2010ᑈ4᳜16᮹ⷨお᡹ਞg݀ৌⷨおgᓎᴤ㸠Ϯᡔ˄002066˅ᡩ䌘Ӌؐߚᵤ᡹ਞ⾥⋄⨲фܹ˄佪⃵˅ᖿ䗳៤䭓Ёⱘ㗤☿ᴤ᭭㸠Ϯ啭༈ᔧࠡӋ˖18.61ܗⳂᷛӋ˖23.75ܗᡩ䌘㽕⚍Ёֵ䆕ࠌⷨお䚼5ܼ䴶ᖿ䗳ᢧሩЁⱘ㗤☿ᴤ᭭㸠Ϯ啭༈DŽ㚠䴴⾥ⷨᅲ࡯䲘८ⱘ໻㙵ϰЁ೑ᓎᴤ┬ᓎᑇ⾥ᄺⷨおᘏ䰶ˈ݀ৌᏆᰃ៥೑❨䫌㗤☿ᴤ᭭㸠Ϯ啭༈ˈᏖഎӑ乱䖒20%ˈᰃ⬉䆱˖021-68766893೑ݙଃϔᢹ᳝❨䫌⇻࣪䪱ѻક㞾Џⶹ䆚ѻᴗᑊ㛑㾘῵࣪⫳ѻⱘӕϮDŽ݀ৌ❨䚂ӊ˖pjp@citics.com䫌䫚߮⥝ǃ❨䫌⇻࣪䪱ᑈѻ㛑ߚ߿Ў18000੠2600ৼDŽ݀ৌথሩ៬⬹ᰃ⿃ᠻϮ䆕к㓪ো˖S1010207110123ᵕᢧᆑѻક㒓㟇⺅ᗻǃϡᅮᔶ੠⸙䋼㗤☿ᴤ᭭乚ඳˈѻકᑨ⫼乚ඳҢ⦏⩗㸠㘨㋏Ҏ˖᳒䈾ϮᓊԌ㟇∈⊹ǃފ䞥ǃ⷇࣪ǃ᳝㡆ㄝ݋᳈໻Ꮦഎᆍ䞣ⱘ㸠ϮDŽ⬉䆱˖021-687669575៥೑㗤☿ᴤ᭭㸠Ϯᖿ䗳থሩDŽ៥೑催⏽ᎹϮᖿ䗳থሩǃܼ⧗㣗ೈ㗤☿ᴤ᭭ѻ䚂ӊ˖zenghao@citics.comϮ䕀⿏ঞ೑ᆊ᮹ⲞϹढ़ⱘ㡖㛑ޣᥦᬓㄪࡽ᥼㗤☿ᴤ᭭㸠Ϯᖿ䗳থሩDŽ៥೑㗤☿ᴤ᭭㸠Ϯ㒧ᵘ䴶Ј䇗ᭈˈ䲚Ёᑺᇚ䖯ϔℹ䍟छˈ㗠ᡔᴃ߯ᮄϢӬ䋼ક⠠ᰃⳌᇍᣛ᭄㸼⦄㸠Ϯ݇䬂Ā៤ࡳ಴ᄤāDŽ❨䫌㗤☿ᴤ᭭ফⲞѢᑇᵓ⦏⩗᱃⇨ಲछˈ⺅ᗻ㗤☿Ёᷛ䴲䞥ᓎᴤ⨲⋄⾥ᡔᴤ᭭߭ফⲞѢ∈⊹ϡᮁ๲䭓ⱘᑲ໻ѻ㛑ˈϡᅮᔶ㗤☿ᴤ᭭Ꮦഎぎ䯈ᑓ䯨DŽ5さߎゲѝӬ࢓ࡽ᥼݀ৌѢ㒚ߚ乚ඳᖿ䗳ᢧሩDŽ݀ৌゲѝӬ࢓ԧ⦄೼˖ѻકᅮԡ催ッǃક⠠ⶹৡᑺϔ⌕ǃᡔᴃⷨথӬ࢓ᰒ㨫ǃᮄϮࡵᓔᢧ㛑࡯さߎDŽ݀ৌϞ䗄Ӭ࢓⿃ᵕᓔᢧᏖഎᆍ䞣᳈Ўᑲ໻ⱘ∈⊹づ⫼⺅ᗻ㗤☿ᴤ᭭ঞϡᅮ׳߁ࡽIPO੠ݡ㵡䌘ᅲ⦄ѻ㛑㾘῵໻䎼䍞DŽ׳ᔶ㗤☿ᴤ᭭ㄝ݊Ҫ㒚ߚ乚ඳˈᑊৌ㡃ད៤䭓ᗻߌᰒ݊䭓ᳳᡩ䌘ӋؐDŽ݀ৌᑲ໻೼ᓎѻ㛑ⱘ⏤⃵䞞ᬒᇚࡽ᥼䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳݀5ˈϮ㒽ᖿ䗳๲䭓ˈ㗠Ңথሩ៬⬹ᴹⳟˈ݀ৌമᣕ䍄ݐᑊ䞡㒘Ԣ៤ᴀᠽᓴП䏃໪ᓊᓣᠽᓴ៪ᇚ៤Ў݀ৌজϔ៤䭓偅ࡼ࡯ˈৠᯊ԰ЎЁ೑ᓎᴤ⾥ᄺⷨおᘏ䰶Ⳍ݇ⷨおଃϔϞᏖᑇৄˈৢ㓁Ⳍ݇㡖㛑⦃ֱϮࡵ䌘ѻ⊼ܹ乘ᳳᔎ⚜DŽ1.lj◂㗤㙵ӑ˄002225˅䇗ⷨᖿ᡹-ᖿ䗳থ5亢䰽಴㋴˖⦏⩗㸠Ϯⱘᔎ਼ᳳᗻ㒭݀ৌ㒣㧹ᏺᴹ⊶ࡼǃॳᴤ᭭៤ᴀϞ⍼䍙乘ሩЁⱘ䩶䪕㸠Ϯ㗤☿ᴤ᭭㖬ἮNJᳳǃߎষϮࡵ∛⥛⊶ࡼঞϟ␌Ꮦഎᓔᢧҡᄬϔᅮϡ⹂ᅮᗻDŽ2009-8-10Ⲝ߽乘⌟ǃԄؐঞᡩ䌘ᓎ䆂DŽ៥Ӏ乘⌟2010/2011/2012ᑈ݀ৌEPSߚ߿Ў50.68ǃ0.95Ϣ1.26ܗ˄᳾㗗㰥ৃ㛑ⱘ໪ᓊᓣᠽᓴ˅ˈ෎Ѣ㸠Ϯৠ㉏݀ৌᔧࠡԄؐ∈ᑇঞ݀ৌӬ㡃ⱘ៤䭓ᗻ˄᳾ᴹϝᑈCAGR=53.1%˅ˈ㒭ќ2011ᑈ25佪⃵㒭ќĀфܹā䆘㑻DŽˈܗPEԄؐˈᕫߎⳂᷛӋ23.75ס乍Ⳃ/ᑈᑺ200820092010E2011E2012E㧹Ϯᬊܹ(ⱒϛܗ)42249375910601279๲䭓⥛YoY%66.916.953.939.820.6ޔ߽⍺(ⱒϛܗ)353779110145๲䭓⥛YoY%38.66.4114.239.431.9↣㙵ᬊⲞEPS(෎ᴀ)(ܗ)0.380.320.680.951.26↯߽⥛%29.929.030.930.931.3ޔ䌘ѻᬊⲞ⥛ROE%13.56.913.215.817.6↣㙵ޔ䌘ѻ˄ܗ˅2.854.615.186.017.14PE4858272015PB6.54.03.63.12.6EV/EBITDA2534191511䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈ⊼˖㙵ӋЎ2010-4-11ᬊⲬӋ䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚᡔ˄002066˅ᡩ䌘Ӌؐߚᵤ᡹ਞ⾥⋄⨲ⳂᔩৌԄؐ......................................................................................................................................................................1݀ⳌᇍԄؐ˄PE˅.........................................................................................................................................1↨ৃ㒱ᇍԄؐ˄DCF˅..............................................................................