载辉煌、续领航

[table_page] [table_research] S0890209060012 021-50122225 yubaoshan@yahoo.com.cn S0890110110008 021-50122119 [table_cominfo] () 38700.00 A/B() 38700.00/0.00 (%) 61.92 () 4.15 () 5.09 () 15.13 12/ 21.64/8.37 [table_stockTrend] [table_product] 12011.02.21 [table_main] 201053.1317.81%2.2316.10%0.585.45% 64.5 32%15 25 10 70%39 53 18%2.2 16% 2%50%20%2015201025005000~6500 201165 2010 22% 1050.5 2010 10 5 19,350 2010 10 0.5 [table_predict] 2009A 2010A 2010Q4 2011E 2012E 2013E () 4509.84 5313.05 1868.80 6455.35 7565.68 8736.84 (%) -1.70 17.81 34.42 21.50 17.20 15.48 () 192.20 223.14 66.42 330.80 413.39 499.14 (%) 53.34 16.10 3.92 48.25 24.97 20.75 (%) 13.98 11.89 10.09 12.95 13.99 14.16 () 0.50 0.58 0.17 0.85 1.07 1.29 ROE(%) 14.17 13.56 4.11 13.93 14.05 14.23 PE() 42.28 36.66 24.73 19.79 16.39 -33%-13%7%27%47%67%10-03-1010-04-1010-05-1010-06-1010-07-1010-08-1010-09-1010-10-1010-11-1010-12-1011-01-1011-02-10: B--() [table_subject] 20110310 -- [table_price] () 21.14 () 24.00 (600496) [table_page] [table_money] 2010 2011E 2012E 2013E 2010 2011E 2012E 2013E 3253.61 5233.42 5897.35 6851.65 5313.05 6455.35 7565.68 8736.84 514.08 1676.19 1995.83 2303.01 4681.36 5619.60 6507.14 7499.41 760.54 1645.44 1052.47 1966.49 56.22 57.82 74.36 85.53 133.59 168.92 186.73 219.51 87.09 105.81 124.01 143.21 106.40 194.69 133.01 229.88 188.78 230.68 264.35 298.34 1699.85 1497.52 2461.54 2065.62 35.83 52.59 81.64 90.60 39.17 50.65 67.79 67.14 36.14 25.80 39.34 46.59 994.99 1253.82 1466.47 1630.75 0.00 0.00 0.00 0.00 118.83 118.83 118.83 118.83 15.55 17.00 15.70 16.08 579.97 827.86 1008.32 1145.13 243.18 380.04 490.52 589.24 141.49 180.85 217.33 252.18 11.08 12.33 11.40 11.60 154.70 126.28 121.98 114.61 5.81 5.92 5.89 5.87 4248.61 6487.23 7363.81 8482.40 248.45 386.44 496.03 594.97 2622.56 4529.65 5024.10 5696.86 29.08 51.39 80.53 95.72 467.88 1438.44 1997.14 1885.67 219.37 335.06 415.50 499.24 1040.03 1437.31 1501.01 1815.67 -3.77 4.26 2.11 0.10 1114.65 1653.90 1525.95 1995.53 223.14 330.80 413.39 499.14 8.38 24.20 24.77 17.06 EBITDA 336.62 490.06 646.77 771.33 8.38 24.20 24.77 17.06 EPS 0.58 0.85 1.07 1.29 0.00 0.00 0.00 0.00 2630.94 4553.86 5048.87 5713.93 12.34 16.61 18.72 18.82 2010 2011E 2012E 2013E 1605.33 1916.77 2296.23 2749.66 4248.61 6487.23 7363.81 8482.40 17.81% 21.50% 17.20% 15.48% -2.80% 56.28% 29.07% 20.13% 16.10% 48.25% 24.97% 20.75% 11.89% 12.95% 13.99% 14.16% 4.13% 5.19% 5.49% 5.71% 2010 2011E 2012E 2013E ROE 13.56% 13.93% 14.05% 14.23% 107.97 556.86 174.13 833.65 ROIC 11.11% 10.55% 10.57% 11.68% 219.37 335.06 415.50 499.24 74.69 78.17 100.91 122.51 61.92% 70.20% 68.56% 67.36% 35.83 52.59 81.64 90.60 29.44% 75.97% 87.67% 69.01% -15.55 -17.00 -15.70 -16.08 1.24 1.16 1.17 1.20 -206.41 112.79 -10.20 137.12 0.59 0.82 0.68 0.84 0.04 -4.76 1.97 0.27 132.55 -315.25 -299.83 -270.98 1.25 1.20 1.09 1.10 -306.30 273.50 206.68 163.37 6.39 5.37 5.61 5.79 -99.55 0.00 0.00 0.00 4.60 4.54 4.43 4.52 -273.30 -41.74 -93.15 -107.61 () -326.18 151.11 -210.30 -146.45 0.58 0.85 1.07 1.29 -111.50 201.17 -96.95 -2.43 0.28 1.44 0.45 2.15 -193.91 15.83 0.56 -7.70 4.18 5.00 5.98 7.15 -20.77 -65.89 -113.92 -136.32 -85.66 392.72 63.99 416.23 P/E 36.66 24.73 19.79 16.39 P/B 5.10 4.27 3.56 2.98 EV/EBITDA 24.23 16.30 12.73 10.12 [table_page] A--5% B---5%~5% C---5% N-- 15% 5%-15% -5%-5% -5% 021 -5012 2485 139 1717 5055 010 -6708 5220 159 0139 1234 0755-3665 9385 158 1689 6912