untitled

T_ReportAbstract T_FSAndVSAbstract 迅嘉机构内参 - http://www.123678.net T_PricingInfo 14.00 18.00 19.80 28.00 2009-08-13 EPS PE PE 2007 2008 2009E 2010E 2011E 414.3 536.6 595.6 774.2 1,169.1 Growth(%) 61.0% 29.5% 11.0% 30.0% 51.0% 33.3 44.8 52.7 78.4 124.9 Growth(%) 66.4% 34.5% 17.8% 48.6% 59.4% (%) 26.4% 23.5% 25.0% 23.5% 23.0% (%) 8.0% 8.3% 8.9% 10.1% 10.7% () 0.42 0.56 0.66 0.98 1.56 () 2.42 2.98 3.88 4.86 6.43 - - - - - - (%) 17.2% 18.8% 17.0% 20.1% 24.3% ROIC(%) 17.3% 13.1% 12.4% 16.3% 22.1% EV/EBITDA - - - - - T_IPOInfo 6,000 2,000 400 1,600 2009-08-19 T_ShareInfo T_Analyst 45.55% 19.46% 9.71% 9.71% 9.71% 5.86% 010-66581633 litie2@essence.com.cn 1

1. 1.1. 34.96% 40.94% 58% 35.61% 18.80% 27% 16.67% 8.91% 6% 3.11% 15.13% 2% 8.55% 10.78% 4% 1.2. 2

2. 2.1. 3

2.2. 2.3. 3. 3.1. 3.2. 3.3. 4

3.4. 4. 1 1 13543.47 1505.00 15048.47 800000001 2 3 10444.71 1666.19 12110.9 800000002 23988.18 3171.20 27159.37 800000002 5

/ 10000 55% 5000 95% 3000 10000 95% 55% 1500 55% 10000 95% / 30000 90 20000 90 30000 90 6

5. PE 19.80-27 6. 7

TIME 2 AD AD 8

Q 9

T_FSAndVS 迅嘉机构内参 - http://www.123678.net 2008-8-12 2007 2008 2009E 2010E 2011E 2007 2008 2009E 2010E 2011E 414.3 536.6 595.6 774.2 1,169.1 305.0 410.3 446.7 592.3 900.2 61.0% 29.5% 11.0% 30.0% 51.0% 1.9 3.7 3.9 5.0 7.6 57.9% -0.9% 24.5% 52.7% 56.6% 16.9 19.3 21.4 27.9 42.1 66.4% 34.5% 17.8% 48.6% 59.4% 15.0 25.6 41.7 34.8 52.6 EBITDA 56.6% 11.6% 6.7% 31.2% 37.6% 26.8 28.6 20.8 20.3 18.6 EBIT 62.4% 1.8% 5.5% 38.6% 45.1% -0.4 0.3 0.3 1.0 2.3 NOPLAT 68.0% 36.7% 2.2% 35.7% 47.3% - - - - - 80.8% 7.7% 3.9% 8.1% 14.5% 0.3 0.3 0.3 0.3 0.3 71.8% 23.2% 30.6% 25.2% 32.1% 49.5 49.0 61.0 93.2 146.0 2.8 4.1 1.0-1.0 1.0 26.4% 23.5% 25.0% 23.5% 23.0% 52.2 53.1 62.0 92.2 147.0 11.9% 9.1% 10.2% 12.0% 12.5% 18.9 8.3 9.3 13.8 22.0 8.0% 8.3% 8.9% 10.1% 10.7% 33.3 44.8 52.7 78.4 124.9 EBITDA/ 21.8% 18.8% 18.1% 18.2% 16.6% 2007 2008 2009E 2010E 2011E EBIT/ 18.4% 14.5% 13.7% 14.7% 14.1% 49.1 152.9 306.6 351.5 415.8 - - - - - 206 239 254 198 133 46.4 54.9 62.1 80.8 122.0 59 62 59 59 63-5.5 6.1 8.0 12.0 184 143 203 208 168 11.6 5.3-1.5-10.7-24.5 38 35 36 34 32 60.5 39.5 42.6 56.6 86.0 53 34 25 23 22 0.0-0.0-3.3-3.8-4.9 482 451 499 440 323 - - - - - 355 366 349 285 210 - - - - - 5.0 5.0 5.0 5.0 5.0 ROE 17.2% 18.8% 17.0% 20.1% 24.3% 2.6 2.5 - - - ROA 5.5% 6.0% 5.8% 8.0% 11.2% 295.3 417.5 421.7 429.3 435.2 ROIC 17.3% 13.1% 12.4% 16.3% 22.1% 69.6 0.5 0.9 1.1 1.3 61.2 59.8 59.9 60.0 60.1 4.1% 3.6% 3.6% 3.6% 3.6% 0.6 0.5 6.1 6.5 6.7 3.6% 4.8% 7.0% 4.5% 4.5% 601.9 743.9 906.3 984.3 1,114.5 6.5% 5.3% 3.5% 2.6% 1.6% 181.2 202.7 300.0 300.0 300.0 / 14.2% 13.7% 14.1% 10.7% 9.7% 26.0 35.1 38.0 50.4 76.7-10.0 11.0 14.6 22.2 67.9% 68.0% 65.7% 60.5% 53.9% 29.7 34.6 20.4-3.7-49.4 211.4% 212.5% 191.6% 152.9% 116.8% 169.8 216.3 216.3 216.3 216.3 0.71 0.91 1.12 1.33 1.73 1.9 7.2 9.8 17.5 34.7 0.45 0.77 1.00 1.18 1.49 408.6 505.9 595.5 595.1 600.4 2.85 2.72 3.93 5.60 8.83 - - - - - 60.0 60.0 80.0 80.0 80.0 DPS() - - - 133.3 178.1 230.8 309.1 434.1 0.0% 0.0% 0.0% 0.0% 0.0% 193.3 238.1 310.8 389.1 514.1 2007 2008 2009E 2010E 2011E 2007 2008 2009E 2010E 2011E 33.3 44.8 52.7 78.4 124.9 EPS() 0.66 0.98 1.56 15.8 24.9 25.8 27.8 29.8 BVPS() 3.88 4.86 6.43-0.4 0.3 0.3 1.0 2.3 PE(X) 0.0 0.0 0.0 - - - - - PB(X) - - - 16.3 24.2 28.1 20.8 20.3 P/FCF - - - - -0.3-0.3-0.3-0.3-0.3 P/S - - - - - - - - EV/EBITDA - - - - - 19.4 9.5-10.5-26.1-56.7 CAGR(%) 33.0% 40.8% 48.5% 79.0 110.8 88.9 101.0 118.7 PEG - - - -231.4-69.2-31.8-31.8-31.8 ROIC/WACC 3.5 2.7 2.5 3.3 4.5 86.4 56.9 95.0-20.3-18.6 REP - - - - - Wind.NET 10

T_AuthorInfo 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 11