(601311) 2011 11 28 2011 8 800 kvah 90 kvah 2012 2012 3 20112012 2013 0.841.37 1.69 2011 11 25 22.05 26.3616.10 13.06 2012 () (%) () (%) EPS () ROE (%) () 2010 262,967 41.95 26,161 50.69 0.62 35.6 2011E 320,039 21.70 35,164 34.41 0.84 26.3 2012E 448,118 40.02 57,563 63.70 1.37 16.1 2013E 529,155 18.08 70,959 23.27 1.69 13.0 (%) -34% 10-10-25 11-1-24 11-4-25 11-7-25 11-10-24 75% 57% 39% 21% 2% -16% 2011-11-25 22.05 52 29.76 52 15.98 23.25 2011Q3 42,040 A 42,040 0.58 6.21-0.97 3.55 : S0550511020005 TEL: (8621)6336 7000-268 FAX: (8621)6337 3209 Email: panxf@nesc.cn : 45 20 : 200002
1980 30 30 11% 2011 1 kvah 2 30 2011 14.17 90% 9 310 2
3 4 2011 5 % 3
8 800 kvah 8 6 90 kvah 2012 2012 3 1 600kVAh 1 2 3 6.02 600kVAh 3.77 177kVAh 1.63 1000 8 2011 21.98 18.60% 2012 6 30 25 20 15 10 5 0 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 4
4.1 2010 10% 7 8 5
4.2 10% 20% 2011 24.6% 9.2% 1000 11% 9 % 10 % 4.3 2009 5 42.86% 20 70.02% 6
30% 11 4.4 2000 / ABS PP 12 LME /kg wind 7
13 ABS / wind 4.5 1500 2011 2% GDP 2008 3456 3000 2015 10%2015 2951 2010 1.58 1.97 2010 2.23 14 GDP 2008 3000 / wind 8
15 3500 3000 2500 2000 1500 1000 500 0 60% 50% 40% 30% 20% 10% 0% wind 16 25000 20000 15000 10000 5000 0 25% 20% 15% 10% 5% 0% wind 12V 0.9kVAh 2015 2656 kvah 2010 1.58 17 3000 2500 2000 1500 1000 500 0 kvah 60% 50% 40% 30% 20% 10% 0% wind 9
2 V Ah CCA (Kg) GB 6-QW-36MF 12 36 332 10.4 6-QW-54MF 12 54 265 16.2 6-QW-70MF 12 70 400 20.6 6-QW-100MF 12 100, 440 26.9 6-QW-150MF 12 150 780 41.0 6-QW-200MF 12 200 1000 49.5 200 18 30 3 5 1 1.5 1 1.5 2 2015 8865 kvah 2010 2.23 18 10000 8000 6000 4000 2000 kvah 25% 20% 15% 10% 5% 0 0% 2015 11522 kvah 2010 2 10
19 14000 12000 10000 8000 6000 4000 2000 0 kvah 30% 25% 20% 15% 10% 5% 0% 2 3 10 20 6 9000 6000 80 31 300 11
20 21 12
22 23 2011 2 3 2011 5 2011 7 31 3000 1200 1930 583 405 610 252 252 108 328 216 99 13
3 328 205 102 14 7 484 158 272 36 18 191 27 134 27 3 133 28 81 16 8 105 13 76 15 1 102 28 56 15 3 95 28 51 9 7 60 12 29 14 5 58 34 13 5 6 1930 583 1015 252 80 2011 7 8 30% 20112012 2013 0.841.37 1.69 2011 11 25 22.05 26.3616.10 13.06 2012 14
4 2010 2011E 2012E 2013E 262,967 320,039 448,118 529,155 233,539 252,125 348,024 405,679 831 1,440 2,017 2,381 8,453 8,001 11,203 13,229 8,857 12,802 17,028 19,050 3,034 4,161 2,241 5,292 64 0 0 0 0 0 0-9 200 300 300. 29,419 41,711 67,906 83,824 1,265 1,100 1,000 1,000 322 1,400 500 500. 30,362 41,411 68,406 84,324 4,332 6,212 10,261 12,649. 26,030 35,199 58,145 71,676 26,161 35,164 57,563 70,959-131 35 581 717. 0.62 0.84 1.37 1.69 15
: 6 12 6 12 6 12 : 6 12 15% 6 12 5 15% 6 12 ±5% 6 12 5% 16