家电行业2月跟踪报告：需求渐回暖,白电龙头估值上行有空间130207.ppt

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家电行业2月跟踪报告：需求渐回暖,白电龙头估值上行有空间130207.ppt

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PB,PE1.8x4.2x 1.2 5.5x 1.2 4.7x2006,6 14xPE PB,2008,6,1,2,2013,62,PE,vs.,63,PE,vs.,20066040200,1Wind,100%50%0%-50%,2008252015105,6Wind,100.0%50.0%0.0%-50.0%,14,2013,2,64,PE,65,PB,201816141210864202006-01 2007-01 2008-01 2009-01 2010-01 2011-01 2012-01 2013-01Wind,201816141210864202006-01 2007-01 2008-01 2009-01 2010-01 2011-01 2012-01 2013-01Wind,66,TCL,PE,67,TCL,PB,543210,543210,2007-01,2008-01,2009-01,2010-01,2011-01,2012-01,2013-01,2007-01,2008-01,2009-01,2010-01,2011-01,2012-01,2013-01,Wind,Wind,1 2008 6,TCL,TCL,PEPB,PE,64,676 18x 13 54x,PB,0.6 2.7x 1.3x4.9xTCL PE/PB,TCL,2,TCL2009,PB,2.5x,15,2013,2,3025201510,68,PEvq,3025201510,69,PB,502006-01 2007-01 2008-01 2009-01 2010-01 2011-01 2012-01 2013-01Wind,502006-01 2007-01 2008-01 2009-01 2010-01 2011-01 2012-01 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x,2011,2011,2010,2010,742006,1,PE,vs.,752008,6,PE,vs.,PE,PE,6050403020100,Wind,A,100%80%60%40%20%0%-20%,302520151050,Wind,100%50%0%-50%-100%QFII,zzzzz,2013,1,8.3%,300,6.9%,+10.1%,+9.0%,+9.2%17,2013,2,2,300,2012,300,2012,12345,4.65.3-6.95.2-1.1,1.913.4-7.34.64.5,4.59.3-3.56.52.8,8.523.9-11.03.47.2,-3.712.0-11.31.15.1,-4.716.7-10.42.26.1,-4.613.5-8.96.05.7,-2.78.1-0.4-0.65.6,-0.14.03.51.33.9,3.918.6-4.1-1.88.3,-8.36.7-4.4-4.16.2,-9.311.4-3.5-3.07.2,-9.28.2-2.00.76.8,6,-4.2,-7.9,-8.4,-8.8,-7.3,-4.3-10.9,-3.7,-4.2,-4.5,-3.1,-0.1,-6.6,7,-4.1,-9.0,-4.0,-12.0,-14.9,-12.1-14.5,-4.9,0.2,-7.9,-10.8,-8.0-10.4,8910,-3.52.1-0.8,-1.42.92.4,-1.84.85.0,-2.18.3-1.6,2.4-0.7-2.5,-2.6-2.46.5,-4.4-4.7-1.5,2.10.73.2,1.72.75.8,1.56.1-0.8,5.9-2.9-1.7,0.9-4.57.3,-0.9-6.8-0.8,11,-2.9,-2.4,3.9,-1.3,-9.2,-12.6-16.9,0.6,6.8,1.6,-6.3,-9.6-14.0,12,15.5,15.5,14.3,13.1,21.0,15.2,20.5,0.1,-1.2,-2.4,5.5,-0.2,5.0,2013,1,6.9,8.3,10.1,9.0,3.1,9.2,2.1,1.3,3.2,2.1,-3.8,2.3,-4.9,Wind,TTM,PE,15.1x,41%,24%2013,3,PE,TTM,A,300,Wind,25.766.812.223.015.1-41%24%,21.567.99.717.011.7-46%21%,31.372.111.830.916.8-46%42%,33.487.016.028.321.8-35%37%20068,40.180.316.934.126.1-35%55%2013,38.9106.115.033.031.0-20%107%25,22.354.210.819.113.5-39%26%,20.052.39.116.011.4-43%24%,4,PE,TTM,1.151.480.831.171.11-3%34%,0.971.510.670.920.87-10%28%,1.412.860.761.331.24-12%63%,1.502.351.001.551.617%62%,1.804.160.681.631.927%183%,1.753.460.801.832.2931%185%,Wind,2006,8,2013,2,5,16.8x,TTM PE-46%,11.7,21%,TTM PE,18,2013,2,5,TTMEPS,A,21.8x,TCL,PE,2010,2011 2012E 2013E 2014E,2010,2011,2012E,2013E,2014E,PEG,29.2013.689.1824.019.47,1.420.760.920.520.49,1.741.001.090.730.56,2.471.201.101.050.63,2.871.381.341.310.77,3.261.571.581.660.84,2118104619,171483317,121182315,101071812,9961411,0.720.840.641.041.18,STTCL,7.8912.9011.422.3816.1014.847.2512.008.4010.187.579.838.00,0.430.510.640.050.800.320.780.640.280.530.570.390.33,0.170.581.290.120.880.920.660.750.350.620.600.550.34,0.560.831.080.101.001.000.610.720.360.450.650.530.31,0.641.061.250.151.221.180.700.820.460.620.700.650.33,0.761.281.430.171.431.350.850.970.530.760.750.800.35,1825184820469193019132524,4622920181611162417131824,14161124161512172323121926,1212916131310151816111524,101081411119121613101223,0.720.742.591.591.041.181.251.751.642.261.631.3424.23,6.44,0.37,0.19,0.26,0.33,17,34,25,20,18.502.17,0.930.06,1.040.08,1.100.07,1.310.10,1.520.11,2034,1828,1730,1422,1220,1.322.23,A,10.578.88,0.800.26,0.720.25,0.630.20,0.720.26,0.920.29,1334,1536,1744,1434,1131,1.727.00,8.06,0.47,0.48,0.56,0.64,17,17,14,13,A,3.506.43,0.070.08,0.010.11,0.150.14,0.170.18,5080,26558,2346,2136,12.184.21,0.930.51,0.800.17,0.870.20,1.020.23,1.170.26,138,1525,1421,1218,1016,1.131.63,2013,2,5,19,-,“,”,Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that:(i)the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities and issuers;and(ii)no part of the analysts compensation was,is,or will be directly or indirectly,related to the specific recommendations or views expressed in thisresearch report.“”,/,(,),(1),(2)/20131,300,20%,6,300,5%,20%,2,6300,6300,300300300300300,-10%5%10%10%-10%10%10%,48,1568,8,1,100125,22,200122,518048,26,Foreign Broker-Dealer Disclosures for Distributing to the U.S.This report has been produced in its entirety by CITIC Securities Limited Company(“CITIC Securities”,regulated by the China Securities RegulatoryCommission.Securities Business License Number:Z20374000).This report is

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