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-1-

Q3 A

Q3

A

IRR 10% 2013 9 2

IRR 10% IRR 11%

EPC BT/BOT EPCBT/BOT

EPC BT/BOTEPC BT/BOT

EPC5% BT/BOT 10%

EPS PE

12A 13E 14E 12A 13E 14E 600089 10.87 0.37 0.52 0.67 29.2 20.9 16.2 601222 24.28 0.86 1.11 1.40 28.3 21.9 17.3

021-22169171 [email protected]

(( S0930513060004) 021-22169314 [email protected]

-20%

-5%

10%

25%

40%

10-12 01-13 05-13 07-13

300

··················· 2013-06-24

wwwww1

http://www.hibor.com.cn/

-2-

1 ............................................................................. 3

2 IRR 10% ............................................................................ 3

3 ................................................................... 5

4 ...................................................................... 7

A ......................................................................................................... 8

1.1 Q3 ...................................................................................... 8

1.2 Q3 ..................................................................... 10

1.3 Q3 ..................................................................... 11

1.4 Q3 ............................................................................................................. 13

wwwww2


-3-

1 A

A

EPC BT/BOT

A

A

2 IRR 10% 2013 9 2

0.9 0.95 1.00 / 0.42 /III

1

/kWh

I 0.90

1400 1700

II 0.95 I

1300 1600

III 1.00 I II 1200 1500

1 2

wwwww3


-4-

10%

2

I II III

1400 1300 1200

/kWh 0.90 0.95 1.00

/W 0.848 0.848 0.848

70% 70% 70%

6.55% 6.55% 6.55%

IRR 11.21% 10.84% 10.32%

1 25 20 2 50% 3 2% 20 25%

0.42 /kWhIII

11%

3

1150

/W 9.83

/kWh 0.80

90%

/kWh 0.44

70%

6.55%

IRR 11.05%

1 25 20 22% 20 25%

wwwww4


-5-

3

EPC BT/BOT

EPC BT/BOTEPC BT/BOT

BT/BOT

EPC BT/BOT

EPC 5% BT/BOT 10%BT/BOT

EPC BT/BOT30%

EPC

4

wwwww5


-6-

5

40MW NA 2013-07-16

499MW EPC 2013-07-05

140MW 20%

2013-07-11

75MW 25%

2013-10-24

20MW NA

2012-09-06

150MW 2013-01-18

50MW 50MW 2013-02-23

100MW 100MW 2013-05-07

129MW 129MW 2013-06-25

500MW 3 500MW 2013-07-30

50MW 2013-08-20 50MW 2013-09-06

20MW NA 2013-10-26 200MW NA 2013-09-26 100MW NA 2013-09-16

10 13MW 2013-05-24

100MW 10%

2012-11-14

500MW 2013-12-22

80MW NA 2013-10-25 200MW NA 2013-07-11

20MW NA 2013-05-07

1000MW NA 2013-08-15

300MW 300MW

2013-08-03

/

wwwww6


www.jztzw.net www.jztzw.net www.jztzw.net www.jztzw.net www.jztzw.net www.jztzw.net www.jztzw.net www.jztzw.net







www.jztzw.net 中国价值投资网最多、最好用研究报告服务商

中国价值投资网最多、最好用研究报告服务商www.jztzw.net

-7-

6

1 2 2013

4

7

wwwww7


-8-

A 1.1 Q3

A

1

223

2.4 4

5

6EPC

8 9 A

13.7%

23.8%17.2%

-38.0%

-2.1%

8.3%

26.6%

-

20

40

60

80

100

120

140

160

180

200

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

yoy

A

13.7%

32.6%

3.4%

-71.0%

-2.1%

16.1%

71.8%

-20

-

20

40

60

80

100

120

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

yoy

10 11

A

12.2% 11.7% 13.2% 12.7%6.2% 7.5% 6.4%

3.3%

15.3% 14.6% 15.6%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

A

12.2% 11.3%16.4%

12.4%6.2% 8.4%

3.7%

-4.4%

15.3% 14.1%17.2%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

wwwww8


-9-

12 13 A

-246.5%

-406.3%

-548.0%-610.7%

55.3%98.6% 109.8%

-30

-25

-20

-15

-10

-5

-

5

10

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

-700%

-600%

-500%

-400%

-300%

-200%

-100%

0%

100%

200%

yoy

A

-246.5%-685.7%

-8489.4%

-709.8%55.3% 117.5% 132.8%

-15

-10

-5

-

5

10

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

-9000%

-8000%

-7000%

-6000%

-5000%

-4000%

-3000%

-2000%

-1000%

0%

1000%

yoy

EPC BT BOT

EPCBT

14

40MW NA 2013-07-16

499MW EPC 2013-07-05

140MW 20%

2013-07-11

75MW 25%

2013-10-24

20MW NA

2012-09-06

100MW NA 2013-09-18

150MW 2013-01-18

50MW 50MW 2013-02-23

100MW 100MW 2013-05-07

129MW 129MW 2013-06-25

500MW 3 500MW 2013-07-30

50MW 2013-08-20 50MW 2013-09-06

wwwww9









www.jztzw.net 中国价值投资网最多、最好用研究报告服务商

中国价值投资网最多、最好用研究报告服务商www.jztzw.net

-10-

1.2 Q3

A11 2012

120%

23

4EPC

15

16

A

-32.2%

-24.6%-20.2%

-14.9%

0.8%

25.8%

35.9%

-

5

10

15

20

25

30

35

40

45

50

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

yoy

A

-32.2%

-17.5%-12.2%

2.9% 0.8%

44.6%51.9%

-

2

4

6

8

10

12

14

16

18

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

yoy

17

18

A

27.2% 26.4% 26.6% 26.6%21.9% 21.8%

19.2% 19.1%14.9% 15.6% 17.4%

0%

10%

20%

30%

40%

50%

60%

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

A

27.2% 25.7% 27.0% 26.8%21.9% 21.7%

15.2%18.6%

14.9% 15.9%19.8%

0%

10%

20%

30%

40%

50%

60%

70%

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

wwwww10


-11-

19 20 A

-98.8%-80.1% -84.3%

-96.1%

150.7%

-12.1%

101.0%

-2

-1

-

1

2

3

4

5

6

7

8

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

-150%

-100%

-50%

0%

50%

100%

150%

200%

yoy

A

-98.8%-36.0% -95.9% -147.8%

150.7%

-19.0%

1466.2%

-2

-1

-1

-

1

1

2

2

3

3

4

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

-400%

-200%

0%

200%

400%

600%

800%

1000%

1200%

1400%

1600%

yoy

EPC BT BOT

21

105MW NA 65MW 40MW 2014

100 150MW

20MW NA 2013-10-26 200MW NA 2013-09-26 100MW NA 2013-09-16

10 13MW 2013-05-24

100MW 10%

2012-11-14

1.3 Q3

A

12

2013 2GW 2013 6GW

wwwww11


-12-

CZF0.4 /kWh Sunpower CZF C7

24% 26% 20177.5GW 25kW

0.4 /kWh

22 23

A

-6.5%

-22.1%-27.2%

-7.1%

17.0%

32.0%

47.2%

-

5

10

15

20

25

30

35

40

45

50

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

yoy

A

-6.5%

-34.4% -36.1%

103.8%

17.0%

48.6%

79.9%

-

2

4

6

8

10

12

14

16

18

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

yoy

24 25 A

36.0%

29.6%

23.3%20.8%

9.9%12.8% 13.1%

11.2% 10.3% 11.0% 11.7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

A

36.0%

24.6%

12.1%

7.1%9.9%

16.0%13.8%

7.5%10.3% 11.6% 12.9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

26 27 A

-92.0% -90.0% -96.4%-131.8% -133.9%

19.2%

277.8%

-2

-1

-

1

2

3

4

5

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

-200%

-150%

-100%

-50%

0%

50%

100%

150%

200%

250%

300%

yoy

A

-92.0% -87.8% -148.3%

-2615.8%

-133.9%

130.4%256.8%

-2

-2

-1

-1

-

1

1

2

2

3

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

-3000%

-2500%

-2000%

-1500%

-1000%

-500%

0%

500%

yoy

wwwww12


-13-

28

25kW Sunpower OASIS C7 2013-05-23

1000MW NA 1000MW

2013-05-20

1.4 Q3 A

29

30 2013

A

-52.1%

-62.0%-66.4% -65.8%

-29.7%-24.2%

-15.1%

-

10

20

30

40

50

60

70

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

yoy

A

-52.1%

-69.4%-75.2%

-63.2%

-29.7%

-17.8%

12.9%

-

2

4

6

8

10

12

14

16

18

20

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3-80%

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

yoy

31 32 2013

A

43.6% 42.0% 39.7% 38.2% 37.3%

28.7% 28.0% 28.1% 28.9%26.0%

17.8%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

A

43.6%40.8%

35.2% 32.4%37.3%

18.7%

25.9% 28.3% 28.9%23.2%

0.8%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

wwwww13


-14-

33 34 2013 A

-75.2%

-89.0% -93.0%

-136.7%

-116.8%-124.9%

-78.9%

-10

-5

-

5

10

15

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

-160%

-140%

-120%

-100%

-80%

-60%

-40%

-20%

0%

yoy

A

-75.2%-103.4% -103.3%

-386.9%

-116.8%

-63.4%

-8

-6

-4

-2

-

2

4

6

2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3

-450%

-400%

-350%

-300%

-250%

-200%

-150%

-100%

-50%

0%

yoy

35

2000MW NA /

2013-09-30

wwwww14


-15-

2009 2006

4 10 2013

-50%-40%-30%-20%-10%

0%10%20%30%40%

Oct

-12

Nov

-12

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep

-13

Oct

-13

300

2012-03-07 2012-03-09 2012-03-12 2012-03-15 2012-03-21 2012-04-17 2012-05-08 2012-05-11 2013-08-22 2013-09-08

— 6-12 15% — 6-12 5% 15% — 6-12 -5% 5% — 6-12 5% 15% — 6-12 15% —

300

wwwww15


-16-

“ ” 1996

z22831000

“ ”

1508 3 200040

021-22169999 021-22169114 22169134

( ) 010-56513035 - [email protected] ( ) 010-56513038 - [email protected] 010-56513031 - [email protected] 010-56513050 - [email protected] 010-56513153 - [email protected]

( ) 021-22169086 - [email protected] 021-22169087 - [email protected] 021-22169082 - [email protected] 021-22169491 - [email protected] 021-22169083 - [email protected] 021-22169131 - [email protected] 021-22167056 - [email protected]

( ) 0755-83553559 - [email protected] ( ) 0755-83553249 - [email protected] 0755-83559378 - [email protected] 0755-83551458 - [email protected]

( ) 021-62152373 13611990668 [email protected]

021-22167106 18616658309 [email protected] 021-22167101 18621181721 [email protected]

010-59046212 18611386181 [email protected] 010-56513051 18618469955 [email protected]

021-62152393 18018609199 [email protected] 021-22169152 13585893550 [email protected] 021-22167094 18352760578 [email protected]

wwwww16


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