中信证券-环保新材料行业深度报告

《中信证券-环保新材料行业深度报告》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、2010ᑈ5᳜27᮹ⷨお᡹ਞÖ㸠ϮⷨおÖЁᇣᏖؐ㙵⼼Џ乬ⷨお᡹ਞ⦃ᮄᴤ᭭˖᳾ᴹकᑈᮄ㪱⍋ᡩ䌘㽕⚍Ё䆕ࠌⷨお䚼⦃ᮄᴤ᭭ᰃᣛ⫼Ѣ⦃乚ඳˈޣᇥ⦃๗∵ᶧ៪㗙໘⧚⦃๗∵ᶧ⠽ˈ㗠ᴀ䑿㘨㋏Ҏ˖ᴢमϡѻ⫳∵ᶧⱘᴤ᭭DŽࣙᣀ⦃๗䰡㾷ᴤ᭭(ৃ䰡㾷ล᭭ˈ⫳⠽䰡㾷ᗻᴤ᭭ㄝ)ˈ⬉䆱˖021-68761621⦃๗ޔ࣪ᴤ᭭(㜅⸿ᴤ᭭ˈ㜅⸱ᴤ᭭ˈ䰸ᇬᴤ᭭ㄝ)ˈ㛑⑤ޔ࣪ᴤ᭭˄㜅⸿ᴤ䚂ӊ˖lib@citics.com᭭ˈ㜅⸋ᴤ᭭ㄝ˅੠⦃๗᳓ҷᴤ᭭˄⇳߽ᯖ᳓ҷᴤ᭭ˈ᮴⻋ᴤ᭭ˈ⷇ẝ᳓ҷ૤Ꮁ,CFAᴤ᭭ㄝ˅DŽ⬉䆱˖021-68765291䰸ᇬᴤ᭭ᰃ៥Ӏ᳔Ўⳟད

2、ⱘ乚ඳDŽ䱣ⴔᮄⱘ໻⇨ᥦᬒᷛޚ೼2010ᑈᅲᮑˈ䚂ӊ˖tc@citics.com㹟ᓣ䰸ᇬ㸠Ϯᇚ㦋ᕫᖿ䗳থሩˈ乘䅵᳾ᴹ5ᑈ໡ড়๲䭓⥛40%ҹϞDŽ԰Ў㹟ᠻϮ䆕к㓪ো˖S1010209090205ᓣ䰸ᇬ఼Ḍᖗ䚼ӊⱘ催⏽Ⓒ᭭ˈ㸠Ϯ䲚ЁᑺⳌᇍ䕗催ˈ啭༈ӕϮབϝ㓈ϱ˄300056˅ㄝ᳔ЎফⲞѢ㹟ᓣ䰸ᇬ఼㸠ϮথሩDŽ㛑⑤ޔ࣪ᴤ᭭থሩぎ䯈ᑓ䯨DŽ೑ϝᷛޚᅲᮑ˄㽕∖≑⊍৿⸿䞣Ң500ᖂܟ/ܟ䰡ࠄ150ᖂܟ/ܟ˅ˈҹঞᮄൟ✸࣪Ꮉⱘথሩˈ㽕∖⷇⊍ˈ໽✊⇨ㄝ㛑⑤Ёⱘ⸿ˈ⸋ㄝᴖ䋼৿䞣ϡᮁ䰡Ԣˈ㛑⑤ޔ࣪ᴤ᭭㦋ᕫ䕗໻থሩぎ䯈DŽ⫳ѻ催ᬜ⥛ˈԢ៤ᴀ㛑⑤ޔ࣪ᮄ

3、ᴤ᭭ⱘӕϮབϝ㘮⦃˄300072˅ⱘᏖഎথሩぎ䯈ᑓ䯨DŽ⦃๗᳓ҷᴤ᭭Ё៥Ӏⳟད᳓ҷӴ㒳ࠊދࠖⱘ㓓㡆⦃ࠊދࠖDŽϰኇ䲚ಶ(0189.HK)⫳ѻⱘDYR-3ᰃⳂࠡ೑ݙଃϔⱘᢹ᳝㞾Џⶹ䆚ѻᴗⱘ㓓㡆⦃ࠊދࠖDŽⳌ↨೑໪ϸ⾡ゲѝѻકˈᗻӋ↨᳈催ˈ݋᳝䕗ᔎⱘゲѝӬ࢓DŽ1258⫳⠽䰡㾷ᴤ᭭ᡩ䌘ᴎӮⳂࠡЏ㽕ᴹ㞾Ѣᬓㄪⱘ偅ࡼˈᓎ䆂¯݇⊼āDŽ⫳⠽䰡㾷ᴤ᭭ᰃ᳾ᴹᴤ᭭㸠Ϯⱘ䞡㽕থሩᮍ৥ˈⳂࠡᭈԧᏖഎ㾘῵䖬䕗ᇣˈϨЏ㽕䲚Ё೼⃻㕢೑ᆊˈ೑ݙᏖഎ䖬≵᳝ᠧᓔDŽ԰Ўヺড়㡖㛑⦃ᮍ৥ⱘᮄѻϮˈ⫳⠽䰡㾷ᴤ᭭ⱘথሩ䖬䳔㽕݋ԧᬓㄪ᥾ᮑⱘᡊᣕDŽᡩ䌘ᷛⱘDŽ៥Ӏ佪⃵㒭ќ

4、ϝ㓈ϱ¯фܹā䆘㑻ˈ㒭ќϝ㘮⦃¯ᣕ᳝ā䆘㑻DŽᓎ䆂݇⊼䨿ᆠ㥃Ϯǃ㑶ᅱБ੠ϰኇ䲚ಶDŽ䞡⚍݀ৌԄؐ↨䕗Ꮦؐҷⷕ݀ৌㅔ⿄ᬊⲬӋ(ܗ)EPS2009EEPS2010EEPS2011E2009PE2010PE2011PE(ғܗ)300056ϝ㓈ϱ36.218.80.440.721.2582.250.228.9300072ϝ㘮⦃49.848.40.520.741.3395.867.337.4002019䨿ᆠ㥃Ϯ16.135.40.140.180.45114.788.236.0002165㑶ᅱБ17.042.80.390.690.594

5、3.524.628.60189.HKϰኇ䲚ಶ1.68(␃ܗ)32.30.080.100.1418.514.710.6䌘᭭ᴹ⑤˖Ё᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈwind⊼˖002019,002165Ⲝ߽乘⌟ᴹ㞾WINDϔ㟈乘ᳳ䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ⦃ᮄᴤ᭭Џ乬ᡩ䌘᡹ਞⳂᔩҔМᰃ⦃ᮄᴤ᭭˛........................................................................................................................

6、..........................1⦃๗ޔ࣪ᴤ᭭˖᳔Ўⳟད催⏽䰸ᇬᴤ᭭..................................................................................................................1㜅⸿ᴤ᭭˖๲䭓ⱘ催ዄᏆ㒣䖛এ..........................................................................................

7、............................1㜅⸱ᴤ᭭˖ᇚ೼कѠѨᳳ䯈ᖿ䗳๲䭓..............................................................................................................3䰸ᇬᴤ᭭˖᳔ⳟད㹟ᓣ䰸ᇬ催⏽Ⓒ᭭ᴤ᭭.........................................................................................

8、.............4㛑⑤ޔ࣪ᴤ᭭˖ϧᆊൟӕϮᇚᖿ䗳থሩ..................................................................................................................8⦃ᷛޚⱘछ㑻䖯㛑⑤ޔ࣪ᴤ᭭