 3, 216,774 21, 18.39% 7.% 15, 2, 3, 1,376 16, 66.92% 8.% 15, 15, 15, 96,915 95, 64.61% 63.33% 3, 3, 3, 163,7 15, 54.34% 5.% 5, 5, 1, 3,362 41,85 6.72% 83.61% 8, 25, 25, 49,559 55, 61.95% 22.% 4, 4, 4, 34,72 35, 86.8% 87.5% 1, 3, 3, 67,186 71, 67.19% 23.67% 23

38 1-1 478 1-1 715,665 3.4% -4.8% 7,944,792 11.1% 538,457 8.4% -2.6% 5,641,627 11.1% 49,65 12.3% -1.5% 4,198,696 1.4% 14,72-17.1% -2.% 169,26-7.7% 37,336 2.8%.9% 371,84 31.6% 76,796-8.2% -9.4% 92,65 11.3% 177,28-9.3% -1.8% 2,33,165 11.2% 23,578-6.4% -12.1% 285,667 2.6% 144,925-7.5% -7.9% 1,832,169 11.6% 8,75-35.7% -39.9% 185,329 23.% 978. -6.2% 1.1% 9,272.8 16.5% 59.2-26.1% 22.8% 65.2 17.% 14.7% 21.2% 14.5% 15.3% 16.9% 48 1 125,825 2.1% -8.1% 1,438,825 8.3% 119,753 7.3% 3.1% 1,32,169 13.3% 97,518 8.9% -9.6% 1,19,238 2.5% 59,281-18.4% -16.2% 745,879 7.9% 56,577-2.4% -2.9% 671,489 16.7% 45,735 15.3% -.9% 432,718 6.3% 25,23-5.9% 4.% 3,82-8.% 3,86 27.1% 2.5% 233,27-3.8% 14,518-21.7% -6.7% 195,297-4.4% 15,38-13.2% 6.8% 188,419 7.3% 49 1 44,464 4.7% -2.8% 485,499 17.2% 4,99 7.% 4.1% 423,835 1.4% 33,293 13.2% -13.5% 43,898 11.% 31,85-11.3% -8.4% 363,24-2.9% 31,253 45.7% 14.7% 314,717 5.2% 25,23-5.9% 4.% 3,82-8.% 32,257 55.3% -6.3% 276,891 27.4% 25,25 6.5% -22.5% 254,828 1.% 24,4 2.8% 9.% 243,34 3.4% 18,699-22.7% -18.8% 236,14-1.7% 24

5 1 4,115-43% -22% 14,326 25% 21% 3,97-39% -35% 99,265 36% 2% 5,297-29% -4% 99,183 16% 2% 3,36-42% -42% 61,27 23% 12% 3,384-27% -23% 53,5 11% 11% 1,648 93% -1% 22,564 65% 4% 812-47% -46% 21,35 2% 4% 595-26% 2% 1,311 14% 2% 547-49% -32% 1,194 13% 2% 469 2% -8% 7,322 44% 1% 24,943-34% -3% 51,853 22% 1% 51 1 2,7 33% 9% 22,333 19% 16% 783-62% -38% 13,614-33% 1% 837-7% -4% 13,474 3% 1% 945 13% -23% 11,825 2% 9% 457 22% -4% 6,672 34% 5% 613-4% -2% 6,15 % 4% 155-51% -55% 4,259 17% 3% 125-64% -75% 4,55 16% 3% 232-36% -56% 3,815 23% 3% 3 14% -1% 3,22 16% 2% 9,439-22% -24% 135,812 4% 1% 25

612 2% 612 1%2% 612-1%1% 612 1%2% 612 2% 36 5% 36-5%5% 36 5% 26