文档介绍：08 ᑈ˖ᮄܝ⸙Ϯ咘䞥ᯊᳳ
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600550
˅࿕ֱব˄˅⬉䆒g݀ৌⷨおᣕ᳝˄㓈ᣕ
2008 ᑈ 3 ᳜ 28 ᮹
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ᑈᇚᰃ⸙᭭ӕϮᲈ߽咘䞥ᯊҷDŽⳂࠡ⸙᭭Т៤Ўݙ᳔ᡶⱘߚᵤᏜ
⺞ӣӕϮ䖿Ѣᓔ߬ܝ␌⹀䗮䋻ˈᏖഎᴀ໘Ѣ᳝Ӌ᮴Ꮦⱘ⢊ᗕˈݙӫϟ
Ꮉय़㢺㢺ᇏ㾙⸙᭭ᴹ⑤ˈⳌᔧϔ䚼ߚ⸙᭭া㛑䗮䖛䴲Ꮦഎ↉㦋পϨЁֵ䆕ࠌ⬉䆒㸠Ϯ佪ᐁߚᵤᏜDŽ
ӋḐ催ᯖˈϟ␌⸙⠛ঞ⬉∴ࠊ䗴ଚ᱂䘡䱋ܹᖂ߽⫮㟇ѣᤳⱘለሀ๗ഄ˗⬉䆱˖010-84588048
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乘䅵⸙᭭㋻㔎ⱘሔ䴶 ᑈҡᇚᣕ㓁ˈᑇഛଂӋᇚ䖒ࠄ ϛৼDŽ
ᴼ
ᮄܝ⸙Ϯ 08 ᑈᇚ㦋߽Є८DŽ݀ৌѢ 08 ᑈ 3 ᳜ᓔྟ䖯㸠 30 Ꮊেⱘᑈ⬉䆱˖010-84588764
ѻẔׂˈᘶ⫳ѻৢᇚ䖒ࠄ 80 ৼ/᳜ⱘ⫳ѻ㛑ˈ08 ᑈৃ⫳ѻ䚂ӊ˗yangf@ذᑺ
⸙᭭ 800 ৼᎺেˈ09ǃ10 ᑈߚ߿䖒ࠄ 1000ǃ1200 ৼDŽ乘䅵 08-10 ᑈᮄⳌᇍᣛ᭄㸼⦄
ܝ⸙ϮঞѠᳳ乍ⳂৃЎ݀ৌ䋵⤂Ϯ㒽 ܗDŽ Ёᷛ ⬉䆒
࿕ֱব 150
ᑈৢᐙ䞞ᬒˈ㸠Ϯᲈ߽䲒ҹᣕ㓁DŽ乘䅵 09 ᑈৢݙ 100 ⸙᭭ѻ㛑ᇚѢ
ӣѻϮ䳔∖ˈݙᬷ䋻Ϣ 50ܝॖଚᮄѻ㛑ᇚ䲚Ё䞞ᬒˈᏆৃᅠܼ⒵䎇
䰙䭓ऩӋḐᇚ䍟Ѣ䔼ˈ㸠Ϯ߽⍺ᇚ䗤⏤ϟ␌㒘ӊॖଚ䕀⿏ˈᇸ݊ 0
ᰃ㾘៤ᴀӬⱘݙ啭༈ӕϮབᇮᖋǃ㣅߽ࠡ᱃ЎФ㾖DŽ -50
070323 070622 070914 071214 080318
ѻ㛑ᖿ䗳ᠽᓴǃ↯߽∈ᑇಲछᇚՓ 09 ᑈ៤Ў㣅߽Ϯ㒽⟚থにষDŽ݀ৌ
䅵ߦࠄ 08ǃ09 ᑈᑩߚ߿䖒ࠄ 400MW 600MW ⱘᑲѻ㛑ˈሞᯊ㣅߽䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳
ⱘ㾘ӬᏖഎક⠠ᇚՓ݊ᏖഎゲѝЁऴ䕗᳝߽ഄԡ˗㗠 09 ᑈЏ㽕᭄
⚍ݙ⸙᭭կᑨ㋻ᓴሔ䴶ᐙ㓧㾷ᇚᰒ㨫ᬍ㣅߽Ⲝ߽㛑ˈ乘䅵 08-10 Ёᷛ 300 ᣛ᭄
ᑈᇍ݀ৌϮ㒽䋵⤂ߚ߿Ў ܗDŽ ᘏ㙵ᴀ/⌕䗮㙵ᴀ / ⱒϛ㙵
亢䰽㋴DŽ⸙㸠Ϯ䖯ܹ㗙▔˗⸙䩶ㄝॳᴤ᭭៤ᴀय़䖯ϔℹࡴDŽ 䖥 12 ᳔᳜催/᳔ԢӋ ܗ/ ܗ
䖥 1 ᳜㒱ᇍ⍼ᐙ %
䖥 6 ᳜㒱ᇍ⍼ᐙ % ˈܗᑈ(36 Ⲝ߽乘⌟ঞᡩ䌘䆘㑻DŽ࿕ֱব˄
Āᣕ᳝ā䆘㑻˅DŽ៥Ӏ䅸Ў࿕ֱবҞᑈҹᴹ㒱ᇍ⍼ᐙ-%ˈܗ~ ⳂᷛӋˈס)ᑈ 3
ᢹ᳝䕗ЎᅠᭈⱘܝӣѻϮ䫒ˈՓᕫ݀ৌ⸙᭭ӋḐᎼᐙ⊶ࡼⱘ㚠᱃ϟ㛑 12 Ͼ᳜᮹ഛ៤Ѹ乱 ⱒϛܗ
ܙߚѿফܝӣ⬉∴㸠Ϯ催᱃⇨ᏺᴹⱘᖿ䗳䭓˗䡈Ѣ݀ৌᴹᮄ㛑⑤
䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳
∋PE 䕗Ўড়⧚ˈᔧࠡԄؐסϮࡵⱘ催៤䭓ᗻˈ䅸Ў㒭ќ݀ৌ 09 ᑈ 35
ᑇ⬹催ˈ㓈ᣕĀᣕ᳝ā䆘㑻ˈⳂᷛӋ 55 ܗDŽ
乍Ⳃ/ᑈᑺ 2005 2006 2007E 2008E 2009E
㧹Ϯᬊܹ˄ⱒϛܗ˅ 1963 3080 3052 3612 4334
䭓⥛ YoY % -
ޔ߽⍺˄ⱒϛܗ˅
䭓⥛ YoY %
↯߽⥛%
↣㙵ᬊⲞ EPS˄ܗ˅
PE 384 197 102 47 37
䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳
䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ
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08 ᑈ˖ᮄܝ⸙Ϯ咘䞥ᯊᳳ..........................................................................................................................................................1
࿕㣅߽ 09 ᑈৢⲜ߽㛑ད..............................................................................