1、600309,010-S1010512090005MDI,20,MDI,7The Chemical Company20%-30%2013,MDI,/,2013MDI,2,6,30%,2014,80%,2015,6,100%,2015,2015,35,2017,60,2018,MDIMDI,600309MDI2012,2012-2014,EPS,1.05/1.32/1.65,0.97,/1.21,/1.51,2011,0.86,2012-2014 PE 16/13/10,1/,3,7,2013 7,25,2015 66,MDI,-,12.60.71.20.5,MDI,105,13,2017201
2、8,35,5,2 2011,2012,2012127187482459315154062212319401035530102933984321571605949172145481542152139792333492531653728843423722522415016958416000010523355415434604271034787221112178221118,201111376879215211815243371244123964558101115767951642187342137239854437351737409534593423654920870823685920570515
3、8092144337767471104234223380913989119250270859739,201211.814.31.1-1.07.41.824.169.716.714.112.96.4-3.233.838.20.29.07.310.937.1401.827.012.1-12.814.9-19.6116.8,2012100.0%19.3%12.1%9.7%8.1%8.1%6.6%5.6%3.9%3.6%3.3%3.1%2.6%2.5%2.3%1.9%1.8%1.3%1.3%0.8%0.4%0.3%0.3%0.3%0.2%0.2%0.2%,2011100.0%18.9%13.4%10.
4、9%8.5%8.9%6.0%3.7%3.7%3.5%3.3%3.3%3.0%2.1%1.8%2.1%1.8%1.4%1.3%0.7%0.1%0.3%0.3%0.4%0.2%0.2%0.1%,2012,19.3%31.4%41.1%49.3%57.4%64.0%69.6%73.5%77.1%80.4%83.5%86.1%88.6%90.9%92.8%94.5%95.9%97.1%98.0%98.4%98.7%99.1%99.3%99.5%99.7%99.8%,1,600309,2012167912487000,2011163683047000,20122.6-18.4,20120.1%0.0%0
5、.0%0.0%0.0%,20110.1%0.0%0.0%0.0%0.0%,2012,100.0%100.0%100.0%100.0%100.0%,2,-,Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that: (i)the views expressed in this research report accurately reflect th
6、e personal views of each such analyst about the subject securities and issuers; and (ii)views expressed in thisresearch report.,/,(,),(1),(2)/20131,300,20%,6,6,300300,5%-10%,20%5%,2,300,6300,300300300300,10%10%-10% 10%10%,48,1568,8,1,100125,22,200122,518048,26,Foreign Broker-Dealer Disclosures for Distributing to the U.S.Securities RegulatoryCommission. Securities Business License Number: Z20374000). This report is being distributed in the United States by CITIC Securities pursuant to Rule,15a-letters thereunder.,e 15a-6 and the SEC no-actionZ20374000,1934,15a-6(a) (2),15a-6,
