《厦门钨业(600549)重大事项点评：收购钨矿股权,保障资源供应130207》由会员分享，可在线阅读，更多相关《厦门钨业(600549)重大事项点评：收购钨矿股权,保障资源供应130207（7页珍藏版）》请在装配图网上搜索。
1、-20%/6/60054920132760%3.676041.96021-S1010511090001CFA550048%APT17.2%3.6730%201148.2%3021-S10105120500013.1560%3.1116.67%5.259%60%40%300870060%7PE20% 20133420153.2148.502013/0%20120207 20120509 20120803 20121105 2013020160% 80% 100%220.74/4355.05/8711.192013-2015EPS 0.003/0.06/0.133002775.84578.66 /
2、122.91251.24/27.4217.45%2012-2014EPS0.80/1.49/2.0210.25%41.962012/2013/2014PE52/28/217.64%12430.27201055382011119102012E98382013E126462014E156771600549YoY %YoY%PEPBEV/EBITDAWind-12.635010.70.5121.613.78211.241115.11021191.81.5031.829.7288.315-17.4547-46.40.8025.514.0527.3222013228.5101385.31.4925.72
3、1.2286.014624.0137535.72.0226.923.2214.811EPS. 2012-12-5600459APT1615500APT1.775005000200030001.225000.52011119.152%47%2201116%32011, 15.6%,32%wind52%,37.3%wind47.1%160045920288114659.309.6471733223.12.71.9965760.21%10.31WO3MoMoWO32,5822,0784,65949,01247,41496,4260.21%4500/7,1737,1730.02%1,4251,7993
4、,2248,22111,64519,8660.06%2010116,5766,5760.02%201341313.2148.50/2015201332650148.5*0.21%*85%=265020133/4 *60% 20141193 2120 265080% 2015100%220.742013-20154,355.058,711.1998.95%60%60550017.2%APT1.748.2%30%48%26010.317.2%5500815048.2%30%48%18%2012112327600459201212314.3884541.270.8454-1.27+5.67=5.25
5、5.673.685379.89%9.66/2011316.473.67/60%9%3.1146.125.2516.67%870060%PE 3.67/8700*60%=7200reo8.410070%71360/43/201310001001000606001004530201251%51%51%*60%51%*60%770%3212012430102 0304050607080910111201/6004592012PMI4 20121400001350001300001250001200001150001100001050001000005 201255000050000045000040
6、0000350000300000060708091011120102wind2013-2015wind0.003/0.06/0.132012/2013/2014EPS0.80/1.49/2.0220111.5041.962012/2013/2014PE52/28/21460045920105,5384,34121.63%821091.96%3085.57%771.40%762811.33%31765213720.98%1663506.32%0.51201111,9108,12231.81%7491461.22%5214.37%1581.33%192,15518.09%54622,1476543
7、0.46%4721,0218.57%1.502012E9,8387,32925.50%4921181.20%4434.50%920.94%01,27612.97%35201,29138730.00%3575475.56%0.802013E12,6469,40325.65%1901521.20%5694.50%1851.46%02,13616.89%35202,15164530.00%4921,0138.01%1.492014E15,67711,46026.90%2351881.20%7054.50%1791.14%02,90118.51%35202,91687530.00%6661,3758.
8、77%2.0220107365,8399811,1218,6772,3221012296433,29511,9721,3399535,3997,691421361787,8706827604,10320115075,4951,2511,1398,3932,6701782481,1674,26312,6561,4711,2074,0386,7166901988877,6036827565,0522012E3944,7559051,0917,1442,9211782481,2324,57911,7238901,0992,9704,9596901988875,8476827565,8762013E5
9、066,0991,1761,4019,1823,1951782481,1834,80413,9861,0981,4103,3605,8696901988876,7566827567,2302014E6277,4341,4741,72211,2563,3081782481,1424,87616,1326931,7193,7676,1806901988877,0676827569,0651,54611,9721,61212,6561,96811,7232,46113,9863,12716,132201020112012E2013E2014E3501,0215471,0131,37520102011
10、2012E2013E2014E166472357492666202-12276243-2,474248212-129183254-1,237197286-1,245187-12.6-8.410.7115.1243.4191.8-17.4-40.8-46.428.567.585.324.035.835.7671-4901,1697201,269%-51726121-1,09312-90-528000-479000-357000%EBIT Margin %EBITDAMargin %21.612.616.36.331.819.922.08.625.514.817.05.625.718.520.58
11、.026.919.721.58.8-388-1,181-528-479-357%04901,7770-58102080-405%13.73.429.79.514.05.321.29.523.211.2-258-374-82-152-206%-482-692-409381,442-229-92-755-113-185-129112-179-790121%65.721.026.560.130.59.149.930.09.148.330.010.143.830.010.15-“”Analyst CertificationiiiThe analysts primarily responsible fo
12、r 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 w
13、ill be directly or indirectly, related to the specific recommendations or views expressed in thisresearch report.“”/()(1)(2)/2013130020%63005%20%263006300300300300300300-10% 5%10%10%-10% 10%10%481568811001252220012251804826Foreign Broker-Dealer Disclosures for Distributing to the U.S.This report has
14、 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-actionletters thereunder.Z203740001934“”15a-6(a) (2)15a-6
厦门钨业(600549)重大事项点评：收购钨矿股权,保障资源供应130207
