PDF《吉利汽车（175.HK）》

60925 6.7 6.6 7.6 1.2 5.0 21.3 DAI GR Equity DAIMLER AG

54990 7.9 7.0 8.6 1.1 3.9 14.9 BMW GR BMW

47973 7.8 7.6 7.4 1.4 3.8 19.2 VOW GR Equity VOLKSWAGEN

79812 4.5 5.2 6.7 1.0 7.3 29.8 EFR (2 securities) Average Average

8377 5.3 6.2 9.1 0.3 0.4 6.6 RNO FP Equity RENAULT SA

13996 5.3 3.9 9.6 0.4 2.2 9.0 UG FP Equity PEUGEOT SA

2758 N/A 8.5 8.6 0.2 -1.4 4.3 HKD (12 securities) Average Average

4274 11.1 8.5 19.4 1.6 7.7 17.7

175 HK Equity GEELY

2487 9.2 7.8 6.0 1.5 6.2 17.5

2238 HK Equity GAC

5706 8.1 6.5 51.6 1.0 10.3 15.6

2333 HK Equity GWM

7085 10.0 8.9 7.0 3.5 16.1 25.6

881 HK Equity ZHONGSHENG

2374 11.5 8.0 8.0 2.1 4.9 21.8

3808 HK Equity SINOTRUK

1520 12.1 9.9 6.8 0.5 1.9 5.4

2338 HK Equity WEICHAI

5312 7.3 6.3 5.5 1.5 9.8 27.0

1122 HK Equity QINGLING

566 9.8 9.2 0.5 3.4 4.9

1211 HK Equity BYD

5254 31.8 19.5 11.9 1.2 2.3 7.0

200625 CH CHANGAN-B

3140 8.3 5.3 62.4 0.7 1.1 7.6

200550 CH JIANGLING-B

1842 5.4 4.8 2.5 1.4 13.5 27.8

1114 HK Equity BRILLIANCE

4555 12.5 9.7 48.8 4.2 13.9 27.2

489 HK Equity DONGFENG

11442 6.6 5.9 2.9 1.6 9.2 25.0 TTMT IN Equity TATA MOTORS

12447 41.5 34.3 3.8 2.3 11.0 52.1 JPY (10 securities) Average Average

30557 N/A N/A 6.0 1.0 1.3 3.5

7201 JP Equity NISSAN

43171 N/A N/A 5.8 1.0 3.1 11.2

7203 JP Equity TOYOTA

139392 N/A N/A 10.3 1.0 0.9 2.7

7267 JP Equity HONDA

59022 N/A N/A 7.7 1.0 1.8 4.8

7269 JP Equity SUZUKI

10673 N/A N/A 2.2 0.9 2.4 5.5

7261 JP Equity MAZDA

3666 N/A N/A 7.1 0.6 -5.8 -24.0

6902 JP Equity DENSO

30641 N/A N/A 4.4 1.1 2.6 4.5

7270 JP Equity FUJI HEAVY

6439 N/A N/A 3.9 1.1 3.0 8.9

7272 JP Equity YAMAHA

3189 N/A N/A 7.0 0.8 1.3 9.7

7205 JP Equity HINO

4221 N/A N/A 5.1 1.6 2.1 8.1

7211 JP Equity MITSUBISHI

5160 N/A N/A 6.1 N/A 1.8 N/A KRW (2 securities) Average Average

37622 6.8 6.4 6.3 1.8 9.8 25.9

000270 KS KIA MOTORS

27456 7.0 6.5 5.5 2.3 12.1 29.1

005380 KS HYUNDAI

47789 6.5 6.3 7.1 1.4 7.5 22.7 SEK (2 Average Average

20490 11.9 9.9 7.4 2.4 6.3 25.9 VOLVB SS VOLVO

27272 10.5 9.2 7.4 2.0 5.1 22.5 SCVA SS SCANIA

13707 13.2 10.7 N/A 2.8 7.4 29.2 USD (4 securities) Average Average

34517 8.6 7.4 7.2 1.7 6.3 20.9 F US Equity FORD

35623 7.4 6.3 9.9 2.1 10.1 DDAIF US DAIMLER AG

55646 8.0 7.1 1.1 3.9 14.9 PCAR US PACCAR

14009 12.2 10.9 9.8 2.5 7.1 19.4 GM US Equity GENERAL MOTORS

32791 6.7 5.3 2.0 1.1 4.0 28.3 Source: Bloomberg, Phillip Securities 吉利汽车 吉利汽车 吉利汽车 吉利汽车(175.HK) Phillip Securities (Hong Kong) Ltd Research

31 August

2012 3 of

3 FYEDEC FY09 FY10 FY11 FY12F FY13F Valuation Ratios P/E(X), adj. 12.2 11.3 10.1 7.6 6.4 P/B (X) 2.3 1.9 1.6 1.3 1.2 Dividend Yield (%) 1.0% 1.2% 1.3% 1.4% 1.7% Per share data (RMB) EPS, (Basic) 0.171 0.186 0.207 0.275 0.327 EPS, (Diluted) 0.167 0.171 0.192 0.252 0.297 DPS 0.020 0.026 0.028 0.030 0.035 BVPS 0.92 1.09 1.29 1.57 1.71 Growth & Margins (%) Growth Revenue NA 42.9% 4.3% 13.1% 14.5% EBIT NA 29.5% 11.6% 19.5% 17.1% Net Income, adj. NA 15.7% 12.8% 33.1% 18.8% Margins Gross margin 18.1% 18.4% 18.2% 18.2% 18.7% EBIT margin 11.8% 10.7% 11.4% 12.1% 12.4% Net Profit Margin 8.4% 6.8% 7.4% 8.7% 9.0% Income Statement (RMB mn) Revenue 14,069 20,099 20,965 23,702 27,129 Gross profit 2,541 3,700 3,820 4,321 5,065 EBIT 1,657 2,145 2,394 2,862 3,351 Profit before tax 1,550 1,900 2,183 2,594 3,064 Tax (231) (351) (467) (516) (585) Profit for the period 1,319 1,550 1,716 2,078 2,479 Minority interests (136) (181) (172) (23) (37) Total capital share 6,927 7,363 7,450 7,466 7,466 Net profit 1,183 1,368 1,543 2,055 2,442 Source: PSR 吉利汽车 吉利汽车 吉利汽车 吉利汽车(175.HK) Phillip Securities (Hong Kong) Ltd Research