090820首旅股份景区为唯一亮点,关注后续资产注入.pdfVIP

— 2009 8 20 08 1.73 41% 30% A 600258.SS – 15.44 19% 58% : 15.14 2010 (8621) 6860 4866 8511 du.liu@ 21 300 19 17 250 200 15 13 150 11 9 100 50 7 5 0 8 8 8 8 8 9 9 9 9 9 9 9 9 2010 09-11 0.72 0 0 0 0 0 0 0 0 0 0 0 0 0 / / / / / / / / / / / / / 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 / / / / / / / / / / / / / 0.44 0.48 9 9 9 9 9 9 9 9 9 9 9 9 9 1 1 1 1 1 1 1 1 1 1 1 1 1 0.61 0.38 0.42 15.14 12 31 2007 2008 2009E 2010E 2011E 1 3 12 ( ) 1,820 1,792 1,607 1,762 1,996 (%) 67 (11) (11) 29 (%) 24 (2) (10) 10 13 6 3 (21) 9 ( ) 122 173 168 102 112 ( ) 0.529 0.746 0.724 0.441 0.485 A50 (%) (%) 53.2 41.1 (3.0) (39.1) 10.1 ()