2009/04/16

ROL ROE

2008/09/10
2008/12/10

52
20%

10%
0%
Apr-09

Mar-09

Jan-09

Dec-08

Nov-08

Oct-08

Aug-08

Jul-08

+755-82492207
wusongkai@lhzq.com

Jun-08

May-08

-20%

Apr-08

-10%

-30%
-40%
-50%
-60%

1 / 22

Apr-2009

.................................................................. 3
....................................................... 4

........................................................................................ 4
1 .................................................................... 4
2 ....... 4
3 ....................................... 6
4 .............................................. 6
........................................................................................ 8
1 ................................................................ 8
2 .................................................. 9
3 ................................................ 10
............................................................................... 10
1............................................................................. 11
2............................................................................. 11
3ROL ROE..................................................... 11
.................................................................... 13
1 ................................................ 13
2 ..................................................................... 13
3 ......... 13
............................................................ 14
......................................................... 14
................................................................ 17
................................................................ 18
....................................................................... 18
............................................................. 19

2 / 22

Apr-2009

1 50%

ROE

ROLROR

ROE

1
2

3 / 22

Apr-2009

100 50
200% 40 60
10 600%

4 / 22

Apr-2009

1
2004
2005
2006
2007
08 H1

2.87
2.58
2.12
1.54
1.25

2.45
1.97
1.83
1.46
1.22

1.31
1.28
1.23
1.22
1.21

3.96
3.04
2.73
2.25
2.06

11.41
9.33
7.99
5.62
4.64

0.15
0.17
0.11
0.15
0.16

0.29
0.39
0.41
0.53
0.47

0.65
0.42
0.33
1.14
0.60

0.65
0.53
0.35
0.33
0.38

0.79
0.36
0.40
0.46
0.45

2.82
0.54
0.33
0.09
-0.30

Wind

2
2004
2005
2006
2007
08 H1

0.09
0.18
0.06
0.09
0.01

0.18
0.28
0.28
0.15
0.00

Wind

3
2004
2005
2006
2007
08 H1

0.40
0.48
0.06
-0.18
-0.30

0.57
0.36
0.55
0.06
-0.15

Wind

3 04-05 04-06
04-08

07 08 H1
04-05

09-10
2011 2012

5 / 22

Apr-2009

5%35%70% 100%

4
2004
2005
2006
2007
08 H1

101
111
136
180
216

117
142
151
191
215

113
103
117
113
114

61
69
84
109
126

35
43
48
48
54

Wind

5
2004
2005
2006
2007
08 H1

1.05
1.18
1.37
1.58
1.72

1.36
1.57
1.62
1.85
1.75

0.71
0.57
0.55
0.52
0.57

0.23
0.45
0.56
0.83
1.18

-3.44
-1.76
-1.00
-0.20
-0.12

Wind

6 / 22

Apr-2009

1% 5%35%70% 100%

100%

6
2004
2005
2006
2007
08 H1

0.81
0.84
0.68
0.49
0.44

1.11
0.96
0.89
0.70
0.39

0.56
0.55
0.52
0.45
0.48

0.88
0.76
0.94
1.17
1.25

1.51
1.21
1.10
0.96
0.86

Wind

7
2004
2005
2006
2007
08 H1

0.50
0.19
0.33
0.43
0.31

0.60
0.35
0.24
0.57
-0.01

-0.24
-0.29
-0.18
-0.27
0.01

0.12
0.03
0.06
0.30
0.47

-0.02
0.62
0.30
0.58
-0.09

Wind

8-
2004
2005
2006
2007
08 H1

0.41
0.36
0.62
0.67
0.74

0.54
0.6
0.34
0.64
0.54

-0.09
0.02
0.17
0.12
0.1

0.09
0.4
0.54
0.71
0.8

-1.31
0.67
0.77
0.87
1.16

Wind

08 H1 08 H1
0.86-
1.16%

04-07

07 07 08 H1

7 / 22

Apr-2009

19

08 H1
08 H1

ROA

ROA ROA

ROA
ROA

34
32
29
28
31
27
20
20
28
20
30
30
36
17

6
8
10
6
9
6
9
8
13
4
14
4
4
8

109
140
97
136
173
153
148
134
182
125
107
153
136
152

%
3
3
1
5

1
12

17
16
16
5
54
33
21
23
11
5
60
45
18
14
9
4
45
32
24
13
5
4
47
38
46
12
3
1
61
58
44
9
2
1
56
53
17
29
2
1
48
45
31
1
6
3
40
32
18
31
3
0
51
48
29
4
8
41
29
14
15
5
1
36
30
17
35
-1
5
56
52
10
12
20
7
49
21
21
16
5
5
47
37

Wind

8 / 22

Apr-2009

1008

BP

2008Q4

2009Q1

2009Q2

2009Q3

2009Q4

2010Q1

2010Q2

2010Q3

2010Q4

0
-3
-4
-16
-26
-32
-7
-20
-7
-10
-8
0
-3
-1
-10

-18
-29
-32
-47
-79
-77
-41
-59
-51
-30
-54
-15
-18
-26
-41

-27
-42
-35
-54
-90
-83
-58
-60
-66
-36
-59
-37
-28
-35
-51

-35
-53
-38
-60
-98
-87
-71
-59
-79
-39
-62
-58
-35
-41
-58

-40
-59
-40
-63
-102
-89
-78
-59
-86
-42
-64
-67
-41
-44
-63

-43
-62
-42
-64
-103
-90
-79
-60
-87
-43
-65
-68
-45
-46
-64

-46
-64
-44
-65
-103
-90
-79
-61
-88
-45
-66
-68
-49
-47
-65

-49
-66
-46
-65
-104
-91
-80
-62
-89
-46
-67
-69
-53
-49
-67

-51
-68
-48
-66
-105
-91
-80
-64
-90
-47
-68
-69
-56
-50
-68

Wind
1
2 08 9 3

3 09 10

4 08 09 ;
5 300

10 08 1 09 1
2
1 2 12
09 1 2

9 / 22

Apr-2009

11 07 08 H1

2007
38.7
5.4
30.5
2.8
0.5
-0.4
1.9
5.5
-14.3
7.8
39.3

BP
2008 H1
72.6
13.7
53.5
5.4
-2.0
0.8
-0.1
3.3
-10.1
4.1
70.6

Wind

11 07 08

27
54BP
08

10 / 22

Apr-2009

(-/)

ROE

3ROL ROE
ROE *ROAROA

ROA
ROA

RORReturn on Rick
Capital

ROLReturn on Loan ROR

ROL 1 100 1

11 / 22

Apr-2009

7 1 1
14.4 1/0.07
14.4
25 11
1

ROL
25 65ROL 1 2.05
2.05 = 1/(1-25)/65 1 ROL 25 65

12

7.0
5.0
6.6
7.6
5.3

ROR
2.1
1.3
0.9
1.0
1.2

ROL
2.3
1.3
1.0
1.0
1.3

/
65
50
72
56
79
58
71
51
73
57

04-07
/
23
8
25
41
21
65
18
20
19
33

Wind
1 08 08 Q3 08 H1

2RORROL 09 8 1 ROR(ROL) 12.5

3 08 Q3

1
2

1
2 ROL ROR
ROE ROE
ROR*1ROR ROL ROA
2
7
14.41/7
ROE
4ROE 17.5
7
ROE 1017.5/(4/7))10 ROE
17.5 ROE
ROE
ROR ROL ROA

ROE ROE

12 / 22

Apr-2009

1
/

2
/

13 / 22

Apr-2009

13
2003
2004
2005
2006
2007
2008 H1

2,262
3,417
4,241
5,053
8,092
5,555

1,544
2,092
2,792
4,110
5,760
3,515

1,322
1,819
2,514
3,672
6,175
3,992

693
815
1,188
1,614
2,541
1,643

943
1,006
1,086
1,472
2,130
1,283

1,059
1,695
2,357
3,217
6,082
2,750

781
1,041
1,239
1,466
2,312
1,607

807
864
1,041
1,231
1,820
1,268

-13
-28
-4
9
9
2

14
14
4
16
15
1

Wind

14
2003
2004
2005
2006
2007
2008 H1

2,138
2,810
3,795
4,971
7,244
3,787

1,064
1,268
1,334
2,382
3,502
2,817

Wind

15
2003
2004
2005
2006
2007
2008 H1

5
18
11
2
10
32

31
39
52
42
39
20

20
7
6
12
2
31

Wind

13 14

15
40-50

5 04

14 / 22

Apr-2009

16
2003
2004
2005
2006
2007
2008 H1

2,230
3,144
3,930
7,108
15,243
13,245

1,566
1,930
2,485
3,353
5,499
6,375

1,391
2,038
2,703
3,832
6,335
6,046

802
1,017
1,289
1,457
2,101
1,928

425
290
352
1,303
2,650
2,144

Wind

17
2003
2004
2005
2006
2007
2008 H1

3,870
4,930
5,424
8,241
17,347
15,444

3,054
3,828
4,656
5,837
10,011
6,774

1,721
2,035
2,759
3,826
6,020
7,124

756
1,333
1,702
2,170
3,252
2,957

-291
493
1,102
1,833
3,323
2,057

Wind

15 / 22

Apr-2009

18
2003
2004
2005
2006
2007
2008 H1

74
57
38
16
14
17

95
98
87
74
82
6

24
0
2
0
-5
18

-6
31
32
49
55
53

-169
70
213
41
25
-4

24.6
13.8
10.9
27.1
33.9
8.9
13.9

33.4
17.1
15.4
21.3
38.3
10.1
21.2

39.0
44.3
34.0
21.6
33.4
10.8
17.6

Wind

19 PE
2003
2004
2005
2006
2007
2008 H1
2009 2

27.7
18.2
17.4
33.8
38.2
13.0
13.3

26.3
14.2
15.4
27.7
41.8
9.8
16.9

Wind
1 09 2 PE /
209 2 PE 09 2 /07

20 PE
2003
2004
2005
2006
2007
2008 H1
2009 2

15.9
11.6
12.6
29.2
33.6
11.2
11.7

13.5
7.2
8.2
15.9
23.0
9.2
9.3

19.9
13.9
10.7
27.1
35.6
7.5
14.6

35.4
13.1
11.7
14.3
24.7
6.6
13.7

-56.9
26.0
10.8
15.4
26.6
11.2
14.0

Wind
1 09 2 PE /
209 2 PE 09 2 /07

1
2 03-07
80 03-07
10
03

04
61 08 H1 126 4

2004 117 101

215 216

16 / 22

Apr-2009

PE

6
50

21 PB
BPS
BPS 1
BPS 2
PB
PB 1
PB 2

5.68
6.47
5.09
2.51
2.21
2.80

6.73
8.99
8.95
2.64
1.98
1.99

3.03
3.02
2.75
1.55
1.55
1.70

5.47
5.75
5.75
1.69
1.61
1.61

5.05
4.53
4.51
2.73
3.04
3.06

Wind
1BPS 1
2BPS 2 1
3 BPS 08 08 3

1
6.73
8.99 1/3 5.68 6.47 14
5.47 5.75 5 3.03 3.02
5.05 4.53 10
2 1

5.09 1 10 21
200 2.75 1 9
8.95

17 / 22

Apr-2009

5.75 4.51 1

PB
PB 2.64 1.69 1.99
1.61 25

PB 2.511.55 2.73
2.81.7 3.06 200
PB 12
PB
PB

100 3 2
1 6
2 4
300 100
100 4 2
200

200

18 / 22

Apr-2009

22 07

37.3
75.8
21.3
43.1
16.1
32.6
7.5
15.2
6.4
12.9
2.2
4.5
-4.1
-8.4
49.3
100.0

54.8
111.2
20.1
40.7
34.7
70.5
11.4
23.1
-5.8
-11.9
-6.9
-14.0
-4.1
-8.4
49.3
100.0

Wind
1 0607 44% 41.5%
207 1 90 37.4%
7.9%

22 07
70.5
32.6 37.8
12.9 4.5
-11.9 -14

04-08 Q3

232004-2008 Q3

2004
2005
2006
2007
08 Q3

14.1
16.4
18.8
19.1
16.6

7.7
0.2
2.2
30.3
16.9

3.7
-1.0
-1.5
12.9
4.8

3.2
14.2
-0.5
2.3
-7.8

-0.6
-0.2
-0.5
0.9
-0.7

-1.6
-2.5
2.2
-7.7
1.3

4.6
0.5
1.1
-0.2
-0.3

1.0
-7.2
3.7
-0.6
18.9

32.0
20.3
25.5
56.9
49.6

Wind

19 / 22

Apr-2009

242008 Q3

2.8
-3.9
-1.1
-3.8
-5.0
-8.8
3.3
-1.0
-1.9
-0.4
-1.2
-11.1

2.3
-3.2
-0.8
-4.1
-6.4
-10.6
4.0
-1.0
-1.0
-0.5
-1.4
-11.4

4.3
-7.1
-2.8
-2.8
-0.8
-3.6
1.0
-1.1
-4.9
-0.4
-0.3
-12.0

0.65
0.53
0.35
0.33
0.38

0.79
0.36
0.40
0.46
0.45

6.1
2.0
8.2
1.3
4.8
6.1
-2.5
1.0
2.2
2.0
-5.8
11.2

Wind

25

0.40
0.48
0.06
-0.18
-0.30

2004
2005
2006
2007
08 H1

0.57
0.36
0.55
0.06
-0.15

2.82
0.54
0.33
0.09
-0.30

Wind

2
(
)

45%

40%

1.25%

1.20%

()

1.15%

35%
(
,)

30%

25%

1.10%

1.05%

(,
)

1.00%

20%
2003

2004

2005

2006

2007

2008H1

Wind
12008
22007 125 90

04-08 15-20 04-06

07-08 23
08 3

07 13 08 3
5 08 3

20 / 22

Apr-2009

2 23

09
09

09

09
09

1 60
-70 09
2 ROE
1000 6 8
1

308
09

21 / 22

6 10%

6 -10% 10%

6 10%

5047 10

68 17

518001

200120

TEL: (86-755) 8249 2212 FAX: (86-755) 8249 2062

TEL: (86-21) 5010 6028 FAX: (86-21) 6849 8501

E-MAIL: lzrd@lhzq.com

E-MAIL: lzrd@lhzq.com

2009