Page 1 & 0755821308331851 Emailhepg@guosen.com.cn 0755821308331821 Emaildingdan@guosen.com.cn 600332 2008 03 07 1 140% 120% 100% 80% 60% 40% 20% 0% 2007-03-05 2007-06-18 2007-09-24 2008-01-09-20% 2006-04-26 2006-12-07 2007 2007-08-20 2008-03-03 1 3 5 15% 20 10 No.1 07 5.3 15 06 30 07 2 3 10 09 10 2007 10 50 05 8000 07 7 09 10 15 08 15 07 2.3 49 4100 EPS 0.05 / 8300 A H 20072009 EPS 0.400.480.56 / 43 2117 EPS 0.430.550.56 / 20082009 A PE 34 27 132 3 PBPS A H QDII H
Page 2... 3... 4... 5 15... 6 07... 6 2008... 6... 7 12003~2007Q3... 3 2 H... 10 1... 3 2... 8 3... 8 4... 9 5A... 10... 11
Page 3 07 08 07 70.64 17.55 2007 65.35 15.1%19 2.4 1 80 50 25 12003~2007Q3 12000 10000 8000 6000 4000 2000 0 2003 2004 2005 2006 2007Q3 250% 200% 150% 100% 50% 0% -50% -100% wind 1 2003 2004 2005 2006 2007H () 4.76 4.84 4.97 6.28 2.13 () 2.11 2.09 2.44 2.84 1.62 () 3.12 3.49 4.07 4.44 2.77 () 1.03 0.92 0.99 0.8 0.39 () 2.49 1.88 2.54 2.7 1.79 () 5.98 6.41 7.07 4.07 1.68% 2.69% 26.36% -36.98% -0.95% 16.75% 16.39% 10.20% 11.86% 16.62% 9.09% 21.49% -10.68% 7.61% -19.19% -20.41% -24.50% 35.11% 6.30% 19.33%
Page 4 7.19% 10.30% 16.95% 46.18% 48.36% 48.24% 45.86% 63.89% 62.51% 58.96% 57.62% 68.02% 66.26% 68.45% 65.54% 43.50% 45.71% 46.80% 49.77% 46.49% 56.73% 57.20% 54.99% 47.45% 41.31% 41.41% 40.68% 10 No.1 2007 8.8 16 1.4~1.5 122008 10.7 07 5.3 15% 5 10 06 No.1 07 60 5000 08 8000 09 3000 3050 07 10 20 13 3 10 No.1 4000 1000 6000 30 1000 1981 30 20 07 20
Page 5 09 2 56 1200 863 15 7 8 09 1015 08 10 1500 2000 / / 2.4 2007 2 09 10 2007 10 50 1.1 6 80 2007 342008 60 05 500 2000 40 07 50 05 8000 07 7 09 10 2007 29
Page 6 1 2 16 24 07 7 1507 EPS 0.05 / 1507 49 07 2.3 2007 1.95 4100 EPS 0.05 / 2008 07 06 1278 07 07 07 2000 08 100 8000 08 06 2376 07 1000 07 3000 08 09 2008 104 18 6 65007000 0.6% 2006 278 120 360 10000 50 2008 1 2 2008 50 50
Page 7 () 30 29 3.8 510 5 5000 8300 50 20082009 1820 2007 7000 90 EPS0.08 / 2008 31 9200 50 EPS0.056 / 2009 23 1.1 50 EPS0.07 / 2010 8300 12007 2800 EPS0.035 /22008 5500 EPS0.067 / 20072009 EPS0.110.130.07 / 1 2 1 3 20072009 3.243.884.55 43 2117 EPS 0.400.480.56 / EPS 0.430.550.56 / 54282 24
Page 8 2 2006 2007E 2008E 2009E 5.7 6.52 14.39% 7.56 16% 8.70 15% 9.92 2.22 1.77-20.27% 1.86 5% 1.97 6% 2.09 3.53 3.57 1.13% 3.78 6% 4.05 7% 4.29 2.73 3.28 20.15% 3.67 12% 4.08 11% 4.53 2.41 2.72 12.86% 3.02 11% 3.41 13% 3.89 1.59 2.07 30.19% 2.30 11% 2.55 11% 2.83 0.35 0.35 0.00% 0.35 0% 0.35 0% 0.35 0.18 0.24 33.33% 0.26 8% 0.29 10% 0.31 20.52 9.67% 22.81 11.14% 25.39 11.34% 28.21 11.08% 73.84 14.71% 84.92 15% 98.50 16% 115.25 17% 10.93 38.35% 14.10 29% 16.64 18% 19.30 16% 3.21 5.25% 3.31 3% 3.64 10% 4.18 15% 0.29-85.85% 0.31 8% 0.33 5% 0.35 5% 88.27 14.09% 102.53 16.15% 118.98 16.05% 138.93 16.77% 0-100.00% 0.00 0% 0.00 0% 0.30 na 0.07 133.33% 0.14 100% 0.14 0% 0.14 0% 2.45 6.62 170.20% 10.59 60% 16.42 55% 24.63 50 71.94 12.52% 83.01 15.39% 95.26 14.75% 109.95 15.42% WIND 3 2006 2007E 2008E 2009E 100% 8420 22.51% 12209 45% 13918 14% 15867 14% 100.00% 1252-47.92% 1390 11% 1473 6% 1561 6% 75.00% 4030 18.32% 5078 26% 6082 7% 6447 6% 88.99% 2859 5.23% 3688 29% 4583 11% 5087 11% 87.77% 1680 154.16% 1260-25% 1594 13% 1817 14% 88.40% 1730 778.17% 2837 64% 3525 11% 3913 11% 100.00% 57 128.00% (200) na (100) na 0 na 51.00% 321-145.08% (100) na (100) na (100) na 20349 30.69% 26162 28.57% 30975 18.40% 34592 11.68% 90.09% 6110 27.98% 6965 14% 9279 19% 11413 23% 100.00% -857-247.76% 400 na 493 10% 542 10% 100.00% 184 15.00% 239 30% 297 11% 342 15% 100.00% -621-495.54% 100 na 112 0% 118 5% 4816-15.08% 7705 59.98% 10180 32.13% 12414 21.94% 95.69% -1278 52.32% (2000) na (500) na 0 na 70.04% -2376 79.32% (1300) na (200) na 0 na
Page 9 48.05% 7311 126.00% 9724 33% 15072 55% 22607 50% 23300 18% 32914.32 41.27% 40559.55 23.23% 49363.36 21.71% WIND 2008 50 4 2006A 2007E 2008E 2009E 10241.00 11818 8672 10008 13.46% 15% -27% 15% 1743.18 1935 1692 1929 17.02% 16.37% 19.51% 19.28% 14.03% 11% -5% 14% 41.51 40 0 0 752.59 863 763 861 7.35% 7.30% 9% 9% 619.99 615 408 460 6.05% 5% 5% 5% 45.36 53 26 30 0.44% 0.45% 0.30% 0.30% 366.75 444 502 585-4.69 3 0 0 370.36 447 502 585 35.32% 24% 19% 19% 130.83 108 97 114 12.21 15 17 17 227.33 324 388 455 23% 42.65% 20.89% 17.24% (EPS)() 0.28 0.40 0.48 0.56 0.035 0.067 EPS()/ 0.43 0.55 0.56 12007 2008 50 2 2007 32007 15 2008 15 25 2009 40809 WIND A H 20082009 A PE 34 27 5 15% A 132 3 PBPS A
Page 10 H 6.3HKD0809 PE 13 11 PEG 1 A A 2007 2008 H QDII H 5A EPS PE PEG PB PS 08-3-3 2007E 2008E 2009E 07PE 08PE 09PE 07~09 [600535] 22.49 0.45 0.57 0.74 7.75 50 39 30 1.98 3.69 111 [000423] 32.69 0.39 0.50 0.60 16.08 84 65 54 3.03 13.22 175 [600085] 30.84 0.65 0.73 0.82 5.76 47 42 38 2.97 5.18 138 [600252] 17.03 0.31 0.78 1.03 10.74 55 22 17 0.40 12.18 38 [000538] 39.80 0.62 0.71 0.82 18.28 64 56 49 3.40 4.59 193 [600557] 35.10 0.62 0.74 0.85 12.32 57 47 41 2.93 4.45 60 [600332] 15.92 0.43 0.54 0.58 4.74 37 29 27 2.51 1.10 132 [600436] 37.75 0.65 0.76 0.89 9.11 58 50 42 3.19 9.09 54 WIND 2 H 70% 874 HK Equity HSI Index 60% 50% 40% 30% 20% 10% 0% -10% -20% 2007-3-5 2007-4-5 2007-5-5 2007-6-5 2007-7-5 2007-8-5 2007-9-5 2007-10-5 2007-11-5 2007-12-5 2008-1-5 2008-2-5 2008-3-5-30% wind
Page 11 6 20% 6 10%-20% 6 10% 6 10% 6 10% 6 5%-10% 6 5% 6 5%
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