中银国际-马钢股份-600808-估值便宜-100824.pdfVIP

— — 2010 8 23 A 600808.SS –3.51 A H : 4.50 (3.49) 4.50 4.60 H : 1) 0323.HK – 4.22 2)3) : 4.60 ( 3.12) A H (8621) 6860 4866 8559 yukun.le@ 4 : S1300200010044 (A ) 6 1,000 900 5.5 800 700 5 600 A H 2010 4.5 500 4 400 35.8% 62.4%A 2011-12 300 200 3.5 100 7-26% H 2011-12 44-50% 3 0 9 9 9 9 9 0 0 0 0 0 0 0 0 1.2 A 3.49 0 0 0 0 0 1 1 1 1 1 1 1 1 / / / / / / / / / / / / / 8 9 0 1 2 1 2 3 4 5 6 7 8 0 0 1 1 1 0 0 0 0 0 0 0 0 / / / / / / / / / / / / / 0 0 0 0 0 0 0 0 0 0 0 0 0 4.50 1.1 2 2 2 2 2 2 2 2 2 2 2 2 2 H 3.12 4.60 1. (A ) 12 31 2008 2009 2010E 2011E 2012E (A ) ( ) 71,260 51,860 59,498 63,417 68,045 1 3 12 (%) - (27) 15 7 7 (%) 13 3 2 (60) ( ) 710 392 1,057 1,400 1,60