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1、2011ᑈ4᳜28᮹䆕ࠌⷨお᡹ਞÖ݀ৌⷨおÖ䫊㸠Ϯᅕ⊶䫊㸠˄002142˅2011ᑈϔᄷ᡹⚍䆘๲ᣕ(㓈ᣕ)㾘῵ᑇ〇ᠽᓴᙃᏂᣕԢԡᔧࠡӋ˖13.36ܗⳂᷛӋ˖16ܗᡩ䌘㽕⚍Ё䆕ࠌⷨお䚼㾘῵ᑇ〇ᠽᓴˈϮ㒽ヺড়乘ᳳDŽᅕ⊶䫊㸠2011ᑈϔᄷᑺᅲ⦄ޔ߽⍺8.15ғᴅ⨄ܗˈৠ↨๲䭓63%ˈEPSЎ0.28ܗ˗ᠷ䰸㧹Ϯ໪ᬊܹ˄ᘏ䚼໻ὐᨀ䖕㄀Ѡ⬉䆱˖010-84588601ᡍ㸹ٓℒ1.41ғܗ˅ৢޔ߽⍺6.7ғܗˈৠ↨๲䭓35%ˈ⦃↨๲䭓52%ˈ䚂ӊ˖zhuy@citics.comEPSЎ0.23ܗˈᅠܼヺড়乘ᳳDŽᠷ䰸ৢROAЎ1.0%ˈROEЎ16.6%ˈ

2、ৠᠻϮ䆕к㓪ো˖S1010510120023↨ഛ⬹᳝ϟ䰡ˈ಴䌘ѻ㾘῵ǃᴗⲞ㾘῵ৠ↨ᰒ㨫ᠽ໻DŽ㙪᭤᭤⫳ᙃ䌘ѻ㒧ᵘ㓧ℹ䇗ᭈˈᄬ䌋߽Ꮒ㒻㓁ᠽ໻ˈৠϮऴ↨໘Ѣ催ԡᢝԢᙃᏂDŽ⬉䆱˖010-84588047ᔧᄷ䌋ℒ/ᄬℒ/⫳ᙃ䌘ѻ๲䭓6%/5%/3%ˈᄷ᳿⫳ᙃ䌘ѻЁ䌋ℒऴ↨40%ˈ䚂ӊ˖xff@citics.com⦃↨छ1Ͼⱒߚ⚍ˈৠϮऴ↨32%ˈ⦃↨䰡3Ͼⱒߚ⚍ˈ㒧ᵘ䇗ᭈ㓧ℹ䖯㸠DŽᠻϮ䆕к㓪ো˖S1010510120057䌋ℒᬊⲞ⥛6.11%ˈ䕗এᑈछ16BP˗ᄬℒ៤ᴀ1.51%ˈ䕗এᑈछ10BPDŽᄬ䌋߽Ꮒ㒻㓁ᠽ໻ˈԚৠϮ䌘ѻऴ↨໘Ѣ催ԡᢝԢᙃᏂDŽ⌟ㅫ

3、ᔧᄷ⫳ᙃ䌘ѻᬊ⿟ṃⲞ⥛4.84%ˈৠ↨ᦤछ53BP˗Ҭᙃ䋳؎៤ᴀ⥛2.75%ˈৠ↨ᦤछ106BPˈ᥼⬉䆱˖010-84588669䚂ӊ˖chengt@citics.com⌟⑤㞾ৠϮ߽ᏂᬊじDŽᔧᄷᙃᏂ2.26%ˈৠ↨ϟ䰡46BPˈ⦃↨ϟ䰡9BPDŽᠻϮ䆕к㓪ো˖S1010510120039ϡ㡃ԭ乱ᇣᐙϞछˈ݇⊼㉏䌋ℒᰒ㨫ϟ䰡ˈ⫼៤ᴀ㓈ᣕԢԡDŽᄷ᳿ϡ㡃ԭ乱7.2ғܗˈ䕗ᑈ߱Ϟछ1800ϛܗ˗ϡ㡃⥛0.67%ˈ䕗ᑈ߱ϟ䰡2BPDŽ݇⊼Ⳍᇍᣛ᭄㸼⦄㉏䌋ℒԭ乱⦃↨ᰒ㨫ޣᇥ5ғܗDŽᢼ໛㽚Ⲫ⥛⦃↨ᖂछ6Ͼⱒߚ⚍㟇202%ˈЁᷛ300ᅕ⊶䫊㸠ᔧᄷ⫼៤ᴀҙ0.3%

4、ˈ᥹䖥ग़৆ԢԡDŽᄷ᳿ᢼ䌋↨ҙ1.36%ˈϢᑈ߱ᣕᑇˈ105ҡЎϞᏖ䫊㸠Ё᳔Ԣˈ䴶Јᢼ䌋↨ⲥㅵय़࡯DŽ0-5䌍⫼᥻ࠊ㡃དˈ䌘ᴀᣕܙ㺩ˈᄬℒ਌ᬊᕫ࡯ˈᣕ㓁㾘῵ᠽᓴৃᳳDŽᔧᄷ៤-10ᴀᬊܹ↨38%ˈϢ2010ᑈܼᑈᣕᑇˈৠ↨ϟ䰡3Ͼⱒߚ⚍DŽᄷ᳿䌘ᴀܙ䎇110104110131110304110331⥛䖒15.2%ˈḌᖗ䌘ᴀܙ䎇⥛11.9%ˈഛ䖰䍙ⲥㅵᷛޚ˗ᄬℒᣕৠℹ๲䭓ˈ䌋ᄬ↨㓈ᣕ೼68.8%DŽܙ㺩ⱘ䌘ᴀ੠ᄬℒ㡃ད䗖ᑨ༂㸠Ꮒ߿ޚ໛䞥⥛ⲥㅵঞ䌘᭭ᴹ⑤˖Ё᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳䫊ⲥӮ䌋ᄬ↨ⲥㅵˈ߽Ѣ݀ৌᣕ㓁㾘῵ᠽᓴDŽЏ㽕᭄᥂亢䰽಴㋴˖䌘ѻ䋼䞣ᙊ࣪੠ᢼ䌋↨ⲥ

5、ㅵՓ⫼៤ᴀ催ӕDŽЁᷛ300ᣛ᭄2705.29⚍ᘏ㙵ᴀ/⌕䗮㙵ᴀ2883.82/2500.00ⱒϛ㓈ᣕ¯๲ᣕā䆘㑻ˈⳟདࡴᙃ䗮䘧ЁⱘᙃᏂᦤछDŽ݀ৌЁᇣӕϮ៬⬹ᅮԡ⏙䖥12᳔᳜催/᳔Ԣ14.65ܗ/10.43ܗ᱄ǃゲѝӬ࢓ᰒ㨫ˈ䌋կ䳔أ㋻⦃๗Ё䌋ℒᬊⲞ⥛᳝ᳯ䖯ϔℹᦤछ˗ᘏ㸠䖥1᳜㒱ᇍ⍼ᐙ-0.07%໻ὐᨀ䖕㸹ٓሒℒᬊܹ0.4-0.5ғܗ៪Ѣᑈݙ⹂䅸DŽ乘䅵11/12ᑈEPSߚ߿䖥6᳜㒱ᇍ⍼ᐙ-4.91%Ў1.05/1.27ܗˈᇍᑨ11/12ᑈPEЎ13/11סˈᔧࠡӋ13.36ܗˈⳂᷛӋ16Ҟᑈҹᴹ㒱ᇍ⍼ᐙ7.74%ܗˈ¯๲ᣕā䆘㑻DŽ12Ͼ᳜᮹ഛ៤

6、Ѹ乱278.38ⱒϛܗ乍Ⳃ/ᑈᑺ2008200920102011E2012E㧹Ϯᬊܹ˄ⱒϛ˅3,4034,1755,7707,8339,629Ⳍ݇ⷨお๲䭓⥛YoY%51.90%22.66%38.22%35.75%22.93%ޔ߽⍺˄ⱒϛ˅1,3321,4572,3223,0213,6641.ljᅕ⊶䫊㸠˄002142˅2010ᑈᑈ᡹⚍䆘๲䭓⥛YoY%40.02%9.44%59.32%30.09%21.31%ü㾘῵催䗳๲䭓ˈᙃᏂডᔍৃᳳNJ2011-4-26EPS(ܗ)0.530.580.811.051.27BVPS(ܗ)3.523.905.506.

7、226.91P/E2523171311P/B3.83.52.42.11.9䌘᭭ᴹ⑤˖Ё᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳⊼˖㙵ӋЎ2011ᑈ4᳜27᮹ᬊⲬӋ䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚᅕ⊶䫊㸠˄002142˅2011ᑈϔᄷ᡹⚍䆘㸼1˖݀ৌग़৆↣㙵Ⲝ߽ঞԄؐ˄ऩԡ˖ܗ˅1Q20092009H3Q20092009N1Q20102010H3Q20102010N1Q2011↣㙵Ⲝ߽ঞԄؐEPS(basic)0.140.280.440.580.200.510.750.810.28EPSgrowth(yoy)4.82%-3.22%-2.08%9.44%40.74%78

8、.87%70.21%38.11%41.85%BVPS3.653.603.763.904.104.214.465.505.79BVPSgrowth(yo