聚飞光电(300303)超越行业景气,强劲增长将启动-130205.ppt

20120319,20120409,20120430,20120521,20120611,20120702,20120723,20120813,20120903,20120924,20121015,20121105,20121126,20121217,20130107,20130128,/,/,300303,2012,2013,2013,2,5,14.69 25.75,2012,2012,4.95,0.92,1.36,43% 14%,10,eps,0.67 1.50,10,6,5%,30%,:62%,20%,: ,22%55%,7.7%,2013,22%55%,10%40%,: s1010512030001 :25%,33.5 38%,44.5 3,046,tv,eps,50% 0.22,: : s1010512060001,mtk,10%,300,6589,1,nb,23 7,5% 0% 5%,700,10% 15%,led,led philips osram philips,3,20% 25% 30% 35% 40%,tv,300,2748.03 136.0 /34.8,12 1,16.84,/10.11 7.54%,tv,6,-3.36% 7.54%,tv,12,36.24,2013/2014 cagr 34%,eps,1.03/1.41,20112014,1.,2012,25.75,17.70,2013,pe,25x,tv,.2012 10 25,2010 287.7,2011 346.9,2012 495.2,2013e 772.3,2014e 1,193.1,2.,2012 10 19,yoy% yoy%,60.5 65.1 41.6,20.6 80.2 23.1,42.7 91.5 14.2,55.9 139.6 45.0,54.5 190.8 36.7,3.,led, .2012 02 27,eps,0.48,0.59,0.67,1.03,1.41,pe,roe%,42.0 30.6,35.9 24.8,17.1 21.8,15.5 14.3,18.6 10.4,4.,led, . 2012 02 14,pb ev/ebitda,4.8 25.2,3.3 21.2,2.5 13.2,2.1 9.6,1.8 7.1,2013,2,4,300303,2012,2013,2010 288 185 35.6% 0 3 1.0% 24 8.4% 1 0.2% 0 74 25.8% 0 1 73 8 11.3% 0 65 22.6% 0.48,2011 347 221 36.2% 2 4 1.3% 32 9.2% 0 -0.1% 0 88 25.3% 3 0 91 11 11.7% 0 80 23.1% 0.59,2012 495 335 32.3% 3 6 1.3% 47 9.6% -11 -2.2% 0 115 23.2% 1 9 107 16 14.6% 0 92 18.5% 0.67,2013e 772 548 29.0% 4 8 1.0% 67 8.7% -18 -2.4% 0 163 21.1% 1 0 164 25 15.0% 0 140 18.1% 1.03,2014e 1,193 868 27.3% 6 12 1.0% 104 8.7% -20 -1.6% 0 223 18.7% 1 0 224 34 15.0% 0 191 16.0% 1.41,2010 41 31 119 12 203 83 0 0 1 84 287 20 81 0 101 0 3 3 104 60 123 183,2011 55 37 184 9 286 109 0 0 1 110 397 21 110 0 131 0 3 3 134 60 204 263,2012 472 45 219 11 856 142 0 0 3 144 1,000 6 186 0 192 0 2 2 195 136 670 805,2013e 658 87 254 15 1,015 195 0 0 3 198 1,212 15 245 0 261 0 3 3 264 136 813 948,2014e 757 145 392 24 1,318 196 0 0 3 199 1,516 38 377 0 415 0 3 3 418 136 963 1,099,0 287,0 397,0 1,000,0 1,212,0 1,516,2010,2011,2012,2013e,2014e,65,80,92,140,191,2010,2011,2012,2013e,2014e,0,0,0,0,0,7 -20 3,10 -41 2,13 -138 75,22 -27 0,29 -73 0,60.5 39.0 41.6,20.6 16.8 23.1,42.7 30.6 14.2,55.9 40.0 45.0,54.5 40.6 36.7,55,52,42,135,146,%,-35 0 0 3,-37 0 0 0,-61 0 0 0,-50 0 0 0,-30 0 0 0,% ebit margin % ebitdamargin % %,35.6 26.0 28.3 22.6,36.2 25.2 28.2 23.1,32.3 20.9 23.6 18.5,29.0 18.8 21.6 18.1,27.3 17.1 19.5 16.0,-32,-37,-61,-50,-30,%,0 -1,0 1,482 -15,0 9,0 23,% %,42.0 27.0,35.9 23.5,17.1 13.1,15.5 12.5,18.6 14.0,-10,-1,-25,-41,-41,%,0 -11 11,0 0 15,-5 436 417,0 -32 53,0 -18 98,%,% %,36.3 11.3 15.3,33.7 11.7 1.8,19.5 14.6 27.5,21.8 15.0 29.1,27.6 15.0 21.3,1,-,“,”,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.