(8621)5818887 27-8-3 4 : 21-5818887-272 6713 yaojie@ebscn.com 44 7 9 EPS.19 21-5818887-238.41.6 158 112 8 45x zhangmy@ebscn.com 19 26 2281 67.88 2 69.16 13 21 5 1 4 1$/BOU 27 15-16$/BOU 12 / 28 / 3 27 1-6 31 22.5 198 36.1 26 3 9 EPS( ) 26A 27E 28E 6276 43.16.48.63.83 6535 22.44.42.49.62 6557 22.6.41.54.7 999 S 18.35.17.27.38 6849 14.28.12.2.39 28 16.49.25.43.57 6713 14.52.7.19.41 6812 7.11.4.5.6 :
27-8-3 26 2281 67.88 ( ) 636.6 18.95 25 1.25 5 9 1 3 15 25 2 2 27 25 4 55 1 25 2 2 69.16 9 1 26 13 21 5 1 4 1 2 CR1 6, 5, 4, 3, 2, 1, 26 27 E ( 28 E 29 E 21 E 45. 4. 35. 3. 25. 2. 26 27 E CR1 28 E 29 E 21 E 2
27-8-3 3 25 26 26 25 1 278 1 272 2 153 2 125 3 129 3 111 4 94 4 82 5 9 5 81 6 84 6 81 7 58 7 53 8 57 8 52 9 52 9 44 1 43 1 41 6713 142 (6511) 28 6849 44 44 7 9 EPS.19.41.6 158 112 8 45x 19 23 2 7-9 CAGR=47-8 EPS 1.1 1.35 3
27-8-3 58 34 CAGR 42 7-8 EPS.43.57 8 38x 21 8 OEM 25 3 7-8 EPS.2.39 63 97 7 7 EPS.34 8 45x 6 18 6 4 EPS PE X 27(E) 28(E) 29(E) 27 28 29 CAGR 7-9 14.72 8,378.2.39.51 73.5 37.7 28.9 62 14.5 3,636.19.41.6 77.5 35.3 24.1 11 54.7 7,191 1.1 1.35 1.76 53.7 4.2 3.7 4 16.4 4,726.43.57.72 38.1 28.6 22.7 42 7 8 27 4
27-8-3 7 8 7 8 6 7 8 6 1-6 1.12$/BOU 26 7.4$/BOU 44 4 17-18$/BOU 15-16$/BOU 7-ACA 7-ACA 8 7-ACA 95 / 12 /, 28 /., 24 27 7, 4 / 12 /,,,. 6488 25 1.5 3 5 BOU /BOU 26.7-12 7868 12,567,279 88466 7.4 27.1-6 8156 13,36,37 131992 1.12 3.66 3.73 49.2 43.75 27.1 172 2,75,739 2267 8.24 27.2 1264 2,2,6 1714 8.48 27.3 967 1,547,61 1317 8.51 27.4 1115 1,783,34 1544 8.66 27.5 1655 2,646,776 292 11.3 27.6 1434 2,292,7 344 15 5
27-8-3 27 1-6 31 22.5 2913 22.7 93.97 198 36.1 1384 24 3.5 18.1 1.1 26 3 6
27-8-3 4-6 7-9 CAGR=44 2 2.35 9 4.5 55 85 55 7 8 118 7-9 EPS.66.88 1.12 PE 8 35x 31 14 5 62 66 1.5 27 28 29.48.61.74 1 3 / 4 1 7
27-8-3 5 4 3 2 1 3. 26.5 25. 21.5 18.5 19.2 2. 16.4 16.3 17.4 17. 15.9 15. 1.4 1. 5.. 1999 2 21 22 23 24 25 26 27.227.5 4 35 3 25 2 15 1 5 1999 21.3 2 39.3 21 19.9 22 23.9 27.4 23 24 9.1 25 29.6 2.2 1.5 26 27.2 27.5 45. 4. 36.6 35. 3. 25. 2. 15. 1. 5.. Growth Growth 14 12 1 8 6 4 2 35. 29.9 3. 25. 18.6 16.9 19.6 2. 15.1 14. 14.2 13.4 14.3 15. 9.8 1. 5.. 1999 2 21 22 23 24 25 26 27.227.5 8 7 6 5 4 3 2 1 1. 9.8 8. 71.8 6. 41.5 4. 35.1 29.3 19. 2.3 22.8 2. 6.2. -7. -2. 1999 2 21 22 23 24 25 26 27.2 27.5 Growth Growth 16 14 12 1 8 6 4 2 1999 1.7 2 17.8 19.6 18.1 21 22 23 2.8 24 17.8 25 25. 23. 2. 14.8 14. 15. 18.6 26 27.2 27.5 1. 5.. 14 12 1 8 6 4 2 18.3 42.5 29.9 2.4 32.9 12. 11.7 6.6 27. 45. 4. 4. 35. 3. 25. 2. 15. 1. 5.. 1999 2 21 22 23 24 25 26 27.227.5 Growth Growth 5 4 3 2 1 35. 3.2 3. 25.5 25. 17.7 18.8 19.9 21.5 22.1 19.4 2. 16.6 16.1 15. 1. 5.. 1999 2 21 22 23 24 25 26 27.227.5 45 4 35 3 25 2 15 1 5 7. 63.7 6. 5. 43.5 4. 35.7 29.4 3. 26.7 27.2 23.8 2. 14.6 9.5 1. 1.6. 1999 2 21 22 23 24 25 26 27.227.5 Growth Growth 8
27-8-3 12 1 23.6 25. 19.7 2. 12 1 35.6 45. 41.4 4. 35. 8 6 4 16.9 16.1 13.8 13. 15. 1. 8 6 4 15.6 28.9 3. 25. 2. 15. 2 5. 2 1.4 8.7 1. 5. 23 24 25 26 27.2 27.5. 23 24 25 26 27.2 27.5. Growth Growth 2 18 16 14 12 1 8 6 4 2 35. 32.9 29.4 3. 27.8 25.2 25. 2. 15. 12.3 13.6 1. 5.. 23 24 25 26 27.2 27.5 18 16 14 12 1 8 6 4 2 1. 85.3 8. 59.7 6. 35.2 4. 2. 5.1-4.2. -2. -4. -49. -6. 23 24 25 26 27.2 27.5 Growth Growth A EPS( ) P/E(x) P/B(x) ( ) 26A 27E 28E 26A 27E 28E 26A 27E 685 38.27 194.36.7.9 16.5 54.7 42.5 6.9 5.9 6276 43.16 25.48.63.83 9. 68.5 52. 14.9 12.3 6535 22.44 213.42.49.62 53.3 45.9 36.1 7.6 6.5 6557 22.6 1.41.54.7 55.1 42.1 32.5 7.3 6.2 423 28.22 42.29.43.57 96.1 65.6 49.5 13.6 11.2 999 S 18.35 26.17.27.38 18.9 68. 48.3 7.5 6.8 6849 14.28 343.12.2.39 118.3 7.9 36.6 4.6 4.3 28 16.49 111.25.43.57 65.5 38.3 28.8 1.6 8.3 6713 14.52 198.7.19.41 195.9 77.3 35.3 7.8 7.1 6812 7.11 128.4.5.6 178 142 119 5.7 1.7 9
27-8-3 1) 2) 6 15 6 5 15 6-5 5 6 5 15 6 15 1
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