西部建设(002302)投资价值分析报告：西北商混龙头整合将促腾飞-130218.ppt

1203,1205,1207,1209,1211,1301,-10%,1800,2%,-30%,12,/,/,12013,/,YoY%,49.5,54.0,1.0,309.1,20.0,107 109 437 521,33.2,3.5,-1.7,15.6 15.7,002302,2013,2,18,15.4419.50,2011,586,021-68766932,2012,21.2,1.1,S1010510120071,021-,2012,S1010512080001,8.9,14,CAGR,17%,50%30%,300,6 10%中国价值投资网 最多、最好用研究报告服务商-50%wwwww1,300,2772,6,210/10317.63/10.53,9.89%25.73%,2013 2014,2012/13/14,EPS 0.52/1.08/1.290.40 0.41,21.61%,15.44,2012/13/14,30/14/12,PE,2013,18,PE,19.50,20101365,20112102,2012E2123,2013E8686,2014E10423,中国价值投资网111最多、最好用研究报告服务商,YoY%EPS,15.7,299.613.6,19.213.6,PEPB,%,ROE%,10.90.514.70303.3,10.10.535.23293.0,9.30.525.60302.8,21.11.085.12143.0,21.41.296.02122.6,2013,2,8,.10,1,2,3,4,5,6,7,10,11,12,最多、最好用研究报告服务商,9 2011.5,002302.1.1.2.2.3.5.6.6.8.9.9.9.10中国价值投资网.1.2.2.3.4.4.48 2011.4中国价值投资网 最多、最好用研究报告服务商.5.6.6,13,12,.8,1,2,3,6,7,8,9,10,11,12,002302.3.3,5 2011,2015,.4.5,.6.7.7.7.9.10.中国价值投资网 最多、最好用研究报告服务商中国价值投资网 最多、最好用研究报告服务商,2012,21.2,1.1,wwwww4,1,0023022013,2012/13/14,EPS,0.52/1.08/1.29,2013 2014,0.40 0.41,15.44,2012/13/14 30/14/12,PE,2013,18,PE,19.50,中国价值投资网 最多、最好用研究报告服务商,2012,3,15,85%,2012,6,14,A,54.28%,45.72%,15%,85%,100%,100%,100%,100%,100%,100%,100%,50.79%,10.04%,10.04%79.92%,50%,100%,100%,55%,中国价值投资网 最多、最好用研究报告服务商1,3,wwwww5,0023022A,54.28%,45.72%,15%,85%,100%,100%,100%,100%,100%,100%,100%,100%,100%,100%,100%,55%,中国价值投资网 最多、最好用研究报告服务商,2001,2008,2009,2009,2012,中国价值投资网 最多、最好用研究报告服务商2,2012,4,GDP 10.46%,2005-2012,/,0023021,中国价值投资网 最多、最好用研究报告服务商1 2003中国价值投资网 最多、最好用研究报告服务商,26.3%,30.8%,11.2%,0.41,60%,2005,0.13,2011,3,2013E,2014E,2015E,2005,2006,2007,2008,2009,2010,2011,2012,2013E,2014E,2015E,2005,2006,2007,2008,2009,2010,2011,2012,1,2013,2015,2013-2015,2,3,3,2009,193920,30.4,162898,17.9,41690,21.6,0.22,0.26,2011,302396,24.0,002302,5,/,6,%,350000300000250000200000150000100000500000,Wind,0.60.50.40.30.20.10,160000140000120000100000800006000040000200000,Wind,35302520151050,7,8,2011,中国价值投资网 最多、最好用研究报告服务商wwwww7Wind,2012-2015 2012,22%18%18%11%9%9%8.88,2015,14.4,2012-2015,CAGR,17%,3,2015,200520062007,7509593369117464,27.224.325.8,103830120412135412,11.619.113.5,135811827425498,23.819.223.6,0.130.150.19,2008 148738 26.6 138838 5.2 30179 14.7中国价值投资网 最多、最好用研究报告服务商,2010 241431 2012 364835 20.6,186796206316218405,15.516.17.4,603437427188817,32.327.214.4,0.320.360.41,2013E2014E2015E,445099525216619755,221818,242430264248288031,1199,106669124197144015,20.116.416.0,0.440.470.50,Wind4,5 2011,1,(HK01313),1383,0.97%,410,304,297,329,2(SH600170)1150 0.81%378,785,wwwww8,377,0.26%,124,900,377,0.26%,120,900,*,wind,00230220115.3%,9 2011,10,中国价值投资网 最多、最好用研究报告服务商,34,1050919,0.74%0.65%,350,617312,800,334340,5678,(HK02009)(SH600170)(SZ002302),738600586378,0.52%0.42%0.41%0.27%,230,000198,000210,178135,100,312330359357,910,331320,中国价值投资网 最多、最好用研究报告服务商5,2012E,2013E,2014E,2006,2007,2008,2009,2010,2011,wwwww9,12,11,2012 6 14,00230263 中国价值投资网 最多、最好用研究报告服务商,201154.03%3.09%,21.0,2011,1.1,12,00010,0008,0006,0004,0002,0000,350%300%250%200%150%100%50%0%,中国价值投资网 最多、最好用研究报告服务商,815.67/,601668,5,8,23.8,5,6,0,0,0,0,0,0.00%,2,056,131,0.51%,0.00%1,415,635 0.35%,*,wwwww10,2%,9,2,3,5,6,002302750%10.04%10.04%50%100%79.92%100%55%108,106,654,50.79%0.00%0.00%0.00%0.00%0.00%,106,654,42560,589,9681,908,9981,908,99860,589,9688,324,296,26.66%15.15%0.48%0.48%15.15%2.08%,0 0.00%15,195,931 3.80%中国价值投资网0 最多、最好用研究报告服务商,103,345,57521000000090656261.25,*,49.21%100.00%43.17%,141,343,056399,987,406242,646,186,85%,35.34%100.00%60.66%,14789,(HK01313)(SH600170)(HK02009)(SH600170),1851138311501050738600378377377,1.29%0.97%0.81%0.74%0.52%0.42%0.27%0.26%0.26%,522,978410,304378,785350,617230,000198,000135,100124,900120,900,2011,wind,5,中国价值投资网 最多、最好用研究报告服务商7,00230212,13,中国价值投资网 最多、最好用研究报告服务商28中国价值投资网 最多、最好用研究报告服务商,8,wwwww11,00230210,21,00070,0002,0006,0002,0003,000,58643125341771134606210419472012311817,208,590147,6188,689114,56731,0183,6717,25317,8503,71026,6077,30810,7707,096386,157594,747,中国价值投资网 最多、最好用研究报告服务商2013中国价值投资网 最多、最好用研究报告服务商9,2330,3460,4775,5969,48.50%,38.00%,25.00%,20.00%,12.5%,7162,11.2%12.7%12.3%,002302,12,2013,2012,2013 2014,11,2012,2013,200991116.5%18.55%,20101,36349.5%15.58%,20112,10054.1%15.73%,2012E2,1140.7%15.40%,2013E2,70628.0%15.60%,2014E3,24820.0%15.60%,3 2012 50%中国价值投资网 最多、最好用研究报告服务商,2012-2015,2.1 2.0 3.3 4,2012 2013 2014,38%25%20%,wwwww1312,2010,2011,2012E,2013E,2014E,12.5%,2012 2013 2014,EPS,0.52,1.08 1.29,2013 2014,0.40 0.41,中国价值投资网 最多、最好用研究报告服务商10,107,111,109,437,(,)(,),0.51,0.53,0.52,1.08,1.29,988,1,099,1,176,2,068,2,433,793,199,69 93 104 147,wwwww14,33,63,147,182,33.24,3.49,79,116,244,134,%,15.62 15.68-467-4-136-380 0 0 0 EBIT Margin 10.78 10.49,002302,20101,3651,15115.6%2251.85%382.82%110.77%01319.62%311321511.6%10,20112,1021,77215.7%6311.47%723.44%391.84%-11597.58%411623923.8%12,2012E2,1231,79015.7%6321.50%723.40%401.88%01607.55%001604025.0%11,2013E8,6867,50813.6%261041.20%2613.00%750.86%06407.37%0064016025.0%43,2014E10,4239,00913.6%311251.20%3133.00%850.82%07637.32%0076319125.0%52,20104802931158878534071666701,5491001191113291557162491,2011550504682021,2708270812541,1612,4321952905331,01821482211,240,2012E999546881841,9257540812531,0883,0122002866201,107614136261,733,2013E1,9112251,9397634,8379310811201,1325,9696221,2011,3053,128614136263,754,2014E1,8762702,7819155,843908081861,0746,9177361,4411,4863,66461486214,285,521,210,210,210,404,404,7.87%5.29%5.15%5.03%5.00%400 400 400 793中国价值投资网 最多、最好用研究报告服务商,1,549,2,432,3,012,5,969,6,917,2010,2011,2012E,2013E,2014E,117,123,109,437,521,2010,2011,2012E,2013E,2014E,10,12,11,43,52,%,61-112,91-180,77-144,91-474,95-714,49.4928.29,54.0321.41,1.000.53,309.14299.64,20.0119.20,581-2640,-1.6515.7010.50,299.6413.569.06,19.2013.579.07,3-16,3-20,01,01,01,EBITDA Margin,15.277.87,14.825.29,14.135.15,10.115.03,9.975.00,-277,-484,-3,-135,-37,%,00,0194,0410,587422,0110,10.877.26,10.655.82,9.614.17,26.9410.01,23.148.31,-48,-33,-33,-131,-156,%,27-21-216,30646762,-40337449,-75803912,-85-132-35,31.7411.610.00,50.9823.8217.05,57.5325.0030.00,62.8925.0030.00,61.9525.0030.00,中国价值投资网 最多、最好用研究报告服务商11,/()(1),2013,300,300,10%,48,-,“,”,Analyst CertificationiiiThe 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 thisresearch report.“”中国价值投资网 最多、最好用研究报告服务商(2)/,1,/300,20%,wwwww15,6,300,5%,20%,2,6300,6,300300300300,-10%5%10%10%-10%10%,中国价值投资网 最多、最好用研究报告服务商,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 RegulatoryCommission.Securities Business License Number:Z20374000).This report is being distributed in the United States by CITIC Securities pursuant to Rule15a-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.,Z20374000,1934“,”,15a-6(a)(2),15a-6,