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TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  不过åQ?2æœ?0日国家发改委再次召开会议åQŒå¯¹é¦–都¾læµŽåœˆå‘展进行下一步研½I‰™ƒ¨¾|Ԍ¼ŒåŒ—京、天‹z¥ã€æ²³åŒ—三地的发改委负责äh也参加了座谈会。国家发改委地区司司长范恒山更是å¼ø™°ƒäº†äº¬‹z¥å†€ä¸¤çœä¸€å¸‚发展的重要意义ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  双城联动引京冀之争</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  值得一提的是,范恒山在会上å¼ø™°ƒåQŒè§„划编制在æ€ÖM½“上要把握凸显首都åœîC½ã€ä½“现双城联动、促˜q›ä¸€ä½“发展、发挥比较优åŠÑ€è§£å†›_…³é”®é—®é¢˜ã€ç€åŠ›ç¤ºèŒƒå¸¦åŠ¨ç­‰é‡è¦åŽŸåˆ™ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  又是“首都地位”、又是“双城联动”,不禁让äh为如何解决三圎ͼŒž®¤å…¶æ˜¯äº¬å†€ä¹‹é—´çš„矛盾捏一把汗。此前,学界‹¹è¡Œçš„多个方案均是以北京ä¸ÞZ¸­å¿ƒåŠ å‘¨è¾¹å¤šä¸ªåŸŽå¸‚ä¸ø™“æœ¬ï¼Œå…¶ä¸­å¤©æÓ|只有宝坻、蓟åŽÑ€æ­¦æ¸…三个区县加入ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  而“体现双城联动”意味着åQŒå¤©‹z¥å°†æ•´ä½“¾U›_…¥é¦–都¾læµŽåœˆè§„划。不ž®‘业内äh士认为,北京、天‹z¥ã€æ²³åŒ—的关系问题仍将是困扰首都经‹¹Žåœˆè§„划¾~–制的主要问题ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  “北京是全国的首都,天æÓ|则是北方重要的经‹¹Žä¸­å¿ƒï¼Œä»–们之间如何协调一直是个问题。”一位宏观分析师告诉《国际金融报》记者ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  å¯ÒŽ­¤åQŒå›½å®¶å‘改委对外¾læµŽç ”究所王æ“v峰博士在接受《国际金融报》记者采访时指出åQŒè¿‡åŽÀL”¿åºœè€ƒè™‘占主导因素,而如今市场才是è“v到决定性作用的因素åQŒæœªæ¥é€šè¿‡å¸‚场互动åQŒæ‰“通制¾U¦å¸‚场的行政因素åQŒäº¬‹z¥å†€ä¸‰åœ°å®Œå…¨å¯ä»¥äº’融互通,发挥各自的优åŠÑ€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  交通、政½{–互èž?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  要想使三åœîCº’融互通,交通等基础设施的互通肯定是æ ÒŽœ¬ã€‚“首先一点要打破行政区划的限åˆÓž¼Œæˆ‘们的铁路网、公交网åQŒå…¶ä»–çš„¾|‘全部得一体化。”王‹¹·å³°è¡¨ç¤ºåQŒæ¯”如北京有½Iºæ¸¯ä¼˜åŠ¿åQŒè€ŒåŒ—京机场的客运量如今已¾lé¢ä¸´é¥±å’Œï¼Œå®Œå…¨å¯ä»¥åˆ†ä¸€äº›æ”¯¾U¿ç»™å¤©æÓ|åQŒè€Œäº¤é€šçš„互通则是两城之间合作的基础ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  一位国家发改委官员表示åQŒç›®å‰æ­£åŠ ç´§åˆ¶å®šé¦–都¾læµŽåœˆåŒºåŸŸè§„划,交通网¾lœå‡¾U§å°†æˆäؓ重点内容。未来将着力于北京多条高速公路和国道的连接,大幅向周边城市以及整个经‹¹Žåœˆå»¶äŽ×与扩散ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  此外åQŒæ”¿½{–的互通也很关键。据悉,今年5月,沛_Œ—省与北京市签¾|ŒÓ€?013-2015òq´åˆä½œæ¡†æž¶åè®®ã€‹ï¼Œå…¶ä¸­˜q˜åŒ…括实çŽîC¸¤åœîC¼ä¸šç‰©‹¹ä¿¡æ¯ä¸Žå…¬å…±æœåŠ¡ä¿¡æ¯çš„有效对接ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  同月åQŒå¤©‹z¥å¸‚也与沛_Œ—省签¾|²æ·±åŒ–经‹¹Žä¸Ž½C¾ä¼šå‘展合作框架协议åQŒä»ŽæŽ¨åŠ¨äº§ä¸šè½¬ç§»å‡çñ”合作½{‰æ–¹é¢ç»Ÿ½{¹ä¸¤åœ°ç»‹¹Žç¤¾ä¼šåè°ƒå‘展,实现优势互补、密切合作、互利共赢ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  “好政策必须要互相分享,三地都要把发展的规划融入¾læµŽåœˆè¿™ä¸ªå¤§å¸‚场的背景,而不是只考虑自èín的情å†üc€‚”以沛_Œ—ä¸ÞZ¾‹åQŒæ²³åŒ—在三地之中相对落后åQŒä»¥å¾€çš„发展主要也是拼资源åQŒæ²¡æœ‰æŠ€æœ¯ä¼˜åŠÑ€‚而面å¯ÒŽ—¥ç›Šä¸¥å³Èš„环境污染åQŒå…¶ä¸å¾—不面寚w‡å·¥ä¸šçš„è{型,但它可以利用自èín钢材刉™€ çš„基础åQŒå°†ä¼ ç»Ÿçš„徏钢è{åˆîC¸‹æ¸¸çš„钢材加工业上åQŒè€Œä¸æ˜¯ä¸€å‘›_œ°˜q½æ±‚高端服务业的发展。王‹¹·å³°è®¤äؓåQŒåŒ—京、天‹z¥å¯ä»¥æŠŠè‡ªå·±å‰©ä¸‹çš„一些服务行业引‹¹åˆ°æ²›_Œ—åQŒæ²³åŒ—可以与北京、天‹z¥å¯¹æŽ¥ï¼Œå½¢æˆé”™ä½å‘展ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  上述分析师指出,如今沛_Œ—与天‹z¥ã€åŒ—京已¾lç­¾è®¢äº†ç›¸å…³åˆä½œåè®®åQŒé—®é¢˜è¿˜æ˜¯åŒ—京和天æÓ|能否放下狭小的自我保护意识,真正打开心态,互利合作åQŒä»Žæ•´ä¸ªå¤§ç»‹¹Žåœˆå‡ºå‘åQŒæ¥æ€è€ƒè‡ªå·Þqš„定位与发展ã€?åQˆå›½é™…金融报åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  冀东水泥(000401åQ‰ï¼šå—益节能限电华北淡季不æÙE 产能释放高成长持¾l?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  华北市场十二月æÙE季不淡ã€?2月在节能限电带动ä¸?产销呈现淡季不æÙE,唐山地区对于ž®æ°´æ³¥é™ç”‰|›´åŠ ä¸¥é‡?预计ž®†æŒ¾l­åˆ°òq´åº•;同时从关停小产能力度来看,效果明显å¼ÞZºŽå¾€òq?目前唐山200家关äº?8å®?å¯ÆD‡´ä¾›ç»™å—限。由于限电对于具备技术优势企业媄响远ž®äºŽž®æ°´æ³?公司12月出货量同比大幅提升,ž®×ƒ­hæ ÆD€Œè¨€,往òq?2月æÙE季京‹z¥å”åœ°åŒºä»äh ¼è¾ƒäؓòq³ç¨³,ä½?0òq´å…¬å¸æ‰€åœ¨å†€ä¸œå¤§åŒÞZ­h格出çŽîC¸åŒå¹…度提ä»?其中北京上涨80-100å…?å?天æÓ|上涨40å…?å?唐山上涨20å…?吨ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  产销量高成长持箋。公å?9òq´æ°´æ³¥äñ”能达åˆ?500万吨(不包括秦岭项ç›?,预计10-11òq´æ–°å¢žäñ”能约ä¸?880万吨,æ€ÖMñ”能达åˆ?380万吨。考虑水惔生äñ”¾U¿æŠ•äº§æ—¶é—?预计11òq´åˆå…¬å¸æ­£å¸¸å‘挥水惔产能¾U¦åœ¨7400万吨。就产量而言,我们预计公司10òq´æ°´æ³¥åŠç†Ÿæ–™é”€é‡è¾¾åˆ?000万吨,同比增速达åˆ?9%,11òq´äñ”销量可辑ֈ°6500-7000万吨,产能高增镉K€æ­¥é‡Šæ”¾ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  出售混凝土股权解军_Œä¸šç«žäº‰ã€‚前期公åæ€Ø“解决集团与上市公司的混凝土同业竞争问é¢?ž®†ä¸Šå¸‚公司持有剩余æ؜凝土股权出售¾l™é›†å›¢æ؜凝土投资公司,˜q›ä¸€æ­¥æ˜Ž¼‹®ä»¥é›†å›¢ä¸ÞZ¸»ä½“的发展模式,有利于中长期业务发展。预计年底公司æ؜凝土规模扩张è‡?500-3000万立方米,对于把握区域市场十分有利。世界主要水泥生产企业包括Holcim、Lafarge、Cemex,均äؓ上游骨料和下渔R¢„æ‹Œæ؜凝土龙头ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司产能扩张½EÏx­¥˜q›è¡Œ,我们上调12òq´äñ”销量由8000万吨è‡?000万吨,上调12òq´ä¸š¾l?.1è‡?.35å…?不考虑增发摊薄,我们预计公司10-12òq´EPSä¸?.2/1.8/2.35元。若考虑2011òq´å…¬å¸å¢žå‘成功股本扩å¼?.35亿股,业ç‡W摊薄10%‹¹‹ç®—,我们预计公司摊薄后业¾l©äؓ1.2/1.6/2.1,按照股ä­h23.54元测½Ž?对应PE20/13/10倍。水泥行业供需­‘‹åŠ¿å‘好,公司估值具有安全边é™?同时公司定向增发完成å?业ç‡W释放动力加强,¾l´æŒâ€œå¢žæŒâ€è¯„¾U§ã€‚(申银万国 王丝语)</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  新兴铸管åQ?00778åQ‰ï¼šé¢å‘大æ“v春暖花开 推荐</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司芜湖基地的äñ”品差异化和新疆基地的目标聚集战略正逐步¾l†åˆ†è½å®žã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  未来股䆾公司在武安本部维持存量的基础ä¸?安徽芜湖、新疆两个基地将成äؓ公司十二五期间的主要增长炏V€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  芜湖基地一:该基åœ?0万吨½Ž¡å¯¾U¿å·²å»ºæˆòq¶äºŽ12月正式生äº?我们预计2011òq´èŠœæ¹–基地钢材äñ”é‡?80万吨,同比上升˜q?0%ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  芜湖基地äº?和管坯配套的径向锻造项目已同时建成投äñ”,计划2011òq´å¾„向锻件äñ”é‡?万吨,短期集中在合¾l“é”»ä»?长期ž®†é€æ­¥å‘芯‹‚’等高端品过度ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  芜湖基地ä¸?æ±½èžRé”ÖMšg™å¹ç›®ä»åœ¨½EÏx­¥æŽ¨è¿›,2011òq´åˆå…¬å¸æ‹Ÿå¼•˜q›ä¿®æ¨?探伤¾_¾æ•´¾U¿å’Œé“¶äº®æç”Ÿäº§çº¿,未来深度发展方向仍在è®ø™¯é˜¶æ®µã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  芜湖基地å›?十二五期间芜湖基地将在芜湖三山工业园区新å»?0万吨铸管/40万吨焊管及大型铸é”ÖMšg,目前该项目正有序推进,计划三年内全部完工ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  新疆基地:金特钢铁二期技攚w¡¹ç›®å·²äº?0òq´åº•å®Œæˆ,2011òq´æˆ‘们预计将æœ?30万吨的钢材äñ”量。同时公司参股的和合矿业也将åœ?1òq´åº•å½¢æˆ100万吨左右的铁¾_„¡²‰äº§èƒ½ã€‚和静县300万吨™å¹ç›®æœ‰æœ›è¾ƒå¿«å¯åŠ¨ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  球墨铸管:通过对公叔R“¸½Ž¡å¨æ¯›åˆ©åŽ†å²å‘¨æœŸåˆ†æž,我们认äؓ20101H的铸½Ž¡å¨æ¯›åˆ©å¤„于周期底部,2011òq´å¨é“¸ç®¡æ¯›åˆ©ž®†é€æ¸å›žå‡ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预测公司2010-2012òq´EPS分别ä¸?.68,0.84,0.97å…?11òq´åŠ¨æ€PEä¸?0.7倍。尽½Ž¡å½“前整个行业面临上下游压力,但公司无论在产品¾l“构和区域多元化斚w¢éƒ½å…·å¤‡è¶…­‘Šè¡Œä¸šçš„增长潜力,¾l“合公司PE历史,我们认äؓ公司的合理PE臛_°‘åœ?6å€?11òq´ç›®æ ‡ä­h13.4å…?¾l´æŒå¯¹å…¬å¸â€œæŽ¨èâ€è¯„¾U?我们强烈看好公司的长期成长性。(兴业证券 兰杰 刘徏刚)</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  渤æ“v物流åQ?00889åQ‰ï¼šä¸šç‡W扭亏 资äñ”注入利于长远发展</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  投资亮点一:房地产项目成为公司利润增长点。报告期å†?公司在售合肥‹Æ£è‹‘ž®åŒºå’ŒèŠœæ¹–市场图书城两个™å¹ç›®,预计下半òq´æœªå”®æˆ¿äº§å°†å®žçŽ°æ”¶ç›Š;目前在徏™å¹ç›®ä¸­æ·®å—精品装饰广场项目三æœ?1.47万åã^¾c?预计åœ?010òq´ä¸‹åŠå¹´å¯å®žçŽ°æ”¶ç›?滁州皖东国际车城™å¹ç›®äº”期(4.1万åã^¾c?与淮南古玩市场项ç›?2.5万åã^¾c?预计2011òq´å®žçŽ°æ”¶ç›?滁州财富òq¿åœº™å¹ç›®ä¸€æœ?6.14万åã^¾c?ž®†äºŽ2012òq´å®žçŽ°æ”¶ç›Šã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  投资亮点äº?茂业卛_°†æ³¨å…¥èµ„äñ”ã€?009òq´åº•,茂业旗下中兆投资成äؓ公司½W¬ä¸€å¤§è‚¡ä¸œã€‚目前茂业系在秦皇岛、山è¥Ñ€æ— é”¡ç­‰åœ°æ‹¥æœ‰å¤šå¤„百货商åœ?而公司自íw«çŽ°å·²åž„断秦皇岛地区百货资源,为避免同业竞äº?我们预计下一步茂业系ž®†å‘公司注入部分资äñ”,整合公司商业资源,从而实现资产合理配¾|?利于长远发展。(天相投顾åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  沛_Œ—宣工åQ?00923åQ‰ï¼šæŽ¨åœŸæœºé¾™å¤?产销量全国领å…?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司是我国生产推土机的重要骨òq²ä¼ä¸šã€å›½æœ‰å¤§åž‹ä¸€¾cÖM¼ä¸šï¼Œä¹Ÿæ˜¯æ²›_Œ—省大型支柱性企业之一。公åæ€ñ”销量连¾l­ä¸ƒòq´å±…全国推土æœø™¡Œä¸šé¦–位,òq´ç”Ÿäº§èƒ½åŠ?500収ͼŒé…äšg250吨,同时可提供各¿Uç±»åž‹é«˜åŽŸæŽ¨åœŸæœºã€‚公司早åœ?001òq´å°±å’Œç¾Žå›½å¡ç‰ÒŽ¯”勒公司进行技术合作,共同研发了SD6D推土机和SD6E推土¾lžç›˜æœºï¼Œå…¶æŠ€æœ¯å¼€å‘æ°´òq›_’Œç”Ÿäñ”实力得到¾ŸŽå›½å…¬å¸çš„好评。随后公司自ä¸Õd¼€å‘çš„SD7、SD8高驱动推土机为国内首创,凭借着½Hå‡ºçš„技术及规模优势占据着较大的市åœÞZ†¾é¢ã€‚è¿‘òq´å…¬å”R€šè¿‡è°ƒæ•´äº§å“¾l“æž„åQŒä¸»æ”Õd¤§é©¬åŠ›æŽ¨åœŸæœºçš„生äñ”和销售,现已成äؓ占领市场的主要äñ”品。值得一提的是,公司试制成功了国内迄今äؓ止最大马力的SD9高驱动åï–带推土机åQŒäؓ产品的优化升¾U§å¥ å®šäº†åšå®žçš„基¼‹€ã€‚(倍新资讯åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  风帆股䆾åQ?00482åQ‰ï¼šä¸šç‡W½W¦åˆé¢„期 产能扩张提é€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  收入增长7.04%,毛利率及期间费用率稳定。公司第三季度实现营业收å…?.21亿元,同比增长7.04%;实现归属上市公司净利润2274万元,同比增长12.14%,每股收益0.05元。公司收入的增长主要来源于蓄甉|± ä¸šåŠ¡,而毛利率¾l´æŒ½E›_®š,仅同比下é™?.28个百分点è‡?2.71%,三项期间费用çŽ?.64%,与去òq´åŒæœŸæŒòqŸë€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  传统业务˜q˜çœ‹é“…酸甉|± ,工业用电池慢于计划。公司的几项业务ä¸?包括铅酸蓄电池、工业用甉|± ã€é”‚¼›Õd­ç”‰|± å’Œå¤ªé˜Œ™ƒ½è–„膜业务,工业用电æ±?00万kVAh的项ç›?目前ç”׃ºŽå…¶åº”用领域中通信领域需求的降低,å¯ÆD‡´è¯¥é¡¹ç›®è¿›åº¦æ…¢äºŽè®¡åˆ?公司正在调整其应用范å›?锂离子电池和薄膜业务两年内仍然无法èµA献利æ¶?因此公司增长仍要看铅酸蓄甉|± ä¸šåŠ¡ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  铅酸蓄电池äñ”能扩张提é€?2012有望¾˜È•ªã€‚目前公司年äº?00万只免维护蓄甉|± ™å¹ç›®å·²ç»å®Œæˆå¯ç ”,11月开始徏è®?™å¹ç›®æ€ÀLŠ•å…?亿元,其中募投资金2.7亿元,å»ø™®¾å·¥æœŸ¾U¦äؓ1òq?明年½W¬å››å­£åº¦æœ‰æœ›æŠ•äñ”。而根据公司的计划,2012òq´äñ”辑ֈ°2000万只,产能¾˜È•ª,ž®†æˆä¸ºæœªæ¥ä¸¤òq´ä¸š¾l©ä¸»è¦çš„增长炏V€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司惛_ƒ½Iºé—´ä»åœ¨çŸ¿äñ”资源。根据我们半个月前调研了解到的情å†?三个矿仍在详勘阶ŒD?ž®šæœªå‡ø™¯¦å‹˜ç»“果。而由于天气原å›?如果11月仍不能得出¾l“果后箋的勘探就需要到明年3月䆾以后,我们判断明年òq´ä¸­å‡ºç»“果的可能性较大ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  上调盈利预测,¾l´æŒâ€œå¢žæŒâ€è¯„¾U§ã€‚暂不计入矿产资源对公司带来的媄å“?ç”׃ºŽå…¬å¸è“„电池äñ”能扩张提é€?因此我们上调盈利预测,预计2010/11/12òq´EPS分别ä¸?.16/0.21/0.36元。考虑到按初勘¾l“果计算公司每股资äñ”ä»äh ¼­‘…过20å…?¾l´æŒâ€œå¢žæŒâ€è¯„¾U§ã€‚(宏源证券 赉|›¦ 王静åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  冀中能源(000937åQ‰ï¼šèµ„源扩张初露端å€?高成长显估å€ég¼˜åŠ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司公告中指å‡?本协议的½{„¡Övž®†æœ‰åˆ©äºŽå…¬å¸æ”¶è´­è¯šå³°çŸ›_Œ–股权相关工作的开å±?有利于公司进一步参与内蒙古煤炭资源的整合和煤炭企业的收è´?促进公司的主业发展ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们判断,此次收购拉开了公司在内蒙获取资源的序òq?预计公司未来在内蒙仍ž®†ç‘ô¾l­æ‰©å¼?为公司煤炭业务的½E›_®šå¢žé•¿æä¾›ä¿è¯,有利于缓解市场对公司成长性的疑虑,强化公司估å€ég¼˜åŠÑ€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  考虑到公司近期通过技改等方式˜q›è¡Œå†…部产量提升、积极获取省外资源进行外部扩å¼?预计未来几年产能增速稳å®?加之公司业ç‡W对煤ä»ähœ‰è¾ƒé«˜çš„å¼¹æ€?预期2011òq´åˆ©æ¶¦å¢žé€Ÿå°†¾l´æŒåœ?0%以上。综ä¸?我们¾l™äºˆå…¬å¸2010/2011/2012òq´EPS2.25/2.75/3.23元的盈利预测,当前ä»?2.29å…?对应P/Eä¸?4x/12x/lOx;¾l™äºˆç›®æ ‡ä»?9.50å…?对应11òq´P/E18x;ä¼°å€ég¼˜åŠ¿æ˜Žæ˜?¾l´æŒâ€œä¹°å…¥â€è¯„¾U§ã€‚(中信证券 ¾|—泽汀åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  凌云股䆾åQ?00480åQ‰ï¼šå¢žå‘拉动估å€ég¸Žä¸šç‡W双提å?重组预期åŠ? è…ùN£ž</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  规模化集成化雉™ƒ¨ä»¶ä¾›åº”商享受­‘…额收益ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  凌云股䆾10æœ?8日获准非公开发行不超˜q?500万股,其中公司控股股东凌云集团认购数量不低äº?0%,发行价不低于11.07å…?è‚?募投™å¹ç›®ä¸ºæ±½è½¦ä¿é™©æ é˜²æ’žæ¢å’Œä¾§é—¨é˜²æ’žæ†ä¸šåŠ¡ã€‚作为目前国内最大的汽èžR辊压件、冲压äšg、汽车压力管路系¾lŸæ€ÀLˆç”Ÿäñ”基地,凌云已经形成与整车厂合作共同发展的模å¼?部分æ–îCñ”品与汽èžR厂家同步开å?公司ž®†æ˜¾è‘—受益于汽èžR雉™ƒ¨ä»¶è¡Œä¸šè§„模化、独立化的发展趋åŠÑ€‚汽车保险杠防撞梁和侧门防撞杆业务由于国家汽车安全政½{–的强制规定而面临爆发性增长机遇ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  募投™å¹ç›®å¢žåŽšä¸šç‡W指日可待公司业ç‡W构成估值底限ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计公司三季报业¾l©äؓ0.69å…?全年每股收益预计ä¸?.93å…?同比增长51%。增发募投项目将在一òq´åŠçš„时间内达äñ”,考虑到公司已于今òq´åˆæå‰ä»¥è‡ªæœ‰èµ„金投入到四大™å¹ç›®ä¸­åŽ»,因此2011òq´å‹ŸæŠ•é¡¹ç›®èµA献部分业¾l©æ˜¯å¯ä»¥é¢„期的。我们预è®?011òq´æ‘Šè–„后的每股收益将增厚è‡?.42å…?2012òq´æ¯è‚¡æ”¶ç›Šå°†å¢žåŽšè‡?.27å…?对应目前的市盈率ä»?倍ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  存在较大的资产重¾l„预期ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计,未来兵器集团ž®†æé«˜ä¸‹å±žæ±½è½¦é›¶éƒ¨äšg企业的配套层‹Æ¡å’Œé›†æˆåº?模块化供应商ž®†æˆä¸ºé›¶éƒ¨äšg企业的发展目标。我们预è®?凌云股䆾和长春一东作为汽车零部äšg的主要生产企ä¸?资äñ”存在整合预期。这¾cÖMº‹ä»¶æ€§æŠ•èµ„机会将赋予凌云股䆾较高的溢ä»?市场ž®†é‡æ–°è®¤è¯†å‡Œäº‘股份ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  首次¾l™äºˆâ€œä¹°å…¥â€è¯„¾U?短期目标ä»?5å…?长期目标ä»?5元ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计公司åœ?010~2012未来三年的净利润复合增长率约66.5%。综合考虑其行业领先地ä½?盈利增长能力和稳健胦务状å†?我们认äؓ可以¾l™äºˆå…¬å¸ä¸€å®šçš„高成长溢ä»?æŒ?011òq?5倍PEä¼°å€?公司价å€égؓ35.5元。我们给予公司“买入”的投资评çñ”,目标ä»?5元。(光大证券 恽敏åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  先河环保åQ?00137åQ‰ï¼šä¸­å›½çŽ¯ä¿ç›‘测仪器领域的旗èˆ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  中国环保监测仪器领域的旗舰公司是我国规模最大、äñ”品种¾cÀLœ€å…¨çš„环境监测仪器生äñ”和技术服务企业,产品包括åQšç©ºæ°”质量连¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸã€æ°´è´¨è¿ž¾l­è‡ª‹zžè§‹¹‹ç³»¾lŸã€æ±¡æ°´åœ¨¾U¿è‡ªåŠ¨ç›‘‹¹‹ç³»åQŒé…¸é›¨è¿ž¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸä»¥åŠæ•°å­—应急监‹¹‹èžR½{‰ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司多次承接“九五”、“十五”、“十一五”、â€?63”等国家¾U§é¡¹å§†ï¼Œòq¶ä¸”拥有多项自主知识产权。目前拥有专åˆ?7™å¹ï¼Œè½¯äšg产品20™å¹ï¼Œè½¯äšg著作æ?™å¹ï¼Œéžä¸“利技æœ?5™åV€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  2006-2009òq´é—´åQŒå…¬å¸è¥æ”¶çš„òq´å‡å¢žé•¿çŽ‡äؓ29.03%åQŒè¿™å…¶ä¸­åŒ…括2009òq´é‡‘融危机的影响。净利润复合增长率达åˆîCº†58.63%åQŒä½“çŽîCº†å…¶å¿«é€Ÿçš„增长和很强的盈利能力ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  环保监测讑֤‡è¡Œä¸šåQŒäؓ“包å®ÒŽ€§â€å¢žé•¿ä¿é©¾æŠ¤èˆªâ€œåäºŒäº””规划中åQŒæ–°å…´äñ”业领域确定“节能环保”、新一代信息技术、生物、高端装备制造äñ”业äؓ支柱产业åQŒè€ŒèŠ‚能环保的基础ž®±æ˜¯çŽ¯ä¿ç›‘测。只有掌握了环境监测的确切数据,才可能更好的推进环境保护政策ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  在我国,只有不到11%的äh饮用½W¦åˆæˆ‘国卫生标准的水åQŒè€Œç©ºæ°”质量的日益恶化åQŒé…¸é›¨çš„危害也让¾læµŽå¢žé•¿è’™ä¸Šäº†é˜´å½±ã€‚在以“包å®ÒŽ€§å¢žé•Žì€äؓ理念的十二五期间åQŒçŽ¯å¢ƒç›‘‹¹‹è®¾å¤‡çš„投入成äؓ必然之ä‹Dã€?/SPAN><BR style="TEXT-ALIGN: left; 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WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  ¼„§æ°´æºï¼ˆ300070åQ‰ï¼šå¼•é¢†æ±¡æ°´å¤„理领域 增持</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司主营以MBR技术äؓ核心的污水深度处理业务。公司是由归国留学äh员创办的专业从事污水处理与污水资源化技术开发应用的高科技环保企业。主要采用先˜q›çš„MBR技æœ?为客户一揽子提供建造污水处理厂或再生水厂的整体技术解å†Ïx–¹æ¡?包括技术方案设计、工½E‹è®¾è®¡ã€æŠ€æœ¯å®žæ–½ä¸Ž¾pȝ»Ÿé›†æˆã€è¿è¥æŠ€æœ¯æ”¯æŒå’Œæ‰˜ç®¡˜qè¥æœåŠ¡½{?òq¶ç”Ÿäº§å’Œæä¾›åº”用MBR技术的核心讑֤‡è†œç»„器和其核心部件膜材料,最¾lˆäؓ客户建成辑ֈ°è¾ƒé«˜å‡ºæ°´æ°´è´¨æ ‡å‡†çš„污水处理厂或再生水厂ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司的MBR技术领先全ç?在国内现有市åœÞZ¸Šå æœ‰çŽ‡é«˜ã€‚在当今污水处理领域,MBR技术通过ž®†ä¼ ¾lŸçš„‹zÀL€§æ±¡æ³¥æ³•ä¸Žå…ˆ˜q›çš„膜技术结å?直接实现污水处理变可回收æ°?对于¾~“解水资源的匮乏å…ähœ‰å®žè´¨æ€§æ„ä¹?被认为是世界污水处理领域的一场技术革命。预è®?010òq´çš„全球MBR市场定w‡è¾‘Öˆ°120亿美å…?其中中国市场定w‡å¤§çº¦ä¸?5亿美元。公åæ€½œä¸ºå›½å†…最早的MBR企业,在MBR工艺、膜¾l„器讑֤‡å’Œè†œææ–™åˆ‰™€ ä¸‰å¤§å…³é”®é¢†åŸŸå…¨é¢æ‹¥æœ‰æ ¸å¿ƒæŠ€æœ¯å’ŒçŸ¥è¯†äº§æƒ,产品性能不低于GE、西门子。同æ—?公司凭借低于国外大¾U?0%的ä­hæ ég¼˜åŠ¿å’Œè‰¯å¥½åŠæ—¶çš„售后服务优åŠ?在大中型MBR™å¹ç›®ä¸Šæ‹¥æœ?0%的市场占有率ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  盈利预测与估倹{€‚我们预计在2010-2012òq?公司可实现归属母公司的净利润分别ä¸?1.95äºÑ€?.24äºÑ€?.04äº?折合每股收益ä¸?1.33元ã€?.20元ã€?.43å…?对应的市盈率分别ä¸?80倍ã€?9倍ã€?1倍。考虑到国家对节能环保行业扶植政策对股ä»ïLš„刺激,我们¾l™äºˆå…¬å¸â€œå¢žæŒâ€è¯„¾U§ã€‚(日信证券研究所åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  四维图新åQ?02405åQ‰ï¼šåˆ†äín行业高速增é•?目标ä»?2å…?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司是国内导航电子地囄¡š„领军企业.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司成立以来一直专注于å¯ÆDˆªç”µå­åœ°å›¾çš„研发、生产和销å”?是国内首家获得导航电子地囑ֈ¶ä½œèµ„质的企业,各项子äñ”品均å…ähœ‰è¾ƒé«˜çš„市åœÞZ†¾é¢?处于市场领先åœîC½ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  前装车蝲å¯ÆDˆªå¸‚场增长明确,支撑公司持箋成长.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着国家政策的大力扶持以及国内对汽èžR需求的持箋推动,æ±½èžR产业ž®†ä¿æŒç¨³å®šå¢žé•?同时随着å¯ÆDˆªè®‘Ö¤‡åº”用的普å?车蝲å¯ÆDˆªè®‘Ö¤‡æ–°èžR装备率亦ž®†é€æ¸æå‡ã€‚我们认为前装èžR载导航设备从长期来看ž®†æˆä¸ºæ±½è½¦çš„标配。前装èžR载导航市场的½E›_®šå¢žé•¿ž®†æ”¯æ’‘公司持¾l­æˆé•Ñ€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  手机å¯ÆDˆªå¸‚场潜力巨大,为公司未来重要利润增长点.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着å¯ÆDˆªå¢žå€¼æœåŠ¡çš„普及、无¾U¿ç½‘¾lœå¾è®„¡š„完善以及GPS芯片ä»äh ¼çš„下é™?我们认äؓ国内GPS手机产业在未来三òq´å°†æœ‰æœ›èŽ·å¾—高速发å±?GPS手机销量的复合增长率有望达åˆ?7%。公åæ€½œä¸ø™¡Œä¸šé¢†å†›ä¼ä¸šå°†åˆ†äínGPS手机市场高速增长的盛宴ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  盈利预测与投资评¾U?</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  æ ÒŽ®æˆ‘们的预‹¹?公司2010-2012òq´æ”¶å…¥åˆ†åˆ«äؓ6.87亿元ã€?.43亿元ã€?2.01亿元。归属母公司净利润分别ä¸?.48亿元ã€?.37亿元ã€?.65亿元,对应EPS分别ä¸?.62元ã€?.84元ã€?.16元。综合考虑DCF¾lå¯¹ä¼°å€¼æƒ…况以及同¾cÖM¸Šå¸‚å…¬åæ€¼°å€¼æ°´òq?我们¾l´æŒå…¬å¸â€œæŒæœ‰â€è¯„¾U?12个月合理ä»äh ¼ä¸?1.80元。(òq¿å‘证券 惠毓ä¼?亓辰åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  万邦è¾?300055)åQšæ–°å…´è“½{¹çš„典范 工业水处理行业的龙头</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; 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TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计,未来兵器集团ž®†æé«˜ä¸‹å±žæ±½è½¦é›¶éƒ¨äšg企业的配套层‹Æ¡å’Œé›†æˆåº?模块化供应商ž®†æˆä¸ºé›¶éƒ¨äšg企业的发展目标。我们预è®?凌云股䆾和长春一东作为汽车零部äšg的主要生产企ä¸?资äñ”存在整合预期。这¾cÖMº‹ä»¶æ€§æŠ•èµ„机会将赋予凌云股䆾较高的溢ä»?市场ž®†é‡æ–°è®¤è¯†å‡Œäº‘股份ã€?/SPAN><BR style="TEXT-ALIGN: left; 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TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计公司åœ?010~2012未来三年的净利润复合增长率约66.5%。综合考虑其行业领先地ä½?盈利增长能力和稳健胦务状å†?我们认äؓ可以¾l™äºˆå…¬å¸ä¸€å®šçš„高成长溢ä»?æŒ?011òq?5倍PEä¼°å€?公司价å€égؓ35.5元。我们给予公司“买入”的投资评çñ”,目标ä»?5元。(光大证券 恽敏åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  先河环保åQ?00137åQ‰ï¼šä¸­å›½çŽ¯ä¿ç›‘测仪器领域的旗èˆ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  中国环保监测仪器领域的旗舰公司是我国规模最大、äñ”品种¾cÀLœ€å…¨çš„环境监测仪器生äñ”和技术服务企业,产品包括åQšç©ºæ°”质量连¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸã€æ°´è´¨è¿ž¾l­è‡ª‹zžè§‹¹‹ç³»¾lŸã€æ±¡æ°´åœ¨¾U¿è‡ªåŠ¨ç›‘‹¹‹ç³»åQŒé…¸é›¨è¿ž¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸä»¥åŠæ•°å­—应急监‹¹‹èžR½{‰ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司多次承接“九五”、“十五”、“十一五”、â€?63”等国家¾U§é¡¹å§†ï¼Œòq¶ä¸”拥有多项自主知识产权。目前拥有专åˆ?7™å¹ï¼Œè½¯äšg产品20™å¹ï¼Œè½¯äšg著作æ?™å¹ï¼Œéžä¸“利技æœ?5™åV€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  2006-2009òq´é—´åQŒå…¬å¸è¥æ”¶çš„òq´å‡å¢žé•¿çŽ‡äؓ29.03%åQŒè¿™å…¶ä¸­åŒ…括2009òq´é‡‘融危机的影响。净利润复合增长率达åˆîCº†58.63%åQŒä½“çŽîCº†å…¶å¿«é€Ÿçš„增长和很强的盈利能力ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  环保监测讑֤‡è¡Œä¸šåQŒäؓ“包å®ÒŽ€§â€å¢žé•¿ä¿é©¾æŠ¤èˆªâ€œåäºŒäº””规划中åQŒæ–°å…´äñ”业领域确定“节能环保”、新一代信息技术、生物、高端装备制造äñ”业äؓ支柱产业åQŒè€ŒèŠ‚能环保的基础ž®±æ˜¯çŽ¯ä¿ç›‘测。只有掌握了环境监测的确切数据,才可能更好的推进环境保护政策ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  在我国,只有不到11%的äh饮用½W¦åˆæˆ‘国卫生标准的水åQŒè€Œç©ºæ°”质量的日益恶化åQŒé…¸é›¨çš„危害也让¾læµŽå¢žé•¿è’™ä¸Šäº†é˜´å½±ã€‚在以“包å®ÒŽ€§å¢žé•Žì€äؓ理念的十二五期间åQŒçŽ¯å¢ƒç›‘‹¹‹è®¾å¤‡çš„投入成äؓ必然之ä‹Dã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  政府采购ä¸ÞZ¸»è¦å¸‚场,国外产品是主要对手环保监‹¹‹è®¾å¤‡çš„主要客户是各地的水务、环保、市æ”ѝ€åžƒåœ‘Ö¤„理等政府部门以及电力、煤炭、石化、徏材、冶金、食品等排污企业ã€?十二äº?期间åQŒæˆ‘国环保äñ”业投资预计将è¾?.1万亿元,2020òq´çŽ¯ä¿æœ‰æœ›æˆä¸ºå›½æ°‘经‹¹Žçš„支柱产业。巨额投资äؓ环保监测讑֤‡å¸¦æ¥å·¨å¤§çš„市场机遇ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司是国内最早拥有自ä¸ÈŸ¥è¯†äñ”权环保监‹¹‹è®¾å¤‡çš„企业åQŒåœ¨½Iºæ°”监测领域åQŒå›½å†…鲜有对手与国外产品竞争åQŒå…¬å¸å¸‚场占有率30%以上。水监测领域åQŒç«žäº‰å¯¹æ‰‹äº¦ä¸»è¦æ˜¯è¿›å£æˆ–˜q›å£¾l„装产品åQ?009òq´å æœ‰çŽ‡12%。但æ€ÖM½“而言åQŒå…¬å¸çš„产品较之国外仪器更适应中国的äÈA器ä‹É用环境,后箋产品¾l´æŠ¤å’ŒæŠ€æœ¯æ”¯æŒä¹Ÿæ›´äؓ完善ã€?/SPAN><BR style="TEXT-ALIGN: left; 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WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  四维图新åQ?02405åQ‰ï¼šåˆ†äín行业高速增é•?目标ä»?2å…?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司是国内导航电子地囄¡š„领军企业.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司成立以来一直专注于å¯ÆDˆªç”µå­åœ°å›¾çš„研发、生产和销å”?是国内首家获得导航电子地囑ֈ¶ä½œèµ„质的企业,各项子äñ”品均å…ähœ‰è¾ƒé«˜çš„市åœÞZ†¾é¢?处于市场领先åœîC½ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  前装车蝲å¯ÆDˆªå¸‚场增长明确,支撑公司持箋成长.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着国家政策的大力扶持以及国内对汽èžR需求的持箋推动,æ±½èžR产业ž®†ä¿æŒç¨³å®šå¢žé•?同时随着å¯ÆDˆªè®‘Ö¤‡åº”用的普å?车蝲å¯ÆDˆªè®‘Ö¤‡æ–°èžR装备率亦ž®†é€æ¸æå‡ã€‚我们认为前装èžR载导航设备从长期来看ž®†æˆä¸ºæ±½è½¦çš„标配。前装èžR载导航市场的½E›_®šå¢žé•¿ž®†æ”¯æ’‘公司持¾l­æˆé•Ñ€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  手机å¯ÆDˆªå¸‚场潜力巨大,为公司未来重要利润增长点.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着å¯ÆDˆªå¢žå€¼æœåŠ¡çš„普及、无¾U¿ç½‘¾lœå¾è®„¡š„完善以及GPS芯片ä»äh ¼çš„下é™?我们认äؓ国内GPS手机产业在未来三òq´å°†æœ‰æœ›èŽ·å¾—高速发å±?GPS手机销量的复合增长率有望达åˆ?7%。公åæ€½œä¸ø™¡Œä¸šé¢†å†›ä¼ä¸šå°†åˆ†äínGPS手机市场高速增长的盛宴ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  盈利预测与投资评¾U?</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  æ ÒŽ®æˆ‘们的预‹¹?公司2010-2012òq´æ”¶å…¥åˆ†åˆ«äؓ6.87亿元ã€?.43亿元ã€?2.01亿元。归属母公司净利润分别ä¸?.48亿元ã€?.37亿元ã€?.65亿元,对应EPS分别ä¸?.62元ã€?.84元ã€?.16元。综合考虑DCF¾lå¯¹ä¼°å€¼æƒ…况以及同¾cÖM¸Šå¸‚å…¬åæ€¼°å€¼æ°´òq?我们¾l´æŒå…¬å¸â€œæŒæœ‰â€è¯„¾U?12个月合理ä»äh ¼ä¸?1.80元。(òq¿å‘证券 惠毓ä¼?亓辰åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  万邦è¾?300055)åQšæ–°å…´è“½{¹çš„典范 工业水处理行业的龙头</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  ½W¦åˆæ–°å…´è“ç­¹â€œä¸‰è¦ç´ â€ã€‚随国家环保标准的不断提高,国家在石油化工、煤化工大项目的投入加大åQŒå·¥ä¸šæ±¡æ°´å¤„理行业空间越来越大。公司“EPC+C”的模式使公司毛利率得到大幅提升。公司的商业模式支持大规模的扩展åQŒå¯ä»¥ä»Žä¸­çŸ³æ²V€ç¥žåŽé›†å›¢æ‰©å±•åˆ°ä¸­çŸ³åŒ–、中煤等重点企业及相兌™¡Œä¸šã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  核心竞争优势。公司的比较竞争优势来自于:公司摸烦å‡ÞZ¸€å¥—适合不同行业工业水处理的新工艺及解决æ–ÒŽ¡ˆåQŒåŒæ—¶æä¾›é›†â€œç»™æ°´è®¾è®¡â€ä¸Žâ€œæ±¡æ°´å¤„理、中水回用”一站式解决æ–ÒŽ¡ˆåQŒåŞ成了一定的技术壁垒。此外,公司以项目开发、项目推˜q›ä¸Žè·Ÿè¸ªæœåŠ¡çš„营销模式¼‹®ä¿äº†å¸‚场占有䆾额的持箋性增é•Ñ€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  上半òq´ä¸Žå¯°çƒå·¥ç¨‹å…¬å¸çš„战略合作协议打开了新的增长空间。中国寰球工½E‹å…¬å¸æ˜¯å…¨çƒ100 强的工程服务公司åQŒæ˜¯ä¸­çŸ³æ²¹çš„全资子公司,在国内外重大的石油化工、煤化工™å¹ç›®ä¸Šæ‹…ä»Õd·¥½E‹æ€ÀL‰¿åŒ…角艌Ӏ‚上半年公司与中国寰球工½E‹å…¬å¸çš„战略合作协议åQŒäؓ公司˜q›ä¸€æ­¥æ‰¿æŽ¥ä¸­çŸÏxÑa集团™å¹ç›®åˆ›é€ äº†æ›´æœ‰åˆ©çš„条äšgåQŒåŒæ—¶ä¹Ÿå­˜åœ¨ä¸Žå¯°çƒå·¥½E‹å…¬åæ€¸€èµäh‰¿æŽ¥æ“v外项目的良好预期ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  全年业ç‡W略低于预期,但考虑到公司“EPC+C”的商业模式仍然处于营运初期åQŒä¸‹åŠå¹´æ‰˜ç®¡ä¸šåŠ¡é‡å°†é€æ¸è¾‘Öˆ°é¢„期åQŒä»¾l´æŒâ€œå¢žæŒâ€è¯„¾U§ã€‚由于宁东两个项目来水量低于预期åQŒè‡´ä½¿æ‰˜½Ž¡è´¹ä¸‹é™åQŒæ‰˜½Ž¡æ”¶å…¥ä¸‹é™?000 万元-4000 万元åQŒä¸‹è°ƒæ¯è‚¡EPS0.2 元,全年EPS 预计ä¸?.2 元。考虑到托½Ž¡æ”¶å…¥æ˜Žòq´ä¼šæ­£å¸¸é‡Šæ”¾åQŒç»´æŒ?011 òq´EPS ä¸?.1ã€?/SPAN>, è…ùN£ž</SPAN><BR style="TEXT-ALIGN: left; 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BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  凌云股䆾10æœ?8日获准非公开发行不超˜q?500万股,其中公司控股股东凌云集团认购数量不低äº?0%,发行价不低于11.07å…?è‚?募投™å¹ç›®ä¸ºæ±½è½¦ä¿é™©æ é˜²æ’žæ¢å’Œä¾§é—¨é˜²æ’žæ†ä¸šåŠ¡ã€‚作为目前国内最大的汽èžR辊压件、冲压äšg、汽车压力管路系¾lŸæ€ÀLˆç”Ÿäñ”基地,凌云已经形成与整车厂合作共同发展的模å¼?部分æ–îCñ”品与汽èžR厂家同步开å?公司ž®†æ˜¾è‘—受益于汽èžR雉™ƒ¨ä»¶è¡Œä¸šè§„模化、独立化的发展趋åŠÑ€‚汽车保险杠防撞梁和侧门防撞杆业务由于国家汽车安全政½{–的强制规定而面临爆发性增长机遇ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  募投™å¹ç›®å¢žåŽšä¸šç‡W指日可待公司业ç‡W构成估值底限ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计公司三季报业¾l©äؓ0.69å…?全年每股收益预计ä¸?.93å…?同比增长51%。增发募投项目将在一òq´åŠçš„时间内达äñ”,考虑到公司已于今òq´åˆæå‰ä»¥è‡ªæœ‰èµ„金投入到四大™å¹ç›®ä¸­åŽ»,因此2011òq´å‹ŸæŠ•é¡¹ç›®èµA献部分业¾l©æ˜¯å¯ä»¥é¢„期的。我们预è®?011òq´æ‘Šè–„后的每股收益将增厚è‡?.42å…?2012òq´æ¯è‚¡æ”¶ç›Šå°†å¢žåŽšè‡?.27å…?对应目前的市盈率ä»?倍ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  存在较大的资产重¾l„预期ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计,未来兵器集团ž®†æé«˜ä¸‹å±žæ±½è½¦é›¶éƒ¨äšg企业的配套层‹Æ¡å’Œé›†æˆåº?模块化供应商ž®†æˆä¸ºé›¶éƒ¨äšg企业的发展目标。我们预è®?凌云股䆾和长春一东作为汽车零部äšg的主要生产企ä¸?资äñ”存在整合预期。这¾cÖMº‹ä»¶æ€§æŠ•èµ„机会将赋予凌云股䆾较高的溢ä»?市场ž®†é‡æ–°è®¤è¯†å‡Œäº‘股份ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  首次¾l™äºˆâ€œä¹°å…¥â€è¯„¾U?短期目标ä»?5å…?长期目标ä»?5元ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计公司åœ?010~2012未来三年的净利润复合增长率约66.5%。综合考虑其行业领先地ä½?盈利增长能力和稳健胦务状å†?我们认äؓ可以¾l™äºˆå…¬å¸ä¸€å®šçš„高成长溢ä»?æŒ?011òq?5倍PEä¼°å€?公司价å€égؓ35.5元。我们给予公司“买入”的投资评çñ”,目标ä»?5元。(光大证券 恽敏åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  先河环保åQ?00137åQ‰ï¼šä¸­å›½çŽ¯ä¿ç›‘测仪器领域的旗èˆ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  中国环保监测仪器领域的旗舰公司是我国规模最大、äñ”品种¾cÀLœ€å…¨çš„环境监测仪器生äñ”和技术服务企业,产品包括åQšç©ºæ°”质量连¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸã€æ°´è´¨è¿ž¾l­è‡ª‹zžè§‹¹‹ç³»¾lŸã€æ±¡æ°´åœ¨¾U¿è‡ªåŠ¨ç›‘‹¹‹ç³»åQŒé…¸é›¨è¿ž¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸä»¥åŠæ•°å­—应急监‹¹‹èžR½{‰ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司多次承接“九五”、“十五”、“十一五”、â€?63”等国家¾U§é¡¹å§†ï¼Œòq¶ä¸”拥有多项自主知识产权。目前拥有专åˆ?7™å¹ï¼Œè½¯äšg产品20™å¹ï¼Œè½¯äšg著作æ?™å¹ï¼Œéžä¸“利技æœ?5™åV€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  2006-2009òq´é—´åQŒå…¬å¸è¥æ”¶çš„òq´å‡å¢žé•¿çŽ‡äؓ29.03%åQŒè¿™å…¶ä¸­åŒ…括2009òq´é‡‘融危机的影响。净利润复合增长率达åˆîCº†58.63%åQŒä½“çŽîCº†å…¶å¿«é€Ÿçš„增长和很强的盈利能力ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  环保监测讑֤‡è¡Œä¸šåQŒäؓ“包å®ÒŽ€§â€å¢žé•¿ä¿é©¾æŠ¤èˆªâ€œåäºŒäº””规划中åQŒæ–°å…´äñ”业领域确定“节能环保”、新一代信息技术、生物、高端装备制造äñ”业äؓ支柱产业åQŒè€ŒèŠ‚能环保的基础ž®±æ˜¯çŽ¯ä¿ç›‘测。只有掌握了环境监测的确切数据,才可能更好的推进环境保护政策ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  在我国,只有不到11%的äh饮用½W¦åˆæˆ‘国卫生标准的水åQŒè€Œç©ºæ°”质量的日益恶化åQŒé…¸é›¨çš„危害也让¾læµŽå¢žé•¿è’™ä¸Šäº†é˜´å½±ã€‚在以“包å®ÒŽ€§å¢žé•Žì€äؓ理念的十二五期间åQŒçŽ¯å¢ƒç›‘‹¹‹è®¾å¤‡çš„投入成äؓ必然之ä‹Dã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  政府采购ä¸ÞZ¸»è¦å¸‚场,国外产品是主要对手环保监‹¹‹è®¾å¤‡çš„主要客户是各地的水务、环保、市æ”ѝ€åžƒåœ‘Ö¤„理等政府部门以及电力、煤炭、石化、徏材、冶金、食品等排污企业ã€?十二äº?期间åQŒæˆ‘国环保äñ”业投资预计将è¾?.1万亿元,2020òq´çŽ¯ä¿æœ‰æœ›æˆä¸ºå›½æ°‘经‹¹Žçš„支柱产业。巨额投资äؓ环保监测讑֤‡å¸¦æ¥å·¨å¤§çš„市场机遇ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司是国内最早拥有自ä¸ÈŸ¥è¯†äñ”权环保监‹¹‹è®¾å¤‡çš„企业åQŒåœ¨½Iºæ°”监测领域åQŒå›½å†…鲜有对手与国外产品竞争åQŒå…¬å¸å¸‚场占有率30%以上。水监测领域åQŒç«žäº‰å¯¹æ‰‹äº¦ä¸»è¦æ˜¯è¿›å£æˆ–˜q›å£¾l„装产品åQ?009òq´å æœ‰çŽ‡12%。但æ€ÖM½“而言åQŒå…¬å¸çš„产品较之国外仪器更适应中国的äÈA器ä‹É用环境,后箋产品¾l´æŠ¤å’ŒæŠ€æœ¯æ”¯æŒä¹Ÿæ›´äؓ完善ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  募集资金重点发展饮用水水质监‹¹‹é¢„警系¾lŸå’Œè®‘Ö¤‡˜qè¥™å¹ç›®å…¬å¸æ‹Ÿå‘行不­‘…过3000万股åQŒå‹Ÿé›†èµ„金投向“饮用水水质安全在线监测¾pȝ»Ÿä»¥åŠé¢„警信息½Ž¡ç†è£…备”äñ”业化™å¹ç›®åQŒå¾è®¾æœŸ2òq´ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  ™å¹ç›®è¾¾äñ”后能òq´äñ”‹¹®æ ‡å¼æ°´ä½“安全在¾U¿è¿ž¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾l?50収ͼŒç›‘测è½?5辆。预计项目税后内部收益率31.46%åQŒå›žæ”¶æœŸä¸?òq´ã€‚另外,产品销售已¾lä¸­‘³ä»¥æ»¡èƒö客户的需求,专业的运营维护成为日后发展的必然选择åQŒå…¬åæ€º¦è®¡åˆ’在此斚w¢˜q›è¡ŒæŠ•èµ„ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  发行ä»äh ¼åŒºé—´20.7ï½?5.2元预è®?010ï½?012òq´å…¬å¸åˆ†åˆ«å®žçŽ°æ¯è‚¡æ”¶ç›?.46ã€?.72ã€?.05元ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们考虑到环保设备行业åã^均估值和行业前景åQŒæŒ‰ç…?010òq?5倍ã€?011òq?5倍测½Ž—,预计发行价在20.7ï½?5.2元。按照今òq?0倍、明òq?0倍PEä¼°å€û|¼Œåˆç†ä»äh ¼23ï½?8.8元。(中信建投 冯福章)</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  三聚环保åQ?00072åQ‰ï¼šè„Þq¡«å‡€åŒ–服务商 增持</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; 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TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着国家政策的大力扶持以及国内对汽èžR需求的持箋推动,æ±½èžR产业ž®†ä¿æŒç¨³å®šå¢žé•?同时随着å¯ÆDˆªè®‘Ö¤‡åº”用的普å?车蝲å¯ÆDˆªè®‘Ö¤‡æ–°èžR装备率亦ž®†é€æ¸æå‡ã€‚我们认为前装èžR载导航设备从长期来看ž®†æˆä¸ºæ±½è½¦çš„标配。前装èžR载导航市场的½E›_®šå¢žé•¿ž®†æ”¯æ’‘公司持¾l­æˆé•Ñ€?/SPAN><BR style="TEXT-ALIGN: left; 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BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着å¯ÆDˆªå¢žå€¼æœåŠ¡çš„普及、无¾U¿ç½‘¾lœå¾è®„¡š„完善以及GPS芯片ä»äh ¼çš„下é™?我们认äؓ国内GPS手机产业在未来三òq´å°†æœ‰æœ›èŽ·å¾—高速发å±?GPS手机销量的复合增长率有望达åˆ?7%。公åæ€½œä¸ø™¡Œä¸šé¢†å†›ä¼ä¸šå°†åˆ†äínGPS手机市场高速增长的盛宴ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  盈利预测与投资评¾U?</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  æ ÒŽ®æˆ‘们的预‹¹?公司2010-2012òq´æ”¶å…¥åˆ†åˆ«äؓ6.87亿元ã€?.43亿元ã€?2.01亿元。归属母公司净利润分别ä¸?.48亿元ã€?.37亿元ã€?.65亿元,对应EPS分别ä¸?.62元ã€?.84元ã€?.16元。综合考虑DCF¾lå¯¹ä¼°å€¼æƒ…况以及同¾cÖM¸Šå¸‚å…¬åæ€¼°å€¼æ°´òq?我们¾l´æŒå…¬å¸â€œæŒæœ‰â€è¯„¾U?12个月合理ä»äh ¼ä¸?1.80元。(òq¿å‘证券 惠毓ä¼?亓辰åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  万邦è¾?300055)åQšæ–°å…´è“½{¹çš„典范 工业水处理行业的龙头</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  ½W¦åˆæ–°å…´è“ç­¹â€œä¸‰è¦ç´ â€ã€‚随国家环保标准的不断提高,国家在石油化工、煤化工大项目的投入加大åQŒå·¥ä¸šæ±¡æ°´å¤„理行业空间越来越大。公司“EPC+C”的模式使公司毛利率得到大幅提升。公司的商业模式支持大规模的扩展åQŒå¯ä»¥ä»Žä¸­çŸ³æ²V€ç¥žåŽé›†å›¢æ‰©å±•åˆ°ä¸­çŸ³åŒ–、中煤等重点企业及相兌™¡Œä¸šã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  核心竞争优势。公司的比较竞争优势来自于:公司摸烦å‡ÞZ¸€å¥—适合不同行业工业水处理的新工艺及解决æ–ÒŽ¡ˆåQŒåŒæ—¶æä¾›é›†â€œç»™æ°´è®¾è®¡â€ä¸Žâ€œæ±¡æ°´å¤„理、中水回用”一站式解决æ–ÒŽ¡ˆåQŒåŞ成了一定的技术壁垒。此外,公司以项目开发、项目推˜q›ä¸Žè·Ÿè¸ªæœåŠ¡çš„营销模式¼‹®ä¿äº†å¸‚场占有䆾额的持箋性增é•Ñ€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  上半òq´ä¸Žå¯°çƒå·¥ç¨‹å…¬å¸çš„战略合作协议打开了新的增长空间。中国寰球工½E‹å…¬å¸æ˜¯å…¨çƒ100 强的工程服务公司åQŒæ˜¯ä¸­çŸ³æ²¹çš„全资子公司,在国内外重大的石油化工、煤化工™å¹ç›®ä¸Šæ‹…ä»Õd·¥½E‹æ€ÀL‰¿åŒ…角艌Ӏ‚上半年公司与中国寰球工½E‹å…¬å¸çš„战略合作协议åQŒäؓ公司˜q›ä¸€æ­¥æ‰¿æŽ¥ä¸­çŸÏxÑa集团™å¹ç›®åˆ›é€ äº†æ›´æœ‰åˆ©çš„条äšgåQŒåŒæ—¶ä¹Ÿå­˜åœ¨ä¸Žå¯°çƒå·¥½E‹å…¬åæ€¸€èµäh‰¿æŽ¥æ“v外项目的良好预期ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  全年业ç‡W略低于预期,但考虑到公司“EPC+C”的商业模式仍然处于营运初期åQŒä¸‹åŠå¹´æ‰˜ç®¡ä¸šåŠ¡é‡å°†é€æ¸è¾‘Öˆ°é¢„期åQŒä»¾l´æŒâ€œå¢žæŒâ€è¯„¾U§ã€‚由于宁东两个项目来水量低于预期åQŒè‡´ä½¿æ‰˜½Ž¡è´¹ä¸‹é™åQŒæ‰˜½Ž¡æ”¶å…¥ä¸‹é™?000 万元-4000 万元åQŒä¸‹è°ƒæ¯è‚¡EPS0.2 元,全年EPS 预计ä¸?.2 元。考虑到托½Ž¡æ”¶å…¥æ˜Žòq´ä¼šæ­£å¸¸é‡Šæ”¾åQŒç»´æŒ?011 òq´EPS ä¸?.1ã€?/SPAN>, è…ùN£ž</SPAN><BR style="TEXT-ALIGN: left; 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BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  凌云股䆾10æœ?8日获准非公开发行不超˜q?500万股,其中公司控股股东凌云集团认购数量不低äº?0%,发行价不低于11.07å…?è‚?募投™å¹ç›®ä¸ºæ±½è½¦ä¿é™©æ é˜²æ’žæ¢å’Œä¾§é—¨é˜²æ’žæ†ä¸šåŠ¡ã€‚作为目前国内最大的汽èžR辊压件、冲压äšg、汽车压力管路系¾lŸæ€ÀLˆç”Ÿäñ”基地,凌云已经形成与整车厂合作共同发展的模å¼?部分æ–îCñ”品与汽èžR厂家同步开å?公司ž®†æ˜¾è‘—受益于汽èžR雉™ƒ¨ä»¶è¡Œä¸šè§„模化、独立化的发展趋åŠÑ€‚汽车保险杠防撞梁和侧门防撞杆业务由于国家汽车安全政½{–的强制规定而面临爆发性增长机遇ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  募投™å¹ç›®å¢žåŽšä¸šç‡W指日可待公司业ç‡W构成估值底限ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计公司三季报业¾l©äؓ0.69å…?全年每股收益预计ä¸?.93å…?同比增长51%。增发募投项目将在一òq´åŠçš„时间内达äñ”,考虑到公司已于今òq´åˆæå‰ä»¥è‡ªæœ‰èµ„金投入到四大™å¹ç›®ä¸­åŽ»,因此2011òq´å‹ŸæŠ•é¡¹ç›®èµA献部分业¾l©æ˜¯å¯ä»¥é¢„期的。我们预è®?011òq´æ‘Šè–„后的每股收益将增厚è‡?.42å…?2012òq´æ¯è‚¡æ”¶ç›Šå°†å¢žåŽšè‡?.27å…?对应目前的市盈率ä»?倍ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  存在较大的资产重¾l„预期ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计,未来兵器集团ž®†æé«˜ä¸‹å±žæ±½è½¦é›¶éƒ¨äšg企业的配套层‹Æ¡å’Œé›†æˆåº?模块化供应商ž®†æˆä¸ºé›¶éƒ¨äšg企业的发展目标。我们预è®?凌云股䆾和长春一东作为汽车零部äšg的主要生产企ä¸?资äñ”存在整合预期。这¾cÖMº‹ä»¶æ€§æŠ•èµ„机会将赋予凌云股䆾较高的溢ä»?市场ž®†é‡æ–°è®¤è¯†å‡Œäº‘股份ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  首次¾l™äºˆâ€œä¹°å…¥â€è¯„¾U?短期目标ä»?5å…?长期目标ä»?5元ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计公司åœ?010~2012未来三年的净利润复合增长率约66.5%。综合考虑其行业领先地ä½?盈利增长能力和稳健胦务状å†?我们认äؓ可以¾l™äºˆå…¬å¸ä¸€å®šçš„高成长溢ä»?æŒ?011òq?5倍PEä¼°å€?公司价å€égؓ35.5元。我们给予公司“买入”的投资评çñ”,目标ä»?5元。(光大证券 恽敏åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  先河环保åQ?00137åQ‰ï¼šä¸­å›½çŽ¯ä¿ç›‘测仪器领域的旗èˆ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  中国环保监测仪器领域的旗舰公司是我国规模最大、äñ”品种¾cÀLœ€å…¨çš„环境监测仪器生äñ”和技术服务企业,产品包括åQšç©ºæ°”质量连¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸã€æ°´è´¨è¿ž¾l­è‡ª‹zžè§‹¹‹ç³»¾lŸã€æ±¡æ°´åœ¨¾U¿è‡ªåŠ¨ç›‘‹¹‹ç³»åQŒé…¸é›¨è¿ž¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸä»¥åŠæ•°å­—应急监‹¹‹èžR½{‰ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司多次承接“九五”、“十五”、“十一五”、â€?63”等国家¾U§é¡¹å§†ï¼Œòq¶ä¸”拥有多项自主知识产权。目前拥有专åˆ?7™å¹ï¼Œè½¯äšg产品20™å¹ï¼Œè½¯äšg著作æ?™å¹ï¼Œéžä¸“利技æœ?5™åV€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  2006-2009òq´é—´åQŒå…¬å¸è¥æ”¶çš„òq´å‡å¢žé•¿çŽ‡äؓ29.03%åQŒè¿™å…¶ä¸­åŒ…括2009òq´é‡‘融危机的影响。净利润复合增长率达åˆîCº†58.63%åQŒä½“çŽîCº†å…¶å¿«é€Ÿçš„增长和很强的盈利能力ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  环保监测讑֤‡è¡Œä¸šåQŒäؓ“包å®ÒŽ€§â€å¢žé•¿ä¿é©¾æŠ¤èˆªâ€œåäºŒäº””规划中åQŒæ–°å…´äñ”业领域确定“节能环保”、新一代信息技术、生物、高端装备制造äñ”业äؓ支柱产业åQŒè€ŒèŠ‚能环保的基础ž®±æ˜¯çŽ¯ä¿ç›‘测。只有掌握了环境监测的确切数据,才可能更好的推进环境保护政策ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  在我国,只有不到11%的äh饮用½W¦åˆæˆ‘国卫生标准的水åQŒè€Œç©ºæ°”质量的日益恶化åQŒé…¸é›¨çš„危害也让¾læµŽå¢žé•¿è’™ä¸Šäº†é˜´å½±ã€‚在以“包å®ÒŽ€§å¢žé•Žì€äؓ理念的十二五期间åQŒçŽ¯å¢ƒç›‘‹¹‹è®¾å¤‡çš„投入成äؓ必然之ä‹Dã€?/SPAN><BR style="TEXT-ALIGN: left; 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WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  ¼„§æ°´æºï¼ˆ300070åQ‰ï¼šå¼•é¢†æ±¡æ°´å¤„理领域 增持</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司主营以MBR技术äؓ核心的污水深度处理业务。公司是由归国留学äh员创办的专业从事污水处理与污水资源化技术开发应用的高科技环保企业。主要采用先˜q›çš„MBR技æœ?为客户一揽子提供建造污水处理厂或再生水厂的整体技术解å†Ïx–¹æ¡?包括技术方案设计、工½E‹è®¾è®¡ã€æŠ€æœ¯å®žæ–½ä¸Ž¾pȝ»Ÿé›†æˆã€è¿è¥æŠ€æœ¯æ”¯æŒå’Œæ‰˜ç®¡˜qè¥æœåŠ¡½{?òq¶ç”Ÿäº§å’Œæä¾›åº”用MBR技术的核心讑֤‡è†œç»„器和其核心部件膜材料,最¾lˆäؓ客户建成辑ֈ°è¾ƒé«˜å‡ºæ°´æ°´è´¨æ ‡å‡†çš„污水处理厂或再生水厂ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司的MBR技术领先全ç?在国内现有市åœÞZ¸Šå æœ‰çŽ‡é«˜ã€‚在当今污水处理领域,MBR技术通过ž®†ä¼ ¾lŸçš„‹zÀL€§æ±¡æ³¥æ³•ä¸Žå…ˆ˜q›çš„膜技术结å?直接实现污水处理变可回收æ°?对于¾~“解水资源的匮乏å…ähœ‰å®žè´¨æ€§æ„ä¹?被认为是世界污水处理领域的一场技术革命。预è®?010òq´çš„全球MBR市场定w‡è¾‘Öˆ°120亿美å…?其中中国市场定w‡å¤§çº¦ä¸?5亿美元。公åæ€½œä¸ºå›½å†…最早的MBR企业,在MBR工艺、膜¾l„器讑֤‡å’Œè†œææ–™åˆ‰™€ ä¸‰å¤§å…³é”®é¢†åŸŸå…¨é¢æ‹¥æœ‰æ ¸å¿ƒæŠ€æœ¯å’ŒçŸ¥è¯†äº§æƒ,产品性能不低于GE、西门子。同æ—?公司凭借低于国外大¾U?0%的ä­hæ ég¼˜åŠ¿å’Œè‰¯å¥½åŠæ—¶çš„售后服务优åŠ?在大中型MBR™å¹ç›®ä¸Šæ‹¥æœ?0%的市场占有率ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  盈利预测与估倹{€‚我们预计在2010-2012òq?公司可实现归属母公司的净利润分别ä¸?1.95äºÑ€?.24äºÑ€?.04äº?折合每股收益ä¸?1.33元ã€?.20元ã€?.43å…?对应的市盈率分别ä¸?80倍ã€?9倍ã€?1倍。考虑到国家对节能环保行业扶植政策对股ä»ïLš„刺激,我们¾l™äºˆå…¬å¸â€œå¢žæŒâ€è¯„¾U§ã€‚(日信证券研究所åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  四维图新åQ?02405åQ‰ï¼šåˆ†äín行业高速增é•?目标ä»?2å…?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司是国内导航电子地囄¡š„领军企业.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司成立以来一直专注于å¯ÆDˆªç”µå­åœ°å›¾çš„研发、生产和销å”?是国内首家获得导航电子地囑ֈ¶ä½œèµ„质的企业,各项子äñ”品均å…ähœ‰è¾ƒé«˜çš„市åœÞZ†¾é¢?处于市场领先åœîC½ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  前装车蝲å¯ÆDˆªå¸‚场增长明确,支撑公司持箋成长.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着国家政策的大力扶持以及国内对汽èžR需求的持箋推动,æ±½èžR产业ž®†ä¿æŒç¨³å®šå¢žé•?同时随着å¯ÆDˆªè®‘Ö¤‡åº”用的普å?车蝲å¯ÆDˆªè®‘Ö¤‡æ–°èžR装备率亦ž®†é€æ¸æå‡ã€‚我们认为前装èžR载导航设备从长期来看ž®†æˆä¸ºæ±½è½¦çš„标配。前装èžR载导航市场的½E›_®šå¢žé•¿ž®†æ”¯æ’‘公司持¾l­æˆé•Ñ€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  手机å¯ÆDˆªå¸‚场潜力巨大,为公司未来重要利润增长点.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着å¯ÆDˆªå¢žå€¼æœåŠ¡çš„普及、无¾U¿ç½‘¾lœå¾è®„¡š„完善以及GPS芯片ä»äh ¼çš„下é™?我们认äؓ国内GPS手机产业在未来三òq´å°†æœ‰æœ›èŽ·å¾—高速发å±?GPS手机销量的复合增长率有望达åˆ?7%。公åæ€½œä¸ø™¡Œä¸šé¢†å†›ä¼ä¸šå°†åˆ†äínGPS手机市场高速增长的盛宴ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  盈利预测与投资评¾U?</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  æ ÒŽ®æˆ‘们的预‹¹?公司2010-2012òq´æ”¶å…¥åˆ†åˆ«äؓ6.87亿元ã€?.43亿元ã€?2.01亿元。归属母公司净利润分别ä¸?.48亿元ã€?.37亿元ã€?.65亿元,对应EPS分别ä¸?.62元ã€?.84元ã€?.16元。综合考虑DCF¾lå¯¹ä¼°å€¼æƒ…况以及同¾cÖM¸Šå¸‚å…¬åæ€¼°å€¼æ°´òq?我们¾l´æŒå…¬å¸â€œæŒæœ‰â€è¯„¾U?12个月合理ä»äh ¼ä¸?1.80元。(òq¿å‘证券 惠毓ä¼?亓辰åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  万邦è¾?300055)åQšæ–°å…´è“½{¹çš„典范 工业水处理行业的龙头</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; 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TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计,未来兵器集团ž®†æé«˜ä¸‹å±žæ±½è½¦é›¶éƒ¨äšg企业的配套层‹Æ¡å’Œé›†æˆåº?模块化供应商ž®†æˆä¸ºé›¶éƒ¨äšg企业的发展目标。我们预è®?凌云股䆾和长春一东作为汽车零部äšg的主要生产企ä¸?资äñ”存在整合预期。这¾cÖMº‹ä»¶æ€§æŠ•èµ„机会将赋予凌云股䆾较高的溢ä»?市场ž®†é‡æ–°è®¤è¯†å‡Œäº‘股份ã€?/SPAN><BR style="TEXT-ALIGN: left; 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TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计公司åœ?010~2012未来三年的净利润复合增长率约66.5%。综合考虑其行业领先地ä½?盈利增长能力和稳健胦务状å†?我们认äؓ可以¾l™äºˆå…¬å¸ä¸€å®šçš„高成长溢ä»?æŒ?011òq?5倍PEä¼°å€?公司价å€égؓ35.5元。我们给予公司“买入”的投资评çñ”,目标ä»?5元。(光大证券 恽敏åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  先河环保åQ?00137åQ‰ï¼šä¸­å›½çŽ¯ä¿ç›‘测仪器领域的旗èˆ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  中国环保监测仪器领域的旗舰公司是我国规模最大、äñ”品种¾cÀLœ€å…¨çš„环境监测仪器生äñ”和技术服务企业,产品包括åQšç©ºæ°”质量连¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸã€æ°´è´¨è¿ž¾l­è‡ª‹zžè§‹¹‹ç³»¾lŸã€æ±¡æ°´åœ¨¾U¿è‡ªåŠ¨ç›‘‹¹‹ç³»åQŒé…¸é›¨è¿ž¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸä»¥åŠæ•°å­—应急监‹¹‹èžR½{‰ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司多次承接“九五”、“十五”、“十一五”、â€?63”等国家¾U§é¡¹å§†ï¼Œòq¶ä¸”拥有多项自主知识产权。目前拥有专åˆ?7™å¹ï¼Œè½¯äšg产品20™å¹ï¼Œè½¯äšg著作æ?™å¹ï¼Œéžä¸“利技æœ?5™åV€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  2006-2009òq´é—´åQŒå…¬å¸è¥æ”¶çš„òq´å‡å¢žé•¿çŽ‡äؓ29.03%åQŒè¿™å…¶ä¸­åŒ…括2009òq´é‡‘融危机的影响。净利润复合增长率达åˆîCº†58.63%åQŒä½“çŽîCº†å…¶å¿«é€Ÿçš„增长和很强的盈利能力ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  环保监测讑֤‡è¡Œä¸šåQŒäؓ“包å®ÒŽ€§â€å¢žé•¿ä¿é©¾æŠ¤èˆªâ€œåäºŒäº””规划中åQŒæ–°å…´äñ”业领域确定“节能环保”、新一代信息技术、生物、高端装备制造äñ”业äؓ支柱产业åQŒè€ŒèŠ‚能环保的基础ž®±æ˜¯çŽ¯ä¿ç›‘测。只有掌握了环境监测的确切数据,才可能更好的推进环境保护政策ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  在我国,只有不到11%的äh饮用½W¦åˆæˆ‘国卫生标准的水åQŒè€Œç©ºæ°”质量的日益恶化åQŒé…¸é›¨çš„危害也让¾læµŽå¢žé•¿è’™ä¸Šäº†é˜´å½±ã€‚在以“包å®ÒŽ€§å¢žé•Žì€äؓ理念的十二五期间åQŒçŽ¯å¢ƒç›‘‹¹‹è®¾å¤‡çš„投入成äؓ必然之ä‹Dã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  政府采购ä¸ÞZ¸»è¦å¸‚场,国外产品是主要对手环保监‹¹‹è®¾å¤‡çš„主要客户是各地的水务、环保、市æ”ѝ€åžƒåœ‘Ö¤„理等政府部门以及电力、煤炭、石化、徏材、冶金、食品等排污企业ã€?十二äº?期间åQŒæˆ‘国环保äñ”业投资预计将è¾?.1万亿元,2020òq´çŽ¯ä¿æœ‰æœ›æˆä¸ºå›½æ°‘经‹¹Žçš„支柱产业。巨额投资äؓ环保监测讑֤‡å¸¦æ¥å·¨å¤§çš„市场机遇ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司是国内最早拥有自ä¸ÈŸ¥è¯†äñ”权环保监‹¹‹è®¾å¤‡çš„企业åQŒåœ¨½Iºæ°”监测领域åQŒå›½å†…鲜有对手与国外产品竞争åQŒå…¬å¸å¸‚场占有率30%以上。水监测领域åQŒç«žäº‰å¯¹æ‰‹äº¦ä¸»è¦æ˜¯è¿›å£æˆ–˜q›å£¾l„装产品åQ?009òq´å æœ‰çŽ‡12%。但æ€ÖM½“而言åQŒå…¬å¸çš„产品较之国外仪器更适应中国的äÈA器ä‹É用环境,后箋产品¾l´æŠ¤å’ŒæŠ€æœ¯æ”¯æŒä¹Ÿæ›´äؓ完善ã€?/SPAN><BR style="TEXT-ALIGN: left; 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WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  四维图新åQ?02405åQ‰ï¼šåˆ†äín行业高速增é•?目标ä»?2å…?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司是国内导航电子地囄¡š„领军企业.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司成立以来一直专注于å¯ÆDˆªç”µå­åœ°å›¾çš„研发、生产和销å”?是国内首家获得导航电子地囑ֈ¶ä½œèµ„质的企业,各项子äñ”品均å…ähœ‰è¾ƒé«˜çš„市åœÞZ†¾é¢?处于市场领先åœîC½ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  前装车蝲å¯ÆDˆªå¸‚场增长明确,支撑公司持箋成长.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着国家政策的大力扶持以及国内对汽èžR需求的持箋推动,æ±½èžR产业ž®†ä¿æŒç¨³å®šå¢žé•?同时随着å¯ÆDˆªè®‘Ö¤‡åº”用的普å?车蝲å¯ÆDˆªè®‘Ö¤‡æ–°èžR装备率亦ž®†é€æ¸æå‡ã€‚我们认为前装èžR载导航设备从长期来看ž®†æˆä¸ºæ±½è½¦çš„标配。前装èžR载导航市场的½E›_®šå¢žé•¿ž®†æ”¯æ’‘公司持¾l­æˆé•Ñ€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  手机å¯ÆDˆªå¸‚场潜力巨大,为公司未来重要利润增长点.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着å¯ÆDˆªå¢žå€¼æœåŠ¡çš„普及、无¾U¿ç½‘¾lœå¾è®„¡š„完善以及GPS芯片ä»äh ¼çš„下é™?我们认äؓ国内GPS手机产业在未来三òq´å°†æœ‰æœ›èŽ·å¾—高速发å±?GPS手机销量的复合增长率有望达åˆ?7%。公åæ€½œä¸ø™¡Œä¸šé¢†å†›ä¼ä¸šå°†åˆ†äínGPS手机市场高速增长的盛宴ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  盈利预测与投资评¾U?</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  æ ÒŽ®æˆ‘们的预‹¹?公司2010-2012òq´æ”¶å…¥åˆ†åˆ«äؓ6.87亿元ã€?.43亿元ã€?2.01亿元。归属母公司净利润分别ä¸?.48亿元ã€?.37亿元ã€?.65亿元,对应EPS分别ä¸?.62元ã€?.84元ã€?.16元。综合考虑DCF¾lå¯¹ä¼°å€¼æƒ…况以及同¾cÖM¸Šå¸‚å…¬åæ€¼°å€¼æ°´òq?我们¾l´æŒå…¬å¸â€œæŒæœ‰â€è¯„¾U?12个月合理ä»äh ¼ä¸?1.80元。(òq¿å‘证券 惠毓ä¼?亓辰åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  万邦è¾?300055)åQšæ–°å…´è“½{¹çš„典范 工业水处理行业的龙头</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  ½W¦åˆæ–°å…´è“ç­¹â€œä¸‰è¦ç´ â€ã€‚随国家环保标准的不断提高,国家在石油化工、煤化工大项目的投入加大åQŒå·¥ä¸šæ±¡æ°´å¤„理行业空间越来越大。公司“EPC+C”的模式使公司毛利率得到大幅提升。公司的商业模式支持大规模的扩展åQŒå¯ä»¥ä»Žä¸­çŸ³æ²V€ç¥žåŽé›†å›¢æ‰©å±•åˆ°ä¸­çŸ³åŒ–、中煤等重点企业及相兌™¡Œä¸šã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  核心竞争优势。公司的比较竞争优势来自于:公司摸烦å‡ÞZ¸€å¥—适合不同行业工业水处理的新工艺及解决æ–ÒŽ¡ˆåQŒåŒæ—¶æä¾›é›†â€œç»™æ°´è®¾è®¡â€ä¸Žâ€œæ±¡æ°´å¤„理、中水回用”一站式解决æ–ÒŽ¡ˆåQŒåŞ成了一定的技术壁垒。此外,公司以项目开发、项目推˜q›ä¸Žè·Ÿè¸ªæœåŠ¡çš„营销模式¼‹®ä¿äº†å¸‚场占有䆾额的持箋性增é•Ñ€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  上半òq´ä¸Žå¯°çƒå·¥ç¨‹å…¬å¸çš„战略合作协议打开了新的增长空间。中国寰球工½E‹å…¬å¸æ˜¯å…¨çƒ100 强的工程服务公司åQŒæ˜¯ä¸­çŸ³æ²¹çš„全资子公司,在国内外重大的石油化工、煤化工™å¹ç›®ä¸Šæ‹…ä»Õd·¥½E‹æ€ÀL‰¿åŒ…角艌Ӏ‚上半年公司与中国寰球工½E‹å…¬å¸çš„战略合作协议åQŒäؓ公司˜q›ä¸€æ­¥æ‰¿æŽ¥ä¸­çŸÏxÑa集团™å¹ç›®åˆ›é€ äº†æ›´æœ‰åˆ©çš„条äšgåQŒåŒæ—¶ä¹Ÿå­˜åœ¨ä¸Žå¯°çƒå·¥½E‹å…¬åæ€¸€èµäh‰¿æŽ¥æ“v外项目的良好预期ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  全年业ç‡W略低于预期,但考虑到公司“EPC+C”的商业模式仍然处于营运初期åQŒä¸‹åŠå¹´æ‰˜ç®¡ä¸šåŠ¡é‡å°†é€æ¸è¾‘Öˆ°é¢„期åQŒä»¾l´æŒâ€œå¢žæŒâ€è¯„¾U§ã€‚由于宁东两个项目来水量低于预期åQŒè‡´ä½¿æ‰˜½Ž¡è´¹ä¸‹é™åQŒæ‰˜½Ž¡æ”¶å…¥ä¸‹é™?000 万元-4000 万元åQŒä¸‹è°ƒæ¯è‚¡EPS0.2 元,全年EPS 预计ä¸?.2 元。考虑到托½Ž¡æ”¶å…¥æ˜Žòq´ä¼šæ­£å¸¸é‡Šæ”¾åQŒç»´æŒ?011 òq´EPS ä¸?.1ã€?/SPAN>, è…ùN£ž</SPAN><BR style="TEXT-ALIGN: left; 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BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  凌云股䆾10æœ?8日获准非公开发行不超˜q?500万股,其中公司控股股东凌云集团认购数量不低äº?0%,发行价不低于11.07å…?è‚?募投™å¹ç›®ä¸ºæ±½è½¦ä¿é™©æ é˜²æ’žæ¢å’Œä¾§é—¨é˜²æ’žæ†ä¸šåŠ¡ã€‚作为目前国内最大的汽èžR辊压件、冲压äšg、汽车压力管路系¾lŸæ€ÀLˆç”Ÿäñ”基地,凌云已经形成与整车厂合作共同发展的模å¼?部分æ–îCñ”品与汽èžR厂家同步开å?公司ž®†æ˜¾è‘—受益于汽èžR雉™ƒ¨ä»¶è¡Œä¸šè§„模化、独立化的发展趋åŠÑ€‚汽车保险杠防撞梁和侧门防撞杆业务由于国家汽车安全政½{–的强制规定而面临爆发性增长机遇ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  募投™å¹ç›®å¢žåŽšä¸šç‡W指日可待公司业ç‡W构成估值底限ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计公司三季报业¾l©äؓ0.69å…?全年每股收益预计ä¸?.93å…?同比增长51%。增发募投项目将在一òq´åŠçš„时间内达äñ”,考虑到公司已于今òq´åˆæå‰ä»¥è‡ªæœ‰èµ„金投入到四大™å¹ç›®ä¸­åŽ»,因此2011òq´å‹ŸæŠ•é¡¹ç›®èµA献部分业¾l©æ˜¯å¯ä»¥é¢„期的。我们预è®?011òq´æ‘Šè–„后的每股收益将增厚è‡?.42å…?2012òq´æ¯è‚¡æ”¶ç›Šå°†å¢žåŽšè‡?.27å…?对应目前的市盈率ä»?倍ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  存在较大的资产重¾l„预期ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计,未来兵器集团ž®†æé«˜ä¸‹å±žæ±½è½¦é›¶éƒ¨äšg企业的配套层‹Æ¡å’Œé›†æˆåº?模块化供应商ž®†æˆä¸ºé›¶éƒ¨äšg企业的发展目标。我们预è®?凌云股䆾和长春一东作为汽车零部äšg的主要生产企ä¸?资äñ”存在整合预期。这¾cÖMº‹ä»¶æ€§æŠ•èµ„机会将赋予凌云股䆾较高的溢ä»?市场ž®†é‡æ–°è®¤è¯†å‡Œäº‘股份ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  首次¾l™äºˆâ€œä¹°å…¥â€è¯„¾U?短期目标ä»?5å…?长期目标ä»?5元ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计公司åœ?010~2012未来三年的净利润复合增长率约66.5%。综合考虑其行业领先地ä½?盈利增长能力和稳健胦务状å†?我们认äؓ可以¾l™äºˆå…¬å¸ä¸€å®šçš„高成长溢ä»?æŒ?011òq?5倍PEä¼°å€?公司价å€égؓ35.5元。我们给予公司“买入”的投资评çñ”,目标ä»?5元。(光大证券 恽敏åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  先河环保åQ?00137åQ‰ï¼šä¸­å›½çŽ¯ä¿ç›‘测仪器领域的旗èˆ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  中国环保监测仪器领域的旗舰公司是我国规模最大、äñ”品种¾cÀLœ€å…¨çš„环境监测仪器生äñ”和技术服务企业,产品包括åQšç©ºæ°”质量连¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸã€æ°´è´¨è¿ž¾l­è‡ª‹zžè§‹¹‹ç³»¾lŸã€æ±¡æ°´åœ¨¾U¿è‡ªåŠ¨ç›‘‹¹‹ç³»åQŒé…¸é›¨è¿ž¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸä»¥åŠæ•°å­—应急监‹¹‹èžR½{‰ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司多次承接“九五”、“十五”、“十一五”、â€?63”等国家¾U§é¡¹å§†ï¼Œòq¶ä¸”拥有多项自主知识产权。目前拥有专åˆ?7™å¹ï¼Œè½¯äšg产品20™å¹ï¼Œè½¯äšg著作æ?™å¹ï¼Œéžä¸“利技æœ?5™åV€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  2006-2009òq´é—´åQŒå…¬å¸è¥æ”¶çš„òq´å‡å¢žé•¿çŽ‡äؓ29.03%åQŒè¿™å…¶ä¸­åŒ…括2009òq´é‡‘融危机的影响。净利润复合增长率达åˆîCº†58.63%åQŒä½“çŽîCº†å…¶å¿«é€Ÿçš„增长和很强的盈利能力ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  环保监测讑֤‡è¡Œä¸šåQŒäؓ“包å®ÒŽ€§â€å¢žé•¿ä¿é©¾æŠ¤èˆªâ€œåäºŒäº””规划中åQŒæ–°å…´äñ”业领域确定“节能环保”、新一代信息技术、生物、高端装备制造äñ”业äؓ支柱产业åQŒè€ŒèŠ‚能环保的基础ž®±æ˜¯çŽ¯ä¿ç›‘测。只有掌握了环境监测的确切数据,才可能更好的推进环境保护政策ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  在我国,只有不到11%的äh饮用½W¦åˆæˆ‘国卫生标准的水åQŒè€Œç©ºæ°”质量的日益恶化åQŒé…¸é›¨çš„危害也让¾læµŽå¢žé•¿è’™ä¸Šäº†é˜´å½±ã€‚在以“包å®ÒŽ€§å¢žé•Žì€äؓ理念的十二五期间åQŒçŽ¯å¢ƒç›‘‹¹‹è®¾å¤‡çš„投入成äؓ必然之ä‹Dã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  政府采购ä¸ÞZ¸»è¦å¸‚场,国外产品是主要对手环保监‹¹‹è®¾å¤‡çš„主要客户是各地的水务、环保、市æ”ѝ€åžƒåœ‘Ö¤„理等政府部门以及电力、煤炭、石化、徏材、冶金、食品等排污企业ã€?十二äº?期间åQŒæˆ‘国环保äñ”业投资预计将è¾?.1万亿元,2020òq´çŽ¯ä¿æœ‰æœ›æˆä¸ºå›½æ°‘经‹¹Žçš„支柱产业。巨额投资äؓ环保监测讑֤‡å¸¦æ¥å·¨å¤§çš„市场机遇ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司是国内最早拥有自ä¸ÈŸ¥è¯†äñ”权环保监‹¹‹è®¾å¤‡çš„企业åQŒåœ¨½Iºæ°”监测领域åQŒå›½å†…鲜有对手与国外产品竞争åQŒå…¬å¸å¸‚场占有率30%以上。水监测领域åQŒç«žäº‰å¯¹æ‰‹äº¦ä¸»è¦æ˜¯è¿›å£æˆ–˜q›å£¾l„装产品åQ?009òq´å æœ‰çŽ‡12%。但æ€ÖM½“而言åQŒå…¬å¸çš„产品较之国外仪器更适应中国的äÈA器ä‹É用环境,后箋产品¾l´æŠ¤å’ŒæŠ€æœ¯æ”¯æŒä¹Ÿæ›´äؓ完善ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  募集资金重点发展饮用水水质监‹¹‹é¢„警系¾lŸå’Œè®‘Ö¤‡˜qè¥™å¹ç›®å…¬å¸æ‹Ÿå‘行不­‘…过3000万股åQŒå‹Ÿé›†èµ„金投向“饮用水水质安全在线监测¾pȝ»Ÿä»¥åŠé¢„警信息½Ž¡ç†è£…备”äñ”业化™å¹ç›®åQŒå¾è®¾æœŸ2òq´ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  ™å¹ç›®è¾¾äñ”后能òq´äñ”‹¹®æ ‡å¼æ°´ä½“安全在¾U¿è¿ž¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾l?50収ͼŒç›‘测è½?5辆。预计项目税后内部收益率31.46%åQŒå›žæ”¶æœŸä¸?òq´ã€‚另外,产品销售已¾lä¸­‘³ä»¥æ»¡èƒö客户的需求,专业的运营维护成为日后发展的必然选择åQŒå…¬åæ€º¦è®¡åˆ’在此斚w¢˜q›è¡ŒæŠ•èµ„ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  发行ä»äh ¼åŒºé—´20.7ï½?5.2元预è®?010ï½?012òq´å…¬å¸åˆ†åˆ«å®žçŽ°æ¯è‚¡æ”¶ç›?.46ã€?.72ã€?.05元ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们考虑到环保设备行业åã^均估值和行业前景åQŒæŒ‰ç…?010òq?5倍ã€?011òq?5倍测½Ž—,预计发行价在20.7ï½?5.2元。按照今òq?0倍、明òq?0倍PEä¼°å€û|¼Œåˆç†ä»äh ¼23ï½?8.8元。(中信建投 冯福章)</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  三聚环保åQ?00072åQ‰ï¼šè„Þq¡«å‡€åŒ–服务商 增持</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; 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TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着国家政策的大力扶持以及国内对汽èžR需求的持箋推动,æ±½èžR产业ž®†ä¿æŒç¨³å®šå¢žé•?同时随着å¯ÆDˆªè®‘Ö¤‡åº”用的普å?车蝲å¯ÆDˆªè®‘Ö¤‡æ–°èžR装备率亦ž®†é€æ¸æå‡ã€‚我们认为前装èžR载导航设备从长期来看ž®†æˆä¸ºæ±½è½¦çš„标配。前装èžR载导航市场的½E›_®šå¢žé•¿ž®†æ”¯æ’‘公司持¾l­æˆé•Ñ€?/SPAN><BR style="TEXT-ALIGN: left; 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BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着å¯ÆDˆªå¢žå€¼æœåŠ¡çš„普及、无¾U¿ç½‘¾lœå¾è®„¡š„完善以及GPS芯片ä»äh ¼çš„下é™?我们认äؓ国内GPS手机产业在未来三òq´å°†æœ‰æœ›èŽ·å¾—高速发å±?GPS手机销量的复合增长率有望达åˆ?7%。公åæ€½œä¸ø™¡Œä¸šé¢†å†›ä¼ä¸šå°†åˆ†äínGPS手机市场高速增长的盛宴ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  盈利预测与投资评¾U?</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  æ ÒŽ®æˆ‘们的预‹¹?公司2010-2012òq´æ”¶å…¥åˆ†åˆ«äؓ6.87亿元ã€?.43亿元ã€?2.01亿元。归属母公司净利润分别ä¸?.48亿元ã€?.37亿元ã€?.65亿元,对应EPS分别ä¸?.62元ã€?.84元ã€?.16元。综合考虑DCF¾lå¯¹ä¼°å€¼æƒ…况以及同¾cÖM¸Šå¸‚å…¬åæ€¼°å€¼æ°´òq?我们¾l´æŒå…¬å¸â€œæŒæœ‰â€è¯„¾U?12个月合理ä»äh ¼ä¸?1.80元。(òq¿å‘证券 惠毓ä¼?亓辰åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  万邦è¾?300055)åQšæ–°å…´è“½{¹çš„典范 工业水处理行业的龙头</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  ½W¦åˆæ–°å…´è“ç­¹â€œä¸‰è¦ç´ â€ã€‚随国家环保标准的不断提高,国家在石油化工、煤化工大项目的投入加大åQŒå·¥ä¸šæ±¡æ°´å¤„理行业空间越来越大。公司“EPC+C”的模式使公司毛利率得到大幅提升。公司的商业模式支持大规模的扩展åQŒå¯ä»¥ä»Žä¸­çŸ³æ²V€ç¥žåŽé›†å›¢æ‰©å±•åˆ°ä¸­çŸ³åŒ–、中煤等重点企业及相兌™¡Œä¸šã€?/SPAN><BR style="TEXT-ALIGN: left; 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WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  上半òq´ä¸Žå¯°çƒå·¥ç¨‹å…¬å¸çš„战略合作协议打开了新的增长空间。中国寰球工½E‹å…¬å¸æ˜¯å…¨çƒ100 强的工程服务公司åQŒæ˜¯ä¸­çŸ³æ²¹çš„全资子公司,在国内外重大的石油化工、煤化工™å¹ç›®ä¸Šæ‹…ä»Õd·¥½E‹æ€ÀL‰¿åŒ…角艌Ӏ‚上半年公司与中国寰球工½E‹å…¬å¸çš„战略合作协议åQŒäؓ公司˜q›ä¸€æ­¥æ‰¿æŽ¥ä¸­çŸÏxÑa集团™å¹ç›®åˆ›é€ äº†æ›´æœ‰åˆ©çš„条äšgåQŒåŒæ—¶ä¹Ÿå­˜åœ¨ä¸Žå¯°çƒå·¥½E‹å…¬åæ€¸€èµäh‰¿æŽ¥æ“v外项目的良好预期ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  全年业ç‡W略低于预期,但考虑到公司“EPC+C”的商业模式仍然处于营运初期åQŒä¸‹åŠå¹´æ‰˜ç®¡ä¸šåŠ¡é‡å°†é€æ¸è¾‘Öˆ°é¢„期åQŒä»¾l´æŒâ€œå¢žæŒâ€è¯„¾U§ã€‚由于宁东两个项目来水量低于预期åQŒè‡´ä½¿æ‰˜½Ž¡è´¹ä¸‹é™åQŒæ‰˜½Ž¡æ”¶å…¥ä¸‹é™?000 万元-4000 万元åQŒä¸‹è°ƒæ¯è‚¡EPS0.2 元,全年EPS 预计ä¸?.2 元。考虑到托½Ž¡æ”¶å…¥æ˜Žòq´ä¼šæ­£å¸¸é‡Šæ”¾åQŒç»´æŒ?011 òq´EPS ä¸?.1ã€?/SPAN>]]></description> </item> <item> <title>首都¾læµŽåœˆå‡ºç‚‰å€’计æ—?12股严重低ä¼?/title> <link><![CDATA[http://www.cba-ontario.com/cn/news/16.htm]]></link> <author>泽州县远辄¡ƒå¢¨é“¸é€ æœ‰é™å…¬å?-球墨铔R“½Ž¡äšg,球墨铔R“½Ž?铔R“½Ž¡äšg,球墨½Ž¡äšg,½Ž¡äšg,å±Þp¥¿çƒå¢¨é“”R“½Ž¡äšg,国标出口½Ž¡äšg(http://www.cba-ontario.com/)</author> <category>­‘‹åŠ¿åˆ†æž</category> <pubDate>周四, 02 1æœ?2014 10:42:20 +0800</pubDate> <description><![CDATA[<SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> </SPAN><STRONG style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; FONT-FAMILY: 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); FONT-SIZE: 14px; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">首都¾læµŽåœˆæœ‰æœ›â€œå‡ºç‚‰â€?交通、政½{–互èž?/STRONG><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  “最隄¡¼–制的区域规划”—《首都经‹¹Žåœˆå‘展规划》有了加速迹象ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  有消息称åQŒåŽ†æ—¶è¿‘两年åQŒä¸€ç›´â€œéš¾äº§â€çš„“首都经‹¹Žåœˆâ€ç»ˆäºŽä¸å†åªæ˜¯ä¸€ä¸ªæ¦‚念,而是卛_°†æˆäؓ一个整体规划。据悉,首都¾læµŽåœˆå‘展规划已¾låˆ—入国家发改委2012òq´åŒºåŸŸè§„划审批计划,争取åœ?013òq?月底前上报国务院。”《国际金融报》记者äؓ此致电国家发改委åQŒä½†æˆªè‡³å‘稿未联¾pÖM¸Šç›¸å…³äººå£«ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  不过åQ?2æœ?0日国家发改委再次召开会议åQŒå¯¹é¦–都¾læµŽåœˆå‘展进行下一步研½I‰™ƒ¨¾|Ԍ¼ŒåŒ—京、天‹z¥ã€æ²³åŒ—三地的发改委负责äh也参加了座谈会。国家发改委地区司司长范恒山更是å¼ø™°ƒäº†äº¬‹z¥å†€ä¸¤çœä¸€å¸‚发展的重要意义ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  双城联动引京冀之争</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  值得一提的是,范恒山在会上å¼ø™°ƒåQŒè§„划编制在æ€ÖM½“上要把握凸显首都åœîC½ã€ä½“现双城联动、促˜q›ä¸€ä½“发展、发挥比较优åŠÑ€è§£å†›_…³é”®é—®é¢˜ã€ç€åŠ›ç¤ºèŒƒå¸¦åŠ¨ç­‰é‡è¦åŽŸåˆ™ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  又是“首都地位”、又是“双城联动”,不禁让äh为如何解决三圎ͼŒž®¤å…¶æ˜¯äº¬å†€ä¹‹é—´çš„矛盾捏一把汗。此前,学界‹¹è¡Œçš„多个方案均是以北京ä¸ÞZ¸­å¿ƒåŠ å‘¨è¾¹å¤šä¸ªåŸŽå¸‚ä¸ø™“æœ¬ï¼Œå…¶ä¸­å¤©æÓ|只有宝坻、蓟åŽÑ€æ­¦æ¸…三个区县加入ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  而“体现双城联动”意味着åQŒå¤©‹z¥å°†æ•´ä½“¾U›_…¥é¦–都¾læµŽåœˆè§„划。不ž®‘业内äh士认为,北京、天‹z¥ã€æ²³åŒ—的关系问题仍将是困扰首都经‹¹Žåœˆè§„划¾~–制的主要问题ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  “北京是全国的首都,天æÓ|则是北方重要的经‹¹Žä¸­å¿ƒï¼Œä»–们之间如何协调一直是个问题。”一位宏观分析师告诉《国际金融报》记者ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  å¯ÒŽ­¤åQŒå›½å®¶å‘改委对外¾læµŽç ”究所王æ“v峰博士在接受《国际金融报》记者采访时指出åQŒè¿‡åŽÀL”¿åºœè€ƒè™‘占主导因素,而如今市场才是è“v到决定性作用的因素åQŒæœªæ¥é€šè¿‡å¸‚场互动åQŒæ‰“通制¾U¦å¸‚场的行政因素åQŒäº¬‹z¥å†€ä¸‰åœ°å®Œå…¨å¯ä»¥äº’融互通,发挥各自的优åŠÑ€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  交通、政½{–互èž?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  要想使三åœîCº’融互通,交通等基础设施的互通肯定是æ ÒŽœ¬ã€‚“首先一点要打破行政区划的限åˆÓž¼Œæˆ‘们的铁路网、公交网åQŒå…¶ä»–çš„¾|‘全部得一体化。”王‹¹·å³°è¡¨ç¤ºåQŒæ¯”如北京有½Iºæ¸¯ä¼˜åŠ¿åQŒè€ŒåŒ—京机场的客运量如今已¾lé¢ä¸´é¥±å’Œï¼Œå®Œå…¨å¯ä»¥åˆ†ä¸€äº›æ”¯¾U¿ç»™å¤©æÓ|åQŒè€Œäº¤é€šçš„互通则是两城之间合作的基础ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  一位国家发改委官员表示åQŒç›®å‰æ­£åŠ ç´§åˆ¶å®šé¦–都¾læµŽåœˆåŒºåŸŸè§„划,交通网¾lœå‡¾U§å°†æˆäؓ重点内容。未来将着力于北京多条高速公路和国道的连接,大幅向周边城市以及整个经‹¹Žåœˆå»¶äŽ×与扩散ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  此外åQŒæ”¿½{–的互通也很关键。据悉,今年5月,沛_Œ—省与北京市签¾|ŒÓ€?013-2015òq´åˆä½œæ¡†æž¶åè®®ã€‹ï¼Œå…¶ä¸­˜q˜åŒ…括实çŽîC¸¤åœîC¼ä¸šç‰©‹¹ä¿¡æ¯ä¸Žå…¬å…±æœåŠ¡ä¿¡æ¯çš„有效对接ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  同月åQŒå¤©‹z¥å¸‚也与沛_Œ—省签¾|²æ·±åŒ–经‹¹Žä¸Ž½C¾ä¼šå‘展合作框架协议åQŒä»ŽæŽ¨åŠ¨äº§ä¸šè½¬ç§»å‡çñ”合作½{‰æ–¹é¢ç»Ÿ½{¹ä¸¤åœ°ç»‹¹Žç¤¾ä¼šåè°ƒå‘展,实现优势互补、密切合作、互利共赢ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  “好政策必须要互相分享,三地都要把发展的规划融入¾læµŽåœˆè¿™ä¸ªå¤§å¸‚场的背景,而不是只考虑自èín的情å†üc€‚”以沛_Œ—ä¸ÞZ¾‹åQŒæ²³åŒ—在三地之中相对落后åQŒä»¥å¾€çš„发展主要也是拼资源åQŒæ²¡æœ‰æŠ€æœ¯ä¼˜åŠÑ€‚而面å¯ÒŽ—¥ç›Šä¸¥å³Èš„环境污染åQŒå…¶ä¸å¾—不面寚w‡å·¥ä¸šçš„è{型,但它可以利用自èín钢材刉™€ çš„基础åQŒå°†ä¼ ç»Ÿçš„徏钢è{åˆîC¸‹æ¸¸çš„钢材加工业上åQŒè€Œä¸æ˜¯ä¸€å‘›_œ°˜q½æ±‚高端服务业的发展。王‹¹·å³°è®¤äؓåQŒåŒ—京、天‹z¥å¯ä»¥æŠŠè‡ªå·±å‰©ä¸‹çš„一些服务行业引‹¹åˆ°æ²›_Œ—åQŒæ²³åŒ—可以与北京、天‹z¥å¯¹æŽ¥ï¼Œå½¢æˆé”™ä½å‘展ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  上述分析师指出,如今沛_Œ—与天‹z¥ã€åŒ—京已¾lç­¾è®¢äº†ç›¸å…³åˆä½œåè®®åQŒé—®é¢˜è¿˜æ˜¯åŒ—京和天æÓ|能否放下狭小的自我保护意识,真正打开心态,互利合作åQŒä»Žæ•´ä¸ªå¤§ç»‹¹Žåœˆå‡ºå‘åQŒæ¥æ€è€ƒè‡ªå·Þqš„定位与发展ã€?åQˆå›½é™…金融报åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  冀东水泥(000401åQ‰ï¼šå—益节能限电华北淡季不æÙE 产能释放高成长持¾l?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  华北市场十二月æÙE季不淡ã€?2月在节能限电带动ä¸?产销呈现淡季不æÙE,唐山地区对于ž®æ°´æ³¥é™ç”‰|›´åŠ ä¸¥é‡?预计ž®†æŒ¾l­åˆ°òq´åº•;同时从关停小产能力度来看,效果明显å¼ÞZºŽå¾€òq?目前唐山200家关äº?8å®?å¯ÆD‡´ä¾›ç»™å—限。由于限电对于具备技术优势企业媄响远ž®äºŽž®æ°´æ³?公司12月出货量同比大幅提升,ž®×ƒ­hæ ÆD€Œè¨€,往òq?2月æÙE季京‹z¥å”åœ°åŒºä»äh ¼è¾ƒäؓòq³ç¨³,ä½?0òq´å…¬å¸æ‰€åœ¨å†€ä¸œå¤§åŒÞZ­h格出çŽîC¸åŒå¹…度提ä»?其中北京上涨80-100å…?å?天æÓ|上涨40å…?å?唐山上涨20å…?吨ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  产销量高成长持箋。公å?9òq´æ°´æ³¥äñ”能达åˆ?500万吨(不包括秦岭项ç›?,预计10-11òq´æ–°å¢žäñ”能约ä¸?880万吨,æ€ÖMñ”能达åˆ?380万吨。考虑水惔生äñ”¾U¿æŠ•äº§æ—¶é—?预计11òq´åˆå…¬å¸æ­£å¸¸å‘挥水惔产能¾U¦åœ¨7400万吨。就产量而言,我们预计公司10òq´æ°´æ³¥åŠç†Ÿæ–™é”€é‡è¾¾åˆ?000万吨,同比增速达åˆ?9%,11òq´äñ”销量可辑ֈ°6500-7000万吨,产能高增镉K€æ­¥é‡Šæ”¾ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  出售混凝土股权解军_Œä¸šç«žäº‰ã€‚前期公åæ€Ø“解决集团与上市公司的混凝土同业竞争问é¢?ž®†ä¸Šå¸‚公司持有剩余æ؜凝土股权出售¾l™é›†å›¢æ؜凝土投资公司,˜q›ä¸€æ­¥æ˜Ž¼‹®ä»¥é›†å›¢ä¸ÞZ¸»ä½“的发展模式,有利于中长期业务发展。预计年底公司æ؜凝土规模扩张è‡?500-3000万立方米,对于把握区域市场十分有利。世界主要水泥生产企业包括Holcim、Lafarge、Cemex,均äؓ上游骨料和下渔R¢„æ‹Œæ؜凝土龙头ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司产能扩张½EÏx­¥˜q›è¡Œ,我们上调12òq´äñ”销量由8000万吨è‡?000万吨,上调12òq´ä¸š¾l?.1è‡?.35å…?不考虑增发摊薄,我们预计公司10-12òq´EPSä¸?.2/1.8/2.35元。若考虑2011òq´å…¬å¸å¢žå‘成功股本扩å¼?.35亿股,业ç‡W摊薄10%‹¹‹ç®—,我们预计公司摊薄后业¾l©äؓ1.2/1.6/2.1,按照股ä­h23.54元测½Ž?对应PE20/13/10倍。水泥行业供需­‘‹åŠ¿å‘好,公司估值具有安全边é™?同时公司定向增发完成å?业ç‡W释放动力加强,¾l´æŒâ€œå¢žæŒâ€è¯„¾U§ã€‚(申银万国 王丝语)</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  新兴铸管åQ?00778åQ‰ï¼šé¢å‘大æ“v春暖花开 推荐</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司芜湖基地的äñ”品差异化和新疆基地的目标聚集战略正逐步¾l†åˆ†è½å®žã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  未来股䆾公司在武安本部维持存量的基础ä¸?安徽芜湖、新疆两个基地将成äؓ公司十二五期间的主要增长炏V€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  芜湖基地一:该基åœ?0万吨½Ž¡å¯¾U¿å·²å»ºæˆòq¶äºŽ12月正式生äº?我们预计2011òq´èŠœæ¹–基地钢材äñ”é‡?80万吨,同比上升˜q?0%ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  芜湖基地äº?和管坯配套的径向锻造项目已同时建成投äñ”,计划2011òq´å¾„向锻件äñ”é‡?万吨,短期集中在合¾l“é”»ä»?长期ž®†é€æ­¥å‘芯‹‚’等高端品过度ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  芜湖基地ä¸?æ±½èžRé”ÖMšg™å¹ç›®ä»åœ¨½EÏx­¥æŽ¨è¿›,2011òq´åˆå…¬å¸æ‹Ÿå¼•˜q›ä¿®æ¨?探伤¾_¾æ•´¾U¿å’Œé“¶äº®æç”Ÿäº§çº¿,未来深度发展方向仍在è®ø™¯é˜¶æ®µã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  芜湖基地å›?十二五期间芜湖基地将在芜湖三山工业园区新å»?0万吨铸管/40万吨焊管及大型铸é”ÖMšg,目前该项目正有序推进,计划三年内全部完工ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  新疆基地:金特钢铁二期技攚w¡¹ç›®å·²äº?0òq´åº•å®Œæˆ,2011òq´æˆ‘们预计将æœ?30万吨的钢材äñ”量。同时公司参股的和合矿业也将åœ?1òq´åº•å½¢æˆ100万吨左右的铁¾_„¡²‰äº§èƒ½ã€‚和静县300万吨™å¹ç›®æœ‰æœ›è¾ƒå¿«å¯åŠ¨ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  球墨铸管:通过对公叔R“¸½Ž¡å¨æ¯›åˆ©åŽ†å²å‘¨æœŸåˆ†æž,我们认äؓ20101H的铸½Ž¡å¨æ¯›åˆ©å¤„于周期底部,2011òq´å¨é“¸ç®¡æ¯›åˆ©ž®†é€æ¸å›žå‡ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预测公司2010-2012òq´EPS分别ä¸?.68,0.84,0.97å…?11òq´åŠ¨æ€PEä¸?0.7倍。尽½Ž¡å½“前整个行业面临上下游压力,但公司无论在产品¾l“构和区域多元化斚w¢éƒ½å…·å¤‡è¶…­‘Šè¡Œä¸šçš„增长潜力,¾l“合公司PE历史,我们认äؓ公司的合理PE臛_°‘åœ?6å€?11òq´ç›®æ ‡ä­h13.4å…?¾l´æŒå¯¹å…¬å¸â€œæŽ¨èâ€è¯„¾U?我们强烈看好公司的长期成长性。(兴业证券 兰杰 刘徏刚)</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  渤æ“v物流åQ?00889åQ‰ï¼šä¸šç‡W扭亏 资äñ”注入利于长远发展</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  投资亮点一:房地产项目成为公司利润增长点。报告期å†?公司在售合肥‹Æ£è‹‘ž®åŒºå’ŒèŠœæ¹–市场图书城两个™å¹ç›®,预计下半òq´æœªå”®æˆ¿äº§å°†å®žçŽ°æ”¶ç›Š;目前在徏™å¹ç›®ä¸­æ·®å—精品装饰广场项目三æœ?1.47万åã^¾c?预计åœ?010òq´ä¸‹åŠå¹´å¯å®žçŽ°æ”¶ç›?滁州皖东国际车城™å¹ç›®äº”期(4.1万åã^¾c?与淮南古玩市场项ç›?2.5万åã^¾c?预计2011òq´å®žçŽ°æ”¶ç›?滁州财富òq¿åœº™å¹ç›®ä¸€æœ?6.14万åã^¾c?ž®†äºŽ2012òq´å®žçŽ°æ”¶ç›Šã€?/SPAN><BR style="TEXT-ALIGN: left; 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WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  沛_Œ—宣工åQ?00923åQ‰ï¼šæŽ¨åœŸæœºé¾™å¤?产销量全国领å…?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司是我国生产推土机的重要骨òq²ä¼ä¸šã€å›½æœ‰å¤§åž‹ä¸€¾cÖM¼ä¸šï¼Œä¹Ÿæ˜¯æ²›_Œ—省大型支柱性企业之一。公åæ€ñ”销量连¾l­ä¸ƒòq´å±…全国推土æœø™¡Œä¸šé¦–位,òq´ç”Ÿäº§èƒ½åŠ?500収ͼŒé…äšg250吨,同时可提供各¿Uç±»åž‹é«˜åŽŸæŽ¨åœŸæœºã€‚公司早åœ?001òq´å°±å’Œç¾Žå›½å¡ç‰ÒŽ¯”勒公司进行技术合作,共同研发了SD6D推土机和SD6E推土¾lžç›˜æœºï¼Œå…¶æŠ€æœ¯å¼€å‘æ°´òq›_’Œç”Ÿäñ”实力得到¾ŸŽå›½å…¬å¸çš„好评。随后公司自ä¸Õd¼€å‘çš„SD7、SD8高驱动推土机为国内首创,凭借着½Hå‡ºçš„技术及规模优势占据着较大的市åœÞZ†¾é¢ã€‚è¿‘òq´å…¬å”R€šè¿‡è°ƒæ•´äº§å“¾l“æž„åQŒä¸»æ”Õd¤§é©¬åŠ›æŽ¨åœŸæœºçš„生äñ”和销售,现已成äؓ占领市场的主要äñ”品。值得一提的是,公司试制成功了国内迄今äؓ止最大马力的SD9高驱动åï–带推土机åQŒäؓ产品的优化升¾U§å¥ å®šäº†åšå®žçš„基¼‹€ã€‚(倍新资讯åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  风帆股䆾åQ?00482åQ‰ï¼šä¸šç‡W½W¦åˆé¢„期 产能扩张提é€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  收入增长7.04%,毛利率及期间费用率稳定。公司第三季度实现营业收å…?.21亿元,同比增长7.04%;实现归属上市公司净利润2274万元,同比增长12.14%,每股收益0.05元。公司收入的增长主要来源于蓄甉|± ä¸šåŠ¡,而毛利率¾l´æŒ½E›_®š,仅同比下é™?.28个百分点è‡?2.71%,三项期间费用çŽ?.64%,与去òq´åŒæœŸæŒòqŸë€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  传统业务˜q˜çœ‹é“…酸甉|± ,工业用电池慢于计划。公司的几项业务ä¸?包括铅酸蓄电池、工业用甉|± ã€é”‚¼›Õd­ç”‰|± å’Œå¤ªé˜Œ™ƒ½è–„膜业务,工业用电æ±?00万kVAh的项ç›?目前ç”׃ºŽå…¶åº”用领域中通信领域需求的降低,å¯ÆD‡´è¯¥é¡¹ç›®è¿›åº¦æ…¢äºŽè®¡åˆ?公司正在调整其应用范å›?锂离子电池和薄膜业务两年内仍然无法èµA献利æ¶?因此公司增长仍要看铅酸蓄甉|± ä¸šåŠ¡ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  铅酸蓄电池äñ”能扩张提é€?2012有望¾˜È•ªã€‚目前公司年äº?00万只免维护蓄甉|± ™å¹ç›®å·²ç»å®Œæˆå¯ç ”,11月开始徏è®?™å¹ç›®æ€ÀLŠ•å…?亿元,其中募投资金2.7亿元,å»ø™®¾å·¥æœŸ¾U¦äؓ1òq?明年½W¬å››å­£åº¦æœ‰æœ›æŠ•äñ”。而根据公司的计划,2012òq´äñ”辑ֈ°2000万只,产能¾˜È•ª,ž®†æˆä¸ºæœªæ¥ä¸¤òq´ä¸š¾l©ä¸»è¦çš„增长炏V€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司惛_ƒ½Iºé—´ä»åœ¨çŸ¿äñ”资源。根据我们半个月前调研了解到的情å†?三个矿仍在详勘阶ŒD?ž®šæœªå‡ø™¯¦å‹˜ç»“果。而由于天气原å›?如果11月仍不能得出¾l“果后箋的勘探就需要到明年3月䆾以后,我们判断明年òq´ä¸­å‡ºç»“果的可能性较大ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  上调盈利预测,¾l´æŒâ€œå¢žæŒâ€è¯„¾U§ã€‚暂不计入矿产资源对公司带来的媄å“?ç”׃ºŽå…¬å¸è“„电池äñ”能扩张提é€?因此我们上调盈利预测,预计2010/11/12òq´EPS分别ä¸?.16/0.21/0.36元。考虑到按初勘¾l“果计算公司每股资äñ”ä»äh ¼­‘…过20å…?¾l´æŒâ€œå¢žæŒâ€è¯„¾U§ã€‚(宏源证券 赉|›¦ 王静åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  冀中能源(000937åQ‰ï¼šèµ„源扩张初露端å€?高成长显估å€ég¼˜åŠ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司公告中指å‡?本协议的½{„¡Övž®†æœ‰åˆ©äºŽå…¬å¸æ”¶è´­è¯šå³°çŸ›_Œ–股权相关工作的开å±?有利于公司进一步参与内蒙古煤炭资源的整合和煤炭企业的收è´?促进公司的主业发展ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们判断,此次收购拉开了公司在内蒙获取资源的序òq?预计公司未来在内蒙仍ž®†ç‘ô¾l­æ‰©å¼?为公司煤炭业务的½E›_®šå¢žé•¿æä¾›ä¿è¯,有利于缓解市场对公司成长性的疑虑,强化公司估å€ég¼˜åŠÑ€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  考虑到公司近期通过技改等方式˜q›è¡Œå†…部产量提升、积极获取省外资源进行外部扩å¼?预计未来几年产能增速稳å®?加之公司业ç‡W对煤ä»ähœ‰è¾ƒé«˜çš„å¼¹æ€?预期2011òq´åˆ©æ¶¦å¢žé€Ÿå°†¾l´æŒåœ?0%以上。综ä¸?我们¾l™äºˆå…¬å¸2010/2011/2012òq´EPS2.25/2.75/3.23元的盈利预测,当前ä»?2.29å…?对应P/Eä¸?4x/12x/lOx;¾l™äºˆç›®æ ‡ä»?9.50å…?对应11òq´P/E18x;ä¼°å€ég¼˜åŠ¿æ˜Žæ˜?¾l´æŒâ€œä¹°å…¥â€è¯„¾U§ã€‚(中信证券 ¾|—泽汀åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  凌云股䆾åQ?00480åQ‰ï¼šå¢žå‘拉动估å€ég¸Žä¸šç‡W双提å?重组预期åŠ? è…ùN£ž</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  规模化集成化雉™ƒ¨ä»¶ä¾›åº”商享受­‘…额收益ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  凌云股䆾10æœ?8日获准非公开发行不超˜q?500万股,其中公司控股股东凌云集团认购数量不低äº?0%,发行价不低于11.07å…?è‚?募投™å¹ç›®ä¸ºæ±½è½¦ä¿é™©æ é˜²æ’žæ¢å’Œä¾§é—¨é˜²æ’žæ†ä¸šåŠ¡ã€‚作为目前国内最大的汽èžR辊压件、冲压äšg、汽车压力管路系¾lŸæ€ÀLˆç”Ÿäñ”基地,凌云已经形成与整车厂合作共同发展的模å¼?部分æ–îCñ”品与汽èžR厂家同步开å?公司ž®†æ˜¾è‘—受益于汽èžR雉™ƒ¨ä»¶è¡Œä¸šè§„模化、独立化的发展趋åŠÑ€‚汽车保险杠防撞梁和侧门防撞杆业务由于国家汽车安全政½{–的强制规定而面临爆发性增长机遇ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  募投™å¹ç›®å¢žåŽšä¸šç‡W指日可待公司业ç‡W构成估值底限ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计公司三季报业¾l©äؓ0.69å…?全年每股收益预计ä¸?.93å…?同比增长51%。增发募投项目将在一òq´åŠçš„时间内达äñ”,考虑到公司已于今òq´åˆæå‰ä»¥è‡ªæœ‰èµ„金投入到四大™å¹ç›®ä¸­åŽ»,因此2011òq´å‹ŸæŠ•é¡¹ç›®èµA献部分业¾l©æ˜¯å¯ä»¥é¢„期的。我们预è®?011òq´æ‘Šè–„后的每股收益将增厚è‡?.42å…?2012òq´æ¯è‚¡æ”¶ç›Šå°†å¢žåŽšè‡?.27å…?对应目前的市盈率ä»?倍ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  存在较大的资产重¾l„预期ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计,未来兵器集团ž®†æé«˜ä¸‹å±žæ±½è½¦é›¶éƒ¨äšg企业的配套层‹Æ¡å’Œé›†æˆåº?模块化供应商ž®†æˆä¸ºé›¶éƒ¨äšg企业的发展目标。我们预è®?凌云股䆾和长春一东作为汽车零部äšg的主要生产企ä¸?资äñ”存在整合预期。这¾cÖMº‹ä»¶æ€§æŠ•èµ„机会将赋予凌云股䆾较高的溢ä»?市场ž®†é‡æ–°è®¤è¯†å‡Œäº‘股份ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  首次¾l™äºˆâ€œä¹°å…¥â€è¯„¾U?短期目标ä»?5å…?长期目标ä»?5元ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们预计公司åœ?010~2012未来三年的净利润复合增长率约66.5%。综合考虑其行业领先地ä½?盈利增长能力和稳健胦务状å†?我们认äؓ可以¾l™äºˆå…¬å¸ä¸€å®šçš„高成长溢ä»?æŒ?011òq?5倍PEä¼°å€?公司价å€égؓ35.5元。我们给予公司“买入”的投资评çñ”,目标ä»?5元。(光大证券 恽敏åQ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  先河环保åQ?00137åQ‰ï¼šä¸­å›½çŽ¯ä¿ç›‘测仪器领域的旗èˆ?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  中国环保监测仪器领域的旗舰公司是我国规模最大、äñ”品种¾cÀLœ€å…¨çš„环境监测仪器生äñ”和技术服务企业,产品包括åQšç©ºæ°”质量连¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸã€æ°´è´¨è¿ž¾l­è‡ª‹zžè§‹¹‹ç³»¾lŸã€æ±¡æ°´åœ¨¾U¿è‡ªåŠ¨ç›‘‹¹‹ç³»åQŒé…¸é›¨è¿ž¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾lŸä»¥åŠæ•°å­—应急监‹¹‹èžR½{‰ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司多次承接“九五”、“十五”、“十一五”、â€?63”等国家¾U§é¡¹å§†ï¼Œòq¶ä¸”拥有多项自主知识产权。目前拥有专åˆ?7™å¹ï¼Œè½¯äšg产品20™å¹ï¼Œè½¯äšg著作æ?™å¹ï¼Œéžä¸“利技æœ?5™åV€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  2006-2009òq´é—´åQŒå…¬å¸è¥æ”¶çš„òq´å‡å¢žé•¿çŽ‡äؓ29.03%åQŒè¿™å…¶ä¸­åŒ…括2009òq´é‡‘融危机的影响。净利润复合增长率达åˆîCº†58.63%åQŒä½“çŽîCº†å…¶å¿«é€Ÿçš„增长和很强的盈利能力ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  环保监测讑֤‡è¡Œä¸šåQŒäؓ“包å®ÒŽ€§â€å¢žé•¿ä¿é©¾æŠ¤èˆªâ€œåäºŒäº””规划中åQŒæ–°å…´äñ”业领域确定“节能环保”、新一代信息技术、生物、高端装备制造äñ”业äؓ支柱产业åQŒè€ŒèŠ‚能环保的基础ž®±æ˜¯çŽ¯ä¿ç›‘测。只有掌握了环境监测的确切数据,才可能更好的推进环境保护政策ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  在我国,只有不到11%的äh饮用½W¦åˆæˆ‘国卫生标准的水åQŒè€Œç©ºæ°”质量的日益恶化åQŒé…¸é›¨çš„危害也让¾læµŽå¢žé•¿è’™ä¸Šäº†é˜´å½±ã€‚在以“包å®ÒŽ€§å¢žé•Žì€äؓ理念的十二五期间åQŒçŽ¯å¢ƒç›‘‹¹‹è®¾å¤‡çš„投入成äؓ必然之ä‹Dã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  政府采购ä¸ÞZ¸»è¦å¸‚场,国外产品是主要对手环保监‹¹‹è®¾å¤‡çš„主要客户是各地的水务、环保、市æ”ѝ€åžƒåœ‘Ö¤„理等政府部门以及电力、煤炭、石化、徏材、冶金、食品等排污企业ã€?十二äº?期间åQŒæˆ‘国环保äñ”业投资预计将è¾?.1万亿元,2020òq´çŽ¯ä¿æœ‰æœ›æˆä¸ºå›½æ°‘经‹¹Žçš„支柱产业。巨额投资äؓ环保监测讑֤‡å¸¦æ¥å·¨å¤§çš„市场机遇ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司是国内最早拥有自ä¸ÈŸ¥è¯†äñ”权环保监‹¹‹è®¾å¤‡çš„企业åQŒåœ¨½Iºæ°”监测领域åQŒå›½å†…鲜有对手与国外产品竞争åQŒå…¬å¸å¸‚场占有率30%以上。水监测领域åQŒç«žäº‰å¯¹æ‰‹äº¦ä¸»è¦æ˜¯è¿›å£æˆ–˜q›å£¾l„装产品åQ?009òq´å æœ‰çŽ‡12%。但æ€ÖM½“而言åQŒå…¬å¸çš„产品较之国外仪器更适应中国的äÈA器ä‹É用环境,后箋产品¾l´æŠ¤å’ŒæŠ€æœ¯æ”¯æŒä¹Ÿæ›´äؓ完善ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  募集资金重点发展饮用水水质监‹¹‹é¢„警系¾lŸå’Œè®‘Ö¤‡˜qè¥™å¹ç›®å…¬å¸æ‹Ÿå‘行不­‘…过3000万股åQŒå‹Ÿé›†èµ„金投向“饮用水水质安全在线监测¾pȝ»Ÿä»¥åŠé¢„警信息½Ž¡ç†è£…备”äñ”业化™å¹ç›®åQŒå¾è®¾æœŸ2òq´ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  ™å¹ç›®è¾¾äñ”后能òq´äñ”‹¹®æ ‡å¼æ°´ä½“安全在¾U¿è¿ž¾l­è‡ªåŠ¨ç›‘‹¹‹ç³»¾l?50収ͼŒç›‘测è½?5辆。预计项目税后内部收益率31.46%åQŒå›žæ”¶æœŸä¸?òq´ã€‚另外,产品销售已¾lä¸­‘³ä»¥æ»¡èƒö客户的需求,专业的运营维护成为日后发展的必然选择åQŒå…¬åæ€º¦è®¡åˆ’在此斚w¢˜q›è¡ŒæŠ•èµ„ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  发行ä»äh ¼åŒºé—´20.7ï½?5.2元预è®?010ï½?012òq´å…¬å¸åˆ†åˆ«å®žçŽ°æ¯è‚¡æ”¶ç›?.46ã€?.72ã€?.05元ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  我们考虑到环保设备行业åã^均估值和行业前景åQŒæŒ‰ç…?010òq?5倍ã€?011òq?5倍测½Ž—,预计发行价在20.7ï½?5.2元。按照今òq?0倍、明òq?0倍PEä¼°å€û|¼Œåˆç†ä»äh ¼23ï½?8.8元。(中信建投 冯福章)</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  三聚环保åQ?00072åQ‰ï¼šè„Þq¡«å‡€åŒ–服务商 增持</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司主营能源领域的脱¼‹«å‡€åŒ–服åŠ?拥有四大¾pÕdˆ—产品。公åæ€Ø“基础能源工业的äñ”品清‹zåŒ–、äñ”品质量提升及生äñ”˜q‡ç¨‹çš„清‹zåŒ–提供产品、技术和服务,主要从事è„Þq¡«å‡€åŒ–剂、脱¼‹«å‚¬åŒ–剂、其他净化剂(脱氯剂、脱砷剂½{?、特¿Uå‚¬åŒ–材料及催化剂等的研发、生产、销售及相关技术服务。目å‰?公司拥有è„Þq¡«å‚¬åŒ–剂、脱¼‹«å‡€åŒ–剂、其他净化äñ”å“?脱氯剂、脱砷剂½{?、特¿Uå‚¬åŒ–材料及催化剂等四大¾cÖM¸ƒåå¤šä¸ªå“¿U?其中è„Þq¡«å‚¬åŒ–剂占据半壁河山ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  能源净化行业发展前景乐è§?公司作äؓ行业龙头åœîC½½E›_›ºã€‚预è®?010òq´æ•´ä¸ªèƒ½æºå‡€åŒ–行业对净化äñ”品的需求量预计˜q?5万吨,2015òq´å°†å¢žåŠ è‡?9.07万吨,相关需求将保持22.53%左右的年增长率。公åæ€¾æ‰˜é›„厚的研发实力,公司在细分市åœÞZ¸Šç«žäº‰ä¼˜åŠ¿æ˜Žæ˜¾ã€?006òq?2008òq?公司在石油化工领域的市场份额都稳居行业首位。äؓ了应å¯ÒŽ—¥ç›Šæ—ºç››çš„市场需æ±?公司通过IPO募集资金,计划新增产能11,000吨ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  盈利预测与估倹{€‚我们预计在2010-2012òq?公司可实现归属母公司的净利润分别ä¸?7500万ã€?.26äºÑ€?.89äº?折合每股收益ä¸?0.77元ã€?.30元ã€?.94å…?对应的市盈率分别ä¸?58倍ã€?5倍ã€?3倍。可以给予公å?011òq´ä¸š¾l?0倍的市盈çŽ?对应的目标ä­hä¸?2å…?ž®šæœ‰16%的上涨空间。考虑到国家对节能环保行业扶植政策对股ä»ïLš„刺激,我们¾l™äºˆå…¬å¸â€œå¢žæŒâ€è¯„¾U§ã€‚(日信证券研究所åQ?/SPAN><BR style="TEXT-ALIGN: left; 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TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司主营以MBR技术äؓ核心的污水深度处理业务。公司是由归国留学äh员创办的专业从事污水处理与污水资源化技术开发应用的高科技环保企业。主要采用先˜q›çš„MBR技æœ?为客户一揽子提供建造污水处理厂或再生水厂的整体技术解å†Ïx–¹æ¡?包括技术方案设计、工½E‹è®¾è®¡ã€æŠ€æœ¯å®žæ–½ä¸Ž¾pȝ»Ÿé›†æˆã€è¿è¥æŠ€æœ¯æ”¯æŒå’Œæ‰˜ç®¡˜qè¥æœåŠ¡½{?òq¶ç”Ÿäº§å’Œæä¾›åº”用MBR技术的核心讑֤‡è†œç»„器和其核心部件膜材料,最¾lˆäؓ客户建成辑ֈ°è¾ƒé«˜å‡ºæ°´æ°´è´¨æ ‡å‡†çš„污水处理厂或再生水厂ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司的MBR技术领先全ç?在国内现有市åœÞZ¸Šå æœ‰çŽ‡é«˜ã€‚在当今污水处理领域,MBR技术通过ž®†ä¼ ¾lŸçš„‹zÀL€§æ±¡æ³¥æ³•ä¸Žå…ˆ˜q›çš„膜技术结å?直接实现污水处理变可回收æ°?对于¾~“解水资源的匮乏å…ähœ‰å®žè´¨æ€§æ„ä¹?被认为是世界污水处理领域的一场技术革命。预è®?010òq´çš„全球MBR市场定w‡è¾‘Öˆ°120亿美å…?其中中国市场定w‡å¤§çº¦ä¸?5亿美元。公åæ€½œä¸ºå›½å†…最早的MBR企业,在MBR工艺、膜¾l„器讑֤‡å’Œè†œææ–™åˆ‰™€ ä¸‰å¤§å…³é”®é¢†åŸŸå…¨é¢æ‹¥æœ‰æ ¸å¿ƒæŠ€æœ¯å’ŒçŸ¥è¯†äº§æƒ,产品性能不低于GE、西门子。同æ—?公司凭借低于国外大¾U?0%的ä­hæ ég¼˜åŠ¿å’Œè‰¯å¥½åŠæ—¶çš„售后服务优åŠ?在大中型MBR™å¹ç›®ä¸Šæ‹¥æœ?0%的市场占有率ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  盈利预测与估倹{€‚我们预计在2010-2012òq?公司可实现归属母公司的净利润分别ä¸?1.95äºÑ€?.24äºÑ€?.04äº?折合每股收益ä¸?1.33元ã€?.20元ã€?.43å…?对应的市盈率分别ä¸?80倍ã€?9倍ã€?1倍。考虑到国家对节能环保行业扶植政策对股ä»ïLš„刺激,我们¾l™äºˆå…¬å¸â€œå¢žæŒâ€è¯„¾U§ã€‚(日信证券研究所åQ?/SPAN><BR style="TEXT-ALIGN: left; 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BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司是国内导航电子地囄¡š„领军企业.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  公司成立以来一直专注于å¯ÆDˆªç”µå­åœ°å›¾çš„研发、生产和销å”?是国内首家获得导航电子地囑ֈ¶ä½œèµ„质的企业,各项子äñ”品均å…ähœ‰è¾ƒé«˜çš„市åœÞZ†¾é¢?处于市场领先åœîC½ã€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  前装车蝲å¯ÆDˆªå¸‚场增长明确,支撑公司持箋成长.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  随着国家政策的大力扶持以及国内对汽èžR需求的持箋推动,æ±½èžR产业ž®†ä¿æŒç¨³å®šå¢žé•?同时随着å¯ÆDˆªè®‘Ö¤‡åº”用的普å?车蝲å¯ÆDˆªè®‘Ö¤‡æ–°èžR装备率亦ž®†é€æ¸æå‡ã€‚我们认为前装èžR载导航设备从长期来看ž®†æˆä¸ºæ±½è½¦çš„标配。前装èžR载导航市场的½E›_®šå¢žé•¿ž®†æ”¯æ’‘公司持¾l­æˆé•Ñ€?/SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"><SPAN style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; BACKGROUND-COLOR: rgb(231,240,247); TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 14px/24px 宋体; WHITE-SPACE: normal; ORPHANS: 2; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(51,51,51); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">  手机å¯ÆDˆªå¸‚场潜力巨大,为公司未来重要利润增长点.</SPAN><BR style="TEXT-ALIGN: left; WIDOWS: 2; TEXT-TRANSFORM: none; 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