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EPS PE 2010E 2011E 2012E 2010E 2011E 2012E: (Table - Data)
EPS PE 2010E 2011E 2012E 2010E 2011E 2012E: (Table - Data)
2011 02 19
[table_research]
S0360209120018
Tel 010-59370866
Email quxiaoxi@hczq.com
[table_rank]
1 2020
2000
10 1.4
[table_data]
300124
002334
300048
300161
300137
300024
300112
[table_stockTrend]
( 12 )
2009-12-132010-12-13
20%
2
CNC 20%
30%
3
30%
18%
6%
-6%
-18%
-30%
09-12
10-3
10-6
300
10-9
[table_relation]
2010E
2.17
1.00
0.87
0.50
0.49
0.76
0.56
EPS
2011E
3.33
1.45
2012E
5.08
2.09
2010E
62
53
PE
2011E
40
36
2012E
26
21
1.58
2.3
59
33
22
0.70
0.72
1.03
1.12
51
60
36
41
25
26
1.24
1.83
84
51
35
0.8
1.1
41
29
21
20091210
................................................................................... 4
1 ................................................................................. 4
2 ......................................................................................... 5
3 ..................... 6
4 ................................................................................. 7
................................................................................................... 7
1 ................................................. 8
1.1 FA .............................................................. 8
1.2 PA .......................................................................... 9
2 OEM ............................................................................ 10
3 ................................................................... 11
4 ................... 12
5 ............................... 13
6 ........... 15
20% ......................... 16
1 ....................... 16
2CNC ........... 17
3 ........................................... 19
4 ............................................... 19
4.1 ............................................................................................... 19
4.2 ............................................................................... 20
4.3 ........................................................................... 20
5 ....................................................................................... 21
..................... 22
......................................................................................................................................... 30
20091210
2 / 32
1 ............................................................................. 4
2 ..................................................................................... 5
3 numerical control ....... 6
4 ................................................................................................. 7
5 ................................................................................................. 7
6 ..................................................................................................... 8
7 FA ........................................................................................ 8
8 PA ........................................................................................ 9
9 ......................................................................................................... 9
10 OEM .............................................................................. 10
11 OEM .............................................. 10
12 OEM ................................................................................... 10
13 ................................................................................. 11
14 ..................................................................................... 11
15 ................................................................................................. 12
16 PLCDCS ........................................................................................ 12
17 HMI ...................................................................................... 12
18 .................................................................. 13
19 ...................................................................... 13
20 09 ........................................................ 13
21 09 ............................................................................ 14
22 09 CNC ................................................................................. 14
23 ................................................................................................ 14
24 PA 50% ................... 15
25 FA 50% .................... 15
26 .................................................................................................... 16
27 ........................................................................................ 16
28 15%............................................................ 17
29 ................................................................................................ 17
30 ............................................................................. 18
31 PLCDCS ........................................................................ 18
32 CNC ............................................................ 18
33 ......................................................... 18
34 ............................................................. 19
35 ............................................................. 19
36 ............................................................................................ 20
37 .............................................................. 21
38 .............................................................................. 22
39 .............................................. 30
40 ............................................. 30
41 ................................................................................................................ 31
20091210
3 / 32
2010GDP4000
1
2020
15%
20091210
4 / 32
90%95%
70%2009
1746
80%
90%
70% 30 Mpa
1/4
2
CNC
2006 2010
25%
20091210
5 / 32
2009 24.2%
50%
4% 3.5%
2010 12
2200
(Bain&Co)RaymondTsang
20% 30%
2009
15.6%
(FanucLtd.) (SiemensAG,SIE.XE)
(RockwellAutomation)
3
numerical control
(NomuraSecurities)
(YaskawaElectric)
WenjieGe
80
20091210
6 / 32
TDK THK
2010 2.74 4035
4
20%
30%
20091210
7 / 32
Process Automation
EUEnd-Users
1.1 FA
OEMOriginal
Equipment Manufacturer
7 FA
20091210
8 / 32
1.2 PA
EUEnd-Users
8 PA
20091210
9 / 32
2 OEM
OEM
PLC
PLC 30%
OEM
PA FA
10 OEM
OEM
11
OEM
12 OEM
20091210
10 / 32
13
30%
14
6%
1%
30%
5%
OEM
O
O
EM
EM
5
6%
7
%
20091210
11 / 32
15
20%
16%
600
25%
500
20%
15%
400
12%
10%
300
5%
8%
200
4%
100
0%
-5%
0
2006
0%
-10%
2007
2008
2009
2010
2011
2009 439
200 120%
4
16
PLCDCS
32%
28%
24%
20%
16%
12%
8%
4%
0%
36%
32%
28%
24%
20%
16%
12%
8%
4%
0%
17
HMI
36%
32%
28%
24%
20%
16%
12%
8%
4%
0%
40%
30%
20%
10%
0%
20091210
12 / 32
18
19
30%
30%
20%
20%
10%
10%
0%
0%
20
09
20091210
13 / 32
21
09
22
CNC
28.2%
29.7%
7.9%
17.3%
8.4%
8.5%
23
SickOmronKeyenceBanner
TurckP+FTamagawaHeidenhain
SiemensE+HEmerson
HoneywellInvensysFuji
ABBHachE+HTeledyne
ServomexSiemens
500
20091210
14 / 32
24 PA 50%
DCS
ABB
VEGA
25 FA 50%
ABB
20%
20091210
15 / 32
ABB
NASDAQHOLI
26
27
1958
1991
1991
2003
2005
2006
2006
2006
2006
Ti() PLC
AAI, Moore, Milltronics
Compex, Danfoss Flow ()
ROBICON
Berwanger
Flender
Eastime
CNC
PLC
PLC
DCS
20%
1
2009 700 2020
2000 13%
10 1.4
20091210
16 / 32
28 15%
900
25%
800
20%
700
15%
600
500
10%
400
5%
300
0%
200
-5%
100
0
-10%
2006
2007
2008
2009
2010
2011
29
12
2 CNC
CNC
2008CNCCNC
CNC2009
20091210
17 / 32
CNC2008
30
CNC
3.5%
3.7%
6.4%
19.1%
4.3%
100%
23.4%
22.1%
41.1%
19.8%
24.9%
13.1%
31 PLCDCS
70
15%
80
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
78
60
10%
50
76
74
40
5%
30
0%
72
70
68
66
20
-5%
10
64
62
-10%
2006
2007
2008
2009
2010
60
2011
2006
2007
2008
2009
2010
2011
32 CNC
40
25%
35
20%
30
25
15%
20
10%
15
10
5%
5
0
0%
2006
2007
2008
2009
2010
2011
33
105
60%
180
90
50%
150
40%
120
30%
90
20%
60
15
10%
30
0%
75
18%
16%
14%
12%
60
10%
8%
45
30
2006
2007
2008
2009
2010
2011
6%
4%
2%
0%
2006
2007
2008
2009
2010
2011
20091210
18 / 32
3
34
35
600
80%
30%.
350
20%
500
200
CNC 3
8-9
PLC
4
4.1
DCS
DCS
FA
40
PACControlLogix
20091210
19 / 32
4.2
IPC 10
36
4.3
RFID
IO
20091210
20 / 32
5
37
DCS
PLC
CNC
ABB
ABB
ABB
ABB
ABB
M2I
GE
GE
20091210
21 / 32
38
EPS
2011E
3.33
1.45
2012E
5.08
2.09
2010E
62
53
PE
2011E
40
36
2012E
26
21
1.58
2.3
59
33
22
1.03
1.12
51
60
36
41
25
26
2010E
2.17
1.00
0.87
0.50
0.49
0.70
0.72
0.76
1.24
1.83
84
51
35
0.56
0.8
1.1
41
29
21
0.66
0.96
1.28
30
20
15
0.41
0.62
0.78
38
25
20
0.55
0.83
1.15
43
28
20
2011 2 10
20091210
22 / 32
[table_main]
(300124.SZ)
()
10800
A /B ()
2700/0
(%)
25.58
2010
6 42.6%37.5%15.3%
3.2% 1.4%
()
2.66
45% 60%
50%
PLC PLC
CNC
4
5 2010 2011 2012 EPS 2.17 3.33
5.08
20091210
()
148.19
()
12 /
52.93
168.0/71.88
( 12 )
2010-2-102011-2-10
68%
51%
34%
17%
0%
10-9
300
10-12
2010
2011-01-06
2010-12-01
2010-10-25
2010-10-15
2010-09-29
23 / 32
(002334.SZ)
60%-70%
50% 40%
2
3
85%
555 41%
2%
5
6 2010 2011 2012 EPS 1.02 1.45
2.09
20091210
()
12160
A /B ()
3040/0
(%)
27.48
()
4.17
()
86.79
()
13.98
12 /
114.8/47.0
( 12 )
118%
90%
62%
34%
6%
-22%
10-2
2010-2-102011-2-10
10-5
10-8
300
10-11 11-2
2011-01-31
2011-01-28
2010-12-06
2010-11-05
2010-10-25
2010-10-18
24 / 32
[table_main]
(300048.SZ)
11
()
12306
A /B ()
3900/0
(%)
43.98
()
2.55
()
96.25
()
21.58
08
12 /
50%
( 12 )
38%
35%
10
11
2
750 10
1000
70.62/34.56
53%
38%
23%
8%
-7%
-22%
10-2
2010-2-102011-2-10
10-5
10-8
300
10-11 11-2
11 1500 600
12 2100
10 11
1.7 11
11
2011-01-18
311
[table_main]
20091210
25 / 32
[table_main]
(300161.SZ)
2010
()
25750
A /B ()
7750/0
(%)
54.59
()
5.06
()
56.29
()
5.01
12 /
55.35/23.44
( 12 )
2010-2-192011-2-19
30%
17%
4%
-9%
-22%
10-2
10-5
10-8
300
10-11
5000
15000
5 2010-2012 EPS 0.500.70
1.03
20091210
26 / 32
[table_main]
(300137.SZ)
700
()
12000
A /B ()
3000/0
(%)
40.37
()
1.73
()
108.31
()
17.41
12 /
42.68/27.0
( 12 )
1 50%
30%
3
13000
COD 15000
21%
13%
5%
-3%
-11%
-19%
2010-2-102011-2-10
10-11
11-2
300
4
2000
[table_main]
20091210
27 / 32
(300024.SZ)
ABB
()
13530
A /B ()
7610/0
(%)
18.96
()
15.27
()
132.72
()
4.25
12 /
121.48/33.68
( 12 )
133%
102%
71%
40%
9%
-22%
10-2
2010-2-102011-2-10
10-5
10-8
300
10-11 11-2
2010 50%-70%
2011-01-26
+
2010-12-16
5EPS EPS
0.761.24 1.83
6
1-2
20091210
28 / 32
[table_main]
(300112.SZ)
()
7163
A /B ()
1800/0
(%)
6.24
()
5.73
()
65.31
()
1
25%
25%
2 30%
3
4 1%
200
2
4.14
12 /
28.5/21.78
( 12 )
2010-2-202011-2-20
17%
10%
3%
-4%
-11%
10-8
10-11
300
2011-01-17
5
2.9 9400
2011 10 2012
6
2010-2012 EPS 0.560.80 1.10
[table_main]
20091210
29 / 32
39
2005
2005
2005
BkS
2006
2006
2006
2007
2007
2009
40
2005
(2005
)
DCS
2006
2006-2020
2007
2007
2009
RFID
2009
2010
2010 2005
1.22 1 20%
20091210
30 / 32
41
PLC
DCS
CNC
2007
IPC
CNC
FA
PA
EU
ERP
MES
MRP
SCAD
A
DSP
DCS
(PLC)
CNC
.,
,,
MRP MRP
20091210
31 / 32
( 300)
620%
610%20%
6 -10%10%
610%20%
3-65%
3-6-5%5%
3-65%
21 7
100036
010-59370801