[Table_MainInfo]

[Table_Title]

[Table_Invest]

2013.10.23

021-38676694

021-38674994

010-59312751

wangw@gtjas.com

xiaoyang012167@gtjas.com

zhangheli008425@gtjas.com

S0880511010024

S0880112040056

S0880512080012

[Table_Industry]

[Table_Report]

[Table_Summary]

4
123
4

2013.10.21

2013.10.17
50

2013.10.14

2013.10.11

2013.09.09
wwwww1

..........................................................................3
1.1. .......................................................................3
1.2. ...................................................................4
1.3. ...........................................................5
1.3.1. ................................6
1.3.2. 6
2. ..............................7
3. ..........................................8
3.1. ...................................................................8
3.2. ...........8
3.3. ............................................................. 11
4. ........................................................................ 11
4.1. .........................12
4.2. .................12
4.3. .............13
5. ................................................................15
5.1. .................15
5.2. .....................................15
5.3. .........................................16
5.4. .....................................16
6. ............................................................................17
6.1. .............................................17
6.2. .................................19
6.3. .................................20
7. ................................................................21

1.

2 of 23

wwwww2

1.
1.1.
GDP
2013
GDP
13

2003-2011

GDP
0.5-0.6%
+ GDP
0.8-1.2%

GDP 1%
100%
wwwww3

199

51

133

87

2004

175

68

184

2005

191

84

2006

152

2007

GDP

2003

210

610

117252

0.58%

106

244

746

136876

0.57%

256

134

276

881

183085

0.51%

135

307

151

389

1129

210871

0.54%

212

122

547

196

428

1515

249530

0.60%

2008

265

152

859

195

453

1931

300670

0.64%

2009

389

180

628

150

479

1700

340507

0.54%

2010

492

221

813

130

545

2018

401202

0.55%

3 of 23

1 GDP

1.80%
1.60%
1.40%
1.20%
1.00%
0.80%
0.60%
0.40%
0.20%
0.00%

1.2.

GB38382002
5 III IV V
40% III

2 40% III
I

II

III

IV

wwwww4

100%
90%
80%
70%

60%
50%
40%
30%
20%
10%

0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

32012 V 42%

2012

4 of 23

1972
Water Quality
Report
2004

42004

100%
90%
80%

70%
60%
50%
40%
30%

20%
10%
0%

305b
wwwww5

1.3.

47

1
2

5 of 23

50

58

NPDES)

NPDES

BPT/BAT/BCT

NSPS)

2.5

25
15

1.3.1.

2013 58 5
2005 6
2013 47
1996

70
60
50
40

30
20

10
0
1965

1975

1985

1995

2005

2015

EPA

1.3.2.

2002

6 of 23

wwwww6

BODTSS
30mg/L

2
Goleta
Sanitary
City of

City of

District

Havelock

Taunton

wastewater
Treatment
Plant

Dry Creek
Rancheria
Band of

Pomo
Indians

BOD(mg/L)

15

98

<5

10

(mg/L)

0.5

<0.2

(mg/L)

0.7

14

0.5

(mg/L)

4.8

2.1

15
wwwww7

EPA

2.
2013

9
2

10 16

7 of 23

1
23

12

12

1
2

3.
3.1.

wwwww8

53%37%10%
41%45%14%
7

10%

37%

53%

7%
3%

17%

20%

2%2%
1%

48%

3.2.

12

8 of 23

2500
100

,
20%

,
6%

, 20%
, 22%
,
15%

,
15%

, 7%

,
6%

, 4%

,
2%

, 1%

, 2%

, 1%

, 1%

wwwww9

Water: Challenges, drivers and solutions,

9
25%
20%
15%
10%

5%
0%

9 of 23

 10

wwwww10

3.3.

2500

4.
2009-2012

30%

110912

120912

100%

100%

90%

90%

80%

80%

70%

70%

60%

60%

50%

50%

40%

40%

30%

30%

20%

20%

10%

10%

0%

0%
2010

2011

2012

2010

2011

2012

wwwww11

4.1.

1500
7000
2011 18
13

13
180
160
140

120
100
80
60
40
20
wwwww12

www.lsnc.cn

2004 12

2009 12

2011 5

2012 12

2013 102
146.11 2013
250 80%

2013 2

67

201348

4.2.

12 of 23

wwwww13

14

28

34.5

66.5

2.3

4.3.
A
United Environtech Ltd.
EPC BOTTOT

5 44%70%

17.32

111.5

BOT/TOT

63.5

13 of 23

20092012

8 13 Memstar 13%

14

2009

2006

2005

2003

TOT

20/

2008

MBR

BOT

BOO

10/

2/

1/
wwwww14

MBR

United Environtech Ltd.

5
44% 70%
8.9 1.5
2012 50%
15
(
10

9
8
7

6
5
4
3
2
1
0

FY2009

FY2010

FY2011

FY2012

FY2013

United Environtech Ltd.

14 of 23

5.

5.1.
2012
6%9
23% 2000

50 /

16 2012
wwwww15

6.26%

4.91%

2.82%

2.17% 2.16%

1.91%

1.48%

0.97%

0.47%

76.84%

5.2.

2004
2004 6.9 /
2012 2.1 /

15 of 23

17
/
16
14
12
10
8
6

4
2
0

5.3.

19721981
75%19811987 55%
1987
2002
BOTTOT
7 31

BOTTOT

5.4.

20092012
BOTTOT

16 of 23

wwwww16

180912
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

19 0912
/

2009

2010

2011

2012

1000
800

600
wwwww17

400
200
0

-200

6.
6.1.

/ 2008

17 of 23

20 2006

7%
3%

8%

RO

22%

60%

MBR

A Global Perspective of Low Pressure Membranes

1996
2006 //
29%33%
2120042009 26%

300
250

wwwww18

200

150
100
50
0
1993

1995

1997

1999

2004

2005

2006

2007

2008

222000 30%
/

NF/RO

UF/MF

800
700

600
500
400

300
200
100
0

Cutting-edge Water Treatment Business

18 of 23

2009

6.2.

20 2008
0.7% 2012
0.9%
23
0.6%

1.4%

0.4%
0.9%

0.9%
0.4%

0.4%

2.0%

3.6%

15.1%
5.5%
6.1%
13.2%
6.1%
6.6%

11.6%
7.6%
8.2%

8.6%

A2/O

Bardenpho

phostrip

EPA

24
/

160

1.00%

0.93%

140

0.90%
0.80%

120

0.71%

0.70%

100

0.60%

80

0.50%

60

0.40%

0.30%
40
0.20%
20

0.10%

0.00%

EPA

19 of 23

wwwww19

48 / 0.2%
37 / 0.5%

/ 2007

2%3% 20072012 30%

10%
25
14%
12%

10%
8%

6%
4%
wwwww20

2%
0%

6.3.

20032011
7.7%

260311

80000

270311

35%
70000
30%
60000

25%

50000

20%

40000

15%

30000

10%

20000

5%
0%

10000

2004

2005

2006

2007

2008

2009

2010

2011

-5%

0
2003

2004

2005

2006

2007

2008

2009

2010

2011

-10%

20 of 23

282009
2.00%

1.50%

1.00%

0.50%

0.00%
2005

2006

2007

2008

2009

2010

2011

2012

7 /
/ 250
1500
700 /
17.5 105
1%
2%

7.

21 of 23

wwwww21

29

wwwww22

8Wind
EPS

2013E

PE

2014E

2015E

2013E

2014E

2015E

0.94

1.27

1.73

50

37

27

0.52

0.75

1.03

67

46

34

0.64

0.85

1.11

64

49

37

0.30

0.36

0.44

26

22

18

0.28

0.34

0.41

22

18

16

0.36

0.39

0.45

24

22

19

0.41

0.44

0.47

16

15

14

Wind

22 of 23

wwwww23

1.

12
12

300
2.
12

300

300 15%

300 5%15%

300 -5%5%

300 5%

300

300

300

168
29

200120

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