I tenbagger 2008 11 30 0755 22624145 lishanshan@pasc.com.cn Tenbagger 10 10 2008 2010 2 5 tenbagger tenbagger invacare 1 10 5 tenbagger Invacare 5 PE PE PE PE
...3 1... 3 2... 4 3... 5 4... 5 tenbagger...5 tenbagger... 5 1 tenbagger invacare... 6 2 tenbagger... 7 tenbagger... 8... 8 tenbagger... 9... 12 tenbagger...13 tenbagger... 13 1... 13 2... 14 tenbagger... 15 tenbagger tenbagger... 15 tenbagger... 15 tenbagger tenbagger... 15...16 invacare... 16... 19...21 06 08... 21... 21... 24 2/26
tenbagger 10 Tenbagger 25% 10 10 tenbagger tenbagger 1 1 2002 2007 11 2002 2003 2004 2005 2006 2007 21,816.33 26,524.40 32,312.41 44,365.87 60,694.52 79,995.95 16,195.67 19,749.92 24,269.48 33,371.84 46,460.69 60,589.75 21.58% 21.82% 37.30% 36.80% 31.80% 25.76% 25.54% 24.89% 24.78% 23.45% 24.26% 7.58% 7.24% 7.05% 7.09% 6.27% 5.87% 9.99% 9.43% 9.01% 8.61% 7.69% 7.10% 1.13% 1.10% 1.01% 0.83% 0.97% 0.95% 0.85% 0.81% 0.82% 0.74% 0.72% 0.76% 1,599.72 2,143.55 3,044.54 3,588.90 5,150.65 7,639.67 / 7.33% 8.08% 9.42% 8.09% 8.49% 9.55% 2 800 900 4000 2000 1 5 1 2.5 13000 8000 615 1000 80 50 3/26
2008 2010 2 3 4 4 4 5 5 5 5 X 4/26
3 4 25% 70 10 10 8 GE CT 80 4 5 75% 45 OEM ODM 13000 80 2008 2010 tenbagger tenbagger tenbagger 5/26
tenbagger invacare tenbagger 1 tenbagger invacare 1.1:Invacare 6 Invacare 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 160.84 186.06 229.8 263.18 305.17 365.46 411.12 504.03 619.5 653.41 15.68% 23.51% 14.53% 15.95% 19.76% 12.49% 22.60% 22.91% 5.47% 5.05 2.63 7.61 14.13 17.74 22.11 26.38 32.16 38.92 1.56-47.92% 189.35% 85.68% 25.55% 24.63% 19.31% 21.91% 21.02% -95.99% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 797.53 882.77 1013.16 1053.64 1089.16 1247.18 1403.33 1529.73 1498.04 1602.24 22.06% 10.69% 14.77% 4.00% 3.37% 14.51% 12.52% 9.01% -2.07% 6.96% 45.79 41.49 59.91 35.19 64.77 71.41 75.2 48.85-317.77 1.19 2835.26% -9.39% 44.40% -41.26% 84.06% 10.25% 5.31% -35.04% -750.50% -100.37% Bloomberg 1988 1998 10 10 1.2: 7 2007 2008 4876 4963 2417 2982 1909 2131 1183 1311 863 1019 666 780 385 329 6/26
8 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 741.7 865.92 1021.42 1176.91 1328.21 1390.92 1742.39 2169.11 2438.22 3343 4232.4 16.75% 17.96% 15.22% 12.86% 4.72% 25.27% 24.49% 12.41% 37.11% 26.60% 97.43 112.87 133.37 161.54 197.23 232.36 294 437.8 529.99 587.8 476.3 15.85% 18.16% 21.12% 22.09% 17.81% 26.53% 48.91% 21.06% 10.91% -18.97% 2000 2001 2002 2003 2004 2005 2006 2007 2008 5016.3 5551.8 6410.8 7665.2 9087.2 10054.6 11292 12299 13515 18.52% 10.68% 15.47% 19.57% 18.55% 10.65% 12.31% 8.92% 9.89% 1084.2 1046 984 1599.8 1959.3 1803.9 2546.7 2802 2231 127.63% -3.52% -5.93% 62.58% 22.47% -7.93% 41.18% 10.02% -20.38% Bloomberg 1989 2000 11 10 1.3: 2005 9 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 754.8 794.7 862.4 931.3 1049.7 1328.2 1913.1 2352.3 2548.7 2707.6 5.29% 8.52% 7.99% 12.71% 26.53% 44.04% 22.96% 8.35% 6.23% 76.8 50.6 92.1 101.1 52.3 145.3-24.8 341.2 374.3 484-34.11% 82.02% 9.77% -48.27% 177.82% -117.07% -1475.81% 9.70% 29.31% 2002 2003 2004 2005 3160.6 3644.8 3765.6 3550.6 16.73% 15.32% 3.31% -5.71% 611.8 330.3 524 413.9 26.40% -46.01% 58.64% -21.01% Bloomberg 1992 2002 10 10 2 tenbagger 2.1: 2006 X 7/26
10 2005 2006 2007 134.92 190 293.21 40.82% 54.32% 25.65 45.37 77.75 76.88% 71.37% Bloomberg 2.2: 2004 11 2001 2002 2003 2004 2005 2006 2007 210.28 278.25 317.94 407.82 569.99 786.93 1095.11 32.32% 14.26% 28.27% 39.77% 38.06% 39.16% 10.48 43.53 50.45 65.89 101.2 170.92 308.15 315.36% 15.90% 30.60% 53.59% 68.89% 80.29% Bloomberg tenbagger 2 5 1 10 5 8/26
12 tenbagger 2.1:Invacare 1979 Mal mixon invacare invacare 1980 invacare 1979 invacare 40 40 50 40 10 invacare 1995 30 75 invacare 95 invacare 1995 9/26
13 Invacare 1995 1995 Special Health Systems Medical Equipment Repair Services(M.E.R.S) Paratec AG Group Pharmaceutical Limited(GP Healthcare) Thompson Rehab Bencraft Limited Patient Solutions PinDot Products,Inc 1996 Roller Chair Pty Product Research Corporation Healthtech Products Fabriorto Frohock-Stewart 1997 Allied Medical Supply Corporation Silcraft Corporation Mecc San 1998 Suburban Ostomy Supply 1999 Assistive Technology Adaptive Switch Laboratories Dynamic Systems Scandinavian Mobility International A/S 2003 Motion Concepts Carroll Healthcare Mecc San Pinnacle Medsources Inc 2004 WP Domus GmbH Decpac Champion Manufacturing LLC Premier Designs Freedom Designs ACS 2005 Medical Support Systems Holdings Limited Australian Healthcare Equipment Pty Ltd 2007 Roadrunner Mobility,Inc 2.2: 1968 1200 348 140 4 14 1981 1990 Johnson&Johnson Versafle Bio-Medicus 1999 5 AVECOR,SOFAMOR,AVE,PHYSIO-CONTROL,MIDAS REX 1999 XOMED(ENT) MINIMED/MRG(DISABETES), 2002 VIDAMED(BPH),ENDONETICS(GI) 2002 2008 10/26
15 16000 14000 12000 10000 8000 6000 4000 2000 0 5 AVECOR,SOFAM OR,AVE,PHYSIO-C ONTROL,MIDAS REX XOMED(ENT) MINIMED/MRG(DISABETES),VIDAM ED(BPH),ENDONETICS(GI) 1981 1990 1999 2002 2008 2.3: 2004 16 2001 2002 2003 2004 2005 2006 2007 210.28 278.25 317.94 407.82 569.99 786.93 1095.11 32.32% 14.26% 28.27% 39.77% 38.06% 39.16% 10.48 43.53 50.45 65.89 101.2 170.92 308.15 315.36% 15.90% 30.60% 53.59% 68.89% 80.29% WIND 17 1200 1000 800 600 400 200 0 2001 2002 2003 2004 2005 2006 2007 11/26
18 100 PVC 70 100 50 90 90 51.6 51 100 WIND 180 15 2 LOGO A A B A B C B A B C B 12/26
tenbagger tenbagger 1 17 5 17 65 tenbagger 19 1997 2003 100 80 60 40 20 0 1997 1998 1999 2000 2001 2002 2003 20 10 2005 1 Johnson and Johnson 177 2 GE Healthcare GE 121 3 Medtronic 101 4 Baxter International 98 5 Cardinal Health 98 6 Tyco Healthcare 95 7 Siemens Medical Solutions 92 8 Philips Medical Systems 75 9 Boston Scientificb63 10 Stryker 49 10 60 13/26
21 2006 2007 2008 7626 7900 8336 3666 4399 5179 11292 12299 13515 67.53% 64.23% 61.68% Bloomberg 08 83.36 900 9 3 30 2 22 2007 1 6 2007 1 GE CT B X 2 3 2.93 50 4 5 6 7 8 9 10 CT X CT 11 12 13 14 CT X 6.93 15 16 PTCA 17 18 1979 20 19 B 20 X MRI5.32 14/26
20 3 2007 2.93 22 800 2.75 3 9 23 17 65 3 10 42.79 9 3 2.75 10 13.14 100 39.62 20 5.32 6.5 tenbagger tenbagger tenbagger tenbagger tenbagger tenbagger tenbagger tenbagger 15/26
16/26 tenbagger tenbagger invacare 1 Invacare 24 Invacare PE -150.00% -100.00% -50.00% 0.00% 50.00% 100.00% 150.00% 200.00% 250.00% 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 0.00 5.00 10.00 15.00 20.00 25.00 30.00 PE Bloomberg 25 Invacare YAHOO
17/26 Invacare PE 20 tenbagger PE 19 P/E ttm / 12 16.61 2008-11-25 2 26 PE -40.00% -20.00% 0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00% 140.00% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 PE Bloomberg 27 Invacare YAHOO PE PE PE 30 P/E ttm / 12 16.14 2008-11-25
18/26 3 28 PE -150.00% -100.00% -50.00% 0.00% 50.00% 100.00% 150.00% 200.00% 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0 10 20 30 40 50 60 70 80 90 PE Bloomberg PE PE PE 38 2005 270 05 4.14 PE 65 4 29 0 5 10 15 20 25 30 35 40 45 50 2006 9 2006 11 2007 1 2007 3 2007 5 2007 7 2007 9 2007 11 2008 1 2008 3 2008 5 2008 7 2008 9 Bloomberg 08 PE 40 PE 23 2008-11-25 P/E ttm / 12 17.36 2008-11-25
5 30 PE 350.00% 300.00% 250.00% 200.00% PE 60 50 40 150.00% 100.00% 50.00% 0.00% -50.00% 30 20 10 2001 2002 2003 2004 2005 2006 2007 0 WIND 31 YAHOO PE 11 1 PE PE 32 PE 31.6 2008-11-25 P/E ttm / 12 29.38 2008-11-25 5 PE PE 19/26
tenbagger PE tenbagger tenbagger10 PE tenbagger tenbagger tenbagger Tenbagger 5 10 2008 9 12 2008 2010 tenbagger 3 2 3 20/26
06 08 2008 11 23 48 2006 2006 06 08 11 23 48 08 48 1 06 08 06 216.84 48 67.71 08 48 2010 09 06 15 5879 07 2 06 49.19 0.44 34.98 08 48 14.3 0.13 06 14.43 21/26
3 +4 Holter 150 / X X 14.43 16 1612 07 4 06 8.29 1.55 5.55 08 48 2.74 0.51 06 3.25 5 B 3.25 15 6 06 18.1 3.58 10.14 08 48 7.96 1.57 06 9.53 22/26
7 X X 9.53 29 39836 07 8 06 141.26 18.91 98.55 08 48 42.71 5.72 06 48.43 9 X 48.43 34 23/26
24/26 08 48 7.05 10 08 06 1.74 6 15 7.05 06 67.71 08 48 15 82.71 82.71 2008 2010 82.71 3 5 7 9 X 5 82.71 5 2007 X X 07 08 X X
10 5 4 2008 2010 25/26
6 20% 6 10% 20% 6 10% 6 10% 2008 8 518048 4008866338 0755 82449257