䈧࣑ᗵ䰵䈫↓᮷ѻਾⲴݽ䍓ᶑⅮ䜘࠶�
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䘠ᆿ䈀ᯣδ300244ε2013ᒪѣᵕѐ㔟人⛯䇺
ӂᆙᓜ⧦ࣖ䙕ᡆ䮵䏁ࣵ
2013ᒪ 7ᴾ 8ᰛ Ҧޛδ㔪ᤷε
ᖉࢃԭφ37.38ݹ
ⴤḽԭφ41.8-47.7ݹ
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� 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Ⲵสഐ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 SCLਸᡈ⮕ᙗ䘋ߋഭփỰᐲ൪ˈᦰᔰ 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ъㄎҹ࣐Ⲵ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
ݳⲴ࡙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
ሯᮦ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
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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ഭڕᓧ㇑⨶⦻⡼㓴ਸNJ .....
........................................ 2012-05-31
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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
ᖂҾ⇽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ᣕޘ䜘ᡆ䜘࠶ᇩⲴ⹄ウ࠶᷀ᐸ൘↔༠᰾˖˄ i˅ᵜ⹄ウᣕᡰ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ᣕᡰ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
↔ᣕᒦ䶎䪸ሩᡆമ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ࡨਇࡦҾޣ⌅ᖻᡆ⌅㿴Ⲵԫօൠ४ǃഭᇦᡆަᆳ㇑䗆४ฏⲴޜ≁ᡆት≁DŽ䲔䶎ਖᴹ㿴ᇊˈᵜᣕ
ѝⲴᡰᴹᶀᯉ⡸ᵳ൷ѝؑ䇱ࡨDŽᵚ㓿ѝؑ䇱ࡨһݸҖ䶒ᦸᵳˈнᗇԕԫօᯩᔿ؞᭩ǃਁ䘱ᡆ㘵༽ࡦᵜᣕ৺ަᡰवਜ਼ⲴᶀᯉǃᇩDŽᡰᴹ
Ҿ↔ᣕѝ֯⭘Ⲵ୶ḷǃᴽ࣑ḷ䇶৺ḷ䇠൷Ѫѝؑ䇱ࡨⲴ୶ḷǃᴽ࣑ḷ䇶৺ḷ䇠DŽ�
ᵜᣕᱟᵪᇶⲴˈਚᴹ᭦ԦӪ㜭֯⭘DŽᵜᣕᡰ䖭Ⲵؑǃᶀᯉᡆ࠶᷀ᐕާਚᨀ㔉䰱л৲㘳ѻ⭘ˈнᱟᡆнᓄ㻛㿶Ѫࠪǃ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
ᵜᣕᡰ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⭘↔ᣕⲴᶀᯉ㘼ᕅ㠤Ⲵᦏཡ䍏ԫօ䍓ԫDŽ᭦ԦӪнᓄঅ㓟䶐↔ᣕ㘼ਆԓњӪⲴ⤜・ࡔᯝDŽᵜ ᣕᡰᤷⲴ䇱ࡨᡆ䠁㶽ᐕ
ާⲴԧṬǃԧ٬৺᭦ޕਟ䏼ਟॷDŽԕᖰⲴ㺘⧠нᓄѪᰕਾ㺘⧠Ⲵᱮ⽪৺ᣵ؍DŽᵜᣕᡰ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৽DŽᵜᣕнᶴᡀ⿱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ᱟㅖਸަ⢩ᇊ⣦ߥDŽ
ѝؑ䇱ࡨ࡙⭘ؑ䳄້᧗ࡦ䜘ањᡆཊњ亶ฏˈԕ৺䜘䰘䰤ѻؑ⍱ࣘDŽ߉ᵜᣕⲴ࠶᷀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↔ᣕⲴӪ)ਟ㜭(1)о↔ᣕᡰᨀࡠⲴԫօޜ
ਨᔪ・ᡆ؍ᤱ亮䰞ǃᣅ䍴䬦㹼ᡆ䇱ࡨᴽ࣑ޣ㌫ˈ(2)ᐢ㓿ੁ↔ᣕᡰᨀࡠⲴޜਨᨀҶབྷ䟿Ⲵᔪ䇞ᡆᣅ䍴ᴽ࣑DŽ൘⌅ᖻ䇨ਟⲴᛵߥлˈѝؑ䇱
ࡨⲴаսᡆཊս㪓һǃ儈㓗㙼ઈ઼/ᡆઈᐕਟ㜭ᣵԫ↔ᣕᡰᨀࡠⲴޜਨⲴ㪓һDŽ൘⌅ᖻ䇨ਟⲴᛵߥлˈѝؑ䇱ࡨਟ㜭৲оᡆᣅ䍴↔ᣕᡰᨀ
ࡠⲴޜਨⲴ䠁㶽Ӕ᱃ˈੁᴹޣޜਨᨀᡆ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ᵪᶴԕӔ᱃ᵜᣕѝᨀ৺Ⲵ䇱ࡨᡆ
㾱≲㧧ᚹᴤ䈖㓶ؑDŽᵜᣕнᶴᡀѝؑ䇱ࡨੁਁ䘱ᵜᣕ䠁㶽ᵪᶴѻᇒᡧᨀⲴᣅ䍴ᔪ䇞ˈѝؑ䇱ࡨⲴ㪓һǃ儈㓗㙼ઈ઼ઈᐕӖнѪࡽ䘠䠁
㶽ᵪᶴѻᇒᡧഐ֯⭘ᵜᣕᡆᣕ䖭᰾Ⲵᇩᕅ䎧Ⲵⴤ᧕ᡆ䘎ᑖᦏཡᣵԫօ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
ԕᣕਁᐳਾⲴ 6њᴸⲴᐲ൪㺘⧠Ѫ∄䖳ḷ߶ˈᣕਁᐳᰕ
ਾⲴ 6њᴸⲴޜਨ㛑ԧ˄ᡆ㹼ъᤷᮠ˅Ⲵ⏘䏼ᑵሩ਼ᵏⲴ
⋚␡ 300ᤷᮠⲴ⏘䏼ᑵѪส߶˗
2κᣋ䍺ᔰ䇤Ⲻ䇺㓝ḽ
ᣕਁᐳᰕਾⲴ 6њᴸⲴޜਨ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-Ӛ᱉༦᱄
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