2011 7 25 2010 500 10-15% 200 10% 3% KEMA Ex9 17 2011-2013 EPS 0.79 0.99 1.20 22.56 18.04 14.78 ( ) (%) ( ) (%) EPS ( ) ( ) 2010A 633,910 32.02 63,915 22.36 0.64 27.80 2011E 793,052 25.10 79,257 24.00 0.79 22.56 2012E 996,609 25.67 99,127 25.07 0.99 18.04 2013E 1,228,783 23.30 121,000 22.07 1.20 14.78 23% 7% -10% -26% 10-7-22 10-10-19 11-1-16 11-4-15 11-7-13 2011-7-22 17.79 25.37 16.40 20.68 2011Q1 100,500 29,068 0.17 4.33-0.21 4.92 : : S0550511010003 TEL: (8621)6336 7000-315 FAX: (8621)6337 3209 Email: yangjl@nesc.cn : 45 20 : 200002
...3 1.1...3 1.2...4 1.3...5...6 2.1...6 2.2...7 2.3...8...8 3.1...8 3.2...9...10...11 2
1.1 1000V 1500V 2009 450 2010 500 10-15% 20-30% 1 2005-2009 2005 52 2200 25000 5500 2006 55 2400 30000 6100 2007 60 2600 34500 6800 2008 62 2700 36000 7000 2009 66 2900 40000 7600 2010 2006-2010 26.1% 2010 278,140 23.8% 1 2006-2010 3
1.2 1 80% 1 kw 6 5 9000 1 5.4~6 5-8 2010 9.66 58 5 11.6 2 2005-2010 2 2010 2009 46.6% 3 15.1% 2010 160,030 12.1% 4
3 2006-2010 1.3 20% 25% 55% 100 125 275 50-100% 40% 2000 ABB 10% 2009 111 1 58 2007 5
4 AEG 2.1 27 5 8 10% 5 6
90% 2010 100% 2.2 1993 300 2000 2002 SAP 2% 2010 3.43% 2010 98 55 2006 12 13 49% KEMA 51% KEMA 2009 9 17 3,650 50% 2009 7
2.3 100% 20% 1994 38 1998 IPO 3.1 2007 8
8.54 3 500 100 2008 10 400 4 2010 2011 Ex9 Ex9 Ex9A Ex9B Ex9M Ex9U Ex9C Ex9R Ex9M 2010 " " 8 10 10 2010 3PA 48 2010 1-6 1,109.95 3.2 2009 4 2009 OEM 101 45% 2010 4.43 7.15% 36.78% 9
1 50% 2010 4Q 2011 1Q 22% 25-26% 4 10% 2 3 25% 3 4 15% 12.5% 25% 2 2009A 2010A 2011E 2012E 2013E 161,177 213,146 270,696 338,370 412,811 10.78% 32.24% 27.00% 25.00% 22.00% 31.75% 29.09% 29.00% 29.00% 29.00% 150,748 198,494 252,088 315,110 384,434 18.23% 31.67% 27.00% 25.00% 22.00% 26.14% 23.56% 23.50% 23.50% 23.50% 120,443 158,189 197,736 241,238 294,310 6.63% 31.34% 25.00% 22.00% 22.00% 25.80% 21.49% 21.50% 21.50% 21.50% 33,426 46,161 63,702 85,998 111,797-1.67% 38.10% 38.00% 35.00% 30.00% 33.96% 35.00% 35.00% 35.00% 35.00% 1,745 4,014 8,830 15,894 25,431 1.39% 129.98% 120.00% 80.00% 60.00% 30.31% 32.98% 33.00% 33.00% 33.00% 467,538 620,004 793,052 996,609 1,228,783 10.88% 32.61% 27.91% 25.67% 23.30% 28.56% 25.85% 25.91% 26.03% 26.11% 10
3 2009A 2010A 2011E 2012E 2013E 480,151.74 633,910.97 793,051.73 996,609.34 137035.67 344,929.41 469,676.19 587,586.44 737,220.89 907,928.02 3,144.49 3,448.04 4,758.31 5,979.66 7,372.70 24,237.83 30,408.73 39,652.59 49,830.47 61,439.15 36,409.54 49,333.02 59,478.88 74,745.70 92,158.72-519.94-2,008.69-2,379.16-1,494.91 614.39 1,851.23-591.17 1,000.00 1,500.00 2,000.00-52.07 242.41 350 450 600 70,052.37 83,887.27 103,304.67 129,277.54 157,870.01 7,916.66 1,256.29 1,300.00 1,300.00 1,300.00 8,988.07 998.61 1,000.00 1,000.00 1,000.00 68,980.96 84,144.95 103,604.67 129,577.54 158,170.01 11,784.16 13,741.65 17,094.77 21,380.29 26,098.05 57,196.80 70,403.30 86,509.90 108,197.25 132,071.96 4,962.43 6,488.04 7,252.33 9,070.43 11,071.90 52,234.37 63,915.26 79,257.58 99,126.82 121,000.06 90,000.00 100,500.00 100,500.00 100,500.00 100,500.00 ( ) 0.58 0.64 0.79 0.99 1.20 100,500 2011-2013 EPS 0.79 0.99 1.20 24.00% 25.07% 22.07% 2011 07 22 17.79 PE 22.56 18.04 14.78 17.00 1 2 11
: 6 12 6 12 6 12 : 6 12 15% 6 12 5 15% 6 12 ±5% 6 12 5% 12