冰洗行业12月数据点评：冰洗内销增速回调海尔增长优于行业0130.ppt

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1、12,/0,121,/0,122,/0,123,/0,124,/0,125,/0,126,/0,127,/0,128,/0,129,/1,120,/1,121,/1,132,/0,1,(,),2012,12,2013,1,30,12,526,-4.5%,16,382,-7.6%,143,+5%,2013,1,31,-96%,2012,12,25,3,021-,3,12,53612,318,-12%,-18%,S1010510120019,0.83,20092010,0.40.7,+3.5%27.6%12,+0.8%,30,+28%20%,12-28%,114-40%,+3%,021-S1010

2、512080009,12,54,-4.7%,+10%,-11%,12,3,36,-1%,-45%,+36%,300,-8%,465,-12%,12,11,493,30%20%10%,311,0.94,-7%,154,12,-21%293,+4.6%,0%-10%-20%,12,Wind,129,-3%,-2%12,-5%,62,-10%,28,-8%-15%,-16%,-14%,12,1.,2012,12,.,2013,20%,2.,.2013-01-212013 1,112,23,3,3.,.2013-01-112012 11,.2012-12-28,A,4.,2012,11,.,.2012

3、-12-20,5.,2013,2011,EPS2012E,2013E,2014E,2011,PE2012E,x2013E,2014E,PEG,6.,.2012-12-122012 10.,14.15,1.00,1.20,1.38,1.57,13,11,9,8,0.80,.2012-11-21,ST,9.187.99,1.090.17,1.100.56,1.340.64,1.580.76,847,814,712,611,0.640.73,7.,2012 11,.,16.337.589.03,0.880.600.62,1.000.650.45,1.220.700.62,1.430.750.76,1

4、81218,161124,131118,111014,1.041.612.42,8.,.2012-11-72012 9 2012-10-30,Wind,2013,1,29,20%,2012,12,12,526,-4.5%,16,382,-7.6%,1432012,12,+5%,25,2013-96%,1,31,3,12,318,536,-18%,-12%,0.83,3,20092010,12,0.40.7,1,2,10008006004002000,50%40%30%20%10%0%-10%-20%-30%,10008006004002000,40%30%-12%10%0%-10%-20%,1

5、1/8,11/12,12/4,12/8,12/12,11/8,11/12,12/4,12/8,12/12,3,4,7006005004003002001000,60%40%20%0%-20%-40%,250200150100500,5%,25%20%15%10%5%0%-5%-10%,11/8,11/12,12/4,12/8,12/12,11/8,11/12,12/4,12/8,12/12,1,1,2,3,4,5,6,7,8,9,10,11,12,10,11,12,1,2,3,4,5,6,7,8,9,11-07,11-08,11-09,11-10,11-11,11-12,12-01,12-02

6、,12-03,12-04,12-05,12-06,12-07,12-08,12-09,12-10,12-11,12-12,20.5%,20.3%,13.3%,15%10.9%10.3%,9.5%,6.3%,10%5.8%,5.9%,2012,12,5,6,20072010,20082011,20092012,20072010,20082011,20092012,5004003002001000,2.52.01.51.00.50.0,12,114,+3.5%,+0.8%,+28%,20%,27.6%12,30,-28%12,54,-40%,+3%-4.7%,+10%,-11%,12,36,-1%

7、,-45%,+36%,3,7,8,2009-2012,30%20%10%0%,21.7%5.7%,30%24.1%20%10.4%12.8%10.5%5%0%,25%21.3%5.8%7.4%,2009,2010,2011,20122012,1-12,2,11-06,11-07,11-08,11-09,11-10,11-11,11-12,12-01,12-02,12-03,12-04,12-05,12-06,12-07,12-08,12-09,12-10,12-11,11-07,11-08,11-09,11-10,11-11,11-12,12-01,12-02,12-03,12-04,12-0

8、5,12-06,12-07,12-08,12-09,12-10,12-11,12-12,11-06,11-07,11-08,11-09,11-10,11-11,11-12,12-01,12-02,12-03,12-04,12-05,12-06,12-07,12-08,12-09,12-10,12-11,11-07,11-08,11-09,11-10,11-11,11-12,12-01,12-02,12-03,12-04,12-05,12-06,12-07,12-08,12-09,12-10,12-11,12-12,2012,12,9,10,35%30%25%20%15%10%5%0%1140%

9、30%20%10%0%,2012,26.2%9.42%,25%20%15%10%5%0%1240%30%20%10%0%,2012,12.59%,12,493311,-7%12,-8%,293,465154,-12%-21%+4.6%,110.94,13,14,600,15%,700,15%,5004003002001000,-12%,10%5%0%-5%-10%-15%,6005004003002001000,-8%,10%5%0%-5%-10%-15%-20%,11/8,11/12,12/4,12/8,12/12,11/8,11/12,12/4,12/8,12/12,3,2012,12,1

10、5,16,400350300250200150100500,10%-7%5%0%-5%-10%-15%,250200150100500,60%50%40%30%-21%20%10%0%-10%-20%-30%,11/8,11/12,12/4,12/8,12/12,11/8,11/12,12/4,12/8,12/12,17,18,20072010,20082011,20092012,20072010,20082011,20092012,4003002001000,2.52.01.51.00.50.0,1,2,3,4,5,6,7,8,9 10 11 12,1,2,3,4,5,6,7,8,9 10

11、11 12,12,129,-3%,-2%,-5%,12,12,28,62,-10%-15%,-8%-14%,-16%,2013,20%,4,11-06,11-07,11-08,11-09,11-10,11-11,11-12,12-01,12-02,12-03,12-04,12-05,12-06,12-07,12-08,12-09,12-10,12-11,11-07,11-08,11-09,11-10,11-11,11-12,12-01,12-02,12-03,12-04,12-05,12-06,12-07,12-08,12-09,12-10,12-11,12-12,11-07,11-08,11

12、-09,11-10,11-11,11-12,12-01,12-02,12-03,12-04,12-05,12-06,12-07,12-08,12-09,12-10,12-11,12-12,11-06,11-07,11-08,11-09,11-10,11-11,11-12,12-01,12-02,12-03,12-04,12-05,12-06,12-07,12-08,12-09,12-10,12-11,11-07,11-08,11-09,11-10,11-11,11-12,12-01,12-02,12-03,12-04,12-05,12-06,12-07,12-08,12-09,12-10,12

13、-11,12-12,20%,10%,23.0%,2012,12,19,20,2009-2012,30%25%20%15%10%5%0%,27.7%13.3%6.0%,30%25%22.7%15.0%15%4.4%5%0%2009,2010,23.2%19.6%19.5%4.9%5.7%2011,24.5%14.3%5.6%2012,2012,1-12,21,22,40%,37.0%,20%,30%20%10%0%23,2012,14.8%7.7%,15%10%5%0%24,2012,10.4%9.1%2.6%,40%30%20%10%0%,LG,40%30%20%10%0%,LG,5,-,“,

14、”,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 issue

15、rs;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.“”,/,(,),(1),(2)/20131,300,20%,6,300,5%,20%,2,6300,6300,300300300300300,-10%5%10%10%-10%10%10%,48,1568,8,1,100125,22,200122,518048

16、,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,