成本控制有待加强

ࡁտშ৭Ĉhttp://research.kgi.com 2010ѐ03͡25͟ 1 ˠϔ။Ѻ༱̮ĞπӮዶᗝğ200 81 H092009HOH (% )YOY (% )෷ഠ3,185,2273,728,5654,208,83012.932.1̚׎:̳Φ෷ഠĞˠϔ။ຽચğ1,428,4751,819,7942,036,83311.942.6࣎ˠ෷ഠĞˠϔ။ຽચğ625,625699,781798,30914.127.6ைፂ෭னĞˠϔ။ຽચğ94,549266,834258,341(3.2)173.2ๅדԸྤ1,649,7271,836,5501,828,354(0.4)10.8хيٴ̚δᅙҖ965,0651,271,2611,208,659(4.9)25.2Тຽيٴاٴх391,235541,875545,8360.739.5ϠिྤயЪࢍ6,191,2547,378,2517,791,6795.625.8Κͧ (%)200 81 H092009ྵ˯Ηѐ+/-Ѻ̶ᕇྵΝѐТഇ+/-Ѻ̶ᕇ෷ഠ51.450.554.03.52 .6ๅדԸྤ26.624.923.5(1.4)(3.2)хيٴ̚δᅙҖ15.617.215.5(1.7)(0.1)Тຽيٴاٴх6.37.37.0(0.3)0.7ϠिྤயЪࢍ100.0100.0100.0--ˠϔ။Ѻ༱̮200 82 0091H 092H0 9HoH(%)Yo Y(%)ᄲ ځγ๗෴኱ᆊमќˢ9,3607,2643,6763,588(2.4)(22.4)ซ΍˾˭ٳࢫ௢ྍีຽચ˭໣Ă˭Ηѐ΍˾ԛ๕ԼචĂࢫ಼ځពᒺ৫΃நຽચ͘ᜈ෱8,44011,2114,6496,56241.132.8ૄܛ΃ዚሤඛ૲જ΃நຽચᆧܜඕზᄃ୻ზ͘ᜈ෱7,9127,4813,6733,8083.7(5.4)ซ΍˾˭ٳࢫ௢ྍีຽચ˭໣Ă˭Ηѐ΍˾ԛ๕ԼචĂࢫ಼ځពᒺ৫ܫϡٚᏚ͘ᜈ෱̈́ไܛ6,4118,3644,5653,799(16.8)30.5х෷ഠᆧ֝ܜ஠ٙҌᅙҖΙ͘ᜈ෱4,8286,0912,7723,31919.726.2ጀΪ́ಏΙঐ෱ณᆧܜᜪય׶Ꮩྙ෱N.AN.A2,999N.AN.AN.A੉გ׶׎΁צ੉ຽચไܛN.AN.A612N.AN.AN.A΁׎6,7619,8231,9047,919315.945.3͘ᜈ෱̈́ไܛќˢ43,71250,23424,85025,3842.114.9 Ըྤᅳਝ͟ಡ ࢶപ ̫͟Ըྤࢦᕇ b ઼̚ᅙҖ (03988.HK/3988 HK) јώଠטѣޞΐૻ HK$4.02 ѣ޺ ޺ჯ ̳Φ޵ణ 1ౘኣᆯ（Coordinator） 2 86.21.6125.8649 1͛຅഑ 2 852.2878.4401 3 samson.man@kgia.com Ŝ ෷ഠඕၹԼචĂஐिमᒖͧ˯Җ Ŝ јώќˢͧ᜙̿Ҍ።Ϋ੼Ҝ Ŝ ૄώܪࢬᕇ̙ࡎ΍ĂͷᄃТຽ࠹ͧϏ֍ҲҤ Ŝ ѣķ޺ϦĶࢦ ̳Φ෷ഠૻݏᆧܜ ઼̚ᅙҖ̳Ә2009ѐຽᒻĂ઼ᅫົࢍ໤݋˭Ă2009ѐஐӀማ856.0ᆆ̮ĂYoY 29.9%ĂEPS 0.32̮Ăрٺԧࣇ࿰ഇĂྤயݡኳᐹٺ࿰Ҥࠎ͹ࢋࣧЯĄ ̳Φ෷ഠૻݏᆧܜĂ͟Ӯዶᗝ˾श˭Ă̳Φ෷ഠYoY 42.6%ĂΚϠिྤயͧࢦྵΝѐТഇ೩̿2.6࣎Ѻ̶ᕇĂтဦ ̆Ą ဦ ̆Ĉ̳Φ෷ഠૻݏᆧܜ૲જ෷ഠΚϠिྤயͧࢦ೩̿ ྤफ़ֽ໚Ĉ̳Φྤफ़ć౶ૄᙋ߷ֲדะဥፋந ஐिमᘦՎа̿ ෷ഠඕၹԼචĂͽ̈́߹જّќღᅙҖᛉᆊਕ˧ᆧૻĂ઼̚ᅙҖஐिमᒖͧ޺ᜈ˯ҖĂஐӀिќˢు؞ᅍᆧĂтဦ˟Ą ဦ˟Ĉஐिम̈́ஐӀिќˢు؞˯Җ ஐӀिќˢĂˠϔ။Ȉᆆ̮ĞνคğćஐिमĂѺ̶ͧĞΠคğ ྤफ़ֽ໚Ĉ̳Φྤफ़ă౶ૄᙋ߷ֲדะဥፋந ܫϡΪ́΃ந͘ᜈ෱ќˢࠎ̚มຽચᆧܪܜᕇ ܫϡΙ٤ण᎕ໂ֭ૄܛዚ઴ሤඛ૲જ̚มຽચᆧܜĂซ΍˾˭ٳࢫ௢γ๗׶ඕზຽચܑ̝னĂ൒˭Ηѐڶېᐹٺ˯ΗѐĂтဦˬĄ ဦˬĈܫϡΙ׶΃நຽચᆧܜྵԣ ྤफ़ֽ໚Ĉ̳Φྤफ़ć౶ૄᙋ߷ֲדะဥፋந ྤயݡኳᐹٺ࿰ഇ ̙։෷ഠத׶̙։෷ഠዶᗝᗕࢫĂ2009ѐغ̙։෷ഠதҌࢫ˭1.52%ĞԧࣇࣧА࿰Ҥࠎ1.79%ğࢫᒖͧ˭؞޷Ă28BPĂ̙։෷ഠዶᗝ747.2ᆆ ̮Ăྵ3Q09ᒖͧഴ͌0.07ᆆ̮Ą ဦαĈ̙։෷ഠத޺ᜈ˭ࢫĂᇥ౯ᖬᄏத೩̿ ᇥ౯ᖬᄏதĂѺ̶ͧĞνคğĂ̙։෷ഠதĂѺ̶ͧĞΠคğ ྤफ़ֽ໚Ĉ̳Φྤफ़ć౶ૄᙋ߷ֲדะဥፋந 010203040501Q2Q3Q4Q1.92.02.12.2ஐӀिќˢஐिम801001201401602006200720081H0920091.02.03.04.05.0ᇥ౯ᖬᄏத̙։෷ഠத ࡁտშ৭Ĉhttp://research.kgi.com 2010ѐ03͡25͟ 2 ˠϔ။Ѻ༱̮2 0082 0091H092H09H oH (%)YoY (% )ࣶ̍෱ϡ39445519725831.415.5ຽચ෱ϡ24026910016968.012.2Զᖞ׶ᝊዚ78845727(51.4)7.4ᒉຽඁ׶׎΁ඁ෱114116407687.92.4ܲᐍ৶ᐺ͚΍82821666311.9(0.6)΁׎6764856568.4(4.3)ᒉຽ෱ϡЪࢍ9751,07041865255.99.82 0082 0091H092H092H09ྵ1H 09+/-Ѻ̶ᕇ20 09ྵ2008+/-Ѻ̶ᕇјώќˢͧ(%)42.646.038.852.313 .53.5 Ըྤᅳਝ͟ಡ ࢶപ ̫͟Ըྤࢦᕇ b 2H09ᒉຽ෱ϡᒖͧ፬ᆧ૲જјώќˢͧ֝ిͅᇅ ࣶ̍෱ϡ׶ຽચ෱ϡ2H09ᒖͧ፬ᆧĂ૲જјώќˢͧ֝ిͅᇅĂၟҌ2009ѐغĂјώќˢͧ̏ͅᇅҌ46.0%Ă2H09јώќˢͧ̏̿Ҍ52.3%۞።Ϋ੼ҜĂтဦ̣Ą ဦ̣Ĉࣶ̍෱ϡ׶ຽચ෱ϡᒖͧ፬ᆧ૲જјώќˢͧ֝ిͅᇅ ྤफ़ֽ໚Ĉ̳Φྤफ़ć౶ૄᙋ߷ֲדะဥፋந Тຽ࠹ͧϏ֍ҲҤ ԧࣇͽ઼̚ᅙҖPB၆࠹H۵ᅙҖπӮPBүࠎෞᆊ઼̚ᅙҖ࠹၆Тຽజ੼Ҥ/ҲҤ۞޽ᇾĂϫ݈ྍࣃࠎ0.78XĂពϯϏజځពҲҤĄ ဦ̱Ĉ઼̚ᅙҖPB၆࠹H۵̚ྤᅙҖπӮPBϏ֍ҲҤ ઼̚ᅙҖPB/H̚ྤᅙҖ۵πӮĂࢺ ྤफ़ֽ໚ĈBloombergć౶ૄᙋ߷ֲדะဥፋந 2010ѐण୕Ĉܫ෷ᘦઉᆧܜĂࢲᐍଠטซ ̆Վΐૻ ԧࣇ࿰ഇ઼̚ᅙҖ2010ѐܫ෷ξಞ̶ᗝ૟޺ܲπᘦĂӈܑϯ෷ഠᆧి૟ٺҖຽТՎĂܫ෷ඕၹซ ̆Վᐹ̼Ăࢲᐍଠט૟ՀࠎᆶຕĈаᔖ੼ࢲᐍҖຽĂ֭ΐ̂၆ܲᙋܛ෷ࢲᐍĄܫቑ֨ՐĂͽࢋ۞ݡ٪ٯᄃ Ըྤޙᛉ! ઼̚ᅙҖܕˬјྤயࠎγ။Ăঔγགྷᑻিऴ̙ӀஐिमШ˯Ăјώќˢͧځព੼ٺТຽٳ௢̳Φ࠳Ӏਕ˧ĂѩγĂH۵̪д๒ྤ໤౯ลࠎ߱ᑅטЯ৵ĂͷᄃТຽ࠹ͧϏ֍ҲҤĂ߇ԧࣇࢦϦ઼̚ᅙҖĶ޺ѣķԸྤෞ৺Ą 0.780.50.60.70.80.91.0Jun-06Jan-07Jul-07Jan-08Jul-08Jan-09Aug-09Feb-10઼̚ᅙҖI۵˯ξͽֽ-!QC࠹၆I̚ྤᅙҖڕ๴QC۞Ӯࣃࠎ1/84Ăϫ1/89ࠎ݈Ҍ12͡31͟͹ᒉќˢஐӀማ Տ۵ќৈEPS தܜᆧՏ۵ஐྤயBVPSதܜᆧ(Rmb mn)(Rmb mn)(Rmb)(% YoY)(Rmb)(% YoY)2008A228,89665,8940.25013.61.82910.42009F232,61685,5980.31927.72.01410.12010F299,066103,4310.38019.12.1808.32011F359,741124,0340.45018.22.3809.2Ҍ12͡31͟த࠳ξξஐதP/CEࡓӀаಡத ஐྤώаಡத ஐྤயаಡத(X)(X)(X)(%)(%)(%)2008A14.21.96.93.21.014.92009F11.11.87.23.51.117.52010F9.31.65.14.91.119.32011F7.91.54.35.81.120.9யຽ2.33-4.94.15305.6-39.43.2253,839 44 253,83911.3 67.546.0 327.61.5 -4.3; -2.2; 72.5151.2 0.6; -2.2; 13.9ྤώ·֖த (%) - 12/09Ҥ (%)ᗼ૳໤౯Κᓁيٴഠͧத - 12/09Ҥ(%)னܑ၆࠹%Ğ3, 6, 12࣎͡ğڌ۵ࢋ͹ (%):Cost/income ͧத (%) - 12/09Ҥ (%)3࣎͡πӮјΣณ ĞѺ༱۵ğ:࿈ഇيٴഠͧத (%) - 12/09Ҥ (%)۵ᆊܑன%Ğ3, 6, 12࣎͡ğ˯̿/˭฀۩ม (%)ᓁ۵ώ ĞѺ༱۵ğ:˯̿۩มଵЩ (%)߹఼۵ώ (Ѻ༱۵) :52׹۵ᆊ (੼\Ҳ) :12࣎͡ϫᇾᆊ (̮)ξࣃ (Ȉᆆ̮/ܛ࡚Ȉᆆ) :ᅙҖ̚δ?Ըྤܛ ࡁտშ৭Ĉhttp://research.kgi.com 2010ѐ03͡25͟ 3 Ҍ12͡31͟ (ˠϔ။Ѻ༱)2007A2008A2009F2010F2011Fމ͗෷ഠĞͨᗝğ2,850,561 3,296,146 4,910,382 5,827,788 6,777,272 ׎΁Ϡिྤய2,954,618 3 ,44 6, 85 8 3,614,584 4, 410, 64 0 5,436,585 Ϡिྤயᓁᗝ5,805,179 6 ,74 3, 00 4 8,524,965 10,238,428 12,213,856 ܧϠिྤய186,038 20 8, 67 6 223,212 252,684 284,530 ᓁྤய5,991,217 6 ,95 1, 68 0 8,748,177 10,491,112 12,498,387 މ͗хഠ4,400,111 5 ,10 2, 11 1 6,620,552 8, 517, 95 1 10,470,749 ๅ࢑िࢍ΁׎899,174 1 ,06 7, 18 7 1,346,796 1, 522, 85 3 1,845,846 ๅᓁᗝ࢑िࢍ5,299,285 6,169,298 7,967,348 10,040,804 12,316,595 ๅ࢑िࢍܧ241,275 29 2, 49 5 239,201 (148,245) (484,769) ๅ࢑ᓁ5,540,560 6 ,46 1, 79 3 8,206,549 9, 892, 55 9