1
... 5... 7... 9... 11... 15... 16 A... 17... 18... 20... 21... 23 2
1 2.04 0.67 PE PE 23 PE PE 4 7 1 2 PE/ PE 300% 250% 200% 150% 100% 50% 0% -50% 2.50 2.00 1.50 1.00 0.50 0.00 120 100 80 60 40 20 0 4.5 4 3.5 3 2.5 2 1.5 1 0.5 0 Wind 2010 PE /2010 *2 6124 2007 10 16 50% 300 3
3 Wind 4 4
4 2011 1 3 CPI 8 8 13.9% 7 0.5 1.2 6 78 3 4 8 24% 7 1.7 8 0.86% 16.32% 8 24.75% 7 16.5% 8 35.4% 8 5
5 6 40% 35% 30% 25% 20% 15% 10% 5% 0% 140% 120% 100% 80% 60% 40% 20% 0% -20% -40% Wind 8 6.7% 8 66% 02 8 36.7% 09 7 8 80% 60% 40% 20% 0% -20% -40% 120% 100% 80% 60% 40% 20% 0% -20% -40% 900 800 700 600 500 400 300 200 100 0 1800 1600 1400 1200 1000 800 600 400 200 0 Wind 8 10.49 5.27 5.22 08 08 3.15% 6
18.5% 4 36% 2010 2011 2011 4 30% 2011 2011 9 2010 8 14 12 10 8 6 4 2 0 6 5 4 3 2 1 0 Wind 8 4 4 124 2011 1 8 CPI 0.6 3.5% 7 0.9% 2% 0.1% 0% CPI 7
10 CPI 11 CPI 10% 8% 6% 4% 2% 0% -2% -4% 25% 20% 15% 10% 5% 0% -5% Wind CPI PPI PPI CPI CPI 12 13 CPI PPI 3% 2% 2% 1% 1% 0% -1% -1% -2% -2% -3% 15% 10% 5% 0% -5% -10% Wind 9 0.72% 8
14 CPI % 15 9 40 30 20 10 0-10 -20-30 -40 14 12 10 8 6 4 2 0-2 -4 Wind 37% 5%9 6.43 6 60% 70% 4 2011 16 17 14 12 10 8 6 4 2.20 2.00 1.80 1.60 1.40 1.20 1.00 48000 47000 46000 45000 44000 43000 42000 41000 5100 5000 4900 4800 4700 4600 4500 4400 4300 Wind CPI CPI 1 9
8 30 10 91%8 12.33% 18 2010 8 % 2 8 268 25.5% 50% 80% 10% 3.06 81% 70% 19 2010 8 % 4 3 10
1 2 3 4 5 8 4 4 2011 1 3 CPI 8 4 11
9 FOMC 9 83 77 7% 20 9 BloombergWind 7% 71.31 8% 11 6 9 15 3%10 5 0.1% 0.1% 1.40 4 12
13 11 21 22 BloombergWind 23 0 20 40 60 80 100 120 140 160 180 0 200 400 600 800 1000 1200 1400 Bloomberg
14 24 25 Bloomberg 10 70 75 80 85 90 0 20 40 60 80 100 120 140 160 70 75 80 85 90 0 1000 2000 3000 4000 5000 6000 7000 8000 9000
4 A 12 3 2010 A 41.09%2 26.7% 1 61.11% 2 26.28% 26 A 27 2 Wind A A 2 1 28 29 15
Wind 31.5% 37.8% 08 3 30 31 Wind 34.6% 30% 1 61%2 30% 27.6%2011 21% 2011 1 2011 1 2010 9 17 2010 PE 30 21 30 35 2010 PE 40 45.8 A 1 2 3 2010 PE 13.43 2010 50% 2010 72.55% 16
25.5% 43% 2010 70% 2010 49% 2010 PE 30 47% 44%1 PEG 32 A Wind A 8 4 2011 1 3 CPI 8 3 4 A 17
4 A 4 A 4 1 2 16-64 2010 10% 20% 33 11 10 9 8 7 6 5 75% 70% 65% 60% 55% 50% 2050 2040 2030 2020 2010 2007 2005 2003 2001 1999 1997 1995 1993 1991 1989 1987 1985 18
34 800 960 960 1120 820 920 960 1100 850 960 860 1030 750 900 720 850 760 920 3 200600 50200 35 Wind 19
36 1995 37 CPI 2010 9 8 4 7 CDM 20
2020 15% 202015%7500 32.4 2020 500 7 23 FTTX A 30% 10% A 4 1 21
09 4 4 15% 4 2 2010 2011 4 2012 4 22
3 1 1 9 8 2015 100 1 10 50~60 11 30~40 2 1.6 23
3000 40% 15000 3 A 2 3G 3G 3G 2010 2011 1 FTTX 150 22011 3G 2010 2011 2010 2011 2010 3546 600 24
3G 09 10 500 3G 13.56MHz 2.4G POS 3 19% 2/3 1-7 25.7 22.5% 40.5% 1-2 20 25
4 7 30% 17 26.3% 21.5% 17.3% 8.2% 9%-0.5% 5.9% 6.6% 7 9.1% 60% 34% 31% 20% 28% 26% 29% 30% 2530% 4 7 8 1 4 A 5 09 17 18.2% 15% 25% 40% 60%35% 15% 40% 11.20% 7.5% 30%2010 33 26
A 6 1 2 2010 1500 2010 70% 3 4 15% 4Q 2011 PE 10 13 27
7 2 22.86% 2 2 0.9%-2.8% -2.71% 44%18% 10% 4 09 45 69.4 8 3 A 9 9 3 12.38%A 1 10.36% 5.5%2.1% 2.9% 3 A 3 10% A 8 1-7 3,141 23.8% 7 35% 10.6 1-7 1,096.67 22.94% 6 6 7 6 7 38.48%40.90%37.04%26.99%35.04%23.11% 28
2009 50% 48.5 Bloomberg 2009 600 15%-20% 500-600 7% 2000 20%2008 8800 1/3 12% 9 4 07 08 09 4 15.9%23.6% 18.7% 30% 2010 9 18 4 1 09 29
4 2 2007 2012 2020 GPS GPS 2020 2500 2012 GIS/GPS 1 GPS 2010 GPS 2120 187% 10% 2 2012 18.5%3LBSLBS 60% 4 / 10 2010 1.56 3100 1.56 1 2700 17% 200 2 2200 14% 5% 3500kv 1700 11% 19% 4220kv 2500 16% 28% 30
5110kv 5900 37% 6750 330 IEC61850 IPO 35 400 11 2010 4 1 3 2011 2007 40%2010 2011 2010 31
4 2010 7 2011 6 4 12 08 0-0.25% 08 CPI 100 20 32
13 50~60 33
1 580001 2005 2 2 2006 128.15% 39 7 2007 12 28 1.0484 2007 99.35% 12 2008 12 31 2.2772 2008 59 18 2010 9 17 5.16% 7 10 17.20 2 580002581002 2006 12 15 2007 2008 12 31 1.4250 2008 13 2010 9 17 17.22% 3 580003 2008 4 23 2008 12 31 0.7344-26.56% 2010 9 17 16.32% 4 582001A A 2008 11 5 2008 12 31 A 1.0244 2.44%2009 6 25 A 10 34
0.12 2010 9 17 A 3.23% 5 582201C C 2009 6 15 2009 6 25 C 10 0.12 2010 9 17 C 2.92% 6 580005 2009 3 31 10.49 2010 9 17 18.94% 7 580006 2010 9 17 4.40% 8 580007 2010 9 17 6.50% 35