2012 2011 12 06, 1 46% 34% 20%, 2 2012 1 09 233 10.22 10% 20% 12% : : S0550511010003 TEL: (8621)6336 7000-252 FAX: (8621)6337 3209 Email: guowm@nesc.cn : 45 20 : 200002
2011...3...4... 4... 7... 8...9... 9... 10... 11...13... 13... 13... 14... 14... 14 1 2... 3 3 2010 4... 4 5 5 6 3... 5 7 8... 5 9 10... 5 11 12... 6 13 14... 6 15 16... 6 17 18... 7 19 20... 7 21 09 1% 22 13%... 8 23 24... 8 25... 9 26 220 / 27 10... 10 28 29... 10 30 31...11 32 11%(/ 33 /... 12 1 2011... 3 2... 9 3 2011...11 4... 12 5... 15 2
2011 2011 12 01 300 19% 18.44% 17.47% 11.61% 9.14% 9.95% 22.39% 34.09% 1 2 1 2011 % % 1 32.11 1-57.47 2 25.72 2-49.40 3 23.74 3-45.28 4 13.19 4-42.67 5 13.08 5-41.30 6 12.82 6-39.48 7 10.00 7-39.26 8 9.90 8-37.44 9 6.05 9-34.97 10 2.81 10-34.92 3
2010 46% 34% 20%2004 8.22% 2010 20.44% 7 16.23% 1 2 18 3 10% 2011 3 2010 4 20 2010 54,648 2.95% 19,576 11,518 17,725 0.34% 0.06% 8.09% 4
5 5 6 3 : 7 8 9 10 wind 5
11 12 wind 13 14 wind 15 16 wind 6
2011 13 / 20 / 54% 18 / 2012 1 2011 5 4880 2012 17 18 19 20 7
FAO 44% 29% 11% 10% 1% 10% 2011 12 81 508 600 00-09 13.01% 5.60% 2011 30%-40% 10% 21 09 1% 22 13% FAO 23 24 8
25 07 20.31 07 3.6 10 4.5 300 1 2 / 4.57 220-240 4.14 190 3.56 200 0.6 340 9
2009 233 10.22 10% 20% 16%-23% 12% 26 220 / 27 10 28 29 10
335 335 335 06 500 07 30 / 50 / 2-8 25 45 2001 12 100 2006 10 40% 10 13% 30 31 3 2011 2011.4.8 2011.09.21 2011.09.25 2011.10.27 21 11
30 4 / 20 6.5 04 08 08 45 36 / 30 / 30 / 50 30 18, 3 1999 USDA 30 11% 32 11%(/ 33 / USDA 12
1 2 3 11 11 12 40 500 4000 5000 40 100 200kg/ 2012 1286 + 1500 +1000 =3786 2013 11 2000 +2011 3000-4000 11 2012-2013 700 1100 11-13 200 700 1100 EPS 0.53 1.13 1.67 285 270 11 42 100 5000 1972 1 2 2 1 20% 70-80% 2000-3000 42 11-13 0.75 1.04 1.35 13
335 7 5 6 5 6 7 335 7 350 / 2450-2500 605 662 605 16 605 3 20% 1.2 2012 3.6 5.4 7.2 0.2 / 11-13 1.3 2.0 2.5 35.0 51.1 65.8 0.58 0.79 1.04 3 2 1 36 30 30 08-10 0.4 1.8 4.6 9.50 10.07 12.03 11-13 14
9.5 14 18 13 /13.7 / 14.3 / 11-13 EPS 1.11 1.72 2.24 12 25-30 PE 43-52 5 EPS PE 10A 11E 12E 10A 11E 12E 153 134 36.07 0.45 0.53 1.13 80 68 32 1,513 711 28.47 0.59 0.75 1.04 48 38 27 1,438 911 17.02 0.31 0.58 0.79 55 29 22 579 352 33.27 0.59 0.40 1.10 56 83 30 70 126 38.20 0.67 1.11 1.72 57 34 22 : 15
: 6 12 6 12 6 12 : 6 12 15% 6 12 5 15% 6 12 ±5% 6 12 5% 16