中国海外发展：销量增长,上调评级


     ! " #$% &' ()*
 + ",- /. 0 
 +123* 465 78 9: ; / <=>? @AB C6DEFG HI4JLKMN OPQ4R!STU VWXDEFG HI4JLKMN OPQ4R!STU VWXDEFG HI4JLKMN OPQ4R!STU VWXDEFG HI4JLKMN OPQ4R!STU VWXY Z [\Y Z [\Y Z [\Y Z [\4]]]]/^E _` ab6c d e^E _` ab6c d e^E _` ab6c d e^E _` ab6c d efgfgfgfg]]]]







hjilknmpolqsrltnunvxwyolqsrlt{z|~}€‚nƒ…„†n‡lˆj‰pŠŒ‹nnŽ…}l‘“’p”p•—–™˜—Šh~i~šœ›““žpŸ¡ £¢ ¤“¥€¦§w ̈m~©ªz™«“¬­¢4® ̄¥ª¦§wy°±z™²




³qμ ́n¶™·n ̧luj¹pºŒ»³l¼n½Š} ̄¾n¿jÀjƒlÁ…} ̄Âjà ŠμĐ}źμÆnÇ}pÈÉ™ʲɘq¾j¿™‘nÌjÍnΙÏlÐl}™Ñ™Ò“Šμ‘n’jÓjÔlÕ }×ÖjØnÙ  ÚÛØ  ²ˆ ̄ÜjݜÈÉސœßsàŠμájƒ«lâ×㙩 Šs‹jä« ̄ånæ™ç }Œè }º è ©jé™ên듲




ìlíjîjïjð…ñŠhjinã™ònó…ô…olqÉrntlõ ̄öl÷ ̄ønù‘j’úû²íjü™ýjþ…ÿº 
‘™’¡ç…ôü²á™ÓjәÔ ̄„º‘j’j”j• 
Š‘l’lƒ l†l‡²}º”l‘n’  l†n‡wÁ~}  zŠ–s’ájÓjÓ™Ô  
²}ojqÉrnt–É’ºájÓjÓjÔ
Šːûº  ²




„÷ ̄øº‘j’ªûí™ü™ýŠ·   }! " #nÐ$%'&ºá (œŠo…qsr…tnó~ô )*% & + ,'- . /º1032×ç4ŠŒálƒ 5 6…ˆ'7²8jò 9:álƒš ;<'=Âlú>?ˆ'@l„ ApŠ×‹hniló~ôÐ $'% &ºƒ BšC~ô DÿŠ1Eƒ BºÂlÃ'FHGIj‘l̺Jl«œoKGML'N²nolqμr…t'O½ˆ'P Q Rl ,ø’ SºƒB~Šμ‹ PTU VW#“–C'X¢ZY [“¦\']×°™ ́“²




_^h ̄ink™m 9 `ˆ ̄‰²

 





aaaabbbbcccc




 d fefgfhih


jlknmpopqsrjlknmpopqsrjlknmpopqsrjlknmpopqsruttttwvlxsynzvlxsynzvlxsynzvlxsynz{{{{
|~}€‚„ƒf…€†f‡€ˆŠ‰/ "#$  ‚‹Œ‚Ž‚€‡€ˆ

   
p‘p’p“qsrp”p‘p’p“qsrp”p‘p’p“qsrp”p‘p’p“qsrp”uttttwvlxsynzvlxsynzvlxsynzvlxsynz{{{{

|~}€‚„ƒf…€†f‡€ˆŠ‰/ "#$  ‚‹Œ‚Ž‚€‡€ˆ



•€–€—€˜‚™€šœ›g~ž>
 Ÿ¡‚Ž€‚‡€ˆ ¢¤£€¥€¦€§‚ ̈€¦5%©¤ª‚« ¬n­

®s ̄
°p±³²l ́
688 HK
μs¶n·
0688.HK
̧p¹sº³»l¼n½l¾n¿
            
ÀsÁpÂsÃpľ³¿
BBB
12ÅÇÆÈ ̧sÉ

ÊÉ
ËpÌ12ųÆsÍÇÎÐÏÒÑ%Ó
24.4
Kah Ling Chan
ÔpÕnÖp×sØ
65-6438 2881
kahling_chan@standardandpoors.com
20ynzynzynzynz
16ynzynzynzynz
ÙpÚpÛnÜlÝpÞnÀlß
52àsáÉnâäãÑ ̄påÓ
13.82 - 19.42
Ílæsç
131,289
ápèpé'ÈêÑìëlísáÓ
8,165
î ïpðpñsòÑ'000Ó
23,236
ó³ô_õ/á³ö²¬Ñ%Ó
0.0
2010÷ËpÌásøMÎùÏpúûÑ%Ó
18.4
ünýünýünýüný12þ_ÿ


þ_ÿ


þ_ÿ


þ_ÿ






’p“’p“’p“’p“

’p“’p“’p“’p“


’p“’p“’p“’p“
















tttt%{{{{


37,322
44,266

54,497

67,140

21.6


EBITDA
12,334
13,768

16,901

20,847

19.1
Ï

12,054
13,243

16,428

20,374

19.1
Ï 
7,469
8,341

10,379

12,904

20.0
Ï!sá
"
Ñ ̄nåÓ
0.92
1.02

1.27

1.58

20.0
æ
"púûÑ$#Ó
17.6
15.7

12.6

10.2

-
!pápá%Ñ ̄nåÓ
0.20
0.20

0.20

0.20

0.0
á%súûÑ%Ó
1.2
1.2

1.2

1.2

-


       
÷Æ î
&')(*+-,&')(*+-,&')(*+-,&')(*+-,    
.0/21035476989:<;>=@?2A2BDCFE0G9HJI@K9LNM-O9P2Q@R547STC>U0VJW0XZYJ[0\.@/T]_^ZV9`Za<Cb6@cb;_d0eZf<g7hZYJIFi0.@j@k@l9mJC>nZo0p0q@rZY2st@u<v-wZx0yZzZ{;|@}F~0.D]
EZG@ €[Z@:@‚9ƒ7„Z…5†F;‡Z…Zˆ@‰‹Š)ŒZoT]-ZŽZ0JC_EZGZH2I7‘v@’“2”0•9–9—0˜9™2š2›Zœ;>0ž9^9ŸT;7 0¡5¢>£@¤9¥99¦9§0 ̈2m9Q0©<C7ªJL<;0gFq«9¬o2­9®2 ̄2°Z±T]7²9³0 ́0μ2¶9K9L·M ̧Yu5vž9^vF¹Zº9»Š-C>¼0½J¾0¿<;>ÀJÁÂQ@JÃÄ@Å@ÆFÇDCÈ@ÉZÊ0Ë>Y0 ̈0mZQZ©<]


Š Œ@o0¤@ÌJƒFÍ@Î<;_ÏDÐ7Ñ@Ò<Ó
O0P@ÔT4@;_Ä@É0Õ@Ö0×0ØDC_Ù0Ú@Û2ÜZÝ@¤˜„¾0Þ2;30ß@àFf0áZa2â>ã@äJå@Ã
v0’æZ礬.Fè0[ZéZêDC_ë0ì0ÜZÝF×0ØDä

ÍFí0îZïJC7Í>í9dF¡@¥Zð<]



       
÷Æ î
&')(*+-,&')(*+-,&')(*+-,&')(*+-,

ñ ò”nqsrñ ò”nqsrñ ò”nqsrñ ò”nqsr|~}€‚„ƒf…€†f‡€ˆŠ‰/ "#$  ‚‹Œ‚Ž‚€‡€ˆ
ünýünýünýüný12þ_ÿ


þ_ÿ


þ_ÿ


þ_ÿ


ttttwvlxsynzvlxsynzvlxsynzvlxsynz1{{{{





’p“’p“’p“’p“

’p“’p“’p“’p“


18,892
37,322
44,266
54,497
67,140


EBITDA
9,261
12,334
13,768
16,901
20,847
ó7ôÐÞõ
ö
-258
-52
-51
-49
-49


EBIT
9,041
12,259
13,694
16,878
20,824
ó
÷øù)úÑüûÄÓ
-186
-46
-243
-242
-241
ý
 ̧þ
ÿ
-11
4
4
4
4
Ï

8,585
12,054
13,243
16,428
20,374


-3,513
-4,450
-4,768
-5,914
-7,335
núÑ%Ó
40.9
36.9
36.0
36.0
36.0
épá³ö
-24
-135
-135
-135
-135
Ï 
5,049
7,469
8,341
10,379
12,904


 
3,979
7,469
8,341
10,379
12,904










Ñ%Ó
13.6
97.5
18.6
23.1
23.2


EBITDAÑ%Ó
21.5
33.2
11.6
22.8
23.3


EBITÑ%Ó
27.3
35.6
11.7
23.3
23.4


 ûÑ%Ó
3.1
87.7
11.7
24.4
24.3

EBITDA
púÑ%Ó
49.0
33.0
31.1
31.0
31.1
EBITpúûÑ%Ó
47.9
32.8
30.9
31.0
31.0


 púûÑ%Ó
21.1
20.0
18.8
19.0
19.2


’p“’p“’p“’p“

       
÷Æ î
&')(*+-,&')(*+-,&')(*+-,&')(*+-, p”nqsr p”nqsr p”nqsr p”nqsr|~}€‚„ƒf…€†f‡€ˆŠ‰/ "#$  ‚‹Œ‚Ž‚€‡€ˆ
qsrqsrqsrqsr|¡}ffƒ¡…f†¡‡fˆ€‰L /"/#$6/¤‹‚Œ¤Žff‡fˆ

ünýünýünýüný12þ_ÿ


þ_ÿ


þ_ÿ


þ_ÿ


ttttwvlxsynzvlxsynzvlxs