保税科技(600794)2012年年报点评-130206.ppt

/,/,/,(,),(,),600794,2012,2013,2,6,16.25,2012,3.72,34.23% 3.97%,2012 3.03,27.63%,1.63,eps,0.76,34.23%,0.71,12.81%,40%,10,m3,s1010511080004,8,17% 2012,5,10,m3,1#,3.64,7.5% 8.22%,80.68%,s1010512050002,2013,9,10,10.1 2500,eps0.11 2012,20%,6,7.42,2,5.28 3-5,1800,eps0.08 4,300,2771.68 237.18 /213.92,12,17.46,/10.11,1 6,39.37% 45.61%,2013/2014/2015,eps,45.74%,0.75/0.87/1.02,2013/2014,2014,12,23.17,2013/2014/2015 pe 22/19/16,1,600794,2011 387,2012 372,2013e 420,2014e 511.30,2015e 603.34, 2012-12-14,yoy %,-51.84%,-3.97%,13.04%,21.63%,18.00%,( yoy%,),145 89.29% 0.61,163 12.81% 0.69,178 9.36% 0.75,206 15.42% 0.87,241 16.98% 1.01,%,%,58.02% 27.87% 27 7.4,73.63% 18.57% 24 4.4,69.18% 16.88% 22 3.6,69.04% 16.78% 19 3.1,69.17% 16.88% 16 2.7,2013,2,5,600794,2012,2011 387 163 58.02% 15 3 0.80% 36 9.26% 9 2.31% 0 161 41.53% 2 2 160 15 9.16% 1 145 37.32% 0.61,2012 372 98 73.63% 14 4 1.20% 46 12.45% 10 2.58% 0 199 53.54% 6 8 197 33 16.55% 1 163 43.84% 0.69,2013e 420 130 69.18% 13 4 0.95% 51 12.13% 7 1.66% 0 215 51.20% 3 2 216 37 17.00% 1 178 42.41% 0.75,2014e 511 158 69.04% 15 5 0.98% 53 10.37% 20 3.89% 0 255 49.83% 2 4 253 45 18.00% 2 206 40.24% 0.87,2015e 603 186 69.17% 18 6 0.99% 62 10.28% 28 4.68% 0 298 49.39% 0 2 296 53 18.00% 2 241 39.90% 1.01,2011 360 8 14 608 989 379 42 92 75 588 1,577 37 43 818 898 142 3 145 1,043 214 92 533,2012 656 3 15 811 1,486 457 44 107 38 646 2,132 0 27 1,121 1,148 89 4 93 1,240 237 280 892,2013e 491 9 14 502 1,016 672 47 107 21 848 1,864 20 50 723 793 0 0 0 793 237 280 1,072,2014e 452 11 14 702 1,179 866 51 107 8 1,032 2,211 0 60 908 968 0 0 0 968 237 280 1,243,2015e 499 14 14 703 1,230 1,039 55 107 8 1,209 2,439 0 80 915 995 0 0 0 995 237 280 1,445,15 1,577,14 2,132,16 1,864,17 2,211,19 2,439,2011,2012,2013e,2014e,2015e,145,163,178,206,241,2011,2012,2013e,2014e,2015e,1,1,1,2,2,29 -71 147,35 -64 134,42 29 -66,60 7 16,78 -23 73,-51.84% 50.65% 89.29%,-3.97% 23.81% 12.81%,13.04% 8.10% 9.36%,21.63% 18.36% 15.42%,18.00% 16.96% 16.98%,252,270,184,290,371,%,-88 0 -23 1,-24 0 -2 -35,-250 0 3 17,-250 0 -4 0,-250 0 -4 0,% ebit margin % ebitdamargin % %,58.02% 43.83% 51.41% 37.32%,73.63% 56.12% 65.53% 43.84%,69.18% 52.86% 62.84% 42.41%,69.04% 53.72% 65.50% 40.24%,69.17% 54.07% 67.05% 39.90%,-110,-61,-230,-254,-254,%,0 -10,0 -53,0 -89,0 0,0 0,% %,27.87% 9.17%,18.57% 7.64%,16.88% 9.56%,16.78% 9.30%,16.88% 9.87%,0,-15,0,-36,-41,%,2 -8 134,189 121 331,-30 -119 -165,-40 -76 -39,-28 -69 47,% % %,66.18% 9.16% 10.36%,58.17% 16.55% 0.00%,42.52% 17.00% 20.00%,43.79% 18.00% 20.00%,40.77% 18.00% 20.00%,1,-,“,”,analyst certification i ii the 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 analysts compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed in this research report. “ ”,/,(,),(1),(2) / / 2013 1,300,20%,6,300,5%,20%,2,6 300,6 300,300 300 300 300 300,-10% 5% 10% 10% -10% 10% 10%,48,1568,8,1,100125,22,200122,518048,26,foreign broker-dealer disclosures for distributing to the u.s. 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.