%bb%a9预告点评：二季度呈现加速成长趋势-130708

䈧࣑ᗵ䰵䈫↓᮷ѻਾⲴݽ䍓ᶑⅮ䜘࠶� ?????? ? ?????? ? ??? ? ? ? ? ? ? 䘠ᆿ䈀ᯣδ300244ε2013ᒪѣᵕѐ㔟人઀⛯䇺 ӂᆙᓜ੾⧦ࣖ䙕ᡆ䮵䏁ࣵ 2013ᒪ 7ᴾ 8ᰛ Ҧޛδ㔪ᤷε ᖉࢃԭφ37.38ݹ ⴤḽԭφ41.8-47.7ݹ ��� Ӂ亯φ � ॺᒤᣕ亴੺䎵ᐲ൪亴ᵏDŽޜਨᣛ䵢 2013ᒤѝᣕъ㔙亴੺ˈ亴䇑кॺᒤᖂ ኎⇽ޜਨ࡙߰⏖䗮ࡠ 4297.86-4604.85зݳ ∄ˈкᒤ਼ᵏ໎䮯 40%-50%ˈ ㅖਸᡁԜ亴ᵏˈ⮕䎵ᐲ൪亴ᵏDŽ ⛯䇺φ � Ҽᆓᓖ੸⧠࣐䙏ᡀ䮯䎻࣯DŽޜਨ亴੺кॺᒤᇎ⧠࡙߰⏖ 4297.86-4604.85 зݳˈ਼∄кᒤ਼ᵏ໎䮯 40%-50%ˈҼᆓᓖঅᆓ਼∄໎䙏䗮 48-65%ˈ ᱮ㪇䎵ᐲ൪ 40-50%亴ᵏˈъ㔙ᡀ䮯੸࣐䙏䎻࣯DŽ䢤Ҿަᇒᡧ㖁⛩ᤃኅ᭸ ᷌ሶ൘лॺᒤᴤѪ᰾ᱮˈҼᆓᓖⲴ儈ᡀ䮯ྐᇊҶޘᒤⲴ儈໎䮯䎻࣯DŽ � 䇺ᯝ㹼ъⲴᘛ䙏ᡀ䮯઼ޜਨⲴ㖁㔌ᤃኅޡ਼᧘ࣘޜਨ䎵亴ᵏ໎䮯DŽаᯩ 䶒ˈփཆ䇺ᯝ㹼ъᙫ䟿໎䮯ᱟޜਨ儈ᡀ䮯Ⲵส⹰ഐ㍐ˈ亴䇑൘䇺ᯝᴽ࣑ 15%Ⲵ໎䮯઼⑇䘿⦷ᨀॷⲴᖡ૽лˈкॺᒤ䇺ᯝᴽ࣑ཆव㹼ъ໎䙏䗮ࡠ 20%ᐖਣ˗ਖаᯩ䶒ˈޜਨ㩕䬰㖁㔌ᤃኅ઼ࠐབྷᇎ傼ᇔ㿴⁑᭸⳺Ⲵᨀॷᱟ ໎䮯䙏ᓖབྷᑵ䐁䎒㹼ъⲴѫ㾱ഐ㍐ˈ㓿䗷кॺᒤᤃኅˈ亴䇑ަᇒᡧᮠ䟿䖳 ৫ᒤ਼ᵏ໎䮯 30%ԕкˈᔦ㔝൘㹼ъᘛ䙏䐁傜സൠⲴᘱ࣯DŽ � ޜਨĀབྷڕᓧāᒣਠᡈ⮕ሶ⺞・ޜਨ䮯ᵏᡀ䮯䎻࣯DŽӄᴸˈޜਨփỰ亩ⴞ ⹤ߠˈо丙ഭ SCLਸ֌ᡈ⮕ᙗ䘋ߋഭ޵փỰᐲ൪ˈᦰᔰ Āབྷڕᓧāᒣਠ ᡈ⮕ⲴᒿᒅˈᡁԜࡔᯝᵚᶕޜਨሶ㔗㔝൘ᢰᵟࡋᯠǃ⁑ᔿࡋᯠǃӗъ䬮ᔦ ըᯩ䶒᧘ࣘ Āབྷڕᓧāᒣਠᡈ⮕Ⲵ㩭ൠˈ䘉ሶ⺞・ޜਨ䮯ᵏⲴᡀ䮯䎻࣯DŽ � 仾䲙ഐ㍐˖㹼ъㄎҹ࣐ࢗⲴ仾䲙ǃӪ࣋䍴Ⓚ઼㇑⨶䐏нкԱъᘛ䙏ਁኅⲴ 仾䲙ǃᓄ᭦䍖Ⅾ㇑⨶仾䲙ǃ䍘䟿᧗ࡦ仾䲙DŽ � ⳸࡙亴⍻ǃՠ٬৺ᣅ䍴䇴㓗˖ᡁԜ䇔Ѫˈ䘚ᆹ䇺ᯝ䶒Ѥ⵰䇺ᯝཆव㹼ъᙫ 䟿ᡀ䮯઼⑇䘿⦷ᨀॷⲴৼ䟽ᵪ䙷 ˈޜਨ൘䬰୞ᤃኅ઼⍱〻㇑⨶ᯩ䶒ᤕᴹ␡ ৊Ⲵ〟㍟ˈ⸝ᵏሶᴹᵋ⋯⵰Āᇒᡧ+४ฏāᢙᕐⲴ䐟ᖴ㔗㔝儈䙏ᡀ䮯ˈަ ᐳተⲴᢰᵟᒣਠ઼ࡋᯠъ࣑⁑ᔿ ሶˈᴹᵋᑞࣙޜਨᔪ・ަޘӗъ䬮Ⲵ䮯ᵏ ㄎҹՈ࣯DŽᡁԜ㔤ᤱޜਨ 2013/2014/2015ᒤ EPS࠶࡛Ѫ 0.65/0.99/1.47 ݳⲴ⳸࡙亴⍻ˈ⭡Ҿޜਨ༴Ҿъ㔙儈ᡀ䮯ᵏˈਆਟ∄ޜਨ PEG л䲀४䰤 1.5-1.7Ѫՠ٬৲➗ˈަ ਸ⨶ԧ٬४䰤Ѫ 41.8-47.7ݳ 㔤ˈᤱĀҠޕā䇴㓗DŽ 亯ⴤ/ᒪᓜ 2011 2012 2013E 2014E 2015E 㩕ъ᭦ޕ(Ⲯзݳ) 482.5 706.4 1,057.6 1,491.0 2,105.4 ໎䮯⦷ YoY % 40.55 46.42 49.71 40.98 41.2 ࡙߰⏖(Ⲯзݳ) 42.2 60.2 78.0 118.9 175.8 ໎䮯⦷ YoY % 30.2 42.6 29.7 52.4 47.8 ⇿㛑᭦⳺˄ݳ˅ 0.35 0.50 0.65 0.99 1.47 ∋࡙⦷% 34.9 35.7 36.1 36.4 36.4 ߰䍴ӗ᭦⳺⦷% 8.8 11.9 13.9 18.6 23.5 PE 105.9 74.3 57.3 37.6 25.4 PB 4.0 6.5 7.5 6.5 5.5 EV/EBITDA 28.6 37.9 38.6 26.2 18.2 䍴ᯉᶕⓀ˖ѝؑᮠ䟿ॆᣅ䍴࠶᷀㌫㔏 ⌘˖㛑ԧѪ 2013ᒤ 7ᴸ 5ᰕ᭦ⴈԧ ѣؗ䇷࡮⹊ガ䜞 ୆ᐓ ⭥䈍˖021-68765291 䛞Ԧ˖tc@citics.com ᢗъ䇱Җ㕆ਧ˖S1010510120062 䫕᱂䴽 ⭥䈍˖021-68762306 䛞Ԧ˖zhongcz@citics.com ᢗъ䇱Җ㕆ਧ˖S1010512090003 ⴮ሯ᤽ᮦ㺞⧦ 䍴ᯉᶕⓀ˖ѝؑᮠ䟿ॆᣅ䍴࠶᷀㌫㔏� ѱ㾷ᮦᦤ� ⋚␡ 300ᤷᮠ 2194.64⛩ ᙫ㛑ᵜ/⍱䙊㛑ᵜ 119.57/60.41 Ⲯз㛑 䘁 12ᴸᴰ儈/ᴰվԧ 39.8ݳ/16.9ݳ 䘁 1ᴸ㔍ሩ⏘ᑵ 9.2% 䘁 6ᴸ㔍ሩ⏘ᑵ 73.2% Ӻᒤԕᶕ㔍ሩ⏘ᑵ 74.5% 12њᴸᰕ൷ᡀӔ仍 27.3Ⲯзݳ ⴮ީ⹊ガ� 1.lj䘚ᆹ䇺ᯝ˄ 300244 ᣅ˅䍴ԧ٬࠶᷀ᣕ ੺—ᘛ䙏ᢙᕐⲴㅜйᯩ⤜・䇺ᯝᇎ傼 ᇔNJ ................................ 2013-05-14 2.lj䘚ᆹ䇺ᯝ˄ 300244 䟽˅བྷһ亩⛩䇴— о丙ഭ SCLਸ֌ ᡈˈ⮕ᙗ䘋ߋփỰᐲ ൪ˈᢃ䙐ഭ޵ڕᓧ㇑⨶⦻⡼㓴ਸNJ ..... ........................................ 2012-05-31 ���� �� ��� ���� ���� �������� �������� �������� �������� 䘚ᆹ䇺ᯝ ⋚␡��� 䘠ᆿ䈀ᯣδ300244ε2013ᒪѣᵕѐ㔟人઀⛯䇺 䈧࣑ᗵ䰵䈫↓᮷ѻਾⲴݽ䍓ᶑⅮ䜘࠶ 1 ࡟⏜㺞 δⲴнݹε 䍺ӝ䍕ٰ㺞 δⲴнݹε ᤽ḽ੃〦 2011 2012 2013E 2014E 2015E ᤽ḽ੃〦 2011 2012 2013E 2014E 2015E 㩕ъ᭦ޕ 482 706 1,058 1,491 2,105 䍗ᐱ䍴䠁 341 278 226 222 197 㩕ъᡀᵜ 314 454 676 948 1,339 ᆈ䍗 39 96 135 190 268 ∋࡙⦷ 34.9 35.7 36.1 36.4 36.4 ᓄ᭦䍖Ⅾ 120 182 264 376 535 㩕ъ〾䠁৺䱴࣐ 2 2 3 4 6 ަԆ⍱ࣘ䍴ӗ 48 17 58 81 113 㩕ъ䍩⭘ 50 79 116 157 217 ⍱ࣘ䍴ӗ 548 574 683 868 1,113 㩕ъ䍩⭘⦷ 10.40 11.20 11.00 10.50 10.30 പᇊ䍴ӗ 34 59 55 43 46 ㇑⨶䍩⭘ 73 103 175 245 337 䮯ᵏ㛑ᵳᣅ䍴 0 0 0 0 0 ㇑⨶䍩⭘⦷ 15.15 14.58 16.50 16.40 16.00 ᰐᖒ䍴ӗ 1 1 1 1 0 䍒࣑䍩⭘ -4 -5 -5 -4 -4 ަԆ䮯ᵏ䍴ӗ 18 73 82 87 92 䍒࣑䍩⭘⦷ -0.80 -0.76 -0.47 -0.30 -0.20 䶎⍱ࣘ䍴ӗ 53 133 138 130 138 ᣅ䍴᭦⳺ 0 0 0 0 0 䍴ӗᙫ䇑 601 706 822 998 1,251 㩕ъ࡙⏖ 46 72 93 142 210 ⸝ᵏُⅮ 0 1 1 1 1 㩕ъ࡙⏖⦷ 9.62 10.14 8.77 9.50 10.00 ᓄԈ䍖Ⅾ 55 115 162 228 321 㩕ъཆ᭦ޕ 4 4 4 5 5 ަԆ⍱ࣘ䍏٪ 64 59 59 82 111 㩕ъཆ᭟ࠪ 1 2 2 2 2 ⍱ࣘ䍏٪ 119 174 222 311 434 ࡙⏖ᙫ仍 49 73 95 144 213 䮯ᵏ䍏٪ 0 0 0 0 0 ᡰᗇ〾 7 14 18 27 39 ަԆ䮯ᵏ䍏٪ 5 4 4 4 4 ᡰᗇ〾⦷ 15.1 18.9 18.5 18.5 18.5 䶎⍱ࣘᙗ䍏٪ 5 4 4 4 4 ቁᮠ㛑ьᦏ⳺ -1 -1 -1 -1 -2 䍏٪ਸ䇑 124 179 226 315 438 ᖂ኎Ҿ⇽ޜਨ 㛑ьⲴ࡙߰⏖ 42 60 78 119 176 㛑ᵜ 51 92 120 120 120 ࡙߰⦷ 8.75 8.52 7.38 7.98 8.35 䍴ᵜޜ〟 316 275 275 275 275 ⇿㛑᭦⳺(ݳ)(᩺㮴) 0.46 0.65 0.85 1.29 1.91 㛑ьᵳ⳺ਸ䇑 477 527 595 683 813 ⧦䠇⍷䠅㺞 δⲴнݹε ቁᮠ㛑ьᵳ⳺ 13 18 17 16 14 䍏٪㛑ьᵳ⳺ᙫ䇑 601 706 822 998 1,251 ᤽ḽ੃〦 2011 2012 2013E 2014E 2015E ࡙߰⏖ 42 60 78 119 176 ѱ㾷䍘ࣗ᤽ḽ 2011 2012 2013E 2014E 2015E ቁᮠ㛑ьᦏ⳺ -1 -1 -1 -1 -2 ໎䮯⦷˄%˅ ᣈᰗ઼᩺䬰 9 15 19 21 23 㩕ъ᭦ޕ 40.55 46.42 49.71 40.98 41.20 㩕䘀䍴䠁ਈࣘ 85 80 -119 -105 -151 㩕ъ࡙⏖ 37.11 54.22 29.56 52.65 48.63 ަԆ -4 -3 -5 -4 -4 ࡙߰⏖ 30.23 42.60 29.67 52.37 47.80 㓿㩕⧠䠁⍱ 132 151 -27 30 42 ࡙⏖⦷˄%˅ 䍴ᵜ᭟ࠪ -23 -43 -20 -8 -27 ∋࡙⦷ 34.88 35.71 36.10 36.40 36.40 ᣅ䍴᭦⳺ 0 0 0 0 0 EBIT Margin 8.85 9.66 8.30 9.20 9.80 䍴ӗਈআ 0 183 0 0 0 EBITDA Margin 10.75 11.75 10.14 10.62 10.90 ަԆ -181 -33 0 0 0 ࡙߰⦷ 8.75 8.52 7.38 7.98 8.35 ᣅ䍴⧠䠁⍱ -204 107 -20 -8 -27 എᣕ⦷˄%˅ ਁ㹼㛑⾘ 270 0 0 0 0 ߰䍴ӗ᭦⳺⦷ 8.85 11.99 13.90 18.60 23.49 䍏٪ਈॆ -15 0 0 0 0 ᙫ䍴ӗ᭦⳺⦷ 7.18 9.43 10.46 13.31 15.84 㛑᚟᭟ࠪ -1 -18 -9 -30 -44 ަԆ˄%˅ ަԆ -2 10 5 4 4 䍴ӗ䍏٪⦷ 20.59 25.32 27.55 31.55 35.01 㶽䍴⧠䠁⍱ 253 -8 -4 -25 -40 ᡰᗇ〾⦷ 15.12 18.93 18.50 18.50 18.50 ⧠䠁߰߰໎࣐仍 181 250 -52 -4 -25 㛑࡙᭟Ԉ⦷ 0.00 38.99 11.79 25.00 25.00 䍴ᯉᶕⓀ˖ѝؑᮠ䟿ॆᣅ䍴࠶᷀㌫㔏 ࠼᷆ᐾ༦᱄ Analyst Certification ѫ㾱䍏䍓᫠߉ᵜ⹄ウᣕ੺ޘ䜘ᡆ䜘࠶޵ᇩⲴ⹄ウ࠶᷀ᐸ൘↔༠᰾˖˄ i˅ᵜ⹄ウᣕ੺ᡰ㺘䘠Ⲵԫօ㿲⛩൷㋮߶ൠ৽᱐Ҷк䘠⇿ս࠶᷀ᐸњӪ ሩḷⲴ䇱ࡨ઼ਁ㹼ӪⲴⴻ⌅˗˄ ii˅䈕࠶᷀ᐸᡰᗇᣕ䞜Ⲵԫօ㓴ᡀ䜘࠶ᰐ䇪ᱟ൘䗷৫ǃ⧠൘৺ሶᶕ൷нՊⴤ᧕ᡆ䰤᧕ൠо⹄ウᣕ੺ᡰ㺘䘠Ⲵާփ ᔪ䇞ᡆ㿲⛩⴨㚄㌫DŽThe analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that: (i) the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities and issuers; and (ii) no part of the analyst’s compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed in this research report. ж㡢ᙝ༦᱄ ↔ᣕ੺ᒦ䶎䪸ሩᡆ᜿മ䘱ਁ㔉ᡆѪԫօቡ䘱ਁǃਁᐳǃਟᗇࡠᡆ֯⭘↔ᣕ੺㘼֯ѝؑ䇱ࡨ㛑ԭᴹ䲀ޜਨ৺ަ䱴኎ᵪᶴ˄ԕл㔏〠Āѝؑ䇱 ࡨā˅䘍৽ᖃൠⲴ⌅ᖻᡆ⌅㿴ᡆਟ㠤֯ѝؑ䇱ࡨਇࡦҾ⴨ޣ⌅ᖻᡆ⌅㿴Ⲵԫօൠ४ǃഭᇦᡆަᆳ㇑䗆४ฏⲴޜ≁ᡆት≁DŽ䲔䶎ਖᴹ㿴ᇊˈᵜᣕ ੺ѝⲴᡰᴹᶀᯉ⡸ᵳ൷኎ѝؑ䇱ࡨDŽᵚ㓿ѝؑ䇱ࡨһݸҖ䶒ᦸᵳˈнᗇԕԫօᯩᔿ؞᭩ǃਁ䘱ᡆ㘵༽ࡦᵜᣕ੺৺ަᡰवਜ਼Ⲵᶀᯉǃ޵ᇩDŽᡰᴹ Ҿ↔ᣕ੺ѝ֯⭘Ⲵ୶ḷǃᴽ࣑ḷ䇶৺ḷ䇠൷Ѫѝؑ䇱ࡨⲴ୶ḷǃᴽ࣑ḷ䇶৺ḷ䇠DŽ� ᵜᣕ੺ᱟᵪᇶⲴˈਚᴹ᭦ԦӪ᡽㜭֯⭘DŽᵜᣕ੺ᡰ䖭Ⲵؑ᚟ǃᶀᯉᡆ࠶᷀ᐕާਚᨀ׋㔉䰱л֌৲㘳ѻ⭘ˈнᱟᡆнᓄ㻛㿶Ѫࠪ୞ǃ䍝Ҡᡆ 䇔䍝䇱ࡨᡆަᆳ䠁㶽ᐕާⲴ㾱㓖ᡆ㾱㓖䚰䈧DŽѝؑ䇱ࡨҏнഐ᭦ԦӪ᭦ࡠᵜᣕ੺㘼㿶ަѪѝؑ䇱ࡨⲴᇒᡧDŽ ᵜᣕ੺ᡰ䖭䍴ᯉⲴᶕⓀ৺㿲⛩Ⲵࠪ༴Ⲷ㻛ѝؑ䇱ࡨ䇔Ѫਟ䶐 նˈѝؑ䇱ࡨн؍䇱ަ߶⺞ᙗᡆᆼᮤᙗDŽ䲔⌅ᖻᡆ㿴ࡉ㿴ᇊᗵ享᢯ᣵⲴ䍓ԫཆˈ ѝؑ䇱ࡨнሩഐ֯⭘↔ᣕ੺Ⲵᶀᯉ㘼ᕅ㠤Ⲵᦏཡ䍏ԫօ䍓ԫDŽ᭦ԦӪнᓄঅ㓟׍䶐↔ᣕ੺㘼ਆԓњӪⲴ⤜・ࡔᯝDŽᵜ ᣕ੺ᡰᤷⲴ䇱ࡨᡆ䠁㶽ᐕ ާⲴԧṬǃԧ٬৺᭦ޕਟ䏼ਟॷDŽԕᖰⲴ㺘⧠нᓄ֌Ѫᰕਾ㺘⧠Ⲵᱮ⽪৺ᣵ؍DŽᵜᣕ੺ᡰ䖭Ⲵ䍴ᯉǃ᜿㿱৺᧘⍻৽᱐ѝؑ䇱ࡨҾᴰࡍਁᐳ↔ᣕ ੺ᰕᵏᖃᰕⲴࡔᯝˈਟ൘нਁࠪ䙊⸕Ⲵᛵᖒлڊࠪᴤ᭩ˈӖਟഐ֯⭘н਼ٷ䇮઼ḷ߶ǃ䟷⭘н਼㿲⛩઼࠶᷀ᯩ⌅㘼оѝؑ䇱ࡨަᆳъ࣑䜘䰘ᡆ অսᡰ㔉ࠪⲴ᜿㿱н਼ᡆ㘵⴨৽DŽᵜᣕ੺нᶴᡀ⿱Ӫ૘䈒ᔪ䇞ˈҏ⋑ᴹ㘳㲁ࡠњ࡛ᇒᡧ⢩↺Ⲵᣅ䍴ⴞḷǃ䍒࣑⣦ߥᡆ䴰㾱DŽ᭦ԦӪᓄ㘳㲁ᵜᣕ ੺ѝⲴԫօ᜿㿱ᡆᔪ䇞ᱟ੖ㅖਸަ⢩ᇊ⣦ߥDŽ ѝؑ䇱ࡨ࡙⭘ؑ᚟䳄⿫້᧗ࡦ޵䜘ањᡆཊњ亶ฏˈԕ৺䜘䰘䰤ѻؑ᚟⍱ࣘDŽ᫠߉ᵜᣕ੺Ⲵ࠶᷀ᐸⲴ㯚䞜⭡⹄ウ䜘䰘㇑⨶ቲ઼ޜਨ儈㓗㇑⨶ ቲޘᵳߣᇊDŽ࠶᷀ᐸⲴ㯚䞜нᱟสҾѝؑ䇱ࡨᣅ㹼᭦ޕ㘼ᇊˈնᱟˈ࠶᷀ᐸⲴ㯚䞜ਟ㜭оᣅ㹼ᮤփ᭦ޕᴹޣˈަѝवᤜᣅ㹼ǃ䬰୞оӔ᱃ъ࣑DŽ ൘⌅ᖻ䇨ਟⲴᛵߥл ѝˈؑ䇱ࡨⲴаսᡆཊս㪓һǃ儈㓗㙼ઈ઼/ᡆઈᐕ(वᤜ৲о߶༷ᡆਁ㹼↔ᣕ੺ⲴӪ)ਟ㜭(1)о↔ᣕ੺ᡰᨀࡠⲴԫօޜ ਨᔪ・ᡆ؍ᤱ亮䰞ǃᣅ䍴䬦㹼ᡆ䇱ࡨᴽ࣑ޣ㌫ˈ(2)ᐢ㓿ੁ↔ᣕ੺ᡰᨀࡠⲴޜਨᨀ׋Ҷབྷ䟿Ⲵᔪ䇞ᡆᣅ䍴ᴽ࣑DŽ൘⌅ᖻ䇨ਟⲴᛵߥлˈѝؑ䇱 ࡨⲴаսᡆཊս㪓һǃ儈㓗㙼ઈ઼/ᡆઈᐕਟ㜭ᣵԫ↔ᣕ੺ᡰᨀࡠⲴޜਨⲴ㪓һDŽ൘⌅ᖻ䇨ਟⲴᛵߥлˈѝؑ䇱ࡨਟ㜭৲оᡆᣅ䍴↔ᣕ੺ᡰᨀ ࡠⲴޜਨⲴ䠁㶽Ӕ᱃ˈੁᴹޣޜਨᨀ׋ᡆ㧧ਆᴽ࣑ˈ৺/ᡆᤱᴹަ䇱ࡨᡆᵏᵳᡆ䘋㹼䇱ࡨᡆᵏᵳӔ᱃DŽ 㤕ѝؑ䇱ࡨԕཆⲴ䠁㶽ᵪᶴਁ䘱ᵜᣕ੺ ˈࡉ⭡䈕䠁㶽ᵪᶴ⤜㠚Ѫ↔ਁ䘱㹼Ѫ䍏䍓DŽ䈕ᵪᶴᇒᡧᓄ㚄㌫䈕ᵪᶴԕӔ᱃ᵜᣕ੺ѝᨀ৺Ⲵ䇱ࡨᡆ 㾱≲㧧ᚹᴤ䈖㓶ؑ᚟DŽᵜᣕ੺нᶴᡀѝؑ䇱ࡨੁਁ䘱ᵜᣕ੺䠁㶽ᵪᶴѻᇒᡧᨀ׋Ⲵᣅ䍴ᔪ䇞ˈѝؑ䇱ࡨⲴ㪓һǃ儈㓗㙼ઈ઼ઈᐕӖнѪࡽ䘠䠁 㶽ᵪᶴѻᇒᡧഐ֯⭘ᵜᣕ੺ᡆᣕ੺䖭᰾Ⲵ޵ᇩᕅ䎧Ⲵⴤ᧕ᡆ䘎ᑖᦏཡ᢯ᣵԫօ䍓ԫDŽ ѝؑ䇱ࡨ㛑ԭᴹ䲀ޜਨ৺ަ䱴኎৺㚄㩕ޜਨ 2013⡸ᵳᡰᴹDŽ؍⮉а࠷ᵳ࡙DŽ ṩᦞѝഭ䇱ⴁՊṨਁⲴ㓿㩕䇱ࡨъ࣑䇨ਟˈѝؑ䇱ࡨ㛑ԭᴹ䲀ޜਨⲴ㓿㩕㤳തवᤜ䇱ࡨᣅ䍴૘䈒ъ࣑DŽ 䇺㓝䈪᱄ 1κᣋ䍺ᔰ䇤Ⲻ∊䖹ḽ߼ ᣅ䍴䇴㓗࠶Ѫ㛑⾘䇴㓗઼㹼ъ䇴㓗DŽ ԕᣕ੺ਁᐳਾⲴ 6њᴸ޵Ⲵᐲ൪㺘⧠Ѫ∄䖳ḷ߶ˈᣕ੺ਁᐳᰕ ਾⲴ 6њᴸ޵Ⲵޜਨ㛑ԧ˄ᡆ㹼ъᤷᮠ˅Ⲵ⏘䏼ᑵ⴨ሩ਼ᵏⲴ ⋚␡ 300ᤷᮠⲴ⏘䏼ᑵѪส߶˗ 2κᣋ䍺ᔰ䇤Ⲻ䇺㓝ḽ߼ ᣕ੺ਁᐳᰕਾⲴ 6њᴸ޵Ⲵޜਨ㛑ԧ˄ᡆ㹼ъᤷᮠ˅Ⲵ⏘䏼ᑵ ⴨ሩ਼ᵏⲴ⋚␡ 300ᤷᮠⲴ⏘䏼ᑵ˖ 䇺㓝 䈪᱄ 㛑⾘ᣅ䍴䇴㓗 Ҡޕ ⴨ሩ⋚␡ 300ᤷᮠ⏘ᑵ 20%ԕк˗ ໎ᤱ ⴨ሩ⋚␡ 300ᤷᮠ⏘ᑵӻҾ 5%̚20%ѻ䰤˗ ᤱᴹ ⴨ሩ⋚␡ 300ᤷᮠ⏘ᑵӻҾ-10%̚5%ѻ䰤˗ আࠪ ⴨ሩ⋚␡ 300ᤷᮠ䏼ᑵ 10%ԕк˗ 㹼ъᣅ䍴䇴㓗 ᕪҾབྷᐲ ⴨ሩ⋚␡ 300ᤷᮠ⏘ᑵ 10%ԕк˗ ѝᙗ ⴨ሩ⋚␡ 300ᤷᮠ⏘ᑵӻҾ-10%̚10%ѻ䰤˗ ᕡҾབྷᐲ ⴨ሩ⋚␡ 300ᤷᮠ䏼ᑵ 10%ԕк ्Ӣ р⎭ ␧൩ ѣؗ䇷࡮ള䱻ᴿ䲆ޢਮ ൠ൰˖ ेӜᐲᵍ䱣४Ӟ傜ẕ䐟 48ਧ ѝؑ䇱ࡨབྷ৖˄100125˅ к⎧⎖ьᯠ४ц㓚བྷ䚃 1568ਧ ѝᔪབྷ৖ 22ᾬ˄200122˅ ␡ൣᐲ⾿⭠४ѝᗳй䐟 8ਧ ѝؑ䇱ࡨབྷ৖˄518048˅ 俉⑟ѝ⧟␫㖾䚃 1ਧ ѝؑབྷ৖ 26ᾬ Foreign Broker-Dealer Disclosures for Distributing to the U.S. ቧੇ㗄ള൦॰ਇ䘷⹊ガᣛ઀㙂֒Ⲻཌള㔅㓠୼-Ӛ᱉୼༦᱄ This report has been produced in its entirety by CITIC Securities Limited Company (“CITIC Securities”, regulated by the China Securities Regulatory Commission. Securities Business License Number: Z20374000). This report is being distributed in the United States by CITIC Securities pursuant to Rule 15a-6(a) (2) under the U.S. Securities Exchange Act of 1934 exclusively to “major U.S. institutional investors” as defined in Rule 15a-6 and the SEC no-action letters thereunder. ᵜᣕ੺⭡ѝؑ䇱ࡨ㛑ԭᴹ䲀ޜਨ˄ㆰ〠Āѝؑ䇱ࡨāˈਇѝഭ䇱ⴁՊⴁ㇑ˈ 㓿㩕䇱ࡨъ࣑䇨ਟ䇱㕆ਧ Z˖20374000 ࡦ˅֌DŽ᤹ ➗lj1934ᒤ㖾ഭ䇱ࡨӔ᱃⌅ṸNJлⲴ 15a-6(a) (2)㿴ࡉ ൘ˈ㖾ഭᵜᣕ੺⭡ѝؑ䇱ࡨӵੁ 15a-6 㿴ࡉ৺ަлlj㖾ഭ䇱ࡨӔ᱃ငઈՊᰐᔲ䇞࠭NJᡰᇊѹⲴĀѫ㾱㖾ഭᵪᶴᣅ䍴㘵āਁ䘱DŽ