濱化股份601678年報點(diǎn)評PO供需好轉(zhuǎn)有望拉動價格回升130301

1、2013/1/252013/2/152013/1/112013/1/182013/2/222013/1/42013/2/12013/2/8/()601678 2012po20133110.7613.112012-8.7%0.65eps 0.5620123.72012-40%42.1eps0.569.3%20118.8010-60836708 po-6.2%5.3%-22%8.2%-34%+9.5%+13% -19%0.49%-14%s101051209000520112013240020122013590020%15%10%30020135%0%-5%20132012po21617%5264%

2、3920123002673.33po2212po18201315po121/660/66014.88 /8.380.56%12651.185.80%-3.03%20132013/2014eps0.69/0.910.84 /1.0720150.99201319pe13.11601678 2012201120122013f2014f2015f461342104993609666802012-07-20yoy%(yoy%( )%pepbev/ebitda%29.04%60976.96%0.9926.61%16.04%111.876.7-8.72%366-41.40%0.5621.14%9.09%19

3、1.7610.218.58%45825.04%0.6918.83%10.38%151.6110.622.10%59830.51%0.9119.21%12.16%121.449.29.57%6518.93%0.9919.29%11.92%111.308.62.+.+2012-08-10201322860167820121epspe201020112012e2013e2014e201020112012e2013e2014e17.2817.9510.148.876.520.710.370.220.270.170.860.270.030.370.141.061.170.310.460.151.331.

4、110.410.600.231.641.000.880.760.332449463339206630924461615331944131625152811181212203839934626191916141210.760.510.990.560.881.042111191210windepswind2013-02-281601678201220114613338526.61%39891.93%2144.65%350.77%3585618.56%3185820824.19%4260913.20%20124210332021.14%33821.94%2726.46%370.88%5949911.

5、86%31049211122.56%153668.70%2013f4993405318.83%39971.94%2004.00%320.64%5963112.65%6163615925.00%194589.18%2014f6096492519.21%481181.94%2444.00%420.69%5977812.76%0077815620.00%245989.81%2015f6680539119.29%521301.94%2674.00%510.77%5984712.68%0084716920.00%266519.75%201147315141982164626065513978287745

6、243332041516883011417296601802201285420518995121992473962116033383558237029115681715720735155266018022013f163283367175325672710962226423670623757035515710828733740182266018022014f122344449234232572731962326663725698271143117613190745745206466018022015f134377492282738292901962436633902773185747218615

7、15-8758751226666018023795123452440301255582441514362374917167698254651947731201120122013f2014f2015f609366458598651201120122013f2014f2015f4215192426%243-296825215710181-1020-10189-643-18197-513-1229.04%85.54%76.96%-8.72%-41.70%-41.40%18.58%26.46%25.04%22.10%23.18%30.51%9.57%8.93%8.93%606801-372151350

8、%-241-1700-460-235-36626.61%21.14%18.83%19.21%19.29%31080570501590059005900ebitmarginebitdamargin18.47%23.73%13.20%12.22%18.21%8.70%13.00%16.61%9.18%13.06%16.15%9.81%13.05%16.00%9.75%-130-1143-401-176-307%0-22392305050516.04%13.46%9.09%6.56%10.38%7.35%12.16%8.57%11.92%8.43%-132-99-92-120-130%41-3131

9、6379272438216882-69199-15-4195-311216.11%24.19%21.68%27.81%22.56%27.02%29.21%25.00%20.00%29.57%20.00%20.00%29.31%20.00%20.00%2-analyst certificationiiithe analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that: (i)the views expre

10、ssed in this research report accurately reflect the personal views of each such analyst about the subject securities and issuers; and (ii)no part ofresearch report.ssed in this/()(1)(2)/2013130020%663003005%-10%20%5%2300630030030030030010%10%-10% 10%10%481568811001252220012251804826foreign broker-dealer disclosures for distributing to the u.s.this report has been pcommission. securities business license number: z20374000). this rep